NDAQNasdaq, Inc.

Financials · Exchanges & Brokers · Nasdaq

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

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RevenueFY2016–25 $8.3B+11.6% Highest in 10 years 10-K FY2025 · XBRL Net incomeFY2016–25 $1.8B+60.1% Highest in 10 years 10-K FY2025 · XBRL Free cash flowFY2016–25 $2.0B+14.8% Highest in 10 years 10-K FY2025 · XBRL Operating marginFY2016–25 28.2%+3.9 pts 22.6% in FY2016 10-K FY2025 · XBRL

What changed

latest 10-K

Area	What changed	Source
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.

What's new, in their words

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

Accounting checks

latest 10-K

8 of 9 clear 1 worth a look. Checks, not verdicts.

!
Critical audit matters changedNew 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)
✓
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

How each check works, with sources →

In the last 30 days

All filings →

Oct 26, 20268-K Director or officer change 8-K item 5.02
Oct 22, 20268-K Quarterly results, Regulation FD disclosure, Other events 8-K items 2.02, 7.01, 8.01
Oct 22, 202610-Q Quarterly report (10-Q) period ended Sep 30, 2026

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Work on NDAQ in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/NDAQ/export.csv") into a cell.