NASDAQ, INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data NASDAQ, INC. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	3,704	3,948	4,277	4,258	5,625	5,886	6,226	6,064	7,400	8,262
Cost of revenue	1,428	1,537	1,751	1,723	2,722	2,466	2,644	2,169	2,751	3,013
Gross profit	2,276	2,411	2,526	2,535	2,903	3,420	3,582	3,895	4,649	5,249
Selling and marketing	30	31	37	39	39	57	51	47	54	65
General and administrative	73	82	120	125	142	85	125	113	109	75
Operating expenses	1,440	1,420	1,498	1,518	1,669	1,979	2,018	2,317	2,851	2,918
Operating income	836	991	1,028	1,017	1,234	1,441	1,564	1,578	1,798	2,331
Interest expense	135	143	150	124	101	125	129	284	414	367
Interest income	5	7	10	10	4	1	7	115	28	39
Other non-operating income					5	81	2	-1	21	-27
Pre-tax income	133	872	1,064	1,019	1,212	1,534	1,475	1,401	1,449	2,145
Income tax	27	143	606	245	279	347	352	344	334	358
Net income to minority interests	0	0			0	0	-2	-2	-2	-1
Net income	106	729	458	774	933	1,187	1,125	1,059	1,117	1,788
EBITDA	924	1,087	1,129	1,106	1,333	1,549	1,669	1,695	1,923	2,476
EPS, basic	0.21	1.46	0.92	1.56	1.89	2.38	2.28	2.10	1.94	3.12
EPS, diluted	0.21	1.43	0.91	1.54	1.86	2.35	2.26	2.08	1.93	3.09
Shares, basic (weighted)	496	500	497	496	493	498	492	505	575	573
Shares, diluted (weighted)	507	510	504	502	501	505	498	508	579	579
Dividend per share	0.40	0.49	0.57	0.62	0.65	0.70	0.78	0.86	0.94	1.05

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	403	377	545	332	2,745	393	502	453	592	604
Short-term investments	245	235	268	291
Receivables	429	356	384	422	566	588	677	929	1,022	943
Other current assets	167	532	390	219	175	294	201	231	293	376
Total current assets	4,560	5,510	6,370	4,290	7,660	7,423	8,604	9,096	7,786	8,003
Property, plant and equipment	362	400	376	384	475	509	532	576	593	728
Lease right-of-use assets			0	346	381	366	444	402	375	447
Goodwill	6,027	6,586	6,363	6,366	6,850	8,433	8,099	14,112	13,957	14,371
Intangible assets	2,094	2,468	2,300	2,249	2,255	2,813	2,581	7,443	6,905	6,511
Other non-current assets	390	390	291	289	358	571	608	665	779	993
Total assets	13,411	15,354	15,700	13,924	17,979	20,115	20,868	32,294	30,395	31,053
Accounts payable	175	177	198	148	175	185	185	332	269	280
Accrued liabilities	207	170	199	188	227	252	243	303	325	364
Deferred revenue	162	161	194	211	235	329	357	594	711	785
Short-term debt	0	480	875	391	0	1,018	664	291	399	431
Total current liabilities	4,082	5,234	6,570	4,227	4,924	7,872	8,835	9,025	7,902	7,961
Long-term debt	3,603	3,727	2,956	2,996	5,541	4,812	4,735	10,163	9,081	8,573
Lease liabilities			0	331	389	386	452	417	388	462
Other non-current liabilities	144	162	224	179	187	234	226	220	230	241
Total liabilities	8,720	9,474	10,251	8,285	11,543	13,710	14,704	21,467	19,195	18,821
Total debt	3,603	3,129	2,357	2,996	4,944	4,313	4,735	9,666	8,582	8,573
Paid-in capital	3,104	3,024	2,716	2,632	2,547	1,949	1,445	5,496	5,530	5,122
Retained earnings	3,479	3,963	4,558	5,027	5,628	6,465	7,207	7,825	8,401	9,588
Treasury stock	-176	-247	-297	-336	-376	-437	-515	-587	-647	-716
Other comprehensive income	-979	-862	-1,530	-1,686	-1,368	-1,587	-1,991	-1,924	-2,099	-1,773
Shareholders' equity	5,430	5,880	5,449	5,639	6,433	6,395	6,151	10,816	11,191	12,227
Minority interests				0	3	10	13	11	9	5
Total equity	5,428	5,880	5,449	5,639	6,436	6,405	6,164	10,827	11,200	12,232
Total liabilities and equity	14,150	15,354	15,700	13,924	17,979	20,115	20,868	32,294	30,395	31,053
Shares outstanding	501	503	496	496	165	500	492	575	575	570

