Nasdaq, Inc.

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

                    Revenue
                    FY2018
                
$4.3B
                    
                    +8.3%
                    
                    Net income
                    FY2025
                
$1.8B
                    
                    +60.1%
                    
                    Total assets
                    FY2025
                
$31.1B
                    ROA +5.8%
                    
                    P77
                    
                    +2.2%
                    
                    Operating cash flow
                    FY2025
                
$2.3B
                    
                    +16.3%

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

33 accounts · 10 years

Total assets $31.1B

Total liabilities $18.8B

Shareholders equity $12.2B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash and Cash Equivalents	1.9%	1.9%	1.4%	2.4%	2.0%	15.3%	2.4%	3.5%	2.4%	2.8%
Accounts Receivable	3.0%	3.4%	2.9%	3.2%	2.9%	3.1%	3.0%	2.4%	2.7%	3.0%
Prepaid Expenses	1.2%	1.0%	0.7%	1.0%	1.5%	1.0%	1.6%	2.5%	1.2%	1.2%
Other Current Assets	1.2%	1.0%	0.7%	1.0%	1.5%	1.0%	1.6%	2.5%	1.2%	1.2%
Total Current Assets	25.8%	25.6%	28.2%	41.2%	36.9%	42.6%	30.8%	40.6%	35.0%	32.2%
Property,Plant and Equipment	2.3%	2.0%	1.8%	2.5%	2.5%	2.6%	2.8%	2.4%	2.5%	2.6%
Operating Lease Assets	1.4%	1.2%	1.2%	2.1%	1.8%	2.1%	2.5%	—	—	—
Goodwill	46.3%	45.9%	43.7%	38.8%	41.9%	38.1%	45.7%	40.5%	41.7%	42.6%
Intangible Assets	21.0%	22.7%	23.0%	12.4%	14.0%	12.5%	16.2%	14.6%	15.6%	14.8%
Long Term Investments	1.6%	1.4%	1.2%	1.9%	1.8%	1.2%	1.1%	0.9%	0.8%	0.9%
Other Noncurrent Assets	3.2%	2.6%	2.1%	2.9%	2.8%	2.0%	2.1%	1.9%	2.6%	2.8%
Total Assets	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
Liabilities
Accounts Payable	0.9%	0.9%	1.0%	0.9%	0.9%	1.0%	1.1%	1.3%	1.1%	1.2%
Accrued Liabilities	1.2%	1.1%	0.9%	1.2%	1.3%	1.3%	1.4%	1.3%	1.1%	1.5%
Deferred Revenue	2.5%	2.3%	1.8%	1.7%	1.6%	1.3%	1.5%	1.2%	1.2%	1.1%
Current Portion of Long Term Debt	1.4%	1.3%	0.9%	3.2%	5.1%	0.0%	2.8%	5.6%	3.0%	—
Operating Lease Liabilities	0.2%	0.2%	0.2%	0.3%	0.2%	0.3%	0.4%	—	—	—
Other Current Liabilities	0.8%	0.7%	0.5%	0.6%	0.6%	0.7%	1.2%	1.6%	0.5%	0.9%
Total Current Liabilities	25.6%	26.0%	27.9%	42.3%	39.1%	27.4%	30.4%	41.8%	33.3%	28.8%
Long Term Debt	27.6%	29.9%	31.5%	22.7%	23.9%	30.8%	21.5%	18.8%	23.6%	25.5%
Operating Lease Liabilities Noncurrent	1.5%	1.3%	1.3%	2.2%	1.9%	2.2%	2.4%	—	—	—
Deferred Tax Liabilities	5.1%	6.5%	6.0%	3.3%	2.9%	4.1%	5.2%	3.8%	3.8%	5.1%
Other Noncurrent Liabilities	0.8%	0.8%	0.7%	1.1%	1.2%	1.0%	1.3%	0.9%	1.0%	1.0%
Total Liabilities	60.6%	63.2%	66.5%	70.5%	68.2%	64.2%	59.5%	65.3%	62.7%	61.6%
Equity
Preferred Stock	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	—	—	—
Common Stock	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Additional Paid In Capital	16.5%	18.2%	17.0%	6.9%	9.7%	14.2%	18.9%	17.3%	19.2%	21.9%
Retained Earnings	30.9%	27.6%	24.2%	34.5%	32.1%	31.3%	36.1%	29.0%	25.1%	24.6%
Treasury Stock	2.3%	2.1%	1.8%	2.5%	2.2%	2.1%	2.4%	1.9%	1.6%	1.2%
Accumulated Other Comprehensive Income	-5.7%	-6.9%	-6.0%	-9.5%	-7.9%	-7.6%	-12.1%	-9.7%	-5.5%	-6.9%
Noncontrolling Interest	0.0%	0.0%	0.0%	0.1%	0.0%	0.0%	—	—	0.0%	0.0%
Total Stockholders Equity	39.4%	36.8%	33.5%	29.5%	31.8%	35.8%	40.5%	34.7%	37.2%	38.4%
Total Liabilitiesand Equity	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%

