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	Beat	$2.14 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

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