Nasdaq
NDAQ · NasdaqSecurity & Commodity Brokers, Dealers, Exchanges & Services · Fiscal year ends Dec 31
Nasdaq reported revenue of $8.3B in the fiscal year ended Dec 2025, up 11.6% from the year before. Operating income was $2.3B, an operating margin of 28.2%, and net income was $1.8B. Operating cash flow of $2.3B less capital expenditure of $266M left free cash flow of $2B. Net debt was $8.4B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $5.9B | $6.2B | $6.1B | $7.4B | $8.3B |
| Cost of revenue | $2.5B | $2.6B | $2.2B | $2.8B | $3B |
| Gross profit | $3.4B | $3.6B | $3.9B | $4.6B | $5.2B |
| Operating income | $1.4B | $1.6B | $1.6B | $1.8B | $2.3B |
| Interest expense | $125M | $129M | $284M | $414M | $367M |
| Pre-tax income | $1.5B | $1.5B | $1.4B | $1.4B | $2.1B |
| Income tax | $347M | $352M | $344M | $334M | $358M |
| Net income | $1.2B | $1.1B | $1.1B | $1.1B | $1.8B |
| Diluted EPS | 2.35 | 2.26 | 2.08 | 1.93 | 3.09 |
| Diluted shares | 505M | 498M | 508M | 579M | 579M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $393M | $502M | $453M | $592M | $604M |
| Receivables | $588M | $677M | $929M | $1B | $943M |
| Current assets | $7.4B | $8.6B | $9.1B | $7.8B | $8B |
| Net PP&E | $509M | $532M | $576M | $593M | $728M |
| Goodwill | $8.4B | $8.1B | $14.1B | $14B | $14.4B |
| Total assets | $20.1B | $20.9B | $32.3B | $30.4B | $31.1B |
| Deferred revenue | $329M | $357M | $594M | $711M | $785M |
| Current liabilities | $7.9B | $8.8B | $9B | $7.9B | $8B |
| Short-term debt | $1B | $664M | $291M | $399M | $431M |
| Long-term debt | $4.8B | $4.7B | $10.2B | $9.1B | $8.6B |
| Total liabilities | $13.7B | $14.7B | $21.5B | $19.2B | $18.8B |
| Shareholders' equity | $6.4B | $6.2B | $10.8B | $11.2B | $12.2B |
| Backlog (remaining obligations) | $1.5B | $1.7B | $2.6B | $3.1B | $3.6B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $1.1B | $1.7B | $1.7B | $1.9B | $2.3B |
| Capital expenditure | $163M | $152M | $158M | $207M | $266M |
| Free cash flow | $920M | $1.6B | $1.5B | $1.7B | $2B |
| Depreciation & amortisation | $108M | $105M | $117M | $125M | $145M |
| Stock-based compensation | $90M | $106M | $122M | $141M | $165M |
| Acquisitions | $2.4B | $41M | $5.8B | $0 | $0 |
| Share buybacks | $468M | $308M | $269M | $145M | $616M |
| Dividends paid | $350M | $383M | $441M | $541M | $601M |
| Dividend per share | 0.70 | 0.78 | 0.86 | 0.94 | 1.05 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 5.8% | −2.6% | 22.0% | 11.6% |
| Operating income growth (YoY) | – | 8.5% | 0.9% | 13.9% | 29.6% |
| EPS growth (YoY) | – | −3.8% | −8.0% | −7.2% | 60.1% |
| Gross margin | 58.1% | 57.5% | 64.2% | 62.8% | 63.5% |
| Operating margin | 24.5% | 25.1% | 26.0% | 24.3% | 28.2% |
| Net margin | 20.2% | 18.1% | 17.5% | 15.1% | 21.6% |
| Return on equityBlank when equity is negative | 18.6% | 18.3% | 9.8% | 10.0% | 14.6% |
| ROCEEBIT ÷ (assets − current liabilities) | 11.8% | 13.0% | 6.8% | 8.0% | 10.1% |
| Free cash flow margin | 15.6% | 25.0% | 25.4% | 23.4% | 24.1% |
| Cash conversion (CFO ÷ net income) | 0.91x | 1.52x | 1.60x | 1.74x | 1.26x |
| Receivable days | 36 | 40 | 56 | 50 | 42 |
| Interest cover | 11.5x | 12.1x | 5.56x | 4.34x | 6.35x |
| Debt ÷ equity | 0.91x | 0.88x | 0.97x | 0.85x | 0.74x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $5.4B | $4.9B | $10B | $8.9B | $8.4B |
| Current ratio | 0.94x | 0.97x | 1.01x | 0.99x | 1.01x |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.