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	106	729	458	774	933	1,187	1,123	1,057	1,115	1,787
Depreciation and amortization	88	96	101	89	99	108	105	117	125	145
Stock-based compensation	86	70	69	79	87	90	106	122	141	165
Deferred income tax	-137	7	301	35	41	94	38	68	-67	48
Change in receivables	73	11	-35	-42	-167	-6	-101	3	-193	91
Change in payables	5	-12	33	-49	5	-17	19	149	-60	-6
Cash from operations	776	909	1,028	963	1,252	1,083	1,706	1,696	1,939	2,255
Capital expenditures	-134	-144	-111	-127	-188	-163	-152	-158	-207	-266
Acquisitions	-1,466	-776	-75	-206	-157	-2,430	-41	-5,766	0	0
Purchases of investments	-468	-392	-421	-579	-283	-316	-322	-712	-206	-243
Sales and maturities of investments	19	30
Cash from investing	-1,657	-890	196	-414	-122	-2,653	49	-5,994	-953	-1,100
Debt issued	2,456	653	0	680	3,807	826	539	5,608	0	0
Debt repaid	-1,156	-708	-115	-1,215	-1,468	-804	-1,097	-260	-521	-826
Stock issued	54	53	17	37	50	26	23	29
Share buybacks	-100	-203	-394	-200	-222	-468	-308	-269	-145	-616
Dividends paid	-200	-243	-280	-305	-320	-350	-383	-441	-541	-601
Cash from financing	948	-53	-1,027	-2,472	1,910	1,418	1,036	4,220	-2,561	-2,953
Exchange rate effect	-6	15	-10	-188	353	-331	-1,293	202	-537	726
Net change in cash	61	-19	187	-2,111	3,393	-483	1,498	124	-2,112	-1,072
Free cash flow	642	765	917	836	1,064	920	1,554	1,538	1,732	1,989
Interest paid	119	129	148	120	97	118	116	177	405	354
Income taxes paid	191	154	221	205	290	501	274	254	358	373

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $93.55 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	64.3%	Gross profit / revenue.
Operating margin	29.6%	Operating income / revenue.
EBITDA margin	37.0%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	27.9%	Pre-tax income / revenue.
Net margin	22.5%	Net income / revenue.
FCF margin	22.3%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	25.7%	Cash from operations / revenue.
Effective tax rate	19.4%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	16.4%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	7.2%	Net income / average total assets.
Return on invested capital (ROIC)	10.4%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	2.0%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	3.4%	Capital expenditures / revenue.
D&A / revenue	7.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	11.6%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	9.9%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	8.0%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	12.9%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	13.6%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	12.6%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	29.6%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	14.2%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	13.6%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	28.8%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	14.1%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	13.2%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	60.1%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	16.7%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	13.9%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	60.1%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	11.0%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	10.7%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	16.3%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	9.7%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	12.5%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	14.8%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	8.6%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	13.3%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	11.7%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	10.4%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	10.1%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	9.3%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	25.7%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	13.7%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	2.2%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	14.2%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	11.5%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-0.1%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	5.1%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	2.9%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.01x	Current assets / current liabilities.
Quick ratio	0.38x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.12x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.71x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	31.1%	Total debt / total assets.
Liabilities / assets	56.1%	Total liabilities / total assets.
Net debt	$7.97B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	2.47x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	7.43x	Operating income / interest expense.
Working capital	$28.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	74.9%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$8.48B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.32x	Revenue / average total assets.
Fixed asset turnover	11.4x	Revenue / average property, plant and equipment.
Receivables turnover	7.39x	Revenue / average receivables.
Days sales outstanding	49 days	365 x average receivables / revenue.
Days payables	29 days	365 x average accounts payable / cost of revenue.
FCF conversion	99.2%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	13.1%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$3.46	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$15.38	Revenue / diluted weighted shares.
FCF per share	$3.44	Free cash flow / diluted weighted shares.
Operating cash flow per share	$3.96	Cash from operations / diluted weighted shares.
Book value per share	$21.33	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$15.09	Tangible book value / shares outstanding.
Cash per share	$0.93	(Cash + short-term investments) / shares outstanding.
Payout ratio	32.3%	Dividends paid / net income, when net income is positive.
Dividends / FCF	32.5%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	66.8%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$52.29B	Share price x shares outstanding.
Enterprise value	$60.26B	Market cap + total debt - cash - short-term investments.
P/E	26.6x	Market cap / net income. Only when net income is positive.
P/S	5.99x	Market cap / revenue.
P/B	4.36x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	26.8x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	23.3x	Market cap / cash from operations, when positive.
EV/Sales	6.90x	Enterprise value / revenue.
EV/EBIT	23.3x	Enterprise value / operating income, when both are positive.
EV/EBITDA	18.6x	Enterprise value / EBITDA, when both are positive.
EV/FCF	30.9x	Enterprise value / free cash flow, when both are positive.
FCF yield	3.7%	Free cash flow / market cap.
Earnings yield	3.8%	Net income / market cap (the inverse of P/E).
Dividend yield	1.2%	Dividends paid over the period / market cap.
Shareholder yield	3.7%	(Dividends paid + share buybacks) / market cap.
PEG	2.42x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was NASDAQ, INC.'s revenue in fiscal 2025?

NASDAQ, INC. reported revenue of $8.26B for fiscal 2025, 11.6% higher than the year before.

Was NASDAQ, INC. profitable in fiscal 2025?

Yes. Net income was $1.79B, a net margin of 21.6%.

How much free cash flow did NASDAQ, INC. generate in fiscal 2025?

Cash from operations of $2.26B minus capital expenditures of $266.0M left free cash flow of $1.99B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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