Nasdaq (NDAQ) financial statements
Nasdaq reported revenue of $8.3B in fiscal 2025, up 9.3% a year over 9 years.
Net income was $1.8B and the operating margin 28.2%, against 22.6% in 2016.
Free cash flow was $2.0B, and the company returned $601M in dividends and $616M in net buybacks.
The diluted share count rose 14% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Nasdaq's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.7B | $3.9B | $4.3B | $4.3B | $5.6B | $5.9B | $6.2B | $6.1B | $7.4B | $8.3B |
| Cost of revenue | $1.4B | $1.5B | $1.8B | $1.7B | $2.7B | $2.5B | $2.6B | $2.2B | $2.8B | $3.0B |
| Gross profit | $2.3B | $2.4B | $2.5B | $2.5B | $2.9B | $3.4B | $3.6B | $3.9B | $4.6B | $5.2B |
| Selling, general and admin | $73M | $82M | $120M | $125M | $142M | $85M | $125M | $113M | $109M | $75M |
| Operating income | $836M | $991M | $1.0B | $1.0B | $1.2B | $1.4B | $1.6B | $1.6B | $1.8B | $2.3B |
| Interest expense | $135M | $143M | $150M | $124M | $101M | $125M | $129M | $284M | $414M | $367M |
| Pre-tax income | $133M | $872M | $1.1B | $1.0B | $1.2B | $1.5B | $1.5B | $1.4B | $1.4B | $2.1B |
| Income tax | $27M | $143M | $606M | $245M | $279M | $347M | $352M | $344M | $334M | $358M |
| Net income | $106M | $729M | $458M | $774M | $933M | $1.2B | $1.1B | $1.1B | $1.1B | $1.8B |
| EPS (diluted) | $0.21 | $1.43 | $0.91 | $1.54 | $1.86 | $2.35 | $2.26 | $2.08 | $1.93 | $3.09 |
| Diluted shares | 506M | 509M | 503M | 501M | 501M | 505M | 498M | 508M | 579M | 579M |
| Gross margin | 61.4% | 61.1% | 59.1% | 59.5% | 51.6% | 58.1% | 57.5% | 64.2% | 62.8% | 63.5% |
| Operating margin | 22.6% | 25.1% | 24.0% | 23.9% | 21.9% | 24.5% | 25.1% | 26.0% | 24.3% | 28.2% |
| Net margin | 2.9% | 18.5% | 10.7% | 18.2% | 16.6% | 20.2% | 18.1% | 17.5% | 15.1% | 21.6% |
Balance sheet
Fiscal years, from Nasdaq's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $648M | $612M | $813M | $623M | $2.7B | $393M | $502M | $453M | $592M | $604M |
| Receivables | $429M | $356M | $384M | $422M | $566M | $588M | $677M | $929M | $1.0B | $943M |
| Total current assets | $4.6B | $5.5B | $6.4B | $4.3B | $7.7B | $7.4B | $8.6B | $9.1B | $7.8B | $8.0B |
| Property, plant and equipment | $362M | $400M | $376M | $384M | $475M | $509M | $532M | $576M | $593M | $728M |
| Goodwill | $6.0B | $6.6B | $6.4B | $6.4B | $6.8B | $8.4B | $8.1B | $14.1B | $14.0B | $14.4B |
| Total assets | $13.4B | $15.4B | $15.7B | $13.9B | $18.0B | $20.1B | $20.9B | $32.3B | $30.4B | $31.1B |
| Total current liabilities | $4.1B | $5.2B | $6.6B | $4.2B | $4.9B | $7.9B | $8.8B | $9.0B | $7.9B | $8.0B |
| Long-term debt | $3.6B | $3.7B | $3.0B | $3.0B | $5.5B | $4.8B | $4.7B | $10.2B | $9.1B | $8.6B |
| Total liabilities | $8.7B | $9.5B | $10.3B | $8.3B | $11.5B | $13.7B | $14.7B | $21.5B | $19.2B | $18.8B |
| Shareholders' equity | $5.4B | $5.9B | $5.4B | $5.6B | $6.4B | $6.4B | $6.2B | $10.8B | $11.2B | $12.2B |
| Net debt | $3.2B | $3.8B | $3.3B | $3.1B | $2.8B | $5.4B | $4.9B | $10.0B | $8.9B | $8.4B |
Cash flow
Fiscal years, from Nasdaq's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $776M | $909M | $1.0B | $963M | $1.3B | $1.1B | $1.7B | $1.7B | $1.9B | $2.3B |
| Capital spending | $134M | $144M | $111M | $127M | $188M | $163M | $152M | $158M | $207M | $266M |
| Free cash flow | $642M | $765M | $917M | $836M | $1.1B | $920M | $1.6B | $1.5B | $1.7B | $2.0B |
| Stock-based compensation | $86M | $70M | $69M | $79M | $87M | $90M | $106M | $122M | $141M | $165M |
| Dividends paid | $200M | $243M | $280M | $305M | $320M | $350M | $383M | $441M | $541M | $601M |
| Share buybacks (net) | -$100M | -$203M | -$394M | -$200M | -$222M | -$468M | -$308M | -$269M | -$145M | -$616M |
| Net borrowing | $402M | $425M | -$320M | -$419M | $1.9B | $442M | -$320M | -$631M | -$812M | -$826M |
| Free cash flow margin | 17.3% | 19.4% | 21.4% | 19.6% | 18.9% | 15.6% | 25.0% | 25.4% | 23.4% | 24.1% |
| Dividends per share | $0.39 | $0.48 | $0.56 | $0.61 | $0.64 | $0.69 | $0.77 | $0.87 | $0.93 | $1.04 |
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Open NDAQ in InvestinglyQuestions
What was Nasdaq's revenue in 2025?
$8.3B in fiscal 2025, from its 10-K filing.
How much free cash flow does Nasdaq generate?
$2.0B in fiscal 2025 (operating cash flow minus capital spending).
From Nasdaq's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.