Nasdaq posts double-digit Q2 revenue growth across all divisions

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Nasdaq Q2 revenue growth

Highlights

Nasdaq reports double-digit revenue growth in all divisions for Q2 2026, with adjusted net revenue at $1.5 billion and solutions revenue up 17%.
GAAP diluted EPS increases 14% to $0.89, non-GAAP diluted EPS reaches $1.07, while $174 million in dividends and $356 million in repurchases are returned to shareholders.
Nasdaq hosts 26 IPOs raising $106 billion, achieves a 74% win rate in eligible U.S. listings, and completes the SpaceX listing, the largest IPO in exchange history.

Quarterly results and business drivers

As reported by Nasdaq, the company delivers double-digit revenue growth across its Capital Access Platforms, Financial Technology and Market Services divisions in the second quarter of 2026. Adjusted net revenue reaches $1.5 billion, solutions revenue grows 17%, and annualized recurring revenue rises 11% to $3.3 billion, or 12% on an organic basis.

GAAP diluted earnings per share increases 14% from the second quarter of 2025 to $0.89, while non-GAAP diluted earnings per share reaches $1.07, the first time Nasdaq exceeds $1 in quarterly EPS. The company also returns capital to shareholders through $174 million in dividends and $356 million in common stock repurchases.

Within Capital Access Platforms, revenue rises 19% on a reported basis, or 18% on an adjusted basis, while ARR grows 8%. Nasdaq says its listings business hosts 26 operating company IPOs in the quarter, raising $106 billion in proceeds, and records a 74% win rate in the first half of 2026 across eligible U.S. operating companies, direct listings and SPAC business combinations.

Financial Technology revenue increases 16% from a year earlier, or 15% on an organic basis, with each subdivision posting double-digit growth for a second straight quarter. Market Services net revenue reaches a record $340 million, up 11% year over year, supported by record index options volumes and a fourth consecutive quarter of doubled revenue in that segment.

Scale milestones and market impact

Nasdaq links the quarter's performance to stronger demand for core market infrastructure, regulatory tools and data products as financial institutions adapt to artificial intelligence, modernization efforts and a more complex compliance environment. Chair and CEO Adena Friedman says the company sets records across all three divisions, surpasses $1 trillion in index ETP assets under management and completes the listing of SpaceX, which it describes as the largest IPO in exchange history.

The company says its index business records the largest quarterly net inflows in its history, while Nasdaq Verafin surpasses $13 trillion in combined assets across more than 2,800 financial institutions. Nasdaq also reports new records for the value of shares traded during the June Triple Witch expiration and the Russell Reconstitution.

Those results underscore Nasdaq's push to expand beyond exchange operations into recurring technology and analytics revenue, while strengthening its position in U.S. capital markets and financial crime prevention. The quarter also highlights continued issuance strength in sectors tied to the innovation economy, including semiconductor, quantum and biotech listings.

Nasdaq’s second-quarter performance was fueled by volatile market conditions and a wave of high-profile listings, which helped lift revenue and earnings across its exchange, data, and market services businesses. Our publication previously noted that growth in software and financial technology, alongside fraud-prevention services, has been important in cushioning the company against pressure from shifting market structure and weaker sentiment toward exchange stocks.

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