NASDAQ, INC.

NDAQ 10-Q · Q1 2026

NDAQ Q1 2026 request

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Income Statement

Income Statement
Metric Q1 2026 Q1 2025 YoY
Revenue 2,137 2,096 +2.0%
Show Business Segments breakouts
Capital Access Platforms · Operating Segments 565 508 +11.2%
Financial Technology · Operating Segments 517 432 +19.7%
Market Services · Operating Segments 1,047 1,140 -8.2%
Show Geography breakouts
Non Us 614 390 +57.4%
US 1,523 1,706 -10.7%
Show Consolidation Items breakouts
Corporate Non Segment 8 16 -50.0%
Material Reconciling Items 8 16 -50.0%
Cost of Revenue -730 -859 +15.0%
Show Product Lines breakouts
Brokerage, clearance and exchange fees -6 -274 +97.8%
Transaction rebates -724 -585 -23.8%
Show Business Segments breakouts
Market Services · Operating Segments -730 -859 +15.0%
Gross Profit 1,407 1,237 +13.7%
Show Product Lines breakouts
Service Other · Material Reconciling Items 8 16 -50.0%
Show Business Segments breakouts
Capital Access Platforms · Data & Listing Services 214 192 +11.5%
Capital Access Platforms · Index 220 193 +14.0%
Capital Access Platforms · Workflow & Insights 131 123 +6.5%
Financial Technology · Capital Markets Technology 306 254 +20.5%
Financial Technology · Financial Crime Management Technology 93 77 +20.8%
Financial Technology · Regulatory Technology 118 101 +16.8%
Market Services · Operating Segments 317 281 +12.8%
Labor And Related Expense 356 329 +8.2%
Professional Fees 39 36 +8.3%
Communications And Information Technology 84 77 +9.1%
Occupancy Net 33 28 +17.9%
General & Administrative 29 6 +383.3%
Marketing And Advertising Expense 20 14 +42.9%
Depreciation And Amortization 165 156 +5.8%
Show Business Segments breakouts
Capital Access Platforms · Operating Segments 13 10 +30.0%
Financial Technology · Operating Segments 19 12 +58.3%
Market Services · Operating Segments 12 11 +9.1%
Show Consolidation Items breakouts
Corporate Non Segment 121 123 -1.6%
Regulatory Expenses 9 15 -40.0%
Business Combination Acquisition Related Costs 4 24 -83.3%
Show Consolidation Items breakouts
Corporate Non Segment 4 24 -83.3%
Restructuring Charges 11 5 +120.0%
Show Consolidation Items breakouts
Corporate Non Segment 11 5 +120.0%
Show Restructuring Cost And Reserve breakouts
Consulting services 4 1 +300.0%
Employee Severance 4 4 0.0%
Other Restructuring 3
Operating Expenses 750 690 +8.7%
Operating Income 657 547 +20.1%
Show Business Segments breakouts
Capital Access Platforms · Operating Segments 349 306 +14.1%
Financial Technology · Operating Segments 245 198 +23.7%
Market Services · Operating Segments 201 173 +16.2%
Show Consolidation Items breakouts
Corporate Non Segment -138 -130 -6.2%
Interest Income 6 11 -45.5%
Interest Expense -87 -96 +9.4%
Gain Loss On Sale Of Business 89
Other Non-Operating Income (Expense) -14 -1 -1300.0%
Income Loss From Equity Method Investments 26 27 -3.7%
Income Before Taxes 677 488 +38.7%
Income Tax Expense (Benefit) 158 93 +69.9%
Net Income 519 395 +31.4%
EPS (Basic) 0.92 0.69 +33.3%
EPS (Diluted) 0.91 0.68 +33.8%
Common Stock Dividends Per Share Declared 0.27 0.24 +12.5%
Total Costs & Expenses 495 454 +9.0%
Show Business Segments breakouts
Capital Access Platforms · Operating Segments 170 161 +5.6%
Financial Technology · Operating Segments 233 205 +13.7%
Market Services · Operating Segments 92 88 +4.5%
Show Consolidation Items breakouts
Corporate Non Segment 146 146 0.0%
Net Income 519 395 +31.4%
Show Equity Components breakouts
Retained Earnings 519 395 +31.4%
Wtd Avg Shares (Basic) 566,824,539 575,045,177 -1.4%
Wtd Avg Shares (Diluted) 571,746,487 579,982,858 -1.4%
Other Expenses 255 236 +8.1%
Show Business Segments breakouts
Capital Access Platforms · Operating Segments 46 41 +12.2%
Financial Technology · Operating Segments 39 29 +34.5%
Market Services · Operating Segments 24 20 +20.0%
Show Consolidation Items breakouts
Corporate Non Segment 146 146 0.0%
Foreign Currency Transaction Gain Loss Before Tax (Q)
Show Financial Instrument breakouts
Investments -65
Restricted cash and cash equivalents -57

