Equity Profile

NDAQ

NASDAQ INC

FinancialsFinancial Exchanges & Data$49.4B

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 critical measure of profitability, and investors will be keen to see if Nasdaq can maintain its strong performance.

N/A

Trading Volume

Higher trading volumes can indicate increased market activity and revenue potential for exchanges like 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 key player in the financial sector, it benefits from trends like increased trading activity and the growing demand for market data.

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 expectations by 2.78%. The stock reacted positively, gaining 0.78% the following day.

Management Promises & Guidance

Expectations

Wall Street Expectations

Investors are cautiously optimistic ahead of the earnings report, especially given Nasdaq's consistent history of beating EPS estimates.

Bull Case

If Nasdaq continues its trend of beating EPS expectations, it could see significant stock appreciation, especially if trading volumes are robust.

Bear Case

On the other hand, if trading volumes decline or if there are signs of market weakness, it could lead to a disappointing earnings report and a negative stock reaction.

Expectations

Two Questions That Matter

The print will turn on these two things.

What will be the EPS for Q2-2026?

Given Nasdaq's history of beating EPS estimates, this number will be crucial for investor sentiment and stock performance.

How has trading volume changed compared to previous quarters?

Trading volume is a key indicator of market activity and revenue potential, and any significant changes could impact future earnings.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may underestimate Nasdaq's ability to capitalize on increased trading volumes and market data demand, which could lead to stronger-than-expected earnings.

Supporting Evidence

Nasdaq has consistently beaten EPS estimates, indicating strong operational performance.

The options market is pricing a significant move, suggesting traders expect volatility that may not align with consensus expectations.

Key Risk

If trading volume exceeds expectations, it could lead to a positive surprise in earnings.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

The core thesis revolves around Nasdaq's ability to maintain strong earnings amid fluctuating market conditions.

Bull Confirmed If

An EPS of $1.00 or higher would confirm strong profitability and investor confidence.

Bear Confirmed If

An EPS below $0.90 could signal weakness in trading activity and market conditions.

Pre-Earnings Positioning

Options Market

Implied Move

±11.62%

Historical Avg

±2.5%

Pricing rich

The options market is pricing in a significant move, suggesting that traders expect 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)

Edge

Historical Setup Match

Cross-company pattern from 30 similar setups.

Prior-quarter beat + options rich in Financials

n=30

Fade rate: 12 of 25 (48%)

This setup has occurred 30 times across Financials in the last 2 years. 12 of 25 faded and 13 held — no strong directional bias after the initial reaction. The average absolute 1-day move is 2.4%, with a raw directional average of -0.0% (roughly flat historical bias).

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 market demand.

In-Line / Cautious

If results are in line with expectations, the stock may see muted movement as investors digest the news.

Miss

A miss could lead to a decline similar to the average move of -N/A%, reflecting disappointment in market performance.

Preparation

Congressional Activity

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

Trades

7 buys·0 sells

Members

House only

Est. Notional

$7,007.00–$105,000.00

disclosed dollar ranges

Most Active Members

D-MDApril McClain DelaneyRep.
7

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 demand.
3Management's outlook on market conditions for the remainder of the year.
4Details on any new initiatives or services launched in the past quarter.
5Comments on competitive pressures and how Nasdaq plans to address them.

See the full picture

AI-powered briefs, options data, and 20 quarters of history — everything you need before earnings.

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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 critical measure of profitability, and investors will be keen to see if Nasdaq can maintain its strong performance.

N/A

Trading Volume

Higher trading volumes can indicate increased market activity and revenue potential for exchanges like 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 expectations by 2.78%. The stock reacted positively, gaining 0.78% the following day.

Management Promises & Guidance

Expectations

Wall Street Expectations

Investors are cautiously optimistic ahead of the earnings report, especially given Nasdaq's consistent history of beating EPS estimates.

Bull Case

If Nasdaq continues its trend of beating EPS expectations, it could see significant stock appreciation, especially if trading volumes are robust.

Bear Case

On the other hand, if trading volumes decline or if there are signs of market weakness, it could lead to a disappointing earnings report and a negative stock reaction.

Expectations

Two Questions That Matter

The print will turn on these two things.

What will be the EPS for Q2-2026?

Given Nasdaq's history of beating EPS estimates, this number will be crucial for investor sentiment and stock performance.

How has trading volume changed compared to previous quarters?

Trading volume is a key indicator of market activity and revenue potential, and any significant changes could impact future earnings.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may underestimate Nasdaq's ability to capitalize on increased trading volumes and market data demand, which could lead to stronger-than-expected earnings.

Supporting Evidence

Nasdaq has consistently beaten EPS estimates, indicating strong operational performance.

The options market is pricing a significant move, suggesting traders expect volatility that may not align with consensus expectations.

Key Risk

If trading volume exceeds expectations, it could lead to a positive surprise in earnings.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

The core thesis revolves around Nasdaq's ability to maintain strong earnings amid fluctuating market conditions.

Bull Confirmed If

An EPS of $1.00 or higher would confirm strong profitability and investor confidence.

Bear Confirmed If

An EPS below $0.90 could signal weakness in trading activity and market conditions.

Pre-Earnings Positioning

Options Market

Implied Move

±11.62%

Historical Avg

±2.5%

Pricing rich

The options market is pricing in a significant move, suggesting that traders expect 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)

Edge

Historical Setup Match

Cross-company pattern from 30 similar setups.

Prior-quarter beat + options rich in Financials

n=30

Fade rate: 12 of 25 (48%)

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 market demand.

In-Line / Cautious

If results are in line with expectations, the stock may see muted movement as investors digest the news.

Miss

A miss could lead to a decline similar to the average move of -N/A%, reflecting disappointment in market performance.

Preparation

Congressional Activity

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

Trades

7 buys·0 sells

Members

House only

Est. Notional

$7,007.00–$105,000.00

disclosed dollar ranges

Most Active Members

D-MDApril McClain DelaneyRep.
7

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 demand.
3Management's outlook on market conditions for the remainder of the year.
4Details on any new initiatives or services launched in the past quarter.
5Comments on competitive pressures and how Nasdaq plans to address them.