Let’s dig into the relative performance of MarketAxess (NASDAQ: MKTX) 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 were in line with analysts’ consensus estimates.

In light of this news, share prices of the companies have held steady. On average, they are relatively unchanged since the latest earnings results.

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 print exceeded analysts’ expectations by 0.8%. Overall, it was a satisfactory quarter for the company with a beat of analysts’ EPS estimates.

MarketAxess delivered the slowest revenue growth in the group. Interestingly, the stock is up 30.6% since reporting and currently trades at $164.23.

Is now the time to buy MarketAxess? Access our full analysis of the earnings results 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 and EPS estimates.

Although it had a fine quarter compared to its peers, the market seems unhappy with the results as the stock is down 3.8% since reporting. It currently trades at $191.21.

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 $3.68 billion, up 10.9% year on year, falling short of analysts’ expectations by 10.4%. It was a softer quarter as it posted a significant miss of analysts’ EBITDA estimates and full-year EPS guidance slightly missing analysts’ expectations.

S&P Global delivered the weakest performance against analyst estimates of the whole group. As expected, the stock is down 11.6% since the results and currently trades at $388.85.

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

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 beat analysts’ expectations by 3%. It was a very strong quarter as it also logged a solid beat of analysts’ EBITDA and EPS estimates.

The stock is flat since reporting and currently trades at $91.28.

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

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 $634.7 million, up 6.3% year on year. This result topped analysts’ expectations by 0.8%. Zooming out, it was a mixed quarter as it also recorded a beat of analysts’ EPS estimates but a significant miss of analysts’ EBITDA estimates.

The stock is up 7.3% since reporting and currently trades at $277.52.

Read our full, actionable report on FactSet 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 Top 5 Quality Compounder Stocks and add them to your watchlist. These companies are poised for growth regardless of the political or macroeconomic climate.