Seeking Alpha 复盘纳斯达克(NDAQ)Q3 双超预期：EPS $1.04、营收 $14.8 亿，但上调 2026 费用指引

Nasdaq ( NDAQ ) delivered top- and bottom-line earnings beats in Q3, bolstered by strong growth in its Capital Access Platforms business. At the same time, the exchange operator increased its 2026 expense guidance on Thursday. Q3 non-GAAP EPS of $1.04 , beating the average analyst estimate of $1.02, fell from $1.07 in Q2 and rose from $0.88 in last year’s Q3. Q3 net revenue of $1.48B, topping the $1.46B consensus, declined from $1.50B in the prior quarter and increased from $1.32B a year ago. Annualized recurring revenue of $3.37B grew 12% Y/Y, ticking up from 11% Y/Y growth in Q2. Nasdaq Chair and CEO Adena Friedman highlighted "new milestones achieved across all three divisions, including record Index net inflows, record FinTech ARR growth, and the establishment of Nasdaq Digital Liquidity Networks within Market Services." The company now expects 2026 non-GAAP operating expenses of $2.550B-$2.580B, up from its previous guidance of $2.530B-$2.570B. It reiterated its non-GAAP tax rate guidance of 22.5%-24.5%. Q3 non-GAAP operating expenses of $638M climbed from $641M in Q2 and $583M in Q3 2025. Non-GAAP operating margin of 57%, unchanged from the previous quarter, edged up from  56% in the year-ago period. Solutions' net revenue of $1.17B increased 17% Y/Y, the  same pace as in Q2. The Capital Access Platforms business's revenue climbed 20% Y/Y, with index revenue surging 39% Y/Y. Financial technology revenue grew 16%. Market Services' net revenue of $309M rose 2% Y/Y, slowing from an 11% Y/Y rise in the prior quarter.