What is Nasdaq Inc's earnings per share (EPS)?

Nasdaq Inc (NDAQ) reported diluted earnings per share of $3.09 for fiscal year 2025. This represents a 60.1% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Nasdaq Inc Financials

NDAQ

Trailing 12 months to June 30, 2026

Revenue $8.7B +7.4% YoY

Net Income $2.0B +30.4% YoY

EPS (Diluted) $3.43 +31.9% YoY

Free Cash Flow $2.0B -8.6% YoY

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Jul 23, 2026 Currency USD FYE December

Nasdaq Inc (NDAQ) reported $8.7B in revenue over the twelve months to Jun 30, 2026, up 7.4% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI NDAQ FY2025 2026-04-24

High-margin, low-capex economics are turning Nasdaq’s larger acquisition-built platform into rising free cash flow and deleveraging.

The clearest shift is FY2023’s acquisition step-up, which lifted goodwill to nearly half of assets and pushed long-term debt above $10.2B. Debt-to-equity had improved to 0.7x while operating cash flow reached $2.3B, showing the larger platform is no longer just balance-sheet bulk but a contributor to cash generation, debt reduction, and regular capital returns.

Cash conversion is better than net income suggests: operating cash flow reached $2.3B against net income of $1.8B. With capex only $266M, free cash flow depends more on how well earnings turn into cash than on squeezing investment, which is why cash generation has stayed above $1.5B for three straight years despite the bigger asset base.

Profitability improved from both overhead and financing costs, not just top-line growth: operating margin widened to 28.2% from 24.3%. Interest expense fell year over year, and short-term liquidity remains tightly managed because the current ratio sits around 1.0x rather than being backed by a large cash cushion.

Financial Health Signals

Financial Health Score 62/100

Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Nasdaq Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability

Nasdaq Inc has an operating margin of 28.2%, meaning the company retains $28 of operating profit per $100 of revenue. This strong profitability earns a score of 95/100, reflecting efficient cost management and pricing power. This is up from 24.3% the prior year.

Growth

Nasdaq Inc's revenue grew 11.6% year-over-year to $8.3B, a solid pace of expansion. This earns a growth score of 78/100.

Leverage

Nasdaq Inc has elevated debt relative to equity (D/E of 0.70), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 19/100, reflecting increased financial risk.

Liquidity

Nasdaq Inc's current ratio of 1.01 is below the typical benchmark, resulting in a score of 19/100. This tight liquidity could limit financial flexibility if cash inflows slow.

Cash Flow

Nasdaq Inc converts 24.1% of revenue into free cash flow ($2.0B). This strong cash generation earns a score of 91/100.

Returns

Nasdaq Inc earns a strong 14.6% return on equity (ROE), meaning it generates $15 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 68/100. This is up from 10.0% the prior year.

Altman Z-Score Grey Zone

2.72

Nasdaq Inc scores 2.72, placing it in the grey zone between 1.81 and 2.99. The score is driven primarily by a large market capitalization ($55.5B) relative to total liabilities ($18.8B). This signals moderate financial risk that warrants monitoring.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Strong

9/9

Nasdaq Inc passes 9 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), all 3 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Cash-Backed

1.26x

For every $1 of reported earnings, Nasdaq Inc generates $1.26 in operating cash flow ($2.3B OCF vs $1.8B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Safe

6.35x

Nasdaq Inc earns $6.35 in operating income for every $1 of interest expense ($2.3B vs $367.0M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.

Key Financial Metrics

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Earnings & Revenue

Revenue

$8.3B

YoY+11.6%

5Y CAGR+8.0%

10Y CAGR+9.3%

Nasdaq Inc generated $8.3B in revenue in fiscal year 2025. This represents an increase of 11.6% from the prior year.

EBITDA

$2.5B

YoY+28.8%

5Y CAGR+13.2%

10Y CAGR+12.0%

Nasdaq Inc's EBITDA was $2.5B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 28.8% from the prior year.

