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Nasdaq delivered a strong Q1 2026 with net income surging 31.4% YoY to $519M, driven by a 13.7% gross profit expansion and significant cost-of-revenue reduction, while the company aggressively returned capital via $548M in share buybacks.
营业收入
$2.14B
同比 ++1.96%
每股收益（基本）
$0.92
同比 ++33.33%
毛利率
65.8%
同比 ++6.82%
营业利润
$657M
同比 ++20.11%
提交于 · 来源: SEC EDGAR 10-Q 原文
Nasdaq (NDAQ) Q1 FY2026 营收 $2.14B，同比增长 2.0%。 净利润 $519M，同比增长 31.4%，稀释每股收益 $0.91。 毛利率 65.8%。
Total revenue grew modestly by 2.0% YoY to $2.137B in Q1 2026, but the more impactful story is the dramatic 15.0% reduction in cost of revenue (from $859M to $730M), which expanded gross profit by 13.7% to $1.407B and pushed gross margin from ~59.0% to ~65.8%.
来源: Source: 10-Q Income Statement (XBRL Financial Data)
Operating income rose 20.1% YoY to $657M, with operating margin expanding approximately 4.6 percentage points to 30.7%. This demonstrates meaningful operating leverage as Nasdaq scales its business while controlling costs.
来源: Source: 10-Q Income Statement (XBRL Financial Data)
Net income jumped 31.4% YoY to $519M, with diluted EPS increasing 33.8% to $0.91 from $0.68 in the prior-year period. The EPS growth rate outpacing net income growth reflects the impact of share buybacks reducing the share count.
来源: Source: 10-Q Income Statement & Cash Flow Statement (XBRL Financial Data)
Nasdaq significantly accelerated its capital return program in Q1 2026, repurchasing $548M in shares (up 376.5% YoY from $115M) and paying $153M in dividends (up 10.9% YoY), totaling approximately $701M returned to shareholders in the quarter.
来源: Source: 10-Q Cash Flow Statement (XBRL Financial Data)
Total assets declined 10.9% YoY to $27.3B and total liabilities fell 20.1% to $15.3B, with long-term debt reduced by $400M to $8.526B. The large financing cash outflow of -$4.184B suggests significant debt repayment or other capital structure activity during the period.
来源: Source: 10-Q Balance Sheet & Cash Flow Statement (XBRL Financial Data)
Nasdaq carries $8.526B in long-term debt with a debt-to-equity ratio of approximately 1.27x. While long-term debt declined 4.5% YoY, the substantial debt load constrains financial flexibility and exposes the company to interest rate risk, particularly in a higher-for-longer rate environment.
来源: Source: 10-Q Balance Sheet (XBRL Financial Data)
Nasdaq's current ratio stands at approximately 0.996, meaning current liabilities ($4.391B) slightly exceed current assets ($4.374B). This near-parity position, combined with a 44.1% decline in current assets YoY, warrants monitoring for short-term liquidity management.
来源: Source: 10-Q Balance Sheet (XBRL Financial Data)
Cash and equivalents fell 25.4% YoY to $515M, while the company deployed $4.184B in financing activities (likely debt repayment and buybacks). Reduced cash reserves limit the company's ability to respond to unexpected operational needs or pursue opportunistic acquisitions.
来源: Source: 10-Q Balance Sheet & Cash Flow Statement (XBRL Financial Data)
Top-line revenue grew only 2.0% YoY to $2.137B, suggesting that profit improvement is currently more dependent on cost optimization than organic revenue acceleration. If cost reduction opportunities are exhausted, sustaining earnings growth will require stronger revenue momentum.
来源: Source: 10-Q Income Statement (XBRL Financial Data)
With ROA of approximately 1.90% and ROE of 4.31%, Nasdaq's returns on its $27.3B asset base remain modest, reflecting the capital-intensive nature of its business following large acquisitions. Continued integration and monetization of acquired assets will be critical to improving capital efficiency.
来源: Source: 10-Q Balance Sheet & Income Statement (XBRL Financial Data)
Q1 FY2026 实际 EPS $0.96，分析师一致预期 $0.95，超预期 +1.1%。
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业收入 | $2.14B | $2.1B | +1.96% |
营业成本 | $730M | $859M | -15.02% |
毛利润 | $1.41B | $1.24B | +13.74% |
营业利润 | $657M | $547M | +20.11% |
净利润 | $519M | $395M | +31.39% |
每股收益（基本） | $0.92 | $0.69 | +33.33% |
每股收益（稀释） | $0.91 | $0.68 | +33.82% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $27.3B | $30.65B | -10.92% |
流动资产 | $4.37B | $7.82B | -44.05% |
总负债 | $15.26B | $19.09B | -20.06% |
流动负债 | $4.39B | $7.97B | -44.91% |
股东权益 | $12.03B | $11.55B | +4.22% |
现金及等价物 | $515M | $690M | -25.36% |
长期债务 | $8.53B | $8.93B | -4.48% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流 | $689M | $663M | +3.92% |
投资活动现金流 | $747M | $-258M | +389.53% |
筹资活动现金流 | $-4.18B | $-1.08B | -286.33% |
股息支出 | $153M | $138M | +10.87% |
股票回购 | $548M | $115M | +376.52% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
毛利率 | 65.8% | 59.0% | +6.82% |
营业利润率 | 30.7% | 26.1% | +4.65% |
净利率 | 24.3% | — | — |
净资产收益率 | 4.3% | — | — |
总资产收益率 | 1.9% | — | — |
流动比率 | $0.996 | — | — |
资产负债率 | $1.268 | — | — |
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.
Nasdaq (NDAQ) delivered strong FY2025 results with revenue growing 11.6% to $8.26B and net income surging 60.1% to $1.79B, driven by significant operating leverage and margin expansion across its diversified financial technology and market infrastructure businesses.
Financial Exchanges & Data 行业其他公司
Nasdaq reported strong Q1 2026 results with net income of $519M, up 31.4% YoY, and diluted EPS of $0.91, up 33.8% YoY. Revenue grew 2.0% to $2.137B while gross margin expanded significantly to 65.8% from 59.0% in the prior year period.
The primary driver of Nasdaq's profit growth was a 15.0% reduction in cost of revenue (from $859M to $730M), which expanded gross profit by 13.7% to $1.407B despite only modest 2.0% revenue growth. This cost efficiency, combined with operating leverage, pushed operating income up 20.1% and net income up 31.4% YoY.
Yes, Nasdaq dramatically accelerated its buyback program, repurchasing $548M in shares in Q1 2026 compared to just $115M in Q1 2025, a 376.5% increase. Combined with $153M in dividends paid, Nasdaq returned approximately $701M to shareholders in the quarter.
Nasdaq carries $8.526B in long-term debt as of Q1 2026, down 4.5% from $8.926B a year ago, reflecting ongoing deleveraging. The debt-to-equity ratio stands at approximately 1.27x, and the company made significant financing outflows of $4.184B in the quarter, likely including debt repayment and buybacks.
Key risks include Nasdaq's elevated debt load of $8.526B (debt-to-equity of 1.27x) which creates interest rate sensitivity, a current ratio just below 1.0x indicating tight near-term liquidity, and modest 2.0% revenue growth that means future earnings gains depend heavily on sustained cost discipline rather than top-line acceleration.