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 revenue.

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	—	—	—	—	—	—	—	12.7%	9.5%	10.9%
Accounts Receivable	—	—	—	—	—	—	—	9.0%	10.7%	11.6%
Prepaid Expenses	—	—	—	—	—	—	—	9.1%	4.7%	4.5%
Other Current Assets	—	—	—	—	—	—	—	9.1%	4.7%	4.5%
Total Current Assets	—	—	—	—	—	—	—	148.9%	140.0%	123.1%
Property,Plant and Equipment	—	—	—	—	—	—	—	8.8%	10.1%	9.8%
Operating Lease Assets	—	—	—	—	—	—	—	—	—	—
Goodwill	—	—	—	—	—	—	—	148.8%	166.8%	162.7%
Intangible Assets	—	—	—	—	—	—	—	53.8%	62.5%	56.5%
Long Term Investments	—	—	—	—	—	—	—	3.2%	3.3%	3.3%
Other Noncurrent Assets	—	—	—	—	—	—	—	6.8%	10.4%	10.5%
Total Assets	—	—	—	—	—	—	—	367.1%	399.8%	382.0%
Liabilities
Accounts Payable	—	—	—	—	—	—	—	4.6%	4.5%	4.7%
Accrued Liabilities	—	—	—	—	—	—	—	4.7%	4.3%	5.6%
Deferred Revenue	—	—	—	—	—	—	—	4.5%	4.8%	4.4%
Current Portion of Long Term Debt	—	—	—	—	—	—	—	20.5%	12.2%	—
Operating Lease Liabilities	—	—	—	—	—	—	—	—	—	—
Other Current Liabilities	—	—	—	—	—	—	—	5.9%	2.2%	3.5%
Total Current Liabilities	—	—	—	—	—	—	—	153.6%	133.3%	110.2%
Long Term Debt	—	—	—	—	—	—	—	69.1%	94.4%	97.3%
Operating Lease Liabilities Noncurrent	—	—	—	—	—	—	—	—	—	—
Deferred Tax Liabilities	—	—	—	—	—	—	—	13.9%	15.2%	19.4%
Other Noncurrent Liabilities	—	—	—	—	—	—	—	3.2%	4.1%	3.9%
Total Liabilities	—	—	—	—	—	—	—	239.7%	250.7%	235.4%
Equity
Preferred Stock	—	—	—	—	—	—	—	—	—	—
Common Stock	—	—	—	—	—	—	—	0.0%	0.1%	0.1%
Additional Paid In Capital	—	—	—	—	—	—	—	63.5%	76.6%	83.8%
Retained Earnings	—	—	—	—	—	—	—	106.6%	100.6%	93.9%
Treasury Stock	—	—	—	—	—	—	—	6.9%	6.3%	4.8%
Accumulated Other Comprehensive Income	—	—	—	—	—	—	—	-35.8%	-21.8%	-26.4%
Noncontrolling Interest	—	—	—	—	—	—	—	—	0.0%	0.0%
Total Stockholders Equity	—	—	—	—	—	—	—	127.4%	148.9%	146.6%
Total Liabilitiesand Equity	—	—	—	—	—	—	—	367.1%	399.8%	382.0%

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	—	—	—	—	—	—	—	40.9%	38.9%	38.6%
Expenses Selling,General and Administrative	—	—	—	—	—	—	—	2.8%	2.1%	2.0%
Expenses Depreciation and Amortization	—	—	—	—	—	—	—	4.9%	4.8%	4.6%
Expenses Share Based Compensation	—	—	—	—	—	—	—	1.6%	1.8%	2.3%
Expenses Restructuring and Asset Impairment	—	—	—	—	—	—	—	0.0%	0.0%	1.1%
Expenses Operating Expenses	—	—	—	—	—	—	—	35.0%	36.0%	38.9%
Other Income Expense Gross Profit	—	—	—	—	—	—	—	59.1%	61.1%	61.4%
Other Income Expense Operating Income	—	—	—	—	—	—	—	24.0%	25.1%	22.6%
Other Income Expense Interest Income	—	—	—	—	—	—	—	0.2%	0.2%	0.1%
Other Income Expense Other Income/expense	—	—	—	—	—	—	—	0.2%	0.1%	—
Other Income Expense Income Before Tax	—	—	—	—	—	—	—	24.9%	22.1%	3.6%
Income Tax Income Tax Expense	—	—	—	—	—	—	—	14.2%	3.6%	0.7%
net Income net Income	—	—	—	—	—	—	—	10.7%	18.5%	2.9%
net Income Comprehensive Income	—	—	—	—	—	—	—	4.8%	21.4%	-0.2%
Earnings Per Share Basic Eps	—	—	—	—	—	—	—	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	—	—	—	—	—	—	—	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Basic	—	—	—	—	—	—	—	3.9%	4.2%	4.5%
Earnings Per Share Weighted Average Shares Diluted	—	—	—	—	—	—	—	3.9%	4.3%	4.6%

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	—	—	—	—	—	—	—	10.7%	18.5%	2.9%
Operating Activities Depreciation and Amortization	—	—	—	—	—	—	—	4.9%	4.8%	4.6%
Operating Activities Stock Based Compensation	—	—	—	—	—	—	—	1.6%	1.8%	2.3%
Operating Activities Deferred Income Taxes	—	—	—	—	—	—	—	7.0%	0.2%	-3.7%
Operating Activities Changes In Operating Assets and Liabilities	—	—	—	—	—	—	—	0.2%	-1.8%	-2.4%
Operating Activities Other Non Cash Items	—	—	—	—	—	—	—	2.8%	-0.4%	-0.7%
Operating Activities net Cash From Operating Activities	—	—	—	—	—	—	—	24.0%	23.0%	21.0%
Investing Activities Capital Expenditures	—	—	—	—	—	—	—	2.6%	3.6%	3.6%
Investing Activities Business Acquisitions	—	—	—	—	—	—	—	1.8%	19.7%	39.6%
Investing Activities Other Investing Activities	—	—	—	—	—	—	—	0.6%	0.1%	0.2%
Investing Activities net Cash From Investing Activities	—	—	—	—	—	—	—	4.6%	-22.5%	-44.7%
Financing Activities Proceeds From Debt	—	—	—	—	—	—	—	0.0%	16.5%	66.3%
Financing Activities Repayment of Debt	—	—	—	—	—	—	—	2.7%	17.9%	31.2%
Financing Activities Repurchase of Common Stock	—	—	—	—	—	—	—	9.2%	5.1%	2.7%
Financing Activities Dividends Paid	—	—	—	—	—	—	—	6.5%	6.2%	5.4%
Financing Activities Tax Withholding On Stock Based Compensation	—	—	—	—	—	—	—	—	—	—
Financing Activities Other Financing Activities	—	—	—	—	—	—	—	0.0%	0.0%	-0.1%
Financing Activities net Cash From Financing Activities	—	—	—	—	—	—	—	-24.0%	-1.3%	25.6%
Cash Reconciliation Effect of Exchange Rate On Cash	—	—	—	—	—	—	—	-0.2%	0.4%	-0.2%
Cash Reconciliation net Change In Cash	—	—	—	—	—	—	—	4.4%	-0.5%	1.6%
Cash Reconciliation Cash At Beginning of Period	—	—	—	—	—	—	—	13.7%	10.1%	11.3%
Cash Reconciliation Cash At End of Period	—	—	—	—	—	—	—	13.7%	10.1%	11.3%

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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