Nasdaq, Inc. operates as a technology company that serves capital markets and other industries worldwide. It operates in three segments: Capital Access Platforms, Financial Technology, and Market Services. The Capital Access Platforms segment sells and distributes historical and real-time market data; and develops and licenses Nasdaq-branded indices and financial products. This segment also offers investor relations intelligence, governance solutions, and ESG solutions; and insights and workflow solutions, as well as operates listing platforms. The Financial Technology segment offers Verafin, a cloud-based platform to detect, investigate, and report money laundering and financial frauds; surveillance solutions, including a SaaS platform to assist in complying with market rules, regulations, and internal market surveillance policies; AxiomSL, a risk data management and regulatory reporting solution; and Calypso, a front-to-back trading technology solution for the financial market. This segment also handles assets, comprising cash equities, equity derivatives, currencies, various interest-bearing securities, commodities, energy products, and digital currencies; and trade management and colocation services. The Market Platforms segment offers equity derivative trading and clearing, cash equity trading, fixed income and commodities trading and clearing, and currency trading services. This segment operates various exchanges and other marketplace facilities across various asset classes which includes derivatives, commodities, cash equity, debt, structured products, and exchange traded products; and provides clearing, settlement, and central depository services. The company was formerly known as The NASDAQ OMX Group, Inc. and changed its name to Nasdaq, Inc. in September 2015. Nasdaq, Inc. was founded in 1971 and is headquartered in New York, New York.

Nasdaq, Inc.

Nasdaq proudly commemorated the 250th anniversary of the United States Navy and Marine Corps, marking the official kickoff of Navy Fleet Week in Philadelphia with a series of events celebrating the shared legacy of service, innovation, and community.
Philadelphia holds a unique place in American history as the birthplace of both the U.S. Navy and Marine Corps and the home of the nation’s first stock exchange, Nasdaq PHLX, originally founded in 1790 as the Board of Brokers.
The celebration was led by Kevin Kennedy, Nasdaq’s Executive Vice President and Head of North American Markets, and Dan Carrigan, AVP of Digital Assets, alongside Navy and Marine Corps leaders including Rear Admiral Stephen D. Barnett, Rear Admiral Kenneth R. Blackmon, and Major General John F. Kelliher III.
The events included a ceremonial bell ringing aboard the USS Arlington (LPD-24) at the Philadelphia Navy Yard, in partnership with the Philadelphia Stock Exchange (PHLX) followed by a visit to Nasdaq’s Philadelphia office where Nasdaq hosted the sailors and Marines for an educational program on market operations and for fireside conversations focused on leadership and innovation.
Together, these events honored more than one million active, reserve, and civilian personnel who serve with courage and dedication, protecting global commerce and standing as a symbol of strength and unity across the seas.
Nasdaq is proud to stand alongside the Navy and Marine Corps. United by a commitment to innovation, leadership, and service, Nasdaq continues to advance the financial markets to empower investors worldwide.

