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NDAQ logoNasdaq, Inc.(NDAQ)Earnings, Financials & Key Ratios

NDAQ•NASDAQ•Banking & Credit
$89.20
$50.71B mkt cap·28.9× P/E·Price updated May 6, 2026
SectorFinancial ServicesIndustryFinancial Data & ExchangesSub-IndustryExchanges, Clearing and Trading Venues
AboutNasdaq, Inc. operates as a technology company that serves capital markets and other industries worldwide. The Market Technology segment includes anti financial crime technology business, which offers Nasdaq Trade Surveillance, a SaaS solution for brokers and other market participants to assist them in complying with market rules, regulations, and internal market surveillance policies; Nasdaq Automated Investigator, a cloud-deployed anti-money laundering tool; and Verafin, a SaaS technology provider of anti-financial crime management solutions. This segment also handles assets, such as cash equities, equity derivatives, currencies, interest-bearing securities, commodities, energy products, and digital currencies. The Investment Intelligence segment sells and distributes historical and real-time market data; develops and licenses Nasdaq-branded indexes and financial products; and provides investment insights and workflow solutions. The Corporate Platforms segment operates listing platforms; and offers investor relations intelligence and governance solutions. As of December 31, 2021, it had 4,178 companies listed securities on The Nasdaq Stock Market, including 1,632 listings on The Nasdaq Global Select Market; 1,169 on The Nasdaq Global Market; and 1,377 on The Nasdaq Capital Market. The Market Services segment includes equity derivative trading and clearing, cash equity trading, fixed income and commodities trading and clearing, and trade management service businesses. This segment operates various exchanges and other marketplace facilities across various asset classes, which include derivatives, commodities, cash equity, debt, structured products, and exchange traded products; and provides broker, clearing, settlement, and central depository services. The company was formerly known as The NASDAQ OMX Group, Inc. and changed its name to Nasdaq, Inc. in September 2015. Nasdaq, Inc. was founded in 1971 and is headquartered in New York, New York.Show more
  • Net Interest Income-$50M-278.6%
  • Total Revenue$8.22B+11.1%
  • Net Income$1.79B+60.2%
  • Return on Equity15.27%+50.6%
  • Net Interest Margin-0.16%-274.8%
  • Efficiency Ratio19.57%+21.6%
  • ROA5.82%+63.4%
  • Equity / Assets39.39%+6.9%
  • Book Value per Share21.22+9.7%
  • Tangible BV/Share-15.00+10.1%
  • Debt/Equity0.81-7.9%
Analysis→Technical→

NDAQ Key Insights

Nasdaq, Inc. (NDAQ) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

  • ✓Strong Piotroski F-Score: 9/9
  • ✓Efficient operations: 19.6% efficiency ratio
  • ✓13 consecutive years of dividend growth
  • ✓Well capitalized: 39.4% equity/assets
  • ✓Diversified revenue: 99.5% from non-interest income

✗Weaknesses

  • ✗Weak NIM of -0.2%

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

NDAQ Price & Volume

Nasdaq, Inc. (NDAQ) stock price & volume — 10-year historical chart

Loading chart...

NDAQ Growth Metrics

Nasdaq, Inc. (NDAQ) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years9.22%
5 Years7.88%
3 Years9.69%
TTM-

Profit CAGR

10 Years15.38%
5 Years13.91%
3 Years16.72%
TTM49.69%

EPS CAGR

10 Years14.05%
5 Years10.69%
3 Years10.99%
TTM50.91%

Return on Capital

10 Years10.18%
5 Years10.26%
3 Years9.01%
Last Year10.23%

NDAQ Recent Earnings

Nasdaq, Inc. (NDAQ) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 11/12 qtrs (92%)●Beat Revenue 12/12 qtrs (100%)
Q2 2026Latest
Apr 23, 2026
EPS
$0.96
Est $0.93
+3.2%
Revenue
$1.4B
Est $1.4B
+2.6%
Q1 2026
Jan 29, 2026
EPS
$0.96
Est $0.92
+4.1%
Revenue
$1.4B
Est $1.4B
+1.9%
Q4 2025
Oct 21, 2025
EPS
$0.88
Est $0.85
+3.3%
Revenue
$2.0B
Est $1.3B
+50.2%
Q3 2025
Jul 24, 2025
EPS
$0.85
Est $0.81
+4.4%
Revenue
$2.1B
Est $1.3B
+63.6%
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestApr 23, 2026
$0.96vs $0.93+3.2%
$1.4Bvs $1.4B+2.6%
Q1 2026Jan 29, 2026
$0.96vs $0.92+4.1%
$1.4Bvs $1.4B+1.9%
Q4 2025Oct 21, 2025
$0.88vs $0.85+3.3%
$2.0Bvs $1.3B+50.2%
Q3 2025Jul 24, 2025
$0.85vs $0.81+4.4%
$2.1Bvs $1.3B+63.6%
Based on last 12 quarters of dataView full earnings history →

