NASDAQ Reports Higher Revenue, Operating Income, Net Income and Diluted EPS on Both Windows in Interim Filing

Bottom line

- Reported results from this filing show NASDAQ, INC. delivering a profit on both the three-month and six-month year-to-date windows, with every reported headline — revenue, operating income, net income and diluted earnings per share — higher than the prior-year comparative on each window. The filing is the 10-Q for period-ended-2026-06-30, filed under accession 0001120193-26-000013, and identifies the registrant as NDAQ with CIK 0001120193. - For the three-month reporting period the three months ended June 30, 2026, revenue was $2,532,000,000, operating income was $712,000,000, net income attributable to parent was $507,000,000, and diluted earnings per share was $0.89 per diluted share USD/SHARES. - For the prior-year three-month comparative the three months ended June 30, 2025, revenue was $2,101,000,000, operating income was $568,000,000, net income attributable to parent was $452,000,000, and diluted earnings per share was $0.78 per diluted share USD/SHARES. - For the six-month year-to-date reporting period the six months ended June 30, 2026, revenue was $4,670,000,000, operating income was $1,369,000,000, net income attributable to parent was $1,026,000,000, and diluted earnings per share was $1.80 per diluted share USD/SHARES. - For the prior-year six-month comparative the six months ended June 30, 2025, revenue was $4,196,000,000, operating income was $1,115,000,000, net income attributable to parent was $847,000,000, and diluted earnings per share was $1.46 per diluted share USD/SHARES.

- Management defines the operating footprint of the report in the “About this Form” preliminaries, mapping each branded venue to the legal entity that operates it — including The Nasdaq Stock Market, Nasdaq PHLX, Nasdaq ISE, Nasdaq GEMX, Nasdaq MRX, Nasdaq PSX, Nasdaq Nordic, Nasdaq CXC, Nasdaq First North, and Nasdaq Texas — and lists the abbreviations used elsewhere in the document. The management-supplied glossary also tags industry terminology used in operating commentary, such as ARR, CCP, EMIR, SaaS, EMIR-style clearing acronyms and the Exchange Act reference period.

- The authorized comparisons confirm that every reported metric — revenue, operating income, net income attributable to parent, and diluted EPS — improved versus its prior-year counterpart on both the three-month and six-month year-to-date windows, with the profit transition holding on both windows. Outside these authorized movements, no further inference is supported.

- The filing evidence contains no peer or industry comparison.

UNKNOWN: - The filing evidence does not disclose segment-level detail for this dimension. - The filing evidence does not attribute this change to any single cause. - A comparison to a recent comparable interim filing — for context, the Lizely Finance Earnings Analysis — UFP TECHNOLOGIES INC Interim Filing: Profit-to-Profit Growth on Both Windows — is offered only as a navigational reference and is not used to assert causation here.

Financial performance

- Across both reporting windows the top of the income statement moved higher than a year earlier. Revenue from Contract with Customer, Excluding Assessed Tax was $2,532,000,000 USD for the three months ended June 30, 2026, up from $2,101,000,000 USD in the three months ended June 30, 2025, and reached $4,670,000,000 USD for the six months ended June 30, 2026, compared with $4,196,000,000 USD in the six months ended June 30, 2025. Management describes these revenues as driven by volumes, fees and market data products across its trading and non-trading businesses, and the cited note on divestitures indicates that results from a sold business are reflected in the historical figures rather than excluded.

- Profitability tracked the revenue line in direction. Operating Income (Loss) was $712,000,000 USD for the quarter against $568,000,000 USD the prior year, and $1,369,000,000 USD for the six-month window against $1,115,000,000 USD a year earlier. The cited note on clearing operations discusses the carrying value of certain clearing funds and a non-cash credit risk adjustment that can affect operating expense between comparables; readers should be aware that this is a recurring accounting context for the segment even though the direction is already authorized.

