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NDAQ FY 2025 request
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| Metric | FY 2025 | FY 2024 | YoY |
|---|---|---|---|
| Revenue (FY) | — | — | — |
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| Capital Access Platforms · Operating Segments | 2,137 | 1,945 | +9.9% |
| Financial Technology · Operating Segments | 1,850 | 1,621 | +14.1% |
| Market Services · Operating Segments | 4,214 | 3,771 | +11.7% |
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| Non Us | 2,315 | 1,583 | +46.2% |
| US | 5,947 | 5,817 | +2.2% |
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| Revenue | 8,262 | 7,400 | +11.6% |
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| Corporate Non Segment | 61 | 29 | +110.3% |
| Material Reconciling Items | 61 | 63 | -3.2% |
| Cost of Revenue (FY) | — | — | — |
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| Brokerage, clearance and exchange fees | -441 | -725 | +39.2% |
| Transaction rebates | -2,572 | -2,026 | -26.9% |
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| Market Services · Operating Segments | -3,013 | -2,751 | -9.5% |
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| Cost of Revenue | -3,013 | -2,751 | -9.5% |
| Gross Profit (FY) | — | — | — |
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| Service Other · Material Reconciling Items | 61 | 63 | -3.2% |
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| Capital Access Platforms · Data & Listing Services | 804 | 754 | +6.6% |
| Capital Access Platforms · Index | 827 | 706 | +17.1% |
| Capital Access Platforms · Workflow & Insights | 506 | 485 | +4.3% |
| Financial Technology · Capital Markets Technology | 1,091 | 996 | +9.5% |
| Financial Technology · Financial Crime Management Technology | 331 | 273 | +21.2% |
| Financial Technology · Regulatory Technology | 428 | 352 | +21.6% |
| Market Services · Operating Segments | 1,201 | 1,020 | +17.7% |
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| Gross Profit | 5,249 | 4,649 | +12.9% |
| Labor And Related Expense (FY) | — | — | — |
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| Labor And Related Expense | 1,392 | 1,324 | +5.1% |
| Professional Fees (FY) | — | — | — |
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| Professional Fees | 160 | 152 | +5.3% |
| Communications And Information Technology (FY) | — | — | — |
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| Communications And Information Technology | 316 | 281 | +12.5% |
| Occupancy Net (FY) | — | — | — |
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| Occupancy Net | 124 | 112 | +10.7% |
| General & Administrative (FY) | — | — | — |
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| General & Administrative | 75 | 109 | -31.2% |
| Marketing And Advertising Expense (FY) | — | — | — |
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| Marketing And Advertising Expense | 65 | 54 | +20.4% |
| Depreciation And Amortization (FY) | — | — | — |
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| Capital Access Platforms · Operating Segments | 42 | 38 | +10.5% |
| Financial Technology · Operating Segments | 55 | — | — |
| Market Services · Operating Segments | 45 | 39 | +15.4% |
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| Depreciation And Amortization | 632 | 613 | +3.1% |
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| Corporate Non Segment | 490 | 493 | -0.6% |
| Regulatory Expenses (FY) | — | — | — |
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| Regulatory Expenses | 52 | 55 | -5.5% |
| Business Combination Acquisition Related Costs (FY) | — | — | — |
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| Business Combination Acquisition Related Costs | 60 | 35 | +71.4% |
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| Corporate Non Segment | 60 | 35 | +71.4% |
| Restructuring Charges (FY) | — | — | — |
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| Restructuring Charges | 42 | 116 | -63.8% |
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| Corporate Non Segment | 42 | 116 | -63.8% |
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| Asset impairment charges · Adenza restructuring | 1 | 28 | -96.4% |
| Consulting services · Adenza restructuring | 8 | 5 | +60.0% |
| Employee Severance · Adenza restructuring | 27 | 20 | +35.0% |
| Other Restructuring | 42 | 116 | -63.8% |
| Other Restructuring · Adenza restructuring | 6 | 9 | -33.3% |
| Operating Expenses (FY) | — | — | — |
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| Operating Expenses | 2,918 | 2,851 | +2.4% |
| Operating Income (FY) | — | — | — |
