NDAQ

Nasdaq, Inc.

$89.21 +1.13 (+1.28%) At close · Jul 13

Market Cap

$50.45B

565,540,798

Income-statement, balance-sheet and cash-flow figures extracted from the company's SEC filings — 10-K annual and 10-Q quarterly reports — and standardised for comparison across periods.

Revenue

$8.26B +11.6%

FY2025

Net Income

$1.79B +60.1%

FY2025

Gross Margin

63.53% +0.7pp

FY2025

Operating Margin

28.21% +3.9pp

FY2025

Diluted EPS

$3.09 +60.1%

FY2025

Operating Cash Flow

$2.26B +16.3%

FY2025

Chart any reported metric, KPI or segment over time — the full statement history lives here

Income Statement Balance Sheet Cash Flow All Metrics

Annual Quarterly

Line Item	3Y	5Y	10Y	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010
Revenue	+9.9%	+8.0%	+9.3%	$8.3B	$8.26B	$7.4B	$6.06B	$6.23B	$5.89B	$5.63B	$4.26B	$4.28B	$3.97B	$3.71B	$3.4B	$3.5B	$3.21B	$3.12B	$3.44B	$3.2B
Net Interest Income	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	$87M	$108M	—
Cost of Revenue	+4.5%	+2.0%	+8.7%	$2.88B	$3.01B	$2.75B	$2.17B	$2.64B	$2.47B	$2.72B	$1.73B	$1.75B	$1.54B	$1.43B	$1.31B	$1.43B	$1.32B	$1.46B	$1.75B	$1.68B
Gross Profit	+13.6%	+12.6%	+9.6%	$5.42B	$5.25B	$4.65B	$3.9B	$3.58B	$3.42B	$2.9B	$2.54B	$2.53B	$2.43B	$2.28B	$2.09B	$2.07B	$1.9B	$1.66B	$1.69B	$1.52B
Gross Margin	—	—	—	—	63.53%	62.82%	64.23%	57.53%	58.1%	51.59%	59.48%	59.06%	61.24%	61.46%	61.42%	59.06%	59.02%	53.32%	49.16%	47.61%
General & Administrative	-15.7%	-12.0%	+1.4%	$98M	$75M	$109M	$113M	$125M	$85M	$142M	$125M	$120M	$82M	$72M	$65M	$89M	$80M	$58M	$84M	$89M
Amortization of Intangibles	+47.1%	+36.4%	+22.9%	$486M	$487M	$488M	$206M	$153M	$170M	$103M	$101M	$109M	$92M	$82M	$62M	$69M	$63M	$52M	—	—
Depreciation & Amortization	+11.4%	+7.9%	+6.7%	$154M	$145M	$125M	$117M	$105M	$108M	$99M	$89M	$101M	$96M	$88M	$76M	$68M	$59M	$52M	$54M	$103M
Restructuring Charges	+40.9%	-2.6%	-13.1%	$48M	$42M	$116M	$80M	$15M	$31M	$48M	$39M	$0	$0	$41M	$172M	$9M	$9M	$44M	—	—
Total Operating Expenses	+13.1%	+11.8%	+7.9%	$2.98B	$2.92B	$2.85B	$2.32B	$2.02B	$1.98B	$1.67B	$1.52B	$1.5B	$1.43B	$1.44B	$1.37B	$1.31B	$1.21B	$973M	$994M	$891M
Total Costs & Expenses	—	—	—	$1.96B	$1.91B	$1.81B	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Operating Income	+14.2%	+13.6%	+12.5%	$2.44B	$2.33B	$1.8B	$1.58B	$1.56B	$1.44B	$1.23B	$1.02B	$1.03B	$999M	$839M	$720M	$754M	$688M	$690M	$696M	$631M