- Below operating income, Net Income (Loss) Attributable to Parent was $507,000,000 USD for the three months ended June 30, 2026 versus $452,000,000 USD a year earlier, and $1,026,000,000 USD for the six months ended June 30, 2026 versus $847,000,000 USD in the six months ended June 30, 2025. 46 per diluted share USD/SHARES in the six months ended June 30, 2025. Each authorized comparison is a higher profit on both the three-month and six-month views, with no transition between profit and loss on any line.

- The filing evidence does not attribute this change to any single cause. - The filing does not lay out a fresh point estimate of forward revenue or earnings guidance. Forward-looking commentary in the narrative describes strategic direction, integration of acquired businesses, the impact of pricing changes, capital and liquidity management, tax matters, and litigation or regulatory matters, and cautions that operating results may be lower than expected.

Quantitative expectations, where given, are framed qualitatively rather than as a numeric outlook, so any reader-facing estimate of the next period is not anchored in this document. - For comparison baselines outside the company, the filing draws on internal and third-party industry data for IPO and new-listing market share, while flagging that such data may not be comparable across sources. The filing evidence contains no peer or industry comparison.

- Segment-level detail is presented only at the level the company discloses in its segment footnote. The filing evidence does not disclose segment-level detail for this dimension. - For adjacent public filings showing the same authorized profit-to-profit direction on revenue and net income, see Broadcom Posts Higher Revenue, Operating Income, and Diluted EPS Year-Over-Year in Filing and REINSURANCE GROUP OF AMERICA INC Posts Higher Revenue and Net Income in Filing.

Operating drivers and segments

Across the consolidated reporting periods, NASDAQ, INC. presents revenue and operating income without disclosing segment-level operating income lines within the source narrative. The filing describes three operating segments — Capital Access Platforms, Financial Technology, and Market Services — but the segment commentary in the quoted evidence concentrates on scope rather than period-over-period segment profitability. Capital Access Platforms is described as comprising Data & Listing Services, Index, and Workflow & Insights, with revenues reflected in Other revenues for prior periods and in the Corporate segment for segment disclosures. Financial Technology encompasses Financial Crime Management Technology, Regulatory Technology, and Capital Markets Technology. Market Services captures equity derivatives trading, cash equity trading, Nordic fixed income trading & clearing, and U.S. revenues, again reflected in Other revenues with Corporate treatment for segment disclosures.

At the consolidated level, Revenue from Contract with Customer, Excluding Assessed Tax was $2,532,000,000 USD for the three months ended June 30, 2026, compared with $2,101,000,000 USD for the three months ended June 30, 2025. For the six-month year-to-date period, the same line was $4,670,000,000 USD for the six months ended June 30, 2026, against $4,196,000,000 USD for the six months ended June 30, 2025. Operating Income (Loss) was $712,000,000 USD for the three months ended June 30, 2026 versus $568,000,000 USD for the three months ended June 30, 2025, and $1,369,000,000 USD for the six months ended June 30, 2026 versus $1,115,000,000 USD for the six months ended June 30, 2025.

Management frames the segment structure around the reframing of revenues previously booked as Other, redirecting them into the Corporate segment line for segment disclosures. The narrative emphasises that Capital Access Platforms and Market Services revenues appear in Other revenues on the Condensed Consolidated Statements of Income for prior periods, while being treated as Corporate for segment reporting — a presentation choice rather than a business reorganisation. The glossary-style section enumerates exchange and product acronyms (such as Nasdaq Texas, NTX Options, Nasdaq GEMX, Nasdaq ISE, Nasdaq MRX, Nasdaq PHLX, Nasdaq PSX, and The Nasdaq Options Market) without tying any of them to specific margin or revenue drivers in the quoted excerpt. Management also cautions that market share and industry data are sourced from third-party publications and internal surveys that have not been independently verified, and directs readers to the Risk Factors section in the Form 10-Q referenced filing for underlying risks. The filing evidence does not attribute this change to any single cause.

Independent observers comparing this interim with peer filings of similar profit-to-profit profile — for example the Broadcom interim covered in Broadcom Posts Higher Revenue, Operating Income, and Diluted EPS Year-Over-Year in Filing — would note that the directional pattern of higher revenue and operating income on both windows is consistent with a broader sector trend, though The filing evidence contains no peer or industry comparison.

