Nasdaq, Inc. (NDAQ)
NASDAQFinancialsFinancial - Data & Stock ExchangesSnapshot 2026-11-04
$109.70+2.55%
Close 2026-11-04 · 1-day change
NASDAQFinancialsFinancial - Data & Stock ExchangesSnapshot 2026-11-04
QuarterlyIQ Insights · NDAQ
How strong the business is — where it ranks within its sector on capital efficiency and cash generation, and how well management has been executing.
How this business ranks within financials on a research-validated quality screen. As of 2026-11-04.
The screen ranks NDAQ against its sector on four durable signals: share dilution, return on capital, free-cash-flow yield, and FCF margin. Historically the highest-quality names tended toward better typical outcomes and fewer bad years over multi-year holds (strongest at three years, modest at one), and that pattern showed up even before the price moved. It characterizes business quality, not price direction.
Each leg is a sector-relative percentile (higher is better); 4 of 4 legs were available for this name. The composite is built from these four; the raw value follows each percentile for context.
A forward quality tilt, not a price prediction, and context for your own research rather than a recommendation. Not investment advice.
How management runs the business: capital, margins, balance sheet, and how reliably they guide and deliver.
Each factor is a parallel diagnostic with a clear read of what it shows and how names like it have historically fared. Never aggregated into a single score.
Operating income rose in 3 of the last 3 quarter-over-quarter moves. Historically, Financials names rated neutral grew net income 55% of the time over the next year (vs 61% for the rest of the cohort, n=10284).
Not investment advice. Scores describe historical and current data; they are not forecasts of future returns. Consult a licensed advisor before making investment decisions.
A guidance track record builds as the company issues and delivers on guidance.
Priorities management has stated in recent disclosures, with status and evidence drawn from earnings calls, filings, and press releases.
Our durable business model and disciplined execution underpin our capital allocation strategy that prioritizes funding investments in long-term growth while returning more than $1.7 billion to shareh…
Stated in 8 of 8 supplied quarters. Management reported: “Our durable business model and disciplined execution underpin our capital allocation strategy that prioritizes funding investments in long-term growth while returning more than $1.7 billion to shareholders year to date through share repurchases and dividends.”” “• Cash flow from operations was $ 521 million in the third quarter, enabling the return of capital through Nasdaq’s efficient capital allocation framework.”
“Our durable business model and disciplined execution underpin our capital allocation strategy that prioritizes funding investments in long-term growth while returning more than $1.7 billion to shareh…”
“Nasdaq’s durable business model and consistent execution support our disciplined capital allocation strategy that returns meaningful capital to shareholders through both dividends and share repurchas…”
“Nasdaq’s robust cash flow generation enabled the company to return over $700 million to shareholders in the quarter, including nearly $550 million of share repurchases, while reducing leverage and in…”
“• Cash flow from operations was $2.3 billion in 2025 and $625 million for the fourth quarter, enabling the return of capital through Nasdaq’s efficient capital allocation framework.”
“We achieved our gross leverage milestone ahead of schedule, are executing share repurchases, and we remain focused on organic investments that will drive long-term revenue growth and shareholder valu…”
“We are executing well on our capital allocation priorities, including repaying debt, and have surpassed our gross leverage milestone 16 months ahead of plan.”
3 STRATEGIC AND BUSINESS UPDATES • F inancial Te chnology delivered record 18% organic ARR growth and double-digit revenue growth in each subdivision for the third consecutive quarter.
Stated in 8 of 8 supplied quarters. Management reported: “3 STRATEGIC AND BUSINESS UPDATES • F inancial Te chnology delivered record 18% organic ARR growth and double-digit revenue growth in each subdivision for the third consecutive quarter.” “FinTech performance reflected continued execution on the One Nasdaq strategy with 5 cross-sells signed in the quarter and cross-sells accounting for over 15% of the sales pipeline.”
The Nasdaq Stock Market remains on track to go live with 23/5 trading on December 6, 2026, expanding global access to U.S.-listed equities.
Stated in 8 of 8 supplied quarters. Management reported: “The Nasdaq Stock Market remains on track to go live with 23/5 trading on December 6, 2026, expanding global access to U.S.-listed equities.” “Nasdaq formed Digital Liquidity Networks (DLN), a new organization within Nasdaq Market Services focused on advancing the company’s leadership in digital assets and market modernization.”
“The Nasdaq Stock Market remains on track to go live with 23/5 trading on December 6, 2026, expanding global access to U.S.-listed equities.”
The increases were primarily driven by higher compensation and benefits costs from our strong revenue execution and increased investments in technology to drive long-term growth .
Stated in 8 of 8 supplied quarters. Management reported: “The increases were primarily driven by higher compensation and benefits costs from our strong revenue execution and increased investments in technology to drive long-term growth .” “• Nasdaq surpassed its expanded efficiency program net expense target, with over $160 million in expense efficiencies actioned as of year-end 2025.”
