Nasdaq Q3 2026: Index surge, FinTech records, and 23/5 trading on deck
As seen on the 24/7 Wall St. homepage on October 22, 2026.
Index is carrying this quarter: segment revenue of $286 million rose 39% year over year, with EPS and revenue both beating estimates. Financial technology growth and the December 6 launch of 23/5 trading on the exchange give investors a second reason to stay in.
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Nasdaq has now topped EPS expectations four quarters running, with third-quarter adjusted EPS of $1.04 beating estimates alongside revenue that also came in above consensus.
The Index segment is doing the heavy lifting, with revenue up 39% year over year on record exchange-traded product assets and net inflows, while Market Services grew modestly and Financial Technology posted record organic ARR growth with double-digit revenue gains across every subdivision.
Operating cash flow of $521 million in the quarter funds both buybacks and the dividend, with billions still available under the board-authorized repurchase program and a quarterly dividend declared for December payment.
Management tightened its 2026 non-GAAP operating expense guidance and held its tax rate outlook steady, while The Nasdaq Stock Market stays on track to launch 23/5 trading on December 6, 2026, a structural expansion of equity market liquidity. CEO Adena Friedman described the quarter as demonstrating "new milestones achieved across all three divisions," citing record Index net inflows, record FinTech ARR growth, and the establishment of Nasdaq Digital Liquidity Networks.
Mentioned: NDAQ