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NDAQNasdaq, Inc.

Financials · Exchanges & Brokers · Nasdaq
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FY2025 at a glance

Sales up 11.6%, free cash flow up to $2.0B

XBRL, from each 10-K
RevenueStatements ↓
$8.3B
from $7.4B in FY2024
FY2016FY2025
Net incomeStatements ↓
$1.8B
from $1.1B in FY2024
FY2016FY2025
Free cash flowStatements ↓
$2.0B
from $1.7B in FY2024
FY2016FY2025
EPS (diluted)Statements ↓
$3.09
from $1.93 in FY2024
FY2016FY2025
Operating marginStatements ↓
28.2%
from 24.3% in FY2024
FY2016FY2025
Total debtStatements ↓
$9.0B
from $9.5B in FY2024
FY2016FY2025
Price and key numbers

The latest figures

All key numbers (39, from the latest 10-K and 10-Q) From EDGAR
EPS (ttm)3.66Sales (ttm)9.2BNet income (ttm)2.1BSales growth+11.6%EPS growth+60.1%Sales Q/Q+20.9%
Free cash flow2.3BGross margin63.2%Oper. margin29.8%Net margin22.8%FCF margin24.7%ROE17.4%
ROA7.6%R&D / sales-Dividend1.05Debt/Eq0.73Curr. ratio1.00Cash365.0M
Op. cash flow (ttm)2.5BEBITDA2.5BEBITDA margin30.0%Net debt8.4BQuick ratio1.00Interest cover6.35
ROIC9.4%Payout ratio34.0%Tax rate16.7%Stock pay / sales2.0%Shares out.555.0MShares Y/Y-0.1%
Book / share21.62Cash / share0.66Sales / share16.49Asset turnover0.33Days sales out.42Sales 3Y CAGR+9.9%
Sales 5Y CAGR+8.0%EPS 3Y CAGR+11.0%EPS 5Y CAGR+10.7%

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2025 against FY2024
  • Revenue growth slowed to +11.6%+22.0% → +11.6% · Revenue FY2025 / revenue FY2024 − 1, against the same a year earlier · 10-K ↗
  • Operating margin widened to 28.2%24.3% → 28.2% · Operating income / revenue · 10-K ↗
What management wrote about it → · Every company →

NDAQ against Financials peers

Ten years, side by side → · All 76 →
GrowthProfitBalanceCleanInsiders
NDAQPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 76 companies, the better end on the right. Hover a dot for the company.

Sales growth
+11.6%19th of 76 · median +7.2%
Net margin
22.8%32nd of 76 · median 20.4%
Return on equity
17.4%36th of 74 · median 16.7%
Free cash flow margin
24.7%20th of 49 · median 21.5%
Debt / equity (less is better)
0.7336th of 62 · median 0.70
NDAQ and the 5 peers closest in revenue
CompanyRevenue (ttm)Sales growthGross marginNet marginROEFCF marginDebt / equity
NDAQ Nasdaq, Inc.$9.2B +11.6%63.2%22.8%17.4%24.7%0.73
MTB M&T Bank$10.0B +4.4%-30.2%10.7%-0.71
BEN Franklin Resources$9.4B +7.3%-11.4%9.0%8.7%0.22
CFG Citizens Financial Group$8.9B +5.6%-25.4%9.0%-0.71
NTRS Northern Trust$8.4B -2.5%-28.8%18.2%20.6%-
MCO Moody's Corporation$8.2B +8.9%74.6%35.3%88.2%36.4%2.11
Where each dollar goes

