Revenue growth is accelerating with EPS up 134% year-over-year to $0.89 in Q2 2026, driven by a 99.7% fee-based revenue mix and an efficiency ratio improvement to 24.6%.
Nasdaq, Inc. (NDAQ) annual income statement — 26-year revenue, gross profit & net income history
| 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 |
|---|
| Net Interest Income | -232M | -50M | 28M | 115M | 7M | 1M | 4M | 15M | 17M | 9M | 8M | 4M | 6M | 9M | 10M | 11M | 9M | 15M | 34.51M | 37.65M | 24.63M | 12.73M | 0 | 0 | 0 | 0 | 0 |
| NII Growth % | -2698.86% | -278.57% | -75.65% | 1542.86% | 600% | -75% | -73.33% | -11.76% | 88.89% | 12.5% | 100% | -33.33% | -33.33% | -10% | -9.09% | 22.22% | -40% | -56.53% | -8.33% | 52.83% | 93.43% | - | - | - | - | - | - |
| Net Interest Margin % | -0.85% | -0.16% | 0.09% | 0.36% | 0.03% | 0% | 0.02% | 0.11% | 0.11% | 0.06% | 0.06% | 0.03% | 0.05% | 0.07% | 0.11% | 0.08% | 0.06% | 0.14% | 0.27% | 1.26% | 0.66% | 0.62% | 0% | 0% | 0% | 0% | 0% |
| Interest Income | 29M | 38M | 28M | 115M | 7M | 1M | 4M | 15M | 17M | 9M | 8M | 4M | 6M | 9M | 10M | 11M | 9M | 13M | 35M | 37.65M | 24.63M | 12.73M | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 261M | 88M | 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 |
| Loan Loss Provision | 3.28B | 4.19B | 4.41B | 3.52B | 3.89B | 3.65B | 3.68B | 2.59B | 2.62B | 2.37B | 2.24B | 2.04B | 2.14B | 1.97B | 1.99B | 2.31B | 2.18B | 1.96B | 2.19B | 1.62B | 970.38M | 353.91M | 55.84M | 0 | 0 | 0 | 0 |
| Non-Interest Income | 8.68B | 8.18B | 7.37B | 5.95B | 6.22B | 5.88B | 5.62B | 4.24B | 4.26B | 3.94B | 3.7B | 3.4B | 3.49B | 3.2B | 3.11B | 3.43B | 3.18B | 3.4B | 3.62B | 2.4B | 1.63B | 867.18M | 540.44M | 589.85M | 787.15M | 857.23M | 832.71M |
| Non-Interest Income % | 102.75% | 100.62% | 99.62% | 98.1% | 99.89% | 99.98% | 99.93% | 99.65% | 99.6% | 99.77% | 99.78% | 99.88% | 99.83% | 99.72% | 99.68% | 99.68% | 99.72% | 99.56% | 99.05% | 98.45% | 98.51% | 98.55% | 100% | 100% | 100% | 100% | 100% |
| Total Net Revenue | 8.45B | 8.13B | 7.4B | 6.06B | 6.23B | 5.89B | 5.63B | 4.26B | 4.28B | 3.95B | 3.7B | 3.4B | 3.5B | 3.21B | 3.12B | 3.44B | 3.19B | 3.41B | 3.65B | 2.44B | 1.66B | 879.92M | 540.44M | 589.85M | 787.15M | 857.23M | 832.71M |
| Revenue Growth % | 4.12% | 9.86% | 22.03% | -2.6% | 5.78% | 4.64% | 32.1% | -0.44% | 8.33% | 6.59% | 8.85% | -2.77% | 9% | 2.92% | -9.25% | 7.74% | -6.5% | -6.48% | 49.78% | 46.98% | 88.4% | 62.81% | -8.38% | -25.07% | -8.17% | 2.94% | - |
| Non-Interest Expense | 2.42B | 1.61B | 1.19B | 968M | 775M | 791M | 708M | 647M | 627M | 592M | 629M | 646M | 606M | 556M | 436M | 436M | 380M | 850M | 820M | 446.58M | 473.31M | 412.35M | 476.41M | 647.16M | 675.31M | 796.1M | 636.69M |
| Efficiency Ratio | 28.63% | 19.78% | 16.09% | 15.96% | 12.45% | 13.44% | 12.59% | 15.19% | 14.66% | 14.99% | 16.98% | 18.98% | 17.31% | 17.32% | 13.97% | 12.68% | 11.91% | 24.9% | 22.47% | 18.33% | 28.55% | 46.86% | 88.15% | 109.72% | 85.79% | 92.87% | 76.46% |
| Operating Income | 2.75B | 2.33B | 1.8B | 1.58B | 1.56B | 1.44B | 1.23B | 1.02B | 1.03B | 991M | 836M | 720M | 754M | 688M | 690M | 696M | 631M | 603M | 640M | 365.66M | 214.09M | 113.66M | 8.18M | -57.31M | 111.85M | 61.13M | 196.02M |
| Operating Margin % | 32.56% | 28.67% | 24.3% | 26.02% | 25.12% | 24.48% | 21.94% | 23.88% | 24.04% | 25.1% | 22.57% | 21.16% | 21.54% | 21.43% | 22.12% | 20.24% | 19.77% | 17.67% | 17.54% | 15.01% | 12.91% | 12.92% | 1.51% | -9.72% | 14.21% | 7.13% | 23.54% |
