Nasdaq, Inc.
NDAQ- Exchange
- Nasdaq
- Industry
- Security & Commodity Brokers, Dealers, Exchanges & Services
- SEC CIK
- 0001120193
In the last 90 days, Nasdaq, Inc. insiders filed 0 open-market purchases and 10 sales; 1,094 institutions reported holding it in 13F filings for Q2 2026, worth $37.2B in total; Harris Associates (Oakmark) is the only superinvestor holding it.
- Currency
- USD
- Source
- SEC XBRL data (10-K, 10-Q, 20-F, 40-F)
- Updated
- Oct 23, 2026, 1:08 AM ET
Revenue flow, FY2025
Where the revenue went in FY2025, from the income statement below. Green is profit; orange is costs, expenses and taxes. Percentages are shares of revenue; hover over a band or a bar for the exact amount.
Income statement
Each column is one fiscal year, newest first.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Period end | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 |
| Filing | 10-K | 10-K | 10-K | 10-K | 10-K |
| Reported | Jan 29, 2026 | Jan 29, 2025 | Jan 31, 2024 | Jan 25, 2023 | Jan 26, 2022 |
| Revenue | $8.26B | $7.40B | $6.06B | $6.23B | $5.89B |
| Cost of revenue | $3.01B | $2.75B | $2.17B | $2.64B | $2.47B |
| Gross profit | $5.25B | $4.65B | $3.90B | $3.58B | $3.42B |
| Operating expenses | $2.92B | $2.85B | $2.32B | $2.02B | $1.98B |
| Selling, general and administrative | $75.0M | $109.0M | $113.0M | $125.0M | $85.0M |
| Operating income | $2.33B | $1.80B | $1.58B | $1.56B | $1.44B |
| Interest expense | – | – | $284.0M | $129.0M | $125.0M |
| Income tax | $358.0M | $334.0M | $344.0M | $352.0M | $347.0M |
| Net income | $1.79B | $1.12B | $1.06B | $1.13B | $1.19B |
| EPS, basic | $3.12 | $1.94 | $2.10 | $2.28 | $7.15 |
| EPS, diluted | $3.09 | $1.93 | $2.08 | $2.26 | $7.05 |
| Weighted shares, basic | 573.3M | 575.4M | 504.9M | 492.4M | 165.9M |
| Weighted shares, diluted | 578.6M | 579.2M | 508.4M | 497.9M | 168.4M |
| Margins and growth | |||||
| Gross margin | 63.5% | 62.8% | 64.2% | 57.5% | 58.1% |
| Operating margin | 28.2% | 24.3% | 26.0% | 25.1% | 24.5% |
| Net margin | 21.6% | 15.1% | 17.5% | 18.1% | 20.2% |
| Revenue growth, year over year | +11.6% | +22.0% | −2.6% | +5.8% | +4.6% |
| Net income growth, year over year | +60.1% | +5.5% | −5.9% | −5.2% | +27.2% |
Balance sheet
Each column is one fiscal year, newest first.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Period end | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 |
| Filing | 10-K | 10-K | 10-K | 10-K | 10-K |
| Reported | Jan 29, 2026 | Jan 29, 2025 | Jan 31, 2024 | Jan 25, 2023 | Jan 26, 2022 |
| Cash and equivalents | $604.0M | $592.0M | $453.0M | $502.0M | $393.0M |
| Accounts receivable | $943.0M | $1.02B | $929.0M | $677.0M | $588.0M |
| Total current assets | $8.00B | $7.79B | $9.10B | $8.60B | $7.42B |
| Property, plant and equipment | $728.0M | $593.0M | $576.0M | $532.0M | $509.0M |
| Goodwill | $14.4B | $14.0B | $14.1B | $8.10B | $8.43B |
| Intangible assets | $6.51B | $6.91B | $7.44B | $2.58B | $2.81B |
| Total assets | $31.1B | $30.4B | $32.3B | $20.9B | $20.1B |
| Short-term debt | $431.0M | $399.0M | $291.0M | $664.0M | $1.02B |
| Total current liabilities | $7.96B | $7.90B | $9.03B | $8.84B | $7.87B |
| Long-term debt | $8.57B | $9.08B | $10.2B | $4.74B | $4.81B |
