Slides
Page 1
Nasdaq 3Q26 Quarterly Update October 22, 2026
Page 2
2 Disclaimers Cautionary Note Regarding Forward-Looking Statements Information set forth in this communication contains forward-looking statements that involve a number of risks and uncertainties. Nasdaq cautions readers that any forward-looking information is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking information. When used in this communication, words such as “expects,” “enables,” “will,” “plans,” “adjusted,” "target," "outlook," "guidance," “estimates,” and similar expressions and any other statements that are not historical facts are intended to identify forward-looking statements. Such forward-looking statements include, but are not limited to (i) projections relating to our future financial results, total shareholder returns, growth, dividend program, trading volumes, products and services, ability to transition to new business models, taxes and achievement of synergy targets, (ii) statements about the closing or implementation dates and benefits of certain acquisitions, divestitures and other strategic, restructuring, technology, de-leveraging and capital allocation initiatives, (iii) statements about our integrations of our recent acquisitions, (iv) statements relating to any litigation or regulatory or government investigation or action to which we are or could become a party, and (v) other statements that are not historical facts. Forward-looking statements involve a number of risks, uncertainties or other factors beyond Nasdaq’s control. These factors include, but are not limited to, Nasdaq’s ability to implement its strategic initiatives, economic, political and market conditions and fluctuations, geopolitical instability, government and industry regulation, interest rate risk, U.S. and global competition. Further information on these and other factors are detailed in Nasdaq’s filings with the U.S. Securities and Exchange Commission, including its annual reports on Form 10-K and quarterly reports on Form 10-Q which are available on Nasdaq’s investor relations website at http://ir.nasdaq.com and the SEC’s website at www.sec.gov. Nasdaq undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise. Website Disclosure Nasdaq intends to use its website, ir.nasdaq.com, as a means for disclosing material non-public information and for complying with SEC Regulation FD and other disclosure obligations. GAAP and non-GAAP results In addition to disclosing results determined in accordance with U.S. GAAP, Nasdaq also discloses certain non-GAAP results of operations, including, but not limited to, non-GAAP Solutions revenue, non-GAAP net revenue, non-GAAP net income, non-GAAP diluted earnings per share, non-GAAP operating income, non-GAAP operating expenses, and non-GAAP EBITDA, that include certain adjustments or exclude certain charges and gains that are described in the reconciliation table of U.S. GAAP to non-GAAP information provided at ir.nasdaq.com/Income-Statement- Trend-Summary-and-GAAP-to-Non-GAAP-Reconciliation. Management uses this non-GAAP information internally, along with U.S. GAAP information, in evaluating our performance and in making financial and operational decisions. We believe our presentation of these measures provides investors with greater transparency and supplemental data relating to our financial condition and results of operations. In addition, we believe the presentation of these measures is useful to investors for period to period comparisons of results as certain items do not reflect ongoing operating performance. These measures are not in accordance with, or an alternative to, U.S. GAAP, and may be different from non-GAAP measures used by other companies. In addition, other companies, including companies in our industry, may calculate such measures differently, which reduces their usefulness as a comparative measure. Investors should not rely on any single financial measure when evaluating our business. This information should be considered as supplemental in nature and is not meant as a substitute for our operating results in accordance with U.S. GAAP. We recommend investors review the U.S. GAAP financial measures included in this presentation. When viewed in conjunction with our U.S. GAAP results and the accompanying reconciliations, we believe these non-GAAP measures provide greater transparency and a more complete understanding of factors affecting our business than U.S. GAAP measures alone. We understand that analysts and investors regularly rely on non-GAAP financial measures, such as those noted above, to assess operating performance. We use these measures because they highlight trends more clearly in our business that may not otherwise be apparent when relying solely on U.S. GAAP financial measures, since these measures eliminate from our results specific financial items that have less bearing on our ongoing operating performance.
