Nasdaq, Inc. (NDAQ) — Q2 2026 Earnings Preview

Company	Nasdaq, Inc.	Earnings Date	July 23, 2026
Ticker	NDAQ US	Prepared	July 22, 2026
Reporting Period	Q2 2026 (quarter ended June 30, 2026)	Event Time	8:00 AM ET

1. Earnings Preview

Key Takeaway: The setup favors a beat — consensus has been revised steadily higher since the Q1 print, the bar on Financial Technology ARR growth is achievable given strong pipeline commentary, and elevated market volumes through Q2 provide a tailwind to Market Services; the single biggest swing factor is whether Verafin enterprise implementations accelerate ARR recognition into the back half.

Heading into Q2 2026 results, the consensus bar looks beatable but not easy. Net revenue consensus of ~$1.46B implies ~12% YoY growth, a step-up from Q1's 13% that management guided would face a higher expense run-rate in Q2 due to annual compensation cycle timing. The tone from management at three June conferences was consistently constructive: Tal Cohen cited strong corporate earnings, robust retail engagement, a favorable regulatory backdrop, and AI as a sustained tailwind through April and May, while reiterating confidence in the $100M cross-sell run-rate target by end-2027. Estimate revisions have drifted steadily upward since the April 23 print — 2Q26 Non-GAAP EPS consensus has risen from $0.943 to $0.985 and net revenue consensus from $1.418B to $1.456B — suggesting the Street is already pricing in a solid quarter, leaving less room for a large upside surprise. The stock has underperformed since Q1 earnings (down ~5% vs. SPY +5%), with multiple compression (NTM EV/EBITDA contracting ~17% over six months) absorbing much of the fundamental momentum, which means a clean beat could drive meaningful re-rating. The key wildcard is the pace of Verafin enterprise ARR recognition: management flagged that H2 2026 is when implementations from H2 2025 signings begin flowing into ARR, and any acceleration — or delay — in that conversion will be the most watched data point on the call.

2. KPIs & Consensus Expectations

Key Takeaway: Consensus implies ~12% YoY net revenue growth and ~6% Non-GAAP EPS growth sequentially; Financial Technology revenue is the bigger swing factor given enterprise deal timing variability, while Index revenue should benefit from the CME fee-tier reset that kicked in at end of Q1.

Table 1 — Current Quarter Snapshot (Q2 2026)

KPI	Q1 2026 Actual	Q2 2025 Actual	Q2 2026 Consensus	YoY Change	Guidance	Cons. vs. Guidance
Net Revenue (Rev. less transaction-based exp.)	$1,407M	$1,306M	$1,456M	+11.5%	No specific Q2 guidance	N/A
Non-GAAP Diluted EPS	$0.96	$0.85	$0.985	+15.9%	No specific Q2 guidance	N/A
Total Financial Technology Revenue	$517M	$464M	$521M	+12.3%	10–14% medium-term range	~+12% (within range)
Index Licensing & Services Revenue	$220M	$196M	$246M	+25.5%	No specific Q2 guidance	N/A
Total Solutions Revenue	$1,082M	$984M	$1,116M	+13.4%	9–12% medium-term range	~+13% (above range)
Non-GAAP Operating Income	$799M	$721M	$814M	+12.9%	Opex $2.485–$2.545B FY (raised)	Consistent with raised guide

Sources: Visible Alpha Consensus and Actuals Data — Net Revenue, Non-GAAP EPS, Financial Technology Revenue, Index Revenue, Solutions Revenue, Operating Income. All consensus figures as of July 22, 2026.

