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Nasdaq Reports First Quarter 2026 Results; Strong Execution Drives Double-Digit Net Revenue Growth Across All Divisions

April 23, 2026 7:01 AM

NEW YORK, April 23, 2026 (GLOBE NEWSWIRE) -- Nasdaq, Inc. (Nasdaq: NDAQ) today reported financial results for the first quarter of 2026.

First Quarter 2026 Highlights

(US$ millions, except per share)1Q26YoY change %Organic YoY change %
Solutions Revenue$1,08214%14%
Market Services net revenue$31713%10%
Net revenue$1,40714%13%
GAAP operating income$65720%
Non-GAAP operating income$79917%17%
ARR$3,18813%12%
GAAP diluted EPS$0.9133%
Non-GAAP diluted EPS$0.9622%21%


Adena Friedman, Chair and CEO said, “Nasdaq delivered one of the strongest starts to the year in our company’s history with broad-based growth across all three divisions. Our clients are increasingly turning to Nasdaq as a trusted transformation partner to modernize their core infrastructure, manage risk and increasing complexity, adapt to the evolution of capital markets, and integrate AI to drive greater efficiency in their operations.

As we execute against our strategic priorities of Expand, Evolve, and Transform, we are well positioned to deliver increasing value to our clients and shareholders.”

Sarah Youngwood, Executive Vice President and CFO said, “Nasdaq delivered exceptional first quarter performance with double-digit growth across our three divisions and particular strength in Financial Technology. The mission critical nature of our solutions combined with our execution excellence is helping Nasdaq deliver operating leverage with strong earnings growth.

Nasdaq’s robust cash flow generation enabled the company to return over $700 million to shareholders in the quarter, including nearly $550 million of share repurchases, while reducing leverage and investing for long-term growth.”

FINANCIAL REVIEW

2026 EXPENSE AND TAX GUIDANCE UPDATE6

STRATEGIC AND BUSINESS UPDATES

_________________
1 Represents revenue less transaction-based expenses.

2 Organic change is calculated by removing the impacts of changes in foreign exchange rates, acquisitions and divestitures.

3 Solutions revenue and Annualized Recurring Revenue (ARR) constitutes revenue and ARR from our Capital Access Platforms and Financial Technology segments as well as revenue and ARR from our Solovis business which was sold in October 2025. Solovis revenues and ARR were previously included in our Capital Access Platforms segment, and have been reclassified into “Other” for all prior periods presented.

4 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.

5 Refer to our reconciliations of U.S. GAAP to non-GAAP net income, diluted earnings per share, operating income, operating expenses and organic impacts included in the attached schedules.

6 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.

ABOUT NASDAQ

Nasdaq (Nasdaq: NDAQ) is a leading technology platform that powers the world’s economies. We architect the infrastructure of the world’s most modern markets, power the innovation economy, and build trust in the financial system. We empower economic opportunity by designing and deploying advanced technology, data, and intelligence solutions that enable our clients to capture opportunities, navigate risk, and strengthen resilience. To learn more about the company, technology solutions and career opportunities, visit us on LinkedIn, on X @Nasdaq, or at www.nasdaq.com.

NON-GAAP INFORMATION

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 net income, non-GAAP diluted earnings per share, non-GAAP operating income, and non-GAAP operating expenses, that include certain adjustments or exclude certain charges and gains that are described in the reconciliation tables of U.S. GAAP to non-GAAP information provided at the end of this release. 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 the items described below in the reconciliation tables 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 earnings release. 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.

Organic revenue and expense growth, organic change and organic impact are non-GAAP measures that reflect adjustments for: (i) the impact of period over period changes in foreign currency exchange rates, and (ii) the revenue, expenses and operating income associated with acquisitions and divestitures for the twelve month period following the date of the acquisition or divestiture and (iii) the impact of AxiomSL on-premises contracts for ratable recognition in comparable periods to align with current period presentation. Reconciliations of these measures are described within the body of this release or in the reconciliation tables at the end of this release.