Page 3
3 Explanatory Notes • All net revenue figures represent revenue less transaction-based expenses for periods shown. • Solutions revenue constitutes revenue from our Capital Access Platforms and Financial Technology segments as well as certain Other revenues. These Other revenues of $2 million and $4 million in 3Q26 and 3Q25, respectively, related to the sale of our Nasdaq Fund Secondaries business and the sale of the Nasdaq Metrio platform and related customer contracts, which were both sold in 3Q26. Other revenues in 3Q25 also included $8 million related to the sale of the Solovis business, which was sold in 4Q25. These revenues were previously included in our Capital Access Platforms Segment. ARR and Annualized SaaS revenues for 3Q25 includes $42 million and $40 million, respectively, related to these businesses. • Adjusted and Organic change is generally calculated by removing the impacts of changes in foreign exchange rates, acquisitions and divestitures during the one-year period post transaction. Adjusted and organic change for 3Q26 as compared to 3Q25 are equivalent as they include the same period over period adjustments. • Foreign exchange impact: In countries with currencies other than the U.S. dollar, revenue and expenses are translated using monthly average exchange rates. Certain discussions in this presentation isolate the impact of year-over-year foreign currency fluctuations to better measure the comparability of operating results between periods. Organic operating results exclude the impact of foreign currency fluctuations by translating the current period’s results by the prior period’s exchange rates. • Free Cash Flow Conversion Ratio: Free cash flow, or FCF, conversion ratio is calculated by dividing FCF by non-GAAP net income. • ARR for a given period is the current annualized value derived from subscription contracts with a defined contract value. This excludes contracts that are not recurring, are one-time in nature or where the contract value fluctuates based on defined metrics. For AxiomSL and Calypso recurring revenue contracts, the amount included in ARR is consistent with the amount that we invoice the customer during the current period. Additionally, for AxiomSL and Calypso recurring revenue contracts that include annual values that increase over time, we include in ARR only the annualized value of components of the contract that are considered active as of the date of the ARR calculation. We do not include the future committed increases in the contract value as of the date of the ARR calculation. ACV Bookings for our Financial Technology segment excluding Financial Crime Management Technology refers to the maximum annualized committed contract value at the time of signature, excluding one-time fees and not accounting for initial discounts. For Financial Crime Management Technology, ACV bookings is calculated by averaging the total contract value over the contract term, including fixed increases. ARR and ACV are supplemental metrics to help evaluate the performance of the business. These measures are not a replacement for, and should be viewed independently of, U.S. GAAP revenue and deferred revenue as they are performance metrics, and are not intended to be combined with any of these items. ARR and ACV are not a forecast, and the active contracts at the end of a reporting period used in calculating these measures may or may not be extended or renewed by our customers. There is no U.S. GAAP measure comparable to ARR or ACV. As these metrics do not have any standardized definition they may not be comparable to similarly titled measures presented by other companies and should be viewed independently of revenue and deferred revenue and are not intended to be combined with or to replace either of those items. Reconciliations of organic and adjusted changes can be found in the appendix to this presentation. Certain percentages and per share amounts herein may not sum or recalculate due to rounding.
Page 4
◦ Nasdaq Verafin signed 45 new small-and-medium bank (SMB) clients and 3 Enterprise deals, including 2 cross-sells and 1 expansion, in the third quarter. ◦ AxiomSL signed an expansion with a Global Systemically Important Bank (G-SIB) for a Basel III implementation. 4 Liquidity Enhance liquidity by modernizing markets with innovative technology Pillars of Strategy Recent Accomplishments Integrity Ensure and enhance the integrity of the world's financial system through regulatory compliance and financial crime management technology solutions Transparency Provide access and transparency to capital markets to enable economic growth and empower informed investment and capital markets decision-making ◦ Nasdaq welcomed 15 new operating companies, raising $32 billion in proceeds during the quarter, including 8 of the top 10 IPOs. ◦ Index average ETP AUM reached a record level of $1.108 trillion in the quarter, bolstered by record net inflows of $141 billion over the trailing twelve months, including $49 billion in the third quarter. ◦ Nasdaq formed Digital Liquidity Networks (DLN) to advance leadership in digital assets and market modernization. ◦ Nasdaq signed an Eqlipse Trading technology deal to power the first 24/7 U.S. equities trading ecosystem.
Page 5
5 Strategic Update “Nasdaq’s third quarter performance demonstrates the strength and momentum of our business, with new milestones achieved across all three divisions, including record Index net inflows, record FinTech ARR growth, and the establishment of Nasdaq Digital Liquidity Networks within Market Services. Markets are evolving towards an AI-driven, Always-On future that is increasingly integrated across asset classes and geographies. Nasdaq is shaping the next generation of market infrastructure while expanding our growth opportunities and enhancing the value we deliver to our clients and shareholders.”
Page 6