Table 2 — Beat / Miss History (Last 8 Quarters, Top 2 KPIs)

Top 2 KPIs: (1) Net Revenue (Revenues less transaction-based expenses) | (2) Non-GAAP Diluted EPS

Quarter	Net Rev. Reported	Net Rev. Consensus	Net Rev. Surprise	EPS Reported	EPS Consensus	EPS Surprise	Result
Q3 2024	$1,180M	$1,173M	+0.6%	$0.74	$0.699	+5.9%	Beat / Beat
Q4 2024	$1,227M	$1,228M	-0.1%	$0.76	$0.750	+1.3%	In-line / Beat
Q1 2025	$1,237M	$1,234M	+0.2%	$0.79	$0.772	+2.3%	Beat / Beat
Q2 2025	$1,306M	$1,279M	+2.1%	$0.85	$0.814	+4.4%	Beat / Beat
Q3 2025	$1,315M	$1,304M	+0.8%	$0.88	$0.848	+3.8%	Beat / Beat
Q4 2025	$1,392M	$1,373M	+1.4%	$0.96	$0.916	+4.8%	Beat / Beat
Q1 2026	$1,407M	$1,377M	+2.2%	$0.96	$0.930	+3.2%	Beat / Beat
Q2 2026E	—	$1,456M	—	—	$0.985	—	Upcoming

Pattern: NDAQ has beaten consensus on both Net Revenue and Non-GAAP EPS in 7 of the last 7 reported quarters, with EPS beats averaging ~3–5% — a consistent track record that has likely been partially priced in by the Street's upward revision trend heading into Q2 2026.

Source: Visible Alpha Consensus and Actuals Data.

3. Guidance & Commentary Evolution

Key Takeaway: The only formal guidance change since Q1 earnings was a modest upward revision to FY2026 non-GAAP operating expenses (reflecting strong revenue performance); all other guidance — tax rate, medium-term segment growth ranges, leverage target — was reiterated unchanged. Management tone at June conferences was constructive and confident.

Metric	Initial Guidance (Q1 2026 Earnings Call, Apr 23)	Revised Guidance	Current Consensus	Note
FY2026 Non-GAAP Opex	$2.485B – $2.545B (raised from $2.455B–$2.535B at Q1)	—	Consistent with raised range	↑ Raised at Q1 earnings Apr 23, 2026; reflects strong revenue performance YTD; Q2 opex growth expected higher than Q1 due to annual comp cycle timing
FY2026 Non-GAAP Tax Rate	22.5% – 24.5%	—	Within range	Unchanged; reiterated at Q1 earnings
Financial Technology Medium-Term Growth	10% – 14% annually (Investor Day Feb 2026)	—	~12% YoY (within range)	Reiterated at June conferences; management expressed confidence in moving toward higher end of range
Capital Access Platforms Medium-Term Growth	6% – 10% annually (Investor Day Feb 2026)	—	~13% YoY (above range, driven by Index)	Reiterated at June conferences; Index outperformance driven by CME fee-tier reset and ETP AUM momentum
Total Solutions Revenue Medium-Term Growth	9% – 12% annually (Investor Day Feb 2026)	—	~13% YoY (above range)	Reiterated; consensus tracking above the top of the range
Gross Leverage Target	Mid-to-high 2x (ended Q1 at 2.8x)	—	N/A	Reiterated at June conferences; new $1.5B revolving credit facility signed June 30, 2026 (matures 2031)
Cross-Sell Run-Rate Revenue Target	$100M by end-2027 (at $45M run-rate as of Q1)	—	N/A	Reiterated at all three June conferences; Tier 1 Verafin cross-sell signed early Q2 adds to pipeline
AI Efficiency Savings Target	$100M run-rate expense savings by end-2027	—	N/A	Reiterated; majority of savings expected in 2027; investments ongoing in 2026
23/5 Trading Launch	December 6, 2026 (confirmed at Q1 earnings)	—	N/A	Reiterated at all June conferences; consolidated tape also launching simultaneously

4. Guidance vs. Estimate Revision Tracker

Key Takeaway: Estimates for both Q2 2026 and FY2026 have drifted steadily higher since the Q1 print — 2Q26 Non-GAAP EPS consensus is up ~4.5% from the post-print baseline and net revenue is up ~2.7% — indicating the Street is gaining confidence in the growth trajectory. Estimates are tracking above the top of management’s medium-term guidance ranges for Solutions revenue, suggesting the bar has risen.

