Cash flow Nasdaq, Inc.

Equities

NDAQ

US6311031081

Financial & Commodity Market Operators

Market Closed - Nasdaq Other stock markets 16:00:00 2026-03-05 EST			5-day change	1st Jan Change
88.27 ^USD	-0.96%		-0.36%	-9.12%

03-05	Nasdaq Reports Monthly Decline in February US Equity Options Volume	MT
03-04	Nasdaq Insider Sold Shares Worth $523,440, According to a Recent SEC Filing	MT

fb62515311ef5f6e49ff.0xREGBhKX6BwTGB1PBeZl5j4oybmrDd4Wh7nshKCbRI.tFMJVGsJGMI_HRFMCHLGoOmpyE3S_FoeE2-t4SXIFFmje31hKCASlSANAw

Published financial data: NASDAQ, INC.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Revenues	3.39B	3.57B	3.86B	4.61B	5.19B
Other Revenues, Total	27M	11M	39M	36M	61M
Total Revenues	3.42B	3.58B	3.9B	4.65B	5.25B
Gross Profit	3.42B	3.58B	3.9B	4.65B	5.25B
Selling General & Admin Expenses, Total	1.52B	1.63B	1.73B	2.03B	2.13B
Depreciation & Amortization - (IS)	278M	258M	323M	613M	632M
Other Operating Expenses, Total	1.8B	1.89B	2.06B	2.64B	2.76B
Operating Income	1.62B	1.69B	1.84B	2B	2.48B
Interest Expense, Total	-125M	-129M	-284M	-414M	-367M
Interest And Investment Income	1M	7M	115M	28M	39M
Net Interest Expenses	-124M	-122M	-169M	-386M	-328M
Income (Loss) On Equity Invest.	52M	31M	-7M	16M	83M
Other Non Operating Income (Expenses)	17M	-31M	-34M	-55M	-52M
EBT, Excl. Unusual Items	1.57B	1.57B	1.63B	1.58B	2.19B
Restructuring Charges	-31M	-15M	-80M	-116M	-42M
Merger & Related Restructuring Charges	-87M	-82M	-148M	-35M	-60M
Gain (Loss) On Sale Of Investments	-	-	-1M	21M	-27M
Gain (Loss) On Sale Of Assets	84M	-	-	-	86M
Other Unusual Items	-	-	-	-	-
EBT, Incl. Unusual Items	1.53B	1.48B	1.4B	1.45B	2.14B
Income Tax Expense	347M	352M	344M	334M	358M
Earnings From Continuing Operations	1.19B	1.12B	1.06B	1.12B	1.79B
Net Income to Company	1.19B	1.12B	1.06B	1.12B	1.79B
Minority Interest	-	2M	2M	2M	1M
Net Income - (IS)	1.19B	1.12B	1.06B	1.12B	1.79B
Net Income to Common Incl Extra Items	1.19B	1.12B	1.06B	1.12B	1.79B
Net Income to Common Excl. Extra Items	1.19B	1.12B	1.06B	1.12B	1.79B
Per Share Items
Net EPS - Basic	2.38	2.28	2.1	1.94	3.12
Basic EPS - Continuing Operations	2.38	2.28	2.1	1.94	3.12
Basic Weighted Average Shares Outstanding	498M	492M	505M	575M	573M
Net EPS - Diluted	2.35	2.26	2.08	1.93	3.09
Diluted EPS - Continuing Operations	2.35	2.26	2.08	1.93	3.09
Diluted Weighted Average Shares Outstanding	505M	498M	508M	579M	579M
Normalized Basic EPS	1.97	2	2.02	1.72	2.39
Normalized Diluted EPS	1.94	1.98	2.01	1.71	2.37
Dividend Per Share	0.7	0.78	0.86	0.94	1.05
Payout Ratio	29.49	34.04	41.64	48.43	33.61
American Depositary Receipts Ratio (ADR)	0.5	0.5	0.5	0.5	0.5
Supplemental Items
EBITDA	1.9B	1.95B	2.16B	2.62B	3.12B
EBITA	1.79B	1.85B	2.05B	2.49B	2.97B
EBIT	1.62B	1.69B	1.84B	2B	2.48B
EBITDAR	2.01B	2.06B	2.29B	2.73B	3.24B
Total Revenues (As Reported)	3.42B	3.58B	3.9B	4.65B	5.25B
Effective Tax Rate - (Ratio)	22.62	23.86	24.55	23.05	16.69
Current Domestic Taxes	189M	237M	197M	236M	192M
Current Foreign Taxes	64M	77M	79M	165M	118M
Total Current Taxes	253M	314M	276M	401M	310M
Deferred Domestic Taxes	104M	42M	59M	-23M	59M
Deferred Foreign Taxes	-10M	-4M	9M	-44M	-11M
Total Deferred Taxes	94M	38M	68M	-67M	48M
Normalized Net Income	980M	984M	1.02B	989M	1.37B
Non-Cash Pension Expense	26M	24M	34M	54M	35M
Supplemental Operating Expense Items
Marketing Expenses	57M	51M	47M	54M	65M
Selling and Marketing Expenses	57M	51M	47M	54M	65M
General and Administrative Expenses	415M	472M	474M	542M	551M
Net Rental Expense, Total	109M	104M	129M	112M	124M
Imputed Operating Lease Interest Expense	17.83M	17.66M	34.81M	35.57M	37.44M
Imputed Operating Lease Depreciation	91.17M	86.34M	94.19M	76.43M	86.56M
Stock-Based Comp., SG&A Exp. (Total)	7M	8M	7M	9M	11M
Stock-Based Comp., Other (Total)	83M	98M	115M	132M	154M
Total Stock-Based Compensation	90M	106M	122M	141M	165M