6 Nasdaq is delivering on its growth strategies Nasdaq delivered another outstanding quarter with $1.5 billion in net revenue, including $1.2 billion in Solutions revenue, which achieved its sixth straight quarter of double-digit organic growth Total ($) Year over year change (%) Year over year organic change (%) 3Q26 Net Revenue $1,481M +13% +14% Solutions Revenue $1,172M +17% +18% Non-GAAP Operating Expenses $638M +9% +12% Non-GAAP Operating Income $843M +15% +16% Non-GAAP Operating Margin 57% +1 ppt +1 ppt Non-GAAP Diluted Earnings Per Share $1.04 +18% +19% Annualized Recurring Revenues (ARR) $3,365M +12% +14% Annualized SaaS Revenues $1,267M +12% +16% Note: Organic variances exclude the impact of changes in foreign currency, divestitures, and acquisitions
Page 7
7 • Nasdaq welcomed 8 of the 10 largest operating company IPOs in the third quarter, reflecting a 79% quarterly win rate. • Data delivered a 34% year-over-year increase in the number of enterprise licenses, reflecting growing international penetration and increased demand for AI-ready data. • Index launched 32 new products in the third quarter, including 16 international products and 10 products in the institutional annuity space. • Nasdaq achieved a record $141 billion of net inflows over the trailing twelve months, including $49 billion in 3Q26. • Nasdaq announced a new distribution partnership to embed eVestment’s private markets data into Juniper Square’s client workflows. • eVestment expanded its data asset coverage to more than 95,000 private funds, a 19% increase from the end of 2025. Capital Access Platforms - Operational Highlights 74% $35 $6 $51 $49 $141 4Q25 1Q26 2Q26 3Q26 LTM Index ETP3 AUM Net Inflows (US$ billions) Note: The sum of the quarters may not foot due to rounding 1 - Listings win rate includes eligible U.S. operating companies, direct listings, and SPAC business combinations 2 - Listings proceeds raised reflect total proceeds raised for eligible U.S. operating companies including greenshoe shares 3 - ETP = Exchange-traded products. Year-to-date listings win rate 89% Year-to-date share of total listings proceeds raised 1 1 2
Page 8
8 • Financial Technology delivered record ARR growth and double-digit revenue growth in each subdivision for the third consecutive quarter. The division signed 54 new clients, 5 cross-sells, and 135 upsells in the quarter, with cloud-based solutions accounting for 85% of ACV bookings. • Nasdaq Verafin signed 45 new small-and-medium bank (SMB) clients and 3 enterprise deals, including 2 cross-sells and one expansion in the quarter. The Agentic AI Workforce is now used by more than 850 clients and Verafin announced the general availability of two new AI workers, the Agentic AML Analyst and the Agentic Fraud Analyst. • Regulatory Technology delivered a fifth straight quarter of accelerating ARR growth and signed 10 new clients, including 2 cross-sells, and 86 upsells. AxiomSL supported the evolving regulatory landscape, signing an expansion with a Global Systemically Important Bank (G-SIB) for a Basel III implementation. • Capital Markets Technology signed 2 new clients, including 1 cross-sell, and 48 upsells in the quarter. Nasdaq partnered with HSBC to co- develop comprehensive exchange-traded derivatives (ETD) clearing capabilities in Calypso, creating a unified clearing platform across OTC, ETD, and repos. Financial Technology - Operational Highlights QTD organic revenue growth YoY organic ARR growth +16% 18% cross-sells as a % of FinTech pipeline >15% +23 +35 +135 +51 +25 AxiomSL upsells Calypso upsells FinTech upsells New AxiomSL clients Surveillance upsells Market Tech upsells +54New FinTech clients New Financial Crime Mgmt Tech clients FinTech cross sells +5 New Surveillance clients +13 +176 +150 +26 A+11 +327 +85 +122 +70 +46 3Q262026 New Axiom clients +1 +9 +9 New Calypso clients +1Financial Crime Mgmt Tech enterprise upsells +4 Note: FinTech division level new client total excludes cross-sells which count as new clients within subdivision totals +9 +47 +2 +1
Page 9
#1 market share in European cash equities markets1 75% single venue of liquidity for traded-listed U.S. cash equities #1 #1 market share in multi-listed U.S. options 28% 28.5% 29.5% 30.1% 29.1% 28.1% 14.1% 14.4% 15.1% 14.7% 14.5% 72.8% 73.9% 74.3% 74.5% 75.0% 28.9% 29.4% 29.0% 28.8% 29.3% U.S. equity options U.S. equities - matched Euro cash equities U.S. equities on-exchange - matched 3Q25 4Q25 1Q26 2Q26 3Q26 • Market Services delivered a new third quarter net revenue record reflecting leadership across U.S. cash equities and U.S. equity derivatives, as well as very strong European equities lit market share. • U.S. cash equities delivered higher share and near record capture in the third quarter, supported by healthy institutional and retail participation. 1 - European cash equities markets include cash equities exchanges of Sweden, Denmark, Finland, and Iceland 2 - Not to scale 3 - Reflects U.S. multi-listed options market share $0.12 $0.10 $0.10 $0.10 $0.09 $0.62 $0.61 $0.56 $0.69 $0.72 $0.13 $0.13 $0.11 $0.12 $0.12 U.S. options U.S. equities Euro cash equities 3Q25 4Q25 1Q26 2Q26 3Q26 Market Services - Operational Highlights 4 - Not to scale. U.S. options reflects rate per contract, U.S. cash equities reflects revenue per 1,000 shares matched, and European cash equities reflects revenue per $1,000 traded in all European Equity Exchanges 3 Market Share by Asset Class2 (%) Revenue Capture by Asset Class4 9 1
Page 10
10 Financial Performance “Nasdaq delivered excellent third quarter results, headlined by outstanding Solutions revenue growth, continued operating leverage, and strong EPS growth. Our durable business model and disciplined execution underpin our capital allocation strategy that prioritizes funding investments in long-term growth while returning more than $1.7 billion to shareholders year to date through share repurchases and dividends.”
