This page shows Nasdaq Inc (NDAQ) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 18 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
Nasdaq Inc has an operating margin of 28.2%, meaning the company retains $28 of operating profit per $100 of revenue. This strong profitability earns a score of 85/100, reflecting efficient cost management and pricing power. This is up from 24.3% the prior year.
Nasdaq Inc's revenue grew 11.6% year-over-year to $8.3B, a solid pace of expansion. This earns a growth score of 53/100.
Nasdaq Inc carries a low D/E ratio of 0.70, meaning only $0.70 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 88/100, indicating a strong balance sheet with room for future borrowing.
Nasdaq Inc's current ratio of 1.01 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 15/100, which could limit financial flexibility.
Nasdaq Inc converts 24.1% of revenue into free cash flow ($2.0B). This strong cash generation earns a score of 85/100.
Nasdaq Inc's ROE of 14.6% shows moderate profitability relative to equity, earning a score of 44/100. This is up from 10.0% the prior year.
Nasdaq Inc scores 2.52, placing it in the grey zone between 1.81 and 2.99. The score is driven primarily by a large market capitalization ($49.3B) relative to total liabilities ($18.8B). This signals moderate financial risk that warrants monitoring.
Nasdaq Inc passes 9 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), all 3 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Nasdaq Inc generates $1.26 in operating cash flow ($2.3B OCF vs $1.8B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Nasdaq Inc earns $6.4 in operating income for every $1 of interest expense ($2.3B vs $367.0M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.
Key Financial Metrics
Earnings & Revenue
Nasdaq Inc generated $8.3B in revenue in fiscal year 2025. This represents an increase of 11.6% from the prior year.
Nasdaq Inc's EBITDA was $2.5B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 28.8% from the prior year.
Nasdaq Inc reported $1.8B in net income in fiscal year 2025. This represents an increase of 60.1% from the prior year.
Nasdaq Inc earned $3.09 per diluted share (EPS) in fiscal year 2025. This represents an increase of 60.1% from the prior year.
Cash & Balance Sheet
Nasdaq Inc generated $2.0B in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 14.8% from the prior year.
Nasdaq Inc held $604.0M in cash against $8.6B in long-term debt as of fiscal year 2025.
Nasdaq Inc paid $1.05 per share in dividends in fiscal year 2025. This represents an increase of 11.7% from the prior year.
Nasdaq Inc had 568M shares outstanding in fiscal year 2025. This represents a decrease of 1.2% from the prior year.
Margins & Returns
Nasdaq Inc's gross margin was 63.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 0.7 percentage points from the prior year.
Nasdaq Inc's operating margin was 28.2% in fiscal year 2025, reflecting core business profitability. This is up 3.9 percentage points from the prior year.
Nasdaq Inc's net profit margin was 21.6% in fiscal year 2025, showing the share of revenue converted to profit. This is up 6.6 percentage points from the prior year.
Nasdaq Inc's ROE was 14.6% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 4.6 percentage points from the prior year.
Capital Allocation
Nasdaq Inc spent $616.0M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 324.8% from the prior year.
Nasdaq Inc invested $266.0M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 28.5% from the prior year.
NDAQ Income Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $2.1B+8.5% | $2.0B-6.3% | $2.1B0.0% | $2.1B+2.9% | $2.0B+6.8% | $1.9B+6.1% | $1.8B+7.0% | $1.7B |
