NASDAQ, INC. (NDAQ) financial statements: income statement, balance sheet and cash flow
NASDAQ, INC.'s income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), NASDAQ, INC. reported revenue of $8.3B (+11.6% year on year) and net income of $1.8B (+60.1% year on year).
Income statement
NASDAQ, INC. income statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Total revenues
$8.3B
$7.4B
$6.1B
$6.2B
Transaction-based expenses
($3.0B)
($2.8B)
($2.2B)
($2.6B)
Revenues less transaction-based expenses
$5.2B
$4.6B
$3.9B
$3.6B
Compensation and benefits
$1.4B
$1.3B
$1.1B
$1.0B
Professional and contract services
$160.0M
$152.0M
$128.0M
$140.0M
Technology and communication infrastructure
$316.0M
$281.0M
$233.0M
$207.0M
Occupancy
$124.0M
$112.0M
$129.0M
$104.0M
General, administrative and other
$75.0M
$109.0M
$113.0M
$125.0M
Marketing and advertising
$65.0M
$54.0M
$47.0M
$51.0M
Depreciation and amortization
$632.0M
$613.0M
$323.0M
$258.0M
Regulatory
$52.0M
$55.0M
$34.0M
$33.0M
Merger and strategic initiatives
$60.0M
$35.0M
$148.0M
$82.0M
Restructuring charges
$42.0M
$116.0M
$80.0M
$15.0M
Total operating expenses
$2.9B
$2.9B
$2.3B
$2.0B
Operating income
$2.3B
$1.8B
$1.6B
$1.6B
Interest income
$39.0M
$28.0M
$115.0M
$7.0M
Interest expense
($367.0M)
($414.0M)
($284.0M)
($129.0M)
Net gain on divestitures
$86.0M
—
$0
$0
Other income (loss)
($27.0M)
$21.0M
($1.0M)
$2.0M
Net income (loss) from unconsolidated investees
$83.0M
$16.0M
($7.0M)
$31.0M
Income before income taxes
$2.1B
$1.4B
$1.4B
$1.5B
Income tax provision
$358.0M
$334.0M
$344.0M
$352.0M
Net income
$1.8B
$1.1B
$1.1B
$1.1B
Net loss attributable to noncontrolling interests
$1.0M
$2.0M
$2.0M
$2.0M
Net income attributable to Nasdaq
$1.8B
$1.1B
$1.1B
$1.1B
Basic earnings per share (in dollars per share)
$3.12
$1.94
$2.10
$2.28
Diluted earnings per share (in dollars per share)
$3.09
$1.93
$2.08
$2.26
Cash dividends declared per common share (in dollars per share)
$1.05
$0.94
$0.86
$0.78
NASDAQ, INC. income statement, quarters
Line item
Sep 30, 2026 · Q3
Jun 30, 2026 · Q2
Mar 31, 2026 · Q1
Sep 30, 2025 · Q3
Total revenues
$2.4B
$2.5B
$2.1B
$2.0B
Transaction-based expenses
($912.0M)
($1.0B)
($730.0M)
($643.0M)
Revenues less transaction-based expenses
$1.5B
$1.5B
$1.4B
$1.3B
Compensation and benefits
$379.0M
$383.0M
$356.0M
$353.0M
Professional and contract services
$42.0M
$42.0M
$39.0M
$38.0M
Technology and communication infrastructure
$93.0M
$88.0M
$84.0M
$80.0M
Occupancy
$34.0M
$35.0M
$33.0M
$32.0M
General, administrative and other
$2.0M
$23.0M
$29.0M
$22.0M
Marketing and advertising
$17.0M
$24.0M
$20.0M
$13.0M
Depreciation and amortization
$165.0M
$165.0M
$165.0M
$158.0M
Regulatory
$11.0M
$9.0M
$9.0M
$12.0M
Merger and strategic initiatives
$6.0M
$5.0M
$4.0M
$9.0M
Restructuring charges
$0
$14.0M
$11.0M
$12.0M
Total operating expenses
$749.0M
$788.0M
$750.0M
$729.0M
Operating income
$732.0M