From $5.9B of sales to $1.2B of profit

FY2021, from the 10-K income statement
Revenue to Gross profit: $3.4BRevenue to Cost of revenue: $2.5BGross profit to Operating profit: $1.4BGross profit to Operating expenses: $2.0BOperating profit to Net profit: $1.1BOperating profit to Tax: $347.0MOther income to Net profit: $93.0M Revenue: $5.9B Revenue$5.9B +5% Y/Y Gross profit: $3.4B · 58% margin Gross profit$3.4B58% margin +18% Y/Y Cost of revenue: $2.5B · 42% of revenue Cost of revenue$2.5B42% of revenue Operating profit: $1.4B · 24% margin Operating profit$1.4B24% margin +17% Y/Y Other income: $93.0M · 2% of revenue Other income$93.0M2% of revenue Operating expenses: $2.0B · 34% of revenue Operating expenses$2.0B34% of revenue Net profit: $1.2B · 20% margin Net profit$1.2B20% margin +27% Y/Y Tax: $347.0M · 6% of revenue Tax$347.0M6% of revenue

Swipe sideways for the whole flow →

From $6.2B of sales to $1.1B of profit

FY2022, from the 10-K income statement
Revenue to Gross profit: $3.6BRevenue to Cost of revenue: $2.6BGross profit to Operating profit: $1.6BGross profit to Operating expenses: $2.0BOperating profit to Net profit: $1.1BOperating profit to Tax & other: $439.0M Revenue: $6.2B Revenue$6.2B +6% Y/Y Gross profit: $3.6B · 58% margin Gross profit$3.6B58% margin +5% Y/Y Cost of revenue: $2.6B · 42% of revenue Cost of revenue$2.6B42% of revenue Operating profit: $1.6B · 25% margin Operating profit$1.6B25% margin +9% Y/Y Operating expenses: $2.0B · 32% of revenue Operating expenses$2.0B32% of revenue Net profit: $1.1B · 18% margin Net profit$1.1B18% margin −5% Y/Y Tax & other: $439.0M · 7% of revenue Tax & other$439.0M7% of revenue

Swipe sideways for the whole flow →

From $6.1B of sales to $1.1B of profit

FY2023, from the 10-K income statement
Revenue to Gross profit: $3.9BRevenue to Cost of revenue: $2.2BGross profit to Operating profit: $1.6BGross profit to Operating expenses: $2.3BOperating profit to Net profit: $1.1BOperating profit to Tax & other: $519.0M Revenue: $6.1B Revenue$6.1B −3% Y/Y Gross profit: $3.9B · 64% margin Gross profit$3.9B64% margin +9% Y/Y Cost of revenue: $2.2B · 36% of revenue Cost of revenue$2.2B36% of revenue Operating profit: $1.6B · 26% margin Operating profit$1.6B26% margin +1% Y/Y Operating expenses: $2.3B · 38% of revenue Operating expenses$2.3B38% of revenue Net profit: $1.1B · 17% margin Net profit$1.1B17% margin −6% Y/Y Tax & other: $519.0M · 9% of revenue Tax & other$519.0M9% of revenue

Swipe sideways for the whole flow →

From $7.4B of sales to $1.1B of profit

FY2024, from the 10-K income statement
Revenue to Gross profit: $4.6BRevenue to Cost of revenue: $2.8BGross profit to Operating profit: $1.8BGross profit to Operating expenses: $2.9BOperating profit to Net profit: $1.1BOperating profit to Tax & other: $681.0M Revenue: $7.4B Revenue$7.4B +22% Y/Y Gross profit: $4.6B · 63% margin Gross profit$4.6B63% margin +19% Y/Y Cost of revenue: $2.8B · 37% of revenue Cost of revenue$2.8B37% of revenue Operating profit: $1.8B · 24% margin Operating profit$1.8B24% margin +14% Y/Y Operating expenses: $2.9B · 39% of revenue Operating expenses$2.9B39% of revenue Net profit: $1.1B · 15% margin Net profit$1.1B15% margin +5% Y/Y Tax & other: $681.0M · 9% of revenue Tax & other$681.0M9% of revenue