NDAQ Peer Comparison

Nasdaq, Inc. (NDAQ) competitors in Exchanges, Clearing and Trading Venues — business model, growth, and fundamentals comparison

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
ICE logoICEIntercontinental Exchange, Inc.Direct Competitor86.89B153.4026.597.46%11.57%0.70
CME logoCMECME Group Inc.Direct Competitor104.61B288.3425.846.37%15.25%0.13
CBOE logoCBOECboe Global Markets, Inc.Direct Competitor36.08B344.4333.0515.13%22.99%0.33
MKTX logoMKTXMarketAxess Holdings Inc.Direct Competitor5.53B148.8420.458.58%15.79%0.05
TW logoTWTradeweb Markets Inc.Direct Competitor23.32B109.4328.9518.92%12.35%0.04
MSCI logoMSCIMSCI Inc.Product Competitor42.38B582.1437.419.74%
SPGI logoSPGIS&P Global Inc.Product Competitor125.38B423.5728.897.94%12.92%0.39
FDS logoFDSFactSet Research Systems Inc.Product Competitor9.11B211.7913.625.39%27.66%0.71

Compare NDAQ vs Peers

Nasdaq, Inc. (NDAQ) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs ICE

Most directly comparable listed peer for NDAQ.

Scale Benchmark

vs MS

Larger-name benchmark to compare NDAQ against a more recognizable public peer.

Peer Set

Compare Top 5

vs ICE, CME, CBOE, MKTX

NDAQ Income Statement

Nasdaq, Inc. (NDAQ) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily
Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Net Interest Income9M17M15M4M1M7M115M28M-50M-142M
NII Growth %12.5%88.89%-11.76%-73.33%-75%600%1542.86%-75.65%-278.57%-1848.86%
Net Interest Margin %0.06%0.11%0.11%0.02%0%0.03%0.36%0.09%-0.16%-0.52%
Interest Income9M17M15M4M1M7M115M28M38M33M
Interest Expense0000000088M175M
Loan Loss Provision2.37B2.62B2.59B3.68B3.65B3.89B3.52B4.41B4.19B3.56B
Non-Interest Income3.94B4.26B4.24B5.62B5.88B6.22B5.95B7.37B8.18B8.23B
Non-Interest Income %99.77%99.6%99.65%99.93%99.98%99.89%98.1%99.62%99.54%99.6%
Total Revenue
3.95B▲ 0%
4.28B▲ 8.3%
4.26B▼ 0.4%
5.63B▲ 32.1%
5.89B▲ 4.6%
6.23B▲ 5.8%
6.06B▼ 2.6%
7.4B▲ 22.0%
8.22B▲ 11.1%
8.27B▲ 0%
Revenue Growth %6.59%8.33%-0.44%32.1%4.64%5.78%-2.6%22.03%11.05%24.29%
Non-Interest Expense592M627M647M708M791M775M968M1.19B1.61B2.09B
Efficiency Ratio14.99%14.66%15.19%12.59%13.44%12.45%15.96%16.09%19.57%25.28%
Operating Income
991M▲ 0%
1.03B▲ 3.7%
1.02B▼ 1.1%
1.23B▲ 21.3%
1.44B▲ 16.8%
1.56B▲ 8.5%
1.58B▲ 0.9%
1.8B▲ 13.9%
2.33B▲ 29.6%
2.44B▲ 0%
Operating Margin %25.1%24.04%23.88%21.94%24.48%25.12%26.02%24.3%28.36%29.53%
Operating Income Growth %18.54%3.73%-1.07%21.34%16.77%8.54%0.9%13.94%29.64%-
Pretax Income
872M▲ 0%
1.06B▲ 22.0%
1.02B▼ 4.2%
1.21B▲ 18.9%
1.53B▲ 26.6%
1.48B▼ 3.8%
1.4B▼ 5.0%
1.45B▲ 3.4%
2.15B▲ 48.0%
2.33B▲ 0%
Pretax Margin %22.09%24.88%23.93%21.55%26.06%23.69%23.1%19.58%26.1%28.24%
Income Tax143M606M245M279M347M352M344M334M356M421M
Effective Tax Rate %16.4%56.95%24.04%23.02%22.62%23.86%24.55%23.05%16.6%18.04%
Net Income
734M▲ 0%
458M▼ 37.6%
774M▲ 69.0%
933M▲ 20.5%
1.19B▲ 27.2%
1.13B▼ 5.2%
1.06B▼ 5.9%
1.12B▲ 5.5%
1.79B▲ 60.2%
1.91B▲ 0%
Net Margin %18.59%10.71%18.18%16.59%20.17%18.07%17.46%15.09%21.77%23.15%
Net Income Growth %579.63%-37.6%69%20.54%27.22%-5.22%-5.87%5.48%60.16%49.69%
Net Income (Continuing)729M458M774M933M1.19B1.12B1.06B1.11B1.79B1.91B
EPS (Diluted)
1.44▲ 0%
0.91▼ 36.8%
1.55▲ 70.3%
1.86▲ 20.0%
2.35▲ 26.3%
2.26▼ 3.8%
2.08▼ 8.0%
1.93▼ 7.2%
3.09▲ 60.1%
3.35▲ 0%
EPS Growth %585.71%-36.81%70.33%20%26.34%-3.83%-7.96%-7.21%60.1%50.91%
EPS (Basic)1.470.921.561.892.382.282.101.943.13-
Diluted Shares Outstanding508.8M503.1M500.91M500.71M505.09M497.86M508.39M579.2M576.5M571.7M