Income Statement

Revenue, expense, and profitability

18 accounts · 10 years

Revenue $4.3B

Operating income $2.3B

Net income $1.8B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
IncomeStatement
Expenses Cost of Revenue	9.7%	9.1%	6.7%	12.7%	12.3%	15.1%	12.4%	11.2%	9.7%	10.1%
Expenses Selling,General and Administrative	0.2%	0.4%	0.3%	0.6%	0.4%	0.8%	0.9%	0.8%	0.5%	0.5%
Expenses Depreciation and Amortization	2.0%	2.0%	1.0%	1.2%	1.4%	1.1%	1.4%	1.3%	1.2%	1.2%
Expenses Share Based Compensation	0.5%	0.5%	0.4%	0.5%	0.4%	0.5%	0.6%	0.4%	0.4%	0.6%
Expenses Restructuring and Asset Impairment	0.1%	0.4%	0.2%	0.1%	0.2%	0.3%	0.3%	0.0%	0.0%	0.3%
Expenses Operating Expenses	9.4%	9.4%	7.2%	9.7%	9.8%	9.3%	10.9%	9.5%	9.0%	10.2%
Other Income Expense Gross Profit	16.9%	15.3%	12.1%	17.2%	17.0%	16.1%	18.2%	16.1%	15.3%	16.1%
Other Income Expense Operating Income	7.5%	5.9%	4.9%	7.5%	7.2%	6.9%	7.3%	6.5%	6.3%	5.9%
Other Income Expense Interest Income	0.1%	0.1%	0.4%	0.0%	0.0%	0.0%	0.1%	0.1%	0.0%	0.0%
Other Income Expense Other Income/expense	-0.1%	0.1%	-0.0%	0.0%	0.4%	0.0%	0.0%	0.0%	0.0%	—
Other Income Expense Income Before Tax	6.9%	4.8%	4.3%	7.1%	7.6%	6.7%	7.3%	6.8%	5.5%	0.9%
Income Tax Income Tax Expense	1.2%	1.1%	1.1%	1.7%	1.7%	1.6%	1.8%	3.9%	0.9%	0.2%
net Income net Income	5.8%	3.7%	3.3%	5.4%	5.9%	5.2%	5.6%	2.9%	4.6%	0.7%
net Income Comprehensive Income	6.8%	3.1%	3.5%	3.5%	4.8%	7.0%	4.4%	1.3%	5.4%	-0.1%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Basic	1.8%	1.9%	1.6%	2.4%	2.5%	2.7%	1.2%	1.1%	1.1%	1.2%
Earnings Per Share Weighted Average Shares Diluted	1.9%	1.9%	1.6%	2.4%	2.5%	2.8%	1.2%	1.1%	1.1%	1.2%