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 release isolate the impact of year-over-year foreign currency fluctuations to better measure the comparability of operating results between periods. Operating results excluding the impact of foreign currency fluctuations are calculated by translating the current period’s results by the prior period’s exchange rates.

Restructuring program: In the fourth quarter of 2023, following the closing of the Adenza acquisition, our management approved, committed to and initiated a restructuring program to optimize our efficiencies as a combined organization. We initiated the program upon the acquisition of Adenza and further expanded the program in the fourth quarter of 2024 to accelerate our momentum and further optimize our efficiencies (efficiency program). We have incurred costs principally related to employee-related costs, contract terminations, asset impairments and other related costs and expect to incur additional costs in these areas in an effort to accelerate efficiencies through location strategy and enhanced AI capabilities. Actions taken as part of this program were completed as of December 31, 2025, while certain costs are being recognized in the first half of 2026. We expect to achieve benefits primarily in the form of expense synergies. Costs related to the Adenza restructuring program are recorded as “restructuring charges” in our condensed consolidated statements of income. We exclude charges associated with this program for purposes of calculating non-GAAP measures as they are not reflective of ongoing operating performance or comparisons in Nasdaq's performance between periods.

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. 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, and 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 https://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.

Media Relations Contact:

David Lurie
+1.914.538.0533
[email protected]

Investor Relations Contact:

Ato Garrett
+1.212.401.8737
[email protected]

-NDAQF-


Nasdaq, Inc.
Condensed Consolidated Statements of Income
(in millions, except per share amounts)
(unaudited)
Three Months Ended
March 31, March 31,
2026 2025
Revenues:
Capital Access Platforms$565 $508
Financial Technology 517 432
Market Services 1,047 1,140
Other Revenues 8 16
Total revenues 2,137 2,096
Transaction-based expenses:
Transaction rebates (724) (585)
Brokerage, clearance and exchange fees (6) (274)
Revenues less transaction-based expenses 1,407 1,237
Operating Expenses:
Compensation and benefits 356 329
Professional and contract services 39 36
Technology and communication infrastructure 84 77
Occupancy 33 28
General, administrative and other 29 6
Marketing and advertising 20 14
Depreciation and amortization 165 156
Regulatory 9 15
Merger and strategic initiatives 4 24
Restructuring charges 11 5
Total operating expenses 750 690
Operating income 657 547
Interest income 6 11
Interest expense (87) (96)
Net gain on divestitures 89 —
Other losses (14) (1)
Net income from unconsolidated investees 26 27
Income before income taxes 677 488
Income tax provision 158 93
Net income$519 $395
Per share information:
Basic earnings per share$0.92 $0.69
Diluted earnings per share$0.91 $0.68
Cash dividends declared per common share$0.27 $0.24
Weighted-average common shares outstanding
for earnings per share:
Basic 566.8 575.0
Diluted 571.7 580.0

Nasdaq, Inc.
Revenue Detail
(in millions)
(unaudited)
Three Months Ended
March 31, March 31,
2026 2025
CAPITAL ACCESS PLATFORMS
Data and Listing Services$214 $192
Index 220 193
Workflow and Insights 131 123
Total Capital Access Platforms revenues 565 508
FINANCIAL TECHNOLOGY
Financial Crime Management Technology 93 77
Regulatory Technology 118 101
Capital Markets Technology 306 254
Total Financial Technology revenues 517 432
MARKET SERVICES
Market Services 1,047 1,140
Transaction-based expenses:
Transaction rebates (724) (585)
Brokerage, clearance and exchange fees (6) (274)
Total Market Services revenues, net 317 281
OTHER REVENUES 8 16
REVENUES LESS TRANSACTION-BASED EXPENSES$1,407 $1,237

