NDAQNasdaqSecurity & Commodity Brokers, Dealers, Exchanges & ServicesFiscal year ends December 31
NASDAQ, INC.
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Jul 23, 2026
$93.20−0.77 (-0.82%)
Close on Oct 19, 2026
- Market cap
- $52.91B
- P/E (TTM)
- 27.2
- Dividend yield
- 1.13%
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
63.5%+11.9 pts over 5 years
Operating margin
28.2%+6.3 pts over 5 years
Net margin
21.6%+5.1 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +11.6% | +9.9% | +8.0% | +9.3% | |
| Gross profit | +12.9% | +13.6% | +12.6% | +9.6% | |
| Operating income | +29.6% | +14.2% | +13.6% | +12.5% | |
| Net income | +60.1% | +16.7% | +13.9% | +15.4% | |
| EPS, diluted | +60.1% | +11.0% | +10.7% | +14.0% | |
| Free cash flow | +14.8% | +8.6% | +13.3% | +12.8% | |
| Dividend per share | +11.7% | +10.4% | +10.1% | +13.3% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 1.9% | 15.5% | 15.3% | |
| Return on assets | 0.8% | 5.8% | 5.8% | |
| Current ratio | 1.12 | 1.56 | 1.01 | |
| Debt to equity | 0.66 | 0.86 | 0.74 | |
| Net debt to EBITDA | 3.45× | -0.33× | 3.39× | |
| Interest coverage | 6.2× | 12.2× | 6.4× | |
| Capex to revenue | 3.6% | 3.3% | 3.2% | |
| Diluted shares | 506M | 501M | 579M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Nasdaq generated $8.68B from operations and spent $5.07B on capital expenditure, dividends and share buybacks. 19% of that went back into the business.
Generated
$8.68B
Used
$5.07B
Capital expenditure$946.00M19%Dividends$2.32B46%Share buybacks$1.81B36%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin21.6%
×Asset turnover0.27×
×Equity multiplier2.62×
=Return on equity, FY202515.3%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 21.6% | 0.27× | 2.62× | 15.3% |
| FY2024 | 15.1% | 0.24× | 2.85× | 10.2% |
| FY2023 | 17.5% | 0.23× | 3.13× | 12.5% |
| FY2022 | 18.1% | 0.30× | 3.27× | 17.9% |
| FY2021 | 20.2% | 0.31× | 2.97× | 18.5% |
| FY2020 | 16.6% | 0.35× | 2.64× | 15.5% |
| FY2019 | 18.2% | 0.29× | 2.67× | 14.0% |
| FY2018 | 10.7% | 0.28× | 2.74× | 8.1% |
| FY2017 | 18.5% | 0.27× | 2.54× | 12.9% |
| FY2016 | 2.9% | 0.29× | 2.29× | 1.9% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
9of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero$1.79B
- Cash generatingOperating cash flow above zero$2.26B
- Return on assets improvedROA up on the prior year3.5% → 5.9%
- Earnings backed by cashOperating cash flow above net income$2.26B vs $1.79B
- Less leverageLong-term debt to assets fell29.9% → 27.6%
- Better liquidityCurrent ratio rose0.99 → 1.01
- No dilutionShare count did not rise579M → 579M
- Gross margin improvedGross margin up on the prior year62.82% → 63.53%
- More efficientAsset turnover rose0.23 → 0.27