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FinanceNasdaq Q2 2026 Earnings Beat on SpaceX IPO and Data Revenue
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Nasdaq reported second-quarter 2026 earnings that exceeded analyst forecasts, driven by the record-setting SpaceX IPO and strong data revenue. Net revenue reached $1.5 billion, a 15% increase, with the capital access platforms segment earning $621 million, up 19%. Adjusted earnings per share were $1.07, beating the consensus estimate of $0.98. Market services revenue rose 11% to $340 million, boosted by active trading amid U.S.-Iran war news and AI sector volatility. Financial technology revenue climbed 16% to $539 million. Despite strong results, Nasdaq's stock is down over 6% year-to-date due to concerns that the CFTC allowing Kalshi and Coinbase to offer crypto perpetual futures threatens traditional exchanges. Nasdaq also announced a quarterly dividend of $0.31 per share.
Source report
Colleen Cabili Thu, July 23, 2026 at 6:09 AM PDT | 2 min read
Nasdaq topped second-quarter analyst forecasts on Thursday, driven by high-profile listings such as the SpaceX IPO and sustained demand for its data products.
Key Financial Results
- Net revenue: $1.5 billion, up 15% year-over-year
- Capital access platforms revenue: $621 million, a 19% increase (includes listing services and market data for equities and options)
- Adjusted earnings: $1.07 per share, versus analyst expectations of $0.98 per share (per Reuters)
- Market services net revenue: $340 million, up 11% (boosted by cash equities and equity options volumes)
- Financial technology segment revenue: $539 million, up 16%
SpaceX IPO Highlights
SpaceX's record-setting debut was a standout event for the quarter, with over 500 million shares traded on its first day, according to Reuters. While IPO listing fees are relatively small, exchanges generate most of their income from subsequent trading in equities, options, and related products.
Market Conditions
Trading was unusually active during the quarter. News about the U.S.-Iran war and shifting sentiment around the AI sector unsettled markets, leading to increased hedging activity, per Reuters. Nasdaq has been expanding its financial technology and software business to build steadier, subscription-style revenue less dependent on trading volumes.
Stock Performance and Regulatory Concerns
Despite strong results, Nasdaq's stock is down more than 6% year-to-date. Investor concerns stem from the Commodity Futures Trading Commission allowing Kalshi and Coinbase to offer perpetual futures for cryptocurrencies—a move many view as a threat to traditional exchanges. Perpetual contracts do not expire, track an asset's price, and allow traders to use significant leverage.
Dividend Announcement
Nasdaq announced a quarterly dividend of $0.31 per share.
Industry Context
CME reported second-quarter earnings that exceeded analyst forecasts on Wednesday, according to Reuters. Intercontinental Exchange and Cboe are scheduled to report their results next week.
Source
Yahoo FinanceWestern
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Nasdaq Q2 2026 Earnings Beat on SpaceX IPO and Data Revenue