Cash Flow Statement

Operating, investing, and financing flows

22 accounts · 10 years

Operating cash flow $2.3B

Investing cash flow $-1.1B

Financing cash flow $-3.0B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
CashFlow
Operating Activities net Income	5.8%	3.7%	3.3%	5.4%	5.9%	5.2%	5.6%	2.9%	4.6%	0.7%
Operating Activities Depreciation and Amortization	2.0%	2.0%	1.0%	1.2%	1.4%	1.1%	1.4%	1.3%	1.2%	1.2%
Operating Activities Stock Based Compensation	0.5%	0.5%	0.4%	0.5%	0.4%	0.5%	0.6%	0.4%	0.4%	0.6%
Operating Activities Deferred Income Taxes	0.2%	-0.2%	0.2%	0.2%	0.5%	0.2%	0.3%	1.9%	0.0%	-1.0%
Operating Activities Changes In Operating Assets and Liabilities	0.2%	0.2%	0.3%	0.1%	0.5%	0.1%	-0.1%	0.0%	-0.5%	-0.6%
Operating Activities Other Non Cash Items	0.0%	0.0%	-0.2%	-0.2%	-1.4%	-0.1%	1.6%	0.8%	-0.1%	-0.2%
Operating Activities net Cash From Operating Activities	7.3%	6.4%	5.3%	8.2%	5.4%	7.0%	6.9%	6.5%	5.8%	5.5%
Investing Activities Capital Expenditures	0.9%	0.7%	0.5%	0.7%	0.8%	1.0%	0.9%	0.7%	0.9%	0.9%
Investing Activities Business Acquisitions	0.0%	0.0%	17.9%	0.2%	12.1%	0.9%	1.5%	0.5%	4.9%	10.4%
Investing Activities Other Investing Activities	0.3%	0.1%	0.0%	-0.2%	0.4%	0.2%	0.1%	0.2%	0.0%	0.0%
Investing Activities net Cash From Investing Activities	-3.5%	-3.1%	-18.6%	0.2%	-13.2%	-0.7%	-3.0%	1.2%	-5.6%	-11.7%
Financing Activities Proceeds From Debt	0.0%	0.0%	17.4%	2.6%	4.1%	21.2%	4.9%	0.0%	4.1%	17.4%
Financing Activities Repayment of Debt	2.7%	1.7%	0.8%	5.3%	4.0%	8.2%	8.7%	0.7%	4.5%	8.2%
Financing Activities Repurchase of Common Stock	2.0%	0.5%	0.8%	1.5%	2.3%	1.2%	1.4%	2.5%	1.3%	0.7%
Financing Activities Dividends Paid	1.9%	1.8%	1.4%	1.8%	1.7%	1.8%	2.2%	1.8%	1.5%	1.4%
Financing Activities Tax Withholding On Stock Based Compensation	0.2%	0.2%	0.2%	—	—	—	—	—	—	—
Financing Activities Other Financing Activities	0.1%	0.1%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	-0.0%
Financing Activities net Cash From Financing Activities	-9.5%	-8.4%	13.1%	5.0%	7.0%	10.6%	-17.8%	-6.5%	-0.3%	6.7%
Cash Reconciliation Effect of Exchange Rate On Cash	2.3%	-1.8%	0.6%	-6.2%	-1.6%	2.0%	-1.4%	-0.1%	0.1%	-0.0%
Cash Reconciliation net Change In Cash	-3.5%	-6.9%	0.4%	7.2%	-2.4%	18.9%	-15.2%	1.2%	-0.1%	0.4%
Cash Reconciliation Cash At Beginning of Period	12.7%	16.5%	22.0%	33.5%	27.3%	33.3%	18.6%	3.7%	2.5%	3.0%
Cash Reconciliation Cash At End of Period	12.7%	16.5%	22.0%	33.5%	27.3%	33.3%	18.6%	3.7%	2.5%	3.0%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 10 years

Ratio	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Profitability
Gross margin	—	—	—	—	—	—	—	+59.1%	+61.1%	+61.4%
Operating margin	—	—	—	—	—	—	—	+24.0%	+25.1%	+22.6%
Net margin	—	—	—	—	—	—	—	+10.7%	+18.5%	+2.9%
FCF margin	—	—	—	—	—	—	—	+21.4%	+19.4%	+17.3%
Growth
Revenue CAGR (3y)	—	—	—	—	—	—	—	+7.9%	+4.1%	+4.9%
Returns
ROE	+14.6%	+10.0%	+9.8%	+18.3%	+18.6%	+14.5%	+13.7%	+8.4%	+12.4%	+2.0%
ROA	+5.8%	+3.7%	+3.3%	+5.4%	+5.9%	+5.2%	+5.6%	+2.9%	+4.6%	+0.7%
ROIC	+9.4%	+6.9%	+5.7%	+10.8%	+9.4%	+10.3%	+8.9%	+5.1%	+8.5%	+7.7%
Liquidity
Current ratio	1.01x	0.99x	1.01x	0.97x	0.94x	1.56x	1.01x	0.97x	1.05x	1.12x
Quick ratio	0.19x	0.20x	0.15x	0.13x	0.12x	0.67x	0.18x	0.14x	0.15x	0.20x
Leverage
D/E	1.54x	1.72x	1.98x	2.39x	2.14x	1.79x	1.47x	1.88x	1.68x	1.61x
Interest coverage	—	—	5.56x	12.12x	11.53x	12.22x	8.20x	6.85x	6.93x	6.19x
Efficiency
Asset turnover	—	—	—	—	—	—	—	0.27x	0.25x	0.26x
Cash conversion cycle	—	—	—	—	—	—	—	—	—	—

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