Looking back on financial exchanges & data stocks’ Q3 earnings, we examine this quarter’s best and worst performers, including MSCI (NYSE: MSCI) 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 mixed Q3. As a group, revenues were in line with analysts’ consensus estimates.

Luckily, financial exchanges & data stocks have performed well with share prices up 10.7% on average since the latest earnings results.

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 $892 million, up 12.4% year on year. This print exceeded analysts’ expectations by 0.6%. Despite the top-line beat, it was still a mixed quarter for the company with a beat of analysts’ EPS estimates.

Interestingly, the stock is up 16.4% since reporting and currently trades at $660.43.

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

Best Q3: 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 $672.1 million, up 8.9% year on year, outperforming analysts’ expectations by 1.3%. The business had a very strong quarter with a solid beat of analysts’ EBITDA estimates and a beat of analysts’ EPS estimates.

Morningstar achieved the biggest analyst estimate beat of the whole group. The market seems happy with the results as the stock is up 15.1% since reporting. It currently trades at $247.32.

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

Weakest Q3: 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 $210.4 million, flat year on year, falling short of analysts’ expectations by 4.7%. It was a softer quarter as it posted a significant miss of analysts’ EBITDA estimates and a significant miss of analysts’ EPS estimates.

MarketAxess delivered the weakest performance against analyst estimates and slowest revenue growth in the group. The stock is flat since the results and currently trades at $165.56.

Read our full analysis of MarketAxess’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 $1.48 billion, up 12.6% year on year. This result beat analysts’ expectations by 1.1%. It was a satisfactory quarter as it also put up a decent beat of analysts’ EBITDA estimates.

The stock is up 11.1% since reporting and currently trades at $106.75.

Read our full, actionable report on Nasdaq 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 $2.77 billion, up 14.7% year on year. This number surpassed analysts’ expectations by 0.8%. Overall, it was a satisfactory quarter as it also logged a narrow beat of analysts’ EBITDA estimates.

The stock is up 12% since reporting and currently trades at $174.69.

Read our full, actionable report on Intercontinental Exchange 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 6 Stocks and add them to your watchlist. These companies are poised for growth regardless of the political or macroeconomic climate.