$712.0M
$657.0M
$586.0M
Interest income
$10.0M
$8.0M
$6.0M
$8.0M
Interest expense
($86.0M)
($86.0M)
($87.0M)
($87.0M)
Net gain (loss) on divestitures
($4.0M)
$0
$89.0M
($2.0M)
Other income (loss)
$11.0M
($2.0M)
($14.0M)
$0
Net income from unconsolidated investees
$38.0M
$21.0M
$26.0M
$24.0M
Income before income taxes
$701.0M
$653.0M
$677.0M
$529.0M
Income tax provision
$162.0M
$146.0M
$158.0M
$106.0M
Net income
$539.0M
$507.0M
$519.0M
$423.0M
Net loss attributable to noncontrolling interests
$1.0M
$0
—
$0
Net income attributable to Nasdaq
$540.0M
$507.0M
—
$423.0M
Basic earnings per share (in dollars per share)
$0.97
$0.90
$0.92
$0.74
Diluted earnings per share (in dollars per share)
$0.96
$0.89
$0.91
$0.73
Cash dividends declared per common share (in dollars per share)
$0.31
$0.31
$0.27
$0.27
Balance sheet
NASDAQ, INC. balance sheet, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Cash and cash equivalents
$604.0M
$592.0M
$453.0M
$502.0M
Restricted cash and cash equivalents
$210.0M
$31.0M
$20.0M
$22.0M
Default funds and margin deposits (including restricted cash and cash equivalents of $3,120 and $4,383, respectively)
$5.8B
$5.7B
$7.3B
$7.0B
Financial investments
$28.0M
$184.0M
$188.0M
$181.0M
Receivables, net
$943.0M
$1.0B
$929.0M
$677.0M
Other current assets
$376.0M
$293.0M
$231.0M
$201.0M
Total current assets
$8.0B
$7.8B
$9.1B
$8.6B
Property and equipment, net
$728.0M
$593.0M
$576.0M
$532.0M
Goodwill
$14.4B
$14.0B
$14.1B
$8.1B
Intangible assets, net
$6.5B
$6.9B
$7.4B
$2.6B
Operating lease assets
$447.0M
$375.0M
$402.0M
$444.0M
Other non-current assets
$993.0M
$779.0M
$665.0M
$608.0M
Total assets
$31.1B
$30.4B
$32.3B
$20.9B
Accounts payable and accrued expenses
$280.0M
$269.0M
$332.0M
$185.0M
Section 31 fees payable to SEC
$0
$319.0M
$84.0M
$243.0M
Accrued personnel costs
$364.0M
$325.0M
$303.0M
$243.0M
Deferred revenue
$785.0M
$711.0M
$594.0M
$357.0M
Other current liabilities
$259.0M
$215.0M
$146.0M
$122.0M
Default funds and margin deposits
$5.8B
$5.7B
$7.3B
$7.0B
Short-term debt
$431.0M
$399.0M
$291.0M
$664.0M
Total current liabilities
$8.0B
$7.9B
$9.0B
$8.8B
Long-term debt
$8.6B
$9.1B
$10.2B
$4.7B
Deferred tax liabilities, net
$1.6B
$1.6B
$1.6B
$456.0M
Operating lease liabilities
$462.0M
$388.0M
$417.0M
$452.0M
Other non-current liabilities
$241.0M
$230.0M
$220.0M
$226.0M
Total liabilities
$18.8B
$19.2B
$21.5B
$14.7B
Common stock, $0.01 par value, 900,000,000 shares authorized, shares issued: 594,620,320 at December 31, 2025 and 598,920,378 at December 31, 2024; shares outstanding: 569,894,024 at December 31, 2025 and 575,062,217 at December 31, 2024
6.0M
6.0M
6.0M
5.0M
Additional paid-in capital
$5.1B
$5.5B
$5.5B
$1.4B
Common stock in treasury, at cost: 24,726,296 shares at December 31, 2025 and 23,858,161 shares at December 31, 2024
-716.0M
-647.0M
-587.0M
-515.0M
Accumulated other comprehensive loss
($1.8B)
($2.1B)
($1.9B)
