Nasdaq, Inc.

NDAQ · NASDAQ · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998
Valuation
Market cap	$55,461	$44,435	$33,545	$30,140	$35,118	$22,197	$17,909	$13,640	$12,848	$11,224	$9,727	$8,102	$6,644	$4,206	$4,314	$4,817	$4,065	$4,706	$5,741	$3,900	$3,401	–	–	$833	$1,791	$1,665	$1,503	$1,498
Enterprise value	$64,762	$53,536	$43,786	$35,321	$40,743	$25,190	$21,004	$16,658	$16,443	$14,179	$11,589	$9,799	$8,691	$5,463	$5,656	$6,581	$5,267	$6,646	$4,534	$3,454	$4,250	–	–	$835	$1,579	$1,471	$1,492	$1,495
P/E (TTM) at period end	31.02×	39.78×	31.68×	26.79×	29.59×	23.79×	23.14×	29.78×	17.62×	105.89×	22.73×	19.57×	17.26×	11.95×	11.15×	12.23×	15.28×	14.99×	11.07×	30.49×	55.13×	–	–	19.32×	44.25×	71.43×	17.44×	42.86×
P/S (TTM) at period end	6.71×	6.00×	5.53×	4.84×	5.97×	3.95×	4.21×	3.19×	3.25×	3.03×	2.86×	2.31×	2.07×	1.35×	1.25×	1.51×	1.19×	1.29×	2.36×	2.35×	3.87×	–	–	1.06×	2.09×	2.00×	2.37×	3.32×
P/B at period end	4.54×	3.97×	3.10×	4.90×	5.49×	3.45×	3.18×	2.50×	2.18×	2.07×	1.73×	1.40×	1.07×	0.81×	0.87×	1.02×	0.82×	1.10×	2.60×	2.68×	13.44×	–	–	3.08×	3.45×	2.58×	4.27×	5.63×
EV / EBITDA (TTM)	21.86×	22.20×	23.03×	19.39×	23.70×	17.54×	17.40×	13.46×	13.95×	14.09×	13.51×	11.00×	10.73×	6.88×	7.03×	8.97×	8.10×	9.07×	11.21×	12.12×	23.35×	–	–	4.10×	9.78×	5.62×	–	–
EV / Sales (TTM)	7.84×	7.23×	7.22×	5.67×	6.92×	4.48×	4.93×	3.89×	4.16×	3.83×	3.41×	2.80×	2.71×	1.75×	1.65×	2.06×	1.54×	1.82×	1.86×	2.08×	4.83×	–	–	1.06×	1.84×	1.77×	2.35×	3.32×
Returns
Return on equity	14.6%	10.0%	9.8%	18.3%	18.6%	14.5%	13.7%	8.4%	12.4%	2.0%	7.6%	7.1%	6.2%	6.8%	7.8%	8.4%	5.4%	7.3%	23.5%	8.8%	24.4%	7.3%	(65.6%)	15.9%	7.8%	3.6%	24.5%	13.1%
Return on invested capital	9.0%	6.8%	5.6%	10.3%	9.1%	9.9%	8.6%	5.1%	8.5%	7.7%	6.4%	6.8%	5.2%	6.6%	7.1%	6.9%	6.3%	9.9%	23.9%	4.9%	5.2%	1.6%	(14.0%)	13.4%	5.9%	25.1%	39.4%	20.4%
Dividend yield	1.1%	1.2%	1.3%	1.3%	1.0%	1.4%	1.7%	2.1%	1.9%	1.8%	1.5%	1.2%	1.3%	1.5%	–	–	–	–	–	2.7%	0.1%	–	–	–	–	–	–	–
Financial health
Current ratio	1.01×	0.99×	1.01×	0.97×	0.94×	1.56×	1.01×	0.97×	1.05×	1.12×	1.12×	1.14×	1.13×	1.47×	1.09×	1.03×	1.18×	1.07×	4.09×	5.02×	1.83×	1.95×	2.23×	2.36×	2.78×	2.64×	–	–
Debt / equity	0.74×	0.85×	0.97×	0.88×	0.91×	0.86×	0.60×	0.70×	0.72×	0.66×	0.44×	0.42×	0.43×	0.38×	0.43×	0.49×	0.42×	0.59×	0.05×	1.03×	4.71×	1.69×	1.66×	1.64×	0.57×	0.06×	–	–
Effective tax rate	16.7%	23.1%	24.6%	23.9%	22.6%	23.0%	24.0%	57.0%	16.4%	20.3%	32.2%	30.5%	36.0%	36.3%	33.2%	26.0%	32.7%	(0.8%)	34.7%	40.0%	41.9%	29.3%	32.0%	38.6%	48.6%	42.1%	–	–
Share count
Diluted shares outstanding	579	579	508	498	505	501	501	503	509	506	514	519	514	518	540	620	644	614	449	383	290	274	235	250	366	333	301	300

