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NASDAQ, INC.

NDAQ· Nasdaq· Security & Commodity Brokers, Dealers, Exchanges & Services

Market cap
–
P/FCF
–
EV/Sales
–
FCF margin
24.1%
ROIC, 5 yr avg
8.3%
Revenue, 5 yr CAGR
+8.0%
We record prices for the companies we cover; NDAQ is not one of them yet.

Company statistics

From the 10-Ks, computed in code · point at a figure for its formula

Profile · FY2025

Market cap
–
Enterprise value
–
Diluted shares
578.6M
Revenue
$8.3B
Free cash flow
$2.0B
Owner earnings
$1.8B

Valuation · FY2025

P/E
–
P/FCF
–
P/Owner earnings
–
EV/Sales
–
EV/FCF
–
P/B
–

Margins · FY2025

Gross
63.5%
Operating
28.2%
Net
21.6%
Free cash flow
24.1%
Owner earnings
22.1%
Stock pay
2.0%

Returns

ROIC, FY2025
9.4%
ROIC, 5 yr avg
8.3%
ROE, FY2025
14.6%
ROE, 5 yr avg
14.2%

Growth (CAGR)

Revenue, 3 yr
9.9%
Revenue, 5 yr
8.0%
Revenue, 9 yr
9.3%
Diluted EPS, 3 yr
11.0%
Diluted EPS, 5 yr
10.7%
Diluted EPS, 9 yr
34.8%
Free cash flow, 3 yr
8.6%
Free cash flow, 5 yr
13.3%
Free cash flow, 9 yr
13.4%

Financial health · FY2025

Cash and investments
$604.0M
Total debt
$9.0B
Net debt
$8.4B
Debt/Equity
0.7x
Debt/FCF
4.5x

Shareholder returns · FY2025

Dividend yield
–
Payout ratio
33.6%
Buyback yield
–
Shareholder yield
–
Share count, 5 yr
2.9%

Financials: ten years from the 10-Ks

Reported numbers open their filing · computed ones show the formula · ˢ split-adjusted

Revenue

$8.3B

+9.3% a year over 9 years

FY2016: Revenue $3.7BFY2017: Revenue $3.9BFY2018: Revenue $4.3BFY2019: Revenue $4.3BFY2020: Revenue $5.6BFY2021: Revenue $5.9BFY2022: Revenue $6.2BFY2023: Revenue $6.1BFY2024: Revenue $7.4BFY2025: Revenue $8.3B
FY2016FY2025

Margins

Gross63.5%Operating28.2%Net21.6%

FY2025

FY2016: Gross 61.4%, Operating 22.6%, Net 2.9%FY2017: Gross 61.1%, Operating 25.1%, Net 18.5%FY2018: Gross 59.1%, Operating 24.0%, Net 10.7%FY2019: Gross 59.5%, Operating 23.9%, Net 18.2%FY2020: Gross 51.6%, Operating 21.9%, Net 16.6%FY2021: Gross 58.1%, Operating 24.5%, Net 20.2%FY2022: Gross 57.5%, Operating 25.1%, Net 18.1%FY2023: Gross 64.2%, Operating 26.0%, Net 17.5%FY2024: Gross 62.8%, Operating 24.3%, Net 15.1%FY2025: Gross 63.5%, Operating 28.2%, Net 21.6%
FY2016FY2025

Free cash flow and owner earnings

Free cash flow$2.0BOwner earnings$1.8B

Free cash flow +13.4% a year

FY2016: Free cash flow $642.0M, Owner earnings $556.0MFY2017: Free cash flow $765.0M, Owner earnings $695.0MFY2018: Free cash flow $917.0M, Owner earnings $848.0MFY2019: Free cash flow $836.0M, Owner earnings $757.0MFY2020: Free cash flow $1.1B, Owner earnings $977.0MFY2021: Free cash flow $920.0M, Owner earnings $830.0MFY2022: Free cash flow $1.6B, Owner earnings $1.4BFY2023: Free cash flow $1.5B, Owner earnings $1.4BFY2024: Free cash flow $1.7B, Owner earnings $1.6BFY2025: Free cash flow $2.0B, Owner earnings $1.8B
FY2016FY2025

Diluted shares

578.6M

+14.3% over 9 years, net dilution

FY2016: Diluted shares 506.4MFY2017: Diluted shares 508.8MFY2018: Diluted shares 503.1MFY2019: Diluted shares 500.9MFY2020: Diluted shares 500.7MFY2021: Diluted shares 505.1MFY2022: Diluted shares 497.9MFY2023: Diluted shares 508.4MFY2024: Diluted shares 579.2MFY2025: Diluted shares 578.6M
FY2016FY2025