Net Income

$1.8B

YoY+60.1%

5Y CAGR+13.9%

10Y CAGR+15.4%

Nasdaq Inc reported $1.8B in net income in fiscal year 2025. This represents an increase of 60.1% from the prior year.

EPS (Diluted)

$3.09

YoY+60.1%

Nasdaq Inc earned $3.09 per diluted share (EPS) in fiscal year 2025. This represents an increase of 60.1% from the prior year.

Cash & Balance Sheet

Free Cash Flow

$2.0B

YoY+14.8%

5Y CAGR+13.3%

10Y CAGR+12.8%

Nasdaq Inc generated $2.0B in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 14.8% from the prior year.

Cash & Debt

$604.0M

YoY+2.0%

5Y CAGR-26.1%

10Y CAGR+7.2%

Nasdaq Inc held $604.0M in cash against $8.6B in long-term debt as of fiscal year 2025.

Dividends Per Share

$1.05

YoY+11.7%

Nasdaq Inc paid $1.05 per share in dividends in fiscal year 2025. This represents an increase of 11.7% from the prior year.

Shares Outstanding

568M

YoY-1.2%

Nasdaq Inc had 568M shares outstanding in fiscal year 2025. This represents a decrease of 1.2% from the prior year.

Margins & Returns

Gross Margin

63.5%

YoY+0.7pp

5Y CAGR+11.9pp

10Y CAGR+2.1pp

Nasdaq Inc's gross margin was 63.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 0.7 percentage points from the prior year.

Operating Margin

28.2%

YoY+3.9pp

5Y CAGR+6.3pp

10Y CAGR+7.1pp

Nasdaq Inc's operating margin was 28.2% in fiscal year 2025, reflecting core business profitability. This is up 3.9 percentage points from the prior year.

Net Margin

21.6%

YoY+6.6pp

5Y CAGR+5.1pp

10Y CAGR+9.1pp

Nasdaq Inc's net profit margin was 21.6% in fiscal year 2025, showing the share of revenue converted to profit. This is up 6.6 percentage points from the prior year.

Return on Equity

14.6%

YoY+4.6pp

5Y CAGR+0.1pp

10Y CAGR+7.0pp

Nasdaq Inc's ROE was 14.6% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 4.6 percentage points from the prior year.

Capital Allocation

Share Buybacks

$616.0M

YoY+324.8%

5Y CAGR+22.6%

10Y CAGR+5.0%

Nasdaq Inc spent $616.0M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 324.8% from the prior year.

Capital Expenditures

$266.0M

YoY+28.5%

5Y CAGR+7.2%

10Y CAGR+7.2%

Nasdaq Inc invested $266.0M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 28.5% from the prior year.

R&D Spending

Not reported for fiscal year 2025.

