The end of the earnings season is always a good time to take a step back and see who shined (and who not so much). Let’s take a look at how financial exchanges & data stocks fared in Q3, starting with Nasdaq (NASDAQ: NDAQ).

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 Q3. As a group, revenues beat analysts’ consensus estimates by 0.9%.

In light of this news, share prices of the companies have held steady. On average, they are relatively unchanged 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 $1.32 billion, up 11.4% year on year. This print exceeded analysts’ expectations by 0.8%. Overall, it was a satisfactory quarter for the company with an impressive beat of analysts’ Trading Services segment estimates.

Adena Friedman, Chair and CEO, said, “Nasdaq achieved significant milestones in the third quarter, with Solutions quarterly revenue surpassing $1 billion and annual recurring revenues reaching $3 billion for the first time. This achievement reflects our successful transformation into a leading technology platform.

Unsurprisingly, the stock is down 3.7% since reporting and currently trades at $85.54.

Is now the time to buy Nasdaq? Access our full analysis of the earnings results here, it’s free for active Edge members.

Best Q3: 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 $2.01 billion, up 10.7% year on year, outperforming analysts’ expectations by 2.4%. The business had a very strong quarter with an impressive beat of analysts’ Investor Services segment estimates and a solid beat of analysts’ EBITDA estimates.

Moody's scored the biggest analyst estimates beat among its peers. Although it had a fine quarter compared its peers, the market seems unhappy with the results as the stock is down 2.9% since reporting. It currently trades at $470.86.

Is now the time to buy Moody's? Access our full analysis of the earnings results here, it’s free for active Edge members.

Weakest Q3: FactSet (NYSE: FDS)

Founded in 1978 when financial data was still primarily delivered through paper reports, FactSet (NYSE: FDS) provides financial data, analytics, and technology solutions that investment professionals use to research, analyze, and manage their portfolios.

FactSet reported revenues of $596.9 million, up 6.2% year on year, exceeding analysts’ expectations by 0.6%. Still, it was a slower quarter as it posted full-year EPS guidance meeting analysts’ expectations and a significant miss of analysts’ EPS estimates.

As expected, the stock is down 19% since the results and currently trades at $272.11.

Read our full analysis of FactSet’s results here.

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 $3.89 billion, up 8.8% year on year. This number beat analysts’ expectations by 1.1%. Overall, it was a strong quarter as it also recorded an impressive beat of analysts’ Ratings segment estimates and a solid beat of analysts’ EBITDA estimates.

The stock is up 3.6% since reporting and currently trades at $490.26.

Read our full, actionable report on S&P Global here, it’s free for active Edge members.

CME Group (NASDAQ: CME)

Born from the Chicago Mercantile Exchange founded in 1898 as a butter and egg trading venue, CME Group (NASDAQ: CME) operates the world's largest derivatives marketplace where traders can buy and sell futures and options contracts across interest rates, equities, currencies, commodities, and more.

CME Group reported revenues of $1.54 billion, down 3% year on year. This print met analysts’ expectations. Aside from that, it was a mixed quarter as it also produced a narrow beat of analysts’ EBITDA estimates but revenue in line with analysts’ estimates.

CME Group had the slowest revenue growth among its peers. The stock is up 4.3% since reporting and currently trades at $280.17.

Read our full, actionable report on CME Group here, it’s free for active Edge members.

Market Update

In response to the Fed’s rate hikes in 2022 and 2023, inflation has been gradually trending down from its post-pandemic peak, trending closer to the Fed’s 2% target. Despite higher borrowing costs, the economy has avoided flashing recessionary signals. This is the much-desired soft landing that many investors hoped for. The recent rate cuts (0.5% in September and 0.25% in November 2024) have bolstered the stock market, making 2024 a strong year for equities. Donald Trump’s presidential win in November sparked additional market gains, sending indices to record highs in the days following his victory. However, debates continue over possible tariffs and corporate tax adjustments, raising questions about economic stability in 2025.

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