Return on invested capital

9.4%

FY2025

FY2016: ROIC 7.9%FY2017: ROIC 8.2%FY2018: ROIC 4.9%FY2019: ROIC 9.2%FY2020: ROIC 9.7%FY2021: ROIC 9.0%FY2022: ROIC 10.8%FY2023: ROIC 5.6%FY2024: ROIC 6.7%FY2025: ROIC 9.4%
FY2016FY2025

Net debt (below zero)

-$8.4B

$8.4B more debt than cash

FY2016: Net cash -$3.0BFY2017: Net cash -$4.2BFY2018: Net cash -$3.6BFY2019: Net cash -$2.8BFY2020: Net cash -$3.4BFY2021: Net cash -$5.9BFY2022: Net cash -$4.9BFY2023: Net cash -$10.5BFY2024: Net cash -$9.4BFY2025: Net cash -$8.4B
FY2016FY2025

Every figure, year by year

Fiscal yearFY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
The business
Revenue$3.7B$3.9B$4.3B$4.3B$5.6B$5.9B$6.2B$6.1B$7.4B$8.3B
Revenue growth8.8%6.6%8.3%-0.4%32.1%4.6%5.8%-2.6%22.0%11.6%
Gross margin61.4%61.1%59.1%59.5%51.6%58.1%57.5%64.2%62.8%63.5%
Operating margin22.6%25.1%24.0%23.9%21.9%24.5%25.1%26.0%24.3%28.2%
Net income$106.0M$729.0M$458.0M$774.0M$933.0M$1.2B$1.1B$1.1B$1.1B$1.8B
Net margin2.9%18.5%10.7%18.2%16.6%20.2%18.1%17.5%15.1%21.6%
Diluted EPS$0.21s$1.43s$0.91s$1.54s$1.86$2.35$2.26$2.08$1.93$3.09
Return on invested capital?7.9%8.2%4.9%9.2%9.7%9.0%10.8%5.6%6.7%9.4%
Cash
Operating cash flow$776.0M$909.0M$1.0B$963.0M$1.3B$1.1B$1.7B$1.7B$1.9B$2.3B
Capital expenditure$134.0M$144.0M$111.0M$127.0M$188.0M$163.0M$152.0M$158.0M$207.0M$266.0M
Free cash flow$642.0M$765.0M$917.0M$836.0M$1.1B$920.0M$1.6B$1.5B$1.7B$2.0B
Stock-based compensation$86.0M$70.0M$69.0M$79.0M$87.0M$90.0M$106.0M$122.0M$141.0M$165.0M
Owner earnings?$556.0M$695.0M$848.0M$757.0M$977.0M$830.0M$1.4B$1.4B$1.6B$1.8B
Free cash flow per share$1.27$1.50$1.82$1.67$2.12$1.82$3.12$3.03$2.99$3.44
Capital allocation
Dividends paid$200.0M$243.0M$280.0M$305.0M$320.0M$350.0M$383.0M$441.0M$541.0M$601.0M
Share repurchases$100.0M$203.0M$394.0M$200.0M$222.0M$468.0M$308.0M$269.0M$145.0M$616.0M
Diluted shares506.4Ms508.8Ms503.1Ms500.9Ms500.7M505.1M497.9M508.4M579.2M578.6M
Share count change?-1.4%0.5%-1.1%-0.4%0.0%0.9%-1.4%2.1%13.9%-0.1%
Balance sheet
Cash and equivalents$403.0M$377.0M$545.0M$332.0M$2.7B$393.0M$502.0M$453.0M$592.0M$604.0M
Short-term investments$245.0M$235.0M$268.0M$291.0M––––––
Total debt$3.6B$4.8B$4.4B$3.4B$6.1B$6.3B$5.4B$11.0B$10.0B$9.0B
Net debt$3.0B$4.2B$3.6B$2.8B$3.4B$5.9B$4.9B$10.5B$9.4B$8.4B
Shareholders' equity$5.4B$5.9B$5.4B$5.6B$6.4B$6.4B$6.2B$10.8B$11.2B$12.2B

Latest filings

All on EDGAR
2026-10-2210-QQuarterly report
2026-10-228-KEarnings release
2026-07-2310-QQuarterly report
2026-07-238-KEarnings release
2026-04-24DEF 14AProxy statement
2026-04-2410-QQuarterly report
2026-04-238-KEarnings release
2026-02-1210-KAnnual report
2026-01-298-KEarnings release
2025-10-2310-QQuarterly report

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