NDAQ Balance Sheet

Nasdaq, Inc. (NDAQ) balance sheet — assets, liabilities & shareholders' equity

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Cash & Short Term Investments612M813M623M2.94B601M683M641M776M842M6.13B
Cash & Due from Banks377M545M332M2.75B393M502M453M592M814M564M
Short Term Investments235M268M291M195M208M181M188M184M28M184M
Total Investments235M268M291M195M208M181M188M184M28M184M
Investments Growth %-4.08%14.04%8.58%-32.99%6.67%-12.98%3.87%-2.13%-84.78%1381.18%
Long-Term Investments0000000000
Accounts Receivables356M384M422M566M588M677M929M1.02B943M985M
Goodwill & Intangibles9.05B8.66B8.62B9.11B11.25B10.68B21.55B20.86B20.88B20.68B
Goodwill6.59B6.36B6.37B6.85B8.43B8.1B14.11B13.96B14.37B14.31B
Intangible Assets2.47B2.3B2.25B2.25B2.81B2.58B7.44B6.91B6.51B6.38B
PP&E (Net)400M376M730M856M875M976M978M968M1.18B1.22B
Other Assets-1M291M289M358M571M608M665M779M993M1.02B
Total Current Assets5.53B6.37B4.29B7.66B7.42B8.6B9.1B7.79B8B4.37B
Total Non-Current Assets10.26B9.33B9.63B10.32B12.69B12.26B23.2B22.61B23.05B22.93B
Total Assets
15.79B▲ 0%
15.7B▼ 0.5%
13.92B▼ 11.3%
17.98B▲ 29.1%
20.11B▲ 11.9%
20.87B▲ 3.7%
32.29B▲ 54.8%
30.39B▼ 5.9%
31.05B▲ 2.2%
27.3B▲ 0%
Asset Growth %11.56%-0.54%-11.31%29.12%11.88%3.74%54.75%-5.88%2.16%-7.87%
Return on Assets (ROA)4.9%2.91%5.23%5.85%6.23%5.49%3.98%3.56%5.82%6.41%
Accounts Payable177M198M148M175M185M185M332M269M280M0
Total Debt4.21B3.83B3.72B5.93B6.22B5.85B10.87B9.87B9.93B9.45B
Net Debt3.83B3.29B3.39B3.19B5.82B5.35B10.42B9.28B9.11B8.88B
Long-Term Debt3.73B2.96B3B5.54B4.81B4.74B10.16B9.08B9.04B9.01B
Short-Term Debt480M875M391M01.02B664M291M399M431M431M
Other Liabilities162M137M179M187M234M226M220M230M-1.01B0
Total Current Liabilities5.26B6.57B4.23B4.92B7.87B8.84B9.03B7.9B7.96B4.39B
Total Non-Current Liabilities4.64B3.68B4.06B6.62B5.84B5.87B12.44B11.29B10.86B10.87B
Total Liabilities9.9B10.25B8.29B11.54B13.71B14.7B21.47B19.2B18.82B15.26B
Total Equity
5.88B▲ 0%
5.45B▼ 7.3%
5.64B▲ 3.5%
6.44B▲ 14.1%
6.41B▼ 0.5%
6.16B▼ 3.8%
10.83B▲ 75.6%
11.2B▲ 3.4%
12.23B▲ 9.2%
12.04B▲ 0%
Equity Growth %8.29%-7.33%3.49%14.13%-0.48%-3.76%75.65%3.45%9.21%30.3%
Equity / Assets (Capital Ratio)37.25%34.71%40.5%35.8%31.84%29.54%33.53%36.85%39.39%44.09%
Return on Equity (ROE)12.98%8.09%13.96%15.45%18.49%17.9%12.47%10.14%15.27%15.9%
Book Value per Share11.5610.8311.2612.8512.6812.3821.3019.3421.2221.06
Tangible BV per Share-6.24-6.39-5.94-5.33-9.58-9.07-21.10-16.68-15.00-15.12
Common Stock2M2M2M2M2M5M6M6M6M6M
Additional Paid-in Capital3.02B2.72B2.63B2.55B1.95B1.45B5.5B5.53B5.12B0
Retained Earnings3.97B4.56B5.03B5.63B6.46B7.21B7.83B8.4B9.59B9.95B
Accumulated OCI-862M-1.53B-1.69B-1.37B-1.59B-1.99B-1.92B-2.1B-1.77B-1.81B
Treasury Stock-247M-297M-336M-376M-437M-515M-587M-647M-716M0
Preferred Stock0000000000

