Nasdaq, Inc. Common Stock (NDAQ) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.98	$1.07	+9.2%	—	$2.5B	—
Q1 26	$0.93	$0.96	+3.2%	—	$2.1B	—
Q4 25	$0.92	$0.96	+4.3%	—	$2.1B	—
Q3 25	$0.85	$0.88	+3.5%	—	$2B	—
Q2 25	$0.81	$0.85	+4.9%	—	$2.1B	—
Q1 25	$0.77	$0.79	+2.6%	—	$2.1B	—
Q4 24	$0.75	$0.76	+1.3%	—	$2B	—
Q3 24	$0.69	$0.74	+7.2%	—	$1.9B	—
Q2 24	$0.64	$0.69	+7.8%	—	$1.8B	—
Q1 24	$0.65	$0.63	-3.1%	—	$1.7B	—
Q4 23	$0.71	$0.72	+1.4%	—	$1.6B	—
Q3 23	$0.68	$0.71	+4.4%	—	$1.5B	—
Q2 23	$0.66	$0.71	+7.6%	—	$1.4B	—
Q1 23	$0.66	$0.69	+4.5%	—	$1.5B	—
Q4 22	$0.65	$0.64	-1.5%	—	$1.6B	—
Q3 22	$0.65	$0.68	+4.6%	—	$1.6B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$3.12	—	—	$8.3B	—
FY24	—	$1.94	—	—	$7.4B	—
FY23	—	$2.1	—	—	$6.1B	—
FY22	—	$2.28	—	—	$6.2B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$3.7B	$3.9B	$4.3B	$4.3B	$5.6B	$5.9B	$6.2B	$6.1B	$7.4B	$8.3B
YoY change	+8.85%	+6.59%	+8.33%	-0.44%	+32.1%	+4.64%	+5.78%	-2.6%	+22%	+11.6%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	3.7B	3.9B	4.3B	4.3B	5.6B	5.9B	6.2B	6.1B	7.4B	8.3B
Cost of revenue	2.2B	2.4B	2.6B	2.6B	3.7B	3.7B	3.9B	3.5B	4.4B	4.8B
Gross profit	1.5B	1.6B	1.7B	1.7B	1.9B	2.2B	2.3B	2.5B	3B	3.5B
Gross margin	39.6%	40.1%	38.7%	39.1%	34.5%	37.9%	37.6%	42%	40.4%	42.2%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	342M	360M	396M	388M	425M	395M	420M	417M	427M	424M
Operating expenses	377M	393M	428M	419M	449M	459M	453M	417M	427M	424M
Operating income	953M	1B	1B	1.1B	1.3B	1.6B	1.7B	1.8B	1.9B	2.4B
Operating margin	25.7%	26.2%	24.5%	25.5%	23.4%	26.5%	26.7%	29.8%	26.3%	29.4%
Non-operating income, net	-690M	-27M	155M	47M	-6M	99M	-64M	-236M	-114M	40M
Pretax income	133M	872M	1.1B	1B	1.2B	1.5B	1.5B	1.4B	1.4B	2.1B
Income tax	27M	143M	606M	245M	279M	347M	352M	344M	334M	358M
Net income	106M	729M	458M	774M	933M	1.2B	1.1B	1.1B	1.1B	1.8B
Net margin	2.86%	18.5%	10.7%	18.2%	16.6%	20.2%	18%	17.4%	15.1%	21.6%
EBITDA	1.1B	1.2B	1.3B	1.4B	1.6B	2B	1.9B	2.2B	2.6B	3.1B
EPS	0.22	1.47	0.92	1.56	1.89	2.38	2.28	2.1	1.94	3.12
Diluted EPS	0.21	1.44	0.91	1.54	1.86	2.35	2.26	2.08	1.93	3.09

