balance equationreview2016-12-31
Difference 737000000 exceeds tolerance 13411000.000. Presentation or filing-vintage differences need review.
Revenue
$8.26B
Fiscal year ended 2025-12-31Net income
$1.79B
Fiscal year ended 2025-12-31Total assets
$31.05B
Fiscal year ended 2025-12-31NASDAQ, INC. (NDAQ) reported revenue of $8.26B and net income of $1.79B for the fiscal year ended 2025-12-31. This page shows 10 annual periods of income statement, balance sheet and cash flow figures normalized from NASDAQ, INC.’s SEC filings, each linked to the filing it came from. It is classified by the SEC under Security & Commodity Brokers, Dealers, Exchanges & Services.
Banks, brokers and insurers present a top line that is not comparable with an operating company’s revenue: it is reported net of interest expense, or as premiums earned, depending on the filer. The figures are the filer’s own and are traceable to the filing; the comparison across classes is what does not hold.
Income
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $8.26B | $7.40B | $6.06B | $6.23B | $5.89B | $5.62B | $4.26B | $4.28B | $3.95B | $3.70B |
| Cost of revenue | $3.01B | $2.75B | $2.17B | $2.64B | $2.47B | $2.72B | $1.72B | $1.75B | $1.54B | $1.43B |
| Gross profit | $5.25B | $4.65B | $3.90B | $3.58B | $3.42B | $2.90B | $2.54B | $2.53B | $2.41B | $2.28B |
| Operating income | $2.33B | $1.80B | $1.58B | $1.56B | $1.44B | $1.23B | $1.02B | $1.03B | $991.00M | $836.00M |
| Net income | $1.79B | $1.12B | $1.06B | $1.12B | $1.19B | $933.00M | $774.00M | $458.00M | $729.00M | $106.00M |
| Research & development | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Weighted-average diluted shares | shares 578.60M | shares 579.19M | shares 508.39M | shares 497.86M | shares 505.09M | shares 500.71M | shares 166.97M | shares 167.69M | shares 169.59M | shares 168.80M |
| Pretax income | $2.14B | $1.45B | $1.40B | $1.48B | $1.53B | $1.21B | $1.02B | $1.06B | $872.00M | $133.00M |
| Income tax expense | $358.00M | $334.00M | $344.00M | $352.00M | $347.00M | $279.00M | $245.00M | $606.00M | $143.00M | $27.00M |
| Diluted EPS | $3.09 | $1.93 | $2.08 | $2.26 | $2.35 | $1.86 | $4.63 | $2.73 | $4.30 | $0.63 |
| Selling, general & administrative | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| General & administrative | $75.00M | $109.00M | $113.00M | $125.00M | $85.00M | $142.00M | $125.00M | $120.00M | $82.00M | $73.00M |
| Selling & marketing | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
Balance
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $604.00M | $592.00M | $453.00M | $502.00M | $393.00M | $2.74B | $332.00M | $545.00M | $377.00M | $403.00M |
| Total assets | $31.05B | $30.40B | $32.29B | $20.87B | $20.12B | $17.98B | $13.92B | $15.70B | $15.35B | $13.41B |
| Current assets | $8.00B | $7.79B | $9.10B | $8.60B | $7.42B | $7.66B | $4.29B | $6.37B | $5.51B | $4.56B |
| Total liabilities | $18.82B | $19.20B | $21.47B | $14.70B | $13.71B | $11.54B | $8.28B | $10.25B | $9.47B | $8.72B |
| Current liabilities | $7.96B | $7.90B | $9.02B | $8.84B | $7.87B | $4.92B | $4.23B | $6.57B | $5.23B | $4.08B |
| Total equity incl. NCI | $12.23B | $11.20B | $10.83B | $6.16B | $6.40B | $6.44B | $5.64B | $5.45B | $5.88B | $5.43B |
| Temporary (mezzanine) equity | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Inventory | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Accounts receivable | $943.00M | $1.02B | $929.00M | $677.00M | $588.00M | $566.00M | $422.00M | $384.00M | $356.00M | $429.00M |
