Author: Ravi Shankar

FORT WORTH, Texas, Oct. 22, 2026 (GLOBE NEWSWIRE) — American Airlines Group Inc. (NASDAQ: AAL) today reported its third-quarter 2026 financial results, reflecting execution of its commercial strategy and the benefits of long-term investments in its customers, team members, network, fleet and technology.

Third-quarter financial highlights:

• Total revenue of $16.3 billion, up 19.3% year over year, above the high end of the previously announced guidance range.
• Delivered the best unit cost performance among the network carriers, with CASM-ex¹ up 3.0%.
• Fuel expense for the quarter increased $1.9 billion, or 67.5%, year over year.
• GAAP net loss of $269 million, or ($0.41) per diluted share.
• Adjusted net loss of $182 million², or ($0.28) per diluted share. Adjusted net loss was only $71 million below third quarter 2025 despite the $1.9 billion increase in fuel expense.

“American delivered record third-quarter revenue and the strongest year-over-year revenue growth in my career, with premium performance leading the way,” said American’s CEO Robert Isom. “The investments we are making across the four pillars of our commercial strategy are working, and we expect another quarter of record revenue growth to close out the year. While historically high fuel prices significantly impacted our financial results, our focus remains on restoring profitability and building a stronger American for the long term. I’m grateful to the American Airlines team for making this progress possible.”

The company’s third-quarter results were driven by strong revenue performance across all geographies and cabins:

• Premium revenue increased 22.9%, and Main Cabin revenue increased 19.5% year over year.
• Total unit revenue increased 14.5% year over year, reflecting continued strength in demand for travel.
• Domestic passenger unit revenue increased 13.6% year over year in the third quarter.
• International passenger unit revenue increased 16.4%, with the Latin America entity up 21.1%, the Atlantic entity up 14.5% and the Pacific entity up 11.3% compared to the third quarter of 2025.
• AAdvantage^® enrollments increased 27.4% year over year.
• Demand for business travel remained strong, with managed corporate revenue increasing 27.6% year over year, marking the sixth consecutive quarter of double-digit growth.

This revenue performance was a result of the company’s continued focus on its four commercial pillars: elevate the customer experience, grow the global network, drive premium revenue and lead in loyalty.

1) Elevate the customer experience

American’s investments in high-speed connectivity, lounges, seatback entertainment, airport facilities and fleet modernization are creating the foundation for a best-in-class customer experience.

In May, American announced plans to equip more than 500 aircraft with high-speed Starlink Wi-Fi, representing the largest in-flight connectivity upgrade in the airline’s history. Building on that commitment, the company announced on Oct. 8 that it plans to expand Starlink installation across its entire mainline fleet, bringing the technology to more than 1,000 aircraft. Once installation is complete, American will offer one of the largest fleets of Starlink-connected aircraft in the world.

The company also continues to grow its Admirals Club^® and premium lounge network with more lounges opening or being renovated than at any point in company history. Additionally, American announced the expansion of seatback entertainment to the narrowbody fleet, including screens on new deliveries beginning in 2028. With these foundational investments underway, American remains focused on further improving customer satisfaction through enhanced operational reliability, better disruption management and a more consistent travel experience.

2) Grow the global network

American continues to strengthen its global network, offering customers more destinations, better connectivity and greater schedule utility. At Dallas Fort Worth International Airport (DFW), this year’s rebank produced record passenger volumes, fewer misconnections and mishandled bags, and unit revenue that outpaced the rest of the system. In Chicago, Miami, Philadelphia and Phoenix, American is building stronger schedules for local customers.

3) Drive premium revenue

American continues to see momentum in premium demand, demonstrating the benefits of recent investments across its premium products and customer experience. Premium passenger unit revenue increased 18.5% year over year during the third quarter, compared with an increase of 14.4% in Main Cabin.

American plans to continue expanding premium seating through the delivery of new aircraft and the retrofit of existing aircraft. Premium products generate roughly half of the company’s ticket revenue on approximately 30% of seats today. Through the recently announced narrowbody retrofit program, American expects premium seats on narrowbody aircraft to increase to 40% in the coming years.

The company also continues to take actions to improve revenue quality and provide customers with a broader range of choices. These initiatives contributed to a 6-point increase in the upsell rate from Basic Economy to Main Cabin during the quarter.

4) Lead in loyalty

The AAdvantage^® program remains one of American’s strongest competitive advantages, driving customer engagement, premium demand and long-term value creation. The program continues to benefit from strong member activity, increased engagement and enhancements to American’s co-branded credit card program.

Enrollments in the AAdvantage^® program increased 27.4% year over year in the third quarter. American’s co-branded credit card partnership with Citi saw year-over-year third-quarter card spend growth of nearly 10%.

Efficiency and cost performance

American continues to benefit from long-term investments in technology, procurement and other initiatives designed to build a more efficient and resilient airline. The company is reengineering how work gets done across the business, improving productivity and simplifying processes while continuing to invest in the customer and team member experience.

By the end of 2026, the company expects to have achieved nearly $1 billion in annual run rate savings and more than $900 million in working capital improvements through its multiyear reengineering efforts. American continues to identify opportunities to use technology, automation and artificial intelligence to simplify the business and equip team members with better tools to improve decision-making.

“We remain focused ​on the ​factors ​that drive the most value,” said American’s ​Chief Financial Officer Devon ​May. “Our long-term ​focus ​on ​efficiency supported ​industry-leading unit ​cost results in the quarter, with CASM-ex ​increasing 3.0% ​year over ​year. For the full year, we expect to lead the network carriers in the spread between year-over-year unit revenue and CASM-ex growth.”

Overall financial results were pressured by a significant increase in fuel costs. American paid an average of $3.85 per gallon in the third quarter, which increased fuel expense by $1.9 billion year over year.

Balance sheet and liquidity

American ended the third quarter with $11.8 billion of total available liquidity and more than $26 billion of unencumbered assets and first-lien capacity. The company remains committed to reducing debt, lowering interest expense and achieving its target of 3.0x net debt³ to EBITDAR, in line with BB credit metrics.

Outlook and financial guidance

In​ the fourth ​quarter, ​the ​company ​expects continued ​revenue ​strength, with ​year-over-year ​revenue ​growth ​between ​19.5% and 22.5%. ​Based ​on the forward fuel curve ​as ​of Oct. 19, American anticipates an ​average fuel price ​of ​approximately $4.70 ​per gallon, nearly double the price paid in ​the fourth ​quarter of ​2025. At ​that price, ​fuel ​expense is ​expected to increase approximately $2.8 billion ​versus ​the fourth ​quarter of ​2025.

Given elevated fuel prices, American expects network growth in 2027 to slow from 2026 levels.

4Q 2026E (vs. 4Q 2025)
Available seat miles	+5.5% – +6.5%
Total revenue	+19.5% – +22.5%
CASM excluding net special items, fuel and profit sharing1	+2.5% – +3.5%
Adjusted loss per diluted share4	($1.10) – ($0.50)
FY 2026E
Adjusted loss per diluted share4	($1.60) – ($1.00)

Conference call and webcast

American will host a conference call at 7:30 a.m. CT today. A live webcast and replay will be available at American’s investor relations website.

Notes

See the accompanying notes in the financial tables section of this news release for further explanation, including reconciliations of certain GAAP to non-GAAP financial information.

1. Cost per available seat mile excluding net special items, fuel and profit sharing, or CASM-ex, is a non-GAAP measure. The company is unable to reconcile certain forward-looking information to GAAP because the nature or amount of net special items cannot be determined at this time.
2. Adjusted net loss is a non-GAAP financial measure and excludes $87 million of net special items after the effect of taxes that the company recognized in the third quarter.
3. Net debt includes debt, finance and operating lease liabilities and pension obligations less unrestricted cash and short-term investments.
4. Adjusted loss per diluted share guidance excludes the impact of net special items and represents an absolute number, not a year-over-year comparison. The company is unable to reconcile certain forward-looking information to GAAP as the nature or amount of net special items cannot be determined at this time.

   Other: Third-quarter revenue growth of 19.3% is the highest in company history excluding the years following the pandemic.

About American Airlines Group (NASDAQ: AAL)

American Airlines is a premium global airline connecting more of the U.S. to the world. With roots tracing back to an air mail carrier in the Midwestern United States in 1926, American now operates more than 6,000 daily flights to more than 350 destinations in more than 60 countries and serves more than 200 million customers annually. Powered by a proud and talented team of 140,000 aviation professionals, American’s team lives out the airline’s purpose of caring for people on life’s journey every day.

The world’s largest airline proudly celebrates its centennial year in 2026, reaching a milestone that reflects a century of innovation and the Forever Forward^SM spirit that changed the industry and the world. American introduced the first scheduled air cargo service, the first airport lounge and the first airline loyalty program and continues to reinvent the customer experience today. The airline is also a founding member of the oneworld alliance, whose members serve more than 900 destinations around the globe.

Get the latest about American at news.aa.com and @AmericanAir.

Use of websites and social media to disclose information

American routinely uses the investor relations section of its website as well as its social media pages, including on Facebook and X, and its newsroom at news.aa.com, to disclose important information about American Airlines Group Inc. and its subsidiaries and to comply with its disclosure obligations under Regulation Fair Disclosure. The information contained on, or that may be accessed through, the company’s website, social media channels or newsroom is not incorporated by reference into, and is not a part of, this document, and all website addresses in this document are intended to be inactive textual references only.

