NASDAQ : NDAQ
Nasdaq, Inc. — Financial statements
Financials · Financial Data & Stock Exchanges · United States
Last price 106.23 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 58.95B
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Financial statements
Nasdaq, Inc. (NDAQ) reported revenue of 5.78B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating Revenue | 5.76B | 5.19B | 4.59B | 3.83B | 3.53B | 3.34B |
| Other Revenue | 16.00M | 61.00M | 63.00M | 65.00M | 48.00M | 77.00M |
| Revenue | 5.78B | 5.25B | 4.65B | 3.90B | 3.58B | 3.42B |
| Gross Profit | 5.78B | 5.25B | 4.65B | 3.90B | 3.58B | 3.42B |
| Selling, General & Admin | 2.29B | 2.13B | 2.03B | 1.73B | 1.63B | 1.52B |
| Operating Expenses | 2.95B | 2.76B | 2.65B | 2.06B | 1.89B | 1.80B |
| Operating Income | 2.83B | 2.48B | 2.00B | 1.84B | 1.69B | 1.62B |
| Interest Expense | -347.00M | -367.00M | -414.00M | -284.00M | -129.00M | -125.00M |
| Interest & Investment Income | 30.00M | 39.00M | 28.00M | 115.00M | 7.00M | 1.00M |
| Earnings From Equity Investments | 96.00M | 83.00M | 16.00M | -7.00M | 31.00M | 52.00M |
| Other Non Operating Income (Expenses) | -40.00M | -52.00M | -55.00M | -34.00M | -33.00M | -64.00M |
| EBT Excluding Unusual Items | 2.57B | 2.19B | 1.58B | 1.63B | 1.57B | 1.49B |
| Merger & Restructuring Charges | -60.00M | -102.00M | -151.00M | -228.00M | -97.00M | -118.00M |
| Gain (Loss) on Sale of Investments | -31.00M | -27.00M | 21.00M | -1.00M | 2.00M | 81.00M |
| Gain (Loss) on Sale of Assets | 133.00M | 86.00M | 84.00M | |||
| Pretax Income | 2.61B | 2.15B | 1.45B | 1.40B | 1.48B | 1.53B |
| Income Tax Expense | 528.00M | 358.00M | 334.00M | 344.00M | 352.00M | 347.00M |
| Earnings From Continuing Operations | 2.08B | 1.79B | 1.11B | 1.06B | 1.12B | 1.19B |
| Minority Interest in Earnings | 1.00M | 1.00M | 2.00M | 2.00M | 2.00M | |
| Net Income | 2.08B | 1.79B | 1.12B | 1.06B | 1.12B | 1.19B |
| Net Income to Common | 2.08B | 1.79B | 1.12B | 1.06B | 1.12B | 1.19B |
| Shares Outstanding (Basic) | 565.12M | 573.26M | 575.43M | 504.91M | 492.42M | 497.70M |
| Shares Outstanding (Diluted) | 569.80M | 578.60M | 579.19M | 508.39M | 497.86M | 505.09M |
| EPS (Basic) | 3.69 | 3.12 | 1.94 | 2.10 | 2.28 | 2.38 |
| EPS (Diluted) | 3.66 | 3.09 | 1.93 | 2.08 | 2.26 | 2.35 |
| Free Cash Flow | 2.26B | 1.99B | 1.73B | 1.54B | 1.55B | 920.00M |
| Free Cash Flow Per Share | 3.96 | 3.44 | 2.99 | 3.02 | 3.12 | 1.82 |
| Dividend Per Share | 1.16 | 1.05 | 0.94 | 0.86 | 0.78 | 0.70 |
| Gross Margin | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
| Operating Margin | 48.96% | 47.34% | 43.11% | 47.24% | 47.29% | 47.46% |
| Profit Margin | 36.05% | 34.06% | 24.03% | 27.19% | 31.41% | 34.71% |
| Free Cash Flow Margin | 39.07% | 37.89% | 37.26% | 39.49% | 43.38% | 26.90% |
| EBITDA | 3.49B | 3.12B | 2.62B | 2.16B | 1.95B | 1.90B |
| EBITDA Margin | 60.33% | 59.38% | 56.29% | 55.53% | 54.50% | 55.58% |
| D&A For EBITDA | 657.00M | 632.00M | 613.00M | 323.00M | 258.00M | 278.00M |
| EBIT | 2.83B | 2.48B | 2.00B | 1.84B | 1.69B | 1.62B |
| EBIT Margin | 48.96% | 47.34% | 43.11% | 47.24% | 47.29% | 47.46% |