Page 11
11 1 - Represents the Capital Access Platforms and Financial Technology segments as well as $2M and $4M of Other revenue in 3Q26 and 3Q25, respectively, related to the sale of our NFS business and the sale of the Nasdaq Metrio platform and related customer contracts, which were both sold in 3Q26. 3Q25 also includes $8M of Other revenue, related to the sale of the Solovis business, which was sold in 4Q25 2 - Diluted EPS reflects weighted average diluted shares outstanding of 563.3 million in 3Q26 and 579.0 million in 3Q25 (US$ millions, except per share) 3Q26 3Q25 % Δ % Δ organic Net Revenue $1,481 $1,315 13% 14% Solutions Revenues1 $1,172 $1,003 17% 18% Solutions as a % of net revenue 79% 76% 3 ppt 2 ppt Operating Expenses $638 $583 9% 12% Operating Income $843 $732 15% 16% Operating Margin 57% 56% 1 ppt 1 ppt EBITDA $887 $768 15% 16% EBITDA Margin 60% 58% 1 ppt 1 ppt Net Income $588 $511 15% Diluted EPS2 $1.04 $0.88 18% 19% Effective Tax Rate 23.3% 22.0% 1 ppt 3Q26 Consolidated Financial Performance +39% +5% +10% +13% +14% +23% +2% +20% +16% Index revenue growth Data & Listings revenue growth Regulatory Technology revenue growth Capital Markets Technology revenue growth Market Services organic revenue growth Capital Access Platforms revenue growth Financial Technology organic revenue growth Financial Crime Mgmt Tech revenue growth Workflow & Insights revenue growth Non-GAAP Financial Results
Page 12
$1.3B $1.5B 3Q25 Non-GAAP Revenue Macro/Beta Existing clients increases Churn New clients, cross- sell & other innovation Market Share, capture & volatility performance FX & other 3Q26 Non-GAAP Revenue 12 Net Revenue Bridge 3Q25 to 3Q26 +14% YoY organic growth +3.5% +7.0% -2.0% +5.5% -1.0%—% +10.5% Alpha growth 1 (includes 1% related to one-time items) Note: Percentages may not sum to the total growth change due to rounding 1- FX & Other includes FX impact, acquisitions and divestitures
Page 13
13 Recurring Revenue KPIs Reflect Solid Growth +16% YoY organic growth 3Q25 4Q25 1Q26 2Q26 3Q26 SaaS as a % of ARR 38 % 38 % 38 % 38 % 38 % +14% YoY organic growth $3,007 $3,051 $3,188 $3,258 $3,365 3Q25 4Q25 1Q26 2Q26 3Q26 $1,132 $1,149 $1,202 $1,228 $1,267 3Q25 4Q25 1Q26 2Q26 3Q26 Annualized SaaS Revenue (US$ millions)Annualized Recurring Revenue (US$ millions)
Page 14
(US$ in millions) 3Q26 3Q25 % Δ organic Data and Listing Services $224 $204 10% Index $286 $206 39% Workflow and Insights $131 $124 5% Total Revenue $641 $534 20% Operating Income2 $412 $326 26% Operating Margin2 64% 61% 3 ppt ARR $1,411 $1,303 8% Annualized SaaS Revenue $440 $410 7% Capital Access Platforms - Financial Performance Period ending and average ETP AUM (US$ billions)1 2 - The Capital Access Platforms operating margin reflects the allocation of certain costs that support the operation of various aspects of Nasdaq’s business, including Market Services, to units other than Capital Access Platforms 14 • Data & Listing Services revenue growth was driven by new listings, data net sales and usage increases, and pricing, partially offset by delistings and the roll-off of prior period amortized initial listing fees. • Index revenue increased due to higher average ETP AUM linked to Nasdaq indices, including the positive impact from $141 billion in net inflows in the last twelve months as well as record derivatives volumes. • Workflow & Insights revenue growth was driven by strength in Analytics, in particular eVestment and Data Link. 3Q26 Financial Highlights $331B YoY 3Q26 increase in average ETP AUM to a record $1.108T 1 - Not to scale $829 $882 $836 $1,114 $1,160 $777 $860 $877 $1,014 $1,108 Period ending ETP AUM ($B) Average ETP AUM ($B) 3Q25 4Q25 1Q26 2Q26 3Q26
Page 15
(US$ in millions) 3Q26 3Q25 % Δ organic Financial Crime Mgmt Technology $103 $84 23% Regulatory Technology $123 $109 13% Capital Markets Technology $303 $264 14% Total Revenue $529 $457 16% Operating Income $246 $206 18% Operating Margin 46% 45% 1 ppt ARR $1,954 $1,662 18% Annualized SaaS Revenue $827 $682 22% 15 Financial Technology - Financial Performance 3Q26 Financial Highlights $1,662 $1,711 $1,822 $1,870 $1,954 3Q25 4Q25 1Q26 2Q26 3Q26 Annualized SaaS revenue growth Organic YoY revenue growth +16% +22% YoY ARR growth +18% • Financial Crime Management Technology revenue growth reflected higher subscription revenues and increased revenue from professional services. • Regulatory Technology revenue growth reflected higher subscription revenue driven by price increases and new sales growth. • Capital Markets Technology revenue growth was primarily driven by higher client demand across all solutions and price increases, partially offset by lower professional services. ARR (US$ millions)
