Nasdaq expands recurring revenue as index and technology businesses grow

Nasdaq ($NDAQ) reported third-quarter 2026 net revenue of $1.48 billion, an increase of 13%, with organic growth of 14%. Solutions revenue rose 17% to $1.17 billion, supported by a 39% increase in index revenue and 16% growth in financial technology. Annualized recurring revenue reached $3.37 billion, giving the exchange and software group a larger recurring revenue base.

GAAP earnings increased 31% to $0.96 per share, while adjusted earnings rose 18% to $1.04. Operating cash flow totaled $521 million, and the company repurchased $323 million of shares during the quarter. Nasdaq set full-year 2026 adjusted operating expenses at $2.55–$2.58 billion. The results show continued expansion beyond transaction-dependent exchange fees, although recurring revenue is an annualized operating metric rather than revenue already earned.

Sources:

• GlobeNewswire
• Nasdaq — issuer financial results