Nasdaq’s second quarter was marked by double-digit growth across all divisions, as the company benefited from robust demand for its market infrastructure and technology solutions. Management highlighted historic milestones in listings, including the SpaceX IPO and record net inflows in its Index business, as well as the growing adoption of AI-enabled tools. CEO Adena Friedman pointed to the breadth of new client activity and product launches as key contributors, while ongoing investment in digital infrastructure and resilient capital markets activity further supported results.
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Nasdaq (NDAQ) Q2 CY2026 Highlights:
- Revenue: $1.5 billion vs analyst estimates of $1.46 billion (14.9% year-on-year growth, 3% beat)
- Adjusted EPS: $1.07 vs analyst estimates of $0.98 (8.8% beat)
- Operating Margin: 47.5%, up from 43.5% in the same quarter last year
- Market Capitalization: $53.41 billion
While we enjoy listening to the management’s commentary, our favorite part of earnings calls is the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.
Our Top 5 Analyst Questions From Nasdaq’s Q2 Earnings Call
- Ashish Sabadra (RBC Capital Markets) asked about AI monetization strategy. CEO Adena Friedman explained that Nasdaq uses a mix of embedded AI in core products and premium upsell modules, with clients moving from free to paid quickly.
- Elias Abboud (Bank of America) pressed for details on the drivers of Trade Management Services growth. Friedman highlighted both new and existing clients’ demand for connectivity and trading power, not primarily driven by generative AI, and noted that a pricing increase also contributed.
- Alex Kramm (UBS) inquired about perpetual derivatives and Nasdaq’s role. Friedman clarified that while current overlap is minimal, Nasdaq provides relevant technology and is open to expanding partnerships and licensing as markets evolve.
- Owen Lau (Clear Street) sought updates on tokenized collateral and Calypso’s monetization. Friedman described recent proof-of-concept transactions and indicated future monetization will likely come through new product modules and network effects.
- Patrick Moley (Piper Sandler) questioned the durability of the IPO pipeline. Friedman emphasized a broadening mix of listings beyond megadeals, with notable strength in AI, healthcare, and defense sectors.
Catalysts in Upcoming Quarters
In the quarters ahead, the StockStory team will focus on (1) progress in monetizing AI-enabled products and client conversion to paid modules, (2) the breadth and resilience of the IPO pipeline and capital raising activity, and (3) the pace of adoption for tokenization and always-on trading infrastructure. Execution on these priorities, alongside regulatory developments, will be central to Nasdaq’s growth trajectory.
Nasdaq currently trades at $96.08, up from $90.90 just before the earnings. Is there an opportunity in the stock? See for yourself in our full research report (it’s free).
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