Nasdaq, Inc.
Condensed Consolidated Balance Sheets
(in millions)
March 31, December 31,
2026 2025
Assets(unaudited)
Current assets:
Cash and cash equivalents$515 $604
Restricted cash and cash equivalents 49 210
Default funds and margin deposits 2,253 5,842
Financial investments 184 28
Receivables, net 985 943
Other current assets 388 376
Total current assets 4,374 8,003
Property and equipment, net 739 728
Goodwill 14,307 14,371
Intangible assets, net 6,376 6,511
Operating lease assets 485 447
Other non-current assets 1,020 993
Total assets$27,301 $31,053
Liabilities
Current liabilities:
Accounts payable and accrued expenses$245 $280
Accrued personnel costs 209 364
Deferred revenue 1,093 785
Other current liabilities 160 259
Default funds and margin deposits 2,253 5,842
Short-term debt 431 431
Total current liabilities 4,391 7,961
Long-term debt 8,526 8,573
Deferred tax liabilities, net 1,611 1,584
Operating lease liabilities 488 462
Other non-current liabilities 247 241
Total liabilities 15,263 18,821
Commitments and contingencies
Equity
Nasdaq stockholders' equity:
Common stock 6 6
Additional paid-in capital 4,627 5,122
Common stock in treasury, at cost (747) (716)
Accumulated other comprehensive loss (1,807) (1,773)
Retained earnings 9,954 9,588
Total Nasdaq stockholders' equity 12,033 12,227
Noncontrolling interests 5 5
Total equity 12,038 12,232
Total liabilities and equity$27,301 $31,053


Nasdaq, Inc.
Reconciliation of U.S. GAAP to Non-GAAP Net Income and Diluted Earnings Per Share
(in millions, except per share amounts)
(unaudited)
Three Months Ended
March 31, March 31,
2026 2025
U.S. GAAP net income$519 $395
Non-GAAP adjustments:
Amortization expense of acquired intangible assets (1) 121 122
Merger and strategic initiatives expense (2) 4 24
Restructuring charges (3) 11 5
Net gain on divestitures (4) (89) —
Net income from unconsolidated investees (5) (26) (27)
Gain from extinguishment of debt (6) — (19)
Legal and regulatory matters (7) 6 2
Other losses (8) 15 1
Total non-GAAP adjustments 42 108
Non-GAAP adjustment to the income tax provision (9) (12) (28)
Other tax adjustments (10) — (19)
Total non-GAAP adjustments, net of tax 30 61
Non-GAAP net income$ 549 $456
U.S. GAAP diluted earnings per share$0.91 $0.68
Total adjustments from non-GAAP net income above 0.05 0.11
Non-GAAP diluted earnings per share$0.96 $0.79
Weighted-average diluted common shares outstanding for earnings per share: 571.7 580.0


(1) We amortize intangible assets acquired in connection with various acquisitions. Intangible asset amortization expense can vary from period to period due to episodic acquisitions completed, rather than from our ongoing business operations.
(2) We have pursued various strategic initiatives and completed acquisitions and divestitures in recent years that have resulted in expenses which would not have otherwise been incurred. These expenses generally include integration costs, as well as legal, due diligence and other third-party transaction costs. The frequency and the amount of such expenses vary significantly based on the size, timing and complexity of the transaction. For the three months ended March 31, 2026, these costs included amounts associated with various strategic initiative costs. For the three months ended March 31, 2025, these costs included amounts associated with the transfer of open positions in our Nordic power futures business, Adenza integration costs and other strategic initiative costs.
(3) For a description of our restructuring program, see "Restructuring Program" in the "Non-GAAP Information" section of this earnings release.
(4) For the three months ended March 31, 2026, this primarily includes the recognition of an incremental gain on the sale of our Nordic power futures business, net of costs to sell.
(5) We exclude our share of the earnings and losses of our equity method investments. This provides a more meaningful analysis of Nasdaq’s ongoing operating performance or comparisons in Nasdaq’s performance between periods.
(6) For the three months ended March 31, 2025, we recorded a gain on the extinguishment of debt. This gain is recorded in general, administrative expense in our Condensed Consolidated Statements of Income.
(7) For the three months ended March 31, 2026 and 2025, this includes accruals relating to certain legal matters, which are recorded in professional and contract services in the Condensed Consolidated Statements of Income.
(8) For the three months ended March 31, 2026, other items primarily include losses from strategic investments entered into through our corporate venture program, which are included in other losses in our Condensed Consolidated Statements of Income.
(9) For the three months March 31, 2026 and 2025, the non-GAAP adjustment to the income tax provision primarily includes the tax impact of each non-GAAP adjustment.
(10) For the three months ended March 31, 2025, this included the release of the prior years' reserves following a favorable audit settlement.

