NASDAQ, INC. NDAQ
Last close
96.88
2026-09-04
Market cap
$54.15B
2026-06-30 share count
52-week range
76.55 - 101.78
Valuation FY2025 figures against the last close
P/S6.6x
P/E31.4x
P/FCF27.2x
EV/EBITDA25.3x
Dividend yield1.1%
Diluted EPS3.09
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $8.26B | $7.40B | $6.06B | $6.23B | $5.89B | $5.62B | $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 |
| SG&A | $75.0M | $109.0M | $113.0M | $125.0M | $85.0M | $142.0M | $125.0M | $120.0M | $82.0M | $73.0M |
| Total operating expenses | $2.92B | $2.85B | $2.32B | $2.02B | $1.98B | $1.67B | $1.52B | $1.50B | $1.42B | $1.44B |
| Operating income | $2.33B | $1.80B | $1.58B | $1.56B | $1.44B | $1.23B | $1.02B | $1.03B | $991.0M | $836.0M |
| Interest expense | $367.0M | $414.0M | $284.0M | $129.0M | $125.0M | $101.0M | $124.0M | $150.0M | $143.0M | $135.0M |
| Pre-tax income | $2.15B | $1.45B | $1.40B | $1.48B | $1.53B | $1.21B | $1.02B | $1.06B | $872.0M | $133.0M |
| Income tax | $358.0M | $334.0M | $344.0M | $352.0M | $347.0M | $279.0M | $245.0M | $606.0M | $143.0M | $27.0M |
| Net income | $1.79B | $1.12B | $1.06B | $1.12B | $1.19B | $933.0M | $774.0M | $458.0M | $729.0M | $106.0M |
| EPS, basic | 3.12 | 1.94 | 2.10 | 2.28 | 2.38 | 1.89 | 4.69 | 2.77 | 4.38 | 0.64 |
| EPS, diluted | 3.09 | 1.93 | 2.08 | 2.26 | 2.35 | 1.86 | 4.63 | 2.73 | 4.30 | 0.63 |
| Shares, diluted (wtd. avg.) | $578.6M | $579.2M | $508.4M | $497.9M | $505.1M | $500.7M | $167.0M | $167.7M | $169.6M | $168.8M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $604.0M | $592.0M | $453.0M | $6.99B | $5.50B | $5.98B | $2.59B | $4.70B | $399.0M | $418.0M |
| Short-term investments | — | — | — | — | — | — | $291.0M | $268.0M | $235.0M | $245.0M |
| Receivables | $943.0M | $1.02B | $929.0M | $677.0M | $588.0M | $566.0M | $422.0M | $384.0M | $356.0M | $429.0M |
| Total current assets | $8.00B | $7.79B | $9.10B | $8.60B | $7.42B | $7.66B | $4.29B | $6.37B | $5.51B | $4.56B |
| Property, plant and equipment | $728.0M | $593.0M | $576.0M | $532.0M | $509.0M | $475.0M | $384.0M | $376.0M | $400.0M | $362.0M |
| Goodwill | $14.37B | $13.96B | $14.11B | $8.10B | $8.43B | $6.85B | $6.37B | $6.36B | $6.59B | $6.03B |
| Other intangibles | $6.51B | $6.91B | $7.44B | $2.58B | $2.81B | $2.25B | $2.25B | $2.30B | $2.47B | $2.09B |
| Total assets | $31.05B | $30.39B | $32.29B | $20.87B | $20.11B | $17.98B | $13.92B | $15.70B | $15.35B | $13.41B |
| Accounts payable | $280.0M | $269.0M | $332.0M | $185.0M | $185.0M | $175.0M | $148.0M | $198.0M | $177.0M | $175.0M |
| Short-term debt | $431.0M | $399.0M | $291.0M | $664.0M | $1.02B | $0 | $391.0M | $875.0M | $480.0M | $0 |
| Total current liabilities | $7.96B | $7.90B | $9.03B | $8.84B | $7.87B | $4.92B | $4.23B | $6.57B | $5.23B | $4.08B |
| Long-term debt | $8.57B | $9.08B | $10.16B | $4.74B | $4.81B | $5.54B | $3.00B | $2.96B | $3.73B | $3.60B |
| Total liabilities | $18.82B | $19.20B | $21.47B | $14.70B | $13.71B | $11.54B | $8.29B | $10.25B | $9.47B | $8.72B |
| Retained earnings | $9.59B | $8.40B | $7.83B | $7.21B | $6.46B | $5.63B | $5.03B | $4.56B | $3.96B | $3.48B |
| Total equity | $12.23B | $11.19B | $10.83B | $6.16B | $6.41B | $6.44B | $5.64B | $5.45B | $5.88B | $5.43B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $2.25B | $1.94B | $1.70B | $1.71B | $1.08B | $1.25B | $963.0M | $1.03B | $909.0M | $776.0M |
| Depreciation and amortisation | $145.0M | $125.0M | $117.0M | $105.0M | $108.0M | $99.0M | $89.0M | $101.0M | $96.0M | $88.0M |
| Stock-based compensation | $165.0M | $141.0M | $122.0M | $106.0M | $90.0M | $87.0M | $79.0M | $69.0M | $70.0M | $86.0M |
| Capital expenditure | $266.0M | $207.0M | $158.0M | $152.0M | $163.0M | $188.0M | $127.0M | $111.0M | $144.0M | $134.0M |
| Investing cash flow | -$1.10B | -$953.0M | -$5.99B | $49.0M | -$2.65B | -$122.0M | -$414.0M | $196.0M | -$890.0M | -$1.66B |
| Financing cash flow | -$2.95B | -$2.56B | $4.22B | $1.04B | $1.42B | $1.91B | -$2.47B | -$1.03B | -$53.0M | $948.0M |
| Dividends paid | $601.0M | $541.0M | $441.0M | $383.0M | $350.0M | $320.0M | $305.0M | $280.0M | $243.0M | $200.0M |
| Buybacks | $616.0M | $145.0M | $269.0M | $308.0M | $468.0M | $222.0M | $200.0M | $394.0M | $203.0M | $100.0M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001628280-26-027245.
Others in SIC 6200
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| CME | CME GROUP INC. | $101.46B | 25.2x | 6.4% |
| ICE | Intercontinental Exchange, Inc. | $90.53B | 27.9x | 7.5% |
| LPLA | LPL Financial Holdings Inc. | $28.29B | 32.9x | 37.2% |
| TW | Tradeweb Markets Inc. | $22.56B | 28.1x | 18.9% |
| SNEX | StoneX Group Inc. | $8.38B | 11.8x | 38.4% |
| BGC | BGC Group, Inc. | $5.79B | 39.3x | 34.7% |
| TOP | TOP Financial Group Ltd | $555.3M | — | 2.1% |
| PLUT | Plutus Financial Group Ltd | — | — | 6.9% |