Nasdaq, Inc: Very Strong 2Q with Solutions Momentum & Multiple Growth Drivers Ahead

Research evidence excerpt

Nasdaq, Inc: Very Strong 2Q with Solutions Momentum & Multiple Growth Drivers Ahead

Deutsche Bank

Research

Rating Company Date

Buy Nasdaq, Inc 23 July 2026

North America Reuters Bloomberg Rating Buy

United States NDAQ.OQ NDAQ US Price target (USD) 118.00 Price at 22 Jul 26 90.90

52-week range 100.98 – 9.06

Financial

Brokers, Asset Managers & Valuation & Risks

Exchanges

Very Strong 2Q with Solutions Momentum &

Multiple Growth Drivers Ahead BrianResearchBedell,AnalystCFA

+1-212-250-6600

Key takeaway: Very strong 2Q & Solutions revenue accelerating

Erika Nelson We view NDAQ's 2Q26 results as being very good overall, with core adj. EPS of Research Associate

$1.05 (vs. reported EPS of $1.07 due to a lower tax rate and $6mn of one-time +1-212-250-9986

index licensing revenue) being above our $0.96 estimate and the $0.99

consensus. The EPS beat was driven by strong revenue results in Index (8% above Son Nguyen

Research Associate our est. and the consensus) and Fintech (particularly in Capital Markets Tech,

+1-212-250-9311

coming in 4% above the consensus), albeit adjusted operating expenses were

modestly above our estimate, but still drove an adjusted pre-tax operating margin

of 57.3%, which was well above our 55.8% estimate and the consensus of 55.7%

- please see our 2Q26 Initial Thoughts for more detail on reported results. Key changes

Price target (USD) 116 118 2%

On the call, management highlighted strong Trade Management Services

demand within Capital Markets Tech, with a pricing increase that continues to Source: Deutsche Bank

flow through. Calypso execution also remained solid, including a strategic long-

term renewal with a large global bank. That said, mgmt. cautioned that Capital

Markets Tech revenue will face tougher H2 comps from upfront revenue