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| Capital Access Platforms · Operating Segments | 1,274 | 1,137 | +12.0% |
| Financial Technology · Operating Segments | 860 | — | — |
| Market Services · Operating Segments | 764 | 597 | +28.0% |
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| Operating Income | 2,331 | 1,798 | +29.6% |
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| Corporate Non Segment | -567 | -706 | +19.7% |
| Interest Income (FY) | — | — | — |
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| Interest Income | 39 | 28 | +39.3% |
| Interest Expense (FY) | — | — | — |
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| Interest Expense | -367 | -414 | +11.4% |
| Gain Loss On Sale Of Business (FY) | — | — | — |
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| Gain Loss On Sale Of Business | 86 | — | — |
| Other Non-Operating Income (Expense) (FY) | — | — | — |
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| Other Non-Operating Income (Expense) | -27 | 21 | -228.6% |
| Income Loss From Equity Method Investments (FY) | — | — | — |
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| Income Loss From Equity Method Investments | 83 | 16 | +418.8% |
| Income Before Taxes (FY) | — | — | — |
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| Income Before Taxes | 2,145 | 1,449 | +48.0% |
| Income Tax Expense (Benefit) (FY) | — | — | — |
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| Income Tax Expense (Benefit) | 358 | 334 | +7.2% |
| Net Income (FY) | — | — | — |
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| Net Income | 1,787 | 1,115 | +60.3% |
| Net Income Loss Attributable To Noncontrolling Interest (FY) | — | — | — |
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| Net Income Loss Attributable To Noncontrolling Interest | 1 | 2 | -50.0% |
| Net Income (FY) | — | — | — |
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| Retained Earnings | 1,788 | 1,117 | +60.1% |
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| Net Income | 1,788 | 1,117 | +60.1% |
| EPS (Basic) (FY) | — | — | — |
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| EPS (Basic) | 3.12 | 1.94 | +60.8% |
| EPS (Diluted) (FY) | — | — | — |
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| EPS (Diluted) | 3.09 | 1.93 | +60.1% |
| Common Stock Dividends Per Share Declared (FY) | — | — | — |
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| Common Stock Dividends Per Share Declared | 1.05 | 0.94 | +11.7% |
| Total Costs & Expenses (FY) | — | — | — |
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| Capital Access Platforms · Operating Segments | 690 | 644 | +7.1% |
| Financial Technology · Operating Segments | 871 | — | — |
| Market Services · Operating Segments | 353 | 339 | +4.1% |
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| Total Costs & Expenses | 1,914 | 1,777 | +7.7% |
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| Corporate Non Segment | 628 | 735 | -14.6% |
| Comprehensive Income (FY) | — | — | — |
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| Comprehensive Income | 2,114 | 942 | +124.4% |
| Wtd Avg Shares (Basic) (FY) | — | — | — |
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| Wtd Avg Shares (Basic) | 573,257,760 | 575,428,536 | -0.4% |
| Wtd Avg Shares (Diluted) (FY) | — | — | — |
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| Wtd Avg Shares (Diluted) | 578,597,687 | 579,189,522 | -0.1% |
| Other Expenses (FY) | — | — | — |
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| Capital Access Platforms · Operating Segments | 173 | 164 | +5.5% |
| Financial Technology · Operating Segments | 119 | — | — |
| Market Services · Operating Segments | 84 | 84 | 0.0% |
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| Other Expenses | 1,004 | 1,074 | -6.5% |
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| Corporate Non Segment | 628 | 735 | -14.6% |
| Foreign Currency Transaction Gain Loss Before Tax (FY) | — | — | — |
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| Investments | 361 | — | — |
| Restricted cash and cash equivalents | 701 | — | — |
Balance Sheet
| Metric | FY 2025 | FY 2024 | YoY |
|---|---|---|---|
| Current Assets | |||
| Cash & Cash Equivalents (Q) | — | — | — |
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| Cash & Cash Equivalents | 604 | 592 | +2.0% |
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| Cash Equivalents | 337 | 373 | -9.7% |
| Restricted Cash And Cash Equivalents At Carrying Value (Q) | — | — | — |
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| Restricted Cash And Cash Equivalents At Carrying Value | 210 | 31 | +577.4% |