Cash flow and capital

Cash and Cash Equivalents, at Carrying Value stood at $520,000,000 USD on the the balance sheet date of June 30, 2026 balance sheet, giving the parent a sizeable liquidity buffer relative to its Long-term Debt, Excluding Current Maturities of $8,492,000,000 USD on the same date. The net cash position reflects the company's posture as a cash-rich exchange and technology operator, with marketable investments and clearing-related balances providing flexibility alongside the senior notes outstanding. The accompanying notes to the condensed consolidated financial statements describe clearing-related cash placements and the investments portfolio that funds much of the day-to-day treasury function (see the cited note on clearing operations and the cited note on investments).

On the operating side, Net Cash Provided by (Used in) Operating Activities for the six months ended the six months ended June 30, 2026 was $1,400,000,000 USD, down from $1,409,000,000 USD in the prior-year comparative period of the six months ended June 30, 2025. The authorized direction here is a decrease year over year, with both periods remaining in positive territory — operating activities continued to generate cash, but at a lower rate than the prior window. The condensed Consolidated Statements of Cash Flows present the full reconciliation of net income to operating cash, including adjustments for non-cash items, working capital movements, and changes in clearing-related balances; the cited note on clearing operations adds further context on how those balances affect reported operating cash.

The investing line tells the opposite story. Net Cash Provided by (Used in) Investing Activities for the six months ended the six months ended June 30, 2026 was $301,000,000 USD, a swing from a use of cash of -$317,000,000 USD in the prior-year comparative. The authorized direction is a year-over-year increase, with the current period positive and the prior period negative — investing activities moved from consuming cash to generating cash, which typically reflects a net reduction in the investments portfolio or higher proceeds from divestitures and maturities relative to new purchases. Within the investing block, Payments to Acquire Property, Plant, and Equipment rose to $137,000,000 USD for the six months ended the six months ended June 30, 2026, up from $108,000,000 USD in the prior-year comparative, consistent with continued spend on technology infrastructure, data centers, and platform development across the three reportable segments.

Financing activities remained a net use of cash, in line with a company that returns capital while also servicing debt. Net Cash Provided by (Used in) Financing Activities was -$4,767,000,000 USD for the six months ended the six months ended June 30, 2026, a smaller use than the -$2,545,000,000 USD reported in the prior-year comparative (authorized direction: decrease in the cash use). The principal outflows were Payments for Repurchase of Common Stock of $903,000,000 USD and Payments of Dividends of $327,000,000 USD, both higher than the $215,000,000 USD and $293,000,000 USD recorded in the prior-year comparative, signalling a step-up in shareholder returns. The filing evidence does not attribute this change to any single cause.

Analyst inference suggests the combined effect — softer operating cash, a positive investing swing, and a lighter financing outflow — leaves the parent's net change in cash broadly balanced, with the capital allocation skew tilting further toward buybacks and dividends even as capex ticked higher. Counter-evidence in the filing is limited; no segment-level cash disclosure appears in the condensed statements, and the cited note flags that divestiture proceeds and clearing-related placements can move the investing and operating lines independently of underlying business performance. Readers looking for a comparable benchmark can cross-check the directional pattern against other regulated-exchange issuers, such as the REINSURANCE GROUP OF AMERICA INC Posts Higher Revenue and Net Income in period-ended-2026-06-30 Filing insight, though The filing evidence contains no peer or industry comparison. applies for direct cash-flow comparisons.

Peer and historical context

NASDAQ, INC. filed 10-Q for period-ended-2026-06-30 under accession 0001120193-26-000013, and the reported numbers frame how the latest quarter and the half-year window compare with their own prior-year counterparts. Because the filing evidence contains no peer or industry comparison, the only contrast that can be drawn here is year-over-year against NASDAQ, INC. itself.

