BenzingaDoubao · 实盘不做把握 5/10不做原因:风险收益比不佳
北京时间·🕒 发布 20:36:18·⟳ 抓取 20:36:29 +11s·⚡ 决策 10-22 20:37:31 +1m02s·4.8 天前
Nasdaq(NDAQ)Q3调整后EPS $1.04超预期、营收同比+12.6%，指数收入飙升39%，盘前涨2.4%
这是一则方向正面但预期差很小的超大市值金融股财报：EPS仅超预期约2%、营收超预期约1%，主要看点（指数业务高增长、回购）属于已知业务趋势，盘前已上涨2.4%基本完成定价，追高风险回报不足。
📄 原文Benzinga↗ 原文
Nasdaq CEO Says Markets Are Heading Toward An AI-Driven, 'Always-On' Future
Nasdaq Inc. (NASDAQ:NDAQ) reported better-than-expected third-quarter earnings and revenue Thursday, driven by strong g…
不做 Nasdaq Inc.（NDAQ.US）
EPS仅超预期约2%、营收超预期约1%，对超大盘蓝筹属软财报；盘前已+2.4%基本price-in，追高风险回报不足，等回调或电话会指引上调确认后再考虑。
展开详情(成交明细 / 研究档案 / 原文全文 / 决策记录链)
研究档案
结论摘要
Nasdaq Q3业绩扎实、指数收入+39%且持续返还股东，但EPS/营收超预期幅度均很小，盘前已涨2.4%，对超大盘金融蓝筹而言短线edge有限，不建议追高，等回调或指引上调确认。
🔎 新鲜度:最早出现 2026-10-22 · 扩散 medium · price-in 风险 medium ↗
关键理由
- EPS $1.04 vs 预期$1.02、营收$14.81亿 vs 预期$14.66亿，双超预期且指数收入同比+39%、ARR+12%，基本面质量高
- 季度返还股东$4.96亿并保留$22亿回购额度，下方有现金回报支撑
主要风险
- 超预期幅度仅约1-2%，盘前+2.4%可能已充分定价，开盘易高开低走
- 非GAAP运营费用同比+9%，若电话会指引或利润率表态偏谨慎将压制股价
反向证据
- 做多前查反向 · 来源 web · 影响 weakens
正文显示非GAAP运营费用同比+9%（薪酬+技术投入），且未提供上调全年指引的明确表述，削弱超预期带来的上行弹性。
检索:NDAQ Q3 expenses guidance margin outlook 原文 ↗
先例如何影响了这次决策
对本次决策的影响:先例不足进一步支持不追高、给AVOID而非凭感觉设定止盈止损。
方向:缺乏本轮联网确认的高相似同市场（美国大型交易所财报小幅超预期+盘前小涨）先例面板，无法据先例校准开盘后追涨胜率。
涨幅量级:无锚干净的aligned先例，不宜设定tp/sl幅度。
形态:大盘金融蓝筹财报仅小幅超预期、盘前上涨1-3%的常见模式为开盘前后大部分反应即兑现，但本轮无tool验证先例，仅作背景不据此交易。
原文全文
展开原文 · 2,850 字
Nasdaq Inc. (NASDAQ:NDAQ) reported better-than-expected third-quarter earnings and revenue Thursday, driven by strong growth in its financial technology and index businesses.
The exchange operator reported adjusted earnings of $1.04 per share, beating analysts’ consensus estimate of $1.02 and rising 18% from 88 cents a year earlier.
Revenue increased 12.6% year over year to $1.481 billion, exceeding the $1.466 billion consensus estimate, according to Benzinga Pro.
Nasdaq Index Revenue Jumps 39%
Nasdaq’s third-quarter results showed broad-based growth across its technology, data and index businesses.
Solutions revenue rose 17%, while Financial Technology revenue increased 16% to $529 million.