NDAQ Cash Flow Statement

Nasdaq, Inc. (NDAQ) cash flow — operating, investing & free cash flow history

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Cash from Operations909M1.03B963M1.25B1.08B1.71B1.7B1.94B2.25B2.25B
Operating CF Growth %25.9%13.09%-6.32%30.01%-13.5%57.53%-0.59%14.33%16.3%45.32%
Net Income734M458M774M933M1.19B1.12B1.06B1.11B1.79B1.91B
Depreciation & Amortization188M210M190M202M278M258M323M613M632M641M
Deferred Taxes10M342M35M41M94M38M68M-67M48M54M
Other Non-Cash Items2M-154M-67M-2M-97M13M87M91M-142M-300M
Working Capital Changes-103M103M-48M-9M-469M168M39M46M-235M-193M
Cash from Investing-890M196M-240M-231M-2.65B49M-5.99B-953M-1.1B-95M
Purchase of Investments-392M-421M-579M-283M-316M-322M-712M-206M-243M-304M
Sale/Maturity of Investments424M543M554M424M285M320M719M199M427M330M
Net Investment Activity32M122M-25M141M-31M-2M7M-7M184M26M
Acquisitions-776M185M-74M-157M-2.24B-41M-5.77B0088M
Other Investing-2M0-14M-27M-219M244M-77M-739M-1.02B68M
Cash from Financing-53M-1.03B-937M1.38B1.42B1.04B4.22B-2.56B-2.95B-6.05B
Dividends Paid-243M-280M-305M-320M-350M-383M-441M-541M-601M-616M
Share Repurchases-203M-394M-200M-222M-943M-633M-269M-145M-616M-1.05B
Stock Issued0037M00000-69M-82M
Net Stock Activity-203M-394M-163M-222M-943M-633M-269M-145M-685M-1.13B
Debt Issuance (Net)1000K-1000K-1000K1000K1000K-1000K1000K-1000K-1000K-3M
Other Financing-27M-50M-50M17M2.33B2.45B25M-1.06B-841M-3.82B
Net Change in Cash
-19M▲ 0%
187M▲ 1084.2%
-224M▼ 219.8%
2.42B▲ 1180.4%
-483M▼ 120.0%
1.5B▲ 410.1%
124M▼ 91.7%
-2.11B▼ 1803.2%
-1.07B▲ 49.2%
-3.6B▲ 0%
Exchange Rate Effect15M-10M-10M16M-331M-1.29B202M-537M726M273M
Cash at Beginning418M399M586M362M5.98B5.5B6.99B7.12B5.01B3.93B
Cash at End399M586M362M2.78B5.5B6.99B7.12B5.01B3.93B1.14B
Interest Paid129M148M120M97M118M116M177M405M354M229M
Income Taxes Paid154M221M205M290M501M274M254M358M373M328M
Free Cash Flow
765M▲ 0%
917M▲ 19.9%
836M▼ 8.8%
1.06B▲ 27.3%
920M▼ 13.5%
1.55B▲ 68.9%
1.54B▼ 1.0%
1.73B▲ 12.6%
1.99B▲ 14.8%
2B▲ 0%
FCF Growth %30.1%19.87%-8.83%27.27%-13.53%68.91%-1.03%12.61%14.84%8.03%

