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NDAQ
FY2026 Q2
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Отчётный звонок Nasdaq, Inc.
Вывод Buzzberg
Welcomed SpaceX, the largest IPO in history
Nasdaq reported a blow-out Q2 2026 with record revenue, EPS above $1 for the first time, and strong growth across all divisions. Management highlighted historic IPO wins (SpaceX), Verafin's accelerating enterprise traction, and AI-driven product adoption. The tone was highly confident, with expense guidance raised due to revenue-linked costs, but no explicit revenue guidance was given. Net revenue $1.5B (+15%), solutions revenue $1.2B (+17%), EPS $1.07 (+25%).
Вывод Buzzberg Welcomed SpaceX, the largest IPO in history Nasdaq reported a blow-out Q2 2026 with record revenue, EPS above $1 for the first time, and strong growth across all divisions. Management highlighted historic IPO wins (SpaceX), Verafin's accelerating enterprise traction, and AI-driven product adoption. The tone was highly confident, with expense guidance raised due to revenue-linked costs, but no explicit revenue guidance was given. Net revenue $1.5B (+15%), solutions revenue $1.2B (+17%), EPS $1.07 (+25%). Читать полный анализСвернуть анализ
Nasdaq reported a blow-out Q2 2026 with record revenue, EPS above $1 for the first time, and strong growth across all divisions. Management highlighted historic IPO wins (SpaceX), Verafin's accelerating enterprise traction, and AI-driven product adoption. The tone was highly confident, with expense guidance raised due to revenue-linked costs, but no explicit revenue guidance was given. Net revenue $1.5B (+15%), solutions revenue $1.2B (+17%), EPS $1.07 (+25%).
- Index AUM surpassed $1 trillion for the first time; record net inflows of $51B in the quarter.
- Verafin signed 11 enterprise deals year-to-date, exceeding full-year 2025 total; new agentic AI workers in beta.
- Market Services set records during triple witching and Russell reconstitution.
SOLUTIONS Выручка$1.2BФакт
Выручка$2.532B+18% к/к
EPS$1.07+11% к/к
Валовая маржа59.2%Факт
6 подтверждённых тезисов
Что важно сейчас
Самые значимые изменения по итогам звонка.
Demand
Assets under management surpassed $1 trillion
Demand
Record net inflows of $51 billion in the quarter
Показать ещё 3 тезиса
AI
Verifin agentic AI workforce used by 750 clients
Risk
Minimal revenue crossover from perpetual derivatives
Capital return
Repurchased $903 million in first half 2026
Отчётный период
Фактические результаты
| Показатель | Факт | Изменение |
|---|---|---|
| SOLUTIONS Выручка | $1.2B | Факт |
| Выручка | $2.532B | +18% к/к |
| EPS | $1.07 | +11% к/к |
| Валовая маржа | 59.2% | Факт |
| Операционная маржа | 34.64% | Факт |
| Свободный денежный поток | $0.634B | +1% к/к |
AI, капзатраты и спрос
Оценка менеджмента
confident
Management expressed strong confidence driven by historic milestones, double-digit revenue growth across divisions, and robust execution, with no notable shift from prior calls.
Оценка AI от менеджмента
Management noted that AI adoption is accelerating interest in data solutions and driving new bookings, with over a quarter of new bookings associated with AI use cases. They are in early innings of monetizing AI capabilities, with 750 clients using the generative AI workforce and agentic workers in beta.
все упомянутые компании ниже: 5
Компаниис момента звонка
Партнёры
Партнёры
Adena Friedman
Nasdaq expanded its index licensing relationship with BlackRock, but no incremental signal about BlackRock's own business trajectory.
Доказательства
“launches of BlackRock's IQQ and State Street's QNDX ETFs in the United States”
Партнёры
Adena Friedman
Nasdaq deepened its index licensing partnership with Invesco through a Japan cross-listing, indicating continued demand for QQQ products.
Доказательства
“growing long-standing relationship with Invesco, expanding global investor access to QQQ ETFs, which we cross-listed in Japan”
Партнёры
Adena Friedman
Management proactively addressed perpetual-style derivatives, estimating that even in an extreme approval scenario, crossover to existing Nasdaq products would be less than 1% of total revenue, and emphasized their view that such innovations would create incremental fintech opportunities rather than cannibalize current business. — Nasdaq is signaling that perpetuals are not a threat to its existing derivatives revenue, but could open new technology and index-licensing revenue streams, potentially pressuring CME and ICE to adapt.
Доказательства
“Those are conversations that we would have with our partner CME and others to consider as we move forward”
Цепочка поставок
Цепочка поставок
Sarah Youngwood
Management proactively addressed perpetual-style derivatives, estimating that even in an extreme approval scenario, crossover to existing Nasdaq products would be less than 1% of total revenue, and emphasized their view that such innovations would create incremental fintech opportunities rather than cannibalize current business. — Nasdaq is signaling that perpetuals are not a threat to its existing derivatives revenue, but could open new technology and index-licensing revenue streams, potentially pressuring CME and ICE to adapt.
Доказательства
“Even in an extreme case, we would still expect minimal crossovers representing less than 1% of our total revenue. Over time, however, such innovations, to the extent they are durable, can create opportunities for us as they expand market”
Внешние сигналы
Альфа цепочки поставок · 1с момента звонка
Management proactively addressed perpetual-style derivatives, estimating that even in an extreme approval scenario, crossover to existing Nasdaq products would be less than 1% of total revenue, and emphasized their view that such innovations would create incremental fintech opportunities rather than cannibalize current business.
Доказательства
“Even in an extreme case, we would still expect minimal crossovers representing less than 1% of our total revenue. Over time, however, such innovations, to the extent they are durable, can create opportunities for us as they expand market a…”
Методология и полнота
Анализ основан только на заявлениях менеджмента. Показаны все подтверждённые упоминания компаний: 5. Фактические результаты и прогнозы разделены. Публичные доказательства ограничены восемью короткими атрибутированными цитатами. AI-анализ может быть неполным или ошибочным — проверяйте важные утверждения по первоисточнику.