Nasdaq, Inc.
Reconciliation of U.S. GAAP to Non-GAAP Operating Income and Operating Margin
(in millions)
(unaudited)
Three Months Ended
March 31, March 31,
2026 2025
U.S. GAAP operating income$657 $547
Non-GAAP adjustments:
Amortization expense of acquired intangible assets (1) 121 122
Merger and strategic initiatives expense (2) 4 24
Restructuring charges (3) 11 5
Gain from extinguishment of debt (4) — (19)
Legal and regulatory matters (5) 6 2
Other losses — 1
Total non-GAAP adjustments 142 135
Non-GAAP operating income$799 $682
Revenues less transaction-based expenses $1,407 $1,237
U.S. GAAP operating margin (6) 47% 44%
Non-GAAP operating margin (7) 57% 55%
Note: The percentages are calculated based on exact dollars, and therefore may not recalculate exactly using rounded numbers as presented in US$ millions.


(1) We amortize intangible assets acquired in connection with various acquisitions. Intangible asset amortization expense can vary from period to period due to episodic acquisitions completed, rather than from our ongoing business operations.
(2) We have pursued various strategic initiatives and completed acquisitions and divestitures in recent years that have resulted in expenses which would not have otherwise been incurred. These expenses generally include integration costs, as well as legal, due diligence and other third-party transaction costs. The frequency and the amount of such expenses vary significantly based on the size, timing and complexity of the transaction. For the three months ended March 31, 2026, these costs included amounts associated with various strategic initiative costs. For the three months ended March 31, 2025, these costs included amounts associated with the transfer of open positions in our Nordic power futures business, Adenza integration costs and other strategic initiative costs.
(3) For a description of our restructuring program, see "Restructuring Program" in the "Non-GAAP Information" section of this earnings release.
(4) For the three months ended March 31, 2025, we recorded a gain on the extinguishment of debt. This gain is recorded in general, administrative expense in our Condensed Consolidated Statements of Income.
(5) For the three months ended March 31, 2026 and 2025, this includes accruals relating to certain legal matters, which are recorded in professional and contract services in the Condensed Consolidated Statements of Income.
(6) U.S. GAAP operating margin equals U.S. GAAP operating income divided by revenues less transaction-based expenses.
(7) Non-GAAP operating margin equals non-GAAP operating income divided by revenues less transaction-based expenses.

Nasdaq, Inc.
Reconciliation of U.S. GAAP to Non-GAAP Operating Expenses
(in millions)
(unaudited)
Three Months Ended
March 31, March 31,
2026 2025
U.S. GAAP operating expenses$750 $690
Non-GAAP adjustments:
Amortization expense of acquired intangible assets (1) (121) (122)
Merger and strategic initiatives expense (2) (4) (24)
Restructuring charges (3) (11) (5)
Gain on extinguishment of debt (4) — 19
Legal and regulatory matters (5) (6) (2)
Other losses — (1)
Total non-GAAP adjustments (142) (135)
Non-GAAP operating expenses$608 $555


