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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.

106.23 0.63 +0.60%
Market cap
$58.6B
P/E
30.7×
Fwd P/E
29.4×
Dividend yield
1.09%
F-score
9/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Financial Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Filings

Insider Decisions trades per month

Total buys 21.68
Total sells 88.88
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 5
Insider Ownership 22.87%

Capital & Financial Ratios $m

Market Cap 58,600.00
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 30.67
Fwd P/E 29.40
P/S ratio 6.88
P/B ratio 5.01
Past 5Y EPS Growth 10.65%
This Y EPS Growth 19.05% (at or above 15%: strong)
Next Y EPS Growth 14.38%
Next Y revenue growth (28.30%) (below 0%: weak)
Next 5Y EPS Growth 15.87% (at or above 15%: strong)

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

Valuation vs history

P/E against its own 10 years 69.78%
10-year low 10-year high
P/S against its own 10 years 99.63%
10-year low 10-year high
P/B against its own 10 years 94.09%
10-year low 10-year high

Dividends

Payout Ratio 0.34
Annual Dividend Rate 1.16
Annual Dividend Yield 1.09%
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%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 1.02 Actual 1.04

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.91 0.96 Beat by 0.05
Q1 FY26 0.93 0.96 Beat by 0.03
Q2 FY26 0.98 1.07 Beat by 0.09
Q3 FY26 1.02 1.04 Beat by 0.02
Q4 FY26 1.07 — Reports 4 February 2027

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.

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.

Target Price Range

Analyst price targets

Recommendation Rating

1.6
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Price, $
Price, $ Low 18.42 21.99 24.33 26.22 23.89 43.57 46.77 46.88 54.90 64.84 +15.0% ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
High 23.97 26.71 32.28 36.09 46.50 71.65 70.29 63.90 83.77 99.59 +17.1% ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
People
People Employees 4,325 4,734 4,099 4,361 4,830 5,814 6,377 8,525 9,162 9,525 +9.2% ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
Revenue/emp, $m 0.86 0.83 1.04 0.98 1.16 1.01 0.98 0.71 0.81 0.87 +0.1% ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
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 +9.3% 5,924 6,460 7,035 (5.2%)
Gross margin, % 61.45 61.07 59.06 59.53 51.61 58.10 57.53 64.23 62.82 63.53 +2.1 pt
EBT 133 872 1,064 1,019 1,212 1,534 1,475 1,401 1,449 2,145 +36.2%
EBT margin, % 3.59 22.09 24.88 23.93 21.55 26.06 23.69 23.10 19.58 25.96 +22.4 pt
Net income 106 729 458 774 933 1,187 1,123 1,057 1,115 1,787 +36.9%
Depreciation 170 188 210 190 202 278 258 323 613 632 +15.7%
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 +7.6%
Earnings 0.22 1.47 0.92 1.56 1.89 2.38 2.28 2.10 1.94 3.12 +34.5%
Cash flow 1.57 1.82 2.07 1.95 2.54 2.18 3.46 3.36 3.37 3.93 +10.8%
Capex (0.27) (0.29) (0.22) (0.26) (0.38) (0.33) (0.31) (0.31) (0.36) (0.46) +6.2%
Free cash flow 1.30 1.53 1.85 1.69 2.16 1.85 3.16 3.05 3.01 3.47 +11.6%
Book value 10.96 11.78 10.98 11.40 13.05 12.87 12.52 21.44 19.46 21.34 +7.7%
Shares, m 496 499 496 495 493 498 492 505 575 573 +1.6%
Valuation, ×
Valuation, × P/E 101.05 17.40 29.55 22.88 23.41 29.33 27.01 26.84 39.65 31.03 34.8
P/S 2.97 3.23 3.15 4.15 3.88 5.92 4.88 4.74 6.01 6.74 4.6
P/B 2.03 2.17 2.48 3.13 3.39 5.44 4.93 2.65 3.97 4.55 3.5
EV/Sales 3.77 4.11 3.73 4.79 4.40 6.69 5.59 6.37 7.18 7.72 5.4
EV/FCF 21.77 21.23 17.41 24.39 23.28 42.83 22.41 25.10 30.68 32.07 26.1
Cash, $m
Cash, $m Operating cash flow 776 909 1,028 963 1,252 1,083 1,706 1,696 1,939 2,255 +12.6%
Capex (134) (144) (111) (127) (188) (163) (152) (158) (207) (266) +7.9%
Free cash flow 642 765 917 836 1,064 920 1,554 1,538 1,732 1,989 +13.4%
Balance, $m
Balance, $m Working capital 478 276 (200) 63 2,736 (449) (231) 71 (116) 42 (23.7%)
Total debt 3,603 3,727 2,956 2,996 5,541 4,812 4,735 10,163 9,081 8,573 +10.1%
Net debt 2,940 3,093 2,102 2,343 2,564 4,182 4,030 9,502 8,274 7,731 +11.3%
Shareholders’ equity 5,430 5,880 5,449 5,639 6,436 6,405 6,164 10,827 11,200 12,232 +9.4%
Returns, %
Returns, % ROA 0.82 4.94 2.95 5.23 5.85 6.23 5.49 3.98 3.56 5.82 +5.0 pt
ROIC 6.24 6.90 8.51 7.96 8.57 8.51 9.59 4.85 5.77 7.30 +1.1 pt
ROE 1.92 12.89 8.09 13.96 15.45 18.49 17.90 12.47 10.14 15.26 +13.3 pt
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
Market Services 4,214 51.00%
Capital Access Platforms 2,137 25.87%
Financial Technology 1,850 22.39%
Other, not broken out 61 0.74%
Gross margin 63.53%
Operating margin 28.21%
Pre-tax margin 25.96%