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	393M	502M	453M	592M	604M
Short Term Investments	-	-	-	-	-
Trading Asset Securities, Total	46M	20M	20M	13M	10M
Total Cash And Short Term Investments	439M	522M	473M	605M	614M
Accounts Receivable, Total	588M	677M	929M	1.02B	943M
Total Receivables	588M	677M	929M	1.02B	943M
Restricted Cash	29M	22M	20M	31M	210M
Other Current Assets, Total	6.37B	7.38B	7.67B	6.13B	6.24B
Total Current Assets	7.42B	8.6B	9.1B	7.79B	8B
Gross Property Plant And Equipment	1.39B	1.54B	1.64B	1.57B	1.92B
Accumulated Depreciation	-514M	-559M	-662M	-606M	-745M
Net Property Plant And Equipment	875M	976M	978M	968M	1.18B
Long-term Investments	430M	476M	467M	538M	687M
Goodwill	8.43B	8.1B	14.11B	13.96B	14.37B
Other Intangibles, Total	2.81B	2.58B	7.44B	6.9B	6.51B
Deferred Tax Assets Long-Term	2M	3M	7M	14M	27M
Other Long-Term Assets, Total	139M	129M	191M	227M	279M
Total Assets	20.12B	20.87B	32.29B	30.4B	31.05B
Liabilities
Accounts Payable, Total	185M	185M	332M	269M	280M
Accrued Expenses, Total	314M	486M	387M	644M	364M
Short-term Borrowings	1.02B	664M	291M	399M	431M
Current Portion of Leases	37M	54M	62M	55M	60M
Unearned Revenue Current, Total	329M	357M	594M	711M	785M
Other Current Liabilities	5.99B	7.09B	7.36B	5.82B	6.04B
Total Current Liabilities	7.87B	8.84B	9.02B	7.9B	7.96B
Long-Term Debt	4.81B	4.74B	10.16B	9.08B	8.57B
Long-Term Leases	386M	452M	417M	388M	462M
Unearned Revenue Non Current	-	-	-	-	88M
Deferred Tax Liability Non Current	406M	456M	1.64B	1.59B	1.58B
Other Non Current Liabilities	234M	226M	220M	230M	153M
Total Liabilities	13.71B	14.7B	21.47B	19.2B	18.82B
Common Stock, Total	2M	5M	6M	6M	6M
Additional Paid In Capital	1.95B	1.44B	5.5B	5.53B	5.12B
Retained Earnings	6.46B	7.21B	7.82B	8.4B	9.59B
Treasury Stock	-437M	-515M	-587M	-647M	-716M
Comprehensive Income and Other	-1.59B	-1.99B	-1.92B	-2.1B	-1.77B
Total Common Equity	6.4B	6.15B	10.82B	11.19B	12.23B
Minority Interest	10M	13M	11M	9M	5M
Total Equity	6.4B	6.16B	10.83B	11.2B	12.23B
Total Liabilities And Equity	20.12B	20.87B	32.29B	30.4B	31.05B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	493M	489M	575M	575M	568M
ECS Total Common Shares Outstanding	500M	492M	575M	575M	570M
Book Value / Share	12.79	12.51	18.81	19.46	21.45
Tangible Book Value	-4.85B	-4.53B	-10.74B	-9.67B	-8.66B
Tangible Book Value Per Share	-9.7	-9.21	-18.67	-16.82	-15.19
Total Debt	6.25B	5.9B	10.93B	9.92B	9.53B
Net Debt	5.81B	5.38B	10.46B	9.32B	8.91B
Debt Equivalent of Unfunded Proj. Benefit Obligation	35M	30M	27M	-	-
Debt Equivalent Oper. Leases	872M	832M	1.03B	896M	992M
Minority Interest, Total (Incl. Fin. Div)	10M	13M	11M	9M	5M
Equity Method Investments, Total	363M	390M	380M	417M	512M
Account Code - Inventory Valuation	3	3	3	3	3
Machinery, Total	1.02B	1.09B	1.24B	1.2B	1.47B
Full Time Employees	5.81K	6.38K	8.52K	9.16K	9.52K
Accumulated Allowance for Doubtful Accounts (Supple)	17M	15M	18M	10M	11M
Order Backlog	-	-	-	-	-