Page 16
16 (US$ millions) 3Q26 3Q25 % Δ organic U.S. equity derivatives $110 $124 (12)% U.S. cash equities $114 $99 15% European cash equities $30 $28 10% U.S. tape plans $33 $33 2% Other revenue1 $22 $19 13% Total net revenue $309 $303 2% Operating income $189 $197 (5)% Operating margin 61% 65% (5) ppt Market Services - Financial Performance 1 - Other includes Nordic fixed income trading & clearing, Nordic derivatives, and Canadian cash equities trading 3Q26 Financial Highlights • U.S. equity derivatives net revenue decreased due to lower capture and share, partially offset by higher industry volumes and growth in index options. • U.S. cash equities revenue increased due to a near record capture rate and higher market share, partially offset by lower industry volumes. • European cash equities revenue increased due to higher industry volumes, partially offset by lower capture. • U.S. tape plan revenue increased due to higher share, partially offset by lower audit revenues. Near record U.S. cash equity capture rate $0.72 Continued to lead the evolution of markets including the transition to Always-On markets Record third quarter net revenue $309M
Page 17
17 Supporting Growth with Appropriate Resources $583 $638 3Q25 3Q26 2026 Non-GAAP Tax Rate Guidance1 2026 Non-GAAP Operating Expense Guidance1 22.5%-24.5% +12% organic $2.550B-$2.580B 3Q26 non-GAAP operating expense 3Q26 non-GAAP organic operating margin Organic net revenue growth vs. +14% 56% 57% 3Q25 3Q26 +1 ppt 1 - U.S. GAAP operating expense and tax rate guidance are not provided due to the inherent difficulty in quantifying certain amounts due to a variety of factors including the unpredictability in the movement in foreign currency rates, as well as future charges or reversals outside of the normal course of business Updating the range from $2.530B-$2.570B Reiterating the range Organic Solutions revenue growth +18%
Page 18
2.6x -0.01x -0.09x 2.5x 2Q26 leverage ratio Change in Euro rate and amortization of debt issuance costs EBITDA Δ 3Q26 leverage ratio 18 (US$ millions) Beg-of-period End-of-period Gross debt $8,761 $(21) $8,740 LTM EBITDA $3,336 $119 $3,455 $616M / $2.3B Gross Leverage Ratio Bridge Free cash flow in 3Q26 / LTM 3Q26 repurchases 3Q26 dividend of per share / total dividend Annualized payout ratio of 30% 18 Continued deleveraging with 2.5x gross leverage at the end of 3Q26 1 98% Free cash flow conversion ratio (LTM) 106%1 ex-M&A free cash flow conversion ratio (LTM) $0.31 / $173M 3.6M / $323M Shares repurchased / total cost of shares repurchased in 3Q26 YTD repurchases: 14.0M/$1,226M1 - Total cost of shares repurchased excludes excise tax 1
Page 19
Appendix
Page 20
20 *Please see Appendix for non-GAAP reconciliations 1 - Over 3-5 years. Growth outlook assumes stable market backdrop 2 - Low single digits >0% to 3%, mid single digits >3% to 7%, high single digits >7% to <10%; Low teens or low double digits 10% to 13%, mid teens >13% to 17%, high teens >17% to <20%; Low twenties 20% to 23%, mid twenties >23% to 27%, high twenties >27% to <30% 3 - See slide 17 for 2026 outlook Medium-Term Growth Outlook2 Data and Listing Services Low-to-mid single digits Workflow and Insights Mid-to-high single digits Index High single/mid teens Capital Access Platforms 6-10% Fin Crime Mgmt Technology Mid 20s Regulatory Technology High single/low double digits Capital Markets Technology High single/low double digits Financial Technology 10-14% Total Solutions revenue 9-12% Market Services No outlook given Other revenue No outlook given Total net revenue No outlook given Non-GAAP operating expenses3 5-8% Tax rate3 No outlook given Medium-Term Outlook1
Page 21
