The company's capital structure remains strained by a $9.4 billion debt load, though the debt-to-equity ratio has improved to 0.78 as of 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 |
|---|
| Total Current Assets | 4.37B | 8B | 7.79B | 9.1B | 8.6B | 7.42B | 7.66B | 4.29B | 6.37B | 5.53B | 4.56B | 3.26B | 3.4B | 3.16B | 1.49B | 6.57B | 8.51B | 3.45B | 5.44B | 1.68B | 2.31B | 596.96M | 406.2M | 529.62M | 697.01M | 815.17M | 744.46M |
| Cash & Short-Term Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cash Only | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Short-Term Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Days Sales Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Inventory | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 2.64B | 6.22B | 5.99B | 7.53B | 7.24B | 6.23B | 4.15B | 249M | 431M | 554M | 182M | 214M | 216M | 222M | 230M | 5.47B | 7.64B | 2.17B | 4.49B | 107.18M | 129.08M | 44.73M | 37.01M | 52.08M | 74.19M | 64.42M | 301.29M |
| Total Non-Current Assets | 22.93B | 23.05B | 22.61B | 23.2B | 12.26B | 12.69B | 10.32B | 9.63B | 9.33B | 10.26B | 9.59B | 8.58B | 8.69B | 9.41B | 7.64B | 7.52B | 7.7B | 7.27B | 7.26B | 1.3B | 1.4B | 1.45B | 408.62M | 321.64M | 478.91M | 511.08M | 419.94M |
| Property, Plant & Equipment | 1.22B | 1.18B | 968M | 978M | 976M | 875M | 856M | 730M | 376M | 400M | 362M | 323M | 292M | 268M | 211M | 193M | 164M | 164M | 182.94M | 64.52M | 65.27M | 122.58M | 173.84M | 242.94M | 361.23M | 378.83M | 326.32M |
| Fixed Asset Turnover | 7.15x | 6.99x | 7.64x | 6.20x | 6.38x | 6.73x | 6.57x | 5.83x | 11.38x | 9.87x | 10.23x | 10.54x | 11.99x | 11.98x | 14.79x | 17.81x | 19.46x | 20.80x | 19.95x | 37.76x | 25.40x | 7.18x | 3.11x | 2.43x | 2.18x | 2.26x | 2.55x |
| Goodwill | 14.31B | 14.37B | 13.96B | 14.11B | 8.1B | 8.43B | 6.85B | 6.37B | 6.36B | 6.59B | 6.03B | 5.39B | 5.54B | 6.19B | 5.33B | 5.06B | 5.13B | 4.8B | 4.49B | 980.74M | 1.03B | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 6.38B | 6.51B | 6.91B | 7.44B | 2.58B | 2.81B | 2.25B | 2.25B | 2.3B | 2.47B | 2.09B | 1.96B | 2.08B | 2.39B | 1.65B | 1.65B | 1.72B | 1.63B | 1.58B | 181.61M | 199.62M | 1.18B | 182.17M | 871K | 16.64M | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 260.67M |
| Other Non-Current Assets | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Assets | 27.3B | 31.05B | 30.39B | 32.29B | 20.87B | 20.11B | 17.98B | 13.92B | 15.7B | 15.79B | 14.15B | 11.86B | 12.09B | 12.58B | 9.13B | 14.09B | 16.21B | 10.72B | 12.69B | 2.98B | 3.72B | 2.05B | 814.82M | 851.25M | 1.18B | 1.33B | 1.16B |
| Asset Turnover | 0.28x | 0.26x | 0.24x | 0.19x | 0.30x | 0.29x | 0.31x | 0.31x | 0.27x | 0.25x | 0.26x | 0.29x | 0.29x | 0.26x | 0.34x | 0.24x | 0.20x | 0.32x | 0.29x | 0.82x | 0.45x | 0.43x | 0.66x | 0.69x | 0.67x | 0.65x | 0.72x |
| Asset Growth % | -7.87% | 2.16% | -5.88% | 54.75% | 3.74% | 11.88% | 29.12% | -11.31% | -0.54% | 11.56% | 19.3% | -1.87% | -3.9% | 37.72% | -35.19% | -13.06% | 51.16% | -15.54% | 326.09% | -19.83% | 81.58% | 151.19% | -4.28% | -27.61% | -11.34% | 13.9% | - |
