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 Q1. Today, we are looking at financial exchanges & data stocks, starting with FactSet (NYSE: FDS).

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 4.3% since the latest earnings results.

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 $611 million, up 7.1% year on year. This print exceeded analysts’ expectations by 1.1%. Despite the top-line beat, it was still a mixed quarter for the company with a narrow beat of analysts’ revenue estimates and full-year EPS guidance meeting analysts’ expectations.

FactSet delivered the slowest revenue growth of the whole group. Interestingly, the stock is up 15.6% since reporting and currently trades at $236.41.

Is now the time to buy FactSet? Access our full analysis of the earnings results here, it’s free.

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, outperforming analysts’ expectations by 2.9%. The business had a very strong quarter with a solid beat of analysts’ EBITDA and EPS estimates.

Morningstar delivered the biggest analyst estimate beat among its peers. Although it had a fine quarter compared to its peers, the market seems unhappy with the results as the stock is down 5.4% since reporting. It currently trades at $177.48.

Is now the time to buy Morningstar? Access our full analysis of the earnings results here, it’s free.

Weakest Q1: 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 $1.88 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 and revenue estimates.

CME Group delivered the weakest performance against analyst estimates in the group. As expected, the stock is down 7.6% since the results and currently trades at $262.81.

Read our full analysis of CME Group’s results here.

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 $233.4 million, up 11.9% year on year. This number beat analysts’ expectations by 0.6%. It was a satisfactory quarter as it also produced an impressive beat of analysts’ EBITDA estimates.

The stock is down 21.9% since reporting and currently trades at $116.31.

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

Intercontinental Exchange (NYSE: ICE)

Starting as an energy trading platform in 2000 before acquiring the iconic New York Stock Exchange in 2013, Intercontinental Exchange (NYSE: ICE) operates global financial exchanges, clearing houses, and provides data services and mortgage technology solutions to financial institutions and corporations.

Intercontinental Exchange reported revenues of $2.98 billion, up 20.4% year on year. This print surpassed analysts’ expectations by 1.2%. Overall, it was a satisfactory quarter as it also logged a beat of analysts’ EPS estimates.

The stock is down 10.8% since reporting and currently trades at $139.28.

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

Market Update

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.

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.