# Nasdaq Raises 2026 Expense Forecast as Equity Token Launch Nears

By John Kim

Canonical URL: https://www.tokenpost.com/news/business/38777
Published: 2026-10-23T07:04:44.000Z
Updated: 2026-10-23T07:04:44.000Z
Section: Business

> The exchange lifted its non-GAAP cost range after closing LeveL Markets, while 23/5 trading remains targeted for Dec. 6, 2026.

Nasdaq raised its 2026 non-GAAP operating expense forecast as it reported third-quarter revenue growth and advanced plans for extended U.S. stock trading and tokenized equities.

The exchange now expects non-GAAP operating expenses of $2.55 billion to $2.58 billion, compared with its prior range of $2.53 billion to $2.57 billion. Expected costs from recently closed acquisitions lifted the top of the range. M&A activity and strong revenue performance year to date raised the midpoint. Nasdaq provided no matching GAAP expense range.

Net revenue for the quarter ended Sept. 30 was $1.481 billion, up 13% year over year on a reported basis and 14% organically. Solutions revenue reached $1.172 billion, increasing 17% on a reported basis and 18% organically. Non-GAAP diluted earnings per share were $1.04, while GAAP diluted earnings per share were 96 cents. Non-GAAP operating expenses for the quarter were $638 million, up 9% on a reported basis and 12% organically.

Nasdaq closed its LeveL Markets acquisition Oct. 15 and included the deal’s expenses in the revised outlook. It expects LeveL Markets to contribute $7 million to $8 million in fourth-quarter revenue. Sarah Youngwood, Nasdaq’s executive vice president and chief financial officer, said, “We are raising the top end of the range to reflect expected costs from the recently closed acquisitions.”

The Nasdaq Stock Market remains on track to begin trading 23 hours a day, five days a week, on Dec. 6, 2026. The Securities and Exchange Commission approved the plan April 10, 2026. Before overnight trading starts, Nasdaq must confirm that the exchange and the relevant equity data plans are ready.

Nasdaq Equity Tokens (NETs) are expected to launch in Q2 2027 through work with Payward, the parent company of Kraken. The tokens are being developed to connect with Payward’s xStocks ecosystem. Nasdaq Ventures has agreed to invest $100 million in Payward.

Nasdaq’s token design is intended to keep issuers in control of their shares in tokenized form and update processes such as corporate actions and proxy voting. The company’s next stated milestone for its extended trading schedule is the planned Dec. 6 start date.