Let’s dig into the relative performance of Nasdaq (NASDAQ: NDAQ) and its peers as we unravel the now-completed Q2 financial exchanges & data earnings season.

Financial exchanges and data providers operate trading platforms and sell market information. They enjoy relatively stable revenue from trading fees and subscriptions, increasing demand for data analytics, and expansion opportunities in emerging markets. Challenges include regulatory oversight of market structure, competition from alternative trading venues, and substantial technology investments needed to maintain low-latency trading infrastructure and data security.

The 10 financial exchanges & data stocks we track reported a satisfactory Q2. As a group, revenues beat analysts’ consensus estimates by 1.6%.

In light of this news, share prices of the companies have held steady as they are up 4.9% on average since the latest earnings results.

Nasdaq (NASDAQ: NDAQ)

Originally founded in 1971 as the world's first electronic stock market, Nasdaq (NASDAQ: NDAQ) operates global exchanges and provides technology, data, and corporate services that help companies, investors, and financial institutions navigate capital markets.

Nasdaq reported revenues of $1.5 billion, up 14.9% year on year. This print exceeded analysts’ expectations by 3%. Overall, it was a very strong quarter for the company with an impressive beat of analysts’ EBITDA estimates and a beat of analysts’ EPS estimates.

Interestingly, the stock is up 3.6% since reporting and currently trades at $94.14.

We think Nasdaq is a good business, but is it a buy today? Read our full report here, it’s free.

Best Q2: Morningstar (NASDAQ: MORN)

Founded in 1984 by Joe Mansueto with just $80,000 in personal savings, Morningstar (NASDAQ: MORN) provides independent investment data, research, and analysis tools that help investors, advisors, and institutions make informed financial decisions.

Morningstar reported revenues of $663.2 million, up 9.6% year on year, outperforming analysts’ expectations by 2.2%. The business had a very strong quarter with an impressive beat of analysts’ EBITDA estimates and a beat of analysts’ EPS estimates.

However, the results were likely priced into the stock as it’s traded sideways since reporting. Shares currently sit at $197.89.

Is now the time to buy Morningstar? Access our full analysis of the earnings results here, it’s free.

Weakest Q2: S&P Global (NYSE: SPGI)

Tracing its roots back to 1860 when it published the first railroad industry manual, S&P Global (NYSE: SPGI) provides credit ratings, market intelligence, commodity data, automotive analytics, and financial indices that help investors and businesses make decisions.

S&P Global reported revenues of $4.15 billion, up 10.4% year on year, exceeding analysts’ expectations by 1%. Still, it was a slower quarter as it posted full-year EPS guidance slightly missing analysts’ expectations and a significant miss of analysts’ EPS estimates.

As expected, the stock is down 4.7% since the results and currently trades at $419.00.

Read our full analysis of S&P Global’s results here.

MarketAxess (NASDAQ: MKTX)

Pioneering the shift from phone-based to electronic bond trading since 2000, MarketAxess (NASDAQ: MKTX) operates electronic trading platforms that enable institutional investors and broker-dealers to efficiently trade fixed-income securities like corporate and government bonds.

MarketAxess reported revenues of $218.4 million, flat year on year. This number beat analysts’ expectations by 0.8%. Overall, it was a satisfactory quarter as it also put up a beat of analysts’ EPS estimates.

MarketAxess had the slowest revenue growth among its peers. The stock is up 29.9% since reporting and currently trades at $163.27.

Read our full, actionable report on MarketAxess here, it’s free.

Moody's (NYSE: MCO)

Founded in 1900 during America's railroad boom when investors needed reliable information on bond risks, Moody's (NYSE: MCO) provides credit ratings, risk assessment tools, and analytical solutions that help organizations evaluate financial risks and make informed investment decisions.

Moody's reported revenues of $2.19 billion, up 15.1% year on year. This result topped analysts’ expectations by 4.8%. Overall, it was a strong quarter as it also recorded a solid beat of analysts’ EBITDA estimates and a beat of analysts’ EPS estimates.

Moody's delivered the biggest analyst estimate beat and fastest revenue growth in the group. The stock is down 3.1% since reporting and currently trades at $475.51.

Read our full, actionable report on Moody's here, it’s free.

Market Update

Over the past year, investors have been forced to repeatedly answer the same question: what is the market’s biggest risk? The answer has changed several times, and each shift has reshaped market leadership.

Late in 2025 and early 2026, artificial intelligence became the market’s primary uncertainty. Investors questioned whether AI would erode software pricing power and weaken competitive moats as AI made it easier to replicate once-differentiated products.

By the spring, technology took a back seat to geopolitics. The U.S. conflict with Iran briefly became the market’s dominant narrative, raising concerns about oil prices, inflation, and global growth. But as energy markets remained orderly and fears of a prolonged supply disruption faded, investors quickly turned their focus back to fundamentals.

Want to invest in winners with rock-solid fundamentals? Check out our Hidden Gem Stocks and add them to your watchlist. These companies are poised for growth regardless of the political or macroeconomic climate.