NASDAQ, INC.

Listed Company

NDAQCIK 0001120193NasdaqLarge AcceleratedSecurity & Commodity Brokers, Dealers, Exchanges & ServicesDelawareFY ends Dec 31

Period

FY 2025

Revenue

$8.26B

Net Income

$1.79B

Total Assets

$31.05B

Equity

$12.23B

Shares Out

565.54M

Op. Cash Flow

$2.25B

Business

NASDAQ, INC. is a global technology company that provides platforms and services enabling participants across the capital markets and broader financial system to access liquidity, transparency and integrity. It offers data, analytics, index and listing services, cloud-based market and capital markets software, trade and clearing services, and regulatory and financial crime management solutions such as surveillance, AxiomSL, Calypso and Verafin. The company operates through three segments: Capital Access Platforms, Financial Technology and Market Services. It serves corporate issuers, banks, brokers, asset managers, exchanges and regulators across North America, Europe (including Nordic and Baltic markets), and Canada via exchange venues, data feeds, SaaS platforms and marketplace technology channels.

Summary from filing dated 2025-02-21

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenues	8,262	7,400	6,064	6,226	5,886
Transaction-based expenses	−3,013	−2,751	−2,169	−2,644	−2,466
Revenues less transaction-based expenses	5,249	4,649	3,895	3,582	3,420
Compensation and benefits	1,392	1,324	1,082	1,003	938
Professional and contract services	160	152	128	140	144
Technology and communication infrastructure	316	281	233	207	186
Occupancy	124	112	129	104	109
General, administrative and other	75	109	113	125	85
Marketing and advertising	65	54	47	51	57
Depreciation and amortization	632	613	323	258	278
Regulatory	52	55	34	33	64
Merger and strategic initiatives	60	35	148	82	87
Restructuring charges	42	116	80	15	31
Total operating expenses	2,918	2,851	2,317	2,018	1,979
Operating income	2,331	1,798	1,578	1,564	1,441
Interest income	39	28	115	7	1
Interest expense	−367	−414	−284	−129	—
Net gain on divestitures	86	0	0	0	84
Other income (loss)	−27	21	−1	2	81
Net income (loss) from unconsolidated investees	83	16	−7	31	52
Income before income taxes	2,145	1,449	1,401	1,475	1,534
Income tax provision	358	334	344	352	347
Net income	1,787	1,115	1,057	1,123	1,187
Net loss attributable to noncontrolling interests	1	2	2	2	0
Net income attributable to Nasdaq	1,788	1,117	1,059	1,125	1,187
Basic earnings per share (in dollars per share)	3.12	1.94	2.1	2.28	2.38
Diluted earnings per share (in dollars per share)	3.09	1.93	2.08	2.26	2.35
Cash dividends declared per common share (in dollars per share)	1.05	0.94	0.86	0.78	0.7

