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
                    
                    +11.6%
                    
                    Net income
                    FY2025
                
$1.8B
                    Net margin +21.6%
                    
                    P33
                    
                    +60.1%
                    
                    Total assets
                    FY2025
                
$31.1B
                    ROA +5.8%
                    
                    P77
                    
                    +2.2%
                    
                    Operating cash flow
                    FY2025
                
$2.3B
                    FCF margin +24.1%
                    
                    P32
                    
                    +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

30 accounts · 3 years

Total assets $31.1B

Total liabilities $18.8B

Shareholders equity $12.2B

Account	2025	2024	2023
Assets
Cash and Cash Equivalents	9.9%	8.4%	7.8%
Short Term Investments	0.3%	2.5%	3.1%
Accounts Receivable	11.4%	13.8%	15.3%
Other Current Assets	75.3%	80.5%	123.8%
Total Current Assets	96.9%	105.2%	150.0%
Property,Plant and Equipment	8.8%	8.0%	9.5%
Operating Lease Assets	5.4%	5.1%	6.6%
Goodwill	173.9%	188.6%	232.7%
Intangible Assets	78.8%	93.3%	122.7%
Other Noncurrent Assets	12.0%	10.5%	11.0%
Total Assets	375.9%	410.7%	532.6%
Liabilities
Accounts Payable	3.4%	3.6%	5.5%
Accrued Liabilities	4.4%	8.7%	6.4%
Deferred Revenue	9.5%	9.6%	9.8%
Current Portion of Long Term Debt	5.2%	5.4%	4.8%
Other Current Liabilities	73.8%	79.4%	122.4%
Total Current Liabilities	96.4%	106.8%	148.8%
Long Term Debt	103.8%	122.7%	167.6%
Operating Lease Liabilities Noncurrent	5.6%	5.2%	6.9%
Deferred Tax Liabilities	19.2%	21.5%	27.1%
Other Noncurrent Liabilities	2.9%	3.1%	3.6%
Total Liabilities	227.8%	259.4%	354.0%
Equity
Common Stock	0.1%	0.1%	0.1%
Additional Paid In Capital	62.0%	74.7%	90.6%
Retained Earnings	116.0%	113.5%	129.0%
Treasury Stock	8.7%	8.7%	9.7%
Accumulated Other Comprehensive Income	-21.5%	-28.4%	-31.7%
Total Stockholders Equity	148.0%	151.2%	178.4%
Noncontrolling Interest	0.1%	0.1%	0.2%
Total Liabilitiesand Equity	375.9%	410.7%	532.6%

Income Statement

Revenue, expense, and profitability

19 accounts · 3 years

Revenue $8.3B

Operating income $2.3B

Net income $1.8B

Account	2025	2024	2023
IncomeStatement
Revenues Total Revenue	100.0%	100.0%	100.0%
Expenses Cost of Revenue	36.5%	37.2%	35.8%
Other Income Expense Gross Profit	63.5%	62.8%	64.2%
Expenses Selling,General and Administrative	25.0%	26.7%	27.8%
Expenses Depreciation and Amortization	7.6%	8.3%	5.3%
Expenses Restructuring and Asset Impairment	0.5%	1.6%	1.3%
Expenses Other Operating Expenses	2.1%	1.9%	3.8%
Expenses Operating Expenses	35.3%	38.5%	38.2%
Other Income Expense Operating Income	28.2%	24.3%	26.0%
Other Income Expense Interest Income	0.5%	0.4%	1.9%
Other Income Expense Interest Expense	4.4%	5.6%	4.7%
Other Income Expense Other Income/expense	1.7%	0.5%	-0.1%
Other Income Expense Income Before Tax	26.0%	19.6%	23.1%
Income Tax Income Tax Expense	4.3%	4.5%	5.7%
net Income Other Items Below Tax	0.0%	0.0%	0.0%
net Income net Income	21.6%	15.1%	17.5%
net Income Comprehensive Income	25.6%	12.7%	18.6%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%

Cash Flow Statement

Operating, investing, and financing flows

22 accounts · 3 years

Operating cash flow $2.3B

Investing cash flow $-1.1B

Financing cash flow $-3.0B

Account	2025	2024	2023
CashFlow
Operating Activities net Income	21.6%	15.1%	17.4%
Operating Activities Depreciation and Amortization	7.6%	8.3%	5.3%
Operating Activities Stock Based Compensation	2.0%	1.9%	2.0%
Operating Activities Deferred Income Taxes	0.6%	-0.9%	1.1%
Operating Activities Changes In Operating Assets and Liabilities	-2.8%	0.6%	0.6%
Operating Activities Other Non Cash Items	-1.7%	1.2%	1.4%
Operating Activities net Cash From Operating Activities	27.3%	26.2%	28.0%
Investing Activities Capital Expenditures	-3.2%	-2.8%	-2.6%
Investing Activities Business Acquisitions	1.7%	0.0%	-95.1%
Investing Activities Purchases of Investments	-2.9%	-2.8%	-11.7%
Investing Activities Proceeds From Sale of Investments	5.2%	2.7%	11.9%
Investing Activities Other Investing Activities	-14.0%	-10.0%	-1.3%
Investing Activities net Cash From Investing Activities	-13.3%	-12.9%	-98.8%
Financing Activities Proceeds From Debt	0.0%	0.0%	92.5%
Financing Activities Repayment of Debt	-10.0%	-11.0%	-10.4%
Financing Activities Repurchase of Common Stock	-7.5%	-2.0%	-4.4%
Financing Activities Dividends Paid	-7.3%	-7.3%	-7.3%
Financing Activities Tax Withholding On Stock Based Compensation	-0.8%	-0.8%	-1.2%
Financing Activities Other Financing Activities	-10.2%	-13.6%	0.4%
Financing Activities net Cash From Financing Activities	-35.7%	-34.6%	69.6%
Cash Reconciliation Effect of Exchange Rate On Cash	8.8%	-7.3%	3.3%
Cash Reconciliation net Change In Cash	-13.0%	-28.5%	2.0%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 3 years

Ratio	2025	2024	2023
Profitability
Gross margin	+63.5%	+62.8%	+64.2%
Operating margin	+28.2%	+24.3%	+26.0%
Net margin	+21.6%	+15.1%	+17.5%
FCF margin	+24.1%	+23.4%	+25.4%
Growth
Revenue CAGR (3y)	+9.9%	+7.9%	+2.5%
Returns
ROE	+14.6%	+10.0%	+9.8%
ROA	+5.8%	+3.7%	+3.3%
ROIC	+9.5%	+6.9%	+5.7%
Liquidity
Current ratio	1.01x	0.99x	1.01x
Quick ratio	0.22x	0.21x	0.16x
Leverage
D/E	1.54x	1.72x	1.98x
Interest coverage	6.35x	4.34x	5.56x
Efficiency
Asset turnover	0.27x	0.24x	0.19x
Cash conversion cycle	—	—	—

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