NDAQ Q3 deep dive: AI solutions, tokenization, and recurring revenue drive robust growth

What happened: Nasdaq (NASDAQ:NDAQ) reported Q3 2026 revenue above Wall Street expectations, with management citing AI-enabled solutions, recurring revenue growth, and tokenization efforts as growth drivers. Key numbers: Revenue $1.48 billion vs $1.47 billion estimated, up 12.6% year on year. Why it matters: Management attributed momentum to client adoption of AI tools and cloud migration, and expects recurring revenue to keep growing as tokenization and new trading capabilities roll out, though it cautioned that market and regulatory dynamics could affect adoption pace. Market: +7.5% today ($103.30), +7.6% YTD, 2.3x vol — as of 11:15 UTC Verified: Q3_2026 (Oct 22) EPS $1.04 vs $1.02 est, +2.3% beat; next print ~Jan 21

Nasdaq (NASDAQ:NDAQ) reported Q3 2026 revenue above Wall Street expectations, with management citing AI-enabled solutions, recurring revenue growth, and tokenization efforts as growth drivers.

Management attributed momentum to client adoption of AI tools and cloud migration, and expects recurring revenue to keep growing as tokenization and new trading capabilities roll out, though it cautioned that market and regulatory dynamics could affect adoption pace. Market: +7.5% today ($103.30), +7.6% YTD, 2.3x vol — as of 11:15 UTC Verified: Q3_2026 (Oct 22) EPS $1.04 vs $1.02 est, +2.3% beat; next print ~Jan 21