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998
Revenue and gross profit
Revenue	$9,186	$8,262	$7,400	$6,064	$6,226	$5,886	$5,625	$4,258	$4,277	$3,948	$3,704	$3,403	$3,500	$3,211	$3,120	$3,438	$3,191	$3,411	$3,650	$2,437	$1,658	$880	$540	$590	$787	$857	$833	$634	$451
Cost of revenue	($3,406)	($3,013)	($2,751)	($2,169)	($2,644)	($2,466)	($2,722)	($1,723)	($1,751)	($1,537)	($1,428)	($1,313)	($1,433)	($1,316)	($1,446)	($1,748)	($1,675)	($1,958)	($2,190)	($1,624)	($970)	($354)	($56)	–	–	–	–	–	–
Gross profit	$5,780	$5,249	$4,649	$3,895	$3,582	$3,420	$2,903	$2,535	$2,526	$2,411	$2,276	$2,090	$2,067	$1,895	$1,674	$1,690	$1,516	$1,453	$1,460	$812	$687	$526	$485	–	–	–	–	–	–
Operating expenses
Research and development	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($654)	($75)	($109)	($113)	($125)	($85)	($142)	($125)	($120)	($82)	($73)	($65)	($89)	($80)	($58)	($83)	($93)	($59)	($62)	($408)	($402)	($304)	($354)	($403)	($497)	($601)	($46)	–	–
Total operating expenses	($3,050)	($2,918)	($2,851)	($2,317)	($2,018)	($1,979)	($1,669)	($1,518)	($1,498)	($1,420)	($1,440)	($1,370)	($1,313)	($1,207)	($984)	($994)	($885)	($850)	($820)	($447)	($473)	($412)	($476)	–	–	–	–	–	–
Total costs and expenses	($6,456)	($5,931)	($5,602)	($4,486)	($4,662)	($4,445)	($4,391)	($3,241)	($3,249)	($2,957)	($2,868)	($2,683)	($2,746)	($2,523)	($2,430)	($2,742)	($2,560)	($2,808)	($3,010)	($2,071)	($1,444)	($766)	($532)	($647)	($675)	($796)	($637)	($500)	($397)
Operating income	$2,730	$2,331	$1,798	$1,578	$1,564	$1,441	$1,234	$1,017	$1,028	$991	$836	$720	$754	$688	$690	$696	$631	$603	$640	$366	$214	$114	$8	($57)	$112	$61	$196	$135	$54
Earnings
EBITDA	$3,386	$2,963	$2,411	$1,901	$1,822	$1,719	$1,436	$1,207	$1,238	$1,179	$1,006	$858	$891	$810	$794	$805	$734	$650	$733	$405	$285	$182	$85	$33	$204	$161	$262	–	–
Interest income	$31	$39	$28	$115	$7	$1	$4	$10	$10	$7	$5	$4	$6	$9	$10	$11	$9	$13	$35	$38	$25	$13	–	–	–	–	–	–	–
Interest expense	($347)	($367)	($414)	($284)	($129)	($125)	($101)	($124)	($150)	($143)	($135)	($111)	($117)	($111)	($97)	($119)	($102)	($102)	($97)	–	–	–	–	–	–	–	–	–	–
Pre-tax income	$2,611	$2,145	$1,449	$1,401	$1,475	$1,534	$1,212	$1,019	$1,064	$872	$133	$630	$594	$600	$548	$573	$526	$391	$513	$794	$213	$106	$3	($66)	$106	$79	$215	–	–
Income tax expense	($528)	($358)	($334)	($344)	($352)	($347)	($279)	($245)	($606)	($143)	($27)	($203)	($181)	($216)	($199)	($190)	($137)	($128)	$4	($276)	($85)	($45)	($1)	$21	($41)	($38)	($90)	–	–
Net income	$2,084	$1,788	$1,117	$1,059	$1,125	$1,187	$933	$774	$458	$729	$106	$428	$414	$385	$352	$387	$395	$266	$314	$518	$128	$62	$11	($105)	$43	$40	$23	$86	$35
Per share
Diluted EPS (GAAP)	$3.66	$3.09	$1.93	$2.08	$2.26	$2.35	$1.86	$1.54	$0.91	$1.43	$0.21	$0.8333	$0.7967	$0.75	$0.68	$0.7167	$0.6367	$0.4167	$0.5167	$1.15	$0.32	$0.19	($0.0067)	($0.45)	$0.13	$0.12	$0.07	$0.29	$0.12
Basic EPS (GAAP)	$3.70	$3.12	$1.94	$2.10	$2.28	$2.38	$1.89	$1.56	$0.9233	$1.46	$0.2133	$0.8533	$0.8167	$0.7667	$0.6967	$0.7333	$0.6467	$0.4333	$0.55	$1.49	$0.41	$0.19	($0.0067)	($0.45)	$0.13	$0.12	$0.07	$0.29	$0.12
Basic shares outstanding	565	573	575	505	492	498	493	495	496	499	496	502	507	501	505	529	609	614	571	348	380	290	274	235	250	358	333	301	300
Margins
Gross margin	62.9%	63.5%	62.8%	64.2%	57.5%	58.1%	51.6%	59.5%	59.1%	61.1%	61.4%	61.4%	59.1%	59.0%	53.7%	49.2%	47.5%	42.6%	40.0%	33.3%	41.5%	59.8%	89.7%	–	–	–	–	–	–
Operating margin	29.7%	28.2%	24.3%	26.0%	25.1%	24.5%	21.9%	23.9%	24.0%	25.1%	22.6%	21.2%	21.5%	21.4%	22.1%	20.2%	19.8%	17.7%	17.5%	15.0%	12.9%	12.9%	1.5%	(9.7%)	14.2%	7.1%	23.5%	21.2%	11.9%
Net margin	22.7%	21.6%	15.1%	17.5%	18.1%	20.2%	16.6%	18.2%	10.7%	18.5%	2.9%	12.6%	11.8%	12.0%	11.3%	11.3%	12.4%	7.8%	8.6%	21.3%	7.7%	7.0%	2.1%	(17.9%)	5.5%	4.7%	2.8%	13.6%	7.8%

