Nasdaq Posts Record Q2 Results, Driven by SpaceX Listing and $1 Trillion Index AUM | LeapRate
Nasdaq (NDAQ) reported outstanding second-quarter results, with net revenue climbing 15% on an adjusted basis to $1.5 billion, as all three divisions delivered double-digit growth.
CEO Adena Friedman called it “an outstanding second quarter, defined by new records and milestones,” highlighting that the company surpassed $1 trillion in Index ETP AUM and listed SpaceX, the largest IPO in exchange history.
Annualized Recurring Revenue rose 11% to $3.3 billion, or 12% organically. GAAP diluted EPS reached $0.89, up 14% year-over-year, while non-GAAP EPS hit $1.07, the first time Nasdaq has topped a dollar in quarterly earnings per share.
The Listings business had a landmark quarter, welcoming 26 operating company IPOs that raised $106 billion, including SpaceX’s $86 billion raise. Nasdaq also listed the largest semiconductor, quantum, and biotech IPOs on record, achieving a 74% win rate in new listings.
Capital Access Platforms revenue grew 18% on an adjusted basis, while Financial Technology revenue increased 16%, with Verafin’s AML and fraud-detection tools expanding through new agentic AI capabilities. Market Services posted record net revenue of $340 million, up 11%, fueled by surging Index Options volumes.
Nasdaq returned $530 million to shareholders through dividends and buybacks combined.
Speaking on CNBC, Friedman pointed to tokenization, AI, and market modernization as durable trends shaping the industry’s future.
“Nasdaq’s role as our clients’ trusted transformation partner positions us for sustained leadership,” Friedman said, underscoring the company’s momentum heading into the second half of 2026.
