NDAQNasdaq, Inc.
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
The biggest changes in the 10-K filed 2026-02-12, this fiscal year against the last, and the sentences in the MD&A (Item 7) where management explains them, quoted word for word. Tickdelta picks sentences that name the line, a direction and a cause. It does not write explanations of its own.
Net income
+60.1% Big change FY to 2025-12-31 vs 2024-12-31“by an increase in net income, partially offset by changes in”
Read it in the 10-K ↗
“adjustments to net income primarily driven by higher net”
Read it in the 10-K ↗
Operating margin
24.3% → 28.2% (+3.9 pts) Big change FY to 2025-12-31 vs 2024-12-31The MD&A has no sentence that names a cause for this change. That can be worth a question: ask about the filing.
Cash from operations
+16.3% Big change FY to 2025-12-31 vs 2024-12-31The MD&A has no sentence that names a cause for this change. That can be worth a question: ask about the filing.
Revenue
+11.6% Big change FY to 2025-12-31 vs 2024-12-31“in ARR and revenue, reflecting an increase in new clients,”
Read it in the 10-K ↗
“revenues, net was also partially offset by lower capture.”
Read it in the 10-K ↗
Gross margin
62.8% → 63.5% (+0.7 pts) FY to 2025-12-31 vs 2024-12-31The MD&A has no sentence that names a cause for this change. That can be worth a question: ask about the filing.
Changes are computed from the XBRL figures in the same 10-K. Hover a number to see the line item. Open the 10-K ↗
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.