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Nasdaq

NDAQ Nasdaq Financial Exchanges & Data Financials FY2016–FY2025

Nasdaq's revenue rose 11.7% to $8.3 billion in fiscal 2025. Its operating margin was 28.2%, up from 24.3% a year earlier. Free cash flow was $2.0 billion, up 14.8%. It paid out $1.2 billion in dividends and buybacks, 61% of free cash flow. The diluted share count fell 0.1%.

Last close · Oct 23, 2026

$102.56

0.7%
Value it Compare
Revenue Total sales reported in the income statement.
$8.3B
11.6% vs prior year
Operating margin Operating income as a share of revenue.
28.2%
3.9 pts
Net income Profit after all expenses, interest and tax.
$1.8B
60.1%
Free cash flow Cash from operations minus capital spending.
$2.0B
14.8%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
9.5%
2.8 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$57.8B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
28.0x
On $3.66 EPS (TTM)

About these figures. Share counts and per-share figures for earlier years are restated for a stock split (3-for-1), so every year is on today's share basis.

What Nasdaq does

No business description yet.

Legal name
Nasdaq, Inc.
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001628280-26-007703
0001120193

Revenue and margins

Nasdaq had $8.3B of revenue in fiscal 2025, up 11.7% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 34.8% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $2.0B in fiscal 2025, 24.1% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Nasdaq returned $1.2B to shareholders in fiscal 2025, 61% of free cash flow. The diluted share count fell 0.1%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Nasdaq yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$8.4B and divides by 578.6M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 28.0x · peers 25.1x · sector 13.7x.

Balance sheet

Cash, debt and the ratios that show how comfortably Nasdaq can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $393M$502M$453M$592M$604M
Debt incl. finance leases $5.8B$5.4B$10.5B$9.5B$9.0B
Net debt / EBITDA 3.5x2.9x5.9x4.6x3.4x
Debt / equity 0.9x0.9x1.0x0.9x0.7x
Interest coverage 11.5x12.1x5.6x4.3x6.4x
Current ratio 0.9x1.0x1.0x1.0x1.0x
Quick ratio 0.9x1.0x1.0x1.0x1.0x
Total assets $20.1B$20.9B$32.3B$30.4B$31.1B
Total liabilities $13.7B$14.7B$21.5B$19.2B$18.8B
Shareholders' equity $6.4B$6.2B$10.8B$11.2B$12.2B
Net debt (− = net cash) $5.4B$4.9B$10.0B$8.9B$8.4B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$5.6M

4 insiders

Of sales under plans

14%

$0.8M

DateInsiderTradeSharesPriceValueFiling
Oct 20, 2026 Jeremy SkuleEVP, CSO Sold plan 1,125 $95.00 $0.1M Form 4
Oct 12, 2026 Jeremy SkuleEVP, CSO Sold plan 1,125 $94.13 $0.1M Form 4
Sep 22, 2026 Jeremy SkuleEVP, CSO Sold plan 1,125 $95.00 $0.1M Form 4
Sep 10, 2026 Jeremy SkuleEVP, CSO Sold plan 1,125 $94.22 $0.1M Form 4
Aug 10, 2026 Jeremy SkuleEVP, CSO Sold plan 2,250 $94.75 $0.2M Form 4
Aug 10, 2026 PC Nelson GriggsPres. Capital Access Platforms Sold 3,226 $96.16 $0.3M Form 4
Aug 7, 2026 Bradley J PetersonEVP, CIO Sold 6,000 $95.55 $0.6M Form 4
Aug 3, 2026 Bryan Everard SmithEVP, Cpo Sold plan 1,556 $95.07 $0.1M Form 4
Jul 29, 2026 PC Nelson GriggsPres. Capital Access Platforms Sold 11,010 $96.35 $1.1M Form 4
Jul 27, 2026 PC Nelson GriggsPres. Capital Access Platforms Sold 11,010 $93.96 $1.0M Form 4
Jul 24, 2026 Bradley J PetersonEVP, CIO Sold 13,000 $92.61 $1.2M Form 4
Jul 24, 2026 PC Nelson GriggsPres. Capital Access Platforms Sold 6,777 $92.53 $0.6M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✕ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✕ ✓ ✓
Current ratio rose ✓ ✕ ✓
Share count didn't rise ✕ ✕ ✓
Gross margin rose ✓ ✕ ✓
Revenue rose relative to assets ✕ ✕ ✓
F-score 5 / 94 / 99 / 9
Accruals ratio −2.4%−2.6%−1.5%
Altman Z'' 1.661.892.20

