Nasdaq (NDAQ) Q3 2026 Earnings Call: Guidance and Outlook
Management updated its formal annual non-GAAP operating expense guidance and maintained its tax rate guidance while providing expected revenue contributions from recent M&A.
About Nasdaq. , a technology powerhouse founded in 1971 and based in New York City, is dedicated to supporting capital markets and various other sectors worldwide.
The Level revenue contribution for the fourth quarter is expected to be $7 million to $8 million.
Annual guidance
Non-GAAP operating expense
Updated to a range of $2.550 billion to $2.580 billion from $2.530 billion to $2.570 billion.
Non-GAAP tax rate
Maintained at a range of 22.5% to 24.5%.
Outlook
Economic environment
The U.S. economy continues to demonstrate resilience while managing through inflation and elevated interest rates, supported by corporate earnings and healthy consumer spending.
Listings pipeline
While there has been a modest softening in the IPO environment in recent weeks, the listings pipeline remains robust across a wide range of sectors.
Cloud adoption
Cloud deals continue to underpin fintech performance, accounting for 85% of ACV bookings in the quarter and driving higher annualized contract values.
Tokenization and always-on markets
Management sees tokenization and always-on markets as durable, multi-year demand drivers that will enhance collateral mobility and unlock liquidity across asset classes.
Dombey's summary of the Nasdaq Q3 2026 earnings call held Oct 22, 2026, written from the call itself. Every figure on this page was checked against what was said on the call, and quoted lines are management's own words; we do not add estimates or prices. The tone score is our read of management's wording, guidance and answers. Check figures against the company's SEC filings before acting. This is research, not investment advice.