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	1.19B	1.12B	1.06B	1.12B	1.79B
Depreciation & Amortization - CF	108M	105M	117M	125M	145M
Amortization of Goodwill and Intangible Assets - (CF)	170M	153M	206M	488M	487M
Depreciation & Amortization, Total	278M	258M	323M	613M	632M
(Gain) Loss From Sale Of Asset	-84M	-	-	-	-86M
(Gain) Loss on Sale of Investments - (CF)	-	-	-	-	-
Asset Writedown & Restructuring Costs	-	-	25M	37M	1M
(Income) Loss On Equity Investments - (CF)	-52M	-31M	7M	-16M	-83M
Stock-Based Compensation (CF)	90M	106M	122M	141M	165M
Tax Benefit from Stock Options	-	-	-	-	-
Other Operating Activities, Total	133M	80M	121M	1M	73M
Change In Accounts Receivable	-6M	-101M	3M	-193M	91M
Change In Accounts Payable	-17M	19M	149M	-60M	-6M
Change in Unearned Revenues	106M	16M	88M	67M	69M
Change in Other Net Operating Assets	-552M	234M	-201M	232M	-389M
Cash from Operations	1.08B	1.71B	1.7B	1.94B	2.26B
Capital Expenditure	-163M	-152M	-158M	-207M	-266M
Cash Acquisitions	-2.43B	-41M	-5.77B	-	-
Divestitures	190M	-	-	-	140M
Investment in Marketable and Equity Securities, Total	-31M	-2M	7M	-7M	184M
Other Investing Activities, Total	-219M	244M	-77M	-739M	-1.16B
Cash from Investing	-2.65B	49M	-5.99B	-953M	-1.1B
Short Term Debt Issued, Total	420M	238M	-	-	-
Long-Term Debt Issued, Total	826M	541M	5.61B	-	-
Total Debt Issued	1.25B	779M	5.61B	-	-
Short Term Debt Repaid, Total	-	-	-371M	-291M	-
Long-Term Debt Repaid, Total	-804M	-1.1B	-260M	-521M	-826M
Total Debt Repaid	-804M	-1.1B	-631M	-812M	-826M
Issuance of Common Stock	26M	23M	29M	-	-
Repurchase of Common Stock	-1B	-711M	-341M	-205M	-685M
Common Dividends Paid	-350M	-383M	-441M	-541M	-601M
Common & Preferred Stock Dividends Paid	-350M	-383M	-441M	-541M	-601M
Other Financing Activities, Total	2.3B	2.42B	-4M	-1B	-841M
Cash from Financing	1.42B	1.04B	4.22B	-2.56B	-2.95B
Foreign Exchange Rate Adjustments	-331M	-1.29B	202M	-537M	726M
Net Change in Cash	-483M	1.5B	124M	-2.11B	-1.07B
Supplemental Items
Cash Interest Paid	118M	116M	177M	405M	354M
Cash Income Tax Paid (Refund)	501M	274M	254M	358M	373M
Levered Free Cash Flow	991M	1.39B	1.27B	1.76B	1.67B
Unlevered Free Cash Flow	1.07B	1.47B	1.45B	2.02B	1.9B
Change In Net Working Capital	150M	-202M	-14M	-218M	186M
Net Debt Issued / Repaid	442M	-318M	4.98B	-812M	-826M

