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Nasdaq, Inc.

NDAQ Financial Financial Data & Stock Exchanges

Nasdaq, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $8.3 billion, up 11.6% from fiscal 2024. In the quarter to June 2026, revenue grew 20.5%, EPS grew 13.9%, free cash flow fell 7.71% and total debt fell 2.14%, each against the same quarter a year earlier. Member of the S&P 500; dividend growth for ten consecutive years; insiders bought in the last twelve months.

93.65 1.28 +1.39%

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Market cap: $51.6B
P/E: 27.0×
Fwd P/E: 26.1×
Dividend yield: 1.24%
F-score: 9/9
Altman Z: n/a
Beneish M: n/a
Dividend safety: n/a

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios Filings 10-Q 10-K

Insider Decisions trades per month

Total buys 21.68

Total sells 86.76

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	2	—	—	—	1	—	—	—	—
Sell	1	2	2	2	2	4	1	1	4	4	2	—

Insider Ownership 22.32%

Capital & Financial Ratios $m

Market Cap 51,630.00

Revenue 8,734.00

Net Income 1,967.00

Free Cash Flow 1,951.00

Net Debt 7,748.00

Current Ratio 1.01

Debt/Equity 0.71

P/E ratio 26.99

Fwd P/E 26.10

P/S ratio 6.05

P/B ratio 4.41

Past 5Y EPS Growth 10.65%

This Y EPS Growth 18.45%

Next Y EPS Growth 13.49%

Next Y revenue growth (28.49%)

Next 5Y EPS Growth 15.05%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

P/E against its own 10 years 52.77%

10-year low 10-year high

P/S against its own 10 years 86.60%

10-year low 10-year high

P/B against its own 10 years 82.02%

10-year low 10-year high

Dividends

Payout Ratio 0.34

Annual Dividend Rate 1.16

Annual Dividend Yield 1.24%

	total	individual payouts
2028	Powerpack
2027	Powerpack
2026	1.20	0.27 0.31 0.31
2025	1.05	0.24 0.27 0.27 0.27
2024	0.94	0.22 0.24 0.24 0.24
2023	0.86	0.20 0.22 0.22 0.22
2022	0.78	0.18 0.20 0.20 0.20
2021	0.70	0.16 0.18 0.18 0.18
2020	0.65	0.16 0.16 0.16 0.16
2019	0.62	0.15 0.16 0.16 0.16
2018	0.57	0.13 0.15 0.15 0.15
2017	0.49	0.11 0.13 0.13 0.13
2016	0.40	0.08 0.11 0.11 0.11

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	661	807	842	744
Receivables	929	1,022	943	1,182
Inventory	—	—	—	—
Other	7,506	5,957	6,218	2,607
	9,096	7,786	8,003	4,533

	2023	2024	2025	Q'26
Payables	416	588	280	565
ST’ Debt	—	—	—	—
Other	7,421	5,879	6,101	2,497
	9,025	7,902	7,961	4,505

Compound Annual Growth %

	10y	5y	3y
Sales	9.28%	7.99%	9.89%
Cash Flow	11.99%	12.49%	9.75%
Earnings	15.37%	13.89%	16.70%
Book Value	8.11%	13.70%	25.66%

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	2,137	2,532	—	—	—
’25	2,096	2,101	1,958	2,107	8,262
’24	1,674	1,792	1,902	2,032	7,400
’23	1,533	1,433	1,451	1,647	6,064
’22	1,535	1,552	1,557	1,582	6,226
’21	1,651	1,412	1,357	1,466	5,886
’20	1,353	1,398	1,413	1,461	5,625

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	689	711	—	—	—
’25	663	746	221	625	2,255
’24	530	460	244	705	1,939
’23	565	414	300	417	1,696
’22	605	375	232	494	1,706
’21	394	73	232	384	1,083
’20	380	441	(4)	435	1,252

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	629	634	—	—	—
’25	614	687	152	536	1,989
’24	491	408	188	645	1,732
’23	525	375	263	375	1,538
’22	570	333	496	155	1,554
’21	352	34	200	334	920
’20	354	399	(64)	375	1,064

Fiscal quarters ending in the months shown.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	0.91	0.89	—	—	—
’25	0.68	0.78	0.73	0.90	3.09
’24	0.40	0.38	0.53	0.61	1.93
’23	0.61	0.54	0.60	0.36	2.08
’22	0.57	0.62	0.59	0.48	2.26
’21	0.59	0.68	0.56	0.51	2.35
’20	0.41	0.48	0.53	0.45	1.86