(1) We amortize intangible assets acquired in connection with various acquisitions. Intangible asset amortization expense can vary from period to period due to episodic acquisitions completed, rather than from our ongoing business operations.
(2) We have pursued various strategic initiatives and completed acquisitions and divestitures in recent years that have resulted in expenses which would not have otherwise been incurred. These expenses generally include integration costs, as well as legal, due diligence and other third-party transaction costs. The frequency and the amount of such expenses vary significantly based on the size, timing and complexity of the transaction. For the three months ended March 31, 2026, these costs included amounts associated with various strategic initiative costs. For the three months ended March 31, 2025, these costs included amounts associated with the transfer of open positions in our Nordic power futures business, Adenza integration costs and other strategic initiative costs.
(3) For a description of our restructuring program, see "Restructuring Program" in the "Non-GAAP Information" section of this earnings release.
(4) For the three months ended March 31, 2025, we recorded a gain on the extinguishment of debt. This gain is recorded in general, administrative expense in our Condensed Consolidated Statements of Income.
(5) For the three months ended March 31, 2026 and 2025, this includes accruals relating to certain legal matters, which are recorded in professional and contract services in the Condensed Consolidated Statements of Income.

Nasdaq, Inc.
Reconciliation of Organic Impacts for Revenues less transaction-based expenses, Non-GAAP Operating Expenses,
Non-GAAP Operating Income, and Non-GAAP Diluted Earnings Per Share
(in millions, except per share amounts)
(unaudited)
Three Months Ended Total Variance Other Impacts (1) Organic Impact
March 31, 2026 March 31, 2025 $ % $ % $ %
CAPITAL ACCESS PLATFORMS
Data and Listing Services$214 $192 $22 11% $6 3% $16 9%
Index 220 193 27 14% — —% 27 14%
Workflow and Insights 131 123 8 7% 1 1% 7 6%
Total Capital Access Platforms revenues 565 508 57 11% 7 1% 50 10%
FINANCIAL TECHNOLOGY
Financial Crime Management Technology 93 77 16 21% — —% 16 21%
Regulatory Technology 118 101 17 16% 5 5% 12 12%
Capital Markets Technology 306 254 52 21% 1 1% 51 20%
Total Financial Technology revenues 517 432 85 20% 6 1% 79 18%
Market Services net revenues 317 281 36 13% 7 3% 29 10%
Other revenues 8 16 (8) (51)% (7) (42)% (1) (15)%
Revenues less transaction-based expenses$1,407 $1,237 $170 14% $13 1% $157 13%
Solutions revenue (2)$1,082 $947 $135 14% $6 1% $129 14%
Non-GAAP Operating Expenses$608 $555 $53 10% $10 2% $43 8%
Non-GAAP Operating Income$799 $682 $117 17% $3 1% $114 17%
Non-GAAP diluted earnings per share$0.96 $0.79 $0.17 22% $0.01 1% $0.17 21%
Note: The percentages are calculated based on exact dollars, and therefore may not recalculate exactly using rounded numbers as presented in US$ millions. The sum of the percentage changes may not tie to the percentage change in total variance due to rounding.


(1) Primarily reflects the impacts from changes in foreign currency exchange rates, divestitures within Capital Markets Technology and Other, and an acquisition.
(2) Includes Capital Access Platforms and Financial Technology revenues as well as $7 million of Other revenue in the first quarter of 2025, related to the sale of the Solovis business, which was sold in the fourth quarter of 2025.