Honoring 250 Years of Service: Nasdaq Celebrates the U.S. Navy and Marine Corps

From the early days of securities trading to today’s modern, globally connected market under the Nasdaq brand, Nasdaq Iceland has played a pivotal role in shaping Iceland’s economy. This year marks 40 years since its inception allowing a look back at some of the key milestones that have defined its journey as a thread connecting, reinforcing, and empowering the financial ecosystem of the region.
Connecting Companies and Investors for 40 years
Nasdaq Iceland’s history reflects the evolution of the country's financial system and its path toward internationalization. It's the youngest exchange among Nasdaq’s Nordic exchanges, established in 1985 by the Central Bank of Iceland and a few Icelandic banks. In the early years, trading was limited to government bonds, but the introduction of equity trading in 1991 marked a major milestone in the development of Iceland’s financial markets.
Efforts to modernize and internationalize the market began early. A key turning point came in 2000 when Nasdaq Iceland joined the NOREX alliance of Nordic exchanges, leading to significant improvements in market functionality through the adoption of shared trading and surveillance systems, and the harmonization of rules across participating exchanges in the Nordics.
“Being a small market, international cooperation and strong relationships have always been essential to our development. From the very beginning, there was a clear ambition to modernize the Icelandic market and operate it in line with international best practice, both to support local companies and investors, and to ensure Iceland could participate meaningfully in the global financial ecosystem. That vision continues to guide us today,“ said Magnus Hardarson, President of Nasdaq Iceland.
From the early days of establishing and building the market in Iceland to forging international connections, the exchange has played a key role in the country’s economic development. It supports company growth by providing access to capital through listings and public offerings, enabling businesses to fund innovation, scale operations, and boost competitiveness. The market also serves as an important financing platform for the government and municipalities, helping fund public projects such as housing and infrastructure.
“From the start Nasdaq Iceland has connected companies with investors to support growth and has been a vital source of capital for the Icelandic government, supporting sovereign bond issuance and contributing to the financial stability and development of the nation,” said Hardarson
In 2000, the number of companies in the Icelandic market reached its peak with 75 listed companies, many of them in the fisheries sector. At the same time, around 30,000 retail investors held shares, one of the highest per capita participation rates in Europe. Today, 32 companies are listed, five of which are on the First North growth market, and seven that are dual listed. Despite fewer companies than in 2000, the overall market capitalization has grown 2½ times adjusted for inflation.
In 2003, Nasdaq Iceland initiated a partnership with the Faroese Securities Market (VMF), paving the way for Faroese securities to be listed in Iceland. This collaboration resulted in four Faroese companies being listed on the Icelandic market.
In 2006, the Exchange became part of the Nordic exchange group OMX, which later merged with the U.S. technology company Nasdaq. Today, the Exchange operates under the name Nasdaq Iceland and is part of Nasdaq Europe, alongside exchanges in Stockholm, Helsinki, Copenhagen, Tallinn, Riga, and Vilnius.
“By joining Nasdaq, the Icelandic market was elevated to a new level of visibility, credibility, and connectivity. It opened doors for Icelandic companies to reach a broader investor base, benchmark themselves globally, and attract foreign capital. This integration did not only strengthen the infrastructure but also positioned Iceland as a dynamic player in the Nordic financial ecosystem.” said Hardarson.
Building On Market Momentum
Over the years, extensive reform efforts have strengthened the regulatory framework, broadened investor participation, and improved public access to market trading. New listings have supported market development, and there have been numerous dual listings.
In 2022 Iceland was upgraded by FTSE Russell to "Secondary Emerging" classification and included in its Emerging Market indices, increasing the country’s visibility among international investors. Although significant progress has been made, ongoing efforts continue to strengthen participation from both domestic and foreign investors and to attract new companies to the market.
“It is important for the market’s long-term strength to attract diverse capital. Dual listings on Nasdaq Iceland have become a powerful bridge, connecting Iceland and global capital, and deepening international financial integration. They reflect our ambition to support our listed companies through a strong local market while facilitating global reach to international markets,” Hardarson emphasized.
Retail investor participation surged at the onset of the pandemic and reached a new high with the Íslandsbanki offering in spring 2025. Today, more than 11% of the population or around 45,000 individuals own shares, reflecting a growing culture of investment and financial engagement in Iceland.
Looking Ahead
As Nasdaq Iceland continues its journey, it remains deeply committed to Nasdaq Europe’s overall mission of empowering economic opportunity in the region, dedicating itself to being a catalyst for innovation, growth, and long-term prosperity.
"We see Nasdaq Iceland continuing to play a meaningful role in supporting Icelandic companies and providing a multitude of investors access to diverse investment opportunities.” said Hardarson. “Our integration with the broader Nasdaq network gives us the tools and reach to connect local ambition with global opportunity. We aim to build on our strengths, supporting sustainable growth, attracting diverse capital, embracing innovation, and contributing to the resilience of the Icelandic economy.”

