Nasdaq reported Q2 net revenue of $1.5 billion on Thursday, beating analyst expectations with non-GAAP earnings per share of $1.07. The exchange operator credited a strong IPO pipeline and growing demand for its crypto index data services.
IPO listings drive top line
The company said equity listing revenue climbed as a wave of tech and biotech companies went public during the quarter. Nasdaq hosted 45 IPOs in Q2, up from 32 a year earlier, helping push listing services revenue higher. That segment has been a steady earner for the exchange even as trading volumes ebbed.
Crypto index data a bright spot
Nasdaq's crypto index data services also contributed to the beat. The exchange licenses its Nasdaq Crypto Index to asset managers and ETF issuers who need reliable pricing for digital assets. Revenue from that line isn't broken out separately, but executives said it grew double digits year over year. The unit has become a quiet profit center as institutional interest in crypto benchmarks expands.
Nasdaq management will hold a conference call later today. Analysts will likely press for details on the crypto data pipeline and whether the exchange plans to expand its digital asset offerings beyond indexes. The company didn't provide formal Q3 guidance, but the beat sets a high bar for the second half of 2026.
