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 28 h ago 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

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	FCF	Total debt	Cash
2025	$8.3B	$1.8B	63.5%	28.2%	$2.0B	$9.0B	$604M
2024	$7.4B	$1.1B	62.8%	24.3%	$1.7B	$9.5B	$592M
2023	$6.1B	$1.1B	64.2%	26.0%	$1.5B	$10.5B	$453M
2022	$6.2B	$1.1B	57.5%	25.1%	$1.6B	$5.4B	$502M
2021	$5.9B	$1.2B	58.1%	24.5%	$920M	$5.8B	$393M
2020	$5.6B	$933M	51.6%	21.9%	$1.1B	$5.5B	$2.7B
2019	$4.3B	$774M	59.5%	23.9%	$836M	$3.4B	$332M
2018	$4.3B	$458M	59.1%	24.0%	$917M	$3.8B	$545M
2017	$3.9B	$729M	61.1%	25.1%	$765M	$4.2B	$377M
2016	$3.7B	$106M	61.4%	22.6%	$642M	$3.6B	$403M
2015	—	$428M	—	—	$594M	$2.4B	$301M
2014	—	$414M	—	—	—	$2.3B	$427M
2013	—	$385M	—	—	—	$2.6B	$398M
2012	—	$352M	—	—	$507M	$2.0B	$497M
2011	—	$387M	—	—	$581M	$2.1B	$506M

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

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	FCF	Total debt	Cash
Mar '26	$2.1B	$519M	65.8%	30.7%	$629M	$9.0B	$515M
Dec '25	$2.1B	$518M	65.5%	29.6%	$536M	$9.0B	$604M
Sep '25	$2.0B	$423M	67.2%	29.9%	$152M	$9.1B	$470M
Jun '25	$2.1B	$452M	62.5%	27.2%	$687M	$9.2B	$732M
Mar '25	$2.1B	$395M	59.0%	26.1%	$614M	$9.3B	$690M
Dec '24	$2.0B	$355M	60.4%	25.5%	$645M	$9.5B	$592M
Sep '24	$1.9B	$306M	60.3%	23.6%	$188M	$9.9B	$266M
Jun '24	$1.8B	$222M	64.7%	23.6%	$408M	$9.8B	$416M
Mar '24	$1.7B	$234M	66.7%	24.5%	$491M	$10.0B	$388M
Dec '23	$1.6B	$197M	67.8%	21.4%	$375M	$10.5B	$453M
Sep '23	$1.5B	$294M	64.8%	29.7%	$263M	$9.7B	$5.3B
Jun '23	$1.4B	$267M	64.5%	26.7%	$375M	$9.9B	$5.3B
Mar '23	$1.5B	$302M	59.6%	26.9%	$525M	$5.1B	$373M
Dec '22	$1.6B	$241M	57.3%	22.1%	$460M	$5.4B	$502M
Sep '22	$1.6B	$294M	57.2%	25.6%	$191M	$5.4B	$301M
Jun '22	$1.6B	$307M	57.5%	26.5%	$333M	$5.7B	$454M
Mar '22	$1.5B	$284M	58.1%	26.4%	$570M	$5.9B	$486M
Dec '21	$1.5B	$259M	60.4%	23.4%	$334M	$5.8B	$393M
Sep '21	$1.4B	$288M	61.8%	26.2%	$200M	$5.9B	$303M
Jun '21	$1.4B	$341M	59.9%	26.6%	$34M	$5.7B	$390M

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 fallen from 27.5× (Mar '23) to 24.6× (Jun '26).
The price-to-sales ratio has risen from 5.0× (Mar '23) to 5.3× (Jun '26).
The dividend yield has risen from 1.2% (Mar '23) to 1.4% (Jun '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?

As of Jun '26, Nasdaq, Inc. traded at a price-to-earnings ratio of about 24.6× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S and dividend yield have moved with the share price. 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), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.