Nasdaq adjusted EPS up 18% as index inflows hit a record

Nasdaq's third-quarter earnings climbed as record money flowing into its index products and fast-growing software sales outpaced 2% growth in its trading business.

Net revenue rose 13% to $1.5 billion, or 14% on an organic basis, according to the earnings release the exchange operator filed with an 8-K on Thursday. GAAP diluted EPS rose 31% to 96 cents, and non-GAAP diluted EPS rose 18% to $1.04.

"Nasdaq's third quarter performance demonstrates the strength and momentum of our business, with new milestones achieved across all three divisions, including record Index net inflows, record FinTech ARR growth," Chair and CEO Adena Friedman said in the release.

Index and fintech lead

Index revenue jumped 39% to $286 million, with $49 billion of net inflows in the quarter and $141 billion over the past 12 months. Financial Technology revenue grew 16% to $529 million. Solutions revenue overall rose 17%, while Market Services net revenue increased 2% to $309 million.

Annualized recurring revenue reached $3.4 billion, up 12%, with SaaS representing 38% of ARR.

Capital return and guidance

Nasdaq returned $173 million in dividends and $323 million in buybacks during the quarter and had $2.2 billion left under its repurchase authorization at Sept. 30. It updated its 2026 non-GAAP operating expense guidance to $2.550 billion to $2.580 billion and kept its non-GAAP tax rate guidance at 22.5% to 24.5%.

By the numbers

• Net revenue: $1.5 billion, up 13%
• Non-GAAP EPS: $1.04, up 18%
• GAAP EPS: $0.96, up 31%
• Index revenue: $286 million, up 39%
• ARR: $3.4 billion, up 12%

Sources

1. Nasdaq, Inc., Form 8-K (Items 2.02, 7.01 and 8.01) with Exhibit 99.1 earnings release dated Oct. 22, 2026, accession 0001120193-26-000017

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