Swipe sideways for the whole flow →

From $8.3B of sales to $1.8B of profit

FY2025, from the 10-K income statement and revenue by segment
Market Services to Revenue: $4.2BCapital Access Platforms to Revenue: $2.1BFinancial Technology to Revenue: $1.9BRevenue 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 Market Services: $4.2B · 51% Market Services$4.2B51% Capital Access Platforms: $2.1B · 26% Capital Access Platforms$2.1B26% Financial Technology: $1.9B · 23% Financial Technology$1.9B23% Revenue: $8.3B Revenue$8.3B +12% Y/Y Gross profit: $5.2B · 64% margin Gross profit$5.2B64% margin +13% Y/Y Cost of revenue: $3.0B · 36% of revenue Cost of revenue$3.0B36% of revenue Operating profit: $2.3B · 28% margin Operating profit$2.3B28% margin +30% Y/Y Operating expenses: $2.9B · 35% of revenue Operating expenses$2.9B35% of revenue Net profit: $1.8B · 22% margin Net profit$1.8B22% margin +60% Y/Y Tax & other: $543.0M · 7% of revenue Tax & other$543.0M7% of revenue

Swipe sideways for the whole flow →

Where each $100 of sales went

FY2021
FY2022
FY2023
FY2024
FY2025
  • Cost of revenue
  • Sales, admin & other
  • Tax & other
  • Net profit

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. Revenue by part only for the years in the last two 10-Ks' segment tables. The full income statement →

Profitability

4 of 4
  • ✓
    Net margin above the peer median22.8% vs 20.4%
  • ✓
    Gross margin up over 5 years51.6% → 63.5%
  • ✓
    Return on equity above 15%17.4%
  • ✓
    A profit in every one of 10 years
Net margin, FY2016 to FY2025: 2.9% → 21.6%

Cash and shareholders

1 of 2
  • !
    Share count up over 5 years+15.6%
  • ✓
    Dividend per share up over 5 years$0.65 → $1.05
Free cash flow, FY2016 to FY2025: 642.0M → 2.0B

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

Debt

$- of principal due

Repayment schedule →

From the balance sheet in the latest 10-K or 10-Q (XBRL). When each part falls due, year by year, and the debt note's own lines are on the Debt tab.

Revenue and net income, FY2016 to FY2025

Revenue 8.3B Net income 1.8B
FY2016 revenue 3.7B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001120193-19-000002 FY2016 net income 106.0M · NetIncomeLoss, 0001120193-19-000002 3.7B FY2016 FY2017 revenue 3.9B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001120193-20-000004 FY2017 net income 729.0M · NetIncomeLoss, 0001120193-20-000004 3.9B FY2017 FY2018 revenue 4.3B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001120193-21-000011 FY2018 net income 458.0M · NetIncomeLoss, 0001120193-21-000011 4.3B FY2018 FY2019 revenue 4.3B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001120193-22-000007 FY2019 net income 774.0M · NetIncomeLoss, 0001120193-22-000007 4.3B FY2019 FY2020 revenue 5.6B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001120193-23-000014 FY2020 net income 933.0M · NetIncomeLoss, 0001120193-23-000014 5.6B FY2020 FY2021 revenue 5.9B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001120193-24-000006 FY2021 net income 1.2B · NetIncomeLoss, 0001120193-24-000006 5.9B FY2021 FY2022 revenue 6.2B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001120193-25-000008 FY2022 net income 1.1B · NetIncomeLoss, 0001120193-25-000008 6.2B FY2022 FY2023 revenue 6.1B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001628280-26-007703 FY2023 net income 1.1B · NetIncomeLoss, 0001628280-26-007703 6.1B FY2023 FY2024 revenue 7.4B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001628280-26-007703 FY2024 net income 1.1B · NetIncomeLoss, 0001628280-26-007703 7.4B FY2024 FY2025 revenue 8.3B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001628280-26-007703 FY2025 net income 1.8B · NetIncomeLoss, 0001628280-26-007703 8.3B FY2025

