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.

Price · NDAQ

1Y 3Y 5Y Max

Annual Quarterly

Income Statement

Line item	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Revenue	$8.26B	$7.40B	$6.06B	$6.23B	$5.89B	$5.63B
Cost of Revenue	$3.01B	$2.75B	$2.47B	$2.64B	$2.47B	$2.72B
Gross Profit	$5.25B	$4.65B	$3.90B	$3.58B	$3.42B	$2.90B
R&D	-	-	-	-	-	-
SG&A	$75.00M	$109.00M	$113.00M	$125.00M	$85.00M	$142.00M
Total Operating Expenses	$2.92B	$2.85B	$2.32B	$2.02B	$1.98B	$1.67B
D&A	$145.00M	$125.00M	$117.00M	$105.00M	$108.00M	$99.00M
Operating Income	$2.33B	$1.80B	$1.58B	$1.56B	$1.44B	$1.23B
Interest Expense	$367.00M	$414.00M	$284.00M	$129.00M	$125.00M	$101.00M
Income Tax	$358.00M	$334.00M	$344.00M	$352.00M	$347.00M	$279.00M
Net Income	$1.79B	$1.12B	$1.06B	$1.13B	$1.19B	$933.00M
EPS - Basic	$3.12	$1.94	$2.10	$2.28	$2.38	$1.89
EPS - Diluted	$3.09	$1.93	$2.08	$2.26	$2.35	$1.86

Balance Sheet

Line item	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Cash & Equivalents	$604.00M	$592.00M	$453.00M	$502.00M	$393.00M	$2.75B
Accounts Receivable	$943.00M	$1.02B	$929.00M	$677.00M	$588.00M	$566.00M
Inventory	-	-	-	-	-	-
Accounts Payable	-	-	-	-	-	-
Current Assets	$8.00B	$7.79B	$9.10B	$8.60B	$7.42B	$7.66B
Total Assets	$31.05B	$30.39B	$32.29B	$20.87B	$20.11B	$17.98B
Current Liabilities	$7.96B	$7.90B	$9.03B	$8.84B	$7.87B	$4.92B
Long-term Debt	$8.57B	$9.08B	$10.16B	$4.74B	$4.81B	$5.54B
Total Liabilities	$18.82B	$19.20B	$21.47B	$14.70B	$13.71B	$11.54B
Stockholders' Equity	$12.23B	$11.19B	$10.82B	$6.15B	$6.39B	$6.43B
Retained Earnings	$9.59B	$8.40B	$7.83B	$7.21B	$6.46B	$5.63B

Cash Flow

Line item	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Operating Cash Flow	$2.25B	$1.94B	$1.70B	$1.71B	$1.08B	$1.25B
Investing Cash Flow	($1.10B)	($953.00M)	($5.99B)	$49.00M	($2.65B)	($231.00M)
Financing Cash Flow	($2.95B)	($2.56B)	$4.22B	$1.04B	$1.42B	$1.38B
CapEx	$266.00M	$207.00M	$158.00M	$152.00M	$163.00M	$188.00M
Free Cash Flow	$1.99B	$1.73B	$1.54B	$1.55B	$920.00M	$1.06B

