Equity Profile

NDAQ

Nasdaq, Inc.

FinancialsFinancial Exchanges & Data$54.6B

Jul23Thu

Pre-Earnings Brief

UpcomingQ2-2026Pre-Market9:00 AM EDT

Company Snapshot

Nasdaq, Inc. operates financial exchanges and provides data services, playing a crucial role in global capital markets....

Key Metrics to Watch

Earnings Per Share (EPS)

EPS is a key indicator of profitability and will help gauge how well Nasdaq is managing costs and generating revenue.

N/A

Trading Volume

Higher trading volumes can indicate increased market activity, which may lead to higher revenues for Nasdaq.

N/A

1 more metrics, Wall Street expectations, options signals, track record, and call prep available with Pro.

NDAQ Q2-2026 Earnings Preview

Context

Company Snapshot

Nasdaq, Inc. operates financial exchanges and provides data services, playing a crucial role in global capital markets. As a major player in the financial sector, it benefits from trends in trading technology and market data analytics.

Earnings Scorecard·Last 8Q

EPS Beat Streak

EPS Beat Rate

100%

Avg EPS Surprise

+5.03%

Avg Stock Reaction

+2.39%

Last Quarter Recap

In Q1-2026, Nasdaq reported an EPS of $0.96, beating estimates by 2.78%. The stock reacted positively, gaining 0.78% the following day.

Management Promises & Guidance

Continue to enhance trading technology and data services.
Focus on expanding market share in financial data analytics.
Commit to maintaining operational efficiency.

Expectations

Wall Street Expectations

Investors are cautiously optimistic ahead of the upcoming earnings report, given Nasdaq's consistent EPS beats in recent quarters.

Bull Case

If Nasdaq continues its trend of beating EPS estimates, it could signal strong operational performance and increased investor confidence.

Bear Case

Any signs of declining trading volumes or market data revenue could raise concerns about future growth prospects.

Expectations

Two Questions That Matter

The print will turn on these two things.

What will be the reported trading volume for Q2-2026?

Trading volume is directly tied to Nasdaq's revenue, and any significant changes could impact investor sentiment.

How is Nasdaq's market data revenue trending compared to previous quarters?

Market data revenue is a critical component of Nasdaq's business model, and growth or decline in this area could influence future guidance.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may underestimate the impact of increased trading activity on Nasdaq's revenue, especially given recent market volatility.

Supporting Evidence

Options pricing suggests a larger move than historical averages, indicating heightened expectations.

Nasdaq's consistent EPS beats suggest operational resilience that may not be fully appreciated.

Recent insider buying indicates confidence in the company's future performance.

Key Risk

If trading volumes exceed expectations, it could significantly alter the current bearish sentiment.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

This quarter's performance hinges on trading activity and market data sales, both of which are vital for Nasdaq's revenue growth.

Bull Confirmed If

A trading volume increase of over 15% year-over-year would confirm strong market engagement.

Bear Confirmed If

A decline in market data revenue by more than 5% could signal weakening demand for Nasdaq's services.

Pre-Earnings Positioning

Options Market

Implied Move

±11.62%

Historical Avg

±2.5%

Pricing rich

The options market is pricing in a significant potential move, suggesting that investors are anticipating volatility around the earnings announcement.

Options are pricing ±11.6% while NDAQ has averaged ±2.5% over the last 8 prints — setup is pricing rich.

Detail

ATM IV

0.3%

30d HV

17.9%

Calls (69K)P/C Ratio: 0.49Puts (36K)

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If Nasdaq beats expectations, history suggests a potential stock increase of around 2.39%, confirming strong operational performance.

In-Line / Cautious

If results are in line with expectations, the stock may experience muted movement as investors await further guidance.

Miss

A miss could lead to a decline, with historical data suggesting an average drop of around 2.54% following earnings misses.

Preparation

Congressional Activity

House & Senate STOCK Act disclosures over the trailing 6 months.

Trades

2 buys·0 sells

Members

House only

Est. Notional

$2,002.00–$30,000.00

disclosed dollar ranges

Most Active Members

D-MDApril McClain DelaneyRep.
2

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Any updates on trading volume trends compared to previous quarters.
2Insights into market data revenue growth and its drivers.
3Management's outlook on future trading activity and market conditions.
4Details on any new technology initiatives or partnerships.
5Comments on competitive pressures in the financial exchanges sector.