| Goodwill | $14.37B | $13.96B | $14.11B | $8.10B | $8.43B | $6.85B | $6.37B | $6.36B | $6.59B | $6.03B |
| Long-term debt | $8.57B | $9.08B | $10.16B | $4.74B | $4.81B | $5.54B | $3.00B | $2.96B | $3.73B | $3.60B |
| Accounts payable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
Cash flow
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $2.26B | $1.94B | $1.70B | $1.71B | $1.08B | $1.25B | $963.00M | $1.03B | $909.00M | $776.00M |
| Capital expenditures | $266.00M | $207.00M | $158.00M | $152.00M | $163.00M | $188.00M | $127.00M | $111.00M | $144.00M | $134.00M |
| Investing cash flow | -$1.10B | -$953.00M | -$5.99B | $49.00M | -$2.65B | -$122.00M | -$414.00M | $196.00M | -$890.00M | -$1.66B |
| Financing cash flow | -$2.95B | -$2.56B | $4.22B | $1.04B | $1.42B | $1.91B | -$2.47B | -$1.03B | -$53.00M | $948.00M |
| Net change in cash | -$1.07B | -$2.11B | $124.00M | $1.50B | -$483.00M | $3.39B | -$2.11B | $187.00M | -$19.00M | $61.00M |
| Stock-based compensation | $165.00M | $141.00M | $122.00M | $106.00M | $90.00M | $87.00M | $79.00M | $69.00M | $70.00M | $86.00M |
| Common dividends paid | $601.00M | $541.00M | $441.00M | $383.00M | $350.00M | $320.00M | $305.00M | $280.00M | $243.00M | $200.00M |
| Common share repurchases | $616.00M | $145.00M | $269.00M | $308.00M | $468.00M | $222.00M | $200.00M | $394.00M | $203.00M | $100.00M |
| Depreciation & amortization | $145.00M | $125.00M | $117.00M | $105.00M | $108.00M | $99.00M | $89.00M | $101.00M | $96.00M | $88.00M |
Derived
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Free cash flow | $1.99B | $1.73B | $1.54B | $1.55B | $920.00M | $1.06B | $836.00M | $917.00M | $765.00M | $642.00M |
| Gross margin | 63.5% | 62.8% | 64.2% | 57.5% | 58.1% | 51.6% | 59.5% | 59.1% | 61.1% | 61.4% |
| Operating margin | 28.2% | 24.3% | 26.0% | 25.1% | 24.5% | 21.9% | 23.9% | 24.0% | 25.1% | 22.6% |
| FCF margin | 24.1% | 23.4% | 25.4% | 25.0% | 15.6% | 18.9% | 19.6% | 21.4% | 19.4% | 17.3% |
| SBC / revenue | 2.0% | 1.9% | 2.0% | 1.7% | 1.5% | 1.5% | 1.9% | 1.6% | 1.8% | 2.3% |
| Current ratio | 1.01x | 0.99x | 1.01x | 0.97x | 0.94x | 1.56x | 1.01x | 0.97x | 1.05x | 1.12x |
| Revenue YoY growth | 11.6% | 22.0% | -2.6% | 5.8% | 4.6% | 32.1% | -0.4% | 8.3% | 6.6% | Unavailable |
| Net margin | 21.6% | 15.1% | 17.5% | 18.1% | 20.2% | 16.6% | 18.2% | 10.7% | 18.5% | 2.9% |
| R&D / revenue | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| CapEx / revenue | 3.2% | 2.8% | 2.6% | 2.4% | 2.8% | 3.3% | 3.0% | 2.6% | 3.6% | 3.6% |
| Long-term debt / equity | 0.70x | 0.81x | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Effective tax rate | 16.7% | 23.1% | 24.6% | 23.9% | 22.6% | 23.0% | 24.0% | 57.0% | 16.4% | 20.3% |
Amounts are abbreviated; the exact reported value is carried in each cell. — means unavailable, not zero. Open NDAQ in the interactive workspace to inspect any figure back to its filing.
Source filings
10-Q · Filed 2026-07-23View SEC filing
10-Q · Filed 2026-04-24View SEC filing
10-K · Filed 2026-02-12View SEC filing
10-Q · Filed 2025-10-23View SEC filing
10-Q · Filed 2025-07-25View SEC filing
10-Q · Filed 2025-04-28View SEC filing
Reconciliation checks needing review
1 period on this page do not reconcile under this site’s normalization. Read that as a limitation here before an observation about the company: the figures are the filer’s own, the filings linked above are authoritative, and a difference usually means the concepts this site selected do not match how this filer presents its statements. Nothing is adjusted to make a check pass.