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	1.5B	1.6B	1.7B	1.8B	1.9B	2B	2.1B	2.1B	2B	2.1B	2.1B	2.5B
Cost of revenue	838M	907M	973M	1B	1.2B	1.2B	1.3B	1.2B	1.1B	1.2B	1.2B	1.5B
Gross profit	613M	740M	701M	744M	734M	811M	816M	861M	870M	942M	958M	1B
Gross margin	42.2%	44.9%	41.9%	41.5%	38.6%	40%	39%	41.2%	44.4%	44.4%	44.8%	40.3%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	97M	134M	101M	108M	101M	116M	84M	106M	105M	130M	121M	124M
Operating expenses	97M	134M	101M	108M	101M	116M	84M	106M	105M	130M	121M	124M
Operating income	452M	481M	445M	483M	480M	542M	576M	597M	607M	651M	672M	731M
Operating margin	31.2%	29.2%	26.6%	27%	25.2%	26.7%	27.6%	28.6%	31%	30.6%	31.4%	28.9%
Non-operating income, net	-32M	-122M	-31M	-46M	-30M	-10M	-3M	34M	1M	10M	86M	—
Pretax income	391M	278M	312M	341M	356M	439M	488M	548M	529M	580M	677M	653M
Income tax	97M	82M	79M	119M	51M	84M	93M	96M	106M	62M	158M	146M
Net income	294M	196M	233M	222M	305M	355M	395M	452M	423M	518M	519M	507M
Net margin	20.3%	11.9%	13.9%	12.4%	16%	17.5%	18.9%	21.6%	21.6%	24.4%	24.3%	20%
EBITDA	573M	637M	605M	653M	639M	714M	765M	788M	794M	799M	852M	921M
EPS	0.6	0.36	0.41	0.39	0.53	0.62	0.69	0.79	0.74	0.91	0.92	0.9
Diluted EPS	0.6	0.36	0.4	0.38	0.53	0.61	0.68	0.78	0.73	0.9	0.91	0.89

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	11.1B	12.8B	13.5B	17.7B	21.8B	34.8B	30.2B	29.4B	—	55.7B	51.8B
Enterprise value	14B	16.4B	16.5B	20.8B	24.8B	40.5B	35.4B	39.6B	—	61.8B	61.1B
Shares outstanding	495.6M	499.2M	495.9M	494.7M	493.2M	497.7M	492.4M	504.9M	575.4M	573.3M	573.3M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	104.6	17.5	29.4	22.8	23.4	29.4	26.9	27.8	—	31.2	26.8
P/S	2.99	3.24	3.15	4.15	3.88	5.92	4.85	4.84	—	6.74	9.16
P/B	2.04	2.17	2.47	3.13	3.39	5.44	4.9	2.71	—	4.55	4.31
EV/EBITDA	12.5	13.2	12.9	15.2	15.6	20.6	18.1	17.8	—	19.6	18.2
EV/Sales	3.79	4.15	3.86	4.87	4.41	6.87	5.68	6.53	—	7.48	10.9
Earnings yield	0.96%	5.7%	3.4%	4.38%	4.28%	3.41%	3.72%	3.6%	—	3.21%	3.73%
FCF yield	5.79%	5.98%	6.8%	4.73%	4.88%	2.64%	5.14%	5.24%	—	3.57%	3.27%
PEG	—	—	—	—	—	—	—	—	—	—	1.93

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	39.6%	40.1%	38.7%	39.1%	34.5%	37.9%	37.6%	42%	40.4%	42.2%	40.3%
Operating margin	25.7%	26.2%	24.5%	25.5%	23.4%	26.5%	26.7%	29.8%	26.3%	29.4%	49.3%
Net margin	2.86%	18.5%	10.7%	18.2%	16.6%	20.2%	18%	17.4%	15.1%	21.6%	35%
ROE	1.95%	12.4%	8.41%	13.7%	14.5%	18.5%	18.2%	9.76%	9.96%	14.6%	16.5%
ROA	0.75%	4.75%	2.92%	5.56%	5.19%	5.9%	5.38%	3.27%	3.67%	5.75%	5.85%
ROIC	9.06%	9.13%	5.33%	9.44%	10.7%	10%	11.2%	6.47%	7.39%	11%	11.6%
Return on tangible assets	-5.07%	-26.5%	-28.2%	-23.4%	-403.9%	-49.9%	-228.3%	-9.77%	-9.84%	-16.7%	-14.5%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.12	1.05	0.97	1.01	1.56	0.94	0.97	1.01	0.99	1.01	1.01
Quick ratio	1.12	1.05	0.97	1.01	1.56	0.94	0.97	1.01	0.99	1.01	1.01
Debt / equity	0.66	0.72	0.7	0.66	0.92	0.97	0.95	1	0.88	0.77	0.78
Debt / assets	0.25	0.27	0.24	0.27	0.33	0.31	0.28	0.34	0.32	0.3	0.34
Net debt / EBITDA	2.63	2.9	2.35	2.27	1.88	2.86	2.65	4.6	3.48	1.94	1.92
Interest coverage	2.03	7.46	8.6	9.86	14	14.3	13.3	6.15	4.64	7.06	8.26
Effective tax rate	20.3%	16.4%	57%	24%	23%	22.6%	23.9%	24.6%	23.1%	16.7%	19.4%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	7.47	7.91	8.62	8.61	11.4	11.8	12.6	12	12.9	14.4	9.87
EPS (basic)	0.22	1.47	0.92	1.56	1.89	2.38	2.28	2.1	1.94	3.12	3.12
EPS (diluted)	0.21	1.44	0.91	1.54	1.86	2.35	2.26	2.08	1.93	3.09	3.43
Book value per share	11	11.8	11	11.4	13	12.9	12.5	21.4	19.5	21.3	21.3
FCF per share	1.3	1.53	1.85	1.69	2.16	1.85	3.16	3.05	3.01	3.47	3.44
Cash per share	1.31	1.23	1.64	1.26	5.96	1.21	1.39	1.27	1.35	5.85	0.99
Capex per share	0.27	0.29	0.22	0.26	0.38	0.33	0.31	0.31	0.36	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	3.62%	3.65%	2.6%	2.98%	3.34%	2.77%	2.44%	2.61%	2.8%	—	—
Capex / operating cash flow	79.8%	15.2%	9.41%	12.1%	16.2%	12.3%	9.87%	8.79%	12.3%	—	—
Payout ratio	188.7%	33.3%	61.1%	39.4%	34.3%	29.5%	34.1%	41.7%	48.5%	33.6%	32.7%
Dividend yield	1.8%	1.9%	2.08%	1.73%	1.47%	1%	1.27%	1.5%	—	1.08%	1.34%