Operating Margin	—	—	—	—	28.21%	24.3%	26.02%	25.12%	24.48%	21.93%	23.86%	24.04%	25.2%	22.65%	21.16%	21.54%	21.43%	22.12%	20.24%	19.74%
EBITDA	+14.1%	+13.2%	+12.0%	$2.6B	$2.48B	$1.92B	$1.7B	$1.67B	$1.55B	$1.33B	$1.11B	$1.13B	$1.1B	$927M	$796M	$822M	$747M	$742M	$750M	$734M
Interest Expense	+41.7%	+29.4%	+12.7%	$358M	$367M	$414M	$284M	$129M	$125M	$101M	$124M	$150M	$143M	$135M	$111M	$117M	$111M	$97M	$119M	$102M
Interest Income	+77.3%	+57.7%	+25.6%	$34M	$39M	$28M	$115M	$7M	$1M	$4M	$10M	$10M	$7M	$5M	$4M	$6M	$9M	$10M	$11M	$9M
Other Non-Operating Income	—	—	—	-$40M	-$27M	$21M	-$1M	$2M	—	—	—	—	—	—	—	—	—	—	—	—
Equity in Earnings of Unconsolidated Entities	+38.9%	+3.5%	+17.2%	$82M	$83M	$16M	-$7M	$31M	$52M	$70M	$84M	$18M	$15M	$2M	$17M	-$2M	-$2M	-$1M	$2M	$2M
Investment Income (Loss)	—	—	—	—	—	—	—	—	—	—	—	—	—	—	$30M	$30M	$30M	—	—	—
Pretax Income	+13.3%	+12.1%	+13.0%	$2.33B	$2.15B	$1.45B	$1.4B	$1.48B	$1.53B	$1.21B	$1.02B	$1.06B	$880M	$136M	$630M	$594M	$600M	$548M	$573M	—
Income Tax	+0.6%	+5.1%	+5.8%	$423M	$358M	$334M	$344M	$352M	$347M	$279M	$245M	$606M	$146M	$28M	$203M	$181M	$216M	$199M	$190M	$1M
Net Income	+16.7%	+13.9%	+15.4%	$1.91B	$1.79B	$1.12B	$1.06B	$1.13B	$1.19B	$933M	$774M	$458M	$734M	$108M	$428M	$414M	$385M	$352M	$387M	$395M
Net Margin	—	—	—	—	21.64%	15.09%	17.46%	18.07%	20.17%	16.58%	18.16%	10.71%	18.51%	2.91%	12.58%	11.83%	11.99%	11.29%	11.26%	12.36%
Net Income Attributable to Noncontrolling Interests	—	—	—	—	-$1M	-$2M	-$2M	-$2M	—	—	—	—	$0	$0	-$1M	-$1M	-$1M	-$3M	-$4M	-$6M
Net Income Available to Common Stockholders	—	—	—	$348M	—	—	—	—	—	—	—	—	—	—	—	—	—	—	$387M	—
Comprehensive Income	+43.1%	+11.1%	+24.0%	—	$2.11B	$942M	$1.13B	$721M	$968M	$1.25B	$618M	$207M	$851M	-$7M	$246M	-$201M	$503M	$517M	$309M	$529M
EPS (Basic) USD/shares	+11.0%	+10.5%	+13.8%	—	$3.12	$1.94	$2.10	$2.28	$2.38	$1.89	$1.56	$0.92	$1.47	$0.22	$0.85	$0.82	$0.77	$0.70	$0.73	$0.65
EPS (Diluted) USD/shares	+11.0%	+10.6%	+14.0%	—	$3.09	$1.93	$2.08	$2.26	$2.35	$1.86	$1.54	$0.91	$1.44	$0.21	$0.83	$0.80	$0.75	$0.68	$0.72	$0.64
Shares Outstanding (Basic Avg) shares	+5.2%	+3.1%	+1.3%	—	573.26M	575.43M	504.91M	492.42M	497.7M	493.25M	494.79M	496.05M	499.09M	495.55M	501.86M	506.78M	500.8M	504.76M	529M	—
Shares Outstanding (Diluted Avg) shares	+5.1%	+2.9%	+1.2%	—	578.6M	579.19M	508.39M	497.86M	505.09M	500.71M	500.91M	503.07M	508.76M	506.4M	513.85M	519.06M	513.8M	517.76M	540.03M	—

