Nasdaq Q2 2026 Earnings Call: Complete Transcript

Nasdaq (NASDAQ: NDAQ ) held its second-quarter earnings conference call on Thursday.

Below is the complete transcript from the call.

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The full earnings call is available at Summary Nasdaq reported strong Q2 2026 results, with net revenue of $1.5 billion, up 15%, and solutions revenue of $1.2 billion, up 17%.

Diluted EPS grew 25% to $1.07.

The company achieved significant milestones, including surpassing $1 trillion in assets under management in its index business and record quarterly net inflows.

Nasdaq welcomed major IPOs, including SpaceX, and became the largest exchange by market capitalization.

Strategic initiatives include engaging with regulators on market innovations like always-on markets and tokenization of assets, aiming to expand investor access.

Nasdaq Verafin reached $13 trillion in combined assets, with notable expansions in financial crime management technology.

The company plans to launch 23/5 trading by December 2026, and received SEC approval to list event options.

Operating expenses increased by 10% to $641 million, with an updated non-GAAP expense guidance of $2.53 billion to $2.57 billion for 2026.

Nasdaq returned over $530 million to shareholders in Q2 through dividends and share repurchases, with a free cash flow of $477 million.

Management highlighted AI as a key growth driver, with new AI capabilities being integrated into products, and discussed potential AI monetization strategies.

The company is focused on modernizing financial technology and expanding its role in tokenization and collateral management, with ongoing proof of concepts.

Full Transcript OPERATOR Good day and thank you for standing by.

Welcome to Nasdaq's second quarter 2026 results conference call.

At this time all participants are in a listen-only mode.

After the speaker's presentation there will be a question-and-answer session.

To ask a question during the session you will need to press star 11 on your telephone.

You will then hear an automated message advising your hand is raised.

To rejoin your question, please press star 11 again.

In the interest of time, we ask that you please limit yourselves to one question and one follow-up.

Please be advised that today's conference is being recorded.

I would now like to hand the conference over to your first speaker, Ato Garrett, Senior Vice President and Investor Relations Officer.

Please go ahead.

Ato Garrett, Senior Vice President and Investor Relations Officer Good morning everyone and thank you for joining us today to discuss Nasdaq's second quarter 2026 financial results.

On the line are Adena Friedman, our Chair and Chief Executive Officer, Sarah Youngwood, our Chief Financial Officer and other members of the management team.

After our prepared remarks, we will open line for Q and A.

The press release and earnings presentation accompanying this call can be found on our investor relations website.

I would like to remind you that we will be making forward-looking statements on this call that involve risks.

A summary of these risks is contained in our press release and a more complete description in our annual report on Form 10-K.

We will discuss our financial performance on a non-GAAP basis excluding the impact of acquisitions and divestitures, the impact of changes in FX and a $6 million one-time benefit to index revenue related to a contract modification.

Definitions and reconciliations of U.S.

GAAP to non-GAAP plus adjustments can be found in our earnings presentation as well as in a file located in the financial sections of our investor relations website at ir.nasdaq.com and with that I'll now turn the call over to Adena.

Adena Friedman — Chair and Chief Executive Officer Thank you, Ato, and good morning, everyone.