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

Statements

Income statement, balance sheet and cash flow

XBRL, each 10-K and 10-Q

NDAQ's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly
Revenue8.3B
FY2016: 3.7BFY2017: 3.9BFY2018: 4.3BFY2019: 4.3BFY2020: 5.6BFY2021: 5.9BFY2022: 6.2BFY2023: 6.1BFY2024: 7.4BFY2025: 8.3B FY2017FY2019FY2021FY2023FY2025
Net income1.8B
FY2016: 106.0MFY2017: 729.0MFY2018: 458.0MFY2019: 774.0MFY2020: 933.0MFY2021: 1.2BFY2022: 1.1BFY2023: 1.1BFY2024: 1.1BFY2025: 1.8B FY2017FY2019FY2021FY2023FY2025
Free cash flow2.0B
FY2016: 642.0MFY2017: 765.0MFY2018: 917.0MFY2019: 836.0MFY2020: 1.1BFY2021: 920.0MFY2022: 1.6BFY2023: 1.5BFY2024: 1.7BFY2025: 2.0B FY2017FY2019FY2021FY2023FY2025
EPS (diluted)3.09
FY2016: 0.21FY2017: 1.43FY2018: 0.91FY2019: 1.54FY2020: 1.86FY2021: 2.35FY2022: 2.26FY2023: 2.08FY2024: 1.93FY2025: 3.09 FY2017FY2019FY2021FY2023FY2025
Dividend per share1.05
FY2016: 0.40FY2017: 0.49FY2018: 0.57FY2019: 0.62FY2020: 0.65FY2021: 0.70FY2022: 0.78FY2023: 0.86FY2024: 0.94FY2025: 1.05 FY2017FY2019FY2021FY2023FY2025
Diluted shares578.6M
FY2016: 506.4MFY2017: 508.8MFY2018: 503.1MFY2019: 500.9MFY2020: 500.7MFY2021: 505.1MFY2022: 497.9MFY2023: 508.4MFY2024: 579.2MFY2025: 578.6M FY2017FY2019FY2021FY2023FY2025

The segments changed

10-K filed 2026-02-12

Compared with the 10-K of Feb 21, 2025: no longer reported: Financial Technology Including PPA.

When a company changes its segments, the years before are usually recast, so growth by segment is not comparable with what earlier 10-Ks showed. Found by comparing the segments with revenue in the last two 10-Ks (XBRL) and by the 10-K's own words, without AI.

Revenue by business segment

year to Dec 31, 2025
RevenueSharevs year before
Market Services 4.2B51.0% +11.7%
Capital Access Platforms 2.1B25.9% +9.9%
Financial Technology 1.9B22.4% +14.1%

10-K 0001628280-26-007703, segment and revenue notes (XBRL).

Revenue by region

year to Dec 31, 2025
RevenueSharevs year before
United States 5.9B72.0% +2.2%
All other countries 2.3B28.0% +46.2%

10-K 0001628280-26-007703, segment and revenue notes (XBRL).

Income statement

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue3.7B3.9B4.3B4.3B5.6B5.9B6.2B6.1B7.4B8.3B
Cost of revenue1.4B1.5B1.8B1.7B2.7B2.5B2.6B2.2B2.8B3.0B
Gross profit2.3B2.4B2.5B2.5B2.9B3.4B3.6B3.9B4.6B5.2B
SG&A73.0M82.0M120.0M125.0M142.0M85.0M125.0M113.0M109.0M75.0M
Operating income836.0M991.0M1.0B1.0B1.2B1.4B1.6B1.6B1.8B2.3B
Interest expense135.0M143.0M150.0M124.0M101.0M125.0M129.0M284.0M414.0M367.0M
Pretax income133.0M872.0M1.1B1.0B1.2B1.5B1.5B1.4B1.4B2.1B
Income tax27.0M143.0M606.0M245.0M279.0M347.0M352.0M344.0M334.0M358.0M
Net income106.0M729.0M458.0M774.0M933.0M1.2B1.1B1.1B1.1B1.8B
EPS (diluted)0.211.430.911.541.862.352.262.081.933.09
Diluted shares506.4M508.8M503.1M500.9M500.7M505.1M497.9M508.4M579.2M578.6M
Depreciation & amortization88.0M96.0M101.0M89.0M99.0M108.0M105.0M117.0M125.0M145.0M
EBITDA924.0M1.1B1.1B1.1B1.3B1.5B1.7B1.7B1.9B2.5B
Gross margin61.4%61.1%59.1%59.5%51.6%58.1%57.5%64.2%62.8%63.5%
Operating margin22.6%25.1%24.0%23.9%21.9%24.5%25.1%26.0%24.3%28.2%
Net margin2.9%18.5%10.7%18.2%16.6%20.2%18.1%17.5%15.1%21.6%
Revenue growth-+6.6%+8.3%-0.4%+32.1%+4.6%+5.8%-2.6%+22.0%+11.6%
EPS growth-+583%-36.5%+69.6%+20.5%+26.3%-3.8%-8.0%-7.2%+60.1%