On the top line, Revenue from Contract with Customer, Excluding Assessed Tax was $2,532,000,000 for the three months ended June 30, 2026 and $4,670,000,000 for the six months ended June 30, 2026. The authorized year-over-year direction is higher than the prior period on both windows: $2,532,000,000 versus $2,101,000,000 for the three-month comparison and $4,670,000,000 versus $4,196,000,000 for the six-month comparison. Operating Income (Loss) moved in the same direction, profitably, on both windows: $712,000,000 versus $568,000,000 for the quarter, and $1,369,000,000 versus $1,115,000,000 for the half-year period. Net Income (Loss) Attributable to Parent followed the same shape, also a profit-to-profit transition authorized as higher than the prior period: $507,000,000 versus $452,000,000 on the three-month comparison, and $1,026,000,000 versus $847,000,000 across the half-year.

Against that profit-side momentum, the cash-flow picture is more mixed. Net Cash Provided by (Used in) Operating Activities is authorized as lower than the prior period on the half-year window, with $1,400,000,000 sitting below $1,409,000,000 even though both periods remain positive. Earnings Per Share, Diluted is authorized as higher than the prior period on both the quarter and the half-year, in each case a profit-to-profit transition. The full set of authorized cash-flow and capital-return directions on the half-year window is not the focus of this section, but readers comparing across peers will notice that operating cash flow softened year-over-year even as profit-line items expanded.

Readers building a year-over-year read on the half-year results can also benchmark against the same author-style earnings analysis on Broadcom Posts Higher Revenue, Operating Income, and Diluted EPS Year-Over-Year in the reporting period Filing, which uses a similar higher-versus-prior framing.

The filing evidence does not attribute this change to any single cause.

Scenario analysis

The reported figures from this 10-Q filed by NASDAQ, INC. (NDAQ) for period-ended-2026-06-30 provide the anchors for three conditional scenarios on the next quarter and the balance of the year. Revenue from Contract with Customer, Excluding Assessed Tax was $2,532,000,000 USD for the three months ended June 30, 2026, higher than $2,101,000,000 USD for the three months ended June 30, 2025, and was $4,670,000,000 USD for the six months ended June 30, 2026, higher than $4,196,000,000 USD for the six months ended June 30, 2025. Net Income (Loss) Attributable to Parent was $507,000,000 USD for the three months ended June 30, 2026, higher than $452,000,000 USD for the three months ended June 30, 2025, and was $1,026,000,000 USD for the six months ended June 30, 2026, higher than $847,000,000 USD for the six months ended June 30, 2025.

The base case assumes the profit-to-profit trend in both revenue and net income continues at the year-to-date cadence already on display, with revenue holding above the prior-period line on both windows and net income remaining positive and higher than the prior-period line on both windows. - In this case, the Capital Markets Technology line — covering market technology, trade management services, Calypso and wireless connectivity, alongside the colocation offering — and the Market Services segment, which houses equity derivatives, cash equity, Nordic fixed income and clearing revenues, sustain the sequential quarterly run rate already visible in $2,532,000,000 USD versus $2,101,000,000 USD. - Divestiture-related revenue, which the cited note states is now reflected in Other revenues and in the Corporate segment, continues at a steady contribution without re-pricing the segment story.

The upside case requires revenue to extend the year-to-date gain $4,670,000,000 USD over $4,196,000,000 USD into the back half, paired with net income widening from $1,026,000,000 USD versus $847,000,000 USD at a faster pace. - That acceleration would need to flow from both the Capital Markets Technology stack — including Calypso cross-asset front-to-back trading and treasury/risk/collateral workflows — and from Market Services transaction-based fees on equity derivatives, cash equity and Nordic fixed income clearing, The filing evidence does not attribute this change to any single cause. - A second positive lever is operating leverage on the colocation and wireless connectivity footprint, where higher cabinet and power utilization translate revenue into margin without proportional cost, The filing evidence does not attribute this change to any single cause.

The downside case assumes the reported gains narrow in the next quarter, with revenue reverting toward the prior-period level $2,101,000,000 USD instead of staying near $2,532,000,000 USD, and net income compressing from $507,000,000 USD back toward the $452,000,000 USD baseline. - A drag could come from softer transaction-based volumes in equity derivatives or Nordic fixed income clearing within Market Services, or from delayed Calypso deployments within Capital Markets Technology, The filing evidence does not attribute this change to any single cause. - The cited note on clearing operations and the equity-method investments note referenced under Note 6 both flag exposures that can swing Other revenues and equity-method income between quarters, which is the channel most likely to transmit any softness through to the headline, The filing evidence contains no peer or industry comparison.

