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Nasdaq, Inc.

NDAQ Clue Score65
United States Fiscal year ends December CIK 0001120193
$93.65 +1.39% Close, 9 Oct 2026
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Price $93.65 −52.63% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue3.70Operating income0.84Net income0.11EPS, diluted0.63Fiscal year 2017Revenue3.95 +6.6%Operating income0.99Net income0.73 +587.7%EPS, diluted4.30Fiscal year 2018Revenue4.28 +8.3%Operating income1.03Net income0.46 −37.2%EPS, diluted2.73Fiscal year 2019Revenue4.26 −0.4%Operating income1.02Net income0.77 +69.0%EPS, diluted4.63Fiscal year 2020Revenue5.63 +32.1%Operating income1.23Net income0.93 +20.5%EPS, diluted1.86Fiscal year 2021Revenue5.89 +4.6%Operating income1.44Net income1.19 +27.2%EPS, diluted2.35Fiscal year 2022Revenue6.23 +5.8%Operating income1.56Net income1.13 −5.2%EPS, diluted2.26Fiscal year 2023Revenue6.06 −2.6%Operating income1.58Net income1.06 −5.9%EPS, diluted2.08Fiscal year 2024Revenue7.40 +22.0%Operating income1.80Net income1.12 +5.5%EPS, diluted1.93Fiscal year 2025Revenue8.26 +11.6%Operating income2.33Net income1.79 +60.1%EPS, diluted3.09
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 3.70 3.95 4.28 4.26 5.63 5.89 6.23 6.06 7.40 8.26
Growth +6.6% +8.3% −0.4% +32.1% +4.6% +5.8% −2.6% +22.0% +11.6%
Operating income 0.84 0.99 1.03 1.02 1.23 1.44 1.56 1.58 1.80 2.33
Net income 0.11 0.73 0.46 0.77 0.93 1.19 1.13 1.06 1.12 1.79
Growth +587.7% −37.2% +69.0% +20.5% +27.2% −5.2% −5.9% +5.5% +60.1%
EPS, diluted 0.63 4.30 2.73 4.63 1.86 2.35 2.26 2.08 1.93 3.09

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2016Gross margin61.4%Operating margin22.6%Net margin2.9%Free cash flow margin17.3%Fiscal year 2017Gross margin61.1%Operating margin25.1%Net margin18.5%Free cash flow margin19.4%Fiscal year 2018Gross margin59.1%Operating margin24.0%Net margin10.7%Free cash flow margin21.4%Fiscal year 2019Gross margin59.5%Operating margin23.9%Net margin18.2%Free cash flow margin19.6%Fiscal year 2020Gross margin51.6%Operating margin21.9%Net margin16.6%Free cash flow margin18.9%Fiscal year 2021Gross margin58.1%Operating margin24.5%Net margin20.2%Free cash flow margin15.6%Fiscal year 2022Gross margin57.5%Operating margin25.1%Net margin18.1%Free cash flow margin25.0%Fiscal year 2023Gross margin64.2%Operating margin26.0%Net margin17.5%Free cash flow margin25.4%Fiscal year 2024Gross margin62.8%Operating margin24.3%Net margin15.1%Free cash flow margin23.4%Fiscal year 2025Gross margin63.5%Operating margin28.2%Net margin21.6%Free cash flow margin24.1%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
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%
Free cash flow margin 17.3% 19.4% 21.4% 19.6% 18.9% 15.6% 25.0% 25.4% 23.4% 24.1%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow0.78Capital expenditure−0.13Free cash flow0.64Buybacks−0.10Dividends paid−0.20Fiscal year 2017Operating cash flow0.91Capital expenditure−0.14Free cash flow0.77 +19.2%Buybacks−0.20Dividends paid−0.24Fiscal year 2018Operating cash flow1.03Capital expenditure−0.11Free cash flow0.92 +19.9%Buybacks−0.39Dividends paid−0.28Fiscal year 2019Operating cash flow0.96Capital expenditure−0.13Free cash flow0.84 −8.8%Buybacks−0.20Dividends paid−0.31Fiscal year 2020Operating cash flow1.25Capital expenditure−0.19Free cash flow1.06 +27.3%Buybacks−0.22Dividends paid−0.32Fiscal year 2021Operating cash flow1.08Capital expenditure−0.16Free cash flow0.92 −13.5%Buybacks−0.47Dividends paid−0.35Fiscal year 2022Operating cash flow1.71Capital expenditure−0.15Free cash flow1.55 +68.9%Buybacks−0.31Dividends paid−0.38Fiscal year 2023Operating cash flow1.70Capital expenditure−0.16Free cash flow1.54 −1.0%Buybacks−0.27Dividends paid−0.44Fiscal year 2024Operating cash flow1.94Capital expenditure−0.21Free cash flow1.73 +12.6%Buybacks−0.15Dividends paid−0.54Fiscal year 2025Operating cash flow2.26Capital expenditure−0.27Free cash flow1.99 +14.8%Buybacks−0.62Dividends paid−0.60
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 0.78 0.91 1.03 0.96 1.25 1.08 1.71 1.70 1.94 2.26
Capital expenditure −0.13 −0.14 −0.11 −0.13 −0.19 −0.16 −0.15 −0.16 −0.21 −0.27
Free cash flow 0.64 0.77 0.92 0.84 1.06 0.92 1.55 1.54 1.73 1.99
Growth +19.2% +19.9% −8.8% +27.3% −13.5% +68.9% −1.0% +12.6% +14.8%
Buybacks −0.10 −0.20 −0.39 −0.20 −0.22 −0.47 −0.31 −0.27 −0.15 −0.62
Dividends paid −0.20 −0.24 −0.28 −0.31 −0.32 −0.35 −0.38 −0.44 −0.54 −0.60

