Nasdaq's earnings engine is now entirely fee-driven, with non-interest income reaching 103.3% of total revenue in 2026Q3 and net interest income structurally negative at -$76M to -$81M per quarter since the 2025Q4 Adenza close.
Price trend, volume and key moving averages
Start with the evidence for owning the stock and the risks that can break the thesis.
Non-interest income now constitutes 103.3% of total revenue as of 2026Q3, while the efficiency ratio deteriorated from 12.9-17.9% through 2024-2025 to 25.4-38.3% across 2026 quarters, indicating operating costs are outpacing an already strong subscription, index licensing, and transaction fee base.
In Q4 2025, Nasdaq reported $0.96 EPS, beating analyst estimates of $0.92. 2025 net revenue hit $5.2 billion, up 13% YoY, while total revenue rose 11.05% to $8.218 billion.
Nasdaq’s Annualized Recurring Revenue reached $2.74 billion in Q3 2024, marking a 31% year‑over‑year increase, underscoring its recurring revenue base.
The company is shifting from a traditional exchange model to a diversified technology and data‑driven enterprise, reducing reliance on trading fees and integrating AI into market surveillance.
Trailing total returns as of 11/7/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).
Check whether operating performance supports the current valuation.
Recent results and news deserve attention only when they alter the forward view.
| Quarter | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|
Q4 2026Latest Oct 22, 2026 | $1.04+2.0% vs $1.02 | $1.5B+1.0% vs $1.5B |
Q3 2026 Jul 23, 2026 | $1.07+8.7% vs $0.98 | $1.5B+3.1% vs $1.5B |
Q2 2026 Apr 23, 2026 | $0.96+3.2% vs $0.93 | $1.4B+2.6% vs $1.4B |
Q1 2026 Jan 29, 2026 | $0.96+4.1% vs $0.92 | $1.4B+1.9% vs $1.4B |
Alphabet stock is nearly 30% below its record high and trades for about 18 times forward earnings. Google Cloud revenue more than doubled last quarter, and the Gemini app has passed 1 billion users.
Hilton President and CEO Chris Nassetta said about the switch: “Nasdaq is closely aligned with our growth ambitions.”
Nasdaq cancels November 19 hearing after Company files second-quarter Form 10-Q Nasdaq cancels November 19 hearing after Company files second-quarter Form 10-Q
NEW YORK, Nov. 04, 2026 (GLOBE NEWSWIRE) -- Nasdaq (Nasdaq: NDAQ) today reported monthly volumes for October 2026 on its Investor Relations website. A data sheet showing this information can be found at: https://ir.nasdaq.com/financials/volume-statistics.
Benchmark NDAQ against direct peers instead of judging its metrics in isolation.
Key metrics vs top competitors for Nasdaq, Inc. (NDAQ)
| Company | Price | Market Cap | P/E Ratio | Rev Growth (1Y) | Net Margin | ROE | Div Yield |
|---|---|---|---|---|---|---|---|
| $107.12 | $59.88B | 28.94 | 9.86% | 23.71% | 17.28% | 0.97% | |
| $172.27 | $97.15B | 23.37 | 9.27% | 33.78% | 14.05% | 1.12% | |
| $305.89 | $109.99B | 24.93 | 7.06% | 63.92% | 16.24% | 3.57% | |
| $353.27 | $36.97B | 24.98 | 15.31% | 28.33% | 26.84% | 0.77% | |
| $165.59 | $5.83B | 20.00 | 3.85% | 33.87% | 23.82% | 1.89% | |
| $127.73 | $27.19B | 29.63 | 19.1% | 39.85% | 12.46% | 0.37% |
Nasdaq, Inc. (NDAQ) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
Verify the primary filings, follow material updates, and answer the remaining questions.
Nasdaq, Inc. (NDAQ) SEC filings — annual & quarterly reports (10-K, 10-Q)
Oct 22, 2026·SEC
Jul 23, 2026·SEC
Jul 1, 2026·SEC
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Nasdaq, Inc. (NDAQ) stock FAQ — growth, dividends, profitability & financials explained
Nasdaq, Inc. (NDAQ) grew revenue by 7.7% over the trailing twelve months, compared with the twelve months before.
Yes. Nasdaq, Inc. (NDAQ) earned $2.08B in net income over the trailing twelve months (a 23.7% net margin).
Yes. Nasdaq, Inc. (NDAQ) pays a dividend that yields 0.97% at the current price, a small yield.
Nasdaq, Inc. (NDAQ) had a return on equity (ROE) of 17.3% over the trailing twelve months. That is above the market's typical 10-15%.
Nasdaq, Inc. (NDAQ) has a net interest margin (NIM) of -0.2%. NIM has been under pressure due to interest rate environment.
Nasdaq, Inc. (NDAQ) has an efficiency ratio of 19.8%. This is excellent, indicating strong cost control.