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	5.33	5.17	4.33	4	5.06
Return on Total Capital	8.09	8.56	6.8	5.84	7.24
Return On Equity %	18.49	17.87	12.44	10.12	15.25
Return on Common Equity	18.51	17.93	12.48	10.15	15.27
Margin Analysis
Gross Profit Margin %	100	100	100	100	100
SG&A Margin	44.42	45.51	44.47	43.71	40.62
EBITDA Margin %	55.58	54.49	55.53	56.29	59.38
EBITA Margin %	52.43	51.56	52.53	53.6	56.62
EBIT Margin %	47.46	47.29	47.24	43.11	47.34
Income From Continuing Operations Margin %	34.71	31.35	27.14	23.98	34.04
Net Income Margin %	34.71	31.41	27.19	24.03	34.06
Net Avail. For Common Margin %	34.71	31.41	27.19	24.03	34.06
Normalized Net Income Margin	28.65	27.48	26.21	21.27	26.07
Levered Free Cash Flow Margin	28.98	38.86	32.7	37.83	31.79
Unlevered Free Cash Flow Margin	31.27	41.12	37.25	43.4	36.16
Asset Turnover
Asset Turnover	0.18	0.17	0.15	0.15	0.17
Fixed Assets Turnover	3.95	3.87	3.99	4.78	4.9
Receivables Turnover (Average Receivables)	5.88	5.65	4.8	4.73	5.28
Short Term Liquidity
Current Ratio	0.94	0.97	1.01	0.99	1.01
Quick Ratio	0.13	0.14	0.16	0.21	0.2
Operating Cash Flow to Current Liabilities	0.14	0.19	0.19	0.25	0.28
Days Sales Outstanding (Average Receivables)	62.07	64.65	76.01	77.4	69.12
Long Term Solvency
Total Debt/Equity	97.63	95.8	100.98	88.6	77.88
Total Debt / Total Capital	49.4	48.93	50.24	46.98	43.78
LT Debt/Equity	81.16	84.15	97.72	84.54	73.86
Long-Term Debt / Total Capital	41.06	42.98	48.62	44.83	41.52
Total Liabilities / Total Assets	68.16	70.46	66.47	63.15	60.61
EBIT / Interest Expense	12.98	13.13	6.48	4.84	6.77
EBITDA / Interest Expense	16.08	15.94	8.07	6.59	8.83
(EBITDA - Capex) / Interest Expense	14.78	14.76	7.51	6.09	8.11
Total Debt / EBITDA	3.11	2.87	4.77	3.64	2.94
Net Debt / EBITDA	2.89	2.62	4.56	3.41	2.75
Total Debt / (EBITDA - Capex)	3.39	3.1	5.12	3.93	3.2
Net Debt / (EBITDA - Capex)	3.15	2.83	4.9	3.69	3
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	17.81	4.74	8.74	19.36	12.91
Gross Profit, 1 Yr. Growth %	17.81	4.74	8.74	19.36	12.91
EBITDA, 1 Yr. Growth %	22.88	2.68	10.81	20.99	19.11
EBITA, 1 Yr. Growth %	23.83	3.01	10.77	21.8	19.26
EBIT, 1 Yr. Growth %	20.67	4.37	8.62	8.91	24
