Equity Profile

NDAQ

Nasdaq, Inc.

FinancialsFinancial Exchanges & Data$54.6B

Jul23Thu

Pre-Earnings Brief

UpcomingQ2-2026Pre-Market9:00 AM EDT

Company Snapshot

Nasdaq, Inc. operates a global electronic marketplace for buying and selling securities....

Key Metrics to Watch

Earnings Per Share (EPS)

EPS is a critical measure of profitability and will indicate how well Nasdaq is managing its costs and generating income.

Not available

Trading Volume

Higher trading volumes can indicate increased market activity and demand for Nasdaq's services, impacting revenue positively.

Not available

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 a global electronic marketplace for buying and selling securities. As a key player in the financial sector, it provides trading, clearing, and data services, making it essential for market operations and transparency.

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 saw a slight increase of 0.78% the following day, indicating a positive market reaction.

Management Promises & Guidance

Expectations

Wall Street Expectations

Investors are cautiously optimistic about Nasdaq's upcoming earnings, especially given its consistent history of beating EPS estimates. However, the lack of analyst estimates this quarter leaves uncertainty about revenue performance.

Bull Case

If Nasdaq continues its trend of beating EPS estimates, it could signal strong operational efficiency and market demand, leading to a significant stock price increase.

Bear Case

Conversely, if trading volumes decline or market data revenues fall short, it could raise concerns about the company's growth potential, resulting in a negative market 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 strong history of beating EPS estimates, this figure will be crucial for investor confidence and stock performance.

How did trading volumes perform in Q2-2026?

Trading volumes directly impact revenue, and any significant decline could raise concerns about future growth prospects.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may underestimate Nasdaq's resilience in trading volumes, as recent market trends suggest a rebound in trading activity that could boost revenues.

Supporting Evidence

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

Options pricing suggests a larger move than historical averages, hinting at potential surprises.

The lack of analyst estimates may lead to lower expectations, creating room for positive surprises.

Key Risk

If trading volumes exceed previous highs, it could significantly alter the growth narrative.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

The market is debating whether Nasdaq can maintain its growth trajectory amid changing market conditions.

Bull Confirmed If

An EPS of $1.00 or higher would confirm the bull case, indicating strong profitability.

Bear Confirmed If

An EPS below $0.90 would confirm the bear case, suggesting operational challenges.

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, suggesting 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)

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 operational performance.

In-Line / Cautious

If results are in line with expectations, the stock may experience muted movement as investors await further guidance.

Miss

A miss could lead to a decline, with historical data suggesting an average drop of around 0% to 2.39%.

Preparation

Congressional Activity

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

Trades

2 buys·0 sells

Members

House only

Est. Notional

$2,002.00–$30,000.00

disclosed dollar ranges

Most Active Members

D-MDApril McClain DelaneyRep.
2

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Any updates on trading volume trends for Q2-2026.
2Details on market data revenue growth compared to previous quarters.
3Management's outlook on market conditions and potential challenges.
4Insights into new products or services being launched.
5Any commentary on competitive pressures in the financial exchanges sector.

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 a global electronic marketplace for buying and selling securities....

Key Metrics to Watch

Earnings Per Share (EPS)

EPS is a critical measure of profitability and will indicate how well Nasdaq is managing its costs and generating income.

Not available

Trading Volume

Higher trading volumes can indicate increased market activity and demand for Nasdaq's services, impacting revenue positively.

Not available

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 saw a slight increase of 0.78% the following day, indicating a positive market reaction.

Management Promises & Guidance

Expectations

Wall Street Expectations

Bull Case

If Nasdaq continues its trend of beating EPS estimates, it could signal strong operational efficiency and market demand, leading to a significant stock price increase.

Bear Case

Conversely, if trading volumes decline or market data revenues fall short, it could raise concerns about the company's growth potential, resulting in a negative market 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 strong history of beating EPS estimates, this figure will be crucial for investor confidence and stock performance.

How did trading volumes perform in Q2-2026?

Trading volumes directly impact revenue, and any significant decline could raise concerns about future growth prospects.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may underestimate Nasdaq's resilience in trading volumes, as recent market trends suggest a rebound in trading activity that could boost revenues.

Supporting Evidence

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

Options pricing suggests a larger move than historical averages, hinting at potential surprises.

The lack of analyst estimates may lead to lower expectations, creating room for positive surprises.

Key Risk

If trading volumes exceed previous highs, it could significantly alter the growth narrative.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

The market is debating whether Nasdaq can maintain its growth trajectory amid changing market conditions.

Bull Confirmed If

An EPS of $1.00 or higher would confirm the bull case, indicating strong profitability.

Bear Confirmed If

An EPS below $0.90 would confirm the bear case, suggesting operational challenges.

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, suggesting 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)

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 operational performance.

In-Line / Cautious

If results are in line with expectations, the stock may experience muted movement as investors await further guidance.

Miss

A miss could lead to a decline, with historical data suggesting an average drop of around 0% to 2.39%.

Preparation

Congressional Activity

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

Trades

2 buys·0 sells

Members

House only

Est. Notional

$2,002.00–$30,000.00

disclosed dollar ranges

Most Active Members

D-MDApril McClain DelaneyRep.
2

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Any updates on trading volume trends for Q2-2026.
2Details on market data revenue growth compared to previous quarters.
3Management's outlook on market conditions and potential challenges.
4Insights into new products or services being launched.
5Any commentary on competitive pressures in the financial exchanges sector.