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NDAQ Q4 2025 request
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/api/financials?ticker=NDAQ&year=2025&quarter=4
Pick an endpoint and run the request.Income Statement
| Metric | Q4 2025 | Q4 2024 | YoY |
|---|---|---|---|
| Revenue | 2,124 | 2,030 | +4.6% |
Show Business Segments breakouts |
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| Capital Access Platforms · Operating Segments | 549 | 485 | +13.2% |
| Financial Technology · Operating Segments | 498 | 438 | +13.7% |
| Market Services · Operating Segments | 1,043 | 1,071 | -2.6% |
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| Non Us | 1,124 | 474 | +137.1% |
| US | 1,000 | 1,556 | -35.7% |
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| Corporate Non Segment | 34 | 36 | -5.6% |
| Material Reconciling Items | 34 | 36 | -5.6% |
| Cost of Revenue | -732 | -803 | +8.8% |
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| Brokerage, clearance and exchange fees | -5 | -255 | +98.0% |
| Transaction rebates | -727 | -548 | -32.7% |
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| Market Services · Operating Segments | -732 | -803 | +8.8% |
| Gross Profit | 1,392 | 1,227 | +13.4% |
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| Service Other · Material Reconciling Items | 34 | 36 | -5.6% |
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| Capital Access Platforms · Data & Listing Services | 210 | 192 | +9.4% |
| Capital Access Platforms · Index | 232 | 189 | +22.8% |
| Capital Access Platforms · Workflow & Insights | 107 | 104 | +2.9% |
| Financial Technology · Capital Markets Technology | 295 | 266 | +10.9% |
| Financial Technology · Financial Crime Management Technology | 90 | 73 | +23.3% |
| Financial Technology · Regulatory Technology | 113 | 99 | +14.1% |
| Market Services · Operating Segments | 311 | 268 | +16.0% |
| Labor And Related Expense | 359 | 324 | +10.8% |
| Professional Fees | 48 | 44 | +9.1% |
| Communications And Information Technology | 80 | 74 | +8.1% |
| Occupancy Net | 34 | 27 | +25.9% |
| General & Administrative | 24 | 25 | -4.0% |
| Marketing And Advertising Expense | 24 | 20 | +20.0% |
| Depreciation And Amortization | 161 | 153 | +5.2% |
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| Capital Access Platforms · Operating Segments | 8 | 7 | +14.3% |
| Market Services · Operating Segments | 11 | 9 | +22.2% |
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| Depreciation And Amortization | 452 | 462 | -2.2% |
| Regulatory Expenses | 11 | 18 | -38.9% |
| Business Combination Acquisition Related Costs | 7 | 12 | -41.7% |
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| Corporate Non Segment | 7 | 12 | -41.7% |
| Restructuring Charges | 15 | 13 | +15.4% |
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| Corporate Non Segment | 15 | 13 | +15.4% |
Show Restructuring Cost And Reserve breakouts |
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| Consulting services · Adenza restructuring | 3 | 1 | +200.0% |
| Employee Severance · Adenza restructuring | 9 | 5 | +80.0% |
| Other Restructuring | 15 | 13 | +15.4% |
| Other Restructuring · Adenza restructuring | 2 | 3 | -33.3% |
| Operating Expenses | 763 | 710 | +7.5% |
| Operating Income | 629 | 517 | +21.7% |
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| Capital Access Platforms · Operating Segments | 336 | 297 | +13.1% |
| Market Services · Operating Segments | 200 | 158 | +26.6% |
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| Corporate Non Segment | -148 | -152 | +2.6% |
| Interest Income | 7 | 8 | -12.5% |
| Interest Expense | -88 | -101 | +12.9% |
| Income Loss From Equity Method Investments | 10 | 9 | +11.1% |
| Income Before Taxes | 580 | 439 | +32.1% |
| Income Tax Expense (Benefit) | 62 | 84 | -26.2% |
| Net Income | 518 | 355 | +45.9% |
| Net Income Loss Attributable To Noncontrolling Interest | 0 | 0 | — |
| Net Income | 518 | 355 | +45.9% |
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| Retained Earnings | 518 | 355 | +45.9% |
| EPS (Basic) | 0.91 | 0.62 | +46.8% |
| EPS (Diluted) | 0.9 | 0.61 | +47.5% |
| Common Stock Dividends Per Share Declared | 0.27 | 0.24 | +12.5% |
| Total Costs & Expenses | 481 | 434 | +10.8% |
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| Capital Access Platforms · Operating Segments | 167 | 146 | +14.4% |
| Market Services · Operating Segments | 89 | 89 | 0.0% |
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| Corporate Non Segment | 182 | 188 | -3.2% |
| Comprehensive Income | 592 | 208 | +184.6% |
| Wtd Avg Shares (Basic) | -870,672 | -218,747 | -298.0% |
| Wtd Avg Shares (Diluted) | -709,709 | 225,095 | -415.3% |
| Other Expenses | 282 | 276 | +2.2% |
Show Business Segments breakouts |
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| Capital Access Platforms · Operating Segments | 46 | 42 | +9.5% |
| Market Services · Operating Segments | 22 | 21 | +4.8% |
Show Consolidation Items breakouts |