NDAQ Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

NDAQ quarterly income statement

Metric	TTM	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12	FY11
Revenue	$8.7B	$8.3B+11.6%	$7.4B+22.0%	$6.1B-2.6%	$6.2B+5.8%	$5.9B+4.6%	$5.6B+32.1%	$4.3B-0.4%	$4.3B+8.3%	$3.9B+6.6%	$3.7B+8.8%	$3.4B-2.8%	$3.5B+9.0%	$3.2B+2.9%	$3.1B-9.2%	$3.4B
Cost of Revenue	$3.1B	$3.0B+9.5%	$2.8B+26.8%	$2.2B-18.0%	$2.6B+7.2%	$2.5B-9.4%	$2.7B+58.0%	$1.7B-1.6%	$1.8B+13.9%	$1.5B+7.6%	$1.4B+8.8%	$1.3B-8.4%	$1.4B+8.9%	$1.3B-9.0%	$1.4B-17.3%	$1.7B
Gross Profit	$5.6B	$5.2B+12.9%	$4.6B+19.4%	$3.9B+8.7%	$3.6B+4.7%	$3.4B+17.8%	$2.9B+14.5%	$2.5B+0.4%	$2.5B+4.8%	$2.4B+5.9%	$2.3B+8.9%	$2.1B+1.1%	$2.1B+9.1%	$1.9B+13.2%	$1.7B-0.9%	$1.7B
SG&A Expenses	$98.0M	$75.0M-31.2%	$109.0M-3.5%	$113.0M-9.6%	$125.0M+47.1%	$85.0M-40.1%	$142.0M+13.6%	$125.0M+4.2%	$120.0M+46.3%	$82.0M+12.3%	$73.0M+12.3%	$65.0M-27.0%	$89.0M+11.3%	$80.0M+37.9%	$58.0M-30.1%	$83.0M
Operating Income	$2.6B	$2.3B+29.6%	$1.8B+13.9%	$1.6B+0.9%	$1.6B+8.5%	$1.4B+16.8%	$1.2B+21.3%	$1.0B-1.1%	$1.0B+3.7%	$991.0M+18.5%	$836.0M+16.1%	$720.0M-4.5%	$754.0M+9.6%	$688.0M-0.3%	$690.0M-0.9%	$696.0M
Interest Expense	$349.0M	$367.0M-11.4%	$414.0M+45.8%	$284.0M+120.2%	$129.0M+3.2%	$125.0M+23.8%	$101.0M-18.5%	$124.0M-17.3%	$150.0M+4.9%	$143.0M+5.9%	$135.0M+21.6%	$111.0M-5.1%	$117.0M+5.4%	$111.0M+14.4%	$97.0M-18.5%	$119.0M
Income Tax	$473.0M	$358.0M+7.2%	$334.0M-2.9%	$344.0M-2.3%	$352.0M+1.4%	$347.0M+24.4%	$279.0M+13.9%	$245.0M-59.6%	$606.0M+323.8%	$143.0M+429.6%	$27.0M-86.7%	$203.0M+12.2%	$181.0M-16.2%	$216.0M+8.5%	$199.0M+4.7%	$190.0M
Net Income	$2.0B	$1.8B+60.1%	$1.1B+5.5%	$1.1B-5.9%	$1.1B-5.2%	$1.2B+27.2%	$933.0M+20.5%	$774.0M+69.0%	$458.0M-37.2%	$729.0M+587.7%	$106.0M-75.2%	$428.0M+3.4%	$414.0M+7.5%	$385.0M+9.4%	$352.0M-9.0%	$387.0M
EPS (Diluted)	$3.43	$3.09+60.1%	$1.93-7.2%	$2.08-8.0%	$2.26	$2.35+26.3%	$1.86	$4.63+69.6%	$2.73-36.5%	$4.30+582.5%	$0.63-74.8%	$2.50+4.6%	$2.39+6.2%	$2.25+10.3%	$2.04-5.1%	$2.15

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Revenue	$2.5B+18.5%	$2.1B+1.4%	$2.1B+7.6%	$2.0B-6.8%	$2.1B+0.2%	$2.1B+3.1%	$2.0B+6.8%	$1.9B
Cost of Revenue	$1.0B+41.4%	$730.0M+2.0%	$716.0M+11.4%	$643.0M-19.1%	$795.0M-7.5%	$859.0M+6.7%	$805.0M+6.5%	$756.0M
Gross Profit	$1.5B+6.6%	$1.4B+1.2%	$1.4B+5.8%	$1.3B+0.7%	$1.3B+5.6%	$1.2B+0.8%	$1.2B+7.1%	$1.1B
SG&A Expenses	$23.0M-20.7%	$29.0M+20.8%	$24.0M+9.1%	$22.0M-4.3%	$23.0M+283.3%	$6.0M-76.0%	$25.0M-3.8%	$26.0M
Operating Income	$712.0M+8.4%	$657.0M+4.3%	$630.0M+7.5%	$586.0M+3.2%	$568.0M+3.8%	$547.0M+5.8%	$517.0M+15.4%	$448.0M
Interest Expense	$86.0M-1.1%	$87.0M-2.2%	$89.0M+2.3%	$87.0M-8.4%	$95.0M-1.0%	$96.0M-5.9%	$102.0M0.0%	$102.0M
Income Tax	$146.0M-7.6%	$158.0M+150.8%	$63.0M-40.6%	$106.0M+10.4%	$96.0M+3.2%	$93.0M+9.4%	$85.0M+66.7%	$51.0M
Net Income	$507.0M-2.3%	$519.0M+0.2%	$518.0M+22.5%	$423.0M-6.4%	$452.0M+14.4%	$395.0M+11.3%	$355.0M+16.0%	$306.0M
EPS (Diluted)	$0.89-2.2%	$0.91+1.1%	$0.90+23.3%	$0.73-6.4%	$0.78+14.7%	$0.68+11.5%	$0.61+15.1%	$0.53