Index revenue surged 39% to $286 million, supported by $49 billion in net inflows during the quarter and $141 billion over the trailing 12 months.
Market Services net revenue rose 2% to $309 million.
Annualized recurring revenue (ARR), a measure of revenue expected to repeat annually, climbed 12% to $3.4 billion. Software-as-a-service revenue accounted for 38% of ARR.
Operating Expenses Rise As Nasdaq Invests In Technology
Non-GAAP operating expenses rose 9% to $638 million, reflecting higher compensation costs and continued technology investments.
GAAP earnings increased 31% to 96 cents per share.
Nasdaq generated $521 million in operating cash flow during the quarter and ended Sept. 30 with $365 million in cash and cash equivalents.
The company returned $496 million to shareholders, including $173 million in dividends and $323 million through share repurchases.
Nasdaq had $2.2 billion remaining under its board-authorized share repurchase program.
The company also declared a quarterly dividend of 31 cents per share, payable Dec. 18 to shareholders of record as of Dec. 4.
Nasdaq CEO Highlights Record Index Inflows
Chair and CEO Adena Friedman said the company’s third-quarter performance reflected strong business momentum, with milestones across all three divisions.
“Nasdaq’s third-quarter performance demonstrates the strength and momentum of our business, with 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,” Friedman said.
Friedman also said global markets are evolving toward an AI-driven, “always-on” future, with greater integration across asset classes and geographies, creating new opportunities for the company to expand its market infrastructure and technology businesses.
NDAQ Price Action: Nasdaq shares rose 2.41% to $98.44 in premarket trading Thursday, according to Benzinga Pro data.
Photo via Shutterstock
© 2026 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
To add Benzinga News as your preferred source on Google, click here.
The exchange operator reported adjusted earnings of $1.04 per share, beating analysts’ consensus estimate of $1.02 and rising 18% from 88 cents a year earlier.
Revenue increased 12.6% year over year to $1.481 billion, exceeding the $1.466 billion consensus estimate, according to Benzinga Pro.
Nasdaq Index Revenue Jumps 39%
Nasdaq’s third-quarter results showed broad-based growth across its technology, data and index businesses.
Solutions revenue rose 17%, while Financial Technology revenue increased 16% to $529 million.
Index revenue surged 39% to $286 million, supported by $49 billion in net inflows during the quarter and $141 billion over the trailing 12 months.
Market Services net revenue rose 2% to $309 million.
Annualized recurring revenue (ARR), a measure of revenue expected to repeat annually, climbed 12% to $3.4 billion. Software-as-a-service revenue accounted for 38% of ARR.
Operating Expenses Rise As Nasdaq Invests In Technology
Non-GAAP operating expenses rose 9% to $638 million, reflecting higher compensation costs and continued technology investments.
GAAP earnings increased 31% to 96 cents per share.
Nasdaq generated $521 million in operating cash flow during the quarter and ended Sept. 30 with $365 million in cash and cash equivalents.
The company returned $496 million to shareholders, including $173 million in dividends and $323 million through share repurchases.
Nasdaq had $2.2 billion remaining under its board-authorized share repurchase program.
The company also declared a quarterly dividend of 31 cents per share, payable Dec. 18 to shareholders of record as of Dec. 4.
Nasdaq CEO Highlights Record Index Inflows
Chair and CEO Adena Friedman said the company’s third-quarter performance reflected strong business momentum, with milestones across all three divisions.
“Nasdaq’s third-quarter performance demonstrates the strength and momentum of our business, with 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,” Friedman said.
Friedman also said global markets are evolving toward an AI-driven, “always-on” future, with greater integration across asset classes and geographies, creating new opportunities for the company to expand its market infrastructure and technology businesses.
NDAQ Price Action: Nasdaq shares rose 2.41% to $98.44 in premarket trading Thursday, according to Benzinga Pro data.
Photo via Shutterstock
© 2026 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
To add Benzinga News as your preferred source on Google, click here.
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