NDAQ · Nasdaq, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.14B | - | $1.96B | $2.09B | $2.09B | - | $1.90B | $1.79B | $1.67B | - |
| Cost of Revenue | $730.00M | - | $643.00M | $784.00M | $853.00M | - | $756.00M | $633.00M | $557.00M | - |
| Gross Profit | $1.41B | - | $1.31B | $1.31B | $1.24B | - | $1.15B | $1.16B | $1.12B | - |
| R&D | - | - | - | - | - | - | - | - | - | - |
| SG&A | $29.00M | - | $22.00M | $23.00M | $6.00M | - | $26.00M | $30.00M | $28.00M | - |
| Total Operating Expenses | $750.00M | - | $729.00M | $738.00M | $690.00M | - | $698.00M | $736.00M | $707.00M | - |
| D&A | $165.00M | - | $158.00M | $158.00M | $156.00M | - | $153.00M | $153.00M | $155.00M | - |
| Operating Income | $657.00M | - | $586.00M | $568.00M | $547.00M | - | $448.00M | $423.00M | $410.00M | - |
| Interest Expense | $87.00M | - | $87.00M | $95.00M | $108.00M | - | $102.00M | $102.00M | $108.00M | - |
| Income Tax | $158.00M | - | $106.00M | $96.00M | $93.00M | - | $51.00M | $119.00M | $79.00M | - |
| Net Income | $519.00M | - | $423.00M | $452.00M | $395.00M | - | $306.00M | $222.00M | $234.00M | - |
| EPS - Basic | $0.92 | - | $0.74 | $0.79 | $0.69 | - | $0.53 | $0.39 | $0.41 | - |
| EPS - Diluted | $0.91 | - | $0.73 | $0.78 | $0.68 | - | $0.53 | $0.38 | $0.40 | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $515.00M | $604.00M | $470.00M | $732.00M | $690.00M | $592.00M | $266.00M | $416.00M | $388.00M | $453.00M |
| Accounts Receivable | $985.00M | $943.00M | $865.00M | $896.00M | $986.00M | $1.02B | $944.00M | $960.00M | $925.00M | $929.00M |
| Inventory | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | - | - | - | - | - | - | - | - | - |
| Current Assets | $4.37B | $8.00B | $7.60B | $7.35B | $7.82B | $7.79B | $7.56B | $7.31B | $7.32B | $9.10B |
| Total Assets | $27.30B | $31.05B | $30.65B | $30.38B | $30.65B | $30.39B | $30.56B | $30.21B | $30.27B | $32.29B |
| Current Liabilities | $4.39B | $7.96B | $7.71B | $7.66B | $7.97B | $7.90B | $7.93B | $7.79B | $7.39B | $9.03B |
| Long-term Debt | $8.53B | $8.57B | $8.67B | $8.68B | $8.93B | $9.08B | $9.36B | $9.25B | $9.77B | $10.16B |
| Total Liabilities | $15.26B | $18.82B | $18.62B | $18.57B | $19.09B | $19.20B | $19.48B | $19.30B | $19.45B | $21.47B |
| Stockholders' Equity | $12.03B | $12.23B | $12.02B | $11.81B | $11.55B | $11.19B | $11.07B | $10.90B | $10.81B | $10.82B |
| Retained Earnings | $9.95B | $9.59B | $9.22B | $8.96B | $8.66B | $8.40B | $8.18B | $8.02B | $7.93B | $7.83B |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $689.00M | - | - | - | $663.00M | - | - | - | $530.00M | - |