Celebrating 40 Years of Market Leadership in Iceland

Looking at the underlying holdings of the ETFs in our coverage universe at ETF Channel, we have compared the trading price of each holding against the average analyst 12-month forward target price, and computed the weighted average implied analyst target price for the ETF itself. For the iShares U.S. Broker-Dealers & Securities Exchanges ETF (Symbol: IAI), we found that the implied analyst target price for the ETF based upon its underlying holdings is $195.43 per unit.
With IAI trading at a recent price near $170.45 per unit, that means that analysts see 14.66% upside for this ETF looking through to the average analyst targets of the underlying holdings. Three of IAI's underlying holdings with notable upside to their analyst target prices are Virtu Financial Inc (Symbol: VIRT), LPL Financial Holdings Inc. (Symbol: LPLA), and Nasdaq Inc (Symbol: NDAQ). Although VIRT has traded at a recent price of $33.41/share, the average analyst target is 33.36% higher at $44.55/share. Similarly, LPLA has 23.07% upside from the recent share price of $339.18 if the average analyst target price of $417.43/share is reached, and analysts on average are expecting NDAQ to reach a target price of $104.50/share, which is 19.54% above the recent price of $87.42. Below is a twelve month price history chart comparing the stock performance of VIRT, LPLA, and NDAQ:
Combined, VIRT, LPLA, and NDAQ represent 7.32% of the iShares U.S. Broker-Dealers & Securities Exchanges ETF. Below is a summary table of the current analyst target prices discussed above:
Name
Symbol
Recent Price
Avg. Analyst 12-Mo. Target
% Upside to Target
iShares U.S. Broker-Dealers & Securities Exchanges ETF
IAI
$170.45
$195.43
14.66%
Virtu Financial Inc
VIRT
$33.41
$44.55
33.36%
LPL Financial Holdings Inc.
LPLA
$339.18
$417.43
23.07%
Nasdaq Inc
NDAQ
$87.42
$104.50
19.54%
Are analysts justified in these targets, or overly optimistic about where these stocks will be trading 12 months from now? Do the analysts have a valid justification for their targets, or are they behind the curve on recent company and industry developments? A high price target relative to a stock's trading price can reflect optimism about the future, but can also be a precursor to target price downgrades if the targets were a relic of the past. These are questions that require further investor research.
Also see:
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

We Did The Math IAI Can Go To $195

CME Group Inc. CME reported third-quarter 2025 adjusted earnings per share of $2.68, which beat the Zacks Consensus Estimate by 1.9%. The bottom line remains unchanged year over year.
Quarterly results reflected declining revenues due to lower clearing and transaction fees and other, as well as lower trading volumes.
CME Group Inc. Price, Consensus and EPS Surprise
Performance in Detail
CME Group’s revenues of $1.5 billion decreased 2.9% year over year. The year-over-year decrease was primarily due to lower clearing and transaction fees and other factors. The top line matched the Zacks Consensus Estimate.
Total expenses rose 0.8% year over year to $565 million, attributable to higher compensation and benefits, technology, professional fees, and outside services. It exceeded our estimate of $505.6 million.
Operating income decreased 5% from the prior-year quarter to $972.6 million. Our estimate was $1 billion.
Average daily volume (ADV) was a record 25.3 million contracts, down 10.4% year over year. ADV decreased across Energy, Foreign exchange, Equity indexes, and Interest rates product lines. The total average rate per contract was 70.2 cents.
Financial Update
As of Sept. 30, 2025, CME Group had $3.6 billion of cash and marketable securities, down 8.5% from the 2024-end level. As of Sept. 30, 2025, long-term debt was $3.4 billion, up 27.7% from 2024-end. As of Sept. 30, 2025, CME had shareholders' equity worth $28.2 billion, up 6.4% from the end of 2024.
Capital Deployment
CME Group paid out $3.5 billion in dividends during the first nine months of 2025, taking the payout to $29.5 billion since the implementation of the variable dividend policy in early 2012.
Zacks Rank
CME Group currently carries a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Another Peer Release
Nasdaq, Inc. NDAQ reported third-quarter 2025 adjusted earnings per share of 88 cents, which beat the Zacks Consensus Estimate by 4.8%. The bottom line improved 18.9% year over year. The improvement was mainly driven by higher revenues across three divisions and organic growth, partially offset by higher expenses. Nasdaq’s net revenues of $1.3 billion increased 15% year over year.
Organic net revenue growth was 11%. The top line beat the Zacks Consensus Estimate by 1.7%. Annualized Recurring Revenue (ARR) increased 10% year over year to $3 billion. Organic growth was 9%. Annualized SaaS revenues increased 12% and represented 38% of ARR.
Upcoming Releases
Intercontinental Exchange Inc. ICE is set to report third-quarter 2025 results on Oct. 30, before market open. The Zacks Consensus Estimate for third-quarter earnings per share is pegged at $1.61, suggesting an increase of 3.8% from the year-ago quarter’s reported figure.
ICE’s earnings beat estimates in three of the last four quarters and met in one.
Cboe Global Markets, Inc. CBOE is set to report third-quarter 2025 results on Oct. 31, before market open. The Zacks Consensus Estimate for third-quarter earnings per share is pegged at $2.44, suggesting an increase of 9.9% from the year-ago quarter’s reported figure.
CBOE’s earnings beat estimates in three of the last four quarters and missed in one.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