Ratios

Metric	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Profitability
Gross margin	63.5%	62.8%	64.2%	57.5%	58.1%	51.6%
Operating margin	28.2%	24.3%	26.0%	25.1%	24.5%	21.9%
EBITDA margin	30.0%	26.0%	28.0%	26.8%	26.3%	23.7%
Net margin	21.6%	15.1%	17.5%	18.1%	20.2%	16.6%
Free cash flow margin	24.1%	23.4%	25.4%	25.0%	15.6%	18.9%
FCF / Net income	1.11	1.55	1.45	1.38	0.78	1.14
R&D / Revenue	-	-	-	-	-	-
SG&A / Revenue	0.9%	1.5%	1.9%	2.0%	1.4%	2.5%
Effective tax rate	16.7%	23.0%	24.5%	23.8%	22.6%	23.0%
Return on assets	5.8%	3.7%	3.3%	5.4%	5.9%	5.2%
Return on equity	14.6%	10.0%	9.8%	18.3%	18.6%	14.5%
Return on invested capital	9.3%	6.8%	5.7%	10.9%	9.9%	7.9%
Liquidity
Current ratio	1.01	0.99	1.01	0.97	0.94	1.56
Quick ratio	1.01	0.99	1.01	0.97	0.94	1.56
Cash ratio	0.08	0.07	0.05	0.06	0.05	0.56
Leverage
Debt / Equity	0.70	0.81	0.94	0.77	0.75	0.86
Debt / Assets	0.28	0.30	0.31	0.23	0.24	0.31
Debt / EBITDA	3.46	4.72	6.00	2.84	3.11	4.16
Interest coverage	6.4x	4.3x	5.6x	12.1x	11.5x	12.2x
Equity multiplier	2.54	2.72	2.99	3.39	3.15	2.79
Liabilities / Assets	0.61	0.63	0.66	0.70	0.68	0.64
Efficiency
Asset turnover	0.27	0.24	0.19	0.30	0.29	0.31
Inventory turnover	-	-	-	-	-	-
Days sales outstanding	42d	50d	56d	40d	36d	37d
Days inventory outstanding	-	-	-	-	-	-
Days payable outstanding	-	-	-	-	-	-
Cash conversion cycle	-	-	-	-	-	-
Valuation
P / E	31.4x	40.1x	28.0x	27.1x	29.8x	23.7x
P / B	4.6x	4.0x	2.7x	5.0x	1.8x	1.1x
P / S	6.8x	6.1x	4.9x	4.9x	2.0x	1.3x
EV / EBITDA	25.9x	27.7x	23.2x	20.8x	10.5x	7.6x
Growth
Revenue growth (YoY)	11.6%	22.0%	-2.6%	5.8%	4.6%	32.0%
Revenue CAGR (3y)	9.9%	7.9%	2.5%	13.5%	11.2%	12.4%
Revenue CAGR (5y)	8.0%	11.7%	7.2%	9.4%	9.7%	10.6%
Gross profit growth (YoY)	12.9%	19.4%	8.7%	4.7%	17.8%	14.5%
Operating income growth (YoY)	29.6%	13.9%	0.9%	8.5%	16.8%	21.3%
Net income growth (YoY)	60.1%	5.5%	-5.9%	-5.2%	27.2%	20.5%
EPS growth (YoY)	60.1%	-7.2%	-8.0%	-3.8%	26.1%	-59.8%
EPS CAGR (3y)	11.0%	-6.4%	3.7%	-21.3%	-4.9%	-24.5%
EPS CAGR (5y)	10.6%	-16.1%	-5.3%	-12.2%	29.7%	-5.7%
FCF growth (YoY)	14.8%	12.6%	-1.0%	68.9%	-13.5%	27.3%
FCF CAGR (5y)	13.3%	15.7%	10.9%	19.7%	9.4%	14.0%
Book value growth (YoY)	9.3%	3.5%	75.8%	-3.8%	-0.6%	14.1%

Sales by segment

From XBRL dimensional facts in the 10-K period ending 2025-12-31.

Business segments

$8.20B total

Market Services$4.21B · 51.4%

Capital Access Platforms$2.14B · 26.1%

Financial Technology$1.85B · 22.6%

Geographic

$8.26B total

US$5.95B · 72.0%

Non Us$2.31B · 28.0%

Stability scores

Altman Z′

FY 2025 · bankruptcy risk

1.03

Distress

Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.

Piotroski F-score

FY 2025 · 9-point quality

9/9

Strong

✓Net income positive
✓Operating cash flow positive
✓ROA improved YoY
✓Cash flow > net income
✓Long-term debt decreased
✓Current ratio improved
✓No share dilution
✓Gross margin improved
✓Asset turnover improved

Peer comparison

Same SIC group: Security & Commodity Brokers, Dealers, Exchanges & Services

Company	Revenue (last FY)	Net margin	ROE
ICE	$12.64B	26.2%	11.5%
CME	$6.52B	62.5%	14.2%
LPLA	$16.99B	5.1%	16.1%
TW	$2.05B	39.6%	12.5%
SNEX	$132.38B	0.2%	12.9%

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