($2.0B)
Retained earnings
$9.6B
$8.4B
$7.8B
$7.2B
Total Nasdaq stockholders’ equity
$12.2B
$11.2B
$10.8B
$6.2B
Noncontrolling interests
$5.0M
$9.0M
$11.0M
$13.0M
Total equity
$12.2B
$11.2B
$10.8B
$6.2B
Total liabilities and equity
$31.1B
$30.4B
$32.3B
$20.9B
NASDAQ, INC. balance sheet, quarters
Line item
Sep 30, 2026
Jun 30, 2026
Mar 31, 2026
Sep 30, 2025
Cash and cash equivalents
$365.0M
$520.0M
$515.0M
$470.0M
Restricted cash and cash equivalents
$28.0M
$26.0M
$49.0M
$227.0M
Default funds and margin deposits (including restricted cash and cash equivalents of $755 and $3,120, respectively)
$2.5B
$2.3B
$2.3B
$5.8B
Short-term investments
$151.0M
—
—
—
Receivables, net
$1.2B
$1.2B
$985.0M
$865.0M
Other current assets
$287.0M
$284.0M
$388.0M
$232.0M
Total current assets
$4.5B
$4.5B
$4.4B
$7.6B
Property and equipment, net
$767.0M
$767.0M
$739.0M
$689.0M
Goodwill
$14.2B
$14.2B
$14.3B
$14.3B
Intangible assets, net
$6.1B
$6.2B
$6.4B
$6.6B
Operating lease assets
$481.0M
$481.0M
$485.0M
$440.0M
Other non-current assets
$1.3B
$1.1B
$1.0B
$972.0M
Total assets
$27.4B
$27.3B
$27.3B
$30.7B
Accounts payable and accrued expenses
$252.0M
$252.0M
$245.0M
$256.0M
Section 31 fees payable to SEC
$90.0M
$313.0M
—
$0
Accrued personnel costs
$320.0M
$243.0M
$209.0M
$313.0M
Deferred revenue
$819.0M
$931.0M
$1.1B
$719.0M
Other current liabilities
$237.0M
$174.0M
$160.0M
$236.0M
Default funds and margin deposits
$2.5B
$2.3B
$2.3B
$5.8B
Short-term debt
$269.0M
$269.0M
$431.0M
$431.0M
Total current liabilities
$4.5B
$4.5B
$4.4B
$7.7B
Long-term debt
$8.5B
$8.5B
$8.5B
$8.7B
Deferred tax liabilities, net
$1.7B
$1.6B
$1.6B
$1.6B
Operating lease liabilities
$476.0M
$482.0M
$488.0M
$454.0M
Other non-current liabilities
$262.0M
$253.0M
$247.0M
$234.0M
Total liabilities
$15.4B
$15.3B
$15.3B
$18.6B
Common stock, $0.01 par value, 900,000,000 shares authorized, shares issued: 583,979,697 at September 30, 2026 and 594,620,320 at December 31, 2025; shares outstanding: 558,441,448 at September 30, 2026 and 569,894,024 at December 31, 2025
6.0M
6.0M
6.0M
6.0M
Additional paid-in capital
$4.1B
$4.4B
$4.6B
$5.4B
Common stock in treasury, at cost: 25,538,249 shares at September 30, 2026 and 24,726,296 shares at December 31, 2025
-784.0M
-784.0M
-747.0M
-710.0M
Accumulated other comprehensive loss
($1.9B)
($1.9B)
($1.8B)
($1.8B)
Retained earnings
$10.7B
$10.3B
$10.0B
$9.2B
Total Nasdaq stockholders’ equity
$12.0B
$12.0B
$12.0B
$12.0B
Noncontrolling interests
$4.0M
$5.0M
$5.0M
$7.0M
Total equity
$12.0B
$12.0B
$12.0B
$12.0B
Total liabilities and equity
$27.4B
$27.3B
$27.3B
$30.7B
Cash flow statement
NASDAQ, INC. cash flow statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Net income
$1.8B
$1.1B
$1.1B
$1.1B
Depreciation and amortization
$632.0M
$613.0M
$323.0M
$258.0M
Share-based compensation
$165.0M
$141.0M
$122.0M
$106.0M
Deferred income tax expense (benefit)
$48.0M
($67.0M)
