NDAQ
NASDAQ, INC.Evidence as of 2026-09-03Overview · NASDAQ, INC.
Nasdaq, Inc. operates as a technology company that serves capital markets and other industries worldwide. It operates in three segments: Market Platforms, Capital Access Platforms, and Anti-Financial Crime. The Market Platforms segment trading services, including equity derivative trading and clearing, cash equity trading, fixed income and commodities trading and clearing, and trade management service businesses. Thi…
Management team
- Mr. Bryan Everard Smith · Executive VP & Chief People OfficerFind on LinkedIn
- Ms. Sarah M. Youngwood · Executive VP & CFOFind on LinkedIn
- Ms. Ann M. Dennison · Executive OfficerFind on LinkedIn
- Mr. Tal Cohen · Co-PresidentFind on LinkedIn
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Links open LinkedIn searches, not verified profiles. Team data from our market-data vendor's company profile.
Moneyta sentiment
Where the published evidence leans after the desk debated it — not a rating or a recommendation.
+0.2 on a −2 to +2 scale.
What builds the score
Solid bars are analyst rubric scores; faded bars are computed directly from data. Claims dropped in debate count for nothing; weakened claims count at half weight.
Editor's note
Written after the debate settled — the rest of the page is the evidence behind it.
The evidence balance is Mixed (+0.2 of a possible +2; confidence high). Reported quarterly revenues rose from $ 1,958,000,000 in Q3 2025 (fiscal quarter ended 2025-10-16) to $ 2,137,000,000 in Q1 2026 (fiscal quarter ended 2026-04-16) and to $ 2,532,000,000 in Q2 2026 (fiscal quarter ended 2026-07-16). Gross profit was $ 1,315,000,000, $ 1,407,000,000 and $ 1,500,000,000 across those same quarters, implying gross margins of about 67.2% (Q3 2025), 65.9% (Q1 2026) and 59.2% (Q2 2026), i.e., measurable margin compression.
Reported net income and diluted EPS were $ 423,000,000 and $ 0.73 (Q3 2025), $ 519,000,000 and $ 0.91 (Q1 2026), and $ 507,000,000 and $ 0.89 (Q2 2026). Weighted‑average diluted shares declined from 578,977,502 (Q3 2025) to 567,750,216 (Q2 2026), and point‑in‑time shares outstanding were reported as 568,443,856 (3 Feb 2026), 565,540,798 (16 Apr 2026) and 558,977,372 (16 Jul 2026). The company disclosed $ 548,000,000 of repurchases in the quarter ended 31 Mar 2026, and long‑term debt showed a modest decline from roughly $ 8,673,000,000 as of 30 Sep 2025 to $ 8,492,000,000 as of 30 Jun 2026.
How this note was made
every stage ran before the note was writtenAnalyst desk
Mercer, Oakes, Nash, Ellis, Yates, Talbot and Archer. The desk: named AI agents, not people. Each reads one slice of the evidence and nothing else — no outside knowledge, no browsing — so every finding traces to a source you can open.
Reads the XBRL figures companies file with the SEC — revenue, margins, income, debt and share count, quarter by quarter — and reports which way the trend is running.
Revenue was $1,958,000,000 in the three months ended 30 September 2025 and rose to $2,137,000,000 in the three months ended 31 March 2026, then to $2,532,000,000 in the three months ended 30 June 2026 (quarterly revenues: $1,958m -> $2,137m -> $2,532m).
XBRL companyfacts · 0001628280-25-046006Gross profit was $1,315,000,000 in the three months ended 30 September 2025, $1,407,000,000 in the three months ended 31 March 2026, and $1,500,000,000 in the three months ended 30 June 2026; expressed against the corresponding quarterly revenues, gross margin moved from about 67.2% (Sept 30, 2025) to about 65.9% (Mar 31, 2026) to about 59.2% (Jun 30, 2026), indicating gross margin compression over those periods.
XBRL companyfacts · 0001628280-25-046006Reads the filings themselves, above all the year-over-year diff of Item 1A risk factors: which risks a company added, dropped or quietly reworded since its last annual report.
Nothing in this slice of the evidence rose to a claim — a quiet read, which itself is information.
Which filings the desk reads
The desk reads the annual 10-K in full — its risk factors, and how they changed since last year. Quarterly 10-Qs and event filings (8-Ks, insider Form 4s) are listed for context but not read line by line: the 10-K is where the material risk disclosures live. A brand-new company, or one we have only just begun tracking, may have no annual report on file yet — its risk analysis fills in once that lands.
Reads the signal panel above — momentum, volatility, drawdown, relative strength and beta — and ranks each against the whole research universe rather than judging it in isolation.
No computed signal history for this symbol yet — signals need roughly 70 trading days of price history.
Reads which funds hold the name and at what weight, plus insider Form 4 filings, to show the exposure you may already carry through index funds.
As of 2026-09-02T13:45:47.228469+00:00, NASDAQ, INC. (NDAQ) was held in the iShares Core S&P 500 ETF (IVV) at a weight of 0.05% of the fund.
ETF constituents · market dataThe evidence shows NDAQ's membership in a major index ETF (IVV) as of 2 September 2026, representing a factual exposure context rather than an indication of trading activity or insider behavior.
ETF constituents · market dataReads recent headlines that are genuinely about this company, ignoring rating chatter and market-wide stories. Findings argue in the debate but never move the sentiment score.
