Nasdaq reported second-quarter net revenue of $1.5 billion, up 15% year-over-year, topping analyst expectations as a surge in high-profile IPO listings and a quietly compounding data business both fired at once. Non-GAAP diluted EPS came in at $1.07, roughly 9% above the $0.98 consensus estimate. Revenue grew 15%. Earnings grew 25%. That gap is the part worth paying attention to.
Solutions segment carries the beat
The standout was Nasdaq's Solutions segment, which bundles its data services and index products. Solutions revenue climbed 17% compared to the same period last year, outrunning the company's overall growth rate. Annualized recurring revenue hit $3.3 billion, an 11-12% increase year-over-year. That figure matters because it doesn't move with market volatility the way transaction fees do. It just compounds.
Nasdaq also held its decade-long lead in US listings. When a company goes public on the exchange, listing fees flow in. When shares trade, transaction fees follow. When price data runs through the pipes, data fees arrive on top. The company reported 276 IPOs raising $46.65 billion across full-year 2025, and Q2 2026 carried that momentum forward.
Crypto sits in the infrastructure layer
The Nasdaq Crypto Index tracks major digital assets including Bitcoin and Ethereum, and Nasdaq serves as the listing venue for several prominent Bitcoin and Ethereum ETFs. Institutional interest in Bitcoin infrastructure has been building across the industry, and Nasdaq captures that trend at the index and data level rather than through direct trading exposure.
Bitcoin ETF flows turned negative in June 2026, with roughly $5.4 billion in net outflows during the month. Some recovery appeared in July. But the direction of flows doesn't actually change Nasdaq's economics much. Whether money is going into ETFs or coming out, the index licensing and surveillance fees keep running. Coinbase may dominate retail crypto trading in the US, yet Nasdaq owns the infrastructure layer that institutional allocators depend on for ETF listings, price discovery, and compliance tools. Those are two very different businesses.
The main risk is a pullback in IPO activity. A cold capital markets window would pressure the listings business, though $3.3 billion in annualized recurring revenue provides a meaningful floor.
Nasdaq shares moved higher in after-hours trading following the release.
This article is for informational purposes only and does not constitute financial advice or an investment recommendation.
