NASDAQ raises medium-term revenue growth outlook to 9-12%

NASDAQ Inc. (NASDAQ: NDAQ) increased its medium-term Solutions revenue growth outlook to 9-12% from the previous 8-11% range during its investor day presentation. The company maintained its expense growth guidance at 5-8%.

The revised outlook reflects elevated expectations for the Capital Access Platforms division and sustained growth projections for the Financial Technology division. NASDAQ reaffirmed its 2026 non-GAAP operating expense guidance between $2.455 billion and $2.535 billion.

The company announced an AI productivity program targeting $100 million in expense efficiency by year-end 2027. NASDAQ plans to deploy AI capabilities across its operations and client solutions, including platforms such as Verafin, eVestment, AxiomSL, Calypso, and Surveillance.

NASDAQ reported completing 42 cross-sell transactions since acquiring Adenza through year-end 2025. The company reiterated its target to achieve $100 million in cross-sell run-rate revenue by year-end 2027.

The updated medium-term outlook includes Capital Access Platforms revenue growth of 6-10%, increased from 5-8%, and Financial Technology revenue growth of 10-14%. The Index business manages $882 billion in exchange-traded product assets under management as of December 31, 2025.

NASDAQ plans to advance Always-On markets, starting with a transition to 23/5 trading and equity tokenization later this year, subject to regulatory approval. The three-to-five-year outlook assumes stable market conditions.

"Our increased outlook reflects the durability of Nasdaq's Solutions-led growth, the strength of client demand, and the importance of our mission-critical solutions," said Sarah Youngwood, Executive Vice President and Chief Financial Officer.

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