NDAQ Q1 FY2026 Earnings: GAAP EPS +33% Beats the Non-GAAP +22% Story
Nasdaq's Q1 FY2026 GAAP diluted EPS jumped 33.3% to $0.91, while the press release led with the +21.5% non-GAAP figure of $0.96. Net revenue grew 13.8% to $1.41B and operating margin expanded 250 basis points to 46.7%. The 10-Q reveals what the 8-K narrative buried: Market Services gross revenue fell 8.1% year over year, operating-company IPOs collapsed 67% (offset by a SPAC surge), and Non-US revenue grew 57%. This analysis unpacks the leverage math, the IPO mix shift, the Nordic divestiture optic, and the geographic profile change that now changes Nasdaq's risk surface.