financial statements

The full income statement, balance sheet, and cash-flow statement for Nasdaq Inc. (NDAQ), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

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PeriodRangeOrderChangeYoYQoQAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	8.26B YoY+11.6%	7.40B YoY+22.0%	6.06B YoY-2.6%	6.23B YoY+5.8%	5.89B YoY+4.6%
	5.25B YoY+12.9%	4.65B YoY+19.4%	3.90B YoY+8.7%	3.58B YoY+4.7%	3.42B YoY+17.8%
Cost of revenue	3.01B YoY+9.5%	2.75B YoY+26.8%	2.17B YoY-18.0%	2.64B YoY+7.2%	2.47B YoY-9.4%
	2.92B YoY+2.4%	2.85B YoY+23.0%	2.32B YoY+14.8%	2.02B YoY+2.0%	1.98B YoY+18.6%
Selling, general & administrative	75.0M YoY-31.2%	109M YoY-3.5%	113M YoY-9.6%	125M YoY+47.1%	85.0M YoY-40.1%
General & administrative	75.0M YoY-31.2%	109M YoY-3.5%	113M YoY-9.6%	125M YoY+47.1%	85.0M YoY-40.1%
Restructuring	42.0M YoY-63.8%	116M YoY+45.0%	80.0M YoY+433.3%	15.0M YoY-51.6%	31.0M YoY-35.4%
Amortization of intangibles	487M YoY-0.2%	488M YoY+136.9%	206M YoY+34.6%	153M YoY-10.0%	170M YoY+65.0%
Operating income	2.33B YoY+29.6%	1.80B YoY+13.9%	1.58B YoY+0.9%	1.56B YoY+8.5%	1.44B YoY+16.8%
Interest expense	367M YoY-11.4%	414M YoY+45.8%	284M YoY+120.2%	129M YoY+3.2%	125M YoY+23.8%
Interest & investment income	39.0M YoY+39.3%	28.0M YoY-75.7%	115M YoY+1542.9%	7.00M YoY+600.0%	1.00M YoY-75.0%
Other non-operating income	-27.0M YoY-228.6%	21.0M YoY+2200.0%	-1.00M YoY-150.0%	2.00M YoY-97.5%	81.0M YoY+1520.0%
Equity-method income	83.0M YoY+418.8%	16.0M YoY+328.6%	-7.00M YoY-122.6%	31.0M YoY-40.4%	52.0M YoY-25.7%
Pre-tax income	2.15B YoY+48.0%	1.45B YoY+3.4%	1.40B YoY-5.0%	1.48B YoY-3.8%	1.53B YoY+26.6%
Income tax	358M YoY+7.2%	334M YoY-2.9%	344M YoY-2.3%	352M YoY+1.4%	347M YoY+24.4%
	1.79B YoY+60.1%	1.12B YoY+5.5%	1.06B YoY-5.9%	1.13B YoY-5.2%	1.19B YoY+27.2%
Net income to non-controlling interest	-1.00M YoY+50.0%	-2.00M YoY+0.0%	-2.00M YoY+0.0%	-2.00M	0.00
	$3.09 YoY+60.1%	$1.93 YoY-7.2%	$2.08 YoY-8.0%	$2.26 YoY-3.8%	$2.35 YoY+26.3%
EPS (basic)	$3.12 YoY+60.8%	$1.94 YoY-7.6%	$2.10 YoY-7.9%	$2.28 YoY-4.2%	$2.38 YoY+25.9%
Weighted-avg shares (basic)	573M YoY-0.4%	575M YoY+14.0%	505M YoY+2.5%	492M YoY-1.1%	498M YoY+0.9%
Weighted-avg shares (diluted)	579M YoY-0.1%	579M YoY+13.9%	508M YoY+2.1%	498M YoY-1.4%	505M YoY+0.9%
Dividends per share	$1.05 YoY+11.7%	$0.94 YoY+9.3%	$0.86 YoY+10.3%	$0.78 YoY+11.4%	$0.70 YoY+7.7%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	8.00B YoY+2.8%	7.79B YoY-14.4%	9.10B YoY+5.7%	8.60B YoY+15.9%	7.42B YoY-3.1%
Cash & equivalents	604M YoY+2.0%	592M YoY+30.7%	453M YoY-9.8%	502M YoY+27.7%	393M YoY-85.7%
Short-term investments	254M YoY+0.0%	254M YoY+0.0%	254M YoY+0.0%	254M YoY+0.0%	254M YoY+0.0%
Accounts receivable	943M YoY-7.7%	1.02B YoY+10.0%	929M YoY+37.2%	677M YoY+15.1%	588M YoY+3.9%
Other current assets	376M YoY+28.3%	293M YoY+26.8%	231M YoY+14.9%	201M YoY-31.6%	294M YoY+68.0%