Yield

1.34%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.31

ex-dividend Sep 11, 2026

Payout ratio

33%

of earnings

Dividend growth

12 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Sep 11, 2026	$0.31
Jun 12, 2026	$0.31
Mar 16, 2026	$0.27
Dec 5, 2025	$0.27
Sep 12, 2025	$0.27

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$1.5B	$1.6B	$1.7B	$1.8B	$1.9B	$2B	$2.1B	$2.1B	$2B	$2.1B	$2.1B	$2.5B
YoY change	-6.81%	+4.11%	+9.2%	+25.1%	+31.1%	+23.3%	+24.9%	+16.6%	+2.94%	+4.63%	+2.25%	+21.1%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	648M	612M	813M	623M	2.9B	601M	683M	641M	776M	3.4B
Receivables	429M	356M	384M	422M	566M	588M	677M	929M	1B	943M
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	4.6B	5.5B	6.4B	4.3B	7.7B	7.4B	8.6B	9.1B	7.8B	8B
Property, plant & equipment	362M	400M	376M	730M	856M	875M	976M	978M	968M	1.2B
Goodwill & intangibles	16.2B	18.1B	17.3B	17.2B	18.2B	22.5B	21.4B	43.1B	41.7B	41.8B
Total assets	14.2B	15.4B	15.7B	13.9B	18B	20.1B	20.9B	32.3B	30.4B	31.1B
Accounts payable	175M	177M	198M	148M	175M	185M	185M	332M	269M	280M
Short-term debt	—	480M	875M	391M	—	1B	664M	291M	399M	431M
Total current liabilities	4.1B	5.2B	6.6B	4.2B	4.9B	7.9B	8.8B	9B	7.9B	8B
Long-term debt	3.6B	3.7B	3B	3.3B	5.9B	5.2B	5.2B	10.6B	9.5B	9B
Total liabilities	8.7B	9.5B	10.3B	8.3B	11.5B	13.7B	14.7B	21.5B	19.2B	18.8B
Shareholders' equity	5.4B	5.9B	5.4B	5.6B	6.4B	6.4B	6.2B	10.8B	11.2B	12.2B
Total debt	3.6B	4.2B	3.8B	3.7B	5.9B	6.2B	5.9B	10.9B	9.9B	9.5B
Net debt	3.2B	3.8B	3.3B	3.4B	3.2B	5.8B	5.3B	10.4B	9.3B	8.9B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	5.6B	641M	561M	590M	468M	776M	2.6B	2B	2.5B	3.4B	2.4B	2.8B
Receivables	595M	929M	925M	960M	944M	1B	986M	896M	865M	943M	985M	1.2B
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	12.4B	9.1B	7.3B	7.3B	7.6B	7.8B	7.8B	7.4B	7.6B	8B	4.4B	4.5B
Property, plant & equipment	939M	978M	975M	956M	972M	968M	1B	1.1B	1.1B	1.2B	1.2B	1.2B
Goodwill & intangibles	20.9B	43.1B	42.5B	42.3B	42.5B	41.7B	42B	42.1B	41.9B	41.8B	41.4B	40.9B
Total assets	24.4B	32.3B	30.3B	30.2B	30.6B	30.4B	30.6B	30.4B	30.7B	31.1B	27.3B	27.3B
Accounts payable	286M	332M	266M	301M	289M	269M	255M	246M	256M	280M	245M	252M
Short-term debt	—	291M	224M	548M	499M	399M	400M	500M	431M	431M	431M	269M
Total current liabilities	7B	9B	7.4B	7.8B	7.9B	7.9B	8B	7.7B	7.7B	8B	4.4B	4.5B
