Financial Services
Price
$96.88
-1.85%Market Cap
$54.15B
Day High
$97.49
Day Low
$96.57
Nasdaq delivered strong Q2 FY2026 results with total revenue up 20.5% YoY to $2,532M and net revenue (less transaction-based expenses) up 14.9% to $1,500M, driven by record IPO activity, Index AUM surpassing $1.0 trillion, and double-digit Financial Technology growth, though gross margin compressed slightly to 59.2% amid rising transaction-based expenses.
Key risk: Rising Transaction-Based Expenses Compressing Gross Margin
Brokerage, clearance and exchange fees more than doubled YoY (+106.6%) to $320M and transaction rebates rose 11.2% to $712M, contributing to cost of revenue growth (+29.8%) outpacing revenue growth (+20.5%) and gross margin declining from 62.2% to 59.2%.
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