NASDAQ$NDAQ
Nasdaq Inc. · Q3 2023 earnings
Q3 2023 earnings · · Investor relations
Briefing
Nasdaq's Q3 2023 results reflected solid execution amid a dynamic economic and capital markets backdrop, with broad-based growth driving solutions businesses revenue acceleration.
Nasdaq reported a 6% increase in net revenues, reaching $940 million, driven by a 9% growth in Solutions Businesses revenues. GAAP diluted EPS increased by 2% to $0.60, while non-GAAP diluted EPS rose by 4% to $0.71. The company generated over $1.6 billion in free cash flow over the trailing twelve month period and returned $108 million to shareholders through dividends.
- Net revenues increased by 6% compared to Q3 2022, with Solutions Businesses revenues up by 9%.
- Annualized Recurring Revenue (ARR) increased by 6% year-over-year, with SaaS revenues representing 37% of ARR.
- Anti-Financial Crime revenue increased by 21% compared to the prior year quarter.
- GAAP diluted EPS increased by 2%, and non-GAAP diluted EPS increased by 4% compared to Q3 2022.
Headline financials
Revenue & EPS history
Nasdaq · Revenue · Quarterly
$1.45B
Revenue by segment
Nasdaq · $236M total across 1 segment · Q3 2023
- Market Services$236M-22.6%100.0%
Forward guidance
Nasdaq is updating its 2023 non-GAAP operating expense guidance to a range of $1,785 million to $1,805 million and its 2023 non-GAAP tax rate guidance to be in the range of 24.5% to 25.5%.
Tailwinds
- Completing the acquisition of Adenza
- Expanding market-based solutions for environmental sustainability
- Achieving strong revenue growth in Anti-Financial Crime
- Benefiting from index performance as a top-line growth driver
- Maintaining listings leadership in the U.S. and launching a revamped MarketSite
Headwinds
- Ability to secure regulatory approvals on the terms expected, in a timely manner or at all
- Nasdaq’s ability to successfully integrate Adenza’s operations
- The impact of Adenza’s business model on Nasdaq’s ability to forecast revenue results
- Disruption from the transaction making it more difficult to maintain business and operational relationships
- The negative effects of the announcement or the consummation of the proposed transaction on the market price of Nasdaq’s common stock or on Nasdaq’s operating results
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q3 2023
+0.8%
Avg return
Earnings day
+0.3%
Avg return
5 days after
+1.8%
Avg return
30 days after
58%
40 / 69 earnings
Positive
+9.4%
Q1 2011
Best reaction
-6.4%
Q1 2022
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -0.0% | +5.7% | +5.4% | |
| Q4 2025 | -1.3% | -11.1% | -11.3% | |
| Q3 2025 | +1.6% | -0.5% | -2.1% | |
| Q2 2025 | -0.2% | -1.8% | -1.7% | |
| Q1 2025 | +1.7% | +3.3% | +11.3% | |
| Q4 2024 | +0.7% | +0.9% | +2.0% | |
| Q3 2024 | +1.1% | +2.7% | +9.7% | |
| Q2 2024 | +6.7% | +10.2% | +12.1% | |
| Q1 2024 | -2.2% | -2.7% | +1.2% | |
| Q4 2023 | -2.3% | -4.2% | -3.3% | |
| Q3 2023 | +2.7% | -0.2% | +7.1% | |
| Q2 2023 | -3.4% | -0.6% | +0.8% | |
| Q1 2023 | +1.6% | +1.7% | -0.5% | |
| Q4 2022 | -2.9% | -3.7% | -7.9% | |
| Q3 2022 | -0.6% | +2.7% | +14.5% | |
| Q2 2022 | +9.2% | +8.0% | +17.4% | |
| Q1 2022 | -6.4% | -8.0% | -19.3% | |
| Q4 2021 | -1.5% | +2.4% | -1.3% | |
| Q3 2021 | -4.8% | -3.5% | -0.5% | |
| Q2 2021 | +2.5% | +3.1% | +4.3% | |
| Q1 2021 | +0.0% | +0.2% | +2.6% | |
| Q4 2020 | -1.5% | -1.8% | -2.0% | |
| Q3 2020 | +0.8% | -1.2% | -2.1% | |
| Q2 2020 | +0.3% | -0.4% | -0.8% | |
| Q1 2020 | -1.3% | +6.0% | +9.6% | |
| Q4 2019 | +4.3% | +6.0% | -7.7% | |
| Q3 2019 | +3.2% | +0.9% | +6.7% | |
| Q2 2019 | -3.2% | -4.2% | -3.3% | |
| Q1 2019 | -0.2% | +2.0% | +0.4% | |
| Q4 2018 | +2.6% | +1.3% | +7.2% | |
| Q3 2018 | +2.4% | +3.0% | +7.6% | |
| Q2 2018 | -1.2% | -2.9% | -0.5% | |
| Q1 2018 | +2.2% | +2.4% | +7.6% | |
| Q4 2017 | -0.6% | -5.4% | -1.5% | |
| Q3 2017 | -1.6% | -1.4% | +5.2% | |
| Q2 2017 | +2.2% | +2.2% | +4.1% | |
| Q1 2017 | -2.6% | -3.0% | -4.2% | |
| Q4 2016 | +3.7% | +3.2% | +4.5% | |
| Q3 2016 | -3.6% | -3.6% | -1.0% | |
| Q2 2016 | +3.5% | +4.3% | +2.9% | |
| Q1 2016 | -2.4% | — | — | |
| Q4 2015 | +6.4% | — | — | |
| Q3 2015 | +6.2% | — | — | |
| Q2 2015 | +0.3% | — | — | |
| Q1 2015 | -0.6% | — | — | |
| Q4 2014 | +1.3% | — | — | |
| Q3 2014 | -0.8% | — | — | |
| Q2 2014 | +2.9% | — | — | |
| Q1 2014 | -1.5% | — | — | |
| Q4 2013 | +0.2% | — | — | |
| Q3 2013 | +6.2% | — | — | |
| Q2 2013 | -1.8% | — | — | |
| Q1 2013 | +0.9% | — | — | |
| Q4 2012 | +2.5% | — | — | |
| Q3 2012 | -1.1% | — | — | |
| Q2 2012 | +6.3% | — | — | |
| Q1 2012 | -0.9% | — | — | |
| Q4 2011 | +2.1% | — | — | |
| Q3 2011 | +1.3% | — | — | |
| Q2 2011 | -2.9% | — | — | |
| Q1 2010 | +0.0% | — | — | |
| Q1 2011 | +9.4% | — | — | |
| Q4 2008 | +1.5% | — | — | |
| Q4 2010 | +1.5% | — | — | |
| Q3 2009 | +1.8% | — | — | |
| Q3 2010 | +1.8% | — | — | |
| Q2 2010 | +1.3% | — | — | |
| Q4 2009 | +1.3% | — | — | |
| Q2 2009 | +1.3% | — | — |
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