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Nasdaq NDAQ $57.8B 11.7% 28.2% 24.1% 9.5% 28.0x 9
Moody's MCO $83.8B 8.9% 43.4% 33.4% 31.1% 29.5x 9 Compare →
Coinbase COIN $43.3B 9.4% 20.0% 31.9% 14.5% — 4 Compare →
CME Group CME $109.6B 6.4% 64.9% 64.3% 11.9% 25.1x 7 Compare →
Intercontinental Exchange ICE $92.1B 7.5% 39.0% 33.9% 7.7% 23.0x 8 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $3.7B $3.9B $4.3B $4.3B $5.6B $5.9B $6.2B $6.1B $7.4B $8.3B
Gross profit $2.3B $2.4B $2.5B $2.5B $2.9B $3.4B $3.6B $3.9B $4.6B $5.2B
Operating income $836M $991M $1.0B $1.0B $1.2B $1.4B $1.6B $1.6B $1.8B $2.3B
Interest expense $135M $143M $150M $124M $101M $125M $129M $284M $414M $367M
Pretax income $133M $872M $1.1B $1.0B $1.2B $1.5B $1.5B $1.4B $1.4B $2.1B
Income tax $27.0M $143M $606M $245M $279M $347M $352M $344M $334M $358M
Net income $106M $729M $458M $774M $933M $1.2B $1.1B $1.1B $1.1B $1.8B
Diluted EPS $0.21 $1.43 $0.91 $1.54 $1.86 $2.35 $2.26 $2.08 $1.93 $3.09
Diluted shares 0.51B 0.51B 0.50B 0.50B 0.50B 0.51B 0.50B 0.51B 0.58B 0.58B
Cash flow
Cash from operations $776M $909M $1.0B $963M $1.3B $1.1B $1.7B $1.7B $1.9B $2.3B
Capital expenditure $134M $144M $111M $127M $188M $163M $152M $158M $207M $266M
Free cash flow $642M $765M $917M $836M $1.1B $920M $1.6B $1.5B $1.7B $2.0B
Depreciation and amortization $88.0M $96.0M $101M $89.0M $99.0M $108M $105M $117M $125M $145M
Stock-based compensation $86.0M $70.0M $69.0M $79.0M $87.0M $90.0M $106M $122M $141M $165M
Acquisitions $1.5B $776M $75.0M $206M $157M $2.4B $41.0M $5.8B $0.0M $0.0M
Share buybacks $100M $203M $394M $200M $222M $468M $308M $269M $145M $616M
Dividends paid $200M $243M $280M $305M $320M $350M $383M $441M $541M $601M
Dividends and buybacks $300M $446M $674M $505M $542M $818M $691M $710M $686M $1.2B
Balance sheet
Cash and short-term investments $648M $612M $813M $623M — $393M $502M $453M $592M $604M
Total debt $3.6B $4.2B $3.8B $3.4B $5.5B $5.8B $5.4B $10.5B $9.5B $9.0B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $4.6B $5.5B $6.4B $4.3B $7.7B $7.4B $8.6B $9.1B $7.8B $8.0B
Current liabilities $4.1B $5.2B $6.6B $4.2B $4.9B $7.9B $8.8B $9.0B $7.9B $8.0B
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net $362M $400M $376M $384M $475M $509M $532M $576M $593M $728M
