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

Running CAGR since the earliest displayed year.

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	+4.6%	+4.9%	+1.7%	+3.7%	-0.5%	+61.6%	-6.3%	+16.3%	-6.5%	—
Accounts Receivable	+9.1%	+11.5%	+11.7%	+7.9%	+6.5%	+7.2%	-0.5%	-5.4%	-1.4%	—
Prepaid Expenses	+9.4%	+7.3%	+4.7%	+3.1%	+12.0%	+1.2%	+9.5%	+52.8%	+12.0%	—
Other Current Assets	+9.4%	+7.3%	+4.7%	+3.1%	+12.0%	+1.2%	+9.5%	+52.8%	+12.0%	—
Total Current Assets	+6.4%	+6.9%	+10.4%	+11.2%	+10.2%	+13.8%	-2.0%	+18.2%	+21.2%	—
Property,Plant and Equipment	+8.1%	+6.4%	+6.9%	+6.6%	+7.1%	+7.0%	+2.0%	+1.9%	+10.5%	—
Operating Lease Assets	—	—	—	—	—	—	—	—	—	—
Goodwill	+10.1%	+11.1%	+12.9%	+5.0%	+6.9%	+3.3%	+1.8%	+2.7%	+9.3%	—
Intangible Assets	+13.4%	+16.1%	+19.9%	+3.5%	+6.1%	+1.9%	+2.4%	+4.8%	+17.9%	—
Long Term Investments	+17.1%	+16.4%	+17.3%	+21.0%	+24.0%	+14.9%	+8.0%	+4.3%	+5.6%	—
Other Noncurrent Assets	+10.9%	+9.0%	+7.9%	+7.7%	+7.9%	-2.1%	-9.5%	-13.6%	+5.6%	—
Total Assets	+9.1%	+10.0%	+12.5%	+6.7%	+7.3%	+6.2%	-0.5%	+5.3%	+11.6%	—
Liabilities
Accounts Payable	+5.4%	+5.5%	+9.6%	+0.9%	+1.1%	+0.0%	-5.4%	+6.4%	+1.1%	—
Accrued Liabilities	+6.5%	+5.8%	+5.6%	+2.7%	+4.0%	+2.3%	-3.2%	-2.0%	-17.9%	—
Deferred Revenue	+19.2%	+20.3%	+20.4%	+14.1%	+15.2%	+9.7%	+9.2%	+9.4%	+16.7%	—
Current Portion of Long Term Debt	—	—	—	—	—	—	—	—	—	—
Operating Lease Liabilities	—	—	—	—	—	—	—	—	—	—
Other Current Liabilities	+8.1%	+6.6%	+1.8%	-0.9%	-2.3%	-1.6%	+7.7%	+40.0%	-34.1%	—
Total Current Liabilities	+7.7%	+8.6%	+12.0%	+13.7%	+14.0%	+4.8%	+1.2%	+26.9%	+28.9%	—
Long Term Debt	+10.1%	+12.2%	+16.0%	+4.7%	+6.0%	+11.4%	-6.0%	-9.4%	+3.4%	—
Operating Lease Liabilities Noncurrent	—	—	—	—	—	—	—	—	—	—
Deferred Tax Liabilities	+9.2%	+13.4%	+15.3%	-0.7%	-4.0%	+0.6%	+0.3%	-9.1%	-16.4%	—
Other Noncurrent Liabilities	+5.9%	+6.0%	+6.2%	+7.8%	+10.2%	+6.8%	+7.5%	-2.5%	+12.5%	—
Total Liabilities	+8.9%	+10.4%	+13.7%	+9.1%	+9.5%	+7.3%	-1.7%	+8.4%	+13.5%	—
Equity
Preferred Stock	—	—	—	—	—	—	—	—	—	—
Common Stock	+13.0%	+14.7%	+17.0%	+16.5%	+0.0%	+0.0%	+0.0%	+0.0%	+0.0%	—
Additional Paid In Capital	+5.7%	+7.5%	+8.5%	-12.0%	-8.9%	-4.8%	-5.3%	-6.5%	-2.6%	—
Retained Earnings	+11.9%	+11.7%	+12.3%	+12.9%	+13.2%	+12.8%	+13.1%	+14.5%	+14.1%	—
Treasury Stock	+16.9%	+17.7%	+18.8%	+19.6%	+19.9%	+20.9%	+24.1%	+29.9%	+40.3%	—
Accumulated Other Comprehensive Income	—	—	—	—	—	—	—	—	—	—
Noncontrolling Interest	—	—	—	—	—	—	—	—	—	—
Total Stockholders Equity	+9.4%	+9.5%	+10.3%	+2.1%	+3.3%	+4.3%	+1.3%	+0.2%	+8.3%	—
Total Liabilitiesand Equity	+9.1%	+10.0%	+12.5%	+6.7%	+7.3%	+6.2%	-0.5%	+5.3%	+11.6%	—

