Nasdaq, Inc.

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

                    Revenue
                    FY2025
                
$8.3B
                    3y CAGR +9.9%
                    
                    P36
                    
                    n/a
                    
                    Net income
                    FY2025
                
$1.8B
                    Net margin +21.6%
                    
                    P33
                    
                    n/a
                    
                    Total assets
                    FY2025
                
$31.1B
                    ROA +5.8%
                    
                    P77
                    
                    n/a
                    
                    Operating cash flow
                    FY2025
                
$2.3B
                    FCF margin +24.1%
                    
                    P32
                    
                    n/a

18 yrs · FY2008–FY2025 9 filed · 0 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Each cell as a share of that year’s total assets.

Balance Sheet

Assets, liabilities, and equity

30 accounts · 1 year

Total assets $31.1B

Total liabilities $18.8B

Shareholders equity $12.2B

Account	2025	Trend
Assets
Cash and Cash Equivalents	2.6%
Short Term Investments	0.1%
Accounts Receivable	3.0%
Other Current Assets	20.0%
Total Current Assets	25.8%
Property,Plant and Equipment	2.3%
Operating Lease Assets	1.4%
Goodwill	46.3%
Intangible Assets	21.0%
Other Noncurrent Assets	3.2%
Total Assets	100.0%
Liabilities
Accounts Payable	0.9%
Accrued Liabilities	1.2%
Deferred Revenue	2.5%
Current Portion of Long Term Debt	1.4%
Other Current Liabilities	19.6%
Total Current Liabilities	25.6%
Long Term Debt	27.6%
Operating Lease Liabilities Noncurrent	1.5%
Deferred Tax Liabilities	5.1%
Other Noncurrent Liabilities	0.8%
Total Liabilities	60.6%
Equity
Common Stock	0.0%
Additional Paid In Capital	16.5%
Retained Earnings	30.9%
Treasury Stock	2.3%
Accumulated Other Comprehensive Income	-5.7%
Total Stockholders Equity	39.4%
Noncontrolling Interest	0.0%
Total Liabilitiesand Equity	100.0%

Income Statement

Revenue, expense, and profitability

19 accounts · 1 year

Revenue $8.3B

Operating income $2.3B

Net income $1.8B

Account	2025	Trend
IncomeStatement
Revenues Total Revenue	26.6%
Expenses Cost of Revenue	9.7%
Other Income Expense Gross Profit	16.9%
Expenses Selling,General and Administrative	6.7%
Expenses Depreciation and Amortization	2.0%
Expenses Restructuring and Asset Impairment	0.1%
Expenses Other Operating Expenses	0.6%
Expenses Operating Expenses	9.4%
Other Income Expense Operating Income	7.5%
Other Income Expense Interest Income	0.1%
Other Income Expense Interest Expense	1.2%
Other Income Expense Other Income/expense	0.5%
Other Income Expense Income Before Tax	6.9%
Income Tax Income Tax Expense	1.2%
net Income Other Items Below Tax	0.0%
net Income net Income	5.8%
net Income Comprehensive Income	6.8%
Earnings Per Share Basic Eps	0.0%
Earnings Per Share Diluted Eps	0.0%

Cash Flow Statement

Operating, investing, and financing flows

22 accounts · 1 year

Operating cash flow $2.3B

Investing cash flow $-1.1B

Financing cash flow $-3.0B

Account	2025	Trend
CashFlow
Operating Activities net Income	5.8%
Operating Activities Depreciation and Amortization	2.0%
Operating Activities Stock Based Compensation	0.5%
Operating Activities Deferred Income Taxes	0.2%
Operating Activities Changes In Operating Assets and Liabilities	-0.8%
Operating Activities Other Non Cash Items	-0.5%
Operating Activities net Cash From Operating Activities	7.3%
Investing Activities Capital Expenditures	-0.9%
Investing Activities Business Acquisitions	0.5%
Investing Activities Purchases of Investments	-0.8%
Investing Activities Proceeds From Sale of Investments	1.4%
Investing Activities Other Investing Activities	-3.7%
Investing Activities net Cash From Investing Activities	-3.5%
Financing Activities Proceeds From Debt	0.0%
Financing Activities Repayment of Debt	-2.7%
Financing Activities Repurchase of Common Stock	-2.0%
Financing Activities Dividends Paid	-1.9%
Financing Activities Tax Withholding On Stock Based Compensation	-0.2%
Financing Activities Other Financing Activities	-2.7%
Financing Activities net Cash From Financing Activities	-9.5%
Cash Reconciliation Effect of Exchange Rate On Cash	2.3%
Cash Reconciliation net Change In Cash	-3.5%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 1 year

Ratio	2025
Profitability
Gross margin	+63.5%
Operating margin	+28.2%
Net margin	+21.6%
FCF margin	+24.1%
Growth
Revenue CAGR (3y)	+9.9%
Returns
ROE	+14.6%
ROA	+5.8%
ROIC	+9.5%
Liquidity
Current ratio	1.01x
Quick ratio	0.22x
Leverage
D/E	1.54x
Interest coverage	6.35x
Efficiency
Asset turnover	0.27x
Cash conversion cycle	—

Valuation

Price against fundamentals

FY2025 fundamentals · no price

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Nasdaq, Inc.

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