KPI (Period)	Estimate Apr 28, 2026 (Post-Q1 Baseline)	Current Consensus (Jul 22, 2026)	Estimate Δ (%)	Initial Guidance (Q1 Earnings Call)	Current Guidance	Guidance Δ	Cons. vs. Guidance (%)
Non-GAAP EPS — Q2 2026	$0.943	$0.985	+4.5%	No specific Q2 guidance	No specific Q2 guidance	N/A	N/A
Non-GAAP EPS — FY2026	$3.923	$4.012	+2.3%	No specific FY EPS guidance	No specific FY EPS guidance	N/A	N/A
Net Revenue — Q2 2026	$1,418M	$1,456M	+2.7%	No specific Q2 guidance	No specific Q2 guidance	N/A	N/A
Net Revenue — FY2026	$5,756M	$5,834M	+1.4%	No specific FY revenue guidance	No specific FY revenue guidance	N/A	N/A
Total Financial Technology — Q2 2026	$524M	$521M	-0.6%	10–14% medium-term growth	10–14% medium-term growth (unchanged)	Unchanged	~+12% YoY (within range)
Total Financial Technology — FY2026	$2,130M	$2,125M	-0.2%	10–14% medium-term growth	10–14% medium-term growth (unchanged)	Unchanged	~+12% YoY (within range)
Index Licensing & Services — Q2 2026	$229M	$246M	+7.4%	No specific guidance; CME fee-tier reset flagged as Q2 tailwind	Unchanged	N/A	N/A
Non-GAAP Operating Income — Q2 2026	$785M	$814M	+3.7%	FY Opex $2.485–$2.545B; Q2 opex growth higher than Q1	Unchanged	N/A	Consistent with raised FY opex guide

Source: Visible Alpha Consensus and Actuals Data. Post-Q1 baseline uses consensus as of April 28, 2026 (5 trading days after the April 23, 2026 earnings release). Current consensus as of July 22, 2026.

Commentary: The most notable revision is in Index Licensing (+7.4% since the post-Q1 baseline), reflecting the CME fee-tier reset that management explicitly flagged as a Q2 tailwind, plus continued ETP AUM momentum with $15B in net inflows as of April 20. Financial Technology estimates are essentially flat since the post-Q1 baseline, suggesting the Street is waiting for evidence of Verafin ARR acceleration before revising higher — this makes FinTech the key swing factor on the call.

5. Stock Performance

Key Takeaway: NDAQ has underperformed both the S&P 500 and the KBE financials ETF since Q1 earnings, driven almost entirely by multiple compression (NTM EV/EBITDA down ~17% over six months) rather than estimate cuts — a setup that could re-rate sharply on a clean beat with positive ARR commentary.

Sector ETF used: KBE (SPDR S&P Bank ETF) — selected as the closest available proxy for the diversified financial services / exchange operator sub-sector. Note that NDAQ’s business mix (technology platform + exchange) means no single ETF is a perfect match; KBE captures the broader financial infrastructure sentiment.

Performance since Q1 2026 earnings (April 23, 2026 close = 100):

Date	NDAQ (Indexed)	KBE (Indexed)	SPY (Indexed)	Key Event
Apr 23, 2026 (Base)	100.0	100.0	100.0	Q1 2026 Earnings (Beat)
Apr 30, 2026	105.6	100.0	101.4	—
May 29, 2026	106.3	98.7	106.7	Peak post-earnings
Jun 2, 2026	101.0	98.7	107.2	Piper Sandler / William Blair conferences
Jun 9, 2026	100.6	101.2	103.9	Morgan Stanley Financials Conference
Jun 17, 2026	95.7	101.6	104.5	Shareholder meeting; stock pullback
Jun 25, 2026	89.2	106.2	103.4	Trough; NDAQ -11% from base
Jul 1, 2026	95.1	107.9	105.0	$1.5B revolving credit facility signed
Jul 16, 2026	108.3	111.8	105.7	Post-trough recovery; CME Q2 beat
Jul 21, 2026 (Latest)	104.5	109.0	105.3	Pre-earnings close

Source: Stock Price Data (Yahoo Finance). Indexed to 100 at April 23, 2026 close ($87.04 NDAQ, $64.33 KBE, $708.45 SPY).