	31.1B YoY+2.2%	30.4B YoY-5.9%	32.3B YoY+54.8%	20.9B YoY+3.7%	20.1B YoY+11.9%
Property, plant & equipment	728M YoY+22.8%	593M YoY+3.0%	576M YoY+8.3%	532M YoY+4.5%	509M YoY+7.2%
Operating lease right-of-use	447M YoY+19.2%	375M YoY-6.7%	402M YoY-9.5%	444M YoY+21.3%	366M YoY-3.9%
Goodwill	14.4B YoY+3.0%	14.0B YoY-1.1%	14.1B YoY+74.2%	8.10B YoY-4.0%	8.43B YoY+23.1%
Intangible assets	6.51B YoY-5.7%	6.91B YoY-7.2%	7.44B YoY+188.4%	2.58B YoY-8.2%	2.81B YoY+24.7%
Deferred tax assets	27.0M YoY+92.9%	14.0M YoY+100.0%	7.00M YoY+133.3%	3.00M YoY+50.0%	2.00M YoY-33.3%
Other non-current assets	993M YoY+27.5%	779M YoY+17.1%	665M YoY+9.4%	608M YoY+6.5%	571M YoY+59.5%
	7.96B YoY+0.7%	7.90B YoY-12.4%	9.03B YoY+2.2%	8.84B YoY+12.2%	7.87B YoY+59.9%
Accrued liabilities	280M YoY+4.1%	269M YoY-19.0%	332M YoY+79.5%	185M YoY+0.0%	185M YoY+5.7%
Deferred revenue	785M YoY+10.4%	711M YoY+19.7%	594M YoY+66.4%	357M YoY+8.5%	329M YoY+40.0%
Short-term & current debt	431M YoY+8.0%	399M YoY+37.1%	291M YoY-56.2%	664M YoY-34.8%	1.02B
Current lease liability	60.0M YoY+9.1%	55.0M YoY-11.3%	62.0M YoY+14.8%	54.0M YoY+45.9%	37.0M YoY-19.6%
Other current liabilities	259M YoY+20.5%	215M YoY+47.3%	146M YoY+19.7%	122M YoY+6.1%	115M YoY-5.0%
	18.8B YoY-1.9%	19.2B YoY-10.6%	21.5B YoY+46.0%	14.7B YoY+7.3%	13.7B YoY+18.8%
Long-term debt	8.57B YoY-5.6%	9.08B YoY-10.6%	10.2B YoY+114.6%	4.74B YoY-1.6%	4.81B YoY-13.2%
Deferred revenue (non-current)	87.0M YoY+0.0%	87.0M YoY+0.0%	87.0M YoY+0.0%	87.0M YoY+0.0%	87.0M YoY+0.0%
Non-current lease liability	462M YoY+19.1%	388M YoY-7.0%	417M YoY-7.7%	452M YoY+17.1%	386M YoY-0.8%
Deferred tax liabilities	1.58B YoY-0.6%	1.59B YoY-2.9%	1.64B YoY+260.1%	456M YoY+12.3%	406M YoY-19.1%
Other non-current liabilities	241M YoY+4.8%	230M YoY+4.5%	220M YoY-2.7%	226M YoY-3.4%	234M YoY+25.1%
	12.2B YoY+9.3%	11.2B YoY+3.5%	10.8B YoY+75.8%	6.15B YoY-3.8%	6.39B YoY-0.6%
Common stock	2.00M YoY+0.0%	2.00M YoY+0.0%	2.00M YoY+0.0%	2.00M YoY+0.0%	2.00M YoY+0.0%
Additional paid-in capital	5.12B YoY-7.4%	5.53B YoY+0.6%	5.50B YoY+280.3%	1.45B YoY-25.9%	1.95B YoY-23.5%
Retained earnings	9.59B YoY+14.1%	8.40B YoY+7.4%	7.83B YoY+8.6%	7.21B YoY+11.5%	6.46B YoY+14.9%
Treasury stock	716M YoY+10.7%	647M YoY+10.2%	587M YoY+14.0%	515M YoY+17.8%	437M YoY+16.2%
Accumulated other comprehensive income	-1.77B YoY+15.5%	-2.10B YoY-9.1%	-1.92B YoY+3.4%	-1.99B YoY-25.5%	-1.59B YoY-16.0%
Non-controlling interest	5.00M YoY-44.4%	9.00M YoY-18.2%	11.0M YoY-15.4%	13.0M YoY+30.0%	10.0M YoY+233.3%
Total equity incl. non-controlling	12.2B YoY+9.2%	11.2B YoY+3.4%	10.8B YoY+75.6%	6.16B YoY-3.8%	6.41B YoY-0.5%
Total liabilities & equity	31.1B YoY+2.2%	30.4B YoY-5.9%	32.3B YoY+54.8%	20.9B YoY+3.7%	20.1B YoY+11.9%
Common shares issued	595M YoY-0.7%	599M YoY+0.2%	598M YoY+16.5%	513M YoY-1.4%	520M YoY+203.7%
Common shares outstanding	570M YoY-0.9%	575M YoY+0.0%	575M YoY+16.9%	492M YoY-1.6%	500M YoY+203.2%