Earnings From Cont. Operations, 1 Yr. Growth %	27.22	-5.39	-5.88	5.49	60.27
Net Income, 1 Yr. Growth %	27.22	-5.22	-5.87	5.48	60.07
Normalized Net Income, 1 Yr. Growth %	20.71	0.46	3.81	-3.12	38.39
Diluted EPS Before Extra, 1 Yr. Growth %	26.12	-3.83	-7.96	-7.21	60.1
Accounts Receivable, 1 Yr. Growth %	3.89	15.14	37.22	10.01	-7.73
Net Property, Plant and Equip., 1 Yr. Growth %	2.22	11.54	0.2	-1.02	21.38
Total Assets, 1 Yr. Growth %	11.88	3.74	54.75	-5.88	2.16
Tangible Book Value, 1 Yr. Growth %	81.55	-6.64	137.12	-9.95	-10.51
Common Equity, 1 Yr. Growth %	-0.59	-3.82	75.84	3.47	9.26
Cash From Operations, 1 Yr. Growth %	-13.5	57.53	-0.59	14.33	16.3
Capital Expenditures, 1 Yr. Growth %	-13.3	-6.75	3.95	31.01	28.5
Levered Free Cash Flow, 1 Yr. Growth %	7.45	40.44	-8.52	38.1	-5.12
Unlevered Free Cash Flow, 1 Yr. Growth %	8.5	37.72	-1.48	39.04	-5.92
Dividend Per Share, 1 Yr. Growth %	8.75	11.43	10.26	9.3	11.7
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	16.15	11.08	6.72	13.92	16.09
Gross Profit, 2 Yr. CAGR %	16.15	11.08	6.72	13.92	16.09
EBITDA, 2 Yr. CAGR %	19.69	12.33	6.67	15.79	20.04
EBITA, 2 Yr. CAGR %	20.35	12.94	6.82	16.16	20.52
EBIT, 2 Yr. CAGR %	19.48	12.23	6.48	8.77	16.21
Earnings From Cont. Operations, 2 Yr. CAGR %	23.84	9.71	-5.63	-0.36	30.02
Net Income, 2 Yr. CAGR %	23.84	9.81	-5.55	-0.36	29.94
Normalized Net Income, 2 Yr. CAGR %	20.44	10.12	4.8	0.29	15.79
Diluted EPS Before Extra, 2 Yr. CAGR %	23.4	10.23	-5.92	-7.59	21.88
Accounts Receivable, 2 Yr. CAGR %	18.04	9.37	25.7	22.87	0.75
Net Property, Plant and Equip., 2 Yr. CAGR %	9.48	6.78	5.72	-0.41	9.61
Total Assets, 2 Yr. CAGR %	20.19	7.74	26.71	20.69	-1.94
Tangible Book Value, 2 Yr. CAGR %	27.67	30.19	48.79	46.13	-10.23
Common Equity, 2 Yr. CAGR %	6.49	-2.22	30.05	34.88	6.32
Cash From Operations, 2 Yr. CAGR %	6.05	16.73	25.14	6.61	15.31
Capital Expenditures, 2 Yr. CAGR %	13.29	-10.08	-1.55	16.7	29.75
Levered Free Cash Flow, 2 Yr. CAGR %	15.57	22.84	13.35	12.4	14.47
Unlevered Free Cash Flow, 2 Yr. CAGR %	14.22	22.24	16.48	17.04	14.37
Dividend Per Share, 2 Yr. CAGR %	6.79	9.54	10.84	9.78	10.5
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	10.63	12.21	10.29	10.78	13.58
Gross Profit, 3 Yr. CAGR %	10.63	12.21	10.29	10.78	13.58