CME Group Q3 Earnings Surpass Estimates, Revenues Decline Y/Y

Nasdaq NDAQ reported third-quarter 2025 adjusted earnings per share of 88 cents, which beat the Zacks Consensus Estimate by 4.8%. The bottom line improved 18.9% year over year. The improvement was mainly driven by higher revenues across three divisions and organic growth, partially offset by higher expenses.
Shares gained 0.9% in the pre-market trading session to reflect the outperformance.
Performance in Detail
Nasdaq’s net revenues of $1.3 billion increased 15% year over year. Organic net revenue growth was 11%. The top line beat the Zacks Consensus Estimate by 1.7%.
Nasdaq, Inc. Price, Consensus and EPS Surprise
Annualized Recurring Revenue (ARR) increased 10% year over year to $3 billion. Organic growth was 9%. Annualized SaaS revenues increased 12% and represented 38% of ARR.
Capital Access Platforms' revenues, adjusted, were $546 million, up 9% year over year. The increase was primarily driven by higher revenues from all business lines. Our estimate was $531.1 million.
Financial Technology revenues, adjusted, were $457 million, up 23.2%, also driven by higher revenues from all business lines. Our estimate was $421.8 million.
Revenues at the Solutions business increased 15% year over year to $1 billion, reflecting strong growth from Index and Financial Technology.
Market Services' net revenues increased 7.4% year over year to $303 million. Our estimate was $294 million.
Adjusted operating expenses were $583 million, up 7.4% from the year-ago period or 5% growth on an organic basis. The organic increase for the quarter reflected increased investments in technology and people to drive innovation and long-term growth, partially offset by the benefit of synergies. Our estimate for operating expenses was $581.6 million.
Adjusted operating income of $732 million was up 14.9% year over year. Our estimate was $674.4 million.
The company’s operating margin of 56% expanded 200 basis points year over year.
The Nasdaq stock market welcomed 205 new company listings, including 76 initial public offerings. The number of listed companies was 4,359 at the end of the quarter.
Financial Update
Nasdaq had cash and cash equivalents of $697 million as of Sept. 30, 2025, which increased 11.9% from the end of 2024.
Long-term debt was $8.7 billion as of Sept. 30, 2025, a decrease of 4.6% from the end of 2024.
Nasdaq generated $221 million in cash flow from operations in the reported quarter.
Capital Deployment
Nasdaq returned $155 million to shareholders through dividends, repurchased $115 million of common stock, and repurchased $69 million of senior unsecured notes in the third quarter of 2025.
The board of directors approved a dividend of 27 cents per share. The dividend will be paid out on Dec. 19, 2025, to shareholders of record at the close of business on Dec. 5, 2025. As of Sept. 30, 2025, $1.4 billion remained under the board-authorized share repurchase program.
2025 Guidance
Nasdaq expects 2025 non-GAAP operating expenses to be in the range of $2,305-$2,335 million compared with $2,295-$2,325 million guided earlier.
Nasdaq forecasts the 2025 non-GAAP tax rate to be in the range of 22.5-23.5%.
Zacks Rank
NDAQ currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Upcoming Releases
CME Group CME is set to report third-quarter 2025 results on Oct. 22, before market open. The Zacks Consensus Estimate for third-quarter earnings per share is pegged at $2.63, suggesting a decrease of 1.9% from the year-ago quarter’s reported figure.
CME’s earnings beat estimates in each of the last four quarters.
Intercontinental Exchange ICE is set to report third-quarter 2025 results on Oct. 30, before market open. The Zacks Consensus Estimate for third-quarter earnings per share is pegged at $1.62, suggesting an increase of 4.5% from the year-ago quarter’s reported figure.
ICE’s earnings beat estimates in three of the last four quarters and met in one.
Cboe Global Markets CBOE is set to report third-quarter 2025 results on Oct. 31, before market open. The Zacks Consensus Estimate for third-quarter earnings per share is pegged at $2.42, suggesting an increase of 9% from the year-ago quarter’s reported figure.
CBOE’s earnings beat estimates in three of the last four quarters and missed in one.
5 Stocks Set to Double
Each was handpicked by a Zacks expert as the favorite stock to gain +100% or more in the months ahead. They include
Stock #1: A Disruptive Force with Notable Growth and Resilience
Stock #2: Bullish Signs Signaling to Buy the Dip
Stock #3: One of the Most Compelling Investments in the Market
Stock #4: Leader In a Red-Hot Industry Poised for Growth
Stock #5: Modern Omni-Channel Platform Coiled to Spring
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor. While not all picks can be winners, previous recommendations have soared +171%, +209% and +232%.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

