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 one of the largest financial exchanges in the world, providing a platform for trading securities and offering market data services....

Key Metrics to Watch

Earnings Per Share (EPS)

EPS is a critical measure of profitability and reflects the company's ability to generate earnings for shareholders.

N/A

Trading Volume

Higher trading volumes typically indicate increased market activity, which can 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 one of the largest financial exchanges in the world, providing a platform for trading securities and offering market data services. As a key player in the financial sector, it plays a crucial role in facilitating capital markets and is influenced by trends in trading volumes and market activity.

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

Expectations

Wall Street Expectations

Investors are cautiously optimistic about NASDAQ's upcoming earnings, especially given its consistent track record of beating EPS estimates. However, the lack of specific guidance leaves some uncertainty.

Bull Case

If NASDAQ continues its trend of beating EPS estimates, it could see a significant stock price increase, especially if trading volumes are robust.

Bear Case

Conversely, if trading volumes decline or if the company fails to meet expectations, it could lead to a negative reaction in the stock price.

Expectations

Two Questions That Matter

The print will turn on these two things.

What will be the reported trading volume for the quarter?

Trading volume is a key driver of revenue for NASDAQ, and any significant changes could impact earnings expectations.

How has market data revenue performed compared to previous quarters?

Market data revenue is crucial for NASDAQ's profitability, and insights into its performance can indicate future growth potential.

Edge

What the Street Is Missing

Why consensus could be wrong

The market may be underestimating the potential for increased trading volumes due to recent market trends, which could lead to higher-than-expected earnings.

Supporting Evidence

NASDAQ has consistently beaten EPS estimates in the past, indicating strong operational performance.

The options market is pricing a larger move than historical averages, suggesting that investors expect significant news.

Recent market conditions have shown increased volatility, which often leads to higher trading volumes.

Key Risk

If trading volumes exceed expectations significantly, it could lead to a major upward revision of earnings forecasts.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

The core debate this quarter revolves around trading volumes and market data revenue, both of which are critical for NASDAQ's financial health.

Bull Confirmed If

A trading volume increase of over 15% year-over-year would confirm the bull case.

Bear Confirmed If

A decline in trading volume below 5% year-over-year would confirm the bear case.

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, indicating that investors 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)

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 but management provides cautious commentary, the stock may see muted movement.

Miss

If NASDAQ misses estimates, history indicates a potential decline of around 0.0%, reflecting investor disappointment.

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 its impact on overall earnings.
3Management's outlook on market conditions and trading activity for the upcoming quarters.
4Details on any new initiatives or products that could drive future growth.
5Responses to questions about competitive pressures in the financial exchange sector.

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

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Company Snapshot

NASDAQ Inc. operates one of the largest financial exchanges in the world, providing a platform for trading securities and offering market data services....

Key Metrics to Watch

Earnings Per Share (EPS)

EPS is a critical measure of profitability and reflects the company's ability to generate earnings for shareholders.

N/A

Trading Volume

Higher trading volumes typically indicate increased market activity, which can 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

Expectations

Wall Street Expectations

Bull Case

If NASDAQ continues its trend of beating EPS estimates, it could see a significant stock price increase, especially if trading volumes are robust.

Bear Case

Conversely, if trading volumes decline or if the company fails to meet expectations, it could lead to a negative reaction in the stock price.

Expectations

Two Questions That Matter

The print will turn on these two things.

What will be the reported trading volume for the quarter?

Trading volume is a key driver of revenue for NASDAQ, and any significant changes could impact earnings expectations.

How has market data revenue performed compared to previous quarters?

Market data revenue is crucial for NASDAQ's profitability, and insights into its performance can indicate future growth potential.

Edge

What the Street Is Missing

Why consensus could be wrong

The market may be underestimating the potential for increased trading volumes due to recent market trends, which could lead to higher-than-expected earnings.

Supporting Evidence

NASDAQ has consistently beaten EPS estimates in the past, indicating strong operational performance.

The options market is pricing a larger move than historical averages, suggesting that investors expect significant news.

Recent market conditions have shown increased volatility, which often leads to higher trading volumes.

Key Risk

If trading volumes exceed expectations significantly, it could lead to a major upward revision of earnings forecasts.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

The core debate this quarter revolves around trading volumes and market data revenue, both of which are critical for NASDAQ's financial health.

Bull Confirmed If

A trading volume increase of over 15% year-over-year would confirm the bull case.

Bear Confirmed If

A decline in trading volume below 5% year-over-year would confirm the bear case.

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, indicating that investors 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)

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 but management provides cautious commentary, the stock may see muted movement.

Miss

If NASDAQ misses estimates, history indicates a potential decline of around 0.0%, reflecting investor disappointment.

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 its impact on overall earnings.
3Management's outlook on market conditions and trading activity for the upcoming quarters.
4Details on any new initiatives or products that could drive future growth.
5Responses to questions about competitive pressures in the financial exchange sector.