21 1 - Other revenue primarily reflects the impact of the following divestitures: Nordic power futures, Solovis, Nasdaq Fund Secondaries, and the Nasdaq Metrio platform and related customer contracts. 2 - See explanatory notes for the definition of organic variance 3 - Total Solutions revenues includes Capital Access Platforms and Financial Technology revenues as well as $2M and $4M of Other revenue in 3Q26 and 3Q25, respectively, related to the sale of our Nasdaq Fund Secondaries business and the sale of the Nasdaq Metrio platform and related customer contracts, which were both sold in 3Q26. 3Q25 also includes $8M of Other revenue, related to the sale of the Solovis business, which was sold in 4Q25. 4 - Other includes ARR and SaaS related to our Nasdaq Fund Secondaries business and the Nasdaq Metrio platform (sold in 3Q26) and Solovis business (sold in 4Q25) Total Variance Impacts: 3Q26 Non-GAAP Total Variance FX/Divestitures/Acquisitions impact1 Organic Variance2 (US$ millions, except per share data) 3Q26 3Q25 $M % $M % $M % Data and Listing Services $ 224 $ 204 $ 20 10% $ (1) —% $ 21 10% Index 286 206 80 39% — —% 80 39% Workflow and Insights 131 124 7 6% 1 —% 6 5% Capital Access Platforms revenue 641 534 107 20% — —% 107 20% Financial Crime Management Technology 103 84 19 23% — —% 19 23% Regulatory Technology 123 109 14 13% — —% 14 13% Capital Markets Technology 303 264 39 15% 1 —% 38 14% Financial Technology revenue 529 457 72 16% 1 —% 71 16% Market Services net revenue 309 303 6 2% — —% 6 2% Other revenue 2 21 (19) (91%) (19) (88%) — —% Total revenue less transaction-based expenses $ 1,481 $ 1,315 $ 166 13% $ (18) (1%) $ 184 14% Total Solutions revenue3 $ 1,172 $ 1,003 $ 169 17% $ (9) (1%) $ 178 18% Operating expenses 638 583 55 9% (15) (3%) 70 12% Operating income 843 732 111 15% (3) —% 114 16% Operating margin 57% 56% Diluted EPS $ 1.04 $ 0.88 $ 0.16 18% $ — —% $ 0.16 19% ARR Data and Listing Services $ 813 $ 743 $ 70 9% $ (2) —% $ 72 10% Index 89 81 8 10% — —% 8 10% Workflow and Insights 509 479 30 6% 3 —% 27 6% Capital Access Platforms 1,411 1,303 108 8% 1 —% 107 8% Financial Crime Management Tech 375 316 59 19% — —% 59 19% Regulatory Technology 443 389 54 14% (3) (1%) 57 15% Capital Markets Technology 1,136 957 179 19% (7) (1%) 186 19% Financial Technology 1,954 1,662 292 18% (10) (1%) 302 18% Other4 — 42 (42) (100%) (42) (100%) — —% Total ARR 3,365 3,007 358 12% (51) (2%) 409 14% SaaS Capital Access Platforms 440 410 30 7% 3 —% 27 7% Financial Technology 827 682 145 21% (3) —% 148 22% Other4 — 40 (40) (100%) (40) (100%) — NM Total SaaS $ 1,267 $ 1,132 $ 135 12% $ (40) (4%) $ 175 16% Back to index
Page 22
22 Recast Operating Segment Results For Sale of NFS Business & the Nasdaq Metrio Platform and related customer contracts Back to index 2Q26 1Q26 As Reported Adj Recast As Reported Adj Recast Capital Access Platforms Data & Listing Services $217 $— $217 $214 $— $214 Index 271 — 271 220 — 220 Workflow and Insights 133 (4) 129 131 (4) 127 Revenues 621 (4) 617 565 (4) 561 Expenses 227 (5) 222 216 (6) 210 Operating Income 394 1 395 349 2 351 Operating Margin 63.5% 64.0% 61.9% 62.6% Financial Technology Revenues 539 — 539 517 — 517 Expenses 289 — 289 272 — 272 Operating Income 250 — 250 245 — 245 Market Services, net revenuesRevenues, net 340 — 340 317 — 317 Expenses 122 — 122 116 — 116 Operating Income 218 — 218 201 — 201 Corporate Items Revenues, net — 4 4 8 4 12 Expenses 3 5 8 4 6 10 Operating Income (3) (1) (4) 4 (2) 2 Total Company Solutions Revenues 1,160 — 1,160 1,082 — 1,082 Total Revenues, net 1,500 — 1,500 1,407 — 1,407 Operating expenses 641 — 641 608 — 608 Operating income $859 $— $859 $799 $— $799 Operating margin 57% 57% 57% 57% ARR $3,258 $— $3,258 $3,188 $— $3,188
Page 23
23 Recast Operating Segment Results For Sale of NFS Business & the Nasdaq Metrio Platform and related customer contracts Back to index 4Q25 3Q25 2Q25 1Q25 2025 As Rep. Adj Recast As Rep. Adj Recast As Rep. Adj Recast As Rep. Adj Recast As Rep. Adj Recast Capital Access Platforms Data & Listing Services $211 $— $211 $204 $— $204 $198 $— $198 $192 $— $192 $804 $— $804 Index 232 — 232 206 — 206 196 — 196 193 — 193 827 — 827 Workflow and Insights 129 (5) 124 128 (4) 124 126 (5) 121 123 (5) 118 506 (17) 489 Revenues 572 (5) 567 538 (4) 534 520 (5) 515 508 (5) 503 2,137 (17) 2,120 Expenses 234 (6) 228 214 (6) 208 213 (6) 207 202 (6) 196 863 (24) 839 Operating Income 338 1 339 324 2 326 307 1 308 306 1 307 1,274 7 1,281 Operating Margin 59.0% 59.7% 60.3% 61.0% 59.0% 59.9% 60.2% 61.2% 59.6% 60.4% Financial Technology Revenues 498 — 498 457 — 457 464 — 464 432 — 432 1,850 — 1,850 Expenses 257 — 257 251 — 251 247 — 247 234 — 234 990 — 990 Operating Income 241 — 