Nasdaq, Inc. (NDAQ)
Nasdaq, Inc. brought in $9.1B of revenue over the twelve months to September 30, 2026, up 11.5% from a year earlier. Net income was $2.1B, a net margin of 22.8%. Operating cash flow minus capital spending left $2B of free cash flow in fiscal 2025. At September 30, 2026 it held $365M in cash against $8.5B of debt. Its latest periodic report to the SEC is the quarterly report (10-Q) filed on October 22, 2026.
Key facts about Nasdaq, Inc.
- Net worth
- Nasdaq, Inc. has a market value (market cap) of $61.5B at the latest share price, and shareholders' equity of $12B on its balance sheet at September 30, 2026. A company's "net worth" usually means one of these: what the market pays for all its shares, or its assets minus its liabilities.
- Revenue and profit
- In fiscal 2025 revenue was $8.3B (+11.6% year on year), with net income of $1.8B. Over the 12 months to September 30, 2026: revenue $9.1B, net income $2.1B.
- Cash flow
- In fiscal 2025 operations brought in $2.3B of cash; after $266M of capital spending, free cash flow was $2B.
- Latest report
- The latest periodic report (quarterly report, 10-Q) was filed with the SEC on October 22, 2026 and covers the period to September 30, 2026. Open on SEC EDGAR
- Next earnings report
- Nasdaq, Inc.'s next report is expected around January 28, 2027. That is an estimate from its filing rhythm, not a date the company has announced.
- Dividend
- Nasdaq, Inc. declared dividends of $1.05 per share in fiscal 2025, a yield of 0.95% at the current price.
What Nasdaq, Inc. does
Nasdaq operates securities exchanges, including the Nasdaq Stock Market, providing trading, listing, and clearing services for equities, derivatives, and commodities. It also sells financial data, analytics, and market infrastructure technology to institutional investors, brokers, and corporations worldwide. Its shares trade on NASDAQ under the ticker NDAQ.
Revenue and profit by year
Key figures
| Fiscal year | Revenue | Net income | Diluted EPS | Free cash flow |
|---|---|---|---|---|
| 2025 | $8.3B | $1.8B | $3.09 | $2B |
| 2024 | $7.4B | $1.1B | $1.93 | $1.7B |
| 2023 | $6.1B | $1.1B | $2.08 | $1.5B |
| 2022 | $6.2B | $1.1B | $2.26 | $1.6B |
| 2021 | $5.9B | $1.2B | $2.35 | $920M |
| 2020 | $5.6B | $933M | $1.86 | $1.1B |
Earnings: every quarter and the next report date
Full financial statements: income, balance sheet and cash flow
Where NDAQ ranks in Finance
Dividends
Nasdaq, Inc. declared $1.05 per share in fiscal 2025. At the current price that is a yield of 0.95%. It paid out $601M in cash dividends, 34% of its net income.
| Fiscal year | Per share | Paid out | Of profit |
|---|---|---|---|
| 2025 | $1.05 | $601M | 34% |
| 2024 | $0.94 | $541M | 48% |
| 2023 | $0.86 | $441M | 42% |
| 2022 | $0.78 | $383M | 34% |
| 2021 | $0.70 | $350M | 29% |
| 2020 | $0.65 | $320M | 34% |
Latest SEC filings
What Nasdaq, Inc. has filed recently, newest first. Each links to the original document on SEC EDGAR.
- October 27, 2026Passive stake changed SCHEDULE 13G/A
- October 26, 2026
- October 22, 2026Quarterly report 10-Q · period to September 30, 2026Revenue rose 21% to $2.4B versus the same quarter last year; diluted EPS $0.96 versus $0.73.
- October 22, 2026
- August 13, 2026Passive stake changed SCHEDULE 13G/A
- August 12, 2026Passive stake changed SCHEDULE 13G/A
- July 23, 2026Quarterly report 10-Q · period to June 30, 2026Revenue rose 21% to $2.5B versus the same quarter last year; diluted EPS $0.89 versus $0.78.
- July 23, 2026
- July 1, 2026
- June 16, 2026
What is NDAQ worth? A DCF from its reported cash flow
Insider trades
What the people running Nasdaq, Inc. did with its shares, from the Form 4 filings they must send the SEC within two business days.
Insiders sold $3.4M worth of shares in the last 90 days and bought none on the open market. 13% of the selling was pre-planned under Rule 10b5-1 trading plans.
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| November 4, 2026 | Peterson Bradley JEVP, CIO | Sold | 5,000 | $538.8K |
| November 4, 2026 | Tal CohenPres. Market Platforms | Sold | 2,286 | $250.1K |
| November 3, 2026 | Tal CohenPres. Market Platforms | Sold | 2,289 | $247.3K |
| November 2, 2026 | Ekholm BorjeDirector | Received as pay | 1,449 | - |
| October 27, 2026 | Peterson Bradley JEVP, CIO | Sold | 3,987 | $417.6K |
| October 23, 2026 | Peterson Bradley JEVP, CIO | Sold | 4,000 | $413.5K |
| October 23, 2026 | Tal CohenPres. Market Platforms | Sold | 10,390 | $1.1M |
| October 20, 2026 | Skule JeremyEVP, CSO | Soldpre-planned (10b5-1) | 1,125 | $106.9K |
Who owns NDAQ
Three views from three kinds of SEC filings, each with its own date. They overlap and are not added up.