| Total Current Liabilities | 4.39B | 7.96B | 7.9B | 9.03B | 8.84B | 7.87B | 4.92B | 4.23B | 6.57B | 5.26B | 4.08B | 2.94B | 2.98B | 2.8B | 927M | 6.03B | 8.23B | 2.87B | 5.06B | 411.2M | 460.54M | 325.33M | 208.32M | 237.63M | 295.46M | 293.55M | 282.23M |
| Accounts Payable | 0 | 280M | 269M | 332M | 185M | 185M | 175M | 148M | 198M | 177M | 175M | 158M | 189M | 228M | 172M | 164M | 0 | 0 | 242.36M | 218.69M | 170.75M | 118.88M | 40.18M | 29.96M | 99.76M | 123.14M | 0 |
| Days Payables Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Short-Term Debt | 431M | 431M | 399M | 291M | 664M | 1.02B | 0 | 391M | 875M | 480M | 0 | 0 | 0 | 45M | 45M | 45M | 140M | 225M | 225M | 0 | 10.68M | 7.5M | 0 | 1.61M | 15.72M | 4.45M | 13.88M |
| Deferred Revenue (Current) | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Liabilities | 2.87B | 7.25B | 5.88B | 7.42B | 7.14B | 6.03B | 4.06B | 3.16B | 5B | 4.12B | 3.43B | 2.37B | 2.35B | 2.14B | 363M | 5.47B | 7.62B | 2.15B | 4.14B | 42.95M | 94.99M | 28.22M | 16.75M | 146.33M | 27.32M | 9.56M | 151.73M |
| Current Ratio | 1.00x | 1.01x | 0.99x | 1.01x | 0.97x | 0.94x | 1.56x | 1.01x | 0.97x | 1.05x | 1.12x | 1.11x | 1.14x | 1.13x | 1.61x | 1.09x | 1.03x | 1.20x | 1.07x | 4.09x | 5.02x | 1.83x | 1.95x | 2.23x | 2.36x | 2.78x | 2.64x |
| Quick Ratio | 1.00x | 1.01x | 0.99x | 1.01x | 0.97x | 0.94x | 1.56x | 1.01x | 0.97x | 1.05x | 1.12x | 1.11x | 1.14x | 1.13x | 1.61x | 1.09x | 1.03x | 1.20x | 1.07x | 4.09x | 5.02x | 1.83x | 1.95x | 2.23x | 2.36x | 2.78x | 2.64x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 10.87B | 10.86B | 11.29B | 12.44B | 5.87B | 5.84B | 6.62B | 4.06B | 3.68B | 4.64B | 4.64B | 3.31B | 3.31B | 3.59B | 3B | 3.08B | 3.25B | 2.91B | 3.38B | 359.92M | 1.8B | 1.47B | 449.94M | 452.93M | 616.06M | 508.93M | 221.46M |
| Long-Term Debt | 9.01B | 9.04B | 9.08B | 10.16B | 4.74B | 4.81B | 5.54B | 3B | 2.96B | 3.73B | 3.6B | 2.36B | 2.3B | 2.59B | 1.84B | 2.07B | 2.18B | 1.87B | 2.3B | 118.44M | 1.49B | 1.18B | 265M | 265M | 429.69M | 288.55M | 25M |
| Capital Lease Obligations | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Deferred Tax Liabilities | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Non-Current Liabilities | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Liabilities | 15.26B | 18.82B | 19.2B | 21.47B | 14.7B | 13.71B | 11.54B | 8.29B | 10.25B | 9.9B | 8.72B | 6.25B | 6.29B | 6.39B | 3.92B | 9.11B | 11.48B | 5.78B | 8.44B | 771.11M | 2.26B | 1.79B | 658.26M | 690.56M | 911.52M | 802.49M | 503.7M |
| Total Debt | 9.45B | 9.93B | 9.87B | 10.87B | 5.85B | 6.22B | 5.93B | 3.72B | 3.83B | 4.21B | 3.6B | 2.36B | 2.3B | 2.63B | 1.98B | 2.12B | 2.32B | 2.09B | 2.52B | 118.44M | 1.5B | 1.19B | 265M | 266.61M | 453.15M | 305.13M | 53.48M |
| Net Debt | 8.88B | 9.11B | 9.28B | 10.42B | 5.35B | 5.82B | 3.19B | 3.39B | 3.29B | 3.83B | 3.2B | 2.06B | 1.87B | 2.24B | 1.48B | 1.61B | 2.01B | 1.5B | 2.15B | -1.21B | 1.18B | 1.03B | 206.81M | 117.68M | 248.88M | 11.4M | -208.78M |
| Debt / Equity | 0.78x | 0.81x | 0.88x | 1.00x | 0.95x | 0.97x | 0.92x | 0.66x | 0.70x | 0.72x | 0.66x | 0.42x | 0.40x | 0.43x | 0.38x | 0.42x | 0.49x | 0.42x | 0.59x | 0.05x | 1.03x | 4.69x | 1.69x | 1.66x | 1.71x | 0.58x | 0.08x |