NDAQ Q3 Earnings & Revenues Top Estimates, Expense View Tweaked

Taking full advantage of the stock market and investing with confidence are common goals for new and old investors, and Zacks Premium offers many different ways to do both.
The research service features daily updates of the Zacks Rank and Zacks Industry Rank, full access to the Zacks #1 Rank List, Equity Research reports, and Premium stock screens, all of which will help you become a smarter, more confident investor.
It also includes access to the Zacks Style Scores.
What are the Zacks Style Scores?
Developed alongside the Zacks Rank, the Zacks Style Scores are a group of complementary indicators that help investors pick stocks with the best chances of beating the market over the next 30 days.
Each stock is assigned a rating of A, B, C, D, or F based on their value, growth, and momentum characteristics. Just like in school, an A is better than a B, a B is better than a C, and so on -- that means the better the score, the better chance the stock will outperform.
The Style Scores are broken down into four categories:
Value Score
For value investors, it's all about finding good stocks at good prices, and discovering which companies are trading under their true value before the broader market catches on. The Value Style Score utilizes ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and a host of other multiples to help pick out the most attractive and discounted stocks.
Growth Score
While good value is important, growth investors are more focused on a company's financial strength and health, and its future outlook. The Growth Style Score takes projected and historic earnings, sales, and cash flow into account to uncover stocks that will see long-term, sustainable growth.
Momentum Score
Momentum investors, who live by the saying "the trend is your friend," are most interested in taking advantage of upward or downward trends in a stock's price or earnings outlook. Utilizing one-week price change and the monthly percentage change in earnings estimates, among other factors, the Momentum Style Score can help determine favorable times to buy high-momentum stocks.
VGM Score
If you want a combination of all three Style Scores, then the VGM Score will be your friend. It rates each stock on their combined weighted styles, helping you find the companies with the most attractive value, best growth forecast, and most promising momentum. It's also one of the best indicators to use with the Zacks Rank.
How Style Scores Work with the Zacks Rank
The Zacks Rank, which is a proprietary stock-rating model, employs earnings estimate revisions, or changes to a company's earnings expectations, to make building a winning portfolio easier.
Investors can count on the Zacks Rank's success, with #1 (Strong Buy) stocks producing an unmatched +23.81% average annual return since 1988, more than double the S&P 500's performance. But the model rates a large number of stocks, and there are over 200 companies with a Strong Buy rank, plus another 600 with a #2 (Buy) rank, on any given day.
This totals more than 800 top-rated stocks, and it can be overwhelming to try and pick the best stocks for you and your portfolio.
That's where the Style Scores come in.
To have the best chance of big returns, you'll want to always consider stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B, which will give you the highest probability of success. If you're looking at stocks with a #3 (Hold) rank, it's important they have Scores of A or B as well to ensure as much upside potential as possible.
Since the Scores were created to work together with the Zacks Rank, the direction of a stock's earnings estimate revisions should be a key factor when choosing which stocks to buy.
For instance, a stock with a #4 (Sell) or #5 (Strong Sell) rating, even one that boasts Scores of A and B, still has a downward-trending earnings forecast, and a much greater likelihood its share price will decline as well.
Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.
Stock to Watch: Nasdaq (NDAQ)
Founded in 1971 and headquartered in New York, Nasdaq Inc. is a leading provider of trading, clearing, marketplace technology, regulatory, securities listing, information and public and private company services.
NDAQ is a #3 (Hold) on the Zacks Rank, with a VGM Score of B.
Additionally, the company could be a top pick for growth investors. NDAQ has a Growth Style Score of B, forecasting year-over-year earnings growth of 19.2% for the current fiscal year.
For fiscal 2025, 10 analysts revised their earnings estimate upwards in the last 60 days, and the Zacks Consensus Estimate has increased $0.04 to $3.36 per share. NDAQ boasts an average earnings surprise of +4.4%.
With a solid Zacks Rank and top-tier Growth and VGM Style Scores, NDAQ should be on investors' short list.
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This company targets millennial and Gen Z audiences, generating nearly $1 billion in revenue last quarter alone. A recent pullback makes now an ideal time to jump aboard. Of course, all our elite picks aren’t winners but this one could far surpass earlier Zacks’ Stocks Set to Double like Nano-X Imaging which shot up +129.6% in little more than 9 months.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Nasdaq (NDAQ) is a Top-Ranked Growth Stock: Should You Buy?