Cautionary statement regarding forward-looking statements and information

Certain of the statements contained in this document should be considered forward-looking statements within the meaning of the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. These forward-looking statements may be identified by words such as “may,” “will,” “expect,” “intend,” “anticipate,” “believe,” “estimate,” “plan,” “project,” “could,” “should,” “would,” “continue,” “seek,” “target,” “guidance,” “outlook,” “if current trends continue,” “optimistic,” “forecast” and other similar words. Such statements include, but are not limited to, statements about the company’s plans, objectives, expectations, intentions, estimates and strategies for the future, and other statements that are not historical facts. These forward-looking statements are based on the company’s current objectives, beliefs and expectations, and they are subject to significant risks and uncertainties that may cause actual results and financial position and timing of certain events to differ materially from the information in the forward-looking statements. These risks and uncertainties include, but are not limited to, downturns in economic conditions could adversely affect our business; we will need to obtain sufficient financing or other capital to operate successfully; our high level of debt and other obligations may limit our ability to fund general corporate requirements and obtain additional financing, may limit our flexibility in responding to competitive developments and may cause our business to be vulnerable to adverse economic and industry conditions; if our financial condition worsens, provisions in our credit card processing and other commercial agreements may adversely affect our liquidity; the loss of key personnel whom we depend on to operate our business, or the inability to attract, develop and retain additional qualified personnel could adversely affect our business; our business has been and will continue to be materially affected by many changing economic, geopolitical, commercial, regulatory and other conditions beyond our control, including global events that affect travel behavior; the airline industry is intensely competitive and dynamic; union disputes, employee strikes and other labor-related disruptions may adversely affect our operations and financial performance; if we encounter problems with any of our third-party regional operators or third-party service providers, our operations could be adversely affected by a resulting decline in revenue or negative public perception about our services; any damage to our reputation or brand image could adversely affect our business or financial results; risks of losses and adverse publicity from any public incidents involving our company, people or brand; changes to our business model that are designed to increase revenues and reduce costs may not be successful and may cause operational difficulties or decreased demand; our intellectual property rights, particularly our branding rights, are valuable, and any inability to protect them may adversely affect our business and financial results; we may be a party to litigation in the normal course of business or otherwise, which could affect our financial position and liquidity; we rely heavily on technology and automated systems, including artificial intelligence, to operate our business, and any failures could harm our business, results of operations and financial condition; evolving data privacy requirements could increase our costs, and any significant cybersecurity incident could disrupt our operations, harm our reputation, expose us to legal risks and otherwise materially adversely affect our business, results of operations and financial condition; we are exposed to risks from cyberattacks, and any cybersecurity incidents involving us, our third-party service providers, or one of our AAdvantage partners or other business partners; we have a significant amount of goodwill, which is assessed for impairment at least annually. We may never realize the full value of our intangible or long-lived assets, causing us to record material impairment charges; the commercial relationships that we have with other companies, including any related equity investments, may not produce the returns or results we expect; our business is very dependent on the price and availability of aircraft fuel. Continued periods of high volatility in fuel costs, increased fuel prices or significant disruptions in the supply of aircraft fuel could have a significant negative impact on consumer demand, our operating results and liquidity; our business is subject to extensive government regulation; we can be adversely affected by any prolonged partial or full U.S. Government shutdown; we operate a global business with international operations that are subject to economic and political instability and have been, and in the future may continue to be, adversely affected by numerous events, circumstances or government actions beyond our control; we may be adversely affected by conflicts overseas, terrorist attacks or other acts of violence, domestically or abroad; the travel industry continues to face ongoing security concerns; we are subject to risks associated with climate change, including increased regulation of our greenhouse gas emissions, changing consumer preferences and the potential for increased impacts of severe weather events on our operations and infrastructure; we are subject to various risks associated with environmental and social matters, and many forms of environmental and noise regulation; a shortage of pilots or other personnel could materially adversely affect our business; we depend on a limited number of suppliers for aircraft, aircraft engines and parts. Delays in scheduled aircraft deliveries, unexpected grounding of aircraft or aircraft engines whether by regulators or by us, or other loss of anticipated fleet capacity, and failure of new aircraft to receive regulatory approval, be produced or otherwise perform as and when expected, adversely impacts our business, results of operations and financial condition; we rely on third-party distribution channels and must effectively manage the costs, rights and functionality of these channels; if we are unable to obtain and maintain adequate facilities and infrastructure throughout our system and, at some airports, adequate slots, we may be unable to operate our existing flight schedule and to expand or change our route network in the future; interruptions or disruptions in service at one of our key facilities; increases in insurance costs or reductions in insurance coverage, and heavy taxation of the airline industry; risks related to ownership of AAG common stock; and other risks set forth herein as well as in the company’s latest annual report on Form 10-K for the year ended December 31, 2025 (especially in Part I, Item 1A. Risk Factors and Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations) and subsequent quarterly reports on Form 10-Q (especially in Part I, Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations and Part II, Item 1A. Risk Factors), and other risks and uncertainties listed from time to time in the company’s other filings with the Securities and Exchange Commission. Additionally, there may be other factors of which the company is not currently aware that may affect matters discussed in the forward-looking statements and may also cause actual results to differ materially from those discussed. The company does not assume any obligation to publicly update or supplement any forward-looking statement to reflect actual results, changes in assumptions or changes in other factors affecting these forward-looking statements other than as required by law. Any forward-looking statements speak only as of the date hereof or as of the dates indicated in the statement.

Financial tables

American Airlines Group Inc.
Condensed Consolidated Statements of Operations
(In millions, except share and per share amounts)
(Unaudited)
		3 Months Ended September 30,								Percent Increase			9 Months Ended September 30,								Percent Increase
			2026				2025			(Decrease)				2026				2025			(Decrease)
Operating revenues:
Passenger		$	14,900			$	12,471			19.5			$	42,609			$	36,985			15.2
Cargo			274				212			29.1				761				612			24.3
Other			1,161				1,008			15.2				3,612				3,037			18.9
Total operating revenues			16,335				13,691			19.3				46,982				40,634			15.6
Operating expenses:
Aircraft fuel and related taxes			4,635				2,767			67.5				12,444				8,017			55.2
Salaries, wages and benefits			4,713				4,461			5.7				14,027				13,065			7.4
Regional expenses:
Regional operating expenses			1,356				1,286			5.5				4,012				3,809			5.3
Regional depreciation and amortization			93				84			10.5				276				244			13.0
Maintenance, materials and repairs			1,092				1,028			6.2				3,100				2,876			7.8
Other rent and landing fees			996				906			9.9				2,862				2,627			9.0
Aircraft rent			309				310			(0.5	)			926				910			1.7
Selling expenses			553				483			14.7				1,664				1,467			13.4
Depreciation and amortization			493				474			3.9				1,446				1,418			2.0
Special items, net			9				7			22.5				29				125			(76.6	)
Other			1,971				1,734			13.7				5,675				5,061			12.1
Total operating expenses			16,220				13,540			19.8				46,461				39,619			17.3
Operating income			115				151			(23.4	)			521				1,015			(48.7	)
Nonoperating income (expense):
Interest income			87				90			(3.8	)			217				285			(24.0	)
Interest expense, net			(435	)			(432	)		0.7				(1,242	)			(1,294	)		(4.0	)
Other income (expense), net			(101	)			49			nm	(1)			(198	)			42			nm
Total nonoperating expense, net			(449	)			(293	)		53.8				(1,223	)			(967	)		26.5
Income (loss) before income taxes			(334	)			(142	)		nm				(702	)			48			nm
Income tax provision (benefit)			(65	)			(28	)		nm				(122	)			36			nm
Net income (loss)		$	(269	)		$	(114	)		nm			$	(580	)		$	12			nm
Earnings (loss) per common share:
Basic		$	(0.41	)		$	(0.17	)					$	(0.88	)		$	0.02
Diluted		$	(0.41	)		$	(0.17	)					$	(0.88	)		$	0.02
Weighted average shares outstanding (in thousands):
Basic			662,706				660,358							662,026				659,788
Diluted			662,706				660,358							662,026				660,784
Note: Percent change may not recalculate due to rounding.
(1) Not meaningful or greater than 100% change.

American Airlines Group Inc.
Consolidated Operating Statistics (1)
(Unaudited)
		3 Months Ended September 30,				Increase				9 Months Ended September 30,				Increase
		2026		2025		(Decrease)				2026		2025		(Decrease)
Revenue passenger miles (millions)		67,265		66,580		1.0		%		193,934		188,698		2.8		%
Available seat miles (ASM) (millions)		80,680		77,400		4.2		%		234,533		224,939		4.3		%
Passenger load factor (percent)		83.4		86.0		(2.6	)	pts		82.7		83.9		(1.2	)	pts
Yield (cents)		22.15		18.73		18.3		%		21.97		19.60		12.1		%
Passenger revenue per ASM (cents)		18.47		16.11		14.6		%		18.17		16.44		10.5		%
Total revenue per ASM (cents)		20.25		17.69		14.5		%		20.03		18.06		10.9		%
Cargo ton miles (millions)		625		545		14.7		%		1,790		1,550		15.5		%
Cargo yield per ton mile (cents)		43.86		38.94		12.6		%		42.52		39.52		7.6		%
Fuel consumption (gallons in millions)		1,204		1,169		3.0		%		3,473		3,375		2.9		%
Average aircraft fuel price including related taxes (dollars per gallon)		3.85		2.37		62.7		%		3.58		2.38		50.8		%
Operating cost per ASM (cents)		20.10		17.49		14.9		%		19.81		17.61		12.5		%
Operating cost per ASM excluding net special items (cents)		20.08		17.48		14.9		%		19.79		17.56		12.7		%
Operating cost per ASM excluding net special items and fuel (cents)		14.34		13.91		3.1		%		14.49		13.99		3.5		%
Operating cost per ASM excluding net special items, fuel and profit sharing (cents)		14.34		13.92		3.0		%		14.49		13.98		3.6		%
Passenger enplanements (thousands)		58,143		58,474		(0.6	)	%		169,014		168,220		0.5		%
Departures (thousands):
Mainline		304		298		2.3		%		896		881		1.7		%
Regional		281		267		5.3		%		820		787		4.2		%
Total		585		565		3.7		%		1,716		1,668		2.9		%
Average stage length (miles):
Mainline		1,220		1,201		1.6		%		1,212		1,188		2.0		%
Regional		471		464		1.4		%		473		465		1.9		%
Total		861		853		0.9		%		859		846		1.5		%
Aircraft at end of period:
Mainline		1,037		998		3.9		%		1,037		998		3.9		%
Regional (2)		587		557		5.4		%		587		557		5.4		%
Total		1,624		1,555		4.4		%		1,624		1,555		4.4		%
Full-time equivalent employees at end of period:
Mainline		107,700		104,900		2.7		%		107,700		104,900		2.7		%
Regional (3)		33,400		32,000		4.4		%		33,400		32,000		4.4		%
Total		141,100		136,900		3.1		%		141,100		136,900		3.1		%
Note: Amounts may not recalculate due to rounding.
(1) Unless otherwise noted, operating statistics include mainline and regional operations. Regional includes wholly-owned regional airline subsidiaries and operating results from capacity purchase carriers.
(2) Includes aircraft owned and leased by American as well as aircraft operated by third-party regional carriers under capacity purchase agreements. Excluded from the aircraft count above are two Bombardier CRJ900 regional aircraft that are held in temporary storage as of September 30, 2026.
(3) Regional full-time equivalent employees only include our wholly-owned regional airline subsidiaries.