| Effective Tax Rate | 20.22% | 16.69% | 23.05% | 24.55% | 23.86% | 22.62% |
| Revenue as Reported | 5.78B | 5.25B | 4.65B | 3.90B | 3.58B | 3.42B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 365.00M | 604.00M | 592.00M | 453.00M | 502.00M | 393.00M |
| Short-Term Investments | 151.00M | |||||
| Trading Asset Securities | 10.00M | 13.00M | 20.00M | 20.00M | 46.00M | |
| Cash & Short-Term Investments | 516.00M | 614.00M | 605.00M | 473.00M | 522.00M | 439.00M |
| Receivables | 1.17B | 943.00M | 1.02B | 929.00M | 677.00M | 588.00M |
| Restricted Cash | 28.00M | 210.00M | 31.00M | 20.00M | 22.00M | 29.00M |
| Other Current Assets | 2.82B | 6.24B | 6.13B | 7.67B | 7.38B | 6.37B |
| Total Current Assets | 4.53B | 8.00B | 7.79B | 9.10B | 8.60B | 7.42B |
| Property, Plant & Equipment | 1.25B | 1.18B | 968.00M | 978.00M | 976.00M | 875.00M |
| Long-Term Investments | 787.00M | 687.00M | 538.00M | 467.00M | 476.00M | 430.00M |
| Goodwill | 14.25B | 14.37B | 13.96B | 14.11B | 8.10B | 8.43B |
| Other Intangible Assets | 6.11B | 6.51B | 6.91B | 7.44B | 2.58B | 2.81B |
| Long-Term Deferred Tax Assets | 27.00M | 14.00M | 7.00M | 3.00M | 2.00M | |
| Other Long-Term Assets | 463.00M | 279.00M | 227.00M | 191.00M | 129.00M | 139.00M |
| Total Assets | 27.38B | 31.05B | 30.39B | 32.29B | 20.87B | 20.11B |
| Accounts Payable | 252.00M | 280.00M | 269.00M | 332.00M | 185.00M | 185.00M |
| Accrued Expenses | 410.00M | 364.00M | 644.00M | 387.00M | 486.00M | 314.00M |
| Short-Term Debt | 269.00M | 431.00M | 399.00M | 291.00M | 664.00M | 1.02B |
| Current Portion of Leases | 79.00M | 60.00M | 55.00M | 62.00M | 54.00M | 37.00M |
| Current Unearned Revenue | 819.00M | 785.00M | 711.00M | 594.00M | 357.00M | 329.00M |
| Other Current Liabilities | 2.69B | 6.04B | 5.82B | 7.36B | 7.09B | 5.99B |
| Total Current Liabilities | 4.52B | 7.96B | 7.90B | 9.03B | 8.84B | 7.87B |
| Long-Term Debt | 8.47B | 8.57B | 9.08B | 10.16B | 4.74B | 4.81B |
| Long-Term Leases | 476.00M | 462.00M | 388.00M | 417.00M | 452.00M | 386.00M |
| Long-Term Unearned Revenue | 88.00M | 77.00M | ||||
| Long-Term Deferred Tax Liabilities | 1.65B | 1.58B | 1.59B | 1.64B | 456.00M | 406.00M |
| Other Long-Term Liabilities | 262.00M | 153.00M | 153.00M | 220.00M | 226.00M | 234.00M |
| Total Liabilities | 15.38B | 18.82B | 19.20B | 21.47B | 14.70B | 13.71B |
| Common Stock | 6.00M | 6.00M | 6.00M | 6.00M | 5.00M | 5.00M |
| Additional Paid-In Capital | 4.07B | 5.12B | 5.53B | 5.50B | 1.45B | 1.95B |
| Retained Earnings | 10.65B | 9.59B | 8.40B | 7.83B | 7.21B | 6.46B |
| Treasury Stock | -784.00M | -716.00M | -647.00M | -587.00M | -515.00M | -437.00M |
| Comprehensive Income & Other | -1.94B | -1.77B | -2.10B | -1.92B | -1.99B | -1.59B |
| Total Common Equity | 12.00B | 12.23B | 11.19B | 10.82B | 6.15B | 6.39B |
| Minority Interest | 4.00M | 5.00M | 9.00M | 11.00M | 13.00M | 10.00M |
| Shareholders' Equity | 12.00B | 12.23B | 11.20B | 10.83B | 6.16B | 6.41B |
| Total Liabilities & Equity | 27.38B | 31.05B | 30.39B | 32.29B | 20.87B | 20.11B |
| Total Debt | 9.29B | 9.53B | 9.92B | 10.93B | 5.91B | 6.25B |