For the quarter ended September 2025, Nasdaq (NDAQ) reported revenue of $1.32 billion, up 14.8% over the same period last year. EPS came in at $0.88, compared to $0.74 in the year-ago quarter.
The reported revenue represents a surprise of +1.75% over the Zacks Consensus Estimate of $1.29 billion. With the consensus EPS estimate being $0.84, the EPS surprise was +4.76%.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
Here is how Nasdaq performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Total matched market share executed on Nasdaq exchanges - Cash Equity Trading: 14.1% versus 14.1% estimated by six analysts on average.
Total matched market share executed on Nasdaq exchanges - Equity Derivative Trading and Clearing: 28.5% versus the six-analyst average estimate of 28.5%.
Total industry average daily volume - Equity Derivative Trading and Clearing: 55.8 million versus the four-analyst average estimate of 54.07 million.
Total industry average daily share volume - Cash Equity Trading: 17.6 billion versus the four-analyst average estimate of 16.14 billion.
Net Revenues- Total Market Services, net: $303 million versus $292.81 million estimated by seven analysts on average.
Net Revenues- Financial Technology: $457 million versus the seven-analyst average estimate of $443.36 million. The reported number represents a year-over-year change of +12.8%.
Net Revenues- Capital Access Platforms: $546 million versus the seven-analyst average estimate of $544.41 million. The reported number represents a year-over-year change of +9%.
Net Revenues- Capital Access Platforms- Workflow and Insights revenues: $136 million versus $135.87 million estimated by six analysts on average. Compared to the year-ago quarter, this number represents a +5.4% change.
Net Revenues- Capital Access Platforms- Index revenues: $206 million versus the six-analyst average estimate of $209.62 million. The reported number represents a year-over-year change of +13.2%.
Net Revenues- Capital Access Platforms- Data and Listing Services revenues: $204 million versus the six-analyst average estimate of $198.49 million. The reported number represents a year-over-year change of +7.4%.
Net Revenues- Financial Technology- Capital Markets Technology: $264 million versus $258.17 million estimated by six analysts on average. Compared to the year-ago quarter, this number represents a +12.8% change.
Net Revenues- Other Revenues: $9 million versus $8.5 million estimated by six analysts on average. Compared to the year-ago quarter, this number represents a +12.5% change.
Shares of Nasdaq have returned -1.2% over the past month versus the Zacks S&P 500 composite's +1.2% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.
5 Stocks Set to Double
Each was handpicked by a Zacks expert as the favorite stock to gain +100% or more in the months ahead. They include
Stock #1: A Disruptive Force with Notable Growth and Resilience
Stock #2: Bullish Signs Signaling to Buy the Dip
Stock #3: One of the Most Compelling Investments in the Market
Stock #4: Leader In a Red-Hot Industry Poised for Growth
Stock #5: Modern Omni-Channel Platform Coiled to Spring
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor. While not all picks can be winners, previous recommendations have soared +171%, +209% and +232%.
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Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Nasdaq (NDAQ) Q3 Earnings: Taking a Look at Key Metrics Versus Estimates