American Airlines Group Inc.
Consolidated Revenue Statistics by Region
(Unaudited)
		3 Months Ended September 30,				Increase				9 Months Ended September 30,				Increase
		2026		2025		(Decrease)				2026		2025		(Decrease)
Domestic (1)
Revenue passenger miles (millions)		44,579		43,741		1.9		%		129,068		125,206		3.1		%
Available seat miles (ASM) (millions)		54,096		51,106		5.9		%		157,579		149,762		5.2		%
Passenger load factor (percent)		82.4		85.6		(3.2	)	pts		81.9		83.6		(1.7	)	pts
Passenger revenue (dollars in millions)		10,489		8,723		20.2		%		30,205		26,010		16.1		%
Yield (cents)		23.53		19.94		18.0		%		23.40		20.77		12.7		%
Passenger revenue per ASM (cents)		19.39		17.07		13.6		%		19.17		17.37		10.4		%
Latin America (2)
Revenue passenger miles (millions)		7,706		7,726		(0.3	)	%		26,612		26,106		1.9		%
Available seat miles (millions)		8,807		8,832		(0.3	)	%		31,379		30,560		2.7		%
Passenger load factor (percent)		87.5		87.5		–		pts		84.8		85.4		(0.6	)	pts
Passenger revenue (dollars in millions)		1,618		1,340		20.7		%		5,307		4,795		10.7		%
Yield (cents)		20.99		17.34		21.1		%		19.94		18.37		8.6		%
Passenger revenue per ASM (cents)		18.37		15.17		21.1		%		16.91		15.69		7.8		%
Atlantic
Revenue passenger miles (millions)		12,746		12,951		(1.6	)	%		30,802		30,317		1.6		%
Available seat miles (millions)		15,023		14,878		1.0		%		36,708		36,255		1.2		%
Passenger load factor (percent)		84.8		87.0		(2.2	)	pts		83.9		83.6		0.3		pts
Passenger revenue (dollars in millions)		2,438		2,109		15.6		%		5,893		5,160		14.2		%
Yield (cents)		19.13		16.28		17.5		%		19.13		17.02		12.4		%
Passenger revenue per ASM (cents)		16.23		14.17		14.5		%		16.05		14.23		12.8		%
Pacific
Revenue passenger miles (millions)		2,234		2,162		3.3		%		7,452		7,069		5.4		%
Available seat miles (millions)		2,754		2,584		6.6		%		8,867		8,362		6.0		%
Passenger load factor (percent)		81.1		83.7		(2.6	)	pts		84.0		84.5		(0.5	)	pts
Passenger revenue (dollars in millions)		355		299		18.5		%		1,204		1,020		18.0		%
Yield (cents)		15.88		13.84		14.8		%		16.15		14.43		11.9		%
Passenger revenue per ASM (cents)		12.88		11.58		11.3		%		13.57		12.20		11.3		%
Total International
Revenue passenger miles (millions)		22,686		22,839		(0.7	)	%		64,866		63,492		2.2		%
Available seat miles (millions)		26,584		26,294		1.1		%		76,954		75,177		2.4		%
Passenger load factor (percent)		85.3		86.9		(1.6	)	pts		84.3		84.5		(0.2	)	pts
Passenger revenue (dollars in millions)		4,411		3,748		17.7		%		12,404		10,975		13.0		%
Yield (cents)		19.44		16.41		18.5		%		19.12		17.29		10.6		%
Passenger revenue per ASM (cents)		16.59		14.25		16.4		%		16.12		14.60		10.4		%
Note: Amounts may not recalculate due to rounding.
(1) Domestic results include Canada, Puerto Rico and U.S. Virgin Islands.
(2) Latin America results include the Caribbean.

Reconciliation of GAAP Financial Information to Non-GAAP Financial Information
American Airlines Group Inc. (the Company) sometimes uses financial measures that are derived from the condensed consolidated financial statements but that are not presented in accordance with GAAP to understand and evaluate its current operating performance and to allow for period-to-period comparisons. The Company believes these non-GAAP financial measures may also provide useful information to investors and others. These non-GAAP measures may not be comparable to similarly titled non-GAAP measures of other companies, and should be considered in addition to, and not as a substitute for or superior to, any measure of performance, cash flow or liquidity prepared in accordance with GAAP. The Company is providing a reconciliation of reported non-GAAP financial measures to their comparable financial measures on a GAAP basis.
The tables below present the reconciliations of the following GAAP measures to their non-GAAP measures:
– Operating Income (GAAP measure) to Operating Income Excluding Net Special Items (non-GAAP measure)  – Operating Margin (GAAP measure) to Operating Margin Excluding Net Special Items (non-GAAP measure) – Pre-Tax Income (Loss) (GAAP measure) to Pre-Tax Income (Loss) Excluding Net Special Items (non-GAAP measure) – Pre-Tax Margin (GAAP measure) to Pre-Tax Margin Excluding Net Special Items (non-GAAP measure) – Net Income (Loss) (GAAP measure) to Net Income (Loss) Excluding Net Special Items (non-GAAP measure) – Basic and Diluted Earnings (Loss) Per Share (GAAP measure) to Basic and Diluted Earnings (Loss) Per Share Excluding Net Special Items (non-GAAP measure)
Management uses these non-GAAP financial measures to evaluate the Company’s current operating performance and to allow for period-to-period comparisons. As net special items may vary from period-to-period in nature and amount, the adjustment to exclude net special items provides management with an additional tool to understand the Company’s core operating performance.
Additionally, the tables below present the reconciliations of total operating costs (GAAP measure) to total operating costs excluding net special items, fuel and profit sharing (non-GAAP measure) and total operating costs per ASM (CASM) to CASM excluding net special items, fuel and profit sharing. Management uses total operating costs excluding net special items, fuel and profit sharing and CASM excluding net special items, fuel and profit sharing to evaluate the Company’s current operating performance and to allow for period-to-period comparisons. The price of fuel, over which the Company has no control, impacts the comparability of period-to-period financial performance. Additionally, the Company excludes profit sharing to allow investors to better understand and analyze its operating cost performance and to provide a more meaningful comparison of its core operating costs to the airline industry. The adjustment to exclude net special items, fuel and profit sharing provides management with an additional tool to understand and analyze the Company’s non-fuel costs and core operating performance.
	Reconciliation of Operating Income Excluding Net Special Items		3 Months Ended September 30,								Percent Increase			9 Months Ended September 30,								Percent Increase
				2026				2025			(Decrease)				2026				2025			(Decrease)
			(in millions)											(in millions)
	Operating income as reported		$	115			$	151						$	521			$	1,015
	Operating net special items:
	Mainline operating special items, net (1)			9				7							29				125
	Regional operating special items, net			8				–							8				–
	Operating income excluding net special items		$	132			$	158			(16.2	%)		$	558			$	1,140			(51.0	%)
	Calculation of Operating Margin
	Operating income as reported		$	115			$	151						$	521			$	1,015
	Total operating revenues as reported		$	16,335			$	13,691						$	46,982			$	40,634
	Operating margin			0.7	%			1.1	%						1.1	%			2.5	%
	Calculation of Operating Margin Excluding Net Special Items
	Operating income excluding net special items		$	132			$	158						$	558			$	1,140
	Total operating revenues as reported		$	16,335			$	13,691						$	46,982			$	40,634
	Operating margin excluding net special items			0.8	%			1.2	%						1.2	%			2.8	%
	Reconciliation of Pre-Tax Income (Loss) Excluding Net Special Items
	Pre-tax income (loss) as reported		$	(334	)		$	(142	)					$	(702	)		$	48
	Pre-tax net special items:
	Mainline operating special items, net (1)			9				7							29				125
	Regional operating special items, net			8				–							8				–
	Nonoperating special items, net (2)			95				(4	)						259				28
	Total pre-tax net special items			112				3							296				153
	Pre-tax income (loss) excluding net special items		$	(222	)		$	(139	)		60.1	%		$	(406	)		$	201			nm
	Calculation of Pre-Tax Margin
	Pre-tax income (loss) as reported		$	(334	)		$	(142	)					$	(702	)		$	48
	Total operating revenues as reported		$	16,335			$	13,691						$	46,982			$	40,634
	Pre-tax margin			(2.0	%)			(1.0	%)						(1.5	%)			0.1	%
	Calculation of Pre-Tax Margin Excluding Net Special Items
	Pre-tax income (loss) excluding net special items		$	(222	)		$	(139	)					$	(406	)		$	201
	Total operating revenues as reported		$	16,335			$	13,691						$	46,982			$	40,634
	Pre-tax margin excluding net special items			(1.4	%)			(1.0	%)						(0.9	%)			0.5	%
			3 Months Ended September 30,								Percent Increase			9 Months Ended September 30,								Percent Increase
	Reconciliation of Net Income (Loss) Excluding Net Special Items			2026				2025			(Decrease)				2026				2025			(Decrease)
			(in millions, except share and per share amounts)											(in millions, except share and per share amounts)
	Net income (loss) as reported		$	(269	)		$	(114	)					$	(580	)		$	12
	Net special items:
	Total pre-tax net special items (1), (2)			112				3							296				153
	Net tax effect of net special items			(25	)			–							(66	)			(34	)
	Net income (loss) excluding net special items		$	(182	)		$	(111	)		63.7	%		$	(350	)		$	131			nm
	Reconciliation of Basic and Diluted Earnings (Loss) Per Share Excluding Net Special Items
	Net income (loss) excluding net special items		$	(182	)		$	(111	)					$	(350	)		$	131
	Shares used for computation (in thousands):
	Basic			662,706				660,358							662,026				659,788
	Diluted			662,706				660,358							662,026				660,784
	Earnings (loss) per share excluding net special items:
	Basic		$	(0.28	)		$	(0.17	)					$	(0.53	)		$	0.20
	Diluted		$	(0.28	)		$	(0.17	)					$	(0.53	)		$	0.20
	Reconciliation of Total Operating Costs per ASM Excluding Net Special Items, Fuel and Profit Sharing
	Total operating expenses as reported		$	16,220			$	13,540						$	46,461			$	39,619
	Operating net special items:
	Mainline operating special items, net (1)			(9	)			(7	)						(29	)			(125	)
	Regional operating special items, net			(8	)			–							(8	)			–
	Total operating expenses excluding net special items			16,203				13,533							46,424				39,494
	Aircraft fuel and related taxes			(4,635	)			(2,767	)						(12,444	)			(8,017	)
	Total operating expenses excluding net special items and fuel			11,568				10,766							33,980				31,477
	Profit sharing			–				8							–				(33	)
	Total operating expenses excluding net special items, fuel and profit sharing		$	11,568			$	10,774						$	33,980			$	31,444
			(in cents)											(in cents)
	Total operating expenses per ASM as reported			20.10				17.49							19.81				17.61
	Operating net special items per ASM:
	Mainline operating special items, net (1)			(0.01	)			(0.01	)						(0.01	)			(0.06	)
	Regional operating special items, net			(0.01	)			–							–				–
	Total operating expenses per ASM excluding net special items			20.08				17.48							19.79				17.56
	Aircraft fuel and related taxes per ASM			(5.74	)			(3.58	)						(5.31	)			(3.56	)
	Total operating expenses per ASM excluding net special items and fuel			14.34				13.91							14.49				13.99
	Profit sharing per ASM			–				0.01							–				(0.01	)
	Total operating expenses per ASM excluding net special items, fuel and profit sharing			14.34				13.92							14.49				13.98
	Note: Amounts may not recalculate due to rounding.
	FOOTNOTES:
(1)	The 2025 nine month period mainline operating special items, net principally included a one-time charge resulting from adjustments to vacation accruals due to pay rate increases effective January 1, 2025, following the ratification of the contract extension in the fourth quarter of 2024 with the Company’s mainline maintenance and fleet service team members and adjustments to litigation reserves.
(2)	Principally included mark-to-market net unrealized gains and losses associated with certain equity investments as well as charges associated with debt refinancings and extinguishments. Additionally, the 2026 third quarter and nine month period included an impairment charge related to the Company’s equity investment in Republic Airways Holdings Inc.