Shares outstanding (cover)	571M YoY-0.7%	575M YoY-0.4%	577M YoY+17.4%	491M YoY+193.8%	167M YoY+1.9%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	2.25B YoY+16.3%	1.94B YoY+14.3%	1.70B YoY-0.6%	1.71B YoY+57.5%	1.08B YoY-13.5%
Depreciation & amortization	145M YoY+16.0%	125M YoY+6.8%	117M YoY+11.4%	105M YoY-2.8%	108M YoY+9.1%
Share-based compensation	165M YoY+17.0%	141M YoY+15.6%	122M YoY+15.1%	106M YoY+17.8%	90.0M YoY+3.4%
Deferred income taxes	48.0M YoY+171.6%	-67.0M YoY-198.5%	68.0M YoY+78.9%	38.0M YoY-59.6%	94.0M YoY+129.3%
	-1.10B YoY-15.4%	-953M YoY+84.1%	-5.99B YoY-12332.7%	49.0M YoY+101.8%	-2.65B YoY-2074.6%
Capital expenditure	266M YoY+28.5%	207M YoY+31.0%	158M YoY+3.9%	152M YoY-6.7%	163M YoY-13.3%
Acquisitions	0.00	0.00 YoY-100.0%	5.77B YoY+13963.4%	41.0M YoY-98.3%	2.43B YoY+1447.8%
Other investing activities	78.0M YoY+143.8%	32.0M YoY+966.7%	3.00M YoY+109.1%	-33.0M YoY-137.9%	87.0M YoY+222.2%
	-2.95B YoY-15.3%	-2.56B YoY-160.7%	4.22B YoY+307.3%	1.04B YoY-26.9%	1.42B YoY-25.8%
Long-term debt issued	—	0.00	—	539M YoY-34.7%	826M YoY-78.3%
Long-term debt repaid	826M YoY+58.5%	521M YoY+100.4%	260M YoY-76.3%	1.10B YoY+36.4%	804M YoY-45.2%
Common stock issued	—	—	29.0M YoY+26.1%	23.0M YoY-11.5%	26.0M YoY-48.0%
Common stock repurchased	616M YoY+324.8%	145M YoY-46.1%	269M YoY-12.7%	308M YoY-34.2%	468M YoY+110.8%
Dividends paid	601M YoY+11.1%	541M YoY+22.7%	441M YoY+15.1%	383M YoY+9.4%	350M YoY+9.4%
Other financing activities	43.0M YoY+59.3%	27.0M YoY+800.0%	3.00M YoY-62.5%	8.00M YoY+14.3%	7.00M YoY+133.3%
FX effect on cash	726M YoY+235.2%	-537M YoY-365.8%	202M YoY+115.6%	-1.29B YoY-290.6%	-331M YoY-193.8%
Net change in cash	-1.07B YoY+49.2%	-2.11B YoY-1803.2%	124M YoY-91.7%	1.50B YoY+410.1%	-483M YoY-114.2%
Interest paid	354M YoY-12.6%	405M YoY+128.8%	177M YoY+52.6%	116M YoY-1.7%	118M YoY+21.6%
Income taxes paid	373M YoY+4.2%	358M YoY+40.9%	254M YoY-7.3%	274M YoY-45.3%	501M YoY+72.8%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	55.5B YoY+24.8%	44.4B YoY+32.5%	33.5B YoY+11.3%	30.1B YoY+157.5%	11.7B YoY+61.3%
P/E	31.0× YoY-22.0%	39.8× YoY+53.6%	25.9× YoY+195.2%	8.8× YoY-11.0%	9.9× YoY+26.8%
P/S	6.7× YoY+11.8%	6.0× YoY+26.1%	4.8× YoY+189.6%	1.6× YoY-17.3%	2.0× YoY+54.1%
P/B	4.5× YoY+14.2%	4.0× YoY-10.1%	4.4× YoY+158.3%	1.7× YoY-6.6%	1.8× YoY+62.2%
P/FCF	27.9× YoY+8.7%	25.7× YoY+45.8%	17.6× YoY+150.2%	7.0× YoY-44.7%	12.7× YoY+86.5%
Earnings yield	3.2% YoY+28.2%	2.5% YoY-34.9%	3.9% YoY-66.1%	11.4% YoY+12.4%	10.1% YoY-21.1%
FCF yield	3.6% YoY-8.0%	3.9% YoY-31.4%	5.7% YoY-60.0%	14.2% YoY+80.9%	7.9% YoY-46.4%
Dividend yield	1.1% YoY-11.1%	1.2% YoY-17.8%	1.5% YoY+16.3%	1.3% YoY+27.1%	1.0% YoY-31.9%
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: NDAQ's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all NDAQ filings on SEC EDGAR → Not investment advice.

NDAQ▼ financial statements

About this data

financial statements