Not reported in any period shown, so not listed: R&D Expenses.

NDAQ Balance Sheet

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

NDAQ quarterly balance sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12	FY11
Total Assets	$31.1B+2.2%	$30.4B-5.9%	$32.3B+54.8%	$20.9B+3.7%	$20.1B+11.9%	$18.0B+29.1%	$13.9B-11.3%	$15.7B+2.3%	$15.4B+14.5%	$13.4B+13.1%	$11.9B-1.7%	$12.1B-3.9%	$12.6B+37.6%	$9.1B-35.2%	$14.1B
Current Assets	$8.0B+2.8%	$7.8B-14.4%	$9.1B+5.7%	$8.6B+15.9%	$7.4B-3.1%	$7.7B+78.6%	$4.3B-32.7%	$6.4B+15.6%	$5.5B+20.8%	$4.6B+39.9%	$3.3B-4.1%	$3.4B+7.5%	$3.2B+112.0%	$1.5B-77.3%	$6.6B
Cash & Equivalents	$604.0M+2.0%	$592.0M+30.7%	$453.0M-9.8%	$502.0M+27.7%	$393.0M-85.7%	$2.7B+726.8%	$332.0M-39.1%	$545.0M+44.6%	$377.0M-6.5%	$403.0M+33.9%	$301.0M-29.5%	$427.0M+7.3%	$398.0M-19.9%	$497.0M-1.8%	$506.0M
Goodwill	$14.4B+3.0%	$14.0B-1.1%	$14.1B+74.2%	$8.1B-4.0%	$8.4B+23.1%	$6.8B+7.6%	$6.4B0.0%	$6.4B-3.4%	$6.6B+9.3%	$6.0B+11.7%	$5.4B-2.6%	$5.5B-10.5%	$6.2B+16.0%	$5.3B+5.4%	$5.1B
Total Liabilities	$18.8B-1.9%	$19.2B-10.6%	$21.5B+46.0%	$14.7B+7.3%	$13.7B+18.8%	$11.5B+39.3%	$8.3B-19.2%	$10.3B+8.2%	$9.5B+8.6%	$8.7B+39.5%	$6.3B-0.4%	$6.3B-1.8%	$6.4B+63.0%	$3.9B-56.9%	$9.1B
Current Liabilities	$8.0B+0.7%	$7.9B-12.4%	$9.0B+2.2%	$8.8B+12.2%	$7.9B+59.9%	$4.9B+16.5%	$4.2B-35.7%	$6.6B+25.5%	$5.2B+28.2%	$4.1B+39.8%	$2.9B-2.0%	$3.0B+6.4%	$2.8B+175.0%	$1.0B-83.1%	$6.0B
Long-Term Debt	$8.6B-5.6%	$9.1B-10.6%	$10.2B+114.6%	$4.7B-1.6%	$4.8B-13.2%	$5.5B+84.9%	$3.0B+1.4%	$3.0B-20.7%	$3.7B+3.4%	$3.6B+52.4%	$2.4B+2.9%	$2.3B-11.3%	$2.6B+40.7%	$1.8B-11.2%	$2.1B
Total Equity	$12.2B+9.3%	$11.2B+3.5%	$10.8B+75.8%	$6.2B-3.8%	$6.4B-0.6%	$6.4B+14.1%	$5.6B+3.5%	$5.4B-7.3%	$5.9B+8.3%	$5.4B-3.2%	$5.6B-3.2%	$5.8B-6.3%	$6.2B+18.7%	$5.2B+4.7%	$5.0B
Retained Earnings	$9.6B+14.1%	$8.4B+7.4%	$7.8B+8.6%	$7.2B+11.5%	$6.5B+14.9%	$5.6B+12.0%	$5.0B+10.3%	$4.6B+15.0%	$4.0B+13.9%	$3.5B-2.6%	$3.6B+8.5%	$3.3B+10.6%	$3.0B+11.1%	$2.7B+12.0%	$2.4B