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	+8.7%	+8.5%	+6.2%	+10.8%	+11.5%	+17.5%	+6.5%	+10.7%	+7.6%	—
Expenses Selling,General and Administrative	+0.3%	+5.1%	+6.4%	+9.4%	+3.1%	+18.1%	+19.6%	+28.2%	+12.3%	—
Expenses Depreciation and Amortization	+15.7%	+17.4%	+9.6%	+7.2%	+10.3%	+4.4%	+3.8%	+11.1%	+10.6%	—
Expenses Share Based Compensation	+7.5%	+6.4%	+5.1%	+3.5%	+0.9%	+0.3%	-2.8%	-10.4%	-18.6%	—
Expenses Restructuring and Asset Impairment	+0.3%	+13.9%	+10.0%	-15.4%	-5.4%	+4.0%	-1.7%	—	—	—
Expenses Operating Expenses	+8.2%	+8.9%	+7.0%	+5.8%	+6.6%	+3.8%	+1.8%	+2.0%	-1.4%	—
Other Income Expense Gross Profit	+9.7%	+9.3%	+8.0%	+7.9%	+8.5%	+6.3%	+3.7%	+5.3%	+5.9%	—
Other Income Expense Operating Income	+12.1%	+10.0%	+9.5%	+11.0%	+11.5%	+10.2%	+6.8%	+10.9%	+18.5%	—
Other Income Expense Interest Income	+25.6%	+24.0%	+56.5%	+5.8%	-27.5%	-5.4%	+26.0%	+41.4%	+40.0%	—
Other Income Expense Other Income/expense	—	—	—	—	—	—	—	—	—	—
Other Income Expense Income Before Tax	+36.2%	+34.8%	+40.0%	+49.3%	+63.1%	+73.7%	+97.1%	+182.8%	+555.6%	—
Income Tax Income Tax Expense	+33.3%	+36.9%	+43.8%	+53.4%	+66.6%	+79.3%	+108.6%	+373.8%	+429.6%	—
net Income net Income	+36.9%	+34.2%	+38.9%	+48.2%	+62.1%	+72.2%	+94.0%	+107.9%	+587.7%	—
net Income Comprehensive Income	—	—	—	—	—	—	—	—	—	—
Earnings Per Share Basic Eps	+19.2%	+14.9%	+18.5%	+23.6%	+30.0%	+31.1%	+94.2%	+108.0%	+584.4%	—
Earnings Per Share Diluted Eps	+19.3%	+15.0%	+18.6%	+23.7%	+30.1%	+31.1%	+94.4%	+108.2%	+582.5%	—
Earnings Per Share Weighted Average Shares Basic	+14.8%	+16.9%	+17.3%	+20.0%	+24.7%	+31.5%	-0.1%	+0.1%	+0.7%	—
Earnings Per Share Weighted Average Shares Diluted	+14.7%	+16.7%	+17.1%	+19.8%	+24.5%	+31.2%	-0.4%	-0.3%	+0.5%	—

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	+36.9%	+34.2%	+38.9%	+48.2%	+62.1%	+72.2%	+94.0%	+107.9%	+587.7%	—
Operating Activities Depreciation and Amortization	+15.7%	+17.4%	+9.6%	+7.2%	+10.3%	+4.4%	+3.8%	+11.1%	+10.6%	—
Operating Activities Stock Based Compensation	+7.5%	+6.4%	+5.1%	+3.5%	+0.9%	+0.3%	-2.8%	-10.4%	-18.6%	—
Operating Activities Deferred Income Taxes	—	—	—	—	—	—	—	—	—	—
Operating Activities Changes In Operating Assets and Liabilities	—	—	—	—	—	—	—	—	—	—
Operating Activities Other Non Cash Items	—	—	—	—	—	—	—	—	—	—
Operating Activities net Cash From Operating Activities	+12.6%	+12.1%	+11.8%	+14.0%	+6.9%	+12.7%	+7.5%	+15.1%	+17.1%	—
Investing Activities Capital Expenditures	+7.9%	+5.6%	+2.4%	+2.1%	+4.0%	+8.8%	-1.8%	-9.0%	+7.5%	—
Investing Activities Business Acquisitions	—	—	+21.6%	-44.9%	+10.6%	-42.8%	-48.0%	-77.4%	-47.1%	—
Investing Activities Other Investing Activities	+33.0%	+23.3%	-9.4%	—	+70.7%	+45.6%	+32.6%	+108.2%	-66.7%	—
Investing Activities net Cash From Investing Activities	—	—	—	—	—	—	—	—	—	—
Financing Activities Proceeds From Debt	—	—	+12.5%	-22.3%	-19.6%	+11.6%	-34.8%	—	-73.4%	—
Financing Activities Repayment of Debt	-3.7%	-9.5%	-19.2%	-0.9%	-7.0%	+6.2%	+1.7%	-68.5%	-38.8%	—
Financing Activities Repurchase of Common Stock	+22.4%	+4.8%	+15.2%	+20.6%	+36.2%	+22.1%	+26.0%	+98.5%	+103.0%	—
Financing Activities Dividends Paid	+13.0%	+13.2%	+12.0%	+11.4%	+11.8%	+12.5%	+15.1%	+18.3%	+21.5%	—
Financing Activities Tax Withholding On Stock Based Compensation	—	—	—	—	—	—	—	—	—	—
Financing Activities Other Financing Activities	—	—	—	—	—	—	—	—	—	—
Financing Activities net Cash From Financing Activities	—	—	+23.8%	+1.5%	+8.4%	+19.1%	—	—	—	—
Cash Reconciliation Effect of Exchange Rate On Cash	—	—	—	—	—	—	—	—	—	—
Cash Reconciliation net Change In Cash	—	—	+10.7%	+70.5%	—	+173.1%	—	+75.1%	—	—
Cash Reconciliation Cash At Beginning of Period	+28.3%	+36.4%	+49.9%	+59.9%	+67.4%	+94.5%	+83.6%	+18.4%	-4.5%	—
Cash Reconciliation Cash At End of Period	+28.3%	+36.4%	+49.9%	+59.9%	+67.4%	+94.5%	+83.6%	+18.4%	-4.5%	—

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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