NASDAQ, INC. NDAQ

Financials SIC 6200 - Security & Commodity Brokers, Dealers, Exchanges & Services NAICS Finance and Insurance › Securities, Commodity Contracts, and Other Financial Investments and Related Activities › Securities and Commodity Exchanges derived Nasdaq

Last close 102.56 2026-10-23
Market cap $57.33B 2026-06-30 share count
52-week range 76.55 - 104.21

Valuation FY2025 figures against the last close

P/S6.9x
P/E33.2x
P/FCF28.8x
EV/EBITDA26.5x
Dividend yield1.0%
Diluted EPS3.09

Where the revenue comes from as reported in the latest 10-K

Revenue by geography

  • United States
  • All other countries
Revenue by geography, 2 categories over 3 years. The same figures are in the table below. FY2025 United States, FY2025: 5.9B (72.0%) 72% United States All other countries, FY2025: 2.3B (28.0%) 28% All other countries FY2024 United States, FY2024: 5.8B (78.6%) 79% All other countries, FY2024: 1.6B (21.4%) 21% FY2023 United States, FY2023: 4.9B (80.3%) 80% All other countries, FY2023: 1.2B (19.7%) 20%
Region FY2025FY2024FY2023
United States $5.95B $5.82B $4.87B
All other countries $2.31B $1.58B $1.19B

As the company reported it, from the “Business Segments (Geographic Data) (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Regions are the filer's own and are not mapped onto a standard list — one company's “Americas” and another's “United States” are different areas, and making them look comparable would mean making at least one of them wrong. Slices under 1% are folded into “Other”.

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 3.121.942.102.282.381.894.692.774.380.64
EPS, diluted 3.091.932.082.262.351.864.632.734.300.63
Shares, diluted (wtd. avg.) 578.6M579.2M508.4M497.9M505.1M500.7M167.0M167.7M169.6M168.8M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. 0 2.5B 5B 7.5B 10B Revenue, FY2016: 3.7B Gross profit, FY2016: 2.3B Net income, FY2016: 106M Revenue, FY2017: 3.9B Gross profit, FY2017: 2.4B Net income, FY2017: 729M Revenue, FY2018: 4.3B Gross profit, FY2018: 2.5B Net income, FY2018: 458M Revenue, FY2019: 4.3B Gross profit, FY2019: 2.5B Net income, FY2019: 774M Revenue, FY2020: 5.6B Gross profit, FY2020: 2.9B Net income, FY2020: 933M Revenue, FY2021: 5.9B Gross profit, FY2021: 3.4B Net income, FY2021: 1.2B Revenue, FY2022: 6.2B Gross profit, FY2022: 3.6B Net income, FY2022: 1.1B Revenue, FY2023: 6.1B Gross profit, FY2023: 3.9B Net income, FY2023: 1.1B Revenue, FY2024: 7.4B Gross profit, FY2024: 4.6B Net income, FY2024: 1.1B Revenue, FY2025: 8.3B Gross profit, FY2025: 5.2B Net income, FY2025: 1.8B FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $3.70B $3.95B $4.28B $4.26B $5.62B $5.89B $6.23B $6.06B $7.40B $8.26B
Gross profit $2.28B $2.41B $2.53B $2.54B $2.90B $3.42B $3.58B $3.90B $4.65B $5.25B
Net income $106.0M $729.0M $458.0M $774.0M $933.0M $1.19B $1.12B $1.06B $1.12B $1.79B

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • Material agreement terminated An agreement that mattered has ended. Often the other half of a deal that fell through. Item 1.02
  • New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced Item 2.02
  • Regulation FD disclosure Item 7.01
  • Other event Item 8.01
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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