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NDAQ

Nasdaq, Inc.

NDAQ

Nasdaq, Inc. • NASDAQ
$90.92 ▲ 1.04% (+0.94)
Market Cap $52.21 B
52w High $97.63
52w Low $64.84
Dividend Yield 1.02%
P/E 32.47
Volume 1.13M
Outstanding Shares 574.28M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $1.958B ▼ $987M ▲ $423M ▼ 21.604% ▼ $0.74 ▼ $758M ▼
Q2-2025 $2.09B $293M ▲ $452M ▲ 21.627% ▲ $0.79 ▲ $798M ▲
Q1-2025 $2.09B ▲ $269M ▼ $395M ▲ 18.9% ▲ $0.69 ▲ $736M ▲
Q4-2024 $2.03B ▲ $294M ▲ $355M ▲ 17.488% ▲ $0.62 ▲ $689M ▲
Q3-2024 $1.902B $286M $306M 16.088% $0.53 $607M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $2.529B ▲ $30.654B ▲ $18.624B ▲ $12.023B ▲
Q2-2025 $2.014B ▼ $30.383B ▼ $18.565B ▼ $11.811B ▲
Q1-2025 $2.554B ▲ $30.647B ▲ $19.092B ▼ $11.546B ▲
Q4-2024 $776M ▲ $30.395B ▼ $19.195B ▼ $11.191B ▲
Q3-2024 $468M $30.56B $19.479B $11.072B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $423M ▼ $221M ▼ $-145M ▼ $159M ▲ $240M ▲ $152M ▼
Q2-2025 $451M ▲ $746M ▲ $-59M ▲ $-1.462B ▼ $-530M ▼ $687M ▲
Q1-2025 $395M ▲ $663M ▼ $-258M ▲ $-1.083B ▼ $-275M ▲ $614M ▼
Q4-2024 $355M ▲ $705M ▲ $-1.008B ▼ $-24M ▲ $-789M ▼ $645M ▲
Q3-2024 $305M $244M $73M $-204M $318M $188M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Capital Access Platforms
Capital Access Platforms
 $1.76Bn ▲$520.00M ▼$530.00M ▲$550.00M ▲
Market Services
Market Services
 $0 ▲$1.13Bn ▲$1.09Bn ▼$950.00M ▼
Market Technology
Market Technology
 $1.54Bn ▲$430.00M ▼$460.00M ▲$460.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Nasdaq’s revenue has trended upward over the past five years, with a clear step-up most recently, suggesting its shift toward technology, data, and solutions is gaining traction. Profit at the operating level has grown steadily, which points to good cost control and solid pricing power in its core franchises. However, bottom-line profit per share has been more mixed. While the business is larger and more profitable in absolute terms, earnings per share have drifted down from their peak, likely reflecting acquisition-related costs, higher interest expense from added debt, and integration spending. Overall, the income statement shows a resilient, growing business, but one that is investing heavily and absorbing higher financing and integration costs in the short to medium term.

Balance Sheet

Balance Sheet The balance sheet has expanded meaningfully, mainly due to acquisitions and growth in the technology and solutions side of the company. Shareholders’ equity has risen, which is a healthy sign of accumulated value over time. On the other hand, debt levels have increased substantially compared with a few years ago, and cash on hand is relatively modest. This points to a more leveraged profile than in the past. The company has clearly chosen to use its balance sheet to accelerate strategic growth, which raises execution risk and sensitivity to interest rates, but also amplifies potential long-term returns if integrations go well.

Cash Flow

Cash Flow Nasdaq generates solid, consistent cash flow from its operations, and this has improved over time. Free cash flow is strong relative to the size of the business and has grown steadily, showing that the company’s model is capital-light and converts a good portion of earnings into cash. Spending on physical assets is moderate, which fits a technology and data-driven business. This leaves room for debt service, dividends or buybacks, and ongoing investment in software, people, and acquisitions. The cash flow profile is a key strength and an important counterbalance to the higher debt load on the balance sheet.

Competitive Edge

Competitive Edge Nasdaq holds a strong and durable position in global markets. Its brand is closely associated with innovative, growth-oriented companies, which helps attract listings and trading volume. The exchange businesses benefit from network effects: more issuers draw more investors, and more investors attract more issuers, making the platform more valuable over time. Crucially, Nasdaq is no longer just an exchange operator. It has become a diversified financial technology and data provider, selling market infrastructure, data, indices, and corporate solutions to clients worldwide. This diversification reduces reliance on pure trading volumes and embeds Nasdaq’s technology deeply into the operations of other exchanges and financial institutions. These deep integrations, along with its proprietary systems and long track record, form a significant competitive moat—though it still faces strong competition from other global exchange groups and alternative trading platforms.

Innovation and R&D

Innovation and R&D Innovation is central to Nasdaq’s strategy. The company has a long history of technological leadership, from pioneering electronic trading to providing technology to many other exchanges around the world. Today, its focus is on cloud migration, advanced data analytics, and broad use of artificial intelligence across surveillance, risk, and analytics products. The Adenza acquisition further strengthens Nasdaq’s capabilities in regulatory, risk, and trading software, deepening its presence inside banks and other financial institutions. At the same time, Nasdaq is building tools for ESG reporting, sustainability analytics, and exploring digital asset infrastructure, including custody and tokenization solutions. Research and development are embedded in ongoing operating spending rather than a single line item, but the overall direction is clear: Nasdaq is positioning itself as a leading financial technology and data platform, not just a marketplace operator.

Summary

Nasdaq today is a scaled, diversified financial technology and market infrastructure provider with a solid growth record and strong cash generation. Revenue and operating profit have expanded over the past five years, driven by technology, data, and solutions, though net earnings per share have been under some pressure from acquisition and financing costs. The company has deliberately taken on more debt to fund strategic deals and expand its capabilities, which raises leverage and interest-rate sensitivity but also broadens its product set and global reach. Cash flow strength and an asset-light model are important positives that support this more levered profile. Competitively, Nasdaq benefits from powerful network effects, a globally recognized brand, and deep integration of its technology into other exchanges and financial institutions. Its ongoing push into cloud-based infrastructure, AI-powered analytics, risk and regulatory software, ESG solutions, and digital asset infrastructure suggests a clear innovation roadmap. Overall, Nasdaq looks like a maturing exchange operator evolving into a broader financial technology and data platform—balancing solid underlying economics and strong competitive assets with meaningful execution and integration risk from its more ambitious growth strategy.

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