241 206 — 206 217 — 217 198 — 198 860 — 860 Market Services, net revenuesRevenues, net 311 — 311 303 — 303 306 — 306 281 — 281 1,201 — 1,201 Expenses 112 — 112 106 — 106 112 — 112 108 — 108 437 — 437 Operating Income 199 — 199 197 — 197 194 — 194 173 — 173 764 — 764 Corporate Items Revenues, net 11 5 16 17 4 21 16 5 21 16 5 21 61 17 78 Expenses 6 6 12 12 6 18 13 6 19 11 6 17 41 24 65 Operating Income 5 (1) 4 5 (2) 3 3 (1) 2 5 (1) 4 20 (7) 13 Total Company Solutions Revenues 1,071 — 1,071 1,003 — 1,003 991 — 991 947 — 947 4,011 — 4,011 Total Revenues, net 1,392 — 1,392 1,315 — 1,315 1,306 — 1,306 1,237 — 1,237 5,249 — 5,249 Operating expenses 609 — 609 583 — 583 585 — 585 555 — 555 2,331 — 2,331 Operating income $783 $— $783 $732 $— $732 $721 $— $721 $682 $— $682 $2,918 $— $2,918 Operating margin 56.2% 56.2% 55.7% 55.7% 55.2% 55.2% 55.2% 55.2% 55.6% 55.6% ARR $3,051 $— $3,051 $3,007 $— $3,007 $2,931 $— $2,931 $2,831 $— $2,831 $3,051 $— $3,051 Note: The sum of the quarters' adjustments may not foot to year to date adjustment due to rounding
Page 24
24 ARR Summary 24 ARR Trends (US$ in millions) 3Q26 2Q26 1Q26 4Q25 3Q25 Data and Listing Services $813 $791 $777 $764 $743 Workflow and Insights1 509 500 493 484 479 Index 89 87 85 81 81 Capital Access Platforms1 1,411 1,378 1,355 1,329 1,303 Financial Crime Technology Management 375 359 344 329 316 Regulatory Technology 443 428 419 407 389 Capital Markets Technology 1,136 1,083 1,059 975 957 Financial Technology 1,954 1,870 1,822 1,711 1,662 Other1 — 10 11 11 42 Total $3,365 $3,258 $3,188 $3,051 $3,007 1 - ARR related to our divested NFS business and the sale of our Nasdaq Metrio platform and related customer contracts (both sold in 3Q26) was reclassified from Capital Access Platforms to Other for all periods presented. ARR related to our divested Solovis business (sold 4Q25) was reclassified from Capital Access Platforms to Other for periods prior to 4Q25
Page 25
25 1 - Due to the sale of our NFS business & the Nasdaq Metrio platform and related customer contracts in 3Q26, the respective revenues and expenses were recast from Capital Access Platforms to Other for all periods presented. 2 - Net revenue includes a purchase price adjustment on deferred revenue associated with the Verafin transaction of $28M in 2021 and $1M in 2022 (US$ in millions) 3Q26 2Q26 1Q26 4Q25 3Q25 2Q25 1Q25 4Q24 mn 1 2025 2024 2023 2022 2021 Capital Access Platforms1 Net revenue $641 $617 $561 $567 $534 $515 $503 $500 $2,120 $1,927 $1,727 $1,646 $1,544 Expenses 229 222 210 228 208 207 196 207 839 784 771 740 699 Operating income 412 395 351 339 326 308 307 293 1,281 1,143 956 906 845 Operating margin 64% 64% 63% 60% 61% 60% 61% 59% 60% 59% 55% 55% 55% Financial Technology2 Net revenue 529 539 517 498 457 464 432 438 1,850 1,655 1,099 864 772 Expenses 283 289 272 257 251 247 234 223 990 885 605 565 513 Operating income 246 250 245 241 206 217 198 215 860 770 494 299 259 Operating margin 46% 46% 47% 48% 45% 47% 46% 49% 46% 47% 45% 35% 34% Market Services Net revenue 309 340 317 311 303 306 281 268 1,201 1,020 987 988 1,005 Expenses 120 122 116 112 106 112 108 110 437 423 405 361 341 Operating income 189 218 201 199 197 194 173 158 764 597 582 627 664 Operating margin 61% 64% 63% 64% 65% 63% 62% 59% 64% 59% 59% 63% 66% Other1 Net revenue 2 4 12 16 21 21 21 21 78 81 82 84 99 Expenses 6 8 10 12 18 19 17 16 65 70 49 55 63 Operating income (4) (4) 2 4 3 2 4 5 13 11 33 29 36 Total Net revenue $1,481 $1,500 $1,407 $1,392 $1,315 $1,306 $1,237 $1,227 $5,249 $4,683 $3,895 $3,582 $3,420 Expenses 638 641 608 609 583 585 555 556 2,331 2,162 1,830 1,721 1,616 Operating income $843 $859 $799 $783 $732 $721 $682 $671 $2,918 $2,521 $2,065 $1,861 $1,804 Operating margin 57% 57% 57% 56% 56% 55% 55% 55% 56% 54% 53% 52% 53% Non-GAAP Operating Income and Margin
Page 26