| Cost of Revenue | $733.0M+14.0% | $643.0M-18.0% | $784.0M-8.1% | $853.0M+6.0% | $805.0M+6.5% | $756.0M+19.4% | $633.0M+13.6% | $557.0M |
| Gross Profit | $1.4B+5.8% | $1.3B+0.7% | $1.3B+5.6% | $1.2B+0.8% | $1.2B+7.1% | $1.1B-1.1% | $1.2B+3.8% | $1.1B |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $24.0M+9.1% | $22.0M-4.3% | $23.0M+283.3% | $6.0M-76.0% | $25.0M-3.8% | $26.0M-13.3% | $30.0M+7.1% | $28.0M |
| Operating Income | $630.0M+7.5% | $586.0M+3.2% | $568.0M+3.8% | $547.0M+5.8% | $517.0M+15.4% | $448.0M+5.9% | $423.0M+3.2% | $410.0M |
| Interest Expense | $89.0M+2.3% | $87.0M-8.4% | $95.0M-1.0% | $96.0M-5.9% | $102.0M0.0% | $102.0M0.0% | $102.0M-5.6% | $108.0M |
| Income Tax | $63.0M-40.6% | $106.0M+10.4% | $96.0M+3.2% | $93.0M+9.4% | $85.0M+66.7% | $51.0M-57.1% | $119.0M+50.6% | $79.0M |
| Net Income | $518.0M+22.5% | $423.0M-6.4% | $452.0M+14.4% | $395.0M+11.3% | $355.0M+16.0% | $306.0M+37.8% | $222.0M-5.1% | $234.0M |
| EPS (Diluted) | N/A | $0.73-6.4% | $0.78+14.7% | $0.68 | N/A | $0.53+39.5% | $0.38-5.0% | $0.40 |
NDAQ Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $31.1B+1.3% | $30.7B+0.9% | $30.4B-0.9% | $30.6B+0.8% | $30.4B-0.5% | $30.6B+1.2% | $30.2B-0.2% | $30.3B |
| Current Assets | $8.0B+5.3% | $7.6B+3.3% | $7.4B-6.0% | $7.8B+0.4% | $7.8B+3.0% | $7.6B+3.4% | $7.3B-0.2% | $7.3B |
| Cash & Equivalents | $604.0M+28.5% | $470.0M-35.8% | $732.0M+6.1% | $690.0M+16.6% | $592.0M+122.6% | $266.0M-36.1% | $416.0M+7.2% | $388.0M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | $14.4B+0.2% | $14.3B+0.1% | $14.3B+1.1% | $14.2B+1.6% | $14.0B-1.5% | $14.2B+1.3% | $14.0B+0.1% | $14.0B |
| Total Liabilities | $18.8B+1.1% | $18.6B+0.3% | $18.6B-2.8% | $19.1B-0.5% | $19.2B-1.5% | $19.5B+0.9% | $19.3B-0.8% | $19.4B |
| Current Liabilities | $8.0B+3.3% | $7.7B+0.6% | $7.7B-3.9% | $8.0B+0.9% | $7.9B-0.4% | $7.9B+1.8% | $7.8B+5.4% | $7.4B |
| Long-Term Debt | $8.6B-1.1% | $8.7B-0.1% | $8.7B-2.8% | $8.9B-1.7% | $9.1B-3.0% | $9.4B+1.2% | $9.2B-5.3% | $9.8B |
| Total Equity | $12.2B+1.7% | $12.0B+1.8% | $11.8B+2.3% | $11.5B+3.2% | $11.2B+1.1% | $11.1B+1.6% | $10.9B+0.8% | $10.8B |
| Retained Earnings | $9.6B+4.0% | $9.2B+3.0% | $9.0B+3.4% | $8.7B+3.1% | $8.4B+2.7% | $8.2B+2.1% | $8.0B+1.1% | $7.9B |
NDAQ Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $625.0M+182.8% | $221.0M-70.4% | $746.0M+12.5% | $663.0M-6.0% | $705.0M+188.9% | $244.0M-47.0% | $460.0M-13.2% | $530.0M |
| Capital Expenditures | $89.0M+29.0% | $69.0M+16.9% | $59.0M+20.4% | $49.0M-18.3% | $60.0M+7.1% | $56.0M+7.7% | $52.0M+33.3% | $39.0M |
| Free Cash Flow | $536.0M+252.6% | $152.0M-77.9% | $687.0M+11.9% | $614.0M-4.8% | $645.0M+243.1% | $188.0M-53.9% | $408.0M-16.9% | $491.0M |
| Investing Cash Flow | -$638.0M-340.0% | -$145.0M-145.8% | -$59.0M+77.1% | -$258.0M+74.4% | -$1.0B-1480.8% | $73.0M-65.9% | $214.0M+192.2% | -$232.0M |
| Financing Cash Flow | -$567.0M-456.6% | $159.0M+110.9% | -$1.5B-35.0% | -$1.1B-4412.5% | -$24.0M+88.2% | -$204.0M+55.5% | -$458.0M+75.6% | -$1.9B |
| Dividends Paid | $153.0M-1.3% | $155.0M0.0% | $155.0M+12.3% | $138.0M0.0% | $138.0M0.0% | $138.0M0.0% | $138.0M+8.7% | $127.0M |
| Share Buybacks | $286.0M+148.7% | $115.0M+15.0% | $100.0M-13.0% | $115.0M | $0-100.0% | $87.0M+50.0% | $58.0M | $0 |
NDAQ Financial Ratios
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 65.5%-1.7pp | 67.2%+4.7pp | 62.5%+3.3pp | 59.2%-1.2pp | 60.4%+0.1pp | 60.3%-4.4pp | 64.7%-2.0pp | 66.7% |
| Operating Margin | 29.7%-0.3pp | 29.9%+2.8pp | 27.2%+1.0pp | 26.2%+0.7pp | 25.4%+1.9pp | 23.5%-0.1pp | 23.6%-0.9pp | 24.5% |
| Net Margin | 24.4%+2.8pp | 21.6%-0.0pp | 21.6%+2.7pp | 18.9%+1.4pp | 17.5%+1.4pp | 16.1%+3.7pp | 12.4%-1.6pp | 14.0% |
