Nasdaq Posts $519M Net Income in Q1 2026, Up 31% as Revenue Edges Higher

Nasdaq, Inc. (NASDAQ: NDAQ), a global exchange operator and financial technology provider, reported net income of $519 million for the three months ending March 31, 2026, up from $395 million in the same period a year earlier. Total revenue rose 2% to $2.14 billion from $2.10 billion in Q1 2025. Read more earnings reports.

Operating income climbed 20% to $657 million from $547 million, as the company kept operating expenses at $750 million compared to $690 million in the prior-year quarter. The stronger bottom line pushed diluted earnings per share to $0.91, up from $0.68 a year ago.

Revenue Composition

Revenue from the company's Capital Access Platforms segment — which includes equity listings and trading services — rose to $565 million from $508 million. The Financial Technology segment generated $517 million, up from $432 million in Q1 2025.

The Anti-Financial Crime segment contributed $1.05 billion, down from $1.14 billion in the year-ago period. Revenue from all other segments totaled $8 million, down from $16 million.

Cost of goods sold increased to $730 million from $859 million, while gross profit expanded to $1.41 billion from $1.24 billion. Labor and related expenses rose to $356 million from $329 million.

Cash and Balance Sheet

Nasdaq generated $689 million in cash from operations during the quarter, compared to $663 million in Q1 2025. Cash from investing activities swung to a positive $747 million from a negative $258 million, while cash used in financing activities totaled $4.18 billion, compared to $1.08 billion in the prior year.

Cash and cash equivalents stood at $515 million as of March 31, 2026, down from $604 million at the end of December 2025 and $690 million a year earlier. Combined cash and restricted cash totaled $1.14 billion, down from $4.73 billion at March 31, 2025.

Total assets declined to $27.3 billion from $31.1 billion at year-end 2025. Total liabilities fell to $15.3 billion from $18.8 billion, while stockholders' equity dipped slightly to $12.0 billion from $12.2 billion.

Long-term debt stood at $8.53 billion as of March 31, 2026, down modestly from $8.57 billion at the end of December 2025. Goodwill totaled $14.3 billion, down from $14.4 billion, while intangible assets decreased to $6.38 billion from $6.51 billion.

Tax and Depreciation

Income tax expense rose to $158 million from $93 million in the year-earlier period. Depreciation and amortization totaled $165 million, up from $156 million.

The company had 564.8 million common shares outstanding as of March 31, 2026, down from 569.9 million at the end of December 2025. Weighted average diluted shares outstanding were 571.7 million for the quarter, compared to 580.0 million in Q1 2025.