Expand Financial Technology and Index products and distribution, increasing recurring subscription revenue and serving clients across markets.
Over the trailing year it converted 1.71x of net income into operating cash flow. Historically, Financials names rated robust grew net income 62% of the time over the next year (vs 56% for the rest of the cohort, n=6873).
Most sensitive to the broad stock market.
Not enough signal to read sensitivity to the US dollar, real (inflation-adjusted) rates, long-term interest rates, Fed net liquidity (low R² over the window).
17 material management or governance events in the past 24 months, led by capital-allocation actions. Historically, Financials names rated volatile grew net income 58% of the time over the next year (vs 59% for the rest of the cohort, n=7346).
Not investment advice. As of 2026-11-04.
“We demonstrated strong operating leverage and our high level of cash flow enabled us to make meaningful progress on our capital allocation strategy of investing in organic growth, reducing debt, and…”
“Sarah Youngwood, Executive Vice President and CFO said, “After setting ambitious targets, Nasdaq delivered strong revenue growth and profitability across 2024 and is tracking ahead of schedule agains…”
“3 STRATEGIC AND BUSINESS UPDATES • F inancial Te chnology delivered record 18% organic ARR growth and double-digit revenue growth in each subdivision for the third consecutive quarter.”
“3 STRATEGIC AND BUSINESS UPDATES • Financia l Technology delivered double-digit revenue growth in each subdivision for the second consecutive quarter as the One Nasdaq strategy continues to unlock br…”
“As we execute against our strategic priorities of Expand, Evolve, and Transform, we are well positioned to deliver increasing value to our clients and shareholders.””
“Looking ahead, we are well-positioned to build on our momentum in 2026 and deliver durable growth by deepening client relationships and unlocking greater value through our unified One Nasdaq platform…”
“• Accelerate – Nasdaq continues to deliver on its One Nasdaq strategy driving 4 cross-sell wins across Financial Technology in the quarter for a total of 30 cross-sells since the close of the Adenza…”
“4 • Accelerate – Nasdaq continued to deliver on its One Nasdaq strategy driving 7 cross-sell wins across Financial Technology in the quarter for a total of 26 cross-sells since the Adenza acquisition.”
“• Accelerate – The company continues to execute on its One Nasdaq strategy securing 19 cross-sell wins since the Adenza acquisition across key solutions including Surveillance, AxiomSL, and Verafin.”
“• Accelerate – The company continues to make progress on its One Nasdaq strategy, with 17 cross-sell deals since the Adenza acquisition across solutions such as Nasdaq Surveillance, AxiomSL, and Vera…”
“• Nasdaq advanced Always-On markets as Calypso supported proof of concept tokenized collateral trades on the Canton Network.”
“• Nasdaq continues to advance the modernization of markets through its Always-On market initiative.”
“This year, Nasdaq launched initiatives to drive the evolution of capital markets, including submitting a filing to the U.S. Securities and Exchange Commission (SEC) to facilitate the trading of token…”
“• Innovate – Nasdaq submitted a filing to the U.S. Securities and Exchange Commission (SEC) to facilitate the trading of tokenized securities on its markets by allowing exchange members and investors…”
“• Innovate – Nasdaq continues to focus on innovating across the business.”
“• Nasdaq aims to expand U.S. market access to 24/5 trading in the second half of 2026.”
“4 • Innovate – In 2024, Nasdaq demonstrated its innovation leadership with the launch of AI-powered solutions and product enhancements across its divisions.”
“The increases were primarily driven by higher compensation and benefits costs from our strong revenue execution and increased investments in technology to drive long-term growth .”
“The increases were primarily driven by higher compensation and benefits costs from our strong revenue execution, increased marketing and advertising costs due to a strengthening IPO environment, and…”
“The organic increase in the quarter reflects higher compensation and benefits costs and increased investments in people and technology to drive long-term growth, partially offset by lower regulatory…”
“• Nasdaq surpassed its expanded efficiency program net expense target, with over $160 million in expense efficiencies actioned as of year-end 2025.”
“3 • Integrate – Nasdaq surpassed its expanded efficiency program net expense target, with over $150 million in cost reductions actioned as of the end of the quarter.”
“• Integrate – Nasdaq is on track to action its $140 million expanded net expense efficiency program by year-end, with approximately $130 million actioned as of the end of the second quarter.”
“• Integrate – Nasdaq is on track to action its $140 million expanded net expense efficiency program by year-end, with over $100 million actioned as of the end of the first quarter.”
“Nasdaq is broadening its efficiency program beyond the Financial Technology division and now expects to action annual cost savings of $140 million by the end of 2025, inclusive of the net expense syn…”