Looking back on financial exchanges & data stocks’ Q1 earnings, we examine this quarter’s best and worst performers, including Morningstar (NASDAQ:MORN) and its peers.
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 Q1. As a group, revenues beat analysts’ consensus estimates by 1.2%.
While some financial exchanges & data stocks have fared somewhat better than others, they have collectively declined. On average, share prices are down 1.2% since the latest earnings results.
Best Q1: 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 $644.8 million, up 10.8% year on year. This print exceeded analysts’ expectations by 2.9%. Overall, it was a very strong quarter for the company with a solid beat of analysts’ EBITDA estimates and a beat of analysts’ EPS estimates.
“In the first quarter, we created significant value, growing operating and adjusted operating income by more than 30%, while reducing shares outstanding by roughly 4% for a total of more than 10% over the past 12 months,” said Kunal Kapoor, Morningstar’s CEO.
Morningstar Total Revenue
Morningstar scored the biggest analyst estimates beat of the whole group. Investor expectations, however, were likely higher than Wall Street’s published projections, leaving some wishing for even better results (analysts’ consensus estimates are those published by big banks and advisory firms, not the investors who make buy and sell decisions). The stock is down 7.6% since reporting and currently trades at $173.37.
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 $1.41 billion, up 13.7% year on year, outperforming analysts’ expectations by 2.2%. The business had a strong quarter with an impressive beat of analysts’ EBITDA estimates and a decent beat of analysts’ revenue estimates.
Nasdaq Total Revenue
The market seems content with the results as the stock is up 4.6% since reporting. It currently trades at $90.34.
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 $1.88 billion, up 14.5% year on year, falling short of analysts’ expectations by 1.3%. It was a slower quarter as it posted a miss of analysts’ EBITDA estimates and a slight miss of analysts’ revenue estimates.
CME Group delivered the weakest performance against analyst estimates in the group. Interestingly, the stock is up 1.6% since the results and currently trades at $289.06.
Founded in 1996 as one of the pioneers in electronic bond trading, Tradeweb Markets (NASDAQ:TW) builds and operates electronic marketplaces that connect financial institutions for trading across rates, credit, equities, and money markets.
Tradeweb Markets reported revenues of $617.8 million, up 21.2% year on year. This number met analysts’ expectations. More broadly, it was a mixed quarter as it underperformed in some other aspects of the business.
Tradeweb Markets scored the fastest revenue growth among its peers. The stock is down 5.9% since reporting and currently trades at $105.77.
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 $611 million, up 7.1% year on year. This result topped analysts’ expectations by 1.1%. Aside from that, it was a mixed quarter as it also recorded a narrow beat of analysts’ revenue estimates but full-year EPS guidance slightly missing analysts’ expectations.
FactSet had the slowest revenue growth among its peers. The stock is up 9.7% since reporting and currently trades at $224.34.
Late in 2025 into early 2026, there was hand wringing around artificial intelligence. For software companies, the fear was that AI would erode pricing power and compress margins as new tools made it easier to replicate what once required expensive enterprise platforms. Crypto investors had their own version of the same anxiety: if AI agents could trade, allocate capital, and manage wallets autonomously, what exactly was the long-term value of today’s crypto infrastructure?
These concerns triggered a noticeable rotation away from these sectors and into safer havens. But markets rarely dwell on one narrative for long. Spring 2026 came, and the focus shifted abruptly from technological disruption to geopolitical risk. The US’ conflict with Iran became the dominant driver of market psychology, and when geopolitics takes center stage, the script changes quickly. Investors stop debating growth rates and start worrying about oil supply, inflation, and global stability.
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