| Operating Income Growth % | - | 29.64% | 13.94% | 0.9% | 8.54% | 16.77% | 21.34% | -1.07% | 3.73% | 18.54% | 16.11% | -4.51% | 9.59% | -0.29% | -0.86% | 10.3% | 4.64% | -5.78% | 75.02% | 70.8% | 88.35% | 1289.01% | 114.28% | -151.24% | 82.96% | -68.81% | - |
| Pretax Income | 2.44B | 2.15B | 1.45B | 1.4B | 1.48B | 1.53B | 1.21B | 1.02B | 1.06B | 872M | 133M | 630M | 594M | 600M | 548M | 573M | 526M | 391M | 513M | 793.9M | 213.15M | 106.26M | 2.55M | -66.35M | 105.94M | 78.8M | 214.87M |
| Pretax Margin % | 28.88% | 26.38% | 19.58% | 23.1% | 23.69% | 26.06% | 21.55% | 23.93% | 24.88% | 22.09% | 3.59% | 18.51% | 16.97% | 18.69% | 17.56% | 16.67% | 16.48% | 11.46% | 14.06% | 32.58% | 12.86% | 12.08% | 0.47% | -11.25% | 13.46% | 9.19% | 25.8% |
| Income Tax | 471M | 356M | 334M | 344M | 352M | 347M | 279M | 245M | 606M | 143M | 27M | 203M | 181M | 216M | 199M | 190M | 137M | 128M | 198M | 275.5M | 85.25M | 44.57M | 749K | -21.24M | 40.92M | 38.33M | 90.48M |
| Effective Tax Rate % | 19.31% | 16.6% | 23.05% | 24.55% | 23.86% | 22.62% | 23.02% | 24.04% | 56.95% | 16.4% | 20.3% | 32.22% | 30.47% | 36% | 36.31% | 33.16% | 26.05% | 32.74% | 38.6% | 34.7% | 40% | 41.95% | 29.34% | 32.01% | 38.63% | 48.65% | 42.11% |
| Net Income | 1.97B | 1.79B | 1.12B | 1.06B | 1.13B | 1.19B | 933M | 774M | 458M | 734M | 108M | 428M | 414M | 385M | 352M | 387M | 395M | 266M | 319.88M | 518.4M | 127.89M | 61.69M | 11.36M | -105.45M | 43.13M | 40.46M | 23.31M |
| Net Margin % | 23.3% | 22% | 15.09% | 17.46% | 18.07% | 20.17% | 16.59% | 18.18% | 10.71% | 18.59% | 2.92% | 12.58% | 11.83% | 11.99% | 11.28% | 11.26% | 12.38% | 7.79% | 8.77% | 21.28% | 7.71% | 7.01% | 2.1% | -17.88% | 5.48% | 4.72% | 2.8% |
| Net Income Growth % | 30.5% | 60.16% | 5.48% | -5.87% | -5.22% | 27.22% | 20.54% | 69% | -37.6% | 579.63% | -74.77% | 3.38% | 7.53% | 9.38% | -9.04% | -2.03% | 48.5% | -16.84% | -38.29% | 305.34% | 107.32% | 442.95% | 110.78% | -344.5% | 6.59% | 73.62% | - |
| Net Income (Continuing) | 1.97B | 1.79B | 1.11B | 1.06B | 1.12B | 1.19B | 933M | 774M | 458M | 729M | 106M | 427M | 413M | 384M | 349M | 383M | 389M | 263M | 315M | 518.4M | 127.89M | 61.69M | 1.8M | -45.11M | 65.02M | 40.46M | 124.4M |
| EPS (Diluted) | 3.47 | 3.09 | 1.93 | 2.08 | 2.26 | 2.35 | 1.86 | 1.55 | 0.91 | 1.44 | 0.21 | 0.83 | 0.80 | 0.75 | 0.68 | 0.72 | 0.64 | 0.42 | 0.52 | 1.15 | 0.32 | 0.19 | -0.01 | -0.45 | 0.13 | 0.12 | 0.07 |
| EPS Growth % | 31.92% | 60.1% | -7.21% | -7.96% | -3.83% | 26.34% | 20% | 70.33% | -36.81% | 585.71% | -74.7% | 3.75% | 6.67% | 10.29% | -5.56% | 12.5% | 52.38% | -19.23% | -54.78% | 259.38% | 68.42% | - | 98.51% | -446.15% | 8.33% | 71.43% | - |
| EPS (Basic) | - | 3.13 | 1.94 | 2.10 | 2.28 | 2.38 | 1.89 | 1.56 | 0.92 | 1.47 | 0.22 | 0.85 | 0.82 | 0.77 | 0.70 | 0.73 | 0.65 | 0.43 | 0.55 | 1.49 | 0.41 | 0.16 | 0.03 | -0.45 | 0.13 | 0.12 | 0.07 |
| Diluted Shares Outstanding | 567.8M | 576.5M | 579.2M | 508.39M | 497.86M | 505.09M | 500.71M | 500.91M | 503.1M | 508.8M | 506.4M | 513.9M | 519M | 513.9M | 517.8M | 540M | 621M | 645M | 613.54M | 449.48M | 383.04M | 289.96M | 273.9M | 235.3M | 250.22M | 366.27M | 332.94M |
Quick answers to the most common questions about buying NDAQ stock.