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Total Assets	$27.3B+0.1%	$27.3B-12.1%	$31.1B+1.3%	$30.7B+0.9%	$30.4B-0.9%	$30.6B+0.8%	$30.4B-0.5%	$30.6B
Current Assets	$4.5B+3.6%	$4.4B-45.3%	$8.0B+5.3%	$7.6B+3.3%	$7.4B-6.0%	$7.8B+0.4%	$7.8B+3.0%	$7.6B
Cash & Equivalents	$520.0M+1.0%	$515.0M-14.7%	$604.0M+28.5%	$470.0M-35.8%	$732.0M+6.1%	$690.0M+16.6%	$592.0M+122.6%	$266.0M
Goodwill	$14.2B-0.4%	$14.3B-0.4%	$14.4B+0.2%	$14.3B+0.1%	$14.3B+1.1%	$14.2B+1.6%	$14.0B-1.5%	$14.2B
Total Liabilities	$15.3B+0.6%	$15.3B-18.9%	$18.8B+1.1%	$18.6B+0.3%	$18.6B-2.8%	$19.1B-0.5%	$19.2B-1.5%	$19.5B
Current Liabilities	$4.5B+2.6%	$4.4B-44.8%	$8.0B+3.3%	$7.7B+0.6%	$7.7B-3.9%	$8.0B+0.9%	$7.9B-0.4%	$7.9B
Long-Term Debt	$8.5B-0.4%	$8.5B-0.5%	$8.6B-1.1%	$8.7B-0.1%	$8.7B-2.8%	$8.9B-1.7%	$9.1B-3.0%	$9.4B
Total Equity	$12.0B-0.4%	$12.0B-1.6%	$12.2B+1.7%	$12.0B+1.8%	$11.8B+2.3%	$11.5B+3.2%	$11.2B+1.1%	$11.1B
Retained Earnings	$10.3B+3.3%	$10.0B+3.8%	$9.6B+4.0%	$9.2B+3.0%	$9.0B+3.4%	$8.7B+3.1%	$8.4B+2.7%	$8.2B

Not reported in any period shown, so not listed: Inventory, Accounts Receivable.

