Nasdaq Raises 2026 Expense Forecast as Equity Token Launch Nears

Nasdaq raised its 2026 non-GAAP operating expense forecast as it reported third-quarter revenue growth and advanced plans for extended U.S. stock trading and tokenized equities. The exchange now expects non-GAAP operating expenses of $2.55 billion to $2.58 billion, compared with its prior range of $2.53 billion to $2.57 billion. Expected costs from recently closed acquisitions lifted the top of the range. M&A activity and strong revenue performance year to date raised the midpoint. Nasdaq provided no matching GAAP expense range. Net revenue for the quarter ended Sept.