Long-term debt	10.1B	10.6B	10.2B	9.7B	9.8B	9.5B	9.3B	9.1B	9.1B	9B	9B	9B
Total liabilities	17.9B	21.5B	19.4B	19.3B	19.5B	19.2B	19.1B	18.6B	18.6B	18.8B	15.3B	15.3B
Shareholders' equity	6.5B	10.8B	10.8B	10.9B	11.1B	11.2B	11.6B	11.8B	12B	12.2B	12B	12B
Total debt	10.1B	10.9B	10.4B	10.2B	10.3B	9.9B	9.7B	9.6B	9.6B	9.5B	9.4B	9.2B
Net debt	4.8B	10.4B	10B	9.8B	10B	9.3B	9B	8.9B	9.1B	8.9B	8.9B	8.7B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	106M	729M	458M	774M	933M	1.2B	1.1B	1.1B	1.1B	1.8B
Depreciation & amortization	170M	188M	210M	190M	202M	278M	258M	323M	613M	632M
Stock-based compensation	86M	70M	69M	79M	87M	90M	106M	122M	141M	165M
Change in working capital	-74M	-74M	85M	-62M	-133M	-335M	-13M	186M	-223M	59M
Operating cash flow	168M	945M	1.2B	1B	1.2B	1.3B	1.5B	1.8B	1.7B	2.3B
Capital expenditure	-134M	-144M	-111M	-127M	-188M	-163M	-152M	-158M	-207M	—
Investing cash flow	-1.7B	-890M	196M	-414M	-122M	-2.7B	49M	-6B	-953M	-834M
Dividends paid	-200M	-243M	-280M	-305M	-320M	-350M	-383M	-441M	-541M	-601M
Share repurchases	-100M	-203M	-394M	-200M	-222M	-943M	-633M	-269M	-145M	-616M
Financing cash flow	959M	-35M	-1B	-2.5B	1.9B	1.5B	1.1B	4.3B	-2.5B	-2.9B
Net change in cash	-536M	20M	331M	-1.8B	2.9B	120M	2.7B	67M	-1.8B	-1.5B
Free cash flow	642M	765M	917M	836M	1.1B	920M	1.6B	1.5B	1.7B	2B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	294M	196M	233M	222M	305M	355M	395M	451M	423M	518M	519M	507M
Depreciation & amortization	64M	125M	155M	153M	152M	153M	156M	157M	158M	161M	165M	166M
Stock-based compensation	30M	32M	30M	39M	36M	36M	35M	46M	41M	43M	38M	49M
Change in working capital	-7M	-72M	214M	-98M	-243M	-96M	298M	-75M	-30M	-134M	202M	-343M
Operating cash flow	396M	313M	657M	295M	288M	443M	879M	587M	221M	625M	689M	711M
Capital expenditure	-37M	-42M	-39M	-52M	-56M	-60M	-49M	-59M	—	—	—	—
Investing cash flow	134M	-5.8B	-232M	214M	73M	-1B	-258M	-111M	-76M	-549M	807M	-458M
Dividends paid	-108M	-127M	-127M	-138M	-138M	-138M	-138M	-155M	-155M	-153M	-153M	-174M
Share repurchases	0	-110M	0	-58M	-87M	0	-115M	-100M	-115M	-286M	-548M	-355M
Financing cash flow	-1.6B	1.9B	-1.9B	-623M	-308M	348M	-1.1B	-1.5B	100M	-470M	-4.2B	-847M
Net change in cash	-1.1B	-3.7B	-1.5B	-114M	53M	-217M	-437M	-980M	245M	-394M	-2.7B	-594M
Free cash flow	263M	375M	491M	408M	188M	645M	614M	687M	152M	536M	629M	634M

Nasdaq, Inc. Common Stock Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history