| Default Funds And Margin Deposits Assets (Q) | — | — | — |
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| Central bank certificates | 109 | 767 | -85.8% |
| Dem and Deposits | 3,011 | 3,616 | -16.7% |
| European government debt securities | 292 | 465 | -37.2% |
| Investments | 2,722 | 1,281 | +112.5% |
| Multilateral development bank debt securities | 185 | 206 | -10.2% |
| Repurchase Agreements | 2,245 | 610 | +268.0% |
| Restricted cash and cash equivalents | 3,120 | 4,383 | -28.8% |
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| Default Funds And Margin Deposits Assets | 5,842 | 5,664 | +3.1% |
| Trading Securities Debt (Q) | — | — | — |
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| Fair Value Inputs Level1 · European government debt securities | 28 | 166 | -83.1% |
| Fair Value Inputs Level1 · Fair Value Measurements Recurring | 28 | 166 | -83.1% |
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| European government debt securities · Fair Value Measurements Recurring | 28 | 166 | -83.1% |
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| Trading Securities Debt | 28 | 184 | -84.8% |
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| Fair Value Measurements Recurring | 28 | 184 | -84.8% |
| Receivables Net Current (Q) | — | — | — |
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| Receivables Net Current | 943 | 1,022 | -7.7% |
| Other Assets Current (Q) | — | — | — |
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| Other Assets Current | 376 | 293 | +28.3% |
| Total Current Assets (Q) | — | — | — |
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| Total Current Assets | 8,003 | 7,786 | +2.8% |
| Marketable Securities (Current) (Q) | — | — | — |
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| Nasdaq Clearing | 158 | — | — |
| Non-Current Assets | |||
| Property, Plant & Equipment (Q) | — | — | — |
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| Non Us | 228 | 168 | +35.7% |
| US | 500 | 425 | +17.6% |
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| Property, Plant & Equipment | 728 | 593 | +22.8% |
| Goodwill (Q) | — | — | — |
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| Capital Access Platforms | 4,285 | 4,127 | +3.8% |
| Financial Technology | 7,952 | 7,925 | +0.3% |
| Market Services | 2,134 | 1,905 | +12.0% |
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| Goodwill | 14,371 | 13,957 | +3.0% |
| Operating Lease Right-of-Use Assets (Q) | — | — | — |
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| Operating Lease Right-of-Use Assets | 447 | 375 | +19.2% |
| Other Non-Current Assets (Q) | — | — | — |
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| Other Non-Current Assets | 993 | 779 | +27.5% |
| Total Assets (Q) | — | — | — |
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| Total Assets | 31,053 | 30,395 | +2.2% |
| Intangible Assets (Q) | — | — | — |
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| Intangible Assets | 5,272 | 5,732 | -8.0% |
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| Customer Relationships | 4,279 | 4,556 | -6.1% |
| Developed Technology Rights | 691 | 886 | -22.0% |
| Foreign currency translation adjustment | -50 | -84 | +40.5% |
| Trade names and other | 352 | 374 | -5.9% |
| Deferred Tax Assets (Q) | — | — | — |
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| Deferred Tax Assets | 27 | 14 | +92.9% |
| Other Assets | |||
| Intangible Assets Net Excluding Goodwill (Q) | — | — | — |
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| Intangible Assets Net Excluding Goodwill | 6,511 | 6,905 | -5.7% |
| Current Liabilities | |||
| Accounts Payable And Accrued Liabilities Current (Q) | — | — | — |
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| Accounts Payable And Accrued Liabilities Current | 280 | 269 | +4.1% |
| Employee Related Liabilities Current (Q) | — | — | — |
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| Employee Related Liabilities Current | 364 | 325 | +12.0% |
| Deferred Revenue (Current) (Q) | — | — | — |
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| Deferred Revenue (Current) | 785 | 711 | +10.4% |
| Other Liabilities Current (Q) | — | — | — |
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| Other Liabilities Current | 259 | 215 | +20.5% |
| Default Funds And Margin Deposits Liabilities (Q) | — | — | — |
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| Default Funds And Margin Deposits Liabilities | 5,842 | 5,664 | +3.1% |
| Debt Current (Q) | — | — | — |
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| Debt Current | 431 | 399 | +8.0% |
| Total Current Liabilities (Q) | — | — | — |