Multiple outlets (finance.yahoo.com and globenewswire.com) reported on 2 Sept 2026 that Nasdaq completed the acquisition of Dasseti to add AI-powered due diligence and private markets capabilities to Nasdaq eVestment.
News · finance.yahoo.com · 2026-09-02A Globe Newswire release on 27 Aug 2026 described a Verafin partnership with Q6 Cyber to bring dark-web fraud intelligence into Nasdaq Verafin’s consortium for proactive fraud prevention.
News · globenewswire.com · 2026-08-27Reads parsed Forms 3/4/5 — who bought or sold, at what size, and whether a 10b5-1 plan was involved. Flags clustered open-market officer buying; treats plan sales as routine and never counts a fund or 10%-holder as an officer.
No insider transactions on file in the trailing 180 days.
Reads the implied-expectations math built from the company's own filings (the growth rate today's price would justify, and the multiples beside it) and argues whether the market's bar looks high or low for this business. Never turns the math into a target.
At the price 95.72 on 2026-09-02, the implied free-cash-flow (FCF) growth rate that today's price would justify under the stated discount and terminal assumptions is 13.54% (0.1354).
Valuation inputs · SEC XBRL + stored EOD closeThe trailing-twelve-month price-to-free-cash-flow multiple is 24.06, based on FCF TTM of $2,259,000,000 and the reported price.
Valuation inputs · SEC XBRL + stored EOD closeDebate and risk review
A bull and a bear contest the claims and the chair rules on each; the risk review stress-tests what survived.
A bull and a bear argue the analysts' claims across two rounds, then a chair rules on each one. Only what survives feeds the score — the argument is shown, not hidden, so you can judge the reasoning yourself.
Multiple company-specific data points in the record support a favorable read: quarterly revenues rose materially across the three reported quarters while gross profit also increased in absolute dollars, reported net income and diluted EPS were higher in early 2026 versus the 2025 quarter, and the company executed sizable share repurchases while reported shares outstanding declined — all of which are consistent with improving per-share results on a historical basis. Strategic moves and partnerships in the news (an AI/private-markets acquisition and a fraud-intelligence integration) plus reported institutional buying add context that recent activity is company-focused rather than purely market-driven. Debt showed a modest decline between balance-sheet dates, and most sell-side coverage in the provided consensus is clustered in the buy/maintain bucket, which, when combined with rising revenues and buybacks, supports a constructive interpretive frame. The bear points that rely on a single DCF valuation or on margin-percentage compression deserve scrutiny here: gross profit rose in dollars and EPS increased year-over-year, and a lone DCF estimate is one valuation perspective alongside the multi-firm analyst signals and operating data shown.
Chair's verdict, claim by claim
Fragility · computed, not argued
balanced0.33
18 surviving claims rest on 10 distinct sources; the heaviest analyst carries 33% of them, and 97% of what the desk raised survived the debate.
The surviving set is moderately broad (10 distinct sources for 18 claims) which supports cross-checking, but a single analyst contributing one-third of the claims creates analyst-dependence risk — that individual's errors or blind spots would disproportionately affect the read. The very high survival rate from debate (97%) indicates the desk’s vetting preserved most assertions, so the bundle is relatively robust, though source concentration and analyst weight caution against treating this as incontrovertible.
Disconfirming evidence · base rates · falsifiers
Context
Outside consensus, and where this name already sits in your own portfolio.
Third-party consensus shown for context. It never enters Moneyta sentiment — when the two diverge, the debate above is where the why lives.
What this was built from
Every figure on this page traces to one of these. The desk reads only what is listed here — no outside knowledge, no browsing — and each card shows who read it and what it contributed to the score.
11 filings· 1 cited
SEC XBRL filings
Quarterly figures as filed with the SEC, read straight from EDGAR's structured data — not retyped or estimated.
Read by Mercer+0.3 to the score
1 holdings record
Fund holdings
Which funds hold this name and at what weight, plus insider Form 4 filings.
Read by Ellis+0.0 to the score
8 headlines· 2 cited
News coverage
Recent headlines about this company, rating chatter excluded and nothing published after the report date.
Read by Yatesnothing survived
1 computation
Valuation inputs
TTM cash-flow figures from the company's own XBRL filings, priced with the stored closing price. Implied growth and multiples only; no fair-value dollar figure reaches the desk, by design.
Read by Archercontext only
1 record· 0 cited
Company profile
Sector, industry and company details.
1 record· 0 cited
Analyst consensus
Third-party consensus, shown for context only — it never enters Moneyta sentiment.
Read means we pulled and handed it to an analyst; cited means a claim on this page points at it. Reading twelve quarters to state one trend is normal — the gap is shown rather than hidden.
Written by AI, checked against sources
The analysts, the bull–bear debate and the editor's note are AI agents reading only the evidence listed on this page. They can misread a filing or a headline, which is why every claim cites a source you can open and check yourself. The sentiment score is arithmetic over the claims that survived the debate, not a language model's opinion.
Educational analysis of published data. Moneyta does not give investment advice or make recommendations. Past patterns do not indicate future results.
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The full terminal on NDAQ Gold
Who holds it, who's buying, what the Street thinks: live behind the lock, updated as filings land.
Institutional holders
Net institutional flow, Q/Q
Largest holder position
Insider buys, 90 days
Clustered insider value
Street target range
The real figures are for members. Educational analysis, not advice.
Educational analysis of published data. Moneyta does not give investment advice or make recommendations.