Q3 FY26 · Ended Sep 30, 2026 · View SEC filing
Most of the revenue jump passed straight through
Total revenues rose 20.9%, but much of that gain was regulatory fees Nasdaq collects and hands on, with no effect on profit.
For investorsWhat has to hold for Nasdaq's profit mix to last?
For foundersA marketplace that pays one side to show up
Capital Access Platforms brings 26.8% of revenues but keeps 64.3% of its own revenue as operating income, more than any other segment.
Operating expenses rose 2.7% against 12.6% for kept revenue, though a legal settlement and ended restructuring flatter the quarter.
Fund issuers do the selling; Nasdaq licenses the benchmark and earns on $1.2 trillion of tracked assets.
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Business Lens describes Nasdaq from its own filings with the SEC. It is not a view on its shares, a target, or advice to buy, sell or hold anything; figures are as filed and may be restated by the company later. The filing is linked above.