Nasdaq, Inc.
Key Drivers Detail
(unaudited)
Three Months Ended
March 31, March 31,
2026 2025
Capital Access Platforms
Annualized recurring revenues (in millions) (1)$1,366 $1,252
Initial public offerings
The Nasdaq Stock Market 63 63
Nasdaq operating company IPOs 15 45
SPACs 48 18
Exchanges that comprise Nasdaq Nordic and Nasdaq Baltic — 4
Total new listings
The Nasdaq Stock Market 176 170
Exchanges that comprise Nasdaq Nordic and Nasdaq Baltic (2) 5 9
Number of listed companies
The Nasdaq Stock Market (3) 4,570 4,139
Exchanges that comprise Nasdaq Nordic and Nasdaq Baltic (4) 1,107 1,160
Index
Number of licensed exchange traded products 470 418
Period end ETP assets under management (AUM) tracking Nasdaq indexes (in billions)$836 $622
Total average ETP AUM tracking Nasdaq indexes (in billions)$877 $662
TTM (5) net inflows ETP AUM tracking Nasdaq indexes (in billions)$79 $86
TTM (5) net appreciation ETP AUM tracking Nasdaq indexes (in billions)$135 $17
Financial Technology
Annualized recurring revenues (in millions) (1)
Financial Crime Management Technology$344 $295
Regulatory Technology 419 362
Capital Markets Technology 1,059 893
Total Financial Technology$1,822 $1,550
Market Services
Equity Derivative Trading and Clearing
U.S. equity options
Total industry average daily volume (in millions) 62.6 53.6
Nasdaq PHLX matched market share 12.5% 9.1%
The Nasdaq Options Market matched market share 2.6% 5.1%
Nasdaq Texas Options matched market share (formerly Nasdaq BX) 1.3% 1.7%
Nasdaq ISE Options matched market share 6.0% 6.8%
Nasdaq GEMX Options matched market share 3.4% 3.6%
Nasdaq MRX Options matched market share 4.3% 2.8%
Total matched market share executed on Nasdaq's exchanges 30.1% 29.1%
Nasdaq Nordic and Nasdaq Baltic options and futures
Total average daily volume of options and futures contracts 249,645 256,009
Cash Equity Trading
Total U.S.-listed securities
Total industry average daily share volume (in billions) 20.0 15.7
Matched share volume (in billions) 183.7 137.6
The Nasdaq Stock Market matched market share 14.7% 14.2%
Nasdaq Texas matched market share (formerly Nasdaq BX) 0.3% 0.3%
Nasdaq PSX matched market share 0.1% 0.1%
Total matched market share executed on Nasdaq's exchanges 15.1% 14.6%
Market share reported to the FINRA/Nasdaq Trade Reporting Facility 45.6% 48.1%
Total market share (6) 60.7% 62.7%
Nasdaq Nordic and Nasdaq Baltic securities
Average daily number of equity trades executed on Nasdaq's exchanges 797,886 789,103
Total average daily value of shares traded (in billions)$6.8 $5.4
Total market share executed on Nasdaq's exchanges (7) 74.3% 70.5%


(1) Annualized Recurring Revenue (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. ARR is currently one of our key performance metrics to assess the health and trajectory of our recurring business. ARR does not have any standardized definition and is therefore unlikely to be comparable to similarly titled measures presented by other companies. ARR should be viewed independently of revenue and deferred revenue and is not intended to be combined with or to replace either of those items. 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. ARR is not a forecast and the active contracts at the end of a reporting period used in calculating ARR may or may not be extended or renewed by our customers.
(2) New listings include IPOs and represent companies listed on the Nasdaq Nordic and Nasdaq Baltic exchanges and companies on the alternative markets of Nasdaq First North.
(3) Number of total listings on The Nasdaq Stock Market as of March 31, 2026 and 2025 included 1,180 and 833 ETPs, respectively.
(4) Represents companies listed on the Nasdaq Nordic and Nasdaq Baltic exchanges and companies on the alternative markets of Nasdaq First North.
(5) Trailing twelve months.
(6) Includes transactions executed on The Nasdaq Stock Market's, Nasdaq Texas's (formerly Nasdaq BX) and Nasdaq PSX's systems plus trades reported through the Financial Industry Regulatory Authority/Nasdaq Trade Reporting Facility.
(7) European cash equities markets include cash equities exchanges of Sweden, Denmark, Finland, and Iceland. Minor adjustments to prior periods reflect data from a new consolidated data provider that accurately captures all primary trading venues and Multilateral Trading Facilities, or MTFs.

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