| Debt / EBITDA | 3.06x | 3.35x | 4.09x | 5.72x | 3.21x | 3.62x | 4.13x | 3.08x | 3.09x | 3.57x | 3.58x | 2.76x | 2.58x | 3.25x | 2.49x | 2.63x | 3.16x | 2.96x | 3.44x | 0.29x | 5.28x | 6.55x | 3.14x | 8.17x | 2.23x | 1.89x | 0.20x |
| Net Debt / EBITDA | 2.88x | 3.07x | 3.85x | 5.48x | 2.94x | 3.39x | 2.22x | 2.81x | 2.65x | 3.25x | 3.18x | 2.40x | 2.10x | 2.76x | 1.86x | 2.00x | 2.73x | 2.12x | 2.93x | -2.98x | 4.15x | 5.64x | 2.45x | 3.61x | 1.22x | 0.07x | -0.80x |
| Interest Coverage | 14.11x | 28.34x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Equity | 12.04B | 12.23B | 11.2B | 10.83B | 6.16B | 6.41B | 6.44B | 5.64B | 5.45B | 5.88B | 5.43B | 5.61B | 5.79B | 6.18B | 5.21B | 4.99B | 4.73B | 4.94B | 4.3B | 2.21B | 1.46B | 254M | 156.56M | 160.7M | 264.39M | 523.76M | 660.7M |
| Equity Growth % | 30.3% | 9.21% | 3.45% | 75.65% | -3.76% | -0.48% | 14.13% | 3.49% | -7.33% | 8.29% | -3.19% | -3.19% | -6.31% | 18.72% | 4.47% | 5.43% | -4.35% | 14.9% | 94.86% | 51.52% | 473.79% | 62.24% | -2.57% | -39.22% | -49.52% | -20.73% | - |
| Book Value per Share | 21.06 | 21.22 | 19.34 | 21.30 | 12.38 | 12.68 | 12.85 | 11.26 | 10.83 | 11.56 | 10.72 | 10.91 | 11.16 | 12.03 | 10.06 | 9.23 | 7.62 | 7.67 | 7.01 | 4.91 | 3.80 | 0.88 | 0.57 | 0.68 | 1.06 | 1.43 | 1.98 |
| Total Shareholders' Equity | 12.03B | 12.23B | 11.19B | 10.82B | 6.15B | 6.39B | 6.43B | 5.64B | 5.45B | 5.88B | 5.43B | 5.61B | 5.79B | 6.18B | 5.21B | 4.98B | 4.72B | 4.93B | 4.29B | 2.21B | 1.46B | 253.01M | 156.56M | 160.7M | 270.87M | 518.39M | 645.16M |
| Common Stock | 6M | 6M | 6M | 6M | 5M | 2M | 2M | 2M | 2M | 2M | 2M | 2M | 2M | 2M | 2M | 2M | 2M | 2M | 2.02M | 1.39M | 1.31M | 1.31M | 1.31M | 1.31M | 1.3M | 1.3M | 1.24M |
| Retained Earnings | 9.95B | 9.59B | 8.4B | 7.83B | 7.21B | 6.46B | 5.63B | 5.03B | 4.56B | 3.97B | 3.48B | 3.57B | 3.29B | 2.98B | 2.68B | 2.39B | 2B | 1.61B | 1.35B | 1.03B | 513M | 385.79M | 330.7M | 332.53M | 446.25M | 412.89M | 372.43M |
| Treasury Stock | 0 | -716M | -647M | -587M | -515M | -437M | -376M | -336M | -297M | -247M | -176M | -111M | -41M | -1B | -1.06B | -860M | -796M | -10M | -10M | -8.04M | -239.75M | -613.37M | -662M | -667.76M | -669.45M | -240M | 0 |
| Accumulated OCI | -1.81B | -1.77B | -2.1B | -1.92B | -1.99B | -1.59B | -1.37B | -1.69B | -1.53B | -862M | -979M | -864M | -682M | -67M | -185M | -350M | -272M | -406M | -619.01M | -4.7M | 136.2M | 589K | 481K | 1.86M | 691K | -4.26M | -1.89M |
| Minority Interest | 5M | 5M | 9M | 11M | 13M | 10M | 3M | 0 | 0 | 0 | 0 | 0 | 1M | 0 | 1M | 10M | 11M | 12M | 17M | 0 | 96K | 998K | 0 | 0 | -6.48M | 5.38M | 15.54M |
High acquisition-related leverage
As reported in financial statements, Nasdaq's debt-to-equity ratio has improved from 1.00 in 2023Q4 to 0.78 by 2026Q1, suggesting a gradual deleveraging process as the firm integrates recent large-scale acquisitions and focuses on strengthening its capital structure after the significant Adenza-related debt issuance.
The downward trend in the debt-to-equity ratio indicates that management is prioritizing balance sheet repair following the aggressive expansion phase. Investors should monitor whether this trajectory continues to provide the necessary flexibility to pursue future growth initiatives without further straining the firm's financial position.