Balance sheet

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash403.0M377.0M545.0M332.0M2.7B393.0M502.0M453.0M592.0M604.0M
Short-term investments245.0M235.0M268.0M291.0M-----28.0M
Receivables429.0M356.0M384.0M422.0M566.0M588.0M677.0M929.0M1.0B943.0M
Current assets4.6B5.5B6.4B4.3B7.7B7.4B8.6B9.1B7.8B8.0B
Property & equipment362.0M400.0M376.0M384.0M475.0M509.0M532.0M576.0M593.0M728.0M
Goodwill6.0B6.6B6.4B6.4B6.8B8.4B8.1B14.1B14.0B14.4B
Total assets13.4B15.4B15.7B13.9B18.0B20.1B20.9B32.3B30.4B31.1B
Current liabilities4.1B5.2B6.6B4.2B4.9B7.9B8.8B9.0B7.9B8.0B
Total debt3.6B4.2B3.8B3.4B5.5B5.8B5.4B10.5B9.5B9.0B
Total liabilities8.7B9.5B10.3B8.3B11.5B13.7B14.7B21.5B19.2B18.8B
Shareholders' equity5.4B5.9B5.4B5.6B6.4B6.4B6.2B10.8B11.2B12.2B
Retained earnings3.5B4.0B4.6B5.0B5.6B6.5B7.2B7.8B8.4B9.6B

Cash flow

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow776.0M909.0M1.0B963.0M1.3B1.1B1.7B1.7B1.9B2.3B
Capital spending134.0M144.0M111.0M127.0M188.0M163.0M152.0M158.0M207.0M266.0M
Free cash flow642.0M765.0M917.0M836.0M1.1B920.0M1.6B1.5B1.7B2.0B
Stock-based pay (added back)86.0M70.0M69.0M79.0M87.0M90.0M106.0M122.0M141.0M165.0M
Dividends paid200.0M243.0M280.0M305.0M320.0M350.0M383.0M441.0M541.0M601.0M
Buybacks100.0M203.0M394.0M200.0M222.0M468.0M308.0M269.0M145.0M616.0M
Acquisitions1.5B776.0M75.0M206.0M157.0M2.4B41.0M5.8B00
Debt raised2.5B653.0M0680.0M3.8B826.0M539.0M5.6B00
Debt repaid1.2B708.0M115.0M1.2B1.5B804.0M1.1B260.0M521.0M826.0M
Investing cash flow-1.7B-890.0M196.0M-414.0M-122.0M-2.7B49.0M-6.0B-953.0M-1.1B
Financing cash flow948.0M-53.0M-1.0B-2.5B1.9B1.4B1.0B4.2B-2.6B-3.0B
Dividend per share0.400.490.570.620.650.700.780.860.941.05

Stock-based pay and leases

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Stock-based pay (expense)86.0M70.0M69.0M79.0M87.0M90.0M106.0M122.0M141.0M165.0M
Stock-based pay / revenue2.3%1.8%1.6%1.9%1.5%1.5%1.7%2.0%1.9%2.0%
Operating lease cost---79.0M85.0M85.0M75.0M88.0M78.0M82.0M
Operating lease cash paid---78.0M77.0M77.0M66.0M78.0M84.0M83.0M
Right-of-use assets--0346.0M381.0M366.0M444.0M402.0M375.0M447.0M
Operating lease liabilities---392.0M435.0M423.0M506.0M479.0M443.0M522.0M

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

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