TICKDELTA
Sign in
Screener / SEC EDGAR /CIK 0001120193 /Numbers from the XBRL of the 10-Ks
Nasdaq Financials · Exchanges & Brokers

Nasdaq, Inc. NDAQ

NDAQ quote by TradingView

The Nasdaq Stock Market Operating company IPOs 155 SPAC IPOs 126 Switches from the New York Stock Exchange 20 LLC, or NYSE, and the NYSE American LLC, or NYSE American Upgrades from OTC 31 ETPs and Other Listings 452 Total 784 10-K, Item 1

Headquarters
New York, NY
CEO
Adena T. Friedman
Next results
around Jan 28, 2027
Compare with peers Embed

Where each dollar of revenue went, FY2025

Revenue of $8.3B through the costs to a net profit of $1.8B · income statement of the 10-K

28% operating margin
Revenue to Gross profit: $5.2BRevenue to Cost of revenue: $3.0BGross profit to Operating profit: $2.3BGross profit to Operating expenses: $2.9BOperating profit to Net profit: $1.8BOperating profit to Tax & other: $543.0M Revenue: $8.3B REVENUE $8.3B +12% Y/Y Gross profit: $5.2B · 64% margin GROSS PROFIT $5.2B 64% margin · +13% Y/Y Cost of revenue: $3.0B · 36% of revenue COST OF REVENUE $3.0B 36% of revenue Operating profit: $2.3B · 28% margin OPERATING PROFIT $2.3B 28% margin · +30% Y/Y Operating expenses: $2.9B · 35% of revenue OPERATING EXPENSES $2.9B 35% of revenue Net profit: $1.8B · 22% margin NET PROFIT $1.8B 22% margin · +60% Y/Y Tax & other: $543.0M · 7% of revenue TAX & OTHER $543.0M 7% of revenue
Gross profit $5.2B 64% margin · +13% Y/Y
Operating profit $2.3B 28% margin · +30% Y/Y
Net profit $1.8B 22% margin · +60% Y/Y
The full income statement, year by year

NDAQ among Financials peers

Six ratios from the latest 10-K. Each corner is the share of 75 peers the company is above, not a score.

Compare
Revenue growth: 11.6%, above 76% of 75 peers (their median 7.2%) REVENUE GROWTH 11.6% · above 76% Gross margin: 63.2%, above 75% of 8 peers (their median 52.2%) GROSS MARGIN 63.2% · above 75% Operating margin: 29.8%, above 59% of 27 peers (their median 25.3%) OPERATING MARGIN 29.8% · above 59% Net margin: 22.8%, above 59% of 75 peers (their median 20.1%) NET MARGIN 22.8% · above 59% FCF margin: 24.7%, above 60% of 48 peers (their median 21.4%) FCF MARGIN 24.7% · above 60% Return on capital: 9.4%, above 40% of 25 peers (their median 12.2%) RETURN ON CAPITAL 9.4% · above 40%
NDAQ Peer median Below the median

What changed

1 accounting fact worth reading about.

Risk factors
No new paragraphs, or fewer than two 10-Ks to compare
10-K Item 1A
Critical audit matters changed
New this year: Calypso and AxiomSL on-premises license; Description As described in Notes 2 and 3 to the; Matter Company recognizes revenue within its; Regulatory Technology and Capital Markets; Technology products for AxiomSL and; Post-contract customer support is recognized; Auditing the Company’s identification of; Calypso on-premises license agreements; F-3; How We We obtained an understanding, performed a; Addressed walkthrough of the process and evaluated the; Audit identifying performance obligations and; To test the Company’s judgments and; AxiomSL and Calypso service offerings and. No longer listed: Calypso and AxiomSL on-premises license revenue recognition; F-2
10-K · XBRL
Accounting checks
8 other checks clear, 1 worth a look
10-K · XBRL
Insiders
No open-market buys in the last 90 days
Form 4
Filings
3 in the last 30 days
EDGAR

Each row opens the detail with the quote and the filing. A row is a change worth reading, not a verdict.

Accounting checks

9 checks on the latest 10-K. Checks, not verdicts.

How it works

1fact worth reading about the other 8 checks found nothing to note

  • Critical audit matters changed
    New this year: Calypso and AxiomSL on-premises license; Description As described in Notes 2 and 3 to the; Matter Company recognizes revenue within its; Regulatory Technology and Capital Markets; Technology products for AxiomSL and; Post-contract customer support is recognized; Auditing the Company’s identification of; Calypso on-premises license agreements; F-3; How We We obtained an understanding, performed a; Addressed walkthrough of the process and evaluated the; Audit identifying performance obligations and; To test the Company’s judgments and; AxiomSL and Calypso service offerings and. No longer listed: Calypso and AxiomSL on-premises license revenue recognition; F-2
  • Receivables -7.7% vs revenue +11.6% (-19.4 pts)
7 more checks with nothing to note
  • Same auditor in both 10-Ks: Ernst & Young LLP
  • No statement of substantial doubt about going concern
  • No 8-K item 4.02 in the last 2 years
  • No NT 10-K or NT 10-Q in the last 2 years
  • No sentence in the 10-K concludes that controls were not effective because of a material weakness
  • No 8-K item 2.06 in the last 2 years
  • No 8-K item 1.03 in the last 2 years

In their words

No new paragraphs in Risk Factors

No new paragraphs in Risk Factors, or fewer than two 10-Ks to compare.

Financial performance

Last 4 fiscal years · 10-K XBRL

All years
MetricFY2022FY2023FY2024FY2025
Revenue$6.2B$6.1B$7.4B$8.3B
Net income$1.1B$1.1B$1.1B$1.8B
Operating cash flow$1.7B$1.7B$1.9B$2.3B
Free cash flow$1.6B$1.5B$1.7B$2.0B

Revenue, FY2016 to FY2025

Ten fiscal years, each from its own 10-K · XBRL · USD

$8.3B ▲ 11.6% in FY2025

FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Every number, year by year

Recent filings

3 filings in the last 30 days · SEC EDGAR

All filings

About the company

Nasdaq, Inc., New York, NY · from the 10-K filed Feb 12, 2026

The Nasdaq Stock Market Operating company IPOs 155 SPAC IPOs 126 Switches from the New York Stock Exchange 20 LLC, or NYSE, and the NYSE American LLC, or NYSE American Upgrades from OTC 31 ETPs and Other Listings 452 Total 784

Headquarters
New York, NY
Country
United States
Reports in
USD
Listed on
Nasdaq
Fiscal year ends
December 31
Last results
Oct 22, 2026
Incorporated in
DE

Email alerts

Sources

Numbers from the XBRL of the 10-Ks; filings from SEC EDGAR.

Work with it: Excel workbook · CSV. Google Sheet that stays up to date: paste =IMPORTDATA("https://tickdelta.com/company/NDAQ/export.csv") into a cell.