Financials · NDAQ

Nasdaq Inc. (NDAQ) financials

For the twelve months ended Sep 30, 2026, Nasdaq Inc. reported $9.15B of revenue and $2.08B of net income.

Revenue, TTM
$9.15B
Revenue growth, YoY
+11.5%
Net income, TTM
$2.08B
Net income growth, YoY
+28.2%
Net margin
22.8%
Free cash flow, TTM
$2.26B
EPS, diluted, TTM
$3.66
EPS growth, YoY
+30.2%
Cash
$365.00M
Total debt
$8.74B
P/E
28.52
P/S
6.50
Market cap
$59.44B
Annual revenue$8.26B
FY2016FY2025
Annual net income$1.79B
FY2016FY2025
Annual free cash flow$1.99B
FY2016FY2025

NDAQ revenue and earnings growth

NDAQ revenueQ3 2026$2.39B

Quarter YoY
+20.9%
QoQ
-5.5%
FY YoY
+11.6%
5Y CAGR
+8.0%
10Y CAGR
+9.3%

NDAQ revenue was $2.39B in fiscal Q3 2026 (ended Sep 30, 2026), up 20.9% from a year earlier and down 5.5% from the prior quarter. For the full fiscal 2025 it was $8.26B, up 11.6% from fiscal 2024. Compound annual growth was +8.0% over 5 years and +9.3% over 10 years. It rose in 8 of the last 10 fiscal years. Fiscal 2025 is the highest of the 15 fiscal years on file.

NDAQ net incomeQ3 2026$540.00M

Quarter YoY
+27.7%
QoQ
+6.5%
FY YoY
+60.1%
5Y CAGR
+13.9%
10Y CAGR
+15.4%

NDAQ net income was $540.00M in fiscal Q3 2026 (ended Sep 30, 2026), up 27.7% from a year earlier and up 6.5% from the prior quarter. For the full fiscal 2025 it was $1.79B, up 60.1% from fiscal 2024. Compound annual growth was +13.9% over 5 years and +15.4% over 10 years. It rose in 6 of the last 10 fiscal years. Fiscal 2025 is the highest of the 15 fiscal years on file.

NDAQ EPSQ3 2026$0.96

Quarter YoY
+31.5%
QoQ
+7.9%
FY YoY
+60.1%
5Y CAGR
+10.7%
10Y CAGR
+14.0%

NDAQ diluted EPS was $0.96 in fiscal Q3 2026 (ended Sep 30, 2026), up 31.5% from a year earlier and up 7.9% from the prior quarter. For the full fiscal 2025 it was $3.09, up 60.1% from fiscal 2024. Compound annual growth was +10.7% over 5 years and +14.0% over 10 years.

NDAQ free cash flowQ3 2026$459.00M

Quarter YoY
+202.0%
QoQ
-27.6%
FY YoY
+14.8%
5Y CAGR
+13.3%
10Y CAGR
+12.8%

NDAQ free cash flow was $459.00M in fiscal Q3 2026 (ended Sep 30, 2026), up 202.0% from a year earlier and down 27.6% from the prior quarter. For the full fiscal 2025 it was $1.99B, up 14.8% from fiscal 2024. Compound annual growth was +13.3% over 5 years and +12.8% over 10 years. It rose in 7 of the last 10 fiscal years. Fiscal 2025 is the highest of the 15 fiscal years on file.

Export CSV

Income statement

Income statement
Line item
Dec 31, 2025
Dec 31, 2024
Dec 31, 2023
Dec 31, 2022
Dec 31, 2021
Dec 31, 2020
Dec 31, 2019
Dec 31, 2018
Dec 31, 2017
Dec 31, 2016
Revenue$8.26B$7.40B$6.06B$6.23B$5.89B$5.63B$4.26B$4.28B$3.95B$3.70B
Cost of revenue$3.01B$2.75B$2.17B$2.64B$2.47B$2.72B$1.72B$1.75B$1.54B$1.43B
Gross profit$5.25B$4.65B$3.90B$3.58B$3.42B$2.90B$2.54B$2.53B$2.41B$2.28B
Selling, general and admin$75.00M$109.00M$113.00M$125.00M$85.00M$142.00M$125.00M$120.00M$82.00M$73.00M
Operating income$2.33B$1.80B$1.58B$1.56B$1.44B$1.23B$1.02B$1.03B$991.00M$836.00M
Interest expense$367.00M$414.00M$284.00M$129.00M$125.00M$101.00M$124.00M$150.00M$143.00M$135.00M
Pre-tax income$2.15B$1.45B$1.40B$1.48B$1.53B$1.21B$1.02B$1.06B$872.00M$133.00M
Income tax$358.00M$334.00M$344.00M$352.00M$347.00M$279.00M$245.00M$606.00M$143.00M$27.00M
Net income$1.79B$1.12B$1.06B$1.13B$1.19B$933.00M$774.00M$458.00M$729.00M$106.00M
EPS, basic$3.12$1.94$2.10$2.28$2.38$1.89$1.56$0.92$1.46$0.21
EPS, diluted$3.09$1.93$2.08$2.26$2.35$1.86$1.54$0.91$1.43$0.21
Diluted shares578.6M579.2M508.4M497.9M505.1M500.7M500.9M503.1M508.8M506.4M