NDAQ Cash Flow Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

NDAQ quarterly cash flow statement

Metric	TTM	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12	FY11
Operating Cash Flow	$2.2B	$2.3B+16.3%	$1.9B+14.3%	$1.7B-0.6%	$1.7B+57.5%	$1.1B-13.5%	$1.3B+30.0%	$963.0M-6.3%	$1.0B+13.1%	$909.0M+17.1%	$776.0M+6.7%	$727.0M+15.0%	$632.0M+10.1%	$574.0M-3.4%	$594.0M-11.2%	$669.0M
Capital Expenditures	$295.0M	$266.0M+28.5%	$207.0M+31.0%	$158.0M+3.9%	$152.0M-6.7%	$163.0M-13.3%	$188.0M+48.0%	$127.0M+14.4%	$111.0M-22.9%	$144.0M+7.5%	$134.0M+0.8%	$133.0M-5.0%	$140.0M+21.7%	$115.0M+32.2%	$87.0M-1.1%	$88.0M
Free Cash Flow	$2.0B	$2.0B+14.8%	$1.7B+12.6%	$1.5B-1.0%	$1.6B+68.9%	$920.0M-13.5%	$1.1B+27.3%	$836.0M-8.8%	$917.0M+19.9%	$765.0M+19.2%	$642.0M+8.1%	$594.0M+20.7%	$492.0M+7.2%	$459.0M-9.5%	$507.0M-12.7%	$581.0M
Investing Cash Flow	-$482.0M	-$1.1B-15.4%	-$953.0M+84.1%	-$6.0B-12332.7%	$49.0M+101.8%	-$2.7B-2074.6%	-$122.0M+70.5%	-$414.0M-311.2%	$196.0M+122.0%	-$890.0M+46.3%	-$1.7B-280.9%	-$435.0M	N/A	N/A	-$128.0M+12.3%	-$146.0M
Financing Cash Flow	-$5.2B	-$3.0B-15.3%	-$2.6B-160.7%	$4.2B+307.3%	$1.0B-26.9%	$1.4B-25.8%	$1.9B+177.3%	-$2.5B-140.7%	-$1.0B-1837.7%	-$53.0M-105.6%	$948.0M+337.0%	-$400.0M	N/A	N/A	-$485.0M-49.2%	-$325.0M
Dividends Paid	$635.0M	$601.0M+11.1%	$541.0M+22.7%	$441.0M+15.1%	$383.0M+9.4%	$350.0M+9.4%	$320.0M+4.9%	$305.0M+8.9%	$280.0M+15.2%	$243.0M+21.5%	$200.0M+34.2%	$149.0M+52.0%	$98.0M+12.6%	$87.0M+33.8%	$65.0M	N/A
Share Buybacks	$1.3B	$616.0M+324.8%	$145.0M-46.1%	$269.0M-12.7%	$308.0M-34.2%	$468.0M+110.8%	$222.0M+11.0%	$200.0M-49.2%	$394.0M+94.1%	$203.0M+103.0%	$100.0M-73.5%	$377.0M+111.8%	$178.0M+1680.0%	$10.0M-96.4%	$275.0M+175.0%	$100.0M

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Operating Cash Flow	$711.0M+3.2%	$689.0M+10.2%	$625.0M+182.8%	$221.0M-70.4%	$746.0M+12.5%	$663.0M-6.0%	$705.0M+188.9%	$244.0M
Capital Expenditures	$77.0M+28.3%	$60.0M-32.6%	$89.0M+29.0%	$69.0M+16.9%	$59.0M+20.4%	$49.0M-18.3%	$60.0M+7.1%	$56.0M
Free Cash Flow	$634.0M+0.8%	$629.0M+17.4%	$536.0M+252.6%	$152.0M-77.9%	$687.0M+11.9%	$614.0M-4.8%	$645.0M+243.1%	$188.0M
Investing Cash Flow	-$446.0M-159.7%	$747.0M+217.1%	-$638.0M-340.0%	-$145.0M-145.8%	-$59.0M+77.1%	-$258.0M+74.4%	-$1.0B-1480.8%	$73.0M
Financing Cash Flow	-$583.0M+86.1%	-$4.2B-637.9%	-$567.0M-456.6%	$159.0M+110.9%	-$1.5B-35.0%	-$1.1B-4412.5%	-$24.0M+88.2%	-$204.0M
Dividends Paid	$174.0M+13.7%	$153.0M0.0%	$153.0M-1.3%	$155.0M0.0%	$155.0M+12.3%	$138.0M0.0%	$138.0M0.0%	$138.0M
Share Buybacks	$355.0M-35.2%	$548.0M+91.6%	$286.0M+148.7%	$115.0M+15.0%	$100.0M-13.0%	$115.0M	$0-100.0%	$87.0M

NDAQ Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples.