Total assets $13.4B $15.4B $15.7B $13.9B $18.0B $20.1B $20.9B $32.3B $30.4B $31.1B
Total liabilities $8.7B $9.5B $10.3B $8.3B $11.5B $13.7B $14.7B $21.5B $19.2B $18.8B
Shareholders' equity $5.4B $5.9B $5.4B $5.6B $6.4B $6.4B $6.2B $10.8B $11.2B $12.2B
Margins
Gross margin 61.5% 61.1% 59.1% 59.5% 51.6% 58.1% 57.5% 64.2% 62.8% 63.5%
Operating margin 22.6% 25.1% 24.0% 23.9% 21.9% 24.5% 25.1% 26.0% 24.3% 28.2%
EBITDA margin 25.0% 27.5% 26.4% 26.0% 23.7% 26.3% 26.8% 28.0% 26.0% 30.0%
Net margin 2.9% 18.5% 10.7% 18.2% 16.6% 20.2% 18.1% 17.5% 15.1% 21.6%
FCF margin 17.3% 19.4% 21.4% 19.6% 18.9% 15.6% 25.0% 25.4% 23.4% 24.1%
Returns
Return on capital 8.4% 9.3% 5.7% 9.2% — — 10.4% 7.5% 6.8% 9.5%
Return on capital employed 9.2% 10.2% 10.7% 10.8% 10.9% 11.4% 12.9% 8.9% 7.9% 10.2%
Return on equity 1.9% 12.9% 8.1% 14.0% 15.5% 18.5% 17.9% 12.5% 10.2% 15.3%
Return on assets 0.8% 5.1% 3.0% 5.2% 5.9% 6.2% 5.5% 4.0% 3.6% 5.8%
Growth
Revenue growth 8.9% 6.6% 8.3% −0.4% 32.1% 4.6% 5.8% −2.6% 22.0% 11.7%
Net income growth −75.2% 587.7% −37.2% 69.0% 20.5% 27.2% −5.2% −5.9% 5.5% 60.1%
EPS growth −74.8% 582.5% −36.5% 69.6% 20.5% 26.3% −3.8% −8.0% −7.2% 60.1%
FCF growth 8.1% 19.2% 19.9% −8.8% 27.3% −13.5% 68.9% −1.0% 12.6% 14.8%
Share count change −1.5% 0.5% −1.1% −0.4% −0.0% 0.9% −1.4% 2.1% 13.9% −0.1%
Financial health
Net debt / EBITDA 3.2x 3.3x 2.7x 2.5x — 3.5x 2.9x 5.9x 4.6x 3.4x
Debt / equity 0.7x 0.7x 0.7x 0.6x 0.9x 0.9x 0.9x 1.0x 0.9x 0.7x
Interest coverage 6.2x 6.9x 6.9x 8.2x 12.2x 11.5x 12.1x 5.6x 4.3x 6.4x
Current ratio 1.1x 1.1x 1.0x 1.0x 1.6x 0.9x 1.0x 1.0x 1.0x 1.0x
Quick ratio 1.1x 1.1x 1.0x 1.0x 1.6x 0.9x 1.0x 1.0x 1.0x 1.0x
Capital allocation
Capex / revenue 3.6% 3.7% 2.6% 3.0% 3.3% 2.8% 2.4% 2.6% 2.8% 3.2%
Stock comp / revenue 2.3% 1.8% 1.6% 1.9% 1.6% 1.5% 1.7% 2.0% 1.9% 2.0%
Payouts / FCF 46.7% 58.3% 73.5% 60.4% 50.9% 88.9% 44.5% 46.2% 39.6% 61.2%
Quality scores
Piotroski F-score 7.0 4.0 5.0 8.0 7.0 4.0 6.0 5.0 4.0 9.0
Altman Z'' 2.2 2.0 1.9 2.4 3.1 1.9 2.0 1.7 1.9 2.2
Accruals ratio −5.3% −1.3% −3.7% −1.3% −2.0% 0.6% −2.8% −2.4% −2.6% −1.5%

Source: SEC EDGAR XBRL filings (CIK 0001120193). Data updated October 22, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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