Pricing Log in Create free account
Saturday 31 October 2026 Export NDAQ’s income statement to Excel — free account

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.

Revenue
+20.5%
EPS
+13.9%
Free cash flow
−7.71%
Total debt
−2.14%

Quarter to June 2026, against a year earlier

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
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Filings

Nasdaq, Inc. (NDAQ) Financial Analysis

Updated · Covers results through Q2 FY2026 · How this is made

Snapshot

Revenue was $8.3 billion in FY2025, with gross profit of $5.2 billion, operating income of $2.3 billion and net income of $1.8 billion in FY2025. Diluted EPS was $3.09 in FY2025.

In Q2 FY2026, revenue was $2.5 billion, gross profit was $1.5 billion, operating income was $712.0 million and net income was $507.0 million. Diluted EPS was $0.89 in Q2 FY2026. Revenue was $8.7 billion in TTM to Q2 FY2026, and net income was $2.0 billion in TTM to Q2 FY2026.

Growth

Revenue increased 11.6% in FY2025 against FY2024, reaching $8.3 billion in FY2025. Revenue compound annual growth was 9.89% in FY2022–FY2025 and 7.99% in FY2020–FY2025. Diluted EPS increased 60.1% in FY2025 against FY2024 to $3.09 in FY2025, while its compound annual growth was 11.0% in FY2022–FY2025.

Free cash flow increased 14.8% in FY2025 against FY2024 to $2.0 billion in FY2025. In Q2 FY2026, revenue increased 20.5% against Q2 FY2025 and 18.5% against Q1 FY2026; diluted EPS increased 14.1% against Q2 FY2025 but declined −2.20% against Q1 FY2026. Free cash flow declined −7.71% in Q2 FY2026 against Q2 FY2025.

Profitability

Gross margin was 63.5% in FY2025, an increase of 0.7 percentage points in FY2024–FY2025 and 11.9 percentage points in FY2020–FY2025. Operating margin was 28.2% in FY2025, up 3.9 percentage points in FY2024–FY2025 and 6.3 percentage points in FY2020–FY2025. Net margin was 21.6% in FY2025, up 6.6 percentage points in FY2024–FY2025.

Return on equity was 15.3%, return on assets was 5.82%, and return on invested capital was 7.30% in FY2025. In Q2 FY2026, gross margin was 59.2% and operating margin was 28.1%. Gross margin declined −6.6 percentage points and operating margin declined −2.6 percentage points in Q2 FY2026 against Q1 FY2026.

Balance sheet

Total debt was $8.6 billion, net debt was $7.7 billion, and cash and short-term investments were $842.0 million in FY2025. Shareholders’ equity was $12.2 billion and working capital was $42.0 million in FY2025. Book value per share was $21.34 in FY2025.

Net debt was $7.7 billion in Q2 FY2026, compared with $7.8 billion in Q1 FY2026; the change was −$30.0 million in Q2 FY2026 against Q1 FY2026. Net debt was $81.0 million higher in Q2 FY2026 against Q2 FY2025. The current ratio was 1.0× and debt to equity was 0.7× in Q2 FY2026.

Cash flow & capital return

Operating cash flow was $2.3 billion, capital expenditure was $266.0 million and free cash flow was $2.0 billion in FY2025. Free cash flow represented 111.3% of net income in FY2025. Operating cash flow increased 16.3% and free cash flow increased 14.8% in FY2025 against FY2024.

Dividends paid were $601.0 million and net share repurchases were $616.0 million in FY2025. Capital returned to shareholders was $1.2 billion in FY2025 and $4.9 billion in FY2021–FY2025. Weighted average shares were 573.3 million shares in FY2025 and 564.2 million shares in Q2 FY2026. Free cash flow was $634.0 million in Q2 FY2026.

Valuation

Market capitalisation was $58.2 billion as of October 22, 2026. The P/E was 27.7× as of October 22, 2026, below the five-year median of 29.3× and below the ten-year median of 28.2× as of October 22, 2026. The P/E was higher than the industry median of 23.4× as of October 22, 2026.

The P/S was 6.2× as of October 22, 2026, above the five-year median of 5.9× and above the ten-year median of 4.4× as of October 22, 2026. The P/S was lower than the industry median of 7.0× as of October 22, 2026. The P/B was 4.5× as of October 22, 2026, below its five-year median but above its ten-year and industry medians as of October 22, 2026.

What changed since last quarter

Revenue was $2.5 billion in Q2 FY2026, rising 18.5% against Q1 FY2026 and 20.5% against Q2 FY2025. Gross margin was 59.2% in Q2 FY2026, down −6.6 percentage points against Q1 FY2026 and −2.9 percentage points against Q2 FY2025. Operating margin was 28.1% in Q2 FY2026, down −2.6 percentage points against Q1 FY2026 but up 1.1 percentage points against Q2 FY2025.

Management attributes revenue increases for the three months ended September 30, 2026 to new data sales, pricing and usage, subscription upsells, new clients, and higher average assets under management in exchange-traded products. Management cites higher incentive compensation, technology investment and colocation data-center expansion as expense drivers for the three months ended September 30, 2026.

Open questions

  • How did the revenue increase in the latest quarter vary across the company’s businesses?
  • What drove the decline in gross margin in the latest quarter?
  • How are debt maturities and interest-rate exposures structured?
  • What explains the difference between trailing-twelve-month net-income growth and cash-flow growth?

Sources

This page is for information only. It is not investment advice, a recommendation or an offer to buy or sell any security. Figures come from the sources listed above and may contain errors; verify against the company's filings.