$68.0M
$38.0M
Extinguishment of debt and bridge fees
$5.0M
$3.0M
$25.0M
—
Net gain on divestitures
($86.0M)
—
$0
$0
Non-cash restructuring charges
$1.0M
$37.0M
$12.0M
—
Net (income) loss from unconsolidated investees
($83.0M)
($16.0M)
$7.0M
($31.0M)
Operating lease asset impairments
$0
$0
$13.0M
—
Adenza purchase accounting adjustment
$0
$32.0M
—
—
Other reconciling items included in net income
$21.0M
$35.0M
$30.0M
$28.0M
Receivables, net
$91.0M
($193.0M)
$3.0M
($101.0M)
Other assets
($96.0M)
($50.0M)
$9.0M
$98.0M
Accounts payable and accrued expenses
($6.0M)
($60.0M)
$149.0M
$19.0M
Section 31 fees payable to SEC
($319.0M)
$235.0M
($160.0M)
$181.0M
Accrued personnel costs
$25.0M
$34.0M
$13.0M
$0
Deferred revenue
$69.0M
$67.0M
$88.0M
$16.0M
Other liabilities
$1.0M
$13.0M
($63.0M)
($45.0M)
Net cash provided by operating activities
$2.3B
$1.9B
$1.7B
$1.7B
Purchases of securities
($243.0M)
($206.0M)
($712.0M)
($322.0M)
Proceeds from sales and redemptions of securities
$427.0M
$199.0M
$719.0M
$320.0M
Proceeds from divestitures, net of cash divested
$140.0M
—
$0
$0
Acquisition of businesses, net of cash and cash equivalents acquired
$0
$0
($5.8B)
($41.0M)
Purchases of property and equipment
($266.0M)
($207.0M)
($158.0M)
($152.0M)
Investments related to default funds and margin deposits, net
($1.1B)
($707.0M)
($74.0M)
$211.0M
Other investing activities
($78.0M)
($32.0M)
($3.0M)
$33.0M
Net cash used in investing activities
($1.1B)
($953.0M)
($6.0B)
$49.0M
Repayments of commercial paper, net
$0
($291.0M)
($371.0M)
$238.0M
Repayments of debt and credit commitment
($826.0M)
($521.0M)
($260.0M)
($1.1B)
Proceeds from issuances of debt, net of issuance costs
$0
$0
$5.6B
$541.0M
Repurchases of common stock
($616.0M)
($145.0M)
($269.0M)
($633.0M)
Dividends paid
($601.0M)
($541.0M)
($441.0M)
($383.0M)
Payments related to employee shares withheld for taxes
-69.0M
-60.0M
-72.0M
-78.0M
Default funds and margin deposits
($884.0M)
($1.0B)
$22.0M
$2.4B
Other financing activities
$43.0M
$27.0M
($1.0M)
$1.0M
Net cash provided by (used in) financing activities
($3.0B)
($2.6B)
$4.2B
$1.0B
Effect of exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents
$726.0M
($537.0M)
$202.0M
($1.3B)
Net decrease in cash and cash equivalents and restricted cash and cash equivalents
($1.1B)
($2.1B)
$124.0M
$1.5B
Cash and cash equivalents, restricted cash and cash equivalents at beginning of period
$5.0B
$7.1B
$7.0B
$5.5B
Cash and cash equivalents, restricted cash and cash equivalents at end of period
$3.9B
$5.0B
$7.1B
$7.0B
Cash and cash equivalents
$604.0M
$592.0M
$453.0M
$502.0M
Restricted cash and cash equivalents
$210.0M
$31.0M
$20.0M
$22.0M
Restricted cash and cash equivalents (default funds and margin deposits)
$3.1B
$4.4B
$6.6B
$6.5B
Total
$3.9B
$5.0B
$7.1B
$7.0B
Interest paid
$354.0M
$405.0M
$177.0M
$116.0M
NASDAQ, INC. cash flow statement, quarters
Line item
