Scoreboard / NDAQ
Nasdaq, Inc. NDAQ
Week of October 15 to October 22, 2026 · Updated October 23, 2026
Setup Snapshot
The Setup in One Card
How NDAQ scored, how it moved against the market, and the catalyst behind the move. A high score means the stock deserves research time, not that it is a buy.
Friday Five Score
Weekly Rank
03 of 5
Sector Trend
Leadingup 2.5 percent
Actionability
Fresh Breakout
Catalyst
Record Recurring RevenueIndex revenue up 39 percent and record annualised recurring revenue of 3.365 billion dollars on net revenue up 13 percent
Returns are measured from the Thursday, October 15 close to the Thursday, October 22 close. Benchmarks: S&P 500 -1.0% and Nasdaq Composite -2.6% for the week. Benchmark figures are official index closes; sector figures use SPDR sector ETF closes because the official S&P sector index closes for this window were not yet published at press time.
Why It Moved
The Story Behind the Move
Catalyst
On October 22 Nasdaq reported third quarter net revenue of 1.481 billion dollars, up 13 percent and 14 percent organically, with Solutions revenue of 1.172 billion dollars up 17 percent, index revenue of 286 million dollars up 39 percent, annualised recurring revenue of 3.365 billion dollars up 12 percent and non-GAAP earnings of 1.04 dollars a share up 18 percent on a 57 percent non-GAAP operating margin. The shares rose 7.47 percent that session.
Why It Mattered
The company rose 10.48 percent in the week the index it is named after fell 2.64 percent, and the quarter explains why. Market Services, the actual exchange, produced 309 million dollars of 1.481 billion in net revenue and grew 2 percent. The growth is index licensing and subscription software, so roughly a fifth of the business is the exchange and the fast part is data.
Risk Note
Index revenue grew 39 percent because it is charged on the assets tracking Nasdaq indexes, and those assets are the same constituents that just fell. If the index keeps falling that line decelerates mechanically, with about a quarter of lag. Management also flagged a modest softening in the initial public offering market, and at about 24.8 times the annualised quarter this is the highest multiple of the five.
Reader Takeaway
An exchange is not a bet on its own index, but an index licensing business partly is. Find out which line of a company actually earns the money before assuming what it is exposed to.
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Put NDAQ Back in Context
The stock page is one piece of the weekly research. Continue with the original issue, the full public ranking, or the method behind the analysis.
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