Dealmakers and investors expect the momentum to continue into 2026 thanks to surging stock markets and a resilient U.S. economy.“Looking ahead to 2026, we see signs of accelerating capital market activity, further supported by recent Fed cuts and a very healthy pipeline of late-stage private companies,” Friedman said on a post-earnings call.
Medical supply giant Medline, diagnostic imaging services provider Lumexa Imaging and molecular diagnostics company BillionToOne were among the notable debuts on the Nasdaq in the quarter.
The total number of new listings on Nasdaq rose to 215 in the fourth quarter from 162 a year earlier, resulting in an approximately 10% increase in the company’s data and listing services revenue.
EXCEEDS $5 BILLION NET SALES Nasdaq reported adjusted earnings of 96 cents per share, beating average analyst expectations of 91 cents per share, according to data compiled by LSEG.
“For the first time, Nasdaq exceeded $5 billion in annual net sales and annual Solutions revenue,” Friedman said in a statement.
Increased volatility due to US policy and macroeconomic fears drove up volumes in stock options and cash shares, driving up transaction and clearing costs for exchange operators.
The company’s trading services revenue grew 16% to $311 million in the reported quarter, helped by industry record volumes in U.S. cash equities and equity derivatives.
Revenue from the company’s financial technology unit rose 13.7%, while revenue from index operations rose 23.4%.
Nasdaq has expanded its footprint from trading operations to financial technology and software, building predictable, recurring revenue streams that are less exposed to the market’s fluctuations.
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