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	604	592	453	502	393
Restricted cash and cash equivalents	210	31	20	22	29
Default funds and margin deposits (including restricted cash and cash equivalents of $3,120 and $4,383, respectively)	5,842	5,664	7,275	7,021	5,911
Financial investments	28	184	188	181	208
Receivables, net	943	1,022	929	677	588
Other current assets	376	293	231	201	294
Total current assets	8,003	7,786	9,096	8,604	7,423
Property and equipment, net	728	593	576	532	509
Goodwill	14,371	13,957	14,112	8,099	8,433
Intangible assets, net	6,511	6,905	7,443	2,581	2,813
Operating lease assets	447	375	402	444	366
Other non-current assets	993	779	665	608	571
Total assets	31,053	30,395	32,294	20,868	20,115
Accounts payable and accrued expenses	280	269	332	185	185
Section 31 fees payable to SEC	0	319	84	243	62
Accrued personnel costs	364	325	303	243	252
Deferred revenue	785	711	594	357	329
Other current liabilities	259	215	146	122	115
Default funds and margin deposits	5,842	5,664	7,275	7,021	5,911
Short-term debt	431	399	291	664	1,018
Total current liabilities	7,961	7,902	9,025	8,835	7,872
Long-term debt	8,573	9,081	10,163	4,735	4,812
Deferred tax liabilities, net	1,584	1,594	1,642	456	406
Operating lease liabilities	462	388	417	452	386
Other non-current liabilities	241	230	220	226	234
Total liabilities	18,821	19,195	21,467	14,704	13,710
Commitments and contingencies	—	—	—	—	—
Common stock, $0.01 par value, 900,000,000 shares authorized, shares issued: 594,620,320 at December 31, 2025 and 598,920,378 at December 31, 2024; shares outstanding: 569,894,024 at December 31, 2025 and 575,062,217 at December 31, 2024	6	6	6	5	5
Additional paid-in capital	5,122	5,530	5,496	1,445	1,949
Common stock in treasury, at cost: 24,726,296 shares at December 31, 2025 and 23,858,161 shares at December 31, 2024	−716	−647	−587	−515	−437
Accumulated other comprehensive loss	−1,773	−2,099	−1,924	−1,991	−1,587
Retained earnings	9,588	8,401	7,825	7,207	6,465
Total Nasdaq stockholders equity	12,227	11,191	10,816	6,151	6,395
Noncontrolling interests	5	9	11	13	10
Total equity	12,232	11,200	10,827	6,164	6,405
Total liabilities and equity	31,053	30,395	32,294	20,868	20,115

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Share-based compensation	165	141	122	106	90
Deferred income tax expense (benefit)	48	−67	68	38	94
Extinguishment of debt and bridge fees	5	3	25	16	33
Non-cash restructuring charges	1	37	12	0	0
Operating lease asset impairments	0	0	13	0	0
Adenza purchase accounting adjustment	0	32	0	0	—
Other reconciling items included in net income	21	35	30	28	6
Receivables, net	91	−193	3	−101	−6
Other assets	−96	−50	9	98	−140
Accounts payable and accrued expenses	−6	−60	149	19	−17
Section 31 fees payable to SEC	−319	235	−160	—	—
Accrued personnel costs	25	34	13	0	28
Deferred revenue	69	67	88	16	106
Other liabilities	1	13	−63	−45	−278
Net cash provided by operating activities	2,255	1,939	1,696	1,706	1,083
Purchases of securities	−243	−206	−712	−322	−316
Proceeds from sales and redemptions of securities	427	199	719	320	285
Proceeds from divestitures, net of cash divested	140	0	0	0	190
Acquisition of businesses, net of cash and cash equivalents acquired	0	0	−5,766	41	−2,430
Purchases of property and equipment	−266	−207	−158	−152	−163
Investments related to default funds and margin deposits, net	−1,080	−707	−74	211	−132
Other investing activities	−78	−32	−3	33	−87
Net cash used in investing activities	−1,100	−953	−5,994	49	−2,653
Repayments of commercial paper, net	0	−291	−371	238	420
Repayments of debt and credit commitment	−826	−521	−260	−1,097	−804
Proceeds from issuances of debt, net of issuance costs	0	0	5,608	541	826
Repurchases of common stock	−616	−145	−269	−308	−468
Dividends paid	−601	−541	−441	−383	−350
Payments related to employee shares withheld for taxes	−69	−60	−72	—	—
Default funds and margin deposits	−884	−1,030	22	2,440	2,330
Other financing activities	43	27	3	8	7
Net cash provided by (used in) financing activities	−2,953	−2,561	4,220	1,036	1,418
Effect of exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents	726	−537	202	−1,293	−331
Net decrease in cash and cash equivalents and restricted cash and cash equivalents	−1,072	−2,112	124	1,498	−483
Interest paid	354	405	177	116	118
Income taxes paid, net of refunds	373	358	254	274	501

Filings

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