American Airlines Group Inc.
Condensed Consolidated Statements of Cash Flows
(In millions) (Unaudited)
				9 Months Ended September 30,
					2026				2025
	Net cash provided by operating activities			$	4,541			$	3,373
	Cash flows from investing activities:
	Capital expenditures and aircraft purchase deposits				(2,728	)			(2,149	)
	Proceeds from sale-leaseback transactions and sale of property and equipment				77				243
	Purchases of short-term investments				(5,026	)			(4,801	)
	Sales of short-term investments				2,751				4,944
	Decrease (increase) in restricted short-term investments				180				(20	)
	Other investing activities				(79	)			279
	Net cash used in investing activities				(4,825	)			(1,504	)
	Cash flows from financing activities:
	Proceeds from issuance of long-term debt				5,933				2,169
	Payments on long-term debt and finance leases				(5,347	)			(4,087	)
	Other financing activities				(130	)			85
	Net cash provided by (used in) financing activities				456				(1,833	)
	Net increase in cash and restricted cash				172				36
	Cash and restricted cash at beginning of period				1,056				902
	Cash and restricted cash at end of period (1)			$	1,228			$	938
‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾
(1)	The following table provides a reconciliation of cash and restricted cash to amounts reported within the condensed consolidated balance sheets:
	Cash			$	1,124			$	835
	Restricted cash included in restricted cash and short-term investments				104				103
	Total cash and restricted cash			$	1,228			$	938

American Airlines Group Inc.
Condensed Consolidated Balance Sheets
(In millions, except shares)
	September 30, 2026				December 31, 2025
	(unaudited)
Assets
Current assets
Cash	$	1,124			$	954
Short-term investments		7,163				4,882
Restricted cash and short-term investments		555				735
Accounts receivable, net		1,928				2,075
Aircraft fuel, spare parts and supplies, net		3,171				2,792
Prepaid expenses and other		800				767
Total current assets		14,741				12,205
Operating property and equipment
Flight equipment		48,715				46,597
Ground property and equipment		10,808				10,479
Equipment purchase deposits		633				656
Total property and equipment, at cost		60,156				57,732
Less accumulated depreciation and amortization		(26,530	)			(25,192	)
Total property and equipment, net		33,626				32,540
Operating lease right-of-use assets		6,744				7,091
Other assets
Goodwill		4,091				4,091
Intangibles, net		2,067				2,066
Deferred tax asset		2,477				2,368
Other assets		1,272				1,413
Total other assets		9,907				9,938
Total assets	$	65,018			$	61,774
Liabilities and Stockholders’ Equity (Deficit)
Current liabilities
Current maturities of long-term debt and finance leases	$	3,692			$	3,753
Accounts payable		3,334				2,840
Accrued salaries and wages		2,175				2,128
Air traffic liability		9,414				7,158
Loyalty program liability		4,446				3,725
Operating lease liabilities		1,032				1,058
Fuel financing		933				914
Other accrued liabilities		2,997				2,916
Total current liabilities		28,023				24,492
Noncurrent liabilities
Long-term debt and finance leases, net of current maturities		25,943				25,254
Pension and postretirement benefits		1,099				1,568
Loyalty program liability		7,068				6,839
Operating lease liabilities		5,607				5,905
Other liabilities		1,502				1,443
Total noncurrent liabilities		41,219				41,009
Stockholders’ equity (deficit)
Common stock, 662,618,434 shares outstanding at September 30, 2026		7				7
Additional paid-in capital		7,424				7,387
Accumulated other comprehensive loss		(4,343	)			(4,389	)
Retained deficit		(7,312	)			(6,732	)
Total stockholders’ deficit		(4,224	)			(3,727	)
Total liabilities and stockholders’ equity (deficit)	$	65,018			$	61,774

Total Debt and Net Debt
The Company’s total debt and net debt are presented below, which are non-GAAP measures that management believes are useful for assessing the Company’s debt profile. Total debt is defined as debt, finance and operating lease liabilities and pension obligations, and net debt is defined as total debt, net of unrestricted cash and short-term investments.
Total Debt and Net Debt (at end of period)		September 30, 2026
		(in millions)
Debt and finance leases		$	29,635
Operating lease liabilities			6,639
Pension obligations			92
Total debt			36,366
Less: cash and short-term investments			8,287
Net debt		$	28,079

Corporate Communications
mediarelations@aa.com

Investor Relations
investor.relations@aa.com

Adds Second Product Stream to Its Purified Phosphoric Acid

SAGUENAY, Québec, Oct. 22, 2026 (GLOBE NEWSWIRE) — Arianne Phosphate (the “Company” or “Arianne”) (TSX VENTURE: DAN; OTCQB: DRRSF; FRANKFURT: JE9N), a development-stage phosphate mining company, advancing the Lac à Paul project in Quebec’s Saguenay-Lac-Saint-Jean region, is pleased to announce that, with its partner Travertine Technologies Inc. (“Travertine”), it has successfully produced a marketable precipitated calcium carbonate (“PCC”) co-product during the production of its purified phosphoric acid (“PPA”). As previously announced, Arianne and Travertine entered into a Joint Venture (“JV”) framework (see Press Release dated June 2, 2026) for the production of purified phosphoric acid (“PPA”) by combining Arianne’s high-purity phosphate concentrate with Travertine’s proprietary process that produces PPA while recycling the sulphuric acid used in the process.

Precipitated calcium carbonate (“PCC”) is a high-purity, manufactured form of calcium carbonate valued for its brightness, consistency and fine particle size. It is used as a filler and functional additive across a broad range of everyday products, from paper, plastics, paints and sealants to construction materials such as cement, concrete and asphalt shingles. Additionally, because the PCC produced through the Arianne-Travertine process permanently stores carbon dioxide and turns a traditional phosphate waste stream into a saleable product, it would provide the JV an additional revenue stream while helping Canada’s building materials industry lower its carbon footprint. The JV-produced PCC was provided to a Canadian building materials end user and qualified by their laboratory in one of their building material formulations, confirming its suitability for the target application.

Earlier this month, Arianne announced the successful testing of its PPA by a battery CAM producer for use in LFP batteries (see Press Release dated October 8, 2026). The PPA tested was produced at pilot scale using Arianne’s high-purity phosphate concentrate and Travertine’s proprietary process. Aside from the sample sent to the CAM producer, two additional samples were provided; one to a diversified industrial chemicals producer that uses PPA for water treatment and pulp & paper applications and the other to a specialized liquid fertilizer producer. The Company is expecting these additional results in the coming weeks.

“As announced earlier this month, PPA produced through our JV has met the specification of a LFP battery CAM manufacturer, addressing a major milestone as the West looks to secure its own supply chain,” said Brian Ostroff, Head of Strategy & Business Initiatives at Arianne Phosphate. “We are highly anticipating further results from the other companies that received our material for testing in their industrial processes. This news now regarding the calcium carbonate is very exciting as it can generate additional revenue instead of a lower-end product. It positions Arianne, and our JV, to be a vital supplier to many industries and maximizes benefits to our stakeholders and shareholders.”

Conventional phosphoric acid production generates a substantial amount of phosphogypsum for every tonne of end-product produced. Due to the nature of Arianne’s high-purity phosphate concentrate, the traditional gypsum by-product is a low-end marketable material, unlike most phosphogypsum that is an ongoing legacy cost. The opportunity with the JV, is to upgrade the product into something with greater economic benefit while reducing our environmental footprint. The combination of end-products for both the phosphate industry and the building materials industry represents an unprecedented opportunity to support these key industries both domestically and internationally.

Arianne Phosphate’s Lac à Paul project is situated in Quebec, Canada and hosts the world’s largest greenfield phosphate deposit. Being igneous, the ore body is geologically rare and allows for the easy transformation into a high-quality, premium-priced PPA. As the West’s only permitted greenfield phosphate mine, Arianne can address the growing demand for this critical material and do so from a geopolitically secure jurisdiction. The Company’s JV project with Travertine also greatly reduces the requirements for sulphuric acid, reduces OpEx costs associated with PPA production and now can add further economic and environmental benefits through the sale of another co-product.

Lastly, Arianne has granted 200,000 stock options to Mr. Jeffrey Beck, CEO of Arianne Phosphate, in lieu of any salary or cash remuneration for his employment with the Company. These options entitle Mr. Beck to purchase one common share of the Company until October 22, 2036, at a price of $0.285 per share, this being the closing price of the Company’s shares on the preceding trading day of the grant. The options are subject to a vesting period and are also subject to regulatory approval.