Italic rows are computed from reported lines — open a row's info icon for its formula. Values reflect the latest filing (restatements included); per-share figures on today's split basis. Click a value for its source filing. TTM: trailing twelve months through the latest reported quarter — flows sum the last four quarters, balances take the latest. 3Y/5Y/10Y columns are trailing CAGR from the newest fiscal year; blank where an endpoint is missing or negative.

Capital Returned to Shareholders

Cash spent on share repurchases and dividends per fiscal year, as reported on the cash-flow statement. Across FY2010–FY2025: $3.89B in buybacks, $4.06B in dividends.

Price & Valuation

Multiples computed on the strict TTM/EV methodology — today's snapshot against the industry, and each ratio recomputed as of past filing dates.

Valuation

EV/Revenue

7.09×

Financial Data & Stock Exchanges median 7.09×

EV/EBIT

24.13×

Financial Data & Stock Exchanges median 20.84×

P/E (TTM)

26.87×

Financial Data & Stock Exchanges median 22.39×

Valuation over time computed as of each quarter's filing date

Revenue Breakdown

Annual revenue as the company disaggregates it in its own XBRL filings. Years a component wasn't reported show a dash.

Share mode is each component's slice of the reported components that year — issuers rarely tag every revenue dollar, so slices need not sum to total revenue.

By Segment (USD)

Component	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31
Market Services	$4,214,000,000	$3,771,000,000	$3,156,000,000	$3,632,000,000	$3,471,000,000	$3,818,000,000	$2,616,000,000	$2,709,000,000
Capital Access Platforms	$2,137,000,000	$1,945,000,000	$1,744,000,000	$1,682,000,000	$1,566,000,000	$1,287,000,000	—	—
Financial Technology	$1,850,000,000	$1,621,000,000	$1,099,000,000	$864,000,000	$772,000,000	—	—	—
Anti-Financial Crime	—	—	—	$306,000,000	$231,000,000	$116,000,000	—	—
Corporate Platforms	—	—	—	—	$613,000,000	$521,000,000	$490,000,000	$487,000,000
Corporate Services	—	—	—	—	—	—	$496,000,000	$487,000,000
Financial Technology Including PPA	—	$1,655,000,000	$1,099,000,000	$864,000,000	—	—	—	—
Global Information	—	—	—	—	—	—	$779,000,000	$714,000,000
Information Services	—	—	—	—	—	—	$779,000,000	$714,000,000
Investment Intelligence	—	—	—	—	$1,076,000,000	$898,000,000	$768,000,000	$714,000,000
Market Platforms	—	—	—	$4,225,000,000	$4,048,000,000	$4,179,000,000	—	—
Market Technology	—	—	—	—	$463,000,000	$357,000,000	$338,000,000	$270,000,000
Technology Service	—	—	—	—	—	—	$338,000,000	$270,000,000

By Geography (USD)

Component	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31
United States	$5,947,000,000	$5,817,000,000	$4,870,000,000	$5,100,000,000	$4,822,000,000	$4,662,000,000	$3,405,000,000	$3,379,000,000
Non Us	$2,315,000,000	$1,583,000,000	$1,194,000,000	$1,126,000,000	$1,064,000,000	$963,000,000	$853,000,000	$898,000,000

Segment Operating Income

Annual operating income by business segment, as tagged in the company's own XBRL filings. Segments need not sum to the consolidated figure — corporate costs and eliminations are typically unallocated.

By Segment (USD)

Component	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31
Capital Access Platforms	$1,274,000,000	$1,137,000,000	$973,000,000	$914,000,000	$842,000,000	$651,000,000	—	—
Financial Technology	$860,000,000	—	$494,000,000	$299,000,000	$259,000,000	—	—	—
Market Services	$764,000,000	$597,000,000	$582,000,000	$627,000,000	$664,000,000	$685,000,000	$508,000,000	$544,000,000
Anti-Financial Crime	—	—	—	$80,000,000	$44,000,000	$35,000,000	—	—
Corporate Platforms	—	—	—	—	$247,000,000	$187,000,000	$177,000,000	$155,000,000
Corporate Services	—	—	—	—	—	—	$178,000,000	$155,000,000
Financial Technology Including PPA	—	$770,000,000	$494,000,000	$299,000,000	—	—	—	—
Global Information	—	—	—	—	—	—	$490,000,000	$460,000,000
Investment Intelligence	—	—	—	—	$694,000,000	$572,000,000	$480,000,000	$460,000,000
Market Platforms	—	—	—	$859,000,000	$893,000,000	$784,000,000	—	—
Market Technology	—	—	—	—	$46,000,000	$32,000,000	$54,000,000	$34,000,000

Operating Margin by Segment (%)

Component	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31
Market Services	18.1%	15.8%	18.4%	17.3%	19.1%	17.9%	19.4%	20.1%
Capital Access Platforms	59.6%	58.5%	55.8%	54.3%	53.8%	50.6%	—	—
Financial Technology	46.5%	—	44.9%	34.6%	33.5%	—	—	—
Anti-Financial Crime	—	—	—	26.1%	19%	30.2%	—	—
Corporate Platforms	—	—	—	—	40.3%	35.9%	36.1%	31.8%
Corporate Services	—	—	—	—	—	—	35.9%	31.8%
Financial Technology Including PPA	—	46.5%	44.9%	34.6%	—	—	—	—
Global Information	—	—	—	—	—	—	62.9%	64.4%
Investment Intelligence	—	—	—	—	64.5%	63.7%	62.5%	64.4%
Market Platforms	—	—	—	20.3%	22.1%	18.8%	—	—
Market Technology	—	—	—	—	9.9%	9%	16%	12.6%

Key facts CIK 1120193 CUSIP 631103108 13F (30d) 87 filings 65 filers Visit website Investor relations