Analyst consensus

Buy36 analysts

Bearish · 1 · Hold · 13 · Bullish · 22

Earnings history

	EPS	Estimate
Q4 2024	$0.76	$0.74	Beat
Q1 2025	$0.79	$0.77	Beat
Q2 2025	$0.85	$0.81	Beat
Q3 2025	$0.88	$0.85	Beat
Q4 2025	$0.96	$0.92	Beat
Q1 2026	$0.96	$0.93	Beat
Q2 2026	$1.07	$0.98	Beat
Q3 2026	$1.04	$1.02	Beat

Peers

Company overview

IPO dateJul 1, 2002

CEOAdena T. Friedman

Employees9,630

SectorFinancial Services

IndustryFinancial - Data & Stock Exchanges

CountryUS

ExchangeNASDAQ Global Select

Websitewww.nasdaq.com

Nasdaq, Inc., a technology powerhouse founded in 1971 and based in New York City, is dedicated to supporting capital markets and various other sectors worldwide. Its Market Technology division specializes in fighting financial crime, offering products like Nasdaq Trade Surveillance, a SaaS solution that assists brokers and market participants in meeting compliance requirements and internal surveillance policies. This segment also provides Nasdaq Automated Investigator, a cloud-deployed anti-money laundering tool, and Verafin, a SaaS provider for anti-financial crime management. Furthermore, this division handles a wide array of assets, including cash equities, equity derivatives, global currencies, interest-bearing securities, commodities, energy resources, and digital currencies. The Investment Intelligence segment is responsible for distributing both historical and live market data, creating and licensing Nasdaq-branded financial indexes and products, and delivering valuable investment insights and workflow solutions. Through its Corporate Platforms, Nasdaq manages operational listing venues and furnishes specialized intelligence for investor relations, alongside comprehensive governance services. The Market Services segment covers a broad spectrum of operations, including the trading and clearing of equity derivatives, cash equities, fixed income, and commodities, in addition to providing trade management services. This division operates numerous exchanges and marketplace facilities that accommodate diverse asset classes such as derivatives, commodities, cash equity, debt, structured products, and exchange-traded products, while also offering crucial broker, clearing, settlement, and central depository functionalities. As of December 31, 2021, The Nasdaq Stock Market proudly listed 4,178 companies, specifically 1,632 on The Nasdaq Global Select Market, 1,169 on The Nasdaq Global Market, and 1,377 on The Nasdaq Capital Market. The company adopted its current name, Nasdaq, Inc., in September 2015, having previously been known as The NASDAQ OMX Group, Inc.

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