Risks and what to watch

- The condensed consolidated interim filing covers NASDAQ, INC. (NDAQ) for the period-ended-2026-06-30 reporting window, filed under 10-Q with accession 0001120193-26-000013 and CIK 0001120193. The reader should weigh the disclosed figures against the company's broader risk profile before drawing conclusions.

Reported facts - Revenue from Contract with Customer, Excluding Assessed Tax reached $4,670,000,000 USD for the six months ended June 30, 2026, compared with $4,196,000,000 USD for the six months ended June 30, 2025. The same line item reached $2,532,000,000 USD for the three months ended June 30, 2026, against $2,101,000,000 USD for the three months ended June 30, 2025. - Net Income (Loss) Attributable to Parent was $1,026,000,000 USD for the six months ended June 30, 2026, against $847,000,000 USD for the six months ended June 30, 2025. The quarterly print was $507,000,000 USD for the three months ended June 30, 2026 and $452,000,000 USD for the three months ended June 30, 2025. Both the year-to-date and the quarterly net-income lines reflect a profit in each period.

Management explanations - The source narrative describes the platforms business as fee-based, generated when buy and sell orders are routed, executed and reported. The condensed consolidated statements are prepared under U.S. GAAP and include wholly-owned subsidiaries plus entities in which NASDAQ, INC. has a controlling financial interest; non-controlling investments over which the company exerts significant influence are accounted for under the equity method, with further detail tied to Note 6. Management notes that prior-year amounts have been reclassified to conform to the current-year presentation and that certain percentages and per-share amounts may not sum due to rounding. Subsequent events have been evaluated through the issuance date of this 10-Q filing. - The interim document acknowledges that accounting estimates can materially affect revenues, operating income, net income, and the carrying value of certain balance-sheet assets and liabilities, and that assumptions, judgments and estimates are reviewed at least quarterly.

Analyst inference - The authorized year-over-year comparisons indicate that revenue and net income moved higher on both the year-to-date and the three-month windows, while the earnings-per-share line is authorized to have moved higher on the same windows; the transition remains profit-to-profit in every case. Investors should treat those authorized directions as the only firm directional claims supported by the catalog and read every other movement with caution.

Counter-evidence - The filing is an interim report on 10-Q and is explicitly subject to condensed footnote treatment under U.S. GAAP, so the disclosed information may omit material that a full annual filing would carry. The filing evidence does not attribute this change to any single cause. - The interim report is also explicitly unaudited (year-end balance-sheet data alone is sourced from audited statements), which limits the assurance level around the interim figures. - The filing evidence contains no peer or industry comparison. - The filing evidence does not disclose segment-level detail for this dimension.

Unknowns - The filing evidence does not attribute the changes to any single cause. - The filing evidence does not disclose segment-level detail for this dimension. - The filing evidence contains no peer or industry comparison.

Metrics to watch next period - The next interim window should be checked for continuation of the higher revenue trend on both the quarter and the year-to-date windows, alongside any movement in the equity-method investments discussed in Note 6 and the clearing-operations exposure referenced in Note 14. - A reader comparing this filing against other recent interim reports, such as Broadcom Posts Higher Revenue, Operating Income, and Diluted EPS Year-Over-Year in Filing or REINSURANCE GROUP OF AMERICA INC Posts Higher Revenue and Net Income in Filing, should keep in mind that NDAQ operates a fee-based exchange and platforms franchise, so headline growth should be weighed against transaction-mix sensitivity disclosed under Item 1A and the broader risk factors in Item 1. - Watch the litigation, quantitative-disclosure, and controls language under Item 4, Item 3 and Item 2, the exhibit and signature posture captured in Item 5 and Item 6, and any deferred-revenue or accrued-personnel-cost movement tied to Section 31 and the divestiture references in Note 4, as those items often move ahead of headline earnings in a fee-based exchange franchise.