NDAQ quarterly financial ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12	FY11
Gross Margin	63.5%+0.7pp	62.8%-1.4pp	64.2%+6.7pp	57.5%-0.6pp	58.1%+6.5pp	51.6%-7.9pp	59.5%+0.5pp	59.1%-2.0pp	61.1%-0.4pp	61.5%0.0pp	61.4%+2.4pp	59.1%0.0pp	59.0%+5.4pp	53.6%+4.5pp	49.2%
Operating Margin	28.2%+3.9pp	24.3%-1.7pp	26.0%+0.9pp	25.1%+0.6pp	24.5%+2.5pp	21.9%-1.9pp	23.9%-0.2pp	24.0%-1.1pp	25.1%+2.5pp	22.6%+1.4pp	21.2%-0.4pp	21.5%+0.1pp	21.4%-0.7pp	22.1%+1.9pp	20.2%
Net Margin	21.6%+6.6pp	15.1%-2.4pp	17.5%-0.6pp	18.1%-2.1pp	20.2%+3.6pp	16.6%-1.6pp	18.2%+7.5pp	10.7%-7.8pp	18.5%+15.6pp	2.9%-9.7pp	12.6%+0.7pp	11.8%-0.2pp	12.0%+0.7pp	11.3%0.0pp	11.3%
Return on Equity	14.6%+4.6pp	10.0%+0.2pp	9.8%-8.5pp	18.3%-0.3pp	18.6%+4.1pp	14.5%+0.8pp	13.7%+5.3pp	8.4%-4.0pp	12.4%+10.4pp	1.9%-5.7pp	7.6%+0.5pp	7.1%+0.9pp	6.2%-0.5pp	6.8%-1.0pp	7.8%
Return on Assets	5.8%+2.1pp	3.7%+0.4pp	3.3%-2.1pp	5.4%-0.5pp	5.9%+0.7pp	5.2%-0.4pp	5.6%+2.6pp	2.9%-1.8pp	4.8%+4.0pp	0.8%-2.8pp	3.6%+0.2pp	3.4%+0.4pp	3.1%-0.8pp	3.9%+1.1pp	2.8%
Current Ratio	1.010.0x	0.990.0x	1.010.0x	0.970.0x	0.94-0.6x	1.56+0.5x	1.010.0x	0.97-0.1x	1.05-0.1x	1.120.0x	1.120.0x	1.140.0x	1.13-0.3x	1.47+0.4x	1.09
Debt-to-Equity	0.70-0.1x	0.81-0.1x	0.94+0.2x	0.770.0x	0.75-0.1x	0.86+0.3x	0.530.0x	0.54-0.1x	0.630.0x	0.66+0.2x	0.420.0x	0.400.0x	0.42+0.1x	0.35-0.1x	0.42
FCF Margin	24.1%+0.7pp	23.4%-1.9pp	25.4%+0.4pp	25.0%+9.3pp	15.6%-3.3pp	18.9%-0.7pp	19.6%-1.8pp	21.4%+2.1pp	19.4%+2.0pp	17.3%-0.1pp	17.5%+3.4pp	14.1%-0.2pp	14.3%-2.0pp	16.3%-0.7pp	16.9%

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Gross Margin	59.2%-6.6pp	65.8%-0.2pp	66.0%-1.1pp	67.2%+5.0pp	62.2%+3.1pp	59.0%-1.4pp	60.4%+0.1pp	60.3%
Operating Margin	28.1%-2.6pp	30.7%+0.8pp	29.9%0.0pp	29.9%+2.9pp	27.0%+0.9pp	26.1%+0.7pp	25.4%+1.9pp	23.5%
Net Margin	20.0%-4.3pp	24.3%-0.3pp	24.6%+3.0pp	21.6%+0.1pp	21.5%+2.7pp	18.9%+1.4pp	17.5%+1.4pp	16.1%
Return on Equity	4.2%-0.1pp	4.3%+0.1pp	4.2%+0.7pp	3.5%-0.3pp	3.8%+0.4pp	3.4%+0.3pp	3.2%+0.4pp	2.8%
Return on Assets	1.8%-0.1pp	1.9%+0.2pp	1.7%+0.3pp	1.4%-0.1pp	1.5%+0.2pp	1.3%+0.1pp	1.2%+0.2pp	1.0%
Current Ratio	1.010.0x	1.000.0x	1.010.0x	0.990.0x	0.960.0x	0.980.0x	0.990.0x	0.95
Debt-to-Equity	0.710.0x	0.710.0x	0.700.0x	0.720.0x	0.730.0x	0.770.0x	0.810.0x	0.85
FCF Margin	25.0%-4.4pp	29.4%+4.0pp	25.4%+17.7pp	7.8%-24.9pp	32.7%+3.4pp	29.3%-2.5pp	31.7%+21.9pp	9.9%