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	18.42	21.99	24.33	26.22	23.89	43.57	46.77	46.88	54.90	64.84	Analyst estimates 2026–2028 Powerpack
	High	23.97	26.71	32.28	36.09	46.50	71.65	70.29	63.90	83.77	99.59
People
People	Employees	4,325	4,734	4,099	4,361	4,830	5,814	6,377	8,525	9,162	9,525
	Revenue/emp, $m	0.86	0.83	1.04	0.98	1.16	1.01	0.98	0.71	0.81	0.87
Income, $m
Income, $m	Revenue	3,704	3,948	4,277	4,258	5,625	5,886	6,226	6,064	7,400	8,262
	Gross margin, %	61.45	61.07	59.06	59.53	51.61	58.10	57.53	64.23	62.82	63.53
	EBT	133	872	1,064	1,019	1,212	1,534	1,475	1,401	1,449	2,145
	EBT margin, %	3.59	22.09	24.88	23.93	21.55	26.06	23.69	23.10	19.58	25.96
	Net income	106	729	458	774	933	1,187	1,123	1,057	1,115	1,787
	Depreciation	170	188	210	190	202	278	258	323	613	632
Per share, $
Per share, $	Revenue	7.47	7.91	8.62	8.61	11.40	11.83	12.64	12.01	12.86	14.41
	Earnings	0.22	1.47	0.92	1.56	1.89	2.38	2.28	2.10	1.94	3.12
	Cash flow	1.57	1.82	2.07	1.95	2.54	2.18	3.46	3.36	3.37	3.93
	Capex	(0.27)	(0.29)	(0.22)	(0.26)	(0.38)	(0.33)	(0.31)	(0.31)	(0.36)	(0.46)
	Free cash flow	1.30	1.53	1.85	1.69	2.16	1.85	3.16	3.05	3.01	3.47
	Book value	10.96	11.78	10.98	11.40	13.05	12.87	12.52	21.44	19.46	21.34
	Shares, m	496	499	496	495	493	498	492	505	575	573
Valuation, ×
Valuation, ×	P/E	101.05	17.40	29.55	22.88	23.41	29.33	27.01	26.84	39.65	31.03
	P/S	2.97	3.23	3.15	4.15	3.88	5.92	4.88	4.74	6.01	6.74
	P/B	2.03	2.17	2.48	3.13	3.39	5.44	4.93	2.65	3.97	4.55
	EV/Sales	3.77	4.11	3.73	4.79	4.40	6.69	5.59	6.37	7.18	7.72
	EV/FCF	21.77	21.23	17.41	24.39	23.28	42.83	22.41	25.10	30.68	32.07
Cash, $m
Cash, $m	Operating cash flow	776	909	1,028	963	1,252	1,083	1,706	1,696	1,939	2,255
	Capex	(134)	(144)	(111)	(127)	(188)	(163)	(152)	(158)	(207)	(266)
	Free cash flow	642	765	917	836	1,064	920	1,554	1,538	1,732	1,989
Balance, $m
Balance, $m	Working capital	478	276	(200)	63	2,736	(449)	(231)	71	(116)	42
	Total debt	3,603	3,727	2,956	2,996	5,541	4,812	4,735	10,163	9,081	8,573
	Net debt	2,940	3,093	2,102	2,343	2,564	4,182	4,030	9,502	8,274	7,731
	Shareholders’ equity	5,430	5,880	5,449	5,639	6,436	6,405	6,164	10,827	11,200	12,232
Returns, %
Returns, %	ROA	0.82	4.94	2.95	5.23	5.85	6.23	5.49	3.98	3.56	5.82
	ROIC	6.24	6.90	8.51	7.96	8.57	8.51	9.59	4.85	5.77	7.30
	ROE	1.92	12.89	8.09	13.96	15.45	18.49	17.90	12.47	10.14	15.26

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
SPGI S&P Global Inc.	$118.7B	24.9×	25.0×	+10.41% (above 0%: growing)	+16.57% (above 0%: growing)	+1.23% (above 0%: growing)	71.90%	43.70%	Compare
CME CME Group Inc.	$99.4B	23.6×	21.7×	+0.84% (above 0%: growing)	+2.85% (above 0%: growing)	−11.21% (below 0%: shrinking)	100.00%	64.89%	Compare
ICE Intercontinental Exchange Inc.	$87.2B	21.9×	19.9×	+4.84% (above 0%: growing)	+14.09% (above 0%: growing)	+29.65% (above 0%: growing)	98.61%	52.18%	Compare
MCO Moody's Corporation	$79.5B	29.3×	28.7×	+15.12% (above 0%: growing)	+56.52% (above 0%: growing)	+47.01% (above 0%: growing)	76.29%	47.87%	Compare
NDAQ Nasdaq, Inc.	$51.6B	27.0×	26.1×	+20.51% (above 0%: growing)	+13.92% (above 0%: growing)	−7.71% (below 0%: shrinking)	59.24%	28.12%
COIN Coinbase Global, Inc.	$45.4B	— (loss-making)	359×	−18.51% (below 0%: shrinking)	n/m	+128.50% (above 0%: growing)	84.44%	(9.30%)	Compare
MSCI MSCI Inc	$40.8B	30.8×	30.8×	+12.20% (above 0%: growing)	+19.90% (above 0%: growing)	+8.19% (above 0%: growing)	82.71%	56.23%	Compare
CBOE Cboe Global Markets, Inc.	$30.7B	23.6×	—	+22.95% (above 0%: growing)	+50.67% (above 0%: growing)	−270.85% (below 0%: shrinking)	50.71%	32.99%	Compare
TRU TransUnion	$12.4B	17.1×	17.1×	+14.91% (above 0%: growing)	+33.93% (above 0%: growing)	+42.65% (above 0%: growing)	58.41%	19.70%	Compare
Median of peers	$62.4B	23.6×	25.0×	+11.31%	+19.90%	+18.92%	79.50%	45.79%

All 15 Financial Data & Stock Exchanges stocks →

Nasdaq, Inc. (NDAQ) key facts

Strength: Nasdaq, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $8.3 billion, up 11.6% from fiscal 2024.
Strength: Net income was $1.8 billion, or $3.12 per share (basic), a net margin of 21.6%.
Nasdaq, Inc. (NDAQ) is a Financial Data & Stock Exchanges company in the Financial sector, listed on Nasdaq.
As of October 9, 2026, NDAQ traded at $93.65, a market capitalization of $51.6 billion.
At that price the stock trades at 27.0× trailing-twelve-month earnings and 6.0× sales; its P/E is higher than 53% of its own readings over the past ten years.
Nasdaq, Inc. pays an annual dividend of $1.16 per share, a yield of 1.24%, with a payout ratio of 33.8%.
Return on equity was 15.3% and debt-to-equity 0.71.
Its Piotroski F-score is 9 out of 9 for fiscal 2025.