Revenue by segment since 2009

Nasdaq, Inc. vs peers in Financial Data & Stock Exchanges (Q) = latest quarter vs a year earlier

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. $133.6B 28.4× 28.2× +10.41% (above 0%: growing) +16.57% (above 0%: growing) +1.23% (above 0%: growing) 71.90% 43.70% Compare
CME CME Group Inc. $106.1B 25.5× 25.4× +0.84% (above 0%: growing) +2.85% (above 0%: growing) −11.21% (below 0%: shrinking) 100.00% 64.89% Compare
ICE Intercontinental Exchange Inc. $91.1B 23.7× 22.7× +4.84% (above 0%: growing) +14.09% (above 0%: growing) +29.65% (above 0%: growing) 98.61% 52.18% Compare
MCO Moody's Corporation $84.3B 31.2× 30.3× +15.12% (above 0%: growing) +56.52% (above 0%: growing) +47.01% (above 0%: growing) 76.29% 47.87% Compare
NDAQ Nasdaq, Inc. $58.6B 30.7× 29.4× +20.51% (above 0%: growing) +13.92% (above 0%: growing) −7.71% (below 0%: shrinking) 59.24% 28.12%
MSCI MSCI Inc $44.2B 34.1× 31.4× +12.20% (above 0%: growing) +19.90% (above 0%: growing) +8.19% (above 0%: growing) 82.71% 56.23% Compare
COIN Coinbase Global, Inc. $42.4B — (loss-making) — (loss-making) −18.51% (below 0%: shrinking) n/m +128.50% (above 0%: growing) 84.44% (9.30%) Compare
CBOE Cboe Global Markets, Inc. $32.8B 25.9× — +22.95% (above 0%: growing) +50.67% (above 0%: growing) −270.85% (below 0%: shrinking) 50.71% 32.99% Compare
TRU TransUnion $14.4B 20.2× 17.7× +14.91% (above 0%: growing) +33.93% (above 0%: growing) +42.65% (above 0%: growing) 58.41% 19.70% Compare
Median of peers $64.3B 25.9× 26.8× +11.31% +19.90% +18.92% 79.50% 45.79%

All 14 Financial Data & Stock Exchanges stocks →

Business profile

Updated

Nasdaq, founded in 1971 and headquartered in New York City, operates a technology platform for financial markets. Adena Friedman is its chief executive. It runs 19 exchanges across equities, options, derivatives, fixed income, commodities and exchange-traded products, while also supplying market infrastructure and software to organizations that operate or participate in markets.

The company has three segments. Capital Access Platforms serves listed and private companies, investors, asset managers and consultants with listing venues, market data, index products, investment analytics, investor-relations software, governance tools and sustainability-related products. Financial Technology sells software and services to exchanges, clearing organizations, central securities depositories, banks, brokers, buy-side firms and companies. Its offerings include Nasdaq Verafin for fraud and anti-money-laundering work; AxiomSL for regulatory reporting and risk-data management; Calypso for trading, treasury, risk and collateral management; and market-technology systems.

Financial Analysis (summary)

Updated

Nasdaq reported revenue of $8.3 billion, net income of $1.8 billion and diluted EPS of $3.09 in FY2025. In Q2 FY2026, revenue was $2.5 billion, operating income was $712.0 million and net income was $507.0 million. Trailing-twelve-month revenue to Q2 FY2026 was $8.7 billion.

FY2025 free cash flow was $2.0 billion, while operating cash flow was $2.3 billion. Net debt was $7.7 billion in Q2 FY2026, alongside a current ratio of 1.0×. As of October 22, 2026, the P/E was 27.7×, above the industry median of 23.4×.

Pay and ownership Proxy statement filed 24 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 25.01m 59.05m 235.00
2024 21.52m 51.07m 185.00
2023 18.50m 9.82m 137.00
2022 28.05m 25.89m 142.00
2021 19.97m 69.02m 160.00

Ownership

Directors and executive officers, together less than 1%
The Vanguard Group, Inc.1 10.50%
Investor AB2 10.30%
Borse Dubai Limited3 10.30%
Wellington Management Company LLP4 7.30%
BlackRock, Inc.5 5.30%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Nasdaq, Inc. (NDAQ) Latest News

29 Oct

Impact 3 ·

28 Oct

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26 Oct

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25 Oct

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24 Oct

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23 Oct

Impact 4 · earnings
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22 Oct

Impact 4 · earnings
Impact 4 · transcript
Impact 4 · earnings
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Impact 3 · earnings
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21 Oct

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20 Oct

Impact 4 ·
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19 Oct

Impact 3 ·

NDAQ metrics, ten years each

stockrow.com/NDAQ · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com