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Company Snapshot

Nasdaq, Inc. operates financial exchanges and provides data services, playing a crucial role in global capital markets....

Key Metrics to Watch

Earnings Per Share (EPS)

EPS is a key indicator of profitability and will help gauge how well Nasdaq is managing costs and generating revenue.

N/A

Trading Volume

Higher trading volumes can indicate increased market activity, which may lead to higher revenues for Nasdaq.

N/A

1 more metrics, Wall Street expectations, options signals, track record, and call prep available with Pro.

NDAQ Q2-2026 Earnings Preview

Context

Company Snapshot

Earnings Scorecard·Last 8Q

EPS Beat Streak

EPS Beat Rate

100%

Avg EPS Surprise

+5.03%

Avg Stock Reaction

+2.39%

Last Quarter Recap

In Q1-2026, Nasdaq reported an EPS of $0.96, beating estimates by 2.78%. The stock reacted positively, gaining 0.78% the following day.

Management Promises & Guidance

Continue to enhance trading technology and data services.
Focus on expanding market share in financial data analytics.
Commit to maintaining operational efficiency.

Expectations

Wall Street Expectations

Investors are cautiously optimistic ahead of the upcoming earnings report, given Nasdaq's consistent EPS beats in recent quarters.

Bull Case

If Nasdaq continues its trend of beating EPS estimates, it could signal strong operational performance and increased investor confidence.

Bear Case

Any signs of declining trading volumes or market data revenue could raise concerns about future growth prospects.

Expectations

Two Questions That Matter

The print will turn on these two things.

What will be the reported trading volume for Q2-2026?

Trading volume is directly tied to Nasdaq's revenue, and any significant changes could impact investor sentiment.

How is Nasdaq's market data revenue trending compared to previous quarters?

Market data revenue is a critical component of Nasdaq's business model, and growth or decline in this area could influence future guidance.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may underestimate the impact of increased trading activity on Nasdaq's revenue, especially given recent market volatility.

Supporting Evidence

Options pricing suggests a larger move than historical averages, indicating heightened expectations.

Nasdaq's consistent EPS beats suggest operational resilience that may not be fully appreciated.

Recent insider buying indicates confidence in the company's future performance.

Key Risk

If trading volumes exceed expectations, it could significantly alter the current bearish sentiment.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

This quarter's performance hinges on trading activity and market data sales, both of which are vital for Nasdaq's revenue growth.

Bull Confirmed If

A trading volume increase of over 15% year-over-year would confirm strong market engagement.

Bear Confirmed If

A decline in market data revenue by more than 5% could signal weakening demand for Nasdaq's services.

Pre-Earnings Positioning

Options Market

Implied Move

±11.62%

Historical Avg

±2.5%

Pricing rich

The options market is pricing in a significant potential move, suggesting that investors are anticipating volatility around the earnings announcement.

Options are pricing ±11.6% while NDAQ has averaged ±2.5% over the last 8 prints — setup is pricing rich.

Detail

ATM IV

0.3%

30d HV

17.9%

Calls (69K)P/C Ratio: 0.49Puts (36K)

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If Nasdaq beats expectations, history suggests a potential stock increase of around 2.39%, confirming strong operational performance.

In-Line / Cautious

If results are in line with expectations, the stock may experience muted movement as investors await further guidance.

Miss

A miss could lead to a decline, with historical data suggesting an average drop of around 2.54% following earnings misses.

Preparation

Congressional Activity

House & Senate STOCK Act disclosures over the trailing 6 months.

Trades

2 buys·0 sells

Members

House only

Est. Notional

$2,002.00–$30,000.00

disclosed dollar ranges

Most Active Members

D-MDApril McClain DelaneyRep.
2

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Any updates on trading volume trends compared to previous quarters.
2Insights into market data revenue growth and its drivers.
3Management's outlook on future trading activity and market conditions.
4Details on any new technology initiatives or partnerships.
5Comments on competitive pressures in the financial exchanges sector.