NDAQ Banking Ratios

Nasdaq, Inc. (NDAQ) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric201720182019202020212022202320242025TTM
Return on Equity (ROE)12.98%8.09%13.96%15.45%18.49%17.9%12.47%10.14%15.27%15.9%
Return on Assets (ROA)4.9%2.91%5.23%5.85%6.23%5.49%3.98%3.56%5.82%6.41%
Net Interest Margin0.06%0.11%0.11%0.02%0%0.03%0.36%0.09%-0.16%-0.52%
Efficiency Ratio14.99%14.66%15.19%12.59%13.44%12.45%15.96%16.09%19.57%25.28%
Equity / Assets37.25%34.71%40.5%35.8%31.84%29.54%33.53%36.85%39.39%44.09%
Book Value / Share11.5610.8311.2612.8512.6812.3821.319.3421.2221.06
NII Growth12.5%88.89%-11.76%-73.33%-75%600%1542.86%-75.65%-278.57%-530.3%
Dividend Payout33.11%61.14%39.41%34.3%29.49%34.04%41.64%48.43%33.59%24.2%

NDAQ SEC Filings & Documents

Nasdaq, Inc. (NDAQ) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Apr 23, 2026·SEC

Material company update

Jan 29, 2026·SEC

Material company update

Jan 16, 2026·SEC

10-K Annual Reports

2
FY 2026

Feb 12, 2026·SEC

FY 2025

Feb 21, 2025·SEC

10-Q Quarterly Reports

6
FY 2026

Apr 24, 2026·SEC

FY 2025

Oct 23, 2025·SEC

FY 2025

Jul 25, 2025·SEC

NDAQ Frequently Asked Questions

Nasdaq, Inc. (NDAQ) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

Nasdaq, Inc. (NDAQ) grew revenue by 11.1% over the past year. This is steady growth.

Yes, Nasdaq, Inc. (NDAQ) is profitable, generating $1.91B in net income for fiscal year 2025 (21.8% net margin).

Dividend & Returns

Yes, Nasdaq, Inc. (NDAQ) pays a dividend with a yield of 1.17%. This makes it attractive for income-focused investors.

Nasdaq, Inc. (NDAQ) has a return on equity (ROE) of 15.3%. This is reasonable for most industries.

Industry Metrics

Nasdaq, Inc. (NDAQ) has a net interest margin (NIM) of -0.2%. NIM has been under pressure due to interest rate environment.

Nasdaq, Inc. (NDAQ) has an efficiency ratio of 19.6%. This is excellent, indicating strong cost control.

Explore More NDAQ

Nasdaq, Inc. (NDAQ) financial analysis — history, returns, DCA and operating performance tools

Full NDAQ Stock Analysis

Analyst verdict, bull/bear case, risk factors and peer comparison

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Total Return Calculator

Historical returns with dividends reinvested

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DCA Calculator

Dollar cost averaging vs lump sum

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Dividend History

Yield, growth, payout safety & DRIP

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Earnings History

EPS trends, net income & profitability

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Price History

Long-term charts & historical price data

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Revenue History

Sales growth patterns & revenue breakdown

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Financial Ratios

30 years of market, efficiency and balance-sheet ratios

→

Valuation

DCF intrinsic value, peer multiples & estimates

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