Sep 30, 2026 · YTD
Jun 30, 2026 · YTD
Mar 31, 2026 · Q1
Sep 30, 2025 · YTD
Net income
$1.6B
$1.0B
$519.0M
$1.3B
Depreciation and amortization
$496.0M
$331.0M
$165.0M
$471.0M
Share-based compensation
$134.0M
$87.0M
$38.0M
$122.0M
Deferred income tax expense
$44.0M
$12.0M
$12.0M
$30.0M
Net gain on divestitures
($84.0M)
($89.0M)
($89.0M)
($37.0M)
Net income from unconsolidated investees
($86.0M)
($47.0M)
($26.0M)
($73.0M)
Other reconciling items included in net income
$15.0M
$25.0M
$21.0M
($1.0M)
Receivables, net
($241.0M)
($248.0M)
($49.0M)
$172.0M
Other assets
$96.0M
$94.0M
$94.0M
$67.0M
Accounts payable and accrued expenses
($34.0M)
($27.0M)
($33.0M)
($22.0M)
Section 31 fees payable to SEC
$90.0M
$313.0M
$0
($319.0M)
Accrued personnel costs
($38.0M)
($117.0M)
($153.0M)
($25.0M)
Deferred revenue
$43.0M
$153.0M
$311.0M
($10.0M)
Other liabilities
($79.0M)
($113.0M)
($121.0M)
($14.0M)
Net cash provided by operating activities
$1.9B
$1.4B
$689.0M
$1.6B
Purchases of short-term investments
($1.2B)
($499.0M)
($166.0M)
($234.0M)
Proceeds from sales and redemptions of short-term investments
$1.0B
$322.0M
$8.0M
$392.0M
Purchases of corporate debt securities
($100.0M)
—
—
—
Proceeds from divestitures, net of cash divested
$92.0M
$89.0M
—
$52.0M
Acquisition of businesses, net of cash and cash equivalents acquired
$58.0M
—
—
—
Purchases of property and equipment
($199.0M)
($137.0M)
($60.0M)
($177.0M)
Investments related to default funds and margin deposits, net
$780.0M
$540.0M
$976.0M
($419.0M)
Other investing activities
($16.0M)
($14.0M)
($11.0M)
($76.0M)
Net cash provided by (used in) investing activities
$366.0M
$301.0M
$747.0M
($462.0M)
Issuance of commercial paper, net
$269.0M
$269.0M
—
$0
Repayments of debt and credit commitment
($431.0M)
($431.0M)
$0
($726.0M)
Repurchases of common stock
($1.2B)
($903.0M)
($548.0M)
($330.0M)
Dividends paid
($500.0M)
($327.0M)
($153.0M)
($448.0M)
Proceeds from issuance of stock under employee stock plans
$47.0M
$47.0M
$15.0M
—
Payments related to employee shares withheld for taxes
-68.0M
-68.0M
-31.0M
-63.0M
Default funds and margin deposits
($3.1B)
($3.3B)
($3.5B)
($847.0M)
Other financing activities
($8.0M)
($7.0M)
$0
$0
Net cash used in financing activities
($5.0B)
($4.8B)
($4.2B)
($2.4B)
Effect of exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents
($91.0M)
($68.0M)
($50.0M)
$653.0M
Net decrease in cash and cash equivalents and restricted cash and cash equivalents
($2.8B)
($3.1B)
($2.8B)
($565.0M)
Cash and cash equivalents, restricted cash and cash equivalents at beginning of period
$3.9B
$3.9B
$3.9B
$5.0B
Cash and cash equivalents, restricted cash and cash equivalents at end of period
$1.1B
$800.0M
$1.1B
$4.4B
Cash and cash equivalents
$365.0M
$520.0M
$515.0M
$470.0M
Restricted cash and cash equivalents
$28.0M
$26.0M
$49.0M
$227.0M
Restricted cash and cash equivalents (default funds and margin deposits)