Filing Flows › Nasdaq (NDAQ) › Q3 2026 › vs Q2 2026
Nasdaq (NDAQ) Q3 2026 vs Q2 2026 (quarter over quarter)
Nasdaq's revenue fell $139M (-5%) from $2.5B in Q2 2026 to $2.4B in Q3 2026. Gross margin 61.9% against 59.2% (+2.6 pts).
Nasdaq, Q3 2026: revenue $2.4B (+21% year over year), operating margin 30.6%, net earnings $539M, operating cash flow $521M. The chart draws each line against Q2 2026, the increases inside each band.
Margins
| Q3 2026 | Q2 2026 | Change | |
|---|---|---|---|
| Gross margin | 61.9% | 59.2% | +2.6 pts |
| Operating margin | 30.6% | 28.1% | +2.5 pts |
| Net margin | 22.5% | 20.0% | +2.5 pts |
| Free cash flow margin | 19.2% | 25.0% | -5.9 pts |
Every line
| Line | Q3 2026 | Q2 2026 | Change | % |
|---|---|---|---|---|
| Revenue | $2.4B | $2.5B | −$139M | -5% |
| Gross profit | $1.5B | $1.5B | −$19.0M | -1% |
| Cost of revenue | $912M | $1.0B | −$120M | -12% |
| Operating profit | $732M | $712M | $20.0M | +3% |
| Operating expenses | $749M | $788M | −$39.0M | -5% |
| Pre-tax earnings | $701M | $653M | $48.0M | +7% |
| Other expense, net | $31.0M | $59.0M | −$28.0M | -47% |
| Sales & marketing | $17.0M | $24.0M | −$7.0M | -29% |
| General & admin | $2.0M | $23.0M | −$21.0M | -91% |
| Other operating costs | $730M | $741M | −$11.0M | -1% |
| Net earnings | $539M | $507M | $32.0M | +6% |
| Income tax | $162M | $146M | $16.0M | +11% |
| Depreciation & amortization | $165M | $165M | $0 | 0% |
| Share-based compensation | $47.0M | $49.0M | −$2.0M | -4% |
| Working capital & other | $230M | $10.0M | $220M | 23× |
| Operating cash flow | $521M | $711M | −$190M | -27% |
| Free cash flow (OCF − capex) | $459M | $634M | −$175M | -28% |
| Capital expenditures | $62.0M | $77.0M | −$15.0M | -19% |
Questions
How much did Nasdaq's revenue grow quarter over quarter in Q3 2026?
Nasdaq's revenue fell $139M (-5%) from $2.5B in Q2 2026 to $2.4B in Q3 2026. Gross margin 61.9% against 59.2% (+2.6 pts).