| Net Cash (Debt) | -8.78B | -8.91B | -9.32B | -10.46B | -5.38B | -5.81B |
| Net Cash Per Share | -15.41 | -15.40 | -16.09 | -20.57 | -10.81 | -11.51 |
| Filing Date Shares Outstanding | 554.96M | 568.44M | 575.15M | 575.21M | 489.00M | 493.24M |
| Total Common Shares Outstanding | 558.44M | 569.89M | 575.06M | 575.16M | 491.59M | 500.04M |
| Working Capital | 15.00M | 42.00M | -116.00M | 71.00M | -231.00M | -449.00M |
| Book Value Per Share | 21.49 | 21.45 | 19.46 | 18.81 | 12.51 | 12.79 |
| Tangible Book Value | -8.35B | -8.65B | -9.67B | -10.74B | -4.53B | -4.85B |
| Tangible Book Value Per Share | -14.96 | -15.19 | -16.82 | -18.67 | -9.21 | -9.70 |
| Machinery | 1.47B | 1.20B | 1.24B | 1.09B | 1.02B |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 2.08B | 1.79B | 1.12B | 1.06B | 1.12B | 1.19B |
| Depreciation & Amortization | 657.00M | 632.00M | 613.00M | 323.00M | 258.00M | 278.00M |
| Loss (Gain) From Sale of Assets | -133.00M | -86.00M | -84.00M | |||
| Asset Writedown & Restructuring Costs | 1.00M | 1.00M | 37.00M | 25.00M | ||
| Loss (Gain) on Equity Investments | -96.00M | -83.00M | -16.00M | 7.00M | -31.00M | -52.00M |
| Stock-Based Compensation | 177.00M | 165.00M | 141.00M | 122.00M | 106.00M | 90.00M |
| Other Operating Activities | 103.00M | 73.00M | 1.00M | 121.00M | 80.00M | 133.00M |
| Change in Accounts Receivable | -322.00M | 91.00M | -193.00M | 3.00M | -101.00M | -6.00M |
| Change in Accounts Payable | -18.00M | -6.00M | -60.00M | 149.00M | 19.00M | -17.00M |
| Change in Unearned Revenue | 122.00M | 69.00M | 67.00M | 88.00M | 16.00M | 106.00M |
| Change in Other Net Operating Assets | -29.00M | -389.00M | 232.00M | -201.00M | 234.00M | -552.00M |
| Operating Cash Flow | 2.55B | 2.25B | 1.94B | 1.70B | 1.71B | 1.08B |
| Capital Expenditures | -288.00M | -266.00M | -207.00M | -158.00M | -152.00M | -163.00M |
| Cash Acquisitions | -58.00M | -5.77B | -41.00M | -2.43B | ||
| Divestitures | 180.00M | 140.00M | 190.00M | |||
| Investment in Securities | -207.00M | 184.00M | -7.00M | 7.00M | -2.00M | -31.00M |
| Other Investing Activities | 101.00M | -1.16B | -739.00M | -77.00M | 244.00M | -219.00M |
| Investing Cash Flow | -272.00M | -1.10B | -953.00M | -5.99B | 49.00M | -2.65B |
| Short-Term Debt Issued | 238.00M | 420.00M | ||||
| Long-Term Debt Issued | 5.61B | 541.00M | 826.00M | |||
| Total Debt Issued | 269.00M | 5.61B | 779.00M | 1.25B | ||
| Short-Term Debt Repaid | -291.00M | -371.00M | ||||
| Long-Term Debt Repaid | -826.00M | -521.00M | -260.00M | -1.10B | -804.00M | |
| Total Debt Repaid | -531.00M | -826.00M | -812.00M | -631.00M | -1.10B | -804.00M |
| Net Debt Issued (Repaid) | -262.00M | -826.00M | -812.00M | 4.98B | -318.00M | 442.00M |
| Issuance of Common Stock | 19.00M | 26.00M | ||||
| Repurchase of Common Stock | -1.59B | -685.00M | -205.00M | -341.00M | -711.00M | -1.00B |
| Common Dividends Paid | -653.00M | -601.00M | -541.00M | -441.00M | -383.00M | -350.00M |
| Other Financing Activities | -3.07B | -841.00M | -1.00B | 25.00M | 2.45B | 2.30B |
| Financing Cash Flow | -5.55B | -2.95B | -2.56B | 4.22B | 1.04B | 1.42B |