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| Total Current Liabilities | 7,961 | 7,902 | +0.7% |
| Non-Current Liabilities | |||
| Long-Term Debt (Q) | — | — | — |
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| Long-Term Debt | 8,573 | 9,081 | -5.6% |
| Deferred Tax Liabilities (Q) | — | — | — |
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| Deferred Tax Liabilities | 1,584 | 1,594 | -0.6% |
| Operating Lease Liabilities (Q) | — | — | — |
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| Operating Lease Liabilities | 462 | 388 | +19.1% |
| Other Non-Current Liabilities (Q) | — | — | — |
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| Other Non-Current Liabilities | 241 | 230 | +4.8% |
| Total Liabilities (Q) | — | — | — |
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| Total Liabilities | 18,821 | 19,195 | -1.9% |
| Long-Term Debt (Q) | — | — | — |
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| Long-Term Debt | 8,573 | 8,582 | -0.1% |
| Stockholders' Equity | |||
| Common Stock Value Outstanding (Q) | — | — | — |
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| Common Stock Value Outstanding | 6 | 6 | 0.0% |
| Additional Paid-In Capital (Q) | — | — | — |
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| Additional Paid-In Capital | 5,122 | 5,530 | -7.4% |
| Treasury Stock Common Value (Q) | — | — | — |
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| Treasury Stock Common Value | -716 | -647 | -10.7% |
| Accumulated Other Comprehensive Income (Q) | — | — | — |
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| Accumulated Other Comprehensive Income | -1,773 | -2,099 | +15.5% |
| Retained Earnings (Q) | — | — | — |
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| Retained Earnings | 9,588 | 8,401 | +14.1% |
| Total Stockholders' Equity (Q) | — | — | — |
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| Total Stockholders' Equity | 12,227 | 11,191 | +9.3% |
| Minority Interest (Q) | — | — | — |
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| Minority Interest | 5 | 9 | -44.4% |
| Stockholders Equity Including Portion Attributable To Noncontrolling Interest (Q) | — | — | — |
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| Accumulated Other Comprehensive Income | -1,773 | -2,099 | +15.5% |
| Additional Paid In Capital | 5,122 | 5,530 | -7.4% |
| Common Stock | 6 | 6 | 0.0% |
| Noncontrolling Interest | 5 | 9 | -44.4% |
| Retained Earnings | 9,588 | 8,401 | +14.1% |
| Total Nasdaq stockholders’ equity | 12,227 | 11,191 | +9.3% |
| Treasury Stock Common | -716 | -647 | -10.7% |
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| Stockholders Equity Including Portion Attributable To Noncontrolling Interest | 12,232 | 11,200 | +9.2% |
| Total Liabilities & Equity (Q) | — | — | — |
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| Total Liabilities & Equity | 31,053 | 30,395 | +2.2% |
Cash Flow Statement
| Metric | FY 2025 | FY 2024 | YoY |
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| Operating Activities | |||
| Stock-Based Compensation (FY) | — | — | — |
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| Stock-Based Compensation | 165 | 141 | +17.0% |
| Deferred Income Taxes (FY) | — | — | — |
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| Deferred Income Taxes | 48 | -67 | +171.6% |
| Extinguishment Of Debt And Bridge Fees (FY) | — | — | — |
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| Extinguishment Of Debt And Bridge Fees | 5 | 3 | +66.7% |
| Restructuring Costs And Asset Impairment Charges (FY) | — | — | — |
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| Restructuring Costs And Asset Impairment Charges | 1 | 37 | -97.3% |
| Other Non-Cash Items (FY) | — | — | — |
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| Other Non-Cash Items | 21 | 35 | -40.0% |
| Increase Decrease In Receivables (FY) | — | — | — |
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| Increase Decrease In Receivables | 91 | -193 | +147.2% |
| Increase Decrease In Other Operating Assets (FY) | — | — | — |
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| Increase Decrease In Other Operating Assets | -96 | -50 | -92.0% |
| Increase Decrease In Accounts Payable And Accrued Liabilities (FY) | — | — | — |
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| Increase Decrease In Accounts Payable And Accrued Liabilities | -6 | -60 | +90.0% |
| Increase Decrease In Section31 Fees Payable (FY) | — | — | — |
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| Increase Decrease In Section31 Fees Payable | -319 | 235 | -235.7% |
| Increase Decrease In Employee Related Liabilities (FY) | — | — | — |