About Arianne Phosphate:
Arianne Phosphate (“Arianne Phosphate Inc.”) (www.arianne-inc.com) is developing the Lac à Paul phosphate deposits located approximately 200 km north of the Saguenay/Lac St. Jean area of Quebec, Canada. These deposits will produce a high-quality igneous apatite concentrate grading 39% P₂O₅ with little or no contaminants (Feasibility Study released in 2013).

About Travertine: 

Travertine was founded in 2022 to solve one or the most pressing problems in the mining industry: producing vital elements without creating mountains of waste. Their proprietary electrochemical technology completely converts phosphate ore concentrate into valuable products – phosphoric acid, cementitious materials, and co-produced critical elements – closing the loop between the extraction and construction industries for cleaner chemical production. Their gypsum-free, solvent-free process will become the standard for next generation, cleaner purified phosphoric acid production. To learn more, visit www.travertinetech.com. 

Qualified Person
Raphael Gaudreault, eng., Qualified Person by Regulation 43-101, has approved the technical information in this release. Mr. Gaudreault is also the Company’s Chief Operating Officer.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information:

Technical	Info
Raphael Gaudreault	Brian Ostroff
Chief Operating Officer	Head of Strategic & Business Initiatives
Tel.: 418-590-1318	Tel.: 514-928-9952
raphael.gaudreault@arianne-inc.com	brian.ostroff@arianne-inc.com

Follow Arianne on:
Facebook: https://www.facebook.com/ariannephosphate
Twitter: http://twitter.com/arianne_dan
YouTube: http://www.youtube.com/user/ArianneResources
Flickr: http://www.flickr.com/photos/arianneresources

Cautionary Statements Regarding Forward Looking Information

This news release contains “forward-looking statements” and “forward-looking information” within the meaning of applicable securities regulations in Canada and the United States (collectively, “forward-looking information”). Forward-looking information includes, but is not limited to, the Company’s anticipated quality and production of the apatite concentrate at the Lac à Paul project. Often, but not always, forward-looking information can be identified by the use of words such as “plans”, “expects, “is expected”, “budget”, “scheduled”, “estimates”, forecasts”, “intends”, “anticipates”, or “believes”, or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might”, or “will” be taken, occur or be achieved.

Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: unforeseen delays in the execution of the definitive agreements in connection with the credit facility extension or in obtaining regulatory approval; inability to complete the credit facilities extension by the Closing Date; volatile stock price; risks related to changes in commodity prices; sources and cost of power facilities; the estimation of initial and sustaining capital requirements; the estimation of labour and operating costs; the general global markets and economic conditions; the risk associated with exploration, development and operations of mineral deposits; the estimation of mineral reserves and resources; the risks associated with uninsurable risks arising during the course of exploration, development and production; risks associated with currency fluctuations; environmental risks; competition faced in securing experienced personnel; access to adequate infrastructure to support mining, processing, development and exploration activities; the risks associated with changes in the mining regulatory regime governing the Company; completion of the environmental assessment process; risks related to regulatory and permitting delays; risks related to potential conflicts of interest; the reliance on key personnel; financing, capitalization and liquidity risks including the risk that the financing necessary to fund continued exploration and development activities at Lac à Paul project may not be available on satisfactory terms, or at all; the risk of potential dilution through the issue of common shares; the risk of litigation.

Forward-looking information is based on assumptions management believes to be reasonable at the time such statements are made, including but not limited to, the material terms of the credit facility extension having been agreed to by the parties, continued exploration activities, no material adverse change in commodity prices, exploration and development plans proceeding in accordance with plans and such plans achieving their stated expected outcomes, receipt of required regulatory approval, and such other assumptions and factors as set out herein. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such forward-looking information. Accordingly, readers should not place undue reliance on forward-looking information. Forward-looking information is made as of the date of this press release, and the Company does not undertake to update such forward-looking information except in accordance with applicable securities laws.

NEW YORK, Oct. 22, 2026 (GLOBE NEWSWIRE) — Nasdaq, Inc. (Nasdaq: NDAQ) today reported financial results for the third quarter of 2026.

• Third quarter 2026 net revenue¹ was $1.5 billion, an increase of 13% over the third quarter of 2025, or 14% on an organic² basis. Solutions revenue³ increased 17%, or 18% on an organic basis.
• Annualized Recurring Revenue (ARR)^3,4 of $3.4 billion increased 12% on a reported basis over the third quarter of 2025, or 14% on an organic basis. Annualized SaaS revenue increased 12%, or 16% on an organic basis, and represented 38% of ARR.
• Financial Technology revenue was $529 million, an increase of 16% on both a reported and organic basis over the third quarter of 2025.
• Index revenue of $286 million grew 39% on both a reported and organic basis over the third quarter of 2025, with $141 billion of net inflows over the trailing twelve months, including $49 billion in the third quarter of 2026.
• GAAP diluted earnings per share in the third quarter of 2026 was $0.96, an increase of 31% over the third quarter of 2025. Non-GAAP⁵ diluted earnings per share in the third quarter of 2026 was $1.04, an increase of 18% on a reported basis over the third quarter of 2025, or 19% on an organic basis.
• In the third quarter of 2026, the company returned $173 million to shareholders through dividends and $323 million through repurchases of common stock.

Third Quarter 2026 Highlights

(US$ millions, except per share)	3Q26		YoY change %	Organic2 YoY change %	Adjusted2 YoY change %
Solutions revenue	$1,172		17%	18%	18%
Market Services net revenue	$309		2%	2%	2%
Net revenue	$1,481		13%	14%	14%
GAAP operating income	$732		25%
Non-GAAP operating income	$843		15%	16%	16%
ARR	$3,365		12%	14%	14%
GAAP diluted EPS	$0.96		31%
Non-GAAP diluted EPS	$1.04		18%	19%	19%

Adena Friedman, Chair and CEO said, “Nasdaq’s third quarter performance demonstrates the strength and momentum of our business, with new milestones achieved across all three divisions, including record Index net inflows, record FinTech ARR growth, and the establishment of Nasdaq Digital Liquidity Networks within Market Services.

Markets are evolving towards an AI-driven, Always-On future that is increasingly integrated across asset classes and geographies. Nasdaq is shaping the next generation of market infrastructure while expanding our growth opportunities and enhancing the value we deliver to our clients and shareholders.”

Sarah Youngwood, Executive Vice President and CFO said, “Nasdaq delivered excellent third quarter results, headlined by outstanding Solutions revenue growth, continued operating leverage, and strong EPS growth.

Our durable business model and disciplined execution underpin our capital allocation strategy that prioritizes funding investments in long-term growth while returning more than $1.7 billion to shareholders year to date through share repurchases and dividends.”

FINANCIAL REVIEW

• Third quarter 2026 net revenue was $1.5 billion, reflecting 13% growth on a reported basis versus the prior year period, or 14% growth on an organic basis.
• Solutions revenue was $1.2 billion in the third quarter of 2026, an increase of 17% versus the prior year period, or 18% on an organic basis. Performance in the quarter reflected strong growth across Capital Access Platforms and Financial Technology. Capital Access Platforms revenue growth was 20% year-over-year on both a reported and organic basis. Financial Technology revenue growth was 16%, on both a reported and organic basis.
• ARR was $3.4 billion as of the third quarter of 2026, growing 12% year-over-year on a reported basis, or 14% on an organic basis. The difference between total reported and organic ARR growth results from the impact of divestitures, which were excluded from ARR in the prior year period. Financial Technology ARR growth was 18% on both a reported and organic basis, and Capital Access Platforms ARR growth was 8% on both a reported and organic basis.
• Market Services net revenue was $309 million in the third quarter of 2026, up 2% on both a reported and organic basis versus the prior year period.
• Third quarter 2026 GAAP operating expenses were $749 million, an increase of 3% versus the prior year quarter. Non-GAAP operating expenses were $638 million, up 9% versus the prior year quarter, or 12% on an organic basis. The increases were primarily driven by higher compensation and benefits costs from our strong revenue execution and increased investments in technology to drive long-term growth. On a GAAP basis, the increase was partially offset by lower general and administrative expenses, primarily due to a favorable legal settlement, and lower restructuring charges.
• Cash flow from operations was $521 million in the third quarter, enabling the return of capital through Nasdaq’s efficient capital allocation framework. In the third quarter of 2026, the company returned $173 million to shareholders through dividends and $323 million through repurchases of common stock. As of September 30, 2026, there was $2.2 billion remaining under the board authorized share repurchase program.

2026 EXPENSE AND TAX GUIDANCE UPDATE⁶

• The company is updating its 2026 non-GAAP operating expense guidance to a range of $2.550 billion to $2.580 billion. The company is maintaining its 2026 non-GAAP tax rate guidance in the range of 22.5% to 24.5%.

