Nasdaq just reminded everyone why owning the pipes matters more than owning the water. The exchange operator posted second-quarter net revenue of $1.5 billion, a 15% increase year-over-year, powered by a wave of high-profile IPO listings and a data business that keeps compounding quietly in the background.
Non-GAAP diluted earnings per share landed at $1.07, roughly 9% above analyst estimates of approximately $0.98.
The numbers behind the beat
The standout driver was Nasdaq’s Solutions segment, which includes its data services and index products. Solutions revenue climbed 17% compared to the same period last year, outpacing the company’s overall growth rate.
Annualized recurring revenue hit $3.3 billion, an 11-12% increase year-over-year.
