Nasdaq Q3 net revenue reaches $1.481bn as technology and index businesses outgrow trading

Nasdaq reported third-quarter 2026 net revenue of $1.481 billion on 22 October, up 13% from a year earlier. Solutions revenue grew faster than Market Services, reflecting a mix that extends beyond transaction-driven exchange activity.[1]

The company reported GAAP diluted earnings per share of $0.96 and non-GAAP diluted EPS of $1.04. It also disclosed 54 new Financial Technology clients and 135 upsells. These figures describe different parts of the business: sales activity, accounting earnings and revenue should not be treated as interchangeable measures.[1]

Why the revenue mix matters

Solutions accounted for approximately 79.1% of total net revenue, calculated as $1.172 billion divided by $1.481 billion. Market Services contributed the remaining 20.9%. That mix helps explain why exchange trading volumes alone are an incomplete guide to Nasdaq’s financial performance.[1]

Annualised recurring revenue is a run-rate measure based on recurring contracts. It is not another $3.365 billion of revenue earned during the quarter, and adding it to quarterly sales would double count unlike measures. Likewise, an upsell indicates additional commercial activity but does not establish its timing or size in recognised revenue.[1]

For broker and market-infrastructure customers, the results point to continuing demand for software, data and index products. They do not by themselves demonstrate that an individual platform is cheaper, more reliable or easier to integrate. Procurement decisions still depend on the specific implementation, service terms and operating requirements.[1]

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