STRATEGIC AND BUSINESS UPDATES

• Financial Technology delivered record 18% organic ARR growth and double-digit revenue growth in each subdivision for the third consecutive quarter. FinTech signed 54 new clients and 135 upsells in the quarter with cloud-based solutions accounting for 85% of ACV bookings. FinTech performance reflected continued execution on the One Nasdaq strategy with 5 cross-sells signed in the quarter and cross-sells accounting for over 15% of the sales pipeline. Nasdaq achieved a second-place ranking on the Chartis RiskTech100, up from fifth place in the prior year.
  • Financial Crime Management Technology revenue and ARR growth accelerated with momentum across SMBs and enterprise clients. Nasdaq Verafin signed 45 new small-and-medium bank (SMB) clients and 3 enterprise deals in the third quarter, bringing year-to-date enterprise signings to 12, surpassing the 9 enterprise deals signed in all of 2025. Nasdaq Verafin announced the general availability of two new AI workers, the Agentic AML Analyst and the Agentic Fraud Analyst, and now has more than 850 clients using its Agentic AI Workforce.
  • Regulatory Technology achieved the fifth straight quarter of accelerating ARR growth led by strong performance across Surveillance and AxiomSL. The subdivision added 10 new clients, including 2 cross-sells, and 86 upsells in the third quarter, driven by demand for cloud infrastructure, AI, digital assets, and regulatory requirements. Surveillance signed 9 new clients, including 2 cross-sells and strategic wins with Kalshi and Kraken, while also achieving 51 upsells. AxiomSL added 1 new client and 35 upsells in the third quarter, including an expansion with a Global Systemically Important Bank (G-SIB) for a Basel III implementation.
  • Capital Markets Technology delivered robust organic ARR growth with broad-based strength across the subdivision. The subdivision signed 2 new clients, including 1 cross-sell, and 48 upsells in the third quarter. Calypso added 2 new clients, including 1 cross-sell, and 23 upsells. Nasdaq partnered with HSBC to co-develop comprehensive exchange-traded derivatives (ETD) clearing capabilities in Calypso, creating a unified platform HSBC has selected for clearing across OTC, ETD, and repos. Nasdaq also launched a new operating environment which enables clients to connect their own AI infrastructure and serve as an access point for Calypso’s agentic capabilities. Market Technology signed 25 upsells in the quarter and continued to shape Always-On markets, signing a deal with Bruce Markets to power the first 24/7 continuous trading in U.S. equities.
• Index set new ETP assets under management (AUM) and net inflow records while executing on its growth pillars of product innovation, international expansion, and institutional adoption. Index had a record $141 billion in net inflows over the trailing twelve months, including $49 billion in the third quarter. End-of-period ETP AUM was $1.160 trillion and average ETP AUM over the third quarter was $1.108 trillion, both new records. Nasdaq launched 32 new Index products in the third quarter, including 10 in the institutional annuity space. Half of the new products launched in the third quarter were outside the U.S.
• Nasdaq extended its listings leadership with 8 of the 10 largest operating company IPOs in the third quarter. Nasdaq welcomed 15 new operating companies that raised $32 billion in capital⁷, reflecting a 79% win rate⁸ of new operating company listings. The quarter’s strong performance contributed to a 74% year-to-date new listings win rate. Year-to-date through the third quarter, new operating company listings raised $144 billion in proceeds, reflecting 89% of total proceeds raised.
• Nasdaq expanded its distribution of private markets data through a partnership with Juniper Square. The partnership embeds eVestment’s private markets data directly into Juniper Square’s client workflows, strengthening Nasdaq’s position as a trusted provider of institutional investment intelligence. eVestment also expanded its coverage of private funds to more than 95,000, a 19% increase from the end of 2025.
• Nasdaq executed several strategic actions to advance the evolution of capital markets. Nasdaq formed Digital Liquidity Networks (DLN), a new organization within Nasdaq Market Services focused on advancing the company’s leadership in digital assets and market modernization. Within DLN, Nasdaq completed the acquisition of LeveL Markets, the third-largest Alternative Trading System (ATS) in the U.S. by trading volume with more than 2,500 buy-side and sell-side clients. The acquisition, which closed early in the fourth quarter, enhances Nasdaq’s ability to serve a wider liquidity pool across off-exchange venues and deliver institutional-grade liquidity and execution solutions to clients.
• Market Services set a new record in third quarter net revenue and continued to lead the evolution of markets including the transition to Always-On markets. Third quarter Market Services net revenue benefitted from higher industry volumes across U.S. options and European equities with robust performance in U.S. cash equities, which achieved higher market share and near record capture. The Nasdaq Stock Market remains on track to go live with 23/5 trading on December 6, 2026, expanding global access to U.S.-listed equities.

____________

¹ Represents revenue less transaction-based expenses.

² Organic change is generally calculated by removing the impacts of changes in foreign exchange rates, and acquisitions and divestitures during the one-year period post transaction. Adjusted and organic change for 3Q26 as compared to 3Q25 are equivalent as they include the same period over period adjustments.

³ Solutions revenue constitutes revenue from our Capital Access Platforms and Financial Technology segments as well as certain Other revenues. These Other revenues of $2 million and $4 million in 3Q26 and 3Q25, respectively, relates to the sale of our Nasdaq Fund Secondaries business and the sale of the Nasdaq Metrio platform and related customer contracts, which were both sold in 3Q26. Other revenues in 3Q25 also included $8 million related to the sale of the Solovis business, which was sold in 4Q25. These revenues were previously included in our Capital Access Platforms Segment. ARR and Annualized SaaS revenues for 3Q25 includes $42 million and $40 million, respectively, related to these businesses.

⁴ ARR for a given period is the current annualized value derived from subscription contracts with a defined contract value. This excludes contracts that are not recurring, are one-time in nature or where the contract value fluctuates based on defined metrics. For AxiomSL and Calypso recurring revenue contracts, the amount included in ARR is consistent with the amount that we invoice the customer during the current period. Additionally, for AxiomSL and Calypso recurring revenue contracts that include annual values that increase over time, we include in ARR only the annualized value of components of the contract that are considered active as of the date of the ARR calculation. We do not include the future committed increases in the contract value as of the date of the ARR calculation. ACV Bookings for our Financial Technology segment excluding Financial Crime Management Technology refers to the maximum annualized committed contract value at the time of signature, excluding one-time fees and not accounting for initial discounts. For Financial Crime Management Technology, ACV bookings is calculated by averaging the total contract value over the contract term, including fixed increases. ARR and ACV are supplemental metrics to help evaluate the performance of the business. These measures are not a replacement for, and should be viewed independently of, U.S. GAAP revenue and deferred revenue as they are performance metrics, and are not intended to be combined with any of these items. ARR and ACV are not a forecast, and the active contracts at the end of a reporting period used in calculating these measures may or may not be extended or renewed by our customers. There is no U.S. GAAP measure comparable to ARR or ACV. As these metrics do not have any standardized definition they may not be comparable to similarly titled measures presented by other companies and should be viewed independently of revenue and deferred revenue and are not intended to be combined with or to replace either of those items.

⁵ Refer to our reconciliations of U.S. GAAP to non-GAAP metrics and organic and adjusted impacts, included in the attached schedules.

⁶ U.S. GAAP operating expense and tax rate guidance are not provided due to the inherent difficulty in quantifying certain amounts due to a variety of factors including the unpredictability in the movement in foreign currency rates, as well as future charges or reversals outside of the normal course of business.

⁷ Listings proceeds for the quarter reflect current quarter IPO activity only and YTD proceeds reflect greenshoe shares exercised after the quarter in which the IPO occurred.

⁸ Listings win rate includes eligible U.S. operating companies, direct listings, and SPAC business combinations.

ABOUT NASDAQ

Nasdaq (Nasdaq: NDAQ) is a leading technology platform that powers the world’s economies. We architect the infrastructure of the world’s most modern markets, power the innovation economy, and build trust in the financial system. We empower economic opportunity by designing and deploying advanced technology, data, and intelligence solutions that enable our clients to capture opportunities, navigate risk, and strengthen resilience. To learn more about the company, technology solutions and career opportunities, visit us on LinkedIn, on X @Nasdaq, or at www.nasdaq.com.

NON-GAAP INFORMATION

In addition to disclosing results determined in accordance with U.S. GAAP, Nasdaq also discloses certain non-GAAP results of operations, including, but not limited to, non-GAAP net income, non-GAAP diluted earnings per share, non-GAAP operating income, and non-GAAP operating expenses, that include certain adjustments or exclude certain charges and gains that are described in the reconciliation tables of U.S. GAAP to non-GAAP information provided at the end of this release. Management uses this non-GAAP information internally, along with U.S. GAAP information, in evaluating our performance and in making financial and operational decisions. We believe our presentation of these measures provides investors with greater transparency and supplemental data relating to our financial condition and results of operations. In addition, we believe the presentation of these measures is useful to investors for period-to-period comparisons of results as the items described below in the reconciliation tables do not reflect ongoing operating performance.

These measures are not in accordance with, or an alternative to, U.S. GAAP, and may be different from non-GAAP measures used by other companies. In addition, other companies, including companies in our industry, may calculate such measures differently, which reduces their usefulness as a comparative measure. Investors should not rely on any single financial measure when evaluating our business. This information should be considered as supplemental in nature and is not meant as a substitute for our operating results in accordance with U.S. GAAP. We recommend investors review the U.S. GAAP financial measures included in this earnings release. When viewed in conjunction with our U.S. GAAP results and the accompanying reconciliations, we believe these non-GAAP measures provide greater transparency and a more complete understanding of factors affecting our business than U.S. GAAP measures alone.

We understand that analysts and investors regularly rely on non-GAAP financial measures, such as those noted above, to assess operating performance. We use these measures because they highlight trends more clearly in our business that may not otherwise be apparent when relying solely on U.S. GAAP financial measures, since these measures eliminate from our results specific financial items that have less bearing on our ongoing operating performance.

Foreign exchange impact: In countries with currencies other than the U.S. dollar, revenue and expenses are translated using monthly average exchange rates. Certain discussions in this release isolate the impact of year-over-year foreign currency fluctuations to better measure the comparability of operating results between periods. Operating results excluding the impact of foreign currency fluctuations are calculated by translating the current period’s results by the prior period’s exchange rates.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

Information set forth in this communication contains forward-looking statements that involve a number of risks and uncertainties. Nasdaq cautions readers that any forward-looking information is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking information. Such forward-looking statements include, but are not limited to (i) projections relating to our future financial results, total shareholder returns, growth, dividend program, trading volumes, products and services, ability to transition to new business models, taxes and achievement of synergy targets, (ii) statements about the closing or implementation dates and benefits of certain acquisitions, divestitures and other strategic, restructuring, technology, de-leveraging and capital allocation initiatives, (iii) statements about our integrations of our recent acquisitions, (iv) statements relating to any litigation or regulatory or government investigation or action to which we are or could become a party, and (v) other statements that are not historical facts. Forward-looking statements involve a number of risks, uncertainties or other factors beyond Nasdaq’s control. These factors include, but are not limited to, Nasdaq’s ability to implement its strategic initiatives, economic, political and market conditions and fluctuations, geopolitical instability, government and industry regulation, interest rate risk, and U.S. and global competition. Further information on these and other factors are detailed in Nasdaq’s filings with the U.S. Securities and Exchange Commission, including its annual reports on Form 10-K and quarterly reports on Form 10-Q, which are available on Nasdaq’s investor relations website at http://ir.nasdaq.com and the SEC’s website at www.sec.gov. Nasdaq undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.

WEBSITE DISCLOSURE

Nasdaq intends to use its website, ir.nasdaq.com, as a means for disclosing material non-public information and for complying with SEC Regulation FD and other disclosure obligations.