Balance sheet

Balance sheet
Line item
Dec 31, 2025
Dec 31, 2024
Dec 31, 2023
Dec 31, 2022
Dec 31, 2021
Dec 31, 2020
Dec 31, 2019
Dec 31, 2018
Dec 31, 2017
Dec 31, 2016
Cash and equivalents$604.00M$5.01B$453.00M$6.99B$5.50B$5.98B$2.59B$4.70B$399.00M$418.00M
Short-term investments------$291.00M$268.00M$235.00M$245.00M
Receivables$943.00M$1.02B$929.00M$677.00M$588.00M$566.00M$422.00M$384.00M$356.00M$429.00M
Current assets$8.00B$7.79B$9.10B$8.60B$7.42B$7.66B$4.29B$6.37B$5.51B$4.56B
Goodwill$14.37B$13.96B$14.11B$8.10B$8.43B$6.85B$6.37B$6.36B$6.59B$6.03B
Total assets$31.05B$30.39B$32.29B$20.87B$20.11B$17.98B$13.92B$15.70B$15.35B$13.41B
Current liabilities$7.96B$7.90B$9.03B$8.84B$7.87B$4.92B$4.23B$6.57B$5.23B$4.08B
Short-term debt$431.00M$399.00M$291.00M$664.00M$1.02B$0$391.00M$875.00M$480.00M$0
Long-term debt$8.57B$9.08B$10.16B$4.74B$4.81B$5.54B$3.00B$2.96B$3.73B$3.60B
Total debt$9.00B$9.48B$10.45B$5.40B$5.83B$5.54B$3.39B$3.83B$4.21B$3.60B
Total liabilities$18.82B$19.20B$21.47B$14.70B$13.71B$11.54B$8.29B$10.25B$9.47B$8.72B
Shareholders' equity$12.23B$11.19B$10.83B$6.16B$6.41B$6.44B$5.64B$5.45B$5.88B$5.43B

Cash flow

Cash flow
Line item
Dec 31, 2025
Dec 31, 2024
Dec 31, 2023
Dec 31, 2022
Dec 31, 2021
Dec 31, 2020
Dec 31, 2019
Dec 31, 2018
Dec 31, 2017
Dec 31, 2016
Operating cash flow$2.25B$1.94B$1.70B$1.71B$1.08B$1.25B$963.00M$1.03B$909.00M$776.00M
Capital expenditures$266.00M$207.00M$158.00M$152.00M$163.00M$188.00M$127.00M$111.00M$144.00M$134.00M
Free cash flow$1.99B$1.73B$1.54B$1.55B$920.00M$1.06B$836.00M$917.00M$765.00M$642.00M
Investing cash flow-$1.10B-$953.00M-$5.99B$49.00M-$2.65B-$122.00M-$414.00M$196.00M-$890.00M-$1.66B
Financing cash flow-$2.95B-$2.56B$4.22B$1.04B$1.42B$1.91B-$2.47B-$1.03B-$53.00M$948.00M
Dividends paid$601.00M$541.00M$441.00M$383.00M$350.00M$320.00M$305.00M$280.00M$243.00M$200.00M
Share repurchases$616.00M$145.00M$269.00M$308.00M$468.00M$222.00M$200.00M$394.00M$203.00M$100.00M
Stock-based compensation$165.00M$141.00M$122.00M$106.00M$90.00M$87.00M$79.00M$69.00M$70.00M$86.00M
Depreciation and amortization$145.00M$125.00M$117.00M$105.00M$108.00M$99.00M$89.00M$101.00M$96.00M$88.00M