EBITDA, 3 Yr. CAGR %	13.77	13.73	11.82	11.24	16.88
EBITA, 3 Yr. CAGR %	14.64	14.27	12.21	11.6	17.18
EBIT, 3 Yr. CAGR %	14.51	14.21	11.01	7.28	13.62
Earnings From Cont. Operations, 3 Yr. CAGR %	37.36	13.21	4.25	-2.06	16.75
Net Income, 3 Yr. CAGR %	37.36	13.28	4.31	-2.01	16.7
Normalized Net Income, 3 Yr. CAGR %	18.85	13.37	7.93	2.09	11.65
Diluted EPS Before Extra, 3 Yr. CAGR %	37.2	13.56	3.8	-6.35	10.99
Accounts Receivable, 3 Yr. CAGR %	15.26	17.06	17.96	20.23	11.68
Net Property, Plant and Equip., 3 Yr. CAGR %	32.52	10.16	4.54	3.42	6.38
Total Assets, 3 Yr. CAGR %	8.61	14.44	21.56	14.75	14.17
Tangible Book Value, 3 Yr. CAGR %	14.71	15.02	58.99	25.86	24.1
Common Equity, 3 Yr. CAGR %	5.48	2.94	18.91	20.51	25.74
Cash From Operations, 3 Yr. CAGR %	1.75	21	10.65	21.43	9.75
Capital Expenditures, 3 Yr. CAGR %	13.66	6.17	-5.63	8.29	20.51
Levered Free Cash Flow, 3 Yr. CAGR %	-1.14	23.33	11.35	21.06	6.23
Unlevered Free Cash Flow, 3 Yr. CAGR %	-1.52	21.57	13.76	23.56	8.83
Dividend Per Share, 3 Yr. CAGR %	7.46	8.15	9.78	10.33	10.42
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	8.49	8.24	9.05	12.9	12.58
Gross Profit, 5 Yr. CAGR %	8.49	8.24	9.05	12.9	12.58
EBITDA, 5 Yr. CAGR %	10.42	9.22	10.87	14.55	15.04
EBITA, 5 Yr. CAGR %	10.88	9.75	11.45	15.02	15.47
EBIT, 5 Yr. CAGR %	10.44	9.67	11.22	12	13.06
Earnings From Cont. Operations, 5 Yr. CAGR %	62.12	9.03	18.21	7.57	13.88
Net Income, 5 Yr. CAGR %	62.12	9.06	18.25	7.61	13.89
Normalized Net Income, 5 Yr. CAGR %	13.62	11.45	11.82	7.92	11.01
Diluted EPS Before Extra, 5 Yr. CAGR %	62.1	9.54	17.98	4.57	10.69
Accounts Receivable, 5 Yr. CAGR %	6.51	13.72	19.33	19.35	10.75
Net Property, Plant and Equip., 5 Yr. CAGR %	19.31	19.53	21.07	5.81	6.54
Total Assets, 5 Yr. CAGR %	7.29	6.33	15.52	16.9	11.55
Tangible Book Value, 5 Yr. CAGR %	12.51	7.37	27.29	26.58	26.5
Common Equity, 5 Yr. CAGR %	3.33	0.91	14.7	14.69	13.71
Cash From Operations, 5 Yr. CAGR %	6.89	13.42	10.53	15.02	12.49
Capital Expenditures, 5 Yr. CAGR %	4	1.09	7.32	10.26	7.19
Levered Free Cash Flow, 5 Yr. CAGR %	8.57	28.97	4.42	18.84	12.59
Unlevered Free Cash Flow, 5 Yr. CAGR %	7.6	25.16	5.32	19.74	14
Dividend Per Share, 5 Yr. CAGR %	11.76	9.89	8.7	8.8	10.07