Based on the company's quarterly filings, total debt remains elevated at $9.4 billion as of 2026Q1, which represents a substantial portion of the $15.3 billion in total liabilities and highlights the ongoing pressure of servicing obligations incurred during the firm's recent pivot toward software-centric revenue models.
The reliance on debt to fund high-multiple acquisitions creates a sensitivity to interest rate environments that may impact net margins. While the current debt levels appear manageable given the firm's cash flow generation, the absolute size of the debt load warrants careful investigation regarding refinancing risks.
According to recent balance sheet data, goodwill accounts for $14.3 billion of the $27.3 billion in total assets as of 2026Q1, indicating that a significant portion of the company's valuation is tied to intangible assets acquired through recent strategic business combinations and technology platform integrations.
This high concentration of goodwill suggests that the balance sheet is sensitive to potential impairment charges if the anticipated synergies from the Adenza and Verafin acquisitions fail to materialize. The relatively low net PPE of $1.2 billion confirms the firm's transition toward an asset-light, software-driven business model.
As indicated by the reported figures, the current ratio has hovered near 1.00 over the last ten quarters, reaching exactly 1.00 in 2026Q1, which suggests a lean liquidity position that leaves little room for unexpected operational shocks or sudden shifts in market-driven cash requirements.
Maintaining a current ratio at parity implies that the company relies heavily on consistent operating cash flow to meet short-term obligations. While this efficiency is typical for mature financial services firms, it may leave the company vulnerable if trading volumes or subscription renewals experience unforeseen volatility.
Based on the provided financial data, retained earnings have grown steadily from $7.8 billion in 2023Q4 to $10.0 billion in 2026Q1, serving as the primary engine for equity expansion despite the ongoing capital allocation toward share repurchases and debt reduction efforts.
The consistent accumulation of retained earnings suggests that the underlying business remains highly profitable and capable of self-funding its growth. This trend appears to be a positive signal for long-term shareholders, as it indicates that the firm is successfully converting its operational success into tangible book value.
Quick answers to the most common questions about buying NDAQ stock.
As of 2025, Nasdaq, Inc. (NDAQ) had total assets of $31.05B including $8.00B in current assets.
Nasdaq, Inc. (NDAQ) carries total debt of $9.93B. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Nasdaq, Inc. (NDAQ) has total shareholders' equity (book value) of $12.23B ($21.22 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Nasdaq, Inc. (NDAQ) reported a current ratio of 1.01x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.