| Investing Cash Flow | $747.00M | - | - | - | ($258.00M) | - | - | - | ($232.00M) | - |
| Financing Cash Flow | ($4.18B) | - | - | - | ($1.08B) | - | - | - | ($1.88B) | - |
| CapEx | $60.00M | - | - | - | $49.00M | - | - | - | $39.00M | - |
| Free Cash Flow | $629.00M | - | - | - | $614.00M | - | - | - | $491.00M | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | 65.8% | - | 67.2% | 62.5% | 59.2% | - | 60.3% | 64.7% | 66.7% | - |
| Operating margin | 30.7% | - | 29.9% | 27.2% | 26.2% | - | 23.6% | 23.6% | 24.5% | - |
| EBITDA margin | 38.5% | - | 38.0% | 34.7% | 33.6% | - | 31.6% | 32.1% | 33.8% | - |
| Net margin | 24.3% | - | 21.6% | 21.6% | 18.9% | - | 16.1% | 12.4% | 14.0% | - |
| Free cash flow margin | 29.4% | - | - | - | 29.4% | - | - | - | 29.3% | - |
| FCF / Net income | 1.21 | - | - | - | 1.55 | - | - | - | 2.10 | - |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - |
| SG&A / Revenue | 1.4% | - | 1.1% | 1.1% | 0.3% | - | 1.4% | 1.7% | 1.7% | - |
| Effective tax rate | 23.3% | - | 20.0% | 17.5% | 19.1% | - | 14.3% | 34.9% | 25.2% | - |
| Return on assets | 1.9% | - | 1.4% | 1.5% | 1.3% | - | 1.0% | 0.7% | 0.8% | - |
| Return on equity | 4.3% | - | 3.5% | 3.8% | 3.4% | - | 2.8% | 2.0% | 2.2% | - |
| Return on invested capital | 2.4% | - | 2.3% | 2.3% | 2.2% | - | 1.9% | 1.4% | 1.5% | - |
| Liquidity | ||||||||||
| Current ratio | 1.00 | 1.01 | 0.99 | 0.96 | 0.98 | 0.99 | 0.95 | 0.94 | 0.99 | 1.01 |
| Quick ratio | 1.00 | 1.01 | 0.99 | 0.96 | 0.98 | 0.99 | 0.95 | 0.94 | 0.99 | 1.01 |
| Cash ratio | 0.12 | 0.08 | 0.06 | 0.10 | 0.09 | 0.07 | 0.03 | 0.05 | 0.05 | 0.05 |
| Leverage | ||||||||||
| Debt / Equity | 0.71 | 0.70 | 0.72 | 0.73 | 0.77 | 0.81 | 0.85 | 0.85 | 0.90 | 0.94 |
| Debt / Assets | 0.31 | 0.28 | 0.28 | 0.29 | 0.29 | 0.30 | 0.31 | 0.31 | 0.32 | 0.31 |
| Debt / EBITDA | 10.37 | - | 11.65 | 11.95 | 12.70 | - | 15.57 | 16.06 | 17.28 | - |
| Interest coverage | 7.6x | - | 6.7x | 6.0x | 5.1x | - | 4.4x | 4.1x | 3.8x | - |
| Equity multiplier | 2.27 | 2.54 | 2.55 | 2.57 | 2.65 | 2.72 | 2.76 | 2.77 | 2.80 | 2.99 |
| Liabilities / Assets | 0.56 | 0.61 | 0.61 | 0.61 | 0.62 | 0.63 | 0.64 | 0.64 | 0.64 | 0.66 |
| Efficiency | ||||||||||
| Asset turnover | 0.08 | - | 0.06 | 0.07 | 0.07 | - | 0.06 | 0.06 | 0.06 | - |
| Inventory turnover | - | - | - | - | - | - | - | - | - | - |
| Days sales outstanding | 168d | - | 161d | 156d | 172d | - | 181d | 196d | 202d | - |
| Days inventory outstanding | - | - | - | - | - | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - | - | - | - | - | - |
| Cash conversion cycle | - | - | - | - | - | - | - | - | - | - |
