Nasdaq posts in-line profit as revenue falls short of estimates

Revenue came in at $1.48 billion versus the $1.50 billion Wall Street had expected.

Nasdaq reported third-quarter earnings per share of $1.04, matching expectations. Revenue was $1.48 billion, short of the $1.50 billion analysts had forecast.

Chief Financial Officer Sarah Youngwood said the results were driven by strong growth in the company's Solutions revenue and continued operating leverage, which she said support a capital allocation strategy that has returned more than $1.7 billion to shareholders so far this year.

Nasdaq raised its 2026 non-GAAP operating expense guidance to a range of $2.550 billion to $2.580 billion. It kept its non-GAAP tax rate guidance for the year unchanged at 22.5% to 24.5%. As of September 30, the company had $2.2 billion left under its board-authorized share buyback program.

The quarter came as Nasdaq's exchange and listings business kept picking up new business even as high-profile companies moved between venues: Hilton Worldwide and Lumen Technologies transferred their listings to Nasdaq, while Paramount Skydance and PTC are departing or preparing to delist. In-line earnings and a revenue miss alongside higher expense guidance suggest the Solutions segment is carrying growth while the listings churn remains roughly a wash rather than a clear gain or drag. The repurchase capacity and the cash already returned to shareholders point to a capital-return story that does not depend on any single listing win or loss, separate from the broader market volatility seen this month, which has had other causes.