| Foreign Exchange Rate Adjustments | -18.00M | 726.00M | -537.00M | 202.00M | -1.29B | -331.00M |
| Net Cash Flow | -3.29B | -1.07B | -2.11B | 124.00M | 1.50B | -483.00M |
| Free Cash Flow | 2.26B | 1.99B | 1.73B | 1.54B | 1.55B | 920.00M |
| Free Cash Flow Margin | 39.07% | 37.89% | 37.26% | 39.49% | 43.38% | 26.90% |
| Free Cash Flow Per Share | 3.96 | 3.44 | 2.99 | 3.02 | 3.12 | 1.82 |
| Levered Free Cash Flow | 2.15B | 1.67B | 1.76B | 1.27B | 1.39B | 991.25M |
| Unlevered Free Cash Flow | 2.37B | 1.90B | 2.02B | 1.45B | 1.47B | 1.07B |
| Cash Interest Paid | 343.00M | 354.00M | 405.00M | 177.00M | 116.00M | 118.00M |
| Cash Income Tax Paid | 503.00M | 373.00M | 358.00M | 254.00M | 274.00M | 501.00M |
| Change in Working Capital | -247.00M | -235.00M | 46.00M | 39.00M | 168.00M | -469.00M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 60.28B | 55.46B | 44.43B | 33.54B | 30.14B | 35.12B |
| Enterprise Value | 69.06B | 64.60B | 54.48B | 38.27B | 35.72B | 41.17B |
| Last Close Price | 108.62 | 96.15 | 75.60 | 56.06 | 58.19 | 65.53 |
| PE Ratio | 29.67 | 31.02 | 39.78 | 31.68 | 26.79 | 29.59 |
| Forward PE | 23.72 | 26.10 | 25.23 | 21.77 | 22.48 | 28.27 |
| PS Ratio | 10.43 | 10.57 | 9.56 | 8.61 | 8.41 | 10.27 |
| PB Ratio | 5.06 | 4.53 | 3.97 | 3.10 | 4.89 | 5.48 |
| P/FCF Ratio | 26.70 | 27.88 | 25.66 | 21.81 | 19.39 | 38.17 |
| P/OCF Ratio | 23.68 | 24.59 | 22.92 | 19.78 | 17.67 | 32.43 |
| PEG Ratio | 1.36 | 1.60 | 2.86 | 3.27 | 3.94 | 2.14 |
| EV/Sales Ratio | 11.95 | 12.31 | 11.72 | 9.82 | 9.97 | 12.04 |
| EV/EBITDA Ratio | 19.80 | 20.72 | 20.82 | 17.69 | 18.30 | 21.66 |
| EV/EBIT Ratio | 24.40 | 25.99 | 27.19 | 20.80 | 21.09 | 25.37 |
| EV/FCF Ratio | 30.58 | 32.48 | 31.46 | 24.88 | 22.98 | 44.75 |
| Debt / Equity Ratio | 0.77 | 0.78 | 0.89 | 1.01 | 0.96 | 0.98 |
| Debt / EBITDA Ratio | 2.56 | 2.94 | 3.64 | 4.77 | 2.87 | 3.11 |
| Debt / FCF Ratio | 4.12 | 4.79 | 5.73 | 7.11 | 3.80 | 6.80 |
| Net Debt / Equity Ratio | 0.73 | 0.73 | 0.83 | 0.97 | 0.87 | 0.91 |
| Net Debt / EBITDA Ratio | 2.52 | 2.86 | 3.56 | 4.84 | 2.76 | 3.06 |
| Net Debt / FCF Ratio | 3.89 | 4.48 | 5.38 | 6.80 | 3.46 | 6.32 |
| Asset Turnover | 0.20 | 0.17 | 0.15 | 0.15 | 0.17 | 0.18 |
| Quick Ratio | 0.37 | 0.20 | 0.21 | 0.15 | 0.14 | 0.13 |
| Current Ratio | 1.00 | 1.00 | 0.98 | 1.01 | 0.97 | 0.94 |
| Return on Equity (ROE) | 17.33% | 15.25% | 10.12% | 12.44% | 17.87% | 18.49% |
| Return on Assets (ROA) | 6.09% | 5.05% | 4.00% | 4.33% | 5.17% | 5.33% |
| Return on Invested Capital (ROIC) | 10.87% | 9.94% | 7.38% | 8.46% | 10.85% | 11.49% |
| Return on Capital Employed (ROCE) | 12.40% | 10.80% | 8.90% | 7.90% | 14.10% | 13.30% |
| Earnings Yield | 3.37% | 3.22% | 2.51% | 3.16% | 3.73% | 3.38% |
| FCF Yield | 3.75% | 3.59% | 3.90% | 4.58% | 5.16% | 2.62% |
| Dividend Yield | 1.14% | 1.08% | 1.22% | 1.47% | 1.27% | 1.00% |
| Payout Ratio | 33.88% | 33.61% | 48.43% | 41.64% | 34.04% | 29.49% |
| Buyback Yield / Dilution | 1.67% | 0.10% | -13.93% | -2.12% | 1.43% | -0.87% |
| Total Shareholder Return | 2.81% | 1.18% | -12.71% | -0.64% | 2.70% | 0.12% |