Performance Summary: From the Q1 earnings close (Apr 23) through July 21, 2026, NDAQ is +3.7% vs. KBE +7.7% and SPY +5.6%. The stock peaked at ~$92.52 on May 29 before a sharp drawdown to a trough of $76.85 on June 29 (−11.7% from the post-earnings close), driven by broad market rotation and multiple compression rather than any company-specific negative news. The stock has since recovered to ~$90.24 as of July 21. The NTM EV/EBITDA multiple has compressed from ~19.6x six months ago to ~16.2x today, suggesting the stock is now trading at a more attractive entry point relative to its fundamental trajectory. The underperformance vs. KBE is notable given NDAQ’s superior earnings growth profile, and a clean Q2 beat with positive ARR commentary could catalyze a re-rating.

6. Material News & Developments

Key Takeaway: The most important development since Q1 earnings is the confirmation of the December 6, 2026 launch date for 23/5 trading, which is driving incremental demand across data, surveillance, Calypso, and trade management services — a multi-segment revenue catalyst that the Street has not yet fully modeled.

Apr 23, 2026 — Q1 2026 Earnings Beat & Guidance Raise: NDAQ reported Non-GAAP EPS of $0.96 (vs. $0.930 consensus, +3.2% beat) and net revenue of $1,407M (vs. $1,377M, +2.2% beat). FY2026 non-GAAP opex guidance raised to $2.485–$2.545B. Dividend raised to $0.31/share. Accelerated buybacks: $548M in Q1 alone vs. $616M for all of 2025. Implication: Sets a high bar for Q2 but demonstrates durable execution.
Apr 23, 2026 — 23/5 Trading Launch Date Confirmed: SEC approval received; December 6, 2026 confirmed as launch date for extended trading hours. Consolidated tape will also expand simultaneously. Implication: Drives incremental demand across data, surveillance, Calypso, and trade management services; management noted ~10–11% of ADV already occurs outside core hours.
Apr 23, 2026 — Nasdaq-100 Methodology Changes Implemented (May 1): Three changes: quarterly rebalance (replacing annual), fast-entry pathway for top-40 companies (~$120B market cap, within 15 trading days), and graduated float-adjusted weighting (3x float cap up to 33% float threshold). Implication: Modernizes the flagship index ahead of anticipated large IPOs (e.g., SpaceX); generally well received by industry.
Apr 23, 2026 — BlackRock & State Street Added as Nasdaq-100 ETF Licensees: Pricing terms consistent with existing QQQ arrangement. Implication: Opens new institutional and international distribution channels for the Nasdaq-100; a new chapter of AUM growth beyond Invesco.
Early Q2 2026 — Tier 1 Verafin Cross-Sell Signed: A Tier 1 bank that was already an AxiomSL and Calypso client signed for Verafin, announced shortly after Q1 earnings. Implication: Validates the One Nasdaq cross-sell thesis; adds to the 22 total enterprise clients signed since acquisition.
Jun 3–9, 2026 — Conference Circuit (William Blair, Piper Sandler, Morgan Stanley): Tal Cohen (President) presented at three conferences, reiterating constructive Q2 trends: strong corporate earnings, robust retail engagement, favorable regulatory backdrop, AI tailwind. Verafin agentic workforce now at 500+ client deployments (+40% since Investor Day). Implication: No negative pre-announcements; tone consistently positive.
Jun 16, 2026 — Annual Shareholder Meeting: Board, executive pay, and auditor ratified without controversy. Implication: No governance overhang heading into earnings.
Jun 30 / Jul 1, 2026 — New $1.5B Revolving Credit Facility: Amended and restated credit agreement with Bank of America as agent; 5-year term maturing June 30, 2031; $0 drawn as of July 1. Leverage covenant: 3.75x (expandable to 4.5x for acquisitions). Implication: Strengthens financial flexibility for bolt-on M&A and buybacks; no near-term liquidity concerns.
Jul 22, 2026 — CME Group Q2 2026 Beat: CME reported Q2 revenue of $1.7B (vs. $1.67B consensus) and EPS of $2.99 (vs. $2.90 consensus). ADV of 29.8M contracts (2nd highest Q2 ever); market data revenue record at $238M (+20% YoY). Implication: Strong positive read-through for NDAQ’s Market Services and market data businesses; elevated volumes and data demand are sector-wide tailwinds.