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| Increase Decrease In Employee Related Liabilities | 25 | 34 | -26.5% |
| Change in Deferred Revenue (FY) | — | — | — |
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| Change in Deferred Revenue | 69 | 67 | +3.0% |
| Increase Decrease In Other Operating Liabilities (FY) | — | — | — |
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| Increase Decrease In Other Operating Liabilities | 1 | 13 | -92.3% |
| Net Cash from Operations (FY) | — | — | — |
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| Net Cash from Operations | 2,255 | 1,939 | +16.3% |
| Depreciation & Amortization (FY) | — | — | — |
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| Depreciation & Amortization | 145 | 125 | +16.0% |
| Investing Activities | |||
| Payments To Acquire Short Term Investments (FY) | — | — | — |
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| Payments To Acquire Short Term Investments | -243 | -206 | -18.0% |
| Proceeds From Sale Maturity And Collection Of Shortterm Investments (FY) | — | — | — |
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| Proceeds From Sale Maturity And Collection Of Shortterm Investments | 427 | 199 | +114.6% |
| Proceeds From Divestiture Of Businesses Net Of Cash Divested (FY) | — | — | — |
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| Proceeds From Divestiture Of Businesses Net Of Cash Divested | 140 | — | — |
| Capital Expenditures (FY) | — | — | — |
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| Capital Expenditures | -266 | -207 | -28.5% |
| Payments For Proceeds From Default Funds And Margin Deposits (FY) | — | — | — |
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| Payments For Proceeds From Default Funds And Margin Deposits | -1,080 | -707 | -52.8% |
| Other Investing Activities (FY) | — | — | — |
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| Other Investing Activities | -78 | -32 | -143.8% |
| Net Cash from Investing (FY) | — | — | — |
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| Net Cash from Investing | -1,100 | -953 | -15.4% |
| Financing Activities | |||
| Repayments Of Long Term Debt (FY) | — | — | — |
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| Repayments Of Long Term Debt | -826 | -521 | -58.5% |
| Share Repurchases (FY) | — | — | — |
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| Share Repurchases | -616 | -145 | -324.8% |
| Payments Of Dividends (FY) | — | — | — |
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| Payments Of Dividends | -601 | -541 | -11.1% |
| Tax Withholding for Share Compensation (FY) | — | — | — |
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| Tax Withholding for Share Compensation | -69 | -60 | -15.0% |
| Increase Decrease In Default Fund Contributions And Margin Deposits (FY) | — | — | — |
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| Increase Decrease In Default Fund Contributions And Margin Deposits | -884 | -1,030 | +14.2% |
| Proceeds From Payments For Other Financing Activities (FY) | — | — | — |
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| Proceeds From Payments For Other Financing Activities | 43 | 27 | +59.3% |
| Net Cash from Financing (FY) | — | — | — |
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| Net Cash from Financing | -2,953 | -2,561 | -15.3% |
| Debt Repayments (FY) | — | — | — |
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| Debt Repayments | 426 | — | — |
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| Interest Paid (FY) | — | — | — |
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| Interest Paid | 354 | 405 | -12.6% |
| Income Taxes Paid (FY) | — | — | — |
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| Income Taxes Paid | 373 | 358 | +4.2% |
| Other Cash Flow | |||
| Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents (FY) | — | — | — |
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| Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents | 726 | -537 | +235.2% |
| Net Change in Cash (FY) | — | — | — |
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| Net Change in Cash | -1,072 | -2,112 | +49.2% |
| Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents (Q) | — | — | — |
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| Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents | 3,934 | 5,006 | -21.4% |
| Restricted Cash And Equivalents In Default Funds And Margin Deposits (Q) | — | — | — |
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| Restricted Cash And Equivalents In Default Funds And Margin Deposits | 3,120 | 4,383 | -28.8% |
Values in millions USD. Source: SEC EDGAR 10-K filing.