| Total liabilities | $18.8B | $19.2B | $21.5B | $14.7B | $13.7B |
| Shareholders' equity | $12.2B | $11.2B | $10.8B | $6.16B | $6.41B |
Cash flow statement
Each column is one fiscal year, newest first. Free cash flow is operating cash flow minus capital expenditures.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Period end | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 |
| Filing | 10-K | 10-K | 10-K | 10-K | 10-K |
| Reported | Jan 29, 2026 | Jan 29, 2025 | Jan 31, 2024 | Jan 25, 2023 | Jan 26, 2022 |
| Operating cash flow | $2.25B | $1.94B | $1.70B | $1.71B | $1.08B |
| Capital expenditures | $266.0M | $207.0M | $158.0M | $152.0M | $163.0M |
| Free cash flow | $1.99B | $1.73B | $1.54B | $1.55B | $920.0M |
| Depreciation and amortization | $145.0M | $125.0M | $117.0M | $105.0M | $108.0M |
| Stock-based compensation | $165.0M | $141.0M | $122.0M | $106.0M | $90.0M |
| Dividends paid | $601.0M | $541.0M | $441.0M | $383.0M | $350.0M |
| Share buybacks | $616.0M | $145.0M | $269.0M | – | – |
| Investing cash flow | -$1.10B | -$953.0M | -$5.99B | $49.0M | -$2.65B |
| Financing cash flow | -$2.95B | -$2.56B | $4.22B | $1.04B | $1.42B |
| Net change in cash | -$1.07B | -$2.11B | $124.0M | $1.50B | -$483.0M |
| Ratio | |||||
| Stock-based compensation, % of revenue | 2.0% | 1.9% | 2.0% | 1.7% | 1.5% |
Shares outstanding
Common shares outstanding as stated on the cover of each 10-K and 10-Q. The date is the cover date, not the period end; a rising count means dilution.
| Cover date | Shares outstanding | Change in a year | Filing |
|---|---|---|---|
| Oct 16, 2026 | 555.0M | −2.8% | SEC |
| Jul 16, 2026 | 559.0M | −2.6% | SEC |
| Apr 16, 2026 | 565.5M | −1.5% | SEC |
| Feb 3, 2026 | 568.4M | −1.2% | SEC |
| Oct 16, 2025 | 571.0M | −0.7% | SEC |
| Jul 17, 2025 | 573.8M | −0.4% | SEC |
| Apr 22, 2025 | 574.1M | −0.4% | SEC |
| Feb 12, 2025 | 575.1M | 0.0% | SEC |
Notes and known gaps
How these numbers are put together, and what they can't tell you.
- Numbers come from the XBRL data in each period's original 10-K, 10-Q, 20-F or 40-F, or its amendment. They are shown as filed: later filings don't restate earlier periods here.
- Reported is the filing date of the first 8-K with Item 2.02 (results of operations) after the period ended, no later than the 10-Q or 10-K and within 120 days. Companies that release results only in the 10-Q, and foreign companies, which use Form 6-K, have none.
Known gaps
- Foreign companies that file Form 20-F or 40-F have annual statements only: their quarterly results are furnished on Form 6-K, which has no XBRL data.
- EPS and share counts are as reported at the time, not adjusted for later stock splits. Stock splits since Dec 31, 2020, from 13F share counts: 3-for-1 in Q3 2022.
- For ADRs, EPS is per ordinary share, not per ADS (one TSMC ADS is five ordinary shares).
- For banks, revenue may be interest income only, depending on how the bank tags its filings; cost of revenue and gross profit are usually blank.
- Companies with several share classes, such as Berkshire Hathaway, may have no EPS and no cover share count.
- Depreciation and amortization is missing for some companies that report it under their own XBRL tags.