Nasdaq, Inc.

Financials Financial Exchanges & Data New York City, New York Last filing Feb 12, 2026 · FY2025

Balance Sheet

Assets, liabilities, and equity

33 accounts · 5 years

Account	2025	2024	2023	2022	2021
Statement
BS Assets Cash	$604.0M	$592.0M	$453.0M	$502.0M	$393.0M
BS Assets Accts Receivable	$943.0M	$1.0B	$929.0M	$677.0M	$588.0M
BS Assets Prepaid Expenses	$376.0M	$293.0M	$231.0M	$201.0M	$294.0M
BS Assets Other Current Assets	$376.0M	$293.0M	$231.0M	$201.0M	$294.0M
BS Assets Total Current	$8.0B	$7.8B	$9.1B	$8.6B	$7.4B
BS Assets PPE	$728.0M	$593.0M	$576.0M	$532.0M	$509.0M
BS Assets Op Lease ROU	$447.0M	$375.0M	$402.0M	$444.0M	$366.0M
BS Assets Goodwill	$14.4B	$14.0B	$14.1B	$8.1B	$8.4B
BS Assets Intangible Assets	$6.5B	$6.9B	$7.4B	$2.6B	$2.8B
BS Assets LT Investments	$512.0M	$417.0M	$380.0M	$390.0M	$363.0M
BS Assets Other Noncurrent	$993.0M	$779.0M	$665.0M	$608.0M	$571.0M
BS Assets Total	$31.1B	$30.4B	$32.3B	$20.9B	$20.1B
BS Liab Accts Payable	$280.0M	$269.0M	$332.0M	$185.0M	$185.0M
BS Liab Accrued Liab	$364.0M	$325.0M	$303.0M	$243.0M	$252.0M
BS Liab Deferred Rev Current	$785.0M	$711.0M	$594.0M	$357.0M	$329.0M
BS Liab Current Debt	$431.0M	$399.0M	$291.0M	$664.0M	$1.0B
BS Liab Op Lease Current	$60.0M	$55.0M	$62.0M	$54.0M	$37.0M
BS Liab Other Current	$259.0M	$215.0M	$146.0M	$122.0M	$115.0M
BS Liab Total Current	$8.0B	$7.9B	$9.0B	$8.8B	$7.9B
BS Liab Long Term Debt	$8.6B	$9.1B	$10.2B	$4.7B	$4.8B
BS Liab Op Lease Noncurrent	$462.0M	$388.0M	$417.0M	$452.0M	$386.0M
BS Liab Deferred Tax Liab	$1.6B	$2.0B	$1.9B	$692.0M	$586.0M
BS Liab Other Noncurrent	$241.0M	$230.0M	$220.0M	$226.0M	$234.0M
BS Liab Total	$18.8B	$19.2B	$21.5B	$14.7B	$13.7B
BS Equity Preferred Stock	$0	$0	$0	$0	$0
BS Equity Common Stock	$6.0M	$6.0M	$6.0M	$5.0M	$2.0M
BS Equity APIC	$5.1B	$5.5B	$5.5B	$1.4B	$2.0B
BS Equity Retained Earnings	$9.6B	$8.4B	$7.8B	$7.2B	$6.5B
BS Equity Treasury Stock	$716.0M	$647.0M	$587.0M	$515.0M	$437.0M
BS Equity AOCI	$-1.8B	$-2.1B	$-1.9B	$-2.0B	$-1.6B
BS Equity NCI	$5.0M	$9.0M	$11.0M	$13.0M	$10.0M
BS Equity Total	$12.2B	$11.2B	$10.8B	$6.2B	$6.4B
BS Equity Total Liab and Equity	$31.1B	$30.4B	$32.3B	$20.9B	$20.1B

