NDAQ Financials Nasdaq, Inc.

15 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Oct 25, 2026, 10:25 UTC Overview →

Growth & profitability

Revenue has grown 8.0% per year over the past 5 years.
Net income has grown faster than revenue (13.9% vs 8.0% per year).
Operating margin has expanded, at 28.2% in the latest year.
Free cash flow has grown 13.3% per year over the past 5 years.

Financial health

Total debt ($9.0B) exceeds cash ($604M); net debt is $8.4B.
Total debt has grown in line with revenue (10.2% vs 8.0% per year).
Operating income covered interest expense 6.4× in the latest year.
Total debt is 3.6× EBITDA.

Shareholder returns

Dividends have been paid for 14 consecutive years, consuming 33.6% of earnings and 30.2% of free cash flow.
The dividend has grown 13.4% per year over the past 5 years.

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key annual figures

FY	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
2025	$8.3B	$1.8B	63.5%	28.2%	14.6%	5.8%	$2.0B	$9.0B	$604M
2024	$7.4B	$1.1B	62.8%	24.3%	10.0%	3.7%	$1.7B	$9.5B	$592M
2023	$6.1B	$1.1B	64.2%	26.0%	9.8%	3.3%	$1.5B	$10.5B	$453M
2022	$6.2B	$1.1B	57.5%	25.1%	18.3%	5.4%	$1.6B	$5.4B	$502M
2021	$5.9B	$1.2B	58.1%	24.5%	18.6%	5.9%	$920M	$5.8B	$393M
2020	$5.6B	$933M	51.6%	21.9%	14.5%	5.2%	$1.1B	$5.5B	$2.7B
2019	$4.3B	$774M	59.5%	23.9%	13.7%	5.6%	$836M	$3.4B	$332M
2018	$4.3B	$458M	59.1%	24.0%	8.4%	2.9%	$917M	$3.8B	$545M
2017	$3.9B	$729M	61.1%	25.1%	12.4%	4.7%	$765M	$4.2B	$377M
2016	$3.7B	$106M	61.4%	22.6%	2.0%	0.8%	$642M	$3.6B	$403M
2015	—	$428M	—	—	7.6%	3.6%	$594M	$2.4B	$301M
2014	—	$414M	—	—	7.1%	3.4%	—	$2.3B	$427M
2013	—	$385M	—	—	6.2%	3.1%	—	$2.6B	$398M
2012	—	$352M	—	—	6.8%	3.9%	$507M	$2.0B	$497M
2011	—	$387M	—	—	7.8%	2.7%	$581M	$2.1B	$506M

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex, quarterly)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key quarterly figures

Quarter	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
Sep '26	$2.4B	$540M	61.9%	30.6%	4.5%	2.0%	$459M	$8.7B	$365M
Jun '26	$2.5B	$507M	59.2%	28.1%	4.2%	1.9%	$634M	$8.8B	$520M
Mar '26	$2.1B	$519M	65.8%	30.7%	4.3%	1.9%	$629M	$9.0B	$515M
Dec '25	$2.1B	$518M	65.5%	29.6%	4.2%	1.7%	$536M	$9.0B	$604M
Sep '25	$2.0B	$423M	66.4%	29.6%	3.5%	1.4%	$152M	$9.1B	$470M
Jun '25	$2.1B	$452M	62.2%	27.0%	3.8%	1.5%	$687M	$9.2B	$732M
Mar '25	$2.1B	$395M	59.0%	26.1%	3.4%	1.3%	$614M	$9.3B	$690M
Dec '24	$2.0B	$355M	60.4%	25.5%	3.2%	1.2%	$645M	$9.5B	$592M
Sep '24	$1.9B	$306M	60.3%	23.6%	2.8%	1.0%	$188M	$9.9B	$266M
Jun '24	$1.8B	$222M	64.7%	23.6%	2.0%	0.7%	$408M	$9.8B	$416M
Mar '24	$1.7B	$234M	66.7%	24.5%	2.2%	0.8%	$491M	$10.0B	$388M
Dec '23	$1.6B	$197M	67.8%	21.4%	1.8%	0.6%	$375M	$10.5B	$453M
Sep '23	$1.5B	$294M	64.8%	29.7%	4.5%	1.2%	$263M	$9.7B	$5.3B
Jun '23	$1.4B	$267M	64.5%	26.7%	4.3%	1.0%	$375M	$9.9B	$5.3B
Mar '23	$1.5B	$302M	59.6%	26.9%	4.9%	1.5%	$525M	$5.1B	$373M
Dec '22	$1.6B	$241M	57.3%	22.1%	3.9%	1.2%	$460M	$5.4B	$502M
Sep '22	$1.6B	$294M	57.2%	25.6%	5.0%	1.3%	$191M	$5.4B	$301M
Jun '22	$1.6B	$307M	57.5%	26.5%	5.3%	1.4%	$333M	$5.7B	$454M
Mar '22	$1.5B	$284M	58.1%	26.4%	4.7%	1.4%	$570M	$5.9B	$486M
Dec '21	$1.5B	$259M	60.4%	23.4%	4.1%	1.3%	$334M	$5.8B	$393M

Valuation over time

How the market has priced NDAQ against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.

The price-to-earnings ratio has risen from 27.0× (Mar '23) to 33.2× (Nov '26).
The price-to-sales ratio has risen from 4.9× (Mar '23) to 7.2× (Nov '26).
The dividend yield has fallen from 1.3% (Mar '23) to 1.0% (Nov '26).

Price / earnings (P/E)

P/E

Price / sales (P/S)

P/S

Dividend yield (%)

Dividend yield %

Frequently asked questions

Is NDAQ growing its revenue and profit?

Over the past 5 years, Nasdaq, Inc.'s revenue has grown 8.0% per year, and net income grown 13.9% per year. These are computed facts, not advice.

How much debt does NDAQ have?

As of FY2025, Nasdaq, Inc. reported $9.0B of total debt against $604M of cash; operating income covered interest expense 6.4×.

What is NDAQ's profit margin?

In FY2025, gross margin was 63.5%, operating margin 28.2%, and net margin 21.6%.

What is NDAQ's P/E ratio?

Nasdaq, Inc.'s P/E (TTM) is 28.49 as of the 2026-11-03 close — market cap ÷ net income over the trailing twelve months where four consecutive quarters are reported, otherwise the latest fiscal year, the same figure as on the NDAQ stock page. The valuation chart above sets each month-end's price against the latest annual net income instead, so its latest point (about 33.2× as of Nov '26) can differ. These are computed facts, not advice.

Where does this data come from?

All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.

Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), split-adjusted; price return — dividends not reinvested · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.