Nasdaq, Inc. filed its 10-Q with the SEC, and its figures are now in our data. Revenue over the twelve months to Q3 2026 was $9.15 billion, which rose 11.5% on the year before. That growth rate was up 4.0 percentage points on the rate a quarter earlier.

What stands out

Net income rose 28.2% over the year while free cash flow rose 7.6%, showing reported profit and cash are moving at different speeds. Capital spending rose 21.5%, faster than operating cash flow’s 9.0%, so less of the cash generated was left over.

Growth and profit

The trailing gross margin was 63.2%. The trailing operating margin was 29.8%, up 2.8 percentage points from a year earlier. The trailing net margin was 22.8%. Net income over the twelve months was $2.08 billion, which rose 28.2% on the year before.

Cash flow

Operating cash flow over the twelve months was $2.55 billion, up 9.0% on the year before. Capital spending was $288.0 million, or 3.1% of revenue. Free cash flow, operating cash flow less capital spending, was $2.26 billion, up 7.6% on the year before. Free cash flow was 24.7% of revenue, the free-cash-flow margin, down 0.9 percentage points from a year earlier. The average diluted share count fell 1.7% over the year.

In context

Today’s free-cash-flow margin of 24.7% is higher than 91% of the company’s own past quarterly readings, which have ranged from 11.7% to 27.1%. Today’s operating margin of 29.8% is higher than 100% of the company’s own past quarterly readings, which have ranged from 16.7% to 29.6%. Today’s twelve-month revenue growth rate of 11.5% is higher than 79% of the company’s own past quarterly readings, which have ranged from −10.7% to 32.2%.

Guidance

The company gave its 2026 guidance for non-GAAP operating expense guidance (adjusted): $2.55 billion to $2.58 billion. The company kept its 2026 guidance for non-GAAP tax rate guidance (adjusted): 22.5% to 24.5%.

What it means for value

In our model, growth 5 percentage points lower would lower the value by 27.8%, and 5 percentage points higher would raise it by 36.0%. A free-cash-flow margin 1 percentage point lower would lower it by 4.1%.

What to watch

The next filing will show whether the divergence between net income growth and free cash flow growth continues. It will also reveal if capital spending remains elevated relative to operating cash flow. Finally, it will indicate if the operating margin holds its position above the company’s historical range.