5% holders
| Holder | Of class | Filed |
|---|---|---|
| Investment Corporation of Dubai13D, may seek influence with 1 related filers | 10.1% | March 22, 2024 |
| Vanguard Capital Management13G, passive | 6.29% | April 30, 2026 |
| BlackRock, Inc.13G, passive | 6.2% | October 27, 2026 |
| Wellington Management Group LLP13G, passive with 3 related filers | 5.4% | August 13, 2026 |
Largest institutional holders
Positions that investment managers reported on Form 13F for the quarter ended June 30, 2026, largest first, with the change on the quarter ended March 31, 2026. Managers file 13F up to 45 days after a quarter ends. 1,080 managers reported a position.
| Holder | Shares | Change on quarter |
|---|---|---|
| Investor AB | 58,439,208 | +56,782 |
| BlackRock, Inc. | 37,194,072 | -975,710 |
| Vanguard Capital Management LLC | 31,225,614 | -12,194 |
| Wellington Management Group Llp | 30,332,286 | -5,946,692 |
| Vanguard Portfolio Management LLC | 26,091,520 | -12,171 |
| Massachusetts Financial Services Co | 23,259,539 | -5,800,900 |
| State Street Corp | 20,181,861 | +467,156 |
| Geode Capital Management, LLC | 13,121,054 | +143,896 |
| Morgan Stanley | 11,355,733 | +1,100,229 |
| Franklin Resources Inc | 9,104,529 | -69,619 |
| Harris Associates L P | 8,092,686 | +82,503 |
| UBS Group AG | 7,883,784 | +895,415 |
| Bank of America Corp | 7,658,344 | -185,330 |
| Norges Bank | 6,691,237 | new |
| Select Equity Group, L.P. | 5,646,320 | +83,194 |
| Ameriprise Financial Inc | 5,355,911 | +24,050 |
| Nuveen, LLC | 5,195,607 | -669,988 |
| Goldman Sachs Group Inc | 4,948,069 | +501,830 |
| Manufacturers Life Insurance Company, The | 4,793,430 | +258,090 |
| Fmr LLC | 4,593,229 | +483,759 |
Insiders
22 insiders reported holding 62,514,577 shares in total, about $6.88B at the last price.
| Holder | Shares |
|---|---|
| Investor Ab10% owner | 58,439,20858,439,208 held indirectly |
| Friedman Adena TChair and CEO, Director | 1,983,866 |
| Tal CohenPres. Market Platforms | 415,709 |
| Splinter Michael RDirector | 233,21315,225 held indirectly |
| Peterson Bradley JEVP, CIO | 231,599 |
| Griggs PC NelsonPres. Capital Access Platforms | 201,775 |
| Zecca JohnEVP, Global CLO | 153,334 |
| Kazim EssaDirector | 146,917 |
| Ekholm BorjeDirector | 146,682 |
| Skule JeremyEVP, CSO | 96,561 |
Questions about NDAQ
What does Nasdaq, Inc. do?
Nasdaq operates securities exchanges, including the Nasdaq Stock Market, providing trading, listing, and clearing services for equities, derivatives, and commodities. It also sells financial data, analytics, and market infrastructure technology to institutional investors, brokers, and corporations worldwide. Its shares trade on NASDAQ under the ticker NDAQ.
What is Nasdaq, Inc.'s net worth?
Nasdaq, Inc. has a market value (market cap) of $61.5B at the latest share price, and shareholders' equity of $12B on its balance sheet at September 30, 2026. A company's "net worth" usually means one of these: what the market pays for all its shares, or its assets minus its liabilities.
Is Nasdaq, Inc. profitable?
Yes. Over the twelve months to September 30, 2026 it reported net income of $2.1B on revenue of $9.1B, a net margin of 22.8%.
How much revenue does Nasdaq, Inc. make?
Over the twelve months to September 30, 2026 Nasdaq, Inc. reported revenue of $9.1B. That is 11.5% more than a year earlier.
When did Nasdaq, Inc. last report?
Its most recent periodic report is the quarterly report (10-Q) filed on October 22, 2026. It covers the period to September 30, 2026. Its newest filing of any kind is the insider trade from November 6, 2026.
When is Nasdaq, Inc.'s next earnings report?
Nasdaq, Inc.'s next report is expected around January 28, 2027. That is an estimate from its filing rhythm, not a date the company has announced.
Does Nasdaq, Inc. pay a dividend?
Yes. Nasdaq, Inc. declared dividends of $1.05 per share in fiscal 2025, a yield of 0.95% at the current price.
Similar companies
Compare NDAQ with
Follow NDAQ
Get an email when Nasdaq, Inc. files with the SEC: results, executive changes, material agreements and annual reports.
Where the numbers come from
Financial figures are the values Nasdaq, Inc. tagged in its own SEC filings (XBRL), taken from the latest filing for each period, so restatements replace older figures. Revenue, profit and cash flow are for full fiscal years unless marked as the last twelve months, which is the sum of the four most recent quarters. Where a company reports only the full year, the fourth quarter is the year minus the first three.
Prices are delayed end-of-day market data in the listing currency, and market cap moves with the price. P/E is shown only when earnings per share are positive. Nothing here is investment advice.