News · Nasdaq, Inc. (NDAQ) · Financial Services

Nasdaq rises 7.5% after third-quarter results beat estimates

Session of October 22, 2026 · Published October 23, 2026 · 4 min read

What happened

Nasdaq (NDAQ) rose 7.5% on October 22, 2026, after reporting third-quarter results that beat earnings estimates because of record recurring revenues, strong index demand and double-digit growth in its technology/FinTech business, according to Seeking Alpha and Zacks Investment Research. The company reported quarterly earnings of $1.04 per share versus $0.88 a year ago and above the Zacks Consensus Estimate of $1.02 per share. The stock’s jump came as the S&P 500 fell 1.2% for the session while the Financial Services sector median rose 1.5%.

Closing price over the last 30 trading sessions. On October 22, 2026, NDAQ closed at $103.30, up 7.5% on the day and 13.3% higher than 30 sessions earlier.

How big was the move

The stock closed at $103.30, up 7.5% for the day and up 10.5% over the last five sessions. Trading volume ran 2.4 times its 20-day average, and the session’s move measured 4.8 times a typical daily move for this stock. Nasdaq’s performance was 6.0 percentage points better than the sector median on the day and outpaced the S&P 500’s five-session decline of 1.0%.

Each bar is one day's price change; the outlined bar is October 22, 2026. A typical daily move over the past year was 1.7%, so the latest move equals 4.3 times that. Moves outside the dashed lines (about 3.5%) are unusual.

Those figures suggest an outsized, company-specific reaction rather than a market-driven rally. The company released its results during the session, so the earnings beat and the cited business drivers were the direct cause of the move, according to the facts provided.

The technical picture

The stock traded at or near its 52-week high and stood 10.5% above its 20-day moving average, 9.0% above its 50-day moving average and 14.2% above its 200-day moving average. The 50-day average is above the 200-day average, a sign of an established uptrend, and Nasdaq has been above its 200-day average for 14 consecutive trading days. Momentum readings show a Relative Strength Index of 74, above 70, a level often called overbought.

Closing price over the past year. NDAQ ends the period at its 52-week high, above its 50-day average ($94.77) and above its 200-day average ($90.44).

Shorter-term momentum was strong: the stock rose 8.2% over one month and 12.2% over three months. Over one year the stock rose 14.4%, which is 0.6 percentage points ahead of the S&P 500. Volatility ran at 24% annualized over 60 days, higher than 57% of its own readings over five years, indicating larger recent price swings even as the trend strengthened.

Fundamentals and valuation

For the four quarters through September 30, 2026, the company reported revenue of $9.14 billion, which grew 11.9% from a year earlier, and diluted earnings per share of $3.66, which rose 30.7% from a year earlier. Gross margin widened to 63.2% from 41.1 a year earlier and operating margin improved to 31.7% from 27.2. Free-cash-flow margin stood at 24.7% and return on invested capital was 9.2%.

Quarterly revenue by period end. The latest quarter brought $2.4B, 22.2% more than the same quarter a year earlier.

The balance sheet shows net debt of 2.6 times EBITDA and share count decreased by 2.7% over one year. Market value stood at $52.53 billion. Those profit and cash-flow metrics help explain why margin expansion was a focus of the company’s report and why the stock drew buying despite already elevated technical readings.

Valuation metrics show a price to trailing earnings of 28.2 times trailing earnings and a price to forward earnings of 25.1 times expected earnings. The stock’s price to trailing earnings is higher than 62% of its own readings over the past five years, with a five-year median of 26.6 times earnings. Free-cash-flow yield was 4.3%.

Taken together, the business shows healthy growth and quality metrics, but the shares trade at a premium to their recent history, leaving less margin for disappointment if growth slows.

Earnings and analyst expectations

Nasdaq’s last report, on October 22, 2026, delivered earnings per share of $1.04 against $1.02 expected, a 2.0% beat, and marked the company’s tenth consecutive quarterly beat. The average surprise over the last four reports was 4.5% above estimates. The company’s next scheduled report is February 4, 2027.

Diluted earnings per share by quarter. The latest quarter shows $0.96, against $0.73 in the same quarter a year earlier.

Analysts covering the stock number 36, with 61% rating the stock Buy or Strong Buy and a consensus rating of Buy; the consensus price target is $110.43, 6.9% above the closing price. Typical two-day reactions after recent reports have seen the stock rise 2.1%, which underscores the larger-than-normal one-day move on October 22, 2026.

PromtFinance scores place Nasdaq strong on Momentum at 80 and positive on Growth at 65 and Quality at 78, while Value scored 30 and Stability scored 35 within the sector. Those scores reflect the mix of rapid recent performance and above-median profitability alongside a stretched valuation and lower stability readings.

What to watch

Next report scheduled for February 4, 2027.
Consensus price target of $110.43, 6.9% above the closing price on October 22, 2026.
Net debt of 2.6 times EBITDA and free-cash-flow margin of 24.7% for the four quarters through September 30, 2026.
Relative Strength Index at 74 and the stock 10.5% above its 20-day moving average.
Revenue of $9.14 billion for the trailing four quarters, up 11.9% year over year.

Full NDAQ analysis: scores, chart and financials →