7. Peer Commentaries / Read-Through (Last 60 Days, Q2 2026 Focused)

Key Takeaway: Peer commentary from CME, ICE, and MarketAxess over the last 60 days paints a consistently constructive picture for Q2 2026: record or near-record trading volumes, surging market data revenue, robust demand for fintech and AI-driven solutions, and strong new issuance activity — all of which are direct tailwinds for NDAQ’s Market Services, Information Services, and Financial Technology segments.

Note: Only commentary from the last 60 days (May 22 – July 22, 2026) that addresses the current Q2 2026 reporting period or forward-looking trends is included below. Retrospective commentary about prior-quarter results is excluded.

CME Group (CME) — Q2 2026 Earnings Call, July 22, 2026

Read-Through Relevance: CME is the most direct peer for NDAQ’s Market Services and market data businesses. CME’s Q2 2026 results (reported same day as this preview) provide the most timely and actionable read-through.

Trading Volumes — Strong Q2 & Accelerating into Q3: CME reported Q2 2026 ADV of 29.8M contracts, the second-highest Q2 in company history and within 1% of the record. Equity complex ADV was 8.6M (+13% YoY), with June alone at 10.1M (+54% YoY). July-to-date is tracking 18% ahead of last year. NDAQ Read-Through: Elevated and accelerating equity and derivatives volumes are a direct tailwind for NDAQ’s U.S. equities and options market share revenue. NDAQ’s index options business grew 60%+ YoY in Q1; similar momentum likely continued in Q2.
Market Data Revenue — Record Quarter: CME’s market data revenue reached $238M in Q2 2026, up 20% YoY — the 33rd consecutive quarter of YoY growth and the 8th consecutive record quarter. Growth driven by 3.5% QoQ growth in professional subscribers and 56% YoY growth in simulation training accounts. NDAQ Read-Through: Sustained and accelerating demand for financial data is a sector-wide trend that should benefit NDAQ’s Information Services segment, particularly as 23/5 trading preparation drives enterprise data license demand internationally.
Crypto & New Products: CME successfully launched 24/7 crypto futures trading in Q2; crypto futures/options volumes up 44% H1 2026 vs. H1 2025. Single stock futures launching next week; compute futures (GPU rental cost benchmarks) planned for later in 2026. NDAQ Read-Through: Validates the industry-wide push toward new product innovation and extended trading hours — consistent with NDAQ’s 23/5 launch and binary/event options development.
H2 2026 Outlook: CME management expects “innovative new offerings to further accelerate growth” in H2 2026, citing “continued strong demand for risk management products.” NDAQ Read-Through: Positive sector-level forward guidance supports a constructive setup for NDAQ’s own H2 2026 outlook.

Intercontinental Exchange (ICE) — Piper Sandler Global Exchange & Fintech Conference, June 3, 2026

Read-Through Relevance: ICE’s COO commentary on data center demand, AI adoption, and 24/7 trading strategy is directly relevant to NDAQ’s technology platform and always-on markets initiatives.