Nasdaq (NDAQ) came out with quarterly earnings of $0.88 per share, beating the Zacks Consensus Estimate of $0.84 per share. This compares to earnings of $0.74 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +4.76%. A quarter ago, it was expected that this exchange operator would post earnings of $0.8 per share when it actually produced earnings of $0.85, delivering a surprise of +6.25%.
Over the last four quarters, the company has surpassed consensus EPS estimates four times.
Nasdaq, which belongs to the Zacks Securities and Exchanges industry, posted revenues of $1.32 billion for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 1.75%. This compares to year-ago revenues of $1.15 billion. The company has topped consensus revenue estimates three times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Nasdaq shares have added about 14.9% since the beginning of the year versus the S&P 500's gain of 14.5%.
What's Next for Nasdaq?
While Nasdaq has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Nasdaq was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.87 on $1.34 billion in revenues for the coming quarter and $3.36 on $5.17 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Securities and Exchanges is currently in the bottom 37% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
IntercontinentalExchange (ICE), another stock in the same industry, has yet to report results for the quarter ended September 2025. The results are expected to be released on October 30.
This owner of the New York Stock Exchange and other stock markets is expected to post quarterly earnings of $1.62 per share in its upcoming report, which represents a year-over-year change of +4.5%. The consensus EPS estimate for the quarter has been revised 4.7% lower over the last 30 days to the current level.
IntercontinentalExchange's revenues are expected to be $2.41 billion, up 2.6% from the year-ago quarter.
Should You Invest in Nasdaq, Inc. (NDAQ)?
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Zacks Investment Research has been committed to providing investors with tools and independent research since 1978. For more than a quarter century, the Zacks Rank stock-rating system has more than doubled the S&P 500 with an average gain of +24.08% per year. (These returns cover a period from January 1, 1988 through May 6, 2024.)
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Nasdaq (NDAQ) Q3 Earnings and Revenues Surpass Estimates

(RTTNews) - Nasdaq Inc. (NDAQ) revealed a profit for its third quarter that Increased from last year and beat the Street estimates.
The company's earnings totaled $423 million, or $0.73 per share. This compares with $306 million, or $0.53 per share, last year.
Excluding items, Nasdaq Inc. reported adjusted earnings of $511 million or $0.88 per share for the period.
Analysts on average had expected the company to earn $0.85 per share. Analysts' estimates typically exclude special items.
The company's revenue for the period rose 2.9% to $1.958 billion from $1.902 billion last year.
Nasdaq Inc. earnings at a glance (GAAP) :
-Earnings: $423 Mln. vs. $306 Mln. last year. -EPS: $0.73 vs. $0.53 last year. -Revenue: $1.958 Bln vs. $1.902 Bln last year.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Nasdaq Inc. Q3 Profit Increases, Beats Estimates

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Indicator	TTM Median
P/E	38.74 13.37
Price/Sales	6.35 1.92
P/B	3.77 1.10
P/FCF	23.70 10.25

Indicator	TTM Median
ROE	11.42 10.06
ROA	4.20 1.13
ROI	6.28 6.38
Net Worth	49.65 0.99
Quick Ratio	0.00 1.40
Current Ratio	0.98 0.96

Indicator	TTM Median
Net Profit Margin	16.35 15.86
Operating Margin	24.76 21.72
Gross Margin	61.02 68.17
Return on tangible equity	0.00 12.03

Indicator	TTM Median
EPS	0.79 0.60
EPS Forecast	0.77 0.61
Revenue	2.09B 85.50M
Gross Profit	1.24B —
EBITDA	703.00M —

Nasdaq, Inc.

TTM metrics for the latest quarter under IFRS and their historical dynamics

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Efficiency

Other ratios

Revenue