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| Corporate Non Segment | 182 | 188 | -3.2% |
Balance Sheet
| Metric | Q4 2025 | Q4 2024 | YoY |
|---|---|---|---|
| Current Assets | |||
| 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 | 210 | 31 | +577.4% |
| Default Funds And Margin Deposits Assets | 5,842 | 5,664 | +3.1% |
Show Financial Instrument breakouts |
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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% |
| Trading Securities Debt | 28 | 184 | -84.8% |
Show Fair Value Hierarchy breakouts |
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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% |
Show Fair Value By Measurement Frequency breakouts |
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| Fair Value Measurements Recurring | 28 | 184 | -84.8% |
| Receivables Net Current | 943 | 1,022 | -7.7% |
| Other Assets Current | 376 | 293 | +28.3% |
| 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 | 728 | 593 | +22.8% |
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| Non Us | 228 | 168 | +35.7% |
| US | 500 | 425 | +17.6% |
| Goodwill | 14,371 | 13,957 | +3.0% |
Show Business Segments breakouts |
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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% |
| Operating Lease Right-of-Use Assets | 447 | 375 | +19.2% |
| Other Non-Current Assets | 993 | 779 | +27.5% |
| Total Assets | 31,053 | 30,395 | +2.2% |
| Intangible Assets | 5,272 | 5,732 | -8.0% |
Show Finite Lived Intangible Assets By Major Class breakouts |
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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 | 27 | 14 | +92.9% |
| Other Assets | |||
| Intangible Assets Net Excluding Goodwill | 6,511 | 6,905 | -5.7% |
| Current Liabilities | |||
| Accounts Payable And Accrued Liabilities Current | 280 | 269 | +4.1% |
| Employee Related Liabilities Current | 364 | 325 | +12.0% |
| Deferred Revenue (Current) | 785 | 711 | +10.4% |
| Other Liabilities Current | 259 | 215 | +20.5% |
| Default Funds And Margin Deposits Liabilities | 5,842 | 5,664 | +3.1% |
| Debt Current | 431 | 399 | +8.0% |
| Total Current Liabilities | 7,961 | 7,902 | +0.7% |
| Non-Current Liabilities | |||
| Long-Term Debt | 8,573 | 9,081 | -5.6% |
| Deferred Tax Liabilities | 1,584 | 1,594 | -0.6% |
| Operating Lease Liabilities | 462 | 388 | +19.1% |
| Other Non-Current Liabilities | 241 | 230 | +4.8% |
| Total Liabilities | 18,821 | 19,195 | -1.9% |
| Long-Term Debt | 8,573 | 8,582 | -0.1% |
| Stockholders' Equity | |||
| Common Stock Value Outstanding | 6 | 6 | 0.0% |
| Additional Paid-In Capital | 5,122 | 5,530 | -7.4% |
| Treasury Stock Common Value | -716 | -647 | -10.7% |
| Accumulated Other Comprehensive Income | -1,773 | -2,099 | +15.5% |
| Retained Earnings | 9,588 | 8,401 | +14.1% |
| Total Stockholders' Equity | 12,227 | 11,191 | +9.3% |
| Minority Interest | 5 | 9 | -44.4% |
| Stockholders Equity Including Portion Attributable To Noncontrolling Interest | 12,232 | 11,200 | +9.2% |
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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% |
| Total Liabilities & Equity | 31,053 | 30,395 | +2.2% |
Cash Flow Statement
| Metric | YTD Q4 2025 | YTD Q4 2024 | YoY |
|---|---|---|---|
| Operating Activities | |||
| Stock-Based Compensation | 43 | 36 | +19.4% |
| Deferred Income Taxes | 18 | -5 | +460.0% |
| Other Non-Cash Items | 22 | -4 | +650.0% |
| Increase Decrease In Receivables | -81 | -94 | +13.8% |
| Increase Decrease In Other Operating Assets | -163 | -7 | -2228.6% |
| Increase Decrease In Accounts Payable And Accrued Liabilities | 16 | -17 | +194.1% |
| Increase Decrease In Employee Related Liabilities | 50 | 23 | +117.4% |
| Change in Deferred Revenue | 79 | 59 | +33.9% |
| Increase Decrease In Other Operating Liabilities | 15 | -37 | +140.5% |
| Net Cash from Operations | 625 | 705 | -11.3% |
| Investing Activities | |||
| Payments To Acquire Short Term Investments | -9 | -54 | +83.3% |
| Proceeds From Sale Maturity And Collection Of Shortterm Investments | 35 | 58 | -39.7% |
| Capital Expenditures | -89 | -60 | -48.3% |
| Payments For Proceeds From Default Funds And Margin Deposits | -661 | -944 | +30.0% |
| Other Investing Activities | -2 | -8 | +75.0% |
| Net Cash from Investing | -638 | -1,008 | +36.7% |
| Financing Activities | |||
| Repayments Of Long Term Debt | -100 | -181 | +44.8% |
| Share Repurchases | -286 | 0 | — |
| Payments Of Dividends | -153 | -138 | -10.9% |
| Increase Decrease In Default Fund Contributions And Margin Deposits | -37 | 290 | -112.8% |
| Net Cash from Financing | -567 | -24 | -2262.5% |
| Supplemental | |||
| Interest Paid | 71 | 90 | -21.1% |
| Income Taxes Paid | 153 | 122 | +25.4% |
| Other Cash Flow | |||
| Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents | 73 | -462 | +115.8% |
| Net Change in Cash | -507 | -789 | +35.7% |
| 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 | 3,120 | 4,383 | -28.8% |
Values in millions USD. Source: SEC EDGAR 10-K filing.