AI Driving Data & Infrastructure Demand: ICE’s COO Stuart Williams stated that “AI is driving increased demand for our proprietary data and for our data center capacity.” ICE has acquired GPUs and is building on-prem AI infrastructure. All developers are using AI daily to write code. NDAQ Read-Through: Confirms sector-wide AI-driven demand for proprietary data and infrastructure — directly supports NDAQ’s Information Services and co-location revenue growth thesis.
Data Center Capacity Sold Out: ICE’s Hall 5 is sold out; Hall 6 is being sold and will be complete by early 2027. A second data center at Mahwah campus is under construction, doubling current capacity. A new Chicago colo facility for derivatives is “about to be announced.” NDAQ Read-Through: Strong co-location demand is a sector-wide trend; NDAQ expanded its own data center two years ago and is seeing incremental demand from 23/5 trading preparation.
Tokenization & 24/7 Trading: ICE has applied to the SEC to tokenize NYSE stocks and set up an ATS for 24/7 trading. ICE is “well along the process of getting approval” and expects to complete blockchain-native settlement layer integration “in the coming months.” NDAQ Read-Through: Both NDAQ and ICE are racing toward tokenized equities and extended trading hours; NDAQ has a first-mover advantage with SEC approval already received and a confirmed December 6 launch date.
Geopolitical Uncertainty Driving Volumes: ICE noted that geopolitical uncertainty and energy supply chain rewiring are driving “a lot more volume” with “more participants” — a “flywheel effect.” Energy open interest is up 8% YTD. NDAQ Read-Through: Elevated macro uncertainty and hedging demand are broadly supportive of exchange volumes across asset classes, including NDAQ’s equity and options markets.

Intercontinental Exchange (ICE) — Bernstein Strategic Decisions Conference, May 27, 2026

Read-Through Relevance: ICE CEO Jeffrey Sprecher’s commentary on retail engagement, IPO dynamics, and private credit data is relevant to NDAQ’s listings and data businesses.

Retail Engagement Surging: Sprecher stated: “The rise in retail and the equity markets is phenomenal, and that’s happening in all markets.” He anticipates “the interplay of retail and professional trading 24/7, 365.” NDAQ Read-Through: Sustained retail engagement is a direct tailwind for NDAQ’s U.S. equities and options volumes, and supports the demand case for 23/5 trading.
SpaceX IPO (June 11) as Market Structure Test: Sprecher highlighted the SpaceX IPO as a key event to watch for how private market price discovery interacts with the public offering process. He noted regulators and market participants will assess whether pre-IPO DeFi trading was “irrelevant or highly relevant.” NDAQ Read-Through: A successful high-profile IPO in Q2 would be a positive for NDAQ’s listings revenue and IPO pipeline sentiment.
Demand for 24/7 Trading from Asia: ICE is pursuing tokenized equities distribution in Asia, expecting “incremental volume” from that region. DeFi exchanges like Hyperliquid have gained attention by trading oil on weekends during Middle East conflict. NDAQ Read-Through: International demand for U.S. equity access is a structural tailwind for NDAQ’s data and 23/5 trading initiatives; management cited 10%+ of ADV already occurring outside core hours.

MarketAxess (MKTX) — Piper Sandler Global Exchange & Fintech Conference, June 4, 2026

Read-Through Relevance: MarketAxess’ commentary on new issuance volumes, electronification demand, and AI-driven product delivery is relevant to NDAQ’s Capital Access Platforms and Financial Technology segments.

Record New Issuance in Q2: May 2026 was the “third largest May new issue in history” at $163B in new issue volume. CEO Christopher Concannon noted “huge new issue in 2026, record levels” driven by hyperscaler and AI infrastructure funding demand. NDAQ Read-Through: Robust capital markets activity and new issuance supports NDAQ’s listings revenue and IPO pipeline; AI-driven capital formation is a structural tailwind for the innovation economy that NDAQ serves.
Electronification & Automation Demand: MKTX is in “product delivery mode” with multiple new solutions launching in summer 2026, including a new issue platform (launched June 5), block trading IOI functionality, and a full UI suite in August. AI is “accelerating basic product delivery.” NDAQ Read-Through: Strong demand for automation and electronification in fixed income mirrors the demand NDAQ sees in its Financial Technology segment; AI-driven product acceleration is a sector-wide theme.
50% of Revenue Growing Double-Digit: MKTX noted that “50% of our top line revenue is growing double digit and consistently growing, and we see that playing out into the second quarter as well.” NDAQ Read-Through: Recurring revenue growth momentum in financial market infrastructure is a positive sector read-through for NDAQ’s Solutions revenue trajectory.

