FirmAtlas
Company handbook · NDAQ · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-17
NDAQ · CIK 1120193 · LATEST FILING: 10-Q JUN '26 · FILED JUL 23, 2026
Nasdaq, Inc.
$93.97
+0.47 (+0.50%)
Close, Oct 16, 2026 · 52-week $77–102
Last fiscal year
Nasdaq, Inc. reported revenue of $8.3B for the year ended Dec 31, 2025 (FY25), up 11.6% from FY24. Net income was $1.8B, operating cash flow $2.3B and free cash flow $2.0B. Source: 10-K filed Feb 12, 2026.
Market cap
$53.6B
P/E
27.2
EV/EBITDA
23.7x
P/B
4.5
Div yield
1.23%
ROIC
11.8%
Revenue 1Y
11.6%/yr
EPS 1Y
60.1%/yr
Shares 1Y
−0.9%
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Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEOAdena T. Friedman
HQNew York, NY
AuditorErnst & Young LLP
Year endsDecember
Revenue by segment · FY25
Market Services51%
Capital Access Platforms26%
Financial Technology23%
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
15.4%
6.8%
23.2%
6.9%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY24–FY25
$2.4B deployed
Capex
$473M
19.9%
Dividends
$1.1B
48.1%
Buybacks
$761M
32.0%
Operating cash flow over the period: $4.2B. Total debt changed by −$476M.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
Upgrade to see 10 years
Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
Per-share figures are split-adjusted (3-for-1 split after FY20).
TTM = the last four quarters, to Jun '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Revenue
7,400
8,262+11.6%
8,734
YoY
+11.6%
Gross profit
4,649
5,249+12.9%
5,613
Gross margin
62.8%
63.5%+0.7 pp
—
Operating income
1,798
2,331+29.6%
2,585
Operating margin
24.3%
28.2%+3.9 pp
—
EBITDA
1,923
2,476+28.8%
—
EBITDA margin
26.0%
30.0%+4.0 pp
—
Interest expense
414
367−11.4%
—
Interest coverage
4.64x
6.75x+2.10x
—
Net income
1,117
1,788+60.1%
1,967
YoY
+60.1%
Net margin
15.1%
21.6%+6.5 pp
—
EPS (diluted, $)
1.93
3.09+60.1%
3.44
YoY
+60.1%
Balance sheet
Total assets
30,395
31,053+2.2%
27,341
Cash & short-term investments
5,006
3,934−21.4%
—
Accounts receivable
1,022
943−7.7%
—
Net PP&E
593
728+22.8%
—
Other assets
23,774
25,448+7.0%
—
Total liabilities
19,204
18,826−2.0%
15,353
Accounts payable
269
280+4.1%
—
Total debt
9,480
9,004−5.0%
8,761
Other liabilities
9,455
9,542+0.9%
—
Shareholders’ equity
11,191
12,227+9.3%
11,988
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
1,939
2,255+16.3%
2,246
Net income
1,115
1,787+60.3%
—
Depreciation & amortization
125
145+16.0%
—
Stock-based compensation
141
165+17.0%
—
Working capital & other
558
158−71.7%
—
Cash from investing
(953)
(1,100)n/m
—
Capex
(207)
(266)n/m
—
Acquisitions
0
0n/m
—
Investments bought
(206)
(243)n/m
—
Other investing
(540)
(591)n/m
—
Cash from financing
(2,561)
(2,953)n/m
—
Debt raised
0
0n/m
—
Debt repaid
(521)
(826)n/m
—
Dividends
(541)
(601)n/m
—
Buybacks
(145)
(616)n/m
—
Other financing
(1,354)
(910)n/m
—
Net change in cash
(2,112)
(1,072)n/m
—
Free cash flow (OCF − capex)
1,732
1,989+14.8%
1,951
Where the cash went
Operating cash flow
1,939
2,255+16.3%
2,246
Reinvested in the business
207
266+28.5%
—
% of operating cash flow
10.7%
11.8%
Capex
207
266+28.5%
295
Acquisitions
0
0n/m
—
Free cash flow
1,732
1,989+14.8%
1,951
YoY
+14.8%
Returned to shareholders
686
1,217+77.4%
—
% of free cash flow
39.6%
61.2%
Dividends
541
601+11.1%
—
Buybacks
145
616+324.8%
—
Change in total debt
—
(476)
—
Cash left over
—
296
—
FCF conversion (FCF ÷ net income)
155.1%
111.2%−43.8 pp
—
Owner earnings
—
1,757
—
Owner earnings margin
—
21.3%
—
Buyback yield
0.3%
1.1%+0.8 pp
—
Returns & ratios
ROIC (all capital)
8.8%
11.8%+3.0 pp
—
ROIC (operating)
102.8%
141.9%+39.1 pp
—
Net debt / EBITDA
2.33x
2.05x−0.28x
—
Debt / equity
0.85x
0.74x−0.11x
—
ROE
10.0%
14.6%+4.6 pp
—
ROA
3.7%
5.8%+2.1 pp
—
ROCE
8.0%
10.1%+2.1 pp
—
NOPAT
1,384
1,942+40.4%
—
Invested capital (operating)
1,346
1,391+3.3%
—
Invested capital (all)
15,665
17,297+10.4%
—
Reinvestment rate
—
2.3%
—
Income
Sep '25
Dec '25
Mar '26
Jun '26
Revenue
1,958
2,107
2,137
2,532
vs year-ago quarter
Gross profit
1,315
1,391
1,407
1,500
Gross margin
67.2%
66.0%
65.8%
59.2%
Operating income
586
630
657
712
Net income
423
518
519
507
vs year-ago quarter
Net margin
21.6%
24.6%
24.3%
20.0%
EPS (diluted, $)
0.73
0.91
0.91
0.89
vs year-ago quarter
Balance sheet
Sep '25
Dec '25
Mar '26
Jun '26
Total assets
30,654
31,053
27,301
27,341
Cash & equivalents
4,441
3,934
1,136
800
Total debt
9,098
9,004
8,957
8,761
Shareholders’ equity
12,023
12,227
12,033
11,988
Cash flow
Sep '25
Dec '25
Mar '26
Jun '26
Operating cash flow
221
625
689
711
Capex
69
89
60
77
Free cash flow
152
536
629
634
vs year-ago quarter