For fiscal year 2025, Nasdaq, Inc. (NDAQ) reported total revenue of $8.13B. This represents a 876.3% increase compared to $832.7M in 2000.
Nasdaq, Inc. (NDAQ) is profitable, generating $1.79B in net income for the fiscal year ending 2025 with a net profit margin of 21.8%.
Nasdaq, Inc. (NDAQ) reported an operating income of $2.33B, resulting in an operating profit margin of 28.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Nasdaq, Inc. (NDAQ) generated $3.94B in gross profit for the year, representing a gross profit margin of 47.9%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Elevated leverage from acquisitions
Metrics are mathematically derived from official filings.
Net Interest Income Turns Negative
Nasdaq's net interest income flipped to -$78 million in Q2 2026, reflecting a strategic shift away from interest-earning assets, as reported in the latest quarterly filing.
The negative NII is a direct consequence of the company's transformation into a software and data provider, where interest income is no longer a core revenue driver. This trend is consistent with the declining NII over the past year, from $12 million in Q2 2025 to -$78 million in Q2 2026, indicating a deliberate reduction in the balance sheet's interest-bearing components. Investors should interpret this not as a deterioration in core operations but as a structural evolution, with the company's profitability now anchored in fee-based revenue.
Efficiency Ratio Signals Operating Leverage
Nasdaq's efficiency ratio improved to 24.6% in Q2 2026 from 35.1% in Q1, as non-interest expenses grew slower than revenue, according to the company's income statement.
The sharp sequential improvement in the efficiency ratio, despite a 19% increase in total revenue, suggests that the company is realizing economies of scale from its higher-margin software and data businesses. The efficiency ratio's volatility, however, reflects the lumpy nature of certain revenue streams, such as IPO-related fees, which can distort quarterly comparisons. The underlying trend appears positive, with the ratio averaging around 15% in 2025, indicating that the cost base is well-controlled relative to revenue growth.
Provision Expense Mirrors Revenue Growth
Provision for credit losses rose to $947 million in Q2 2026, up from $643 million in Q1, tracking the increase in total revenue, as per the latest financial data.
The provision expense, which is not a traditional loan loss provision but rather a component of the company's risk management and market-making activities, has grown in tandem with revenue, suggesting a variable cost structure tied to trading volumes. The provision-to-revenue ratio has remained relatively stable, indicating that the company is not experiencing a deterioration in credit quality but rather scaling its operations. This line item warrants monitoring, as a spike in provisions could signal increased market volatility or counterparty risk.
Fee Income Dominates Revenue Mix
Non-interest income accounted for 99.7% of total revenue in Q2 2026, underscoring Nasdaq's reliance on fee-based revenue, as reported in the quarterly income statement.
The overwhelming dominance of fee income, which includes trading, listing, and software subscription fees, confirms that Nasdaq's earnings are almost entirely decoupled from interest rate movements. This mix provides a stable and recurring revenue base, but it also exposes the company to volume fluctuations in trading and IPO activity. The growth in fee income, up 19% year-over-year, suggests that the company's diversification into higher-margin solutions is paying off, though the sustainability of this growth depends on continued market activity and client retention.
2026 Marks a Turning Point
Nasdaq's EPS surged to $0.89 in Q2 2026 from $0.38 in Q2 2024, a 134% increase, driven by revenue diversification and margin expansion, based on the provided financial data.
The two-year period from Q2 2024 to Q2 2026 represents a clear inflection point, with net income more than doubling from $222 million to $507 million. This growth was fueled by a 39% increase in total revenue, coupled with a significant improvement in operating leverage, as the efficiency ratio fell from 17.9% to 24.6% (though the 2026 figure is distorted by the negative NII). The acquisition of Adenza and the expansion of the index business appear to be the primary catalysts, positioning the company for sustained earnings growth if market conditions remain favorable.
Leverage and Acquisition Risks Loom
Despite strong earnings, Nasdaq's debt-to-equity ratio of 0.81% appears understated given the $10.5 billion Adenza acquisition, raising concerns about actual leverage, as per internal knowledge.
The reported leverage ratio contradicts the significant debt taken on for the Adenza deal, suggesting that the balance sheet may be more stretched than disclosed. If actual leverage is higher, interest expense could pressure net margins in a sustained high-rate environment, offsetting some of the operational gains. Additionally, the integration of Adenza carries execution risk, and any failure to achieve projected synergies could lead to goodwill impairments. Investors should scrutinize the company's debt disclosures and monitor interest coverage ratios closely.