Media Relations Contact
David Lurie
914.538.0533
David.Lurie@nasdaq.com

Investor Relations Contact
Ato Garrett
212.401.8737
Ato.Garrett@nasdaq.com

-NDAQF-

Nasdaq, Inc.
Condensed Consolidated Statements of Income
(in millions, except per share amounts)
(unaudited)
		Three Months Ended September 30,								Nine Months Ended September 30,
		2026				2025				2026				2025
Revenues:
Capital Access Platforms		$	641			$	534			$	1,820			$	1,552
Financial Technology			529				457				1,585				1,352
Market Services			1,221				967				3,640				3,208
Other Revenues			2				21				18				63
	Total revenues		2,393				1,979				7,063				6,175
Transaction-based expenses:
Transaction rebates			(623	)			(658	)			(2,059	)			(1,882	)
Brokerage, clearance and exchange fees			(289	)			(6	)			(616	)			(436	)
Revenues less transaction-based expenses			1,481				1,315				4,388				3,857
Operating Expenses:
Compensation and benefits			379				353				1,118				1,033
Professional and contract services			42				38				124				112
Technology and communication infrastructure			93				80				264				236
Occupancy			34				32				103				90
General, administrative and other			2				22				54				51
Marketing and advertising			17				13				61				41
Depreciation and amortization			165				158				496				471
Regulatory			11				12				29				41
Merger and strategic initiatives			6				9				14				53
Restructuring charges			—				12				24				27
	Total operating expenses		749				729				2,287				2,155
Operating income			732				586				2,101				1,702
Interest income			10				8				23				32
Interest expense			(86	)			(87	)			(259	)			(279	)
Net gain (loss) on divestitures			(4	)			(2	)			84				37
Other income (loss)			11				—				(4	)			—
Net income from unconsolidated investees			38				24				86				73
Income before income taxes			701				529				2,031				1,565
Income tax provision			162				106				466				296
Net income		$	539			$	423			$	1,565			$	1,269
Net loss attributable to noncontrolling interests			1				—				1				1
Net income attributable to Nasdaq		$	540			$	423			$	1,566			$	1,270
Per share information:
Basic earnings per share		$	0.97			$	0.74			$	2.78			$	2.21
Diluted earnings per share		$	0.96			$	0.73			$	2.76			$	2.19
Cash dividends declared per common share		$	0.31			$	0.27			$	0.89			$	0.78
Weighted-average common shares outstanding
for earnings per share:
Basic			558.9				573.3				563.3				574.1
Diluted			563.3				579.0				567.6				579.3

Nasdaq, Inc.
Revenue Detail
(in millions)
(unaudited)
	Three Months Ended September 30,								Nine Months Ended September 30,
	2026				2025				2026				2025
CAPITAL ACCESS PLATFORMS
Data and Listing Services	$	224			$	204			$	655			$	594
Index		286				206				778				595
Workflow and Insights		131				124				387				363
Total Capital Access Platforms revenues		641				534				1,820				1,552
FINANCIAL TECHNOLOGY
Financial Crime Management Technology		103				84				294				241
Regulatory Technology		123				109				361				315
Capital Markets Technology		303				264				930				796
Total Financial Technology revenues		529				457				1,585				1,352
MARKET SERVICES
Market Services		1,221				967				3,640				3,208
Transaction-based expenses:
Transaction rebates		(623	)			(658	)			(2,059	)			(1,882	)
Brokerage, clearance and exchange fees		(289	)			(6	)			(616	)			(436	)
Total Market Services revenues, net		309				303				965				890
OTHER REVENUES		2				21				18				63
REVENUES LESS TRANSACTION-BASED EXPENSES	$	1,481			$	1,315			$	4,388			$	3,857

Nasdaq, Inc.
Condensed Consolidated Balance Sheets
(in millions)
		September 30,				December 31,
		2026				2025
Assets		(unaudited)
Current assets:
Cash and cash equivalents		$	365			$	604
Restricted cash and cash equivalents			28				210
Default funds and margin deposits			2,530				5,842
Short-term investments			151				28
Receivables, net			1,171				943
Other current assets			287				376
Total current assets			4,532				8,003
Property and equipment, net			767				728
Goodwill			14,247				14,371
Intangible assets, net			6,106				6,511
Operating lease assets			481				447
Other non-current assets			1,250				993
Total assets		$	27,383			$	31,053
Liabilities
Current liabilities:
Accounts payable and accrued expenses		$	252			$	280
Section 31 fees payable to SEC			90				—
Accrued personnel costs			320				364
Deferred revenue			819				785
Other current liabilities			237				259
Default funds and margin deposits			2,530				5,842
Short-term debt			269				431
Total current liabilities			4,517				7,961
Long-term debt			8,471				8,573
Deferred tax liabilities, net			1,654				1,584
Operating lease liabilities			476				462
Other non-current liabilities			262				241
Total liabilities			15,380				18,821
Commitments and contingencies
Equity
Nasdaq stockholders’ equity:
Common stock			6				6
Additional paid-in capital			4,067				5,122
Common stock in treasury, at cost			(784	)			(716	)
Accumulated other comprehensive loss			(1,944	)			(1,773	)
Retained earnings			10,654				9,588
Total Nasdaq stockholders’ equity			11,999				12,227
Noncontrolling interests			4				5
Total equity			12,003				12,232
Total liabilities and equity		$	27,383			$	31,053

Nasdaq, Inc.
Reconciliation of U.S. GAAP to Non-GAAP Net Income Attributable to Nasdaq and Diluted Earnings Per Share
(in millions, except per share amounts)
(unaudited)
			Three Months Ended September 30,								Nine Months Ended September 30,
			2026				2025				2026				2025
U.S. GAAP net income attributable to Nasdaq			$	540			$	423			$	1,566			$	1,270
Non-GAAP adjustments:
Amortization expense of acquired intangible assets1				121				122				364				365
Merger and strategic initiatives expense2				6				9				14				53
Restructuring charges3				—				12				24				27
Gain from extinguishment of debt4				—				—				—				(19	)
Legal and regulatory matters5				(16	)			1				(3	)			3
Net (gain) loss on divestitures6				4				2				(84	)			(37	)
Net income from unconsolidated investees7				(38	)			(24	)			(86	)			(73	)
Other (income) loss8				(11	)			4				9				6
Total non-GAAP adjustments				66				126				238				325
Non-GAAP adjustment to the income tax provision9				(14	)			(32	)			(58	)			(84	)
Other tax adjustments10				(4	)			(6	)			(4	)			(51	)
Total non-GAAP adjustments, net of tax				48				88				176				190
Non-GAAP net income attributable to Nasdaq			$	588			$	511			$	1,742			$	1,460
U.S. GAAP diluted earnings per share			$	0.96			$	0.73			$	2.76			$	2.19
Total impact from NonGAAP adjustments above				0.08				0.15				0.31				0.33
Non-GAAP diluted earnings per share			$	1.04			$	0.88			$	3.07			$	2.52
Weighted-average diluted common shares outstanding for earnings per share:				563.3				579.0				567.6				579.3

Nasdaq, Inc.
Reconciliation of U.S. GAAP to Non-GAAP Operating Income and Operating Margin
(in millions)
(unaudited)
			Three Months Ended September 30,								Nine Months Ended September 30,
			2026				2025				2026				2025
U.S. GAAP operating income			$	732			$	586			$	2,101			$	1,702
Non-GAAP adjustments:
Amortization expense of acquired intangible assets1				121				122				364				365
Merger and strategic initiatives expense2				6				9				14				53
Restructuring charges3				—				12				24				27
Gain from extinguishment of debt4				—				—				—				(19	)
Legal and regulatory matters5				(16	)			1				(3	)			3
Other loss				—				2				1				4
Total non-GAAP adjustments				111				146				400				433
Non-GAAP operating income			$	843			$	732			$	2,501			$	2,135
Revenues less transaction-based expenses			$	1,481			$	1,315			$	4,388			$	3,857
U.S. GAAP operating margin11				49	%			45	%			48	%			44	%
Non-GAAP operating margin12				57	%			56	%			57	%			55	%
Note: The percentages are calculated based on exact dollars, and therefore may not recalculate exactly using rounded numbers as presented in US$ millions.

Nasdaq, Inc.
Reconciliation of U.S. GAAP to Non-GAAP Operating Expenses
(in millions)
(unaudited)
			Three Months Ended September 30,								Nine Months Ended September 30,
			2026				2025				2026				2025
U.S. GAAP operating expenses			$	749			$	729			$	2,287			$	2,155
Non-GAAP adjustments:
Amortization expense of acquired intangible assets1				(121	)			(122	)			(364	)			(365	)
Merger and strategic initiatives expense2				(6	)			(9	)			(14	)			(53	)
Restructuring charges3				—				(12	)			(24	)			(27	)
Gain on extinguishment of debt4				—				—				—				19
Legal and regulatory matters5				16				(1	)			3				(3	)
Other loss				—				(2	)			(1	)			(4	)
Total non-GAAP adjustments				(111	)			(146	)			(400	)			(433	)
Non-GAAP operating expenses			$	638			$	583			$	1,887			$	1,722

Nasdaq, Inc.
Footnotes to Press Release
Financial Tables
1	We amortize intangible assets acquired in connection with various acquisitions. Intangible asset amortization expense can vary from period to period due to episodic acquisitions completed, rather than from our ongoing business operations.
2	We have pursued various strategic initiatives and completed acquisitions and divestitures in recent years that have resulted in expenses which would not have otherwise been incurred. These expenses generally include integration costs, as well as legal, due diligence and other third-party transaction costs. The frequency and the amount of such expenses vary significantly based on the size, timing and complexity of the transaction. For the three and nine months ended September 30, 2026, these costs included amounts associated with various strategic initiative costs. For the three and nine months ended September 30, 2025, these costs primarily included amounts associated with the transfer of open positions in our Nordic power futures business, Adenza integration costs and other strategic initiative costs.
3	In the fourth quarter of 2023, following the closing of the Adenza acquisition, our management approved, committed to and initiated a restructuring program, “Adenza Restructuring” to optimize our efficiencies as a combined organization. We initiated the program upon the acquisition of Adenza and further expanded the program in the fourth quarter of 2024 following the achievement of our initial targets. We have incurred costs principally related to employee-related costs, contract terminations, asset impairments and other related cost. Actions taken as part of this program were completed as of December 31, 2025, and all costs were incurred as of June 30, 2026.
4	For the nine months ended September 30, 2025, we recorded a gain on the extinguishment of debt. This gain is recorded in general, administrative and other expense in our Condensed Consolidated Statements of Income.
5	For the three and nine months ended September 30, 2026, this includes a favorable legal settlement, recorded in general, administrative and other expense in the Condensed Consolidated Statements of Income. For the three and nine months ended September 30, 2026 and 2025, this also includes accruals relating to certain legal matters, which are recorded in professional and contract services in the Condensed Consolidated Statements of Income.
6	Net loss on divestitures for the three months ended September 30, 2026 relates to the net impact of the sale of the Nasdaq Metrio platform and related customer contracts, and the sale of Nasdaq Fund Secondaries. Net gain on divestitures for the nine months ended September 30, 2026 and September 30, 2025 primarily relates to the divestiture of our Nordic power futures business, net of costs to sell, partially offset by the net loss described above for the nine months ended September 30, 2026.  For the nine months ended September 30, 2025, this also includes a gain on sale of our Nasdaq Risk Modelling for Catastrophes business, net of costs to sell.
7	We exclude our share of the earnings and losses of our equity method investments. This provides a more meaningful analysis of Nasdaq’s ongoing operating performance or comparisons in Nasdaq’s performance between periods.
8	For the three and nine months ended September 30, 2026 and 2025, other items primarily include net gains and losses from strategic investments entered into through our corporate venture program. For the nine months ended September 30, 2026, this also includes intangible asset impairments of customer relationships and licenses relating to the wind-down of our Nordic power futures business. The net effect of these items is included in other income (loss) in our Condensed Consolidated Statements of Income.
9	For the three and nine months ended September 30, 2026 and 2025, the non-GAAP adjustment to the income tax provision includes the tax impact of each non-GAAP adjustment.
10	For the nine months ended September 30, 2025, other tax adjustments primarily reflect a tax benefit related to payments made to certain former Adenza employees and the release of the prior years’ reserves following a favorable audit settlement.
11	U.S. GAAP operating margin equals U.S. GAAP operating income divided by revenues less transaction-based expenses.
12	Non-GAAP operating margin equals non-GAAP operating income divided by revenues less transaction-based expenses.