MarketAxess (MKTX) — Morgan Stanley U.S. Financials Conference, June 9, 2026

Read-Through Relevance: MKTX’s commentary on portfolio trading growth, block automation, and AI product delivery provides additional color on Q2 market activity.

Portfolio Trading & Block Volumes Surging in May: MKTX’s portfolio trading share in May reached 22% (vs. 16.8% prior year). Block trading in EM was up ~35% in May. CEO noted a “big enhancement” to the investment-grade portfolio trading tool launched that week. NDAQ Read-Through: Increased electronification and automation of trading, particularly in block sizes, suggests a broader market trend toward more efficient trading — supportive of NDAQ’s equity and options platform volumes.
Record New Issuance Expected for Full Year 2026: MKTX expects “huge new issue in 2026, record levels,” driven by AI and data center funding demand from hyperscalers. DirectBooks partnership launched June 9 in pilot. NDAQ Read-Through: Record capital formation activity is a structural tailwind for NDAQ’s listings and Capital Access Platforms businesses.
AI Accelerating Product Delivery: MKTX stated “AI is already proving to be very helpful to our whole product life cycle” and is accelerating delivery of new issue platform, portfolio trading enhancements, and full UI suite. NDAQ Read-Through: Validates NDAQ’s own AI-driven product development acceleration narrative (4 agents in Surveillance PDLC, expanding to 12); AI efficiency gains are becoming a sector-wide competitive differentiator.

8. Insider Transaction Activity

Key Takeaway: Insider activity since Q1 earnings is dominated by routine 10b5-1 planned sales and one notable open-market purchase by Investor AB (10% owner), which added 56,782 shares in mid-June — a constructive signal from the largest institutional insider. No discretionary open-market sales by executives stand out as unusual.

Name	Title	Transaction Type	Shares	Transaction Date	Note
INVESTOR AB	10% Owner	Open Market Buy	56,782	Jun 11, 2026	Discretionary open-market purchase; constructive signal from largest institutional insider; total holdings now 58.4M shares
Smith, Bryan Everard	EVP, Chief People Officer	10b5-1 Planned Sale	3,000	Jul 1, 2026	Pre-planned 10b5-1 sale; routine; 69,203 shares retained
Smith, Bryan Everard	EVP, Chief People Officer	10b5-1 Planned Sale	3,000	Jun 11, 2026	Pre-planned 10b5-1 sale; routine; 71,944 shares retained
Griggs, PC Nelson	President, Capital Access Platforms	Open Market Sale	5,093	May 18, 2026	Discretionary sale; no 10b5-1 plan indicated; 233,798 shares retained; modest relative to holdings
Peterson, Bradley J	EVP, Chief Information Officer	Open Market Sale	7,710	Apr 28, 2026	Discretionary sale shortly after Q1 earnings; no 10b5-1 plan indicated; 141,035 shares retained
Cohen, Tal	President, Market Platforms	Open Market Sale	15,518	Apr 27, 2026	Discretionary sale shortly after Q1 earnings; no 10b5-1 plan indicated; 215,208 shares retained; largest single sale in the period
Daly, Michelle Lynn	SVP, Controller & PAO	Open Market Sale	1,323	Apr 24, 2026	Discretionary sale one day after Q1 earnings; no 10b5-1 plan indicated; 10,089 shares retained; small in absolute terms

Source: SEC Form 4 Filings Database (Insider Transaction Data).

Analysis: The cluster of discretionary executive sales in the days immediately following Q1 earnings (April 24–28) is notable but not alarming — these are common post-earnings window openings and the amounts are modest relative to retained holdings. The most significant signal is Investor AB’s open-market purchase of 56,782 shares on June 11 at prices in the mid-$80s range, representing a meaningful addition to its already substantial 58.4M share position. This purchase occurred during the stock’s drawdown period and suggests the largest institutional insider viewed the pullback as a buying opportunity. No clustered executive buying or unusual sale patterns that would signal concern.