Balance Sheet

Balance Sheet
Metric Q1 2026 Q1 2025 YoY
Current Assets
Cash & Cash Equivalents 515 690 -25.4%
Restricted Cash And Cash Equivalents At Carrying Value 49 18 +172.2%
Default Funds And Margin Deposits Assets 2,253 5,686 -60.4%
Show Financial Instrument breakouts
Central bank certificates 53 1,534 -96.5%
Dem and Deposits 519 2,489 -79.1%
European government debt securities 306 245 +24.9%
Investments 1,681 1,663 +1.1%
Multilateral development bank debt securities 160 333 -52.0%
Repurchase Agreements 1,215 1,085 +12.0%
Restricted cash and cash equivalents 572 4,023 -85.8%
Trading Securities Debt 184 201 -8.5%
Show Fair Value Hierarchy breakouts
Fair Value Inputs Level1 · European government debt securities 178 195 -8.7%
Fair Value Inputs Level1 · Fair Value Measurements Recurring 178 195 -8.7%
Fair Value Inputs Level2 · Fair Value Measurements Recurring 6 6 0.0%
Fair Value Inputs Level2 · State-owned enterprises and municipal securities 6
Show Financial Instrument breakouts
European government debt securities · Fair Value Measurements Recurring 178 195 -8.7%
State-owned enterprises and municipal securities · Fair Value Measurements Recurring 6
Show Fair Value By Measurement Frequency breakouts
Fair Value Measurements Recurring 184 201 -8.5%
Receivables Net Current 985 986 -0.1%
Other Assets Current 388 237 +63.7%
Total Current Assets 4,374 7,818 -44.1%
Marketable Securities (Current) (Q)
Show Legal Entity breakouts
Nasdaq Clearing 154 140 +10.0%
Non-Current Assets
Property, Plant & Equipment 739 621 +19.0%
Show Geography breakouts
Non Us 239 190 +25.8%
US 500 431 +16.0%
Goodwill 14,307 14,179 +0.9%
Show Business Segments breakouts
Capital Access Platforms 4,255 4,216 +0.9%
Financial Technology 7,949 7,941 +0.1%
Market Services 2,103 2,022 +4.0%
Operating Lease Right-of-Use Assets 485 381 +27.3%
Other Non-Current Assets 1,020 818 +24.7%
Total Assets 27,301 30,647 -10.9%
Intangible Assets 5,148
Show Finite Lived Intangible Assets By Major Class breakouts
Customer Relationships 4,211
Developed Technology Rights 642
Foreign currency translation adjustment -52
Trade names and other 347
Other Assets
Intangible Assets Net Excluding Goodwill 6,376
Current Liabilities
Accounts Payable And Accrued Liabilities Current 245 255 -3.9%
Employee Related Liabilities Current 209 198 +5.6%
Deferred Revenue (Current) 1,093 981 +11.4%
Other Liabilities Current 160 187 -14.4%
Default Funds And Margin Deposits Liabilities 2,253 5,686 -60.4%
Debt Current 431 400 +7.8%
Total Current Liabilities 4,391 7,971 -44.9%
Non-Current Liabilities
Long-Term Debt 8,526 8,926 -4.5%
Deferred Tax Liabilities 1,611 1,586 +1.6%
Operating Lease Liabilities 488 393 +24.2%
Other Non-Current Liabilities 247 216 +14.4%
Total Liabilities 15,263 19,092 -20.1%
Long-Term Debt 8,526 8,926 -4.5%
Stockholders' Equity
Common Stock Value Outstanding 6 6 0.0%
Additional Paid-In Capital 4,627 5,450 -15.1%
Treasury Stock Common Value -747 -672 -11.2%
Accumulated Other Comprehensive Income -1,807 -1,896 +4.7%
Retained Earnings 9,954 8,658 +15.0%
Total Stockholders' Equity 12,033 11,546 +4.2%
Minority Interest 5 9 -44.4%
Stockholders Equity Including Portion Attributable To Noncontrolling Interest 12,038 11,555 +4.2%
Show Equity Components breakouts
Accumulated Other Comprehensive Income -1,807 -1,896 +4.7%
Additional Paid In Capital 4,627 5,450 -15.1%
Noncontrolling Interest 5 9 -44.4%
Retained Earnings 9,954 8,658 +15.0%
Total Nasdaq stockholders’ equity 12,033 11,546 +4.2%
Treasury Stock Common -747 -672 -11.2%
Total Liabilities & Equity 27,301 30,647 -10.9%

Cash Flow Statement

Cash Flow Statement
Metric YTD Q1 2026 YTD Q1 2025 YoY
Operating Activities
Stock-Based Compensation 38 35 +8.6%
Deferred Income Taxes 12 6 +100.0%
Other Non-Cash Items 21 -11 +290.9%
Increase Decrease In Receivables -49 48 -202.1%
Increase Decrease In Other Operating Assets 94 66 +42.4%
Increase Decrease In Accounts Payable And Accrued Liabilities -33 -17 -94.1%
Increase Decrease In Employee Related Liabilities -153 -134 -14.2%
Change in Deferred Revenue 311 257 +21.0%
Increase Decrease In Other Operating Liabilities -121 -56 -116.1%
Net Cash from Operations 689 663 +3.9%
Investing Activities
Payments To Acquire Short Term Investments -166 -105 -58.1%
Proceeds From Sale Maturity And Collection Of Shortterm Investments 8 105 -92.4%
Capital Expenditures -60 -49 -22.4%
Payments For Proceeds From Default Funds And Margin Deposits 976 -204 +578.4%
Other Investing Activities -11 -5 -120.0%
Net Cash from Investing 747 -258 +389.5%
Financing Activities
Share Repurchases -548 -115 -376.5%
Payments Of Dividends -153 -138 -10.9%
Proceeds From Stock Plans 15
Tax Withholding for Share Compensation -31 -25 -24.0%
Increase Decrease In Default Fund Contributions And Margin Deposits -3,467 -549 -531.5%
Net Cash from Financing -4,184 -1,083 -286.3%
Supplemental
Interest Paid 126 125 +0.8%
Income Taxes Paid 167 45 +271.1%
Other Cash Flow
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents -50 403 -112.4%
Net Change in Cash -2,798 -275 -917.5%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 1,136 4,731 -76.0%
Restricted Cash And Equivalents In Default Funds And Margin Deposits 572 4,023 -85.8%

Values in millions USD. Source: SEC EDGAR 10-Q filing.

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