| Return on Equity | 4.2%+0.7pp | 3.5%-0.3pp | 3.8%+0.4pp | 3.4%+0.3pp | 3.2%+0.4pp | 2.8%+0.7pp | 2.0%-0.1pp | 2.2% |
| Return on Assets | 1.7%+0.3pp | 1.4%-0.1pp | 1.5%+0.2pp | 1.3%+0.1pp | 1.2%+0.2pp | 1.0%+0.3pp | 0.7%-0.0pp | 0.8% |
| Current Ratio | 1.01+0.0 | 0.99+0.0 | 0.96-0.0 | 0.980.0 | 0.99+0.0 | 0.95+0.0 | 0.94-0.1 | 0.99 |
| Debt-to-Equity | 0.70-0.0 | 0.72-0.0 | 0.73-0.0 | 0.77-0.0 | 0.81-0.0 | 0.850.0 | 0.85-0.1 | 0.90 |
| FCF Margin | 25.2%+17.5pp | 7.8%-25.1pp | 32.9%+3.5pp | 29.4%-2.4pp | 31.7%+21.9pp | 9.9%-12.9pp | 22.8%-6.6pp | 29.3% |
Similar Companies
Frequently Asked Questions
What is Nasdaq Inc's annual revenue?
Nasdaq Inc (NDAQ) reported $8.3B in total revenue for fiscal year 2025. This represents a 11.6% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Nasdaq Inc's revenue growing?
Nasdaq Inc (NDAQ) revenue grew by 11.6% year-over-year, from $7.4B to $8.3B in fiscal year 2025.
Is Nasdaq Inc profitable?
Yes, Nasdaq Inc (NDAQ) reported a net income of $1.8B in fiscal year 2025, with a net profit margin of 21.6%.
What is Nasdaq Inc's EBITDA?
Nasdaq Inc (NDAQ) had EBITDA of $2.5B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Nasdaq Inc have?
As of fiscal year 2025, Nasdaq Inc (NDAQ) had $604.0M in cash and equivalents against $8.6B in long-term debt.
What is Nasdaq Inc's gross margin?
Nasdaq Inc (NDAQ) had a gross margin of 63.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Nasdaq Inc's operating margin?
Nasdaq Inc (NDAQ) had an operating margin of 28.2% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Nasdaq Inc's net profit margin?
Nasdaq Inc (NDAQ) had a net profit margin of 21.6% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Does Nasdaq Inc pay dividends?
Yes, Nasdaq Inc (NDAQ) paid $1.05 per share in dividends during fiscal year 2025.
What is Nasdaq Inc's return on equity (ROE)?
Nasdaq Inc (NDAQ) has a return on equity of 14.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Nasdaq Inc's free cash flow?
Nasdaq Inc (NDAQ) generated $2.0B in free cash flow during fiscal year 2025. This represents a 14.8% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Nasdaq Inc's operating cash flow?
Nasdaq Inc (NDAQ) generated $2.3B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Nasdaq Inc's total assets?
Nasdaq Inc (NDAQ) had $31.1B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Nasdaq Inc's capital expenditures?
Nasdaq Inc (NDAQ) invested $266.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Nasdaq Inc's current ratio?
Nasdaq Inc (NDAQ) had a current ratio of 1.01 as of fiscal year 2025, which is considered adequate.
What is Nasdaq Inc's debt-to-equity ratio?
Nasdaq Inc (NDAQ) had a debt-to-equity ratio of 0.70 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Nasdaq Inc's return on assets (ROA)?
Nasdaq Inc (NDAQ) had a return on assets of 5.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Nasdaq Inc's Altman Z-Score?
Nasdaq Inc (NDAQ) has an Altman Z-Score of 2.52, placing it in the Grey Zone (moderate risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Nasdaq Inc's Piotroski F-Score?
Nasdaq Inc (NDAQ) has a Piotroski F-Score of 9 out of 9, indicating strong financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Nasdaq Inc's earnings high quality?
Nasdaq Inc (NDAQ) has an earnings quality ratio of 1.26x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Nasdaq Inc cover its interest payments?
Nasdaq Inc (NDAQ) has an interest coverage ratio of 6.4x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Nasdaq Inc?
Nasdaq Inc (NDAQ) scores 62 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.