Income Statement

Revenue, expense, and profitability

18 accounts · 5 years

Operating income $2.3B

Net income $1.8B

Account	2025	2024	2023	2022	2021
Statement
IS Expense COGS	$3.0B	$2.8B	$2.2B	$2.6B	$2.5B
IS Expense SGA	$75.0M	$109.0M	$113.0M	$125.0M	$85.0M
IS Expense DA	$632.0M	$613.0M	$323.0M	$258.0M	$278.0M
IS Expense SBC	$165.0M	$141.0M	$122.0M	$106.0M	$90.0M
IS Expense Restructuring	$42.0M	$116.0M	$80.0M	$15.0M	$31.0M
IS Expense Total Opex	$2.9B	$2.9B	$2.3B	$2.0B	$2.0B
IS Gross Profit	$5.2B	$4.6B	$3.9B	$3.6B	$3.4B
IS Operating Income	$2.3B	$1.8B	$1.6B	$1.6B	$1.4B
IS Interest Income	$39.0M	$28.0M	$115.0M	$7.0M	$1.0M
IS Other Nonop Inc Exp	$-27.0M	$21.0M	$-1.0M	$2.0M	$81.0M
IS Pre Tax Income	$2.1B	$1.4B	$1.4B	$1.5B	$1.5B
IS Tax Expense	$358.0M	$334.0M	$344.0M	$352.0M	$347.0M
IS net Income	$1.8B	$1.1B	$1.1B	$1.1B	$1.2B
IS Comprehensive Income	$2.1B	$942.0M	$1.1B	$721.0M	$968.0M
IS EPS Basic	$3	$2	$2	$2	$2
IS EPS Diluted	$3	$2	$2	$2	$2
IS Shares Basic	$573.3M	$575.4M	$504.9M	$492.4M	$497.7M
IS Shares Diluted	$578.6M	$579.2M	$508.4M	$497.9M	$505.1M

Cash Flow Statement

Operating, investing, and financing flows

22 accounts · 5 years

Account	2025	2024	2023	2022	2021
Statement
CF Ops net Income	$1.8B	$1.1B	$1.1B	$1.1B	$1.2B
CF Ops DA	$632.0M	$613.0M	$323.0M	$258.0M	$278.0M
CF Ops SBC	$165.0M	$141.0M	$122.0M	$106.0M	$90.0M
CF Ops Deferred Tax	$48.0M	$-67.0M	$68.0M	$38.0M	$94.0M
CF Ops Working Capital	$69.0M	$67.0M	$88.0M	$16.0M	$106.0M
CF Ops Other	$1.0M	$13.0M	$-63.0M	$-45.0M	$-278.0M
CF Ops net Cash	$2.3B	$1.9B	$1.7B	$1.7B	$1.1B
CF Inv Capex	$266.0M	$207.0M	$158.0M	$152.0M	$163.0M
CF Inv Acquisitions	$0	$0	$5.8B	$41.0M	$2.4B
CF Inv Other	$78.0M	$32.0M	$3.0M	$-33.0M	$87.0M
CF Inv net Cash	$-1.1B	$-953.0M	$-6.0B	$49.0M	$-2.7B
CF Fin Debt Issuance	$0	$0	$5.6B	$539.0M	$826.0M
CF Fin Debt Repayment	$826.0M	$521.0M	$260.0M	$1.1B	$804.0M
CF Fin Share Repurchases	$616.0M	$145.0M	$269.0M	$308.0M	$468.0M
CF Fin Dividends	$601.0M	$541.0M	$441.0M	$383.0M	$350.0M
CF Fin Tax Withholding	$69.0M	$60.0M	$72.0M	—	—
CF Fin Other	$43.0M	$27.0M	$3.0M	$8.0M	$7.0M
CF Fin net Cash	$-3.0B	$-2.6B	$4.2B	$1.0B	$1.4B
CF FX Effect	$726.0M	$-537.0M	$202.0M	$-1.3B	$-331.0M
CF net Change	$-1.1B	$-2.1B	$124.0M	$1.5B	$-483.0M
CF Cash Begin	$3.9B	$5.0B	$7.1B	$7.0B	$5.5B
CF Cash End	$3.9B	$5.0B	$7.1B	$7.0B	$5.5B

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Assets, liabilities, and equity

Revenue, expense, and profitability

Operating, investing, and financing flows

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