On its third-quarter 2026 earnings call, held on Oct. 22, 2026, Nasdaq (NASDAQ:NDAQ) announced net revenue grew 14% year over year to $1.5 billion, propelled by demand for cloud technology and index products. The business is converting capital markets infrastructure into high-margin annualized recurring revenue, or predictable subscription software fees. Three things management said stand out. Institutional clients are moving core operations from on-premises servers to cloud-based architectures, thereby expanding contract sizes and recurring fees. Software bookings reflect this shift as clients modernize risk management and trading workflows. Banks are adopting automated tools to combat fraud and money laundering, boosting adoption of Nasdaq Verafin, the company's financial crime prevention software. The software serves small and medium-sized business (SMB) clients alongside global financial institutions, where enterprise adoption is pacing ahead of last year's total.
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