As the craze of earnings season draws to a close, here’s a look back at some of the most exciting (and some less so) results from Q2. Today, we are looking at financial exchanges & data stocks, starting with Morningstar (NASDAQ: MORN).
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 9 financial exchanges & data stocks we track reported a satisfactory Q2. As a group, revenues beat analysts’ consensus estimates by 1.7%.
In light of this news, share prices of the companies have held steady as they are up 1.6% on average since the latest earnings results.
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. This print exceeded analysts’ expectations by 2.2%. Overall, it was a very strong quarter for the company with an impressive beat of analysts’ EBITDA and EPS estimates.
“We are continuing to deliver profitable growth with meaningful increases in operating and free cash flows," said Kunal Kapoor, Morningstar's CEO.
The market was likely pricing in the results, and the stock is flat since reporting. It currently trades at $199.23.
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, outperforming analysts’ expectations by 3%. The business had a very strong quarter with a solid beat of analysts’ EBITDA and EPS estimates.
The market seems content with the results as the stock is up 3.8% since reporting. It currently trades at $94.40.
Is now the time to buy Nasdaq? 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 6.4% since the results and currently trades at $411.81.
Read our full analysis of S&P Global’s results here.
MSCI (NYSE: MSCI)
Originally known as Morgan Stanley Capital International before becoming independent in 2007, MSCI (NYSE: MSCI) provides critical decision support tools, indexes, and analytics that help global investors understand risk and return factors and build more effective investment portfolios.
MSCI reported revenues of $867 million, up 12.2% year on year. This number met analysts’ expectations. However, it was a mixed quarter as it produced a miss of analysts’ EBITDA estimates.
MSCI had the weakest performance against analyst estimates in the group. The stock is down 8.5% since reporting and currently trades at $571.81.
Read our full, actionable report on MSCI here, it’s free.
Tradeweb Markets (NASDAQ: TW)
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 $558.9 million, up 9% year on year. This print was in line with analysts’ expectations. More broadly, it was a mixed quarter as it underperformed in some other aspects of the business.
The stock is down 4.6% since reporting and currently trades at $103.20.
Read our full, actionable report on Tradeweb Markets 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 Strong Momentum Stocks and add them to your watchlist. These companies are poised for growth regardless of the political or macroeconomic climate.