26 Debt Overview (US$ millions) 9/30/2026 6/30/2026 Maturity Date Commercial paper $269 $269 NA 3.85% Notes $— $— Jun 2026 5.35% Notes $794 $794 Jun 2028 1.75% Euro Notes $678 $683 Mar 2029 0.875% Euro Notes $677 $683 Feb 2030 1.65% Notes $647 $647 Jan 2031 4.5% Euro Notes $844 $850 Feb 2032 0.90% Euro Notes $694 $699 Jul 2033 5.55% Notes $1,123 $1,123 Feb 2034 2.50% Notes $645 $645 Dec 2040 3.25% Notes $488 $488 Apr 2050 3.95% Notes $407 $407 Mar 2052 5.95% Notes $739 $739 Aug 2053 6.10% Notes $739 $738 Jun 2063 Revolver (SOFR + 110 bps)1 $(4) $(4) Dec 2027 Total debt obligations $8,740 $8,761 Less cash and cash equivalents2 $(365) $(520) Net debt $8,375 $8,241 $8.4B Net DebtWell-Laddered Debt Maturities 1 - The revolver spread is as of 9/30/2026. This includes debt issuance costs of $4M at 9/30/2026 and $4M at 6/30/2026 2 - Excludes $28M of restricted cash at 9/30/2026 and $26M at 6/30/2026 (US$ millions) '26 '27 '28 '29 '30 '31 '32 '33 '34 … '40 … '50 '51 '52 '53 … '630 100 200 300 400 500 600 700 800 900 1,000 1,100 1,200 1,300 3.7% pre-tax weighted average cost of debt at 3Q26-end* *Prior to the cumulative impact of accretion of debt issuance costs and debt discount & other fees. This was $2M in 3Q26
Page 27
27 1 - Net of change in Section 31 fees receivables of $92 in LTM; $90M in 2026 YTD; $(66)M in 3Q26; $(114)M in 2025; $80M in 2024; $(68)M in 2023 and $(12)M in 2023-2026 YTD 2 - Refer to ir.nasdaq.com/Income-Statement-Trend-Summary-and-GAAP-to-Non-GAAP-Reconciliation for a reconciliation of these numbers to GAAP Historical Cash Flow / Uses of Cash Flow Free Cash Flow Calculations (US$ in millions) LTM2 2026 YTD 3Q26 2025 2024 2023 2023-2026 YTD Cash flow from operations $2,546 $1,921 $521 $2,255 $1,939 $1,696 $7,811 Capital expenditure (288) (199) (62) (266) (207) (158) (830) Cash flow from operations less capital expenditures $2,258 $1,722 $459 $1,989 $1,732 $1,538 $6,981 Section 31 fees, net1 1 — 157 205 (156) 92 141 Free cash flow $2,259 $1,722 $616 $2,194 $1,576 $1,630 $7,122 Non-GAAP Net Income2 $2,296 $1,742 $588 $2,014 $1,631 $1,433 $6,820 Uses of cash flow Share repurchases $745 $739 $121 $336 $145 $269 $1,489 Cash paid for ASR agreement 767 487 202 280 — — 767 Net repayment/(borrowing) of debt 262 162 — 826 812 (4,952) (3,152) Acquisitions, net of dispositions and other (114) (34) 55 (132) — 5,766 5,600 Dividends paid 653 500 173 601 541 441 2,083 Total uses of cash flow $2,313 $1,854 $551 $1,911 $1,498 $1,524 $6,787
Page 28
28 Non-GAAP Solutions Organic Revenue Growth 1 - Excluding a one-time revenue benefit in our Index business in 2Q26, Solutions revenue increased $164M/17% on an adjusted basis. Excluding a one-time revenue benefit received in 4Q24, Solutions revenues increased $390M/11% on an adjusted basis in 2025 2 - Other impact includes acquisitions, divestitures, and changes in FX rates. 3 - Solutions revenue for organic growth calculations have not been recast for our Nordic power futures business 4 - Solutions revenue are not recast for the Broker Services wind down that occurred in 2022 Solutions Current period Prior year period Total variance Organic impact1 Other impact2 (US$ in Millions) $ $ $ % $ % $ % 3Q26 1,172 1,003 169 17% 178 18% (9) (1%) 2Q26 1,160 991 169 17% 170 17% (1) (1%) 1Q26 1,082 947 135 14% 129 14% 6 1% 4Q25 1,071 949 122 13% 117 12% 5 —% 20251 4,011 3,627 384 11% 374 10% 10 —% 2024 3,627 2,869 758 26% 276 10% 482 17% 2023 2,869 2,546 323 13% 174 7% 149 6% 20223 2,552 2,344 208 9% 227 10% (19) (1%) 20213,4 2,356 1,940 416 21% 295 15% 121 6% 1
Page 29
29 Market Services Additional Detail (US$ in millions) 3Q26 2Q26 1Q26 4Q25 3Q25 U.S. Equity Derivatives Trading $110 $123 $120 $117 $124 U.S. Cash Equity Trading 114 128 103 105 99 European Cash Equity Trading 30 32 35 29 28 U.S. Tape Plans 33 33 33 36 33 Other1 22 24 26 24 19 Market Services net revenue $309 $340 $317 $311 $303 1 - Other includes Nordic fixed income trading & clearing, Nordic derivatives, and Canadian cash equities trading
Page 30
30 Market Services Organic Revenue Growth Market Services Segment Total variance Organic impact Other impact1 (US$ in millions) Current period Prior year period $ % $ % $ % 3Q26 309 303 6 2% 6 2% — —% 2Q26 340 306 34 11% 33 11% 1 —% 1Q26 317 281 36 13% 29 10% 7 3% 4Q25 311 268 43 16% 37 14% 6 2% 2025 1,201 1,020 181 18% 169 17% 12 1% 2024 1,020 987 33 3% 33 3% — —% 2023 987 988 (1) — % 3 —% (4) — % 2022² 1,019 1,037 (18) (2%) 12 1% (30) (3%) 20212 1,037 932 105 11% 91 10% 14 2% 1 - Other impact includes acquisitions, divestitures and changes in FX rates 2 - Market Services revenue for organic growth calculations have not been recast for the Nordic power futures business
Page 31
31 Investor Relations Website: http://ir.nasdaq.com Investor Relations Contact: Ato Garrett Senior Vice President, Investor Relations ato.garrett@nasdaq.com For Additional Investor Relations Information