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Where Nasdaq Inc Ranks

Frequently Asked Questions

What is Nasdaq Inc's annual revenue?

Nasdaq Inc (NDAQ) reported $8.3B in total revenue for fiscal year 2025. This represents a 11.6% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Nasdaq Inc's revenue growing?

Nasdaq Inc (NDAQ) revenue grew by 11.6% year-over-year, from $7.4B to $8.3B in fiscal year 2025.

Is Nasdaq Inc profitable?

Yes, Nasdaq Inc (NDAQ) reported a net income of $1.8B in fiscal year 2025, with a net profit margin of 21.6%.

What is Nasdaq Inc's EBITDA?

Nasdaq Inc (NDAQ) had EBITDA of $2.5B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Nasdaq Inc have?

As of fiscal year 2025, Nasdaq Inc (NDAQ) had $604.0M in cash and equivalents against $8.6B in long-term debt.

What is Nasdaq Inc's gross margin?

Nasdaq Inc (NDAQ) had a gross margin of 63.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Nasdaq Inc's operating margin?

Nasdaq Inc (NDAQ) had an operating margin of 28.2% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Nasdaq Inc's net profit margin?

Nasdaq Inc (NDAQ) had a net profit margin of 21.6% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Does Nasdaq Inc pay dividends?

Yes, Nasdaq Inc (NDAQ) paid $1.05 per share in dividends during fiscal year 2025.

What is Nasdaq Inc's return on equity (ROE)?

Nasdaq Inc (NDAQ) has a return on equity of 14.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Nasdaq Inc's free cash flow?

Nasdaq Inc (NDAQ) generated $2.0B in free cash flow during fiscal year 2025. This represents a 14.8% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Nasdaq Inc's operating cash flow?

Nasdaq Inc (NDAQ) generated $2.3B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Nasdaq Inc's total assets?

Nasdaq Inc (NDAQ) had $31.1B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Nasdaq Inc's capital expenditures?

Nasdaq Inc (NDAQ) invested $266.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Does Nasdaq Inc buy back shares?

Yes, Nasdaq Inc (NDAQ) spent $616.0M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does Nasdaq Inc have outstanding?

Nasdaq Inc (NDAQ) had 568M shares outstanding as of fiscal year 2025.

What is Nasdaq Inc's current ratio?

Nasdaq Inc (NDAQ) had a current ratio of 1.01 as of fiscal year 2025, which is considered adequate.

What is Nasdaq Inc's debt-to-equity ratio?

Nasdaq Inc (NDAQ) had a debt-to-equity ratio of 0.70 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Nasdaq Inc's return on assets (ROA)?

Nasdaq Inc (NDAQ) had a return on assets of 5.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Nasdaq Inc's Altman Z-Score?

Nasdaq Inc (NDAQ) has an Altman Z-Score of 2.72, placing it in the Grey Zone (moderate risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Nasdaq Inc's Piotroski F-Score?

Nasdaq Inc (NDAQ) has a Piotroski F-Score of 9 out of 9, indicating strong financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Nasdaq Inc's earnings high quality?

Nasdaq Inc (NDAQ) has an earnings quality ratio of 1.26x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Nasdaq Inc cover its interest payments?

Nasdaq Inc (NDAQ) has an interest coverage ratio of 6.35x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Nasdaq Inc?

Nasdaq Inc (NDAQ) scores 62 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.