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash0.40Total debt3.60Net cash (debt)−3.20Shareholders’ equity5.43Debt to equity0.66Fiscal year 2017Cash0.38Total debt3.73Net cash (debt)−3.35Shareholders’ equity5.88Debt to equity0.63Fiscal year 2018Cash0.55Total debt2.96Net cash (debt)−2.41Shareholders’ equity5.45Debt to equity0.54Fiscal year 2019Cash0.33Total debt3.00Net cash (debt)−2.66Shareholders’ equity5.64Debt to equity0.53Fiscal year 2020Cash2.75Total debt5.54Net cash (debt)−2.80Shareholders’ equity6.43Debt to equity0.86Fiscal year 2021Cash0.39Total debt4.81Net cash (debt)−4.42Shareholders’ equity6.40Debt to equity0.75Fiscal year 2022Cash0.50Total debt4.74Net cash (debt)−4.23Shareholders’ equity6.15Debt to equity0.77Fiscal year 2023Cash0.45Total debt10.16Net cash (debt)−9.71Shareholders’ equity10.82Debt to equity0.94Fiscal year 2024Cash0.59Total debt9.08Net cash (debt)−8.49Shareholders’ equity11.19Debt to equity0.81Fiscal year 2025Cash0.60Total debt8.57Net cash (debt)−7.97Shareholders’ equity12.23Debt to equity0.70
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 0.40 0.38 0.55 0.33 2.75 0.39 0.50 0.45 0.59 0.60
Total debt 3.60 3.73 2.96 3.00 5.54 4.81 4.74 10.16 9.08 8.57
Net cash (debt) −3.20 −3.35 −2.41 −2.66 −2.80 −4.42 −4.23 −9.71 −8.49 −7.97
Shareholders’ equity 5.43 5.88 5.45 5.64 6.43 6.40 6.15 10.82 11.19 12.23
Debt to equity 0.66 0.63 0.54 0.53 0.86 0.75 0.77 0.94 0.81 0.70

In billions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Ratios

Percentages worked out from the filed figures; debt to equity in times. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Margins
61.4% 61.1% 59.1% 59.5% 51.6% 58.1% 57.5% 64.2% 62.8% 63.5%
22.6% 25.1% 24.0% 23.9% 21.9% 24.5% 25.1% 26.0% 24.3% 28.2%
3.6% 22.1% 24.9% 23.9% 21.5% 26.1% 23.7% 23.1% 19.6% 26.0%
2.9% 18.5% 10.7% 18.2% 16.6% 20.2% 18.1% 17.5% 15.1% 21.6%
17.3% 19.4% 21.4% 19.6% 18.9% 15.6% 25.0% 25.4% 23.4% 24.1%
Spending
2.0% 2.1% 2.8% 2.9% 2.5% 1.4% 2.0% 1.9% 1.5% 0.9%
3.6% 3.6% 2.6% 3.0% 3.3% 2.8% 2.4% 2.6% 2.8% 3.2%
20.3% 16.4% 57.0% 24.0% 23.0% 22.6% 23.9% 24.6% 23.1% 16.7%
Returns
2.0% 12.4% 8.4% 13.7% 14.5% 18.6% 18.3% 9.8% 10.0% 14.6%
0.8% 4.7% 2.9% 5.6% 5.2% 5.9% 5.4% 3.3% 3.7% 5.8%
Balance and payout
0.66 0.63 0.54 0.53 0.86 0.75 0.77 0.94 0.81 0.70
65.0% 61.7% 65.3% 59.5% 64.2% 68.2% 70.5% 66.5% 63.2% 60.6%
188.7% 33.3% 61.1% 39.4% 34.3% 29.5% 34.0% 41.6% 48.4% 33.6%
46.7% 58.3% 73.5% 60.4% 50.9% 88.9% 44.5% 46.2% 39.6% 61.2%