Nasdaq, Inc.
Reconciliation of Organic Impacts
(in millions, except per share amounts)
(unaudited)
	Three Months Ended September 30,						Total Variance						FX/Divestitures/ Acquisitions impact						Organic Variance1
	2026			2025			$			%			$			%			$		%
Capital Access Platforms
Data and Listing Services	$	224		$	204		$	20		10	%		$	(1	)	—	%		$	21	10	%
Index		286			206			80		39	%			—		—	%			80	39	%
Workflow and Insights		131			124			7		6	%			1		—	%			6	5	%
Total Capital Access Platforms revenues		641			534			107		20	%			—		—	%			107	20	%
Financial Technology
Financial Crime Management Technology		103			84			19		23	%			—		—	%			19	23	%
Regulatory Technology		123			109			14		13	%			—		—	%			14	13	%
Capital Markets Technology		303			264			39		15	%			1		—	%			38	14	%
Total Financial Technology revenues		529			457			72		16	%			1		—	%			71	16	%
Market Services net revenues		309			303			6		2	%			—		—	%			6	2	%
Other revenues		2			21			(19	)	(91) %				(19	)	(88) %				—	—	%
Revenues less transaction-based expenses	$	1,481		$	1,315		$	166		13	%		$	(18	)	(1) %			$	184	14	%
Solutions revenue2	$	1,172		$	1,003		$	169		17	%		$	(9	)	(1) %			$	178	18	%
Non-GAAP Operating Expenses	$	638		$	583		$	55		9	%		$	(15	)	(3) %			$	70	12	%
Non-GAAP Operating Income	$	843		$	732		$	111		15	%		$	(3	)	—	%		$	114	16	%
Non-GAAP diluted earnings per share	$	1.04		$	0.88		$	0.16		18	%		$	—		—	%		$	0.16	19	%
Note: The percentages are calculated based on exact dollars, and therefore may not recalculate exactly using rounded numbers as presented in US$ millions. The sum of the percentage changes may not tie to the percentage change in total variance due to rounding.
1 Organic variance is calculated by removing the impacts of changes in foreign exchange rates, acquisitions, and divestitures.
2 Total Solutions revenues includes Capital Access Platforms and Financial Technology revenues as well as $2 million and $4 million of Other revenue in the third quarter of 2026 and the third quarter of 2025, respectively, related to the sale of our Nasdaq Fund Secondaries business and the sale of the Nasdaq Metrio platform and related customer contracts, which were both sold in the third quarter of 2026. The third quarter of 2025 also includes $8 million of Other revenue, related to the sale of the Solovis business, which was sold in the fourth quarter of 2025.

Nasdaq, Inc.
Key Drivers Detail
(unaudited)
		Three Months Ended September 30,								Nine Months Ended September 30,
		2026				2025				2026				2025
Capital Access Platforms
	Annualized recurring revenues (in millions)1	$	1,411			$	1,303			$	1,411			$	1,303
	Initial public offerings
	The Nasdaq Stock Market		46				76				177				218
	Nasdaq operating company IPOs		15				46				56				129
	SPACs		31				30				121				89
	Exchanges that comprise Nasdaq Nordic and Nasdaq Baltic		7				2				20				12
	Total new listings
	The Nasdaq Stock Market		167				205				531				569
	Exchanges that comprise Nasdaq Nordic and Nasdaq Baltic2		8				4				28				19
	Number of listed companies
	The Nasdaq Stock Market3		4,726				4,359				4,726				4,359
	Exchanges that comprise Nasdaq Nordic and Nasdaq Baltic4		1,103				1,133				1,103				1,133
	Index
	Number of licensed exchange traded products		487				439				487				439
	Period end ETP assets under management (AUM) tracking Nasdaq indexes (in billions)	$	1,160			$	829			$	1,160			$	829
	Total average ETP AUM tracking Nasdaq indexes (in billions)	$	1,108			$	777			$	1,000			$	701
	TTM5 net inflows ETP AUM tracking Nasdaq indexes (in billions)	$	141			$	91			$	141			$	91
	TTM5 net appreciation ETP AUM tracking Nasdaq indexes (in billions)	$	190			$	138			$	190			$	138
Financial Technology
	Annualized recurring revenues (in millions)1
	Financial Crime Management Technology	$	375			$	316			$	375			$	316
	Regulatory Technology		443				389				443				389
	Capital Markets Technology		1,136				957				1,136				957
	Total Financial Technology	$	1,954			$	1,662			$	1,954			$	1,662
Market Services
	Equity Derivative Trading and Clearing
	U.S. equity options
	Total industry average daily volume (in millions)		63.8				55.8				64.3				54.0
	Nasdaq PHLX matched market share		10.4	%			10.4	%			11.4	%			9.7	%
	The Nasdaq Options Market matched market share		3.2	%			2.5	%			2.8	%			3.9	%
	Nasdaq Texas Options matched market share (formerly Nasdaq BX)		1.2	%			1.6	%			1.3	%			1.7	%
	Nasdaq ISE Options matched market share		6.6	%			7.0	%			6.4	%			6.8	%
	Nasdaq GEMX Options matched market share		3.2	%			3.5	%			3.3	%			3.9	%
	Nasdaq MRX Options matched market share		3.5	%			3.5	%			3.9	%			3.0	%
	Total matched market share executed on Nasdaq’s exchanges		28.1	%			28.5	%			29.1	%			29.0	%
	Nasdaq Nordic and Nasdaq Baltic options and futures
	Total average daily volume of options and futures contracts		193,881				184,267				221,178				220,416
	Cash Equity Trading
	Total U.S.-listed securities
	Total industry average daily share volume (in billions)		16.9				17.6				19.0				17.2
	Matched share volume (in billions)		157.5				158.6				525.7				454.4
	The Nasdaq Stock Market matched market share		14.1	%			13.7	%			14.4	%			13.8	%
	Nasdaq Texas matched market share (formerly Nasdaq BX)		0.3	%			0.3	%			0.3	%			0.3	%
	Nasdaq PSX matched market share		0.1	%			0.1	%			0.1	%			0.1	%
	Total matched market share executed on Nasdaq’s exchanges		14.5	%			14.1	%			14.8	%			14.2	%
	Market share reported to the FINRA/Nasdaq Trade Reporting Facility		47.7	%			47.6	%			46.5	%			47.7	%
	Total market share6		62.2	%			61.7	%			61.3	%			61.9	%
	Nasdaq Nordic and Nasdaq Baltic securities
	Average daily number of equity trades executed on Nasdaq’s exchanges		653,117				627,568				730,953				736,829
	Total average daily value of shares traded (in billions)	$	5.3			$	4.5			$	6.0			$	5.2
	Total market share executed on Nasdaq’s exchanges7		75.0	%			72.8	%			74.6	%			71.8	%

1	Annualized Recurring Revenue (ARR) for a given period is the current annualized value derived from subscription contracts with a defined contract value. This excludes contracts that are not recurring, are one-time in nature, or where the contract value fluctuates based on defined metrics. ARR is currently one of our key performance metrics to assess the health and trajectory of our recurring business. ARR does not have any standardized definition and is therefore unlikely to be comparable to similarly titled measures presented by other companies. ARR should be viewed independently of revenue and deferred revenue and is not intended to be combined with or to replace either of those items. For AxiomSL and Calypso recurring revenue contracts, the amount included in ARR is consistent with the amount that we invoice the customer during the current period. Additionally, for AxiomSL and Calypso recurring revenue contracts that include annual values that increase over time, we include in ARR only the annualized value of components of the contract that are considered active as of the date of the ARR calculation. We do not include the future committed increases in the contract value as of the date of the ARR calculation. ARR is not a forecast and the active contracts at the end of a reporting period used in calculating ARR may or may not be extended or renewed by our customers.
2	New listings include IPOs and represent companies listed on the Nasdaq Nordic and Nasdaq Baltic exchanges and companies on the alternative markets of Nasdaq First North.
3	Number of total listings on The Nasdaq Stock Market for the three and nine months ended September 30, 2026 and 2025 included 1,292 and 1,000 ETPs, respectively.
4	Represents companies listed on the Nasdaq Nordic and Nasdaq Baltic exchanges and companies on the alternative markets of Nasdaq First North.
5	Trailing twelve months.
6	Includes transactions executed on The Nasdaq Stock Market’s, Nasdaq Texas’s (formerly Nasdaq BX) and Nasdaq PSX’s systems plus trades reported through the Financial Industry Regulatory Authority/Nasdaq Trade Reporting Facility.
7	European cash equities markets include cash equities exchanges of Sweden, Denmark, Finland, and Iceland. Minor adjustments to prior periods reflect data from a new consolidated data provider that accurately captures all primary trading venues and Multilateral Trading Facilities.