| Valuation | ||||||||||
| P / E | 93.3x | - | 121.2x | 114.6x | 111.6x | - | 137.8x | 158.6x | 157.7x | - |
| P / B | 4.0x | - | 4.3x | 4.4x | 3.8x | - | 3.8x | 3.2x | 3.4x | - |
| P / S | 22.7x | - | 26.2x | 24.8x | 21.1x | - | 22.2x | 19.5x | 21.8x | - |
| EV / EBITDA | 68.8x | - | 79.8x | 82.3x | 74.3x | - | 85.5x | 75.9x | 81.3x | - |
| Growth | ||||||||||
| Revenue growth (YoY) | 2.2% | - | 2.9% | 16.6% | 24.9% | - | 31.1% | 25.1% | 9.2% | - |
| Revenue CAGR (3y) | 11.7% | - | 7.9% | 10.4% | 10.8% | - | 11.9% | 8.3% | 0.4% | - |
| Revenue CAGR (5y) | 5.3% | - | 6.7% | 8.4% | 9.1% | - | 11.7% | 11.1% | 7.8% | - |
| Gross profit growth (YoY) | 13.7% | - | 14.7% | 12.7% | 10.7% | - | 21.9% | 25.3% | 22.2% | - |
| Operating income growth (YoY) | 20.1% | - | 30.8% | 34.3% | 33.4% | - | 3.9% | 10.7% | -0.5% | - |
| Net income growth (YoY) | 31.4% | - | 38.2% | 103.6% | 68.8% | - | 4.1% | -16.9% | -22.5% | - |
| EPS growth (YoY) | 33.8% | - | 37.7% | 105.3% | 70.0% | - | -11.7% | -29.6% | -34.4% | - |
| EPS CAGR (3y) | 14.3% | - | 7.4% | -25.0% | -26.3% | - | -32.1% | -43.0% | -39.2% | - |
| EPS CAGR (5y) | -12.6% | - | -14.3% | -11.7% | -11.0% | - | -10.0% | -18.2% | -23.0% | - |
| FCF growth (YoY) | 2.4% | - | - | - | 25.1% | - | - | - | -6.5% | - |
| FCF CAGR (5y) | 12.3% | - | - | - | 11.6% | - | - | - | 9.1% | - |
| Book value growth (YoY) | 4.2% | 9.3% | 8.6% | 8.4% | 6.8% | 3.5% | 71.2% | 74.8% | 75.3% | 75.8% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$8.20B totalMarket Services$4.21B · 51.4%
Capital Access Platforms$2.14B · 26.1%
Financial Technology$1.85B · 22.6%
Geographic
$8.26B totalUS$5.95B · 72.0%
Non Us$2.31B · 28.0%
Peer comparison
Same SIC group: Security & Commodity Brokers, Dealers, Exchanges & Services
Comparing NASDAQ against the 5 most active filers in the same SIC group.
Dividends
$1.08/share trailing 12 months · +12.5% YoY
| Ex-date | Per share |
|---|---|
| Mar 16, 2026 | $0.2700 |
| Dec 5, 2025 | $0.2700 |
| Sep 12, 2025 | $0.2700 |
| Jun 13, 2025 | $0.2700 |
| Mar 14, 2025 | $0.2400 |
| Dec 6, 2024 | $0.2400 |
| Sep 13, 2024 | $0.2400 |
| Jun 14, 2024 | $0.2400 |
| Mar 13, 2024 | $0.2200 |
| Dec 7, 2023 | $0.2200 |
| Sep 14, 2023 | $0.2200 |
| Jun 15, 2023 | $0.2200 |
| Mar 16, 2023 | $0.2000 |
| Dec 1, 2022 | $0.2000 |
| Sep 15, 2022 | $0.2000 |
| Jun 9, 2022 | $0.2000 |
| Mar 10, 2022 | $0.1800 |
| Dec 2, 2021 | $0.1800 |
| Sep 9, 2021 | $0.1800 |
| Jun 10, 2021 | $0.1800 |
| Mar 11, 2021 | $0.1633 |
| Dec 3, 2020 | $0.1633 |
| Sep 10, 2020 | $0.1633 |
| Jun 11, 2020 | $0.1633 |