Key ratios

Key ratios
Line item
Dec 31, 2025
Dec 31, 2024
Dec 31, 2023
Dec 31, 2022
Dec 31, 2021
Dec 31, 2020
Dec 31, 2019
Dec 31, 2018
Dec 31, 2017
Dec 31, 2016
Revenue growth, YoY11.6%22.0%-2.6%5.8%4.6%32.1%-0.4%8.3%6.6%8.8%
Net income growth, YoY60.1%5.5%-5.9%-5.2%27.2%20.5%69.0%-37.2%587.7%-75.2%
EPS growth, YoY60.1%-7.2%-8.0%-3.8%26.3%20.5%69.6%-36.5%582.5%-74.8%
Gross margin63.5%62.8%64.2%57.5%58.1%51.6%59.5%59.1%61.1%61.4%
Operating margin28.2%24.3%26.0%25.1%24.5%21.9%23.9%24.0%25.1%22.6%
Net margin21.6%15.1%17.5%18.1%20.2%16.6%18.2%10.7%18.5%2.9%
Free cash flow margin24.1%23.4%25.4%25.0%15.6%18.9%19.6%21.4%19.4%17.3%
Return on equity14.6%10.0%9.8%18.3%18.5%14.5%13.7%8.4%12.4%2.0%
Return on assets5.8%3.7%3.3%5.4%5.9%5.2%5.6%2.9%4.7%0.8%
Current ratio1.010.991.010.970.941.561.010.971.051.12
Debt to equity0.740.850.970.880.910.860.600.700.720.66

Source: XBRL data Nasdaq Inc. files with the SEC, latest filing dated Oct 22, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.

* Worked out from the filings rather than stated in them: Q4 is the full year less the first nine months.

Per-share figures and share counts are restated for stock splits the filings show: 3-for-1, first reported Nov 2, 2022.

EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.

NDAQ peers

CompanyRevenueGrowthNet incomeNet marginMarket cap
NDAQ$9.15B+11.5%$2.08B22.8%$59.44B
MS$80.16B+16.2%$20.45B25.5%$284.96B
GS$69.70B+18.7%$22.17B31.8%$249.73B
BLK$28.54B+24.7%$6.91B24.2%$182.05B
SCHW$27.06B+18.1%$10.64B39.3%$158.22B
CME$6.97B+9.0%$4.43B63.5%$109.49B
ICE$14.05B+12.1%$4.16B29.6%$96.27B
HOOD$5.08B+20.9%$1.98B39.0%$72.86B
IBKR$7.12B+19.7%$1.18B16.5%$34.35B

NDAQ FAQ

9 questions
  • What is NDAQ revenue?
    Nasdaq Inc. (NDAQ) reported $9.15B of revenue for the twelve months ended Sep 30, 2026. That is up 11.5% from the year before. Revenue for fiscal 2025 was $8.26B.
  • Is NDAQ profitable?
    Yes. Nasdaq Inc. earned $2.08B in net income for the twelve months ended Sep 30, 2026, a net margin of 22.8%.
  • How much cash and debt does NDAQ have?
    Nasdaq Inc. reported $365.00M in cash and cash equivalents and $8.74B of debt on its most recent balance sheet in SEC filings.
  • How fast is NDAQ revenue growing?
    Nasdaq Inc.'s revenue changed +11.6% in fiscal 2025, to $8.26B. Its compound annual growth rate was +8.0% over 5 years and +9.3% over 10 years.
  • What is NDAQ gross margin?
    Nasdaq Inc.'s gross profit was $5.78B on $9.15B of revenue for the twelve months ended Sep 30, 2026, a gross margin of 63.2%.
  • What is NDAQ free cash flow?
    Nasdaq Inc. generated $2.26B of free cash flow for the twelve months ended Sep 30, 2026, which is operating cash flow of $2.55B less capital expenditures.
  • What is NDAQ earnings per share?
    Diluted earnings per share were $3.66 for the twelve months ended Sep 30, 2026, from SEC filings, restated for any stock split those filings show.
  • When did NDAQ last report financial results?
    The latest statements here come from Nasdaq Inc.'s 10-Q filed on Oct 22, 2026, covering the period ended Sep 30, 2026.
  • Where does this NDAQ financial data come from?
    Quantisnow builds these statements from the structured XBRL data Nasdaq Inc. files with the SEC. It is provided for information only and is not investment advice.