Nasdaq beats Q1 net revenue and profit estimates

Nasdaq

23/04/2026 12:09

Corrects Net Revenue in Key Details to $1.41 bln, from $2.14 bln

Overview

U.S. exchange operator's Q1 net revenue rose 14%, beating analyst expectations

Adjusted EPS for Q1 beat analyst expectations, rising 22% year-over-year

Company returned over $700 mln to shareholders via dividends and buybacks in Q1

Outlook

Nasdaq updates 2026 non-GAAP operating expense guidance to $2.485 bln-$2.545 bln

Company maintains 2026 non-GAAP tax rate guidance at 22.5%-24.5%

Nasdaq sees continued strong demand for AI and cloud-based solutions

Result Drivers

FINANCIAL TECHNOLOGY GROWTH - Financial Technology revenue rose 20% year-over-year, driven by strong sales execution, strategic partnerships, and AI-driven innovation, including record contract bookings and new client signings

INDEX INFLOWS AND PRODUCT INNOVATION - Index revenue grew 14%, supported by $6 bln in net inflows in Q1 and new product launches, with innovation cited as a key growth driver

RECORD MARKET SERVICES VOLUMES - Market Services net revenue rose 13% year-over-year, driven by record U.S. cash equities and equity options volumes, and new product innovation

Company press release: ID:nGNX5Cbr39

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Revenue less transaction-based expenses
Beat
$1.41 bln
$1.37 bln (12 Analysts)
Q1 Adjusted EPS
Beat
$0.96
$0.93 (15 Analysts)
Q1 EPS
$0.91
Q1 ARR
$3.19 bln


Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 16 "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell"

The average consensus recommendation for the financial & commodity market operators & service providers peer group is "buy"

Wall Street's median 12-month price target for Nasdaq Inc is $108.50, about 25.6% above its April 22 closing price of $86.37

The stock recently traded at 21 times the next 12-month earnings vs. a P/E of 25 three months ago

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)