Nasdaq, Inc. (NDAQ) Financial Statements

Nasdaq, Inc.

NDAQ · NASDAQ-GS

	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Total Revenue	$8.26B	$7.40B	$6.06B	$6.23B	$5.89B	$5.63B	$4.26B	$4.28B
Cost of Revenue	$3.01B	$2.75B	$2.17B	$2.64B	$2.47B	$2.72B	$1.72B	$1.75B
Gross Profit	$5.25B	$4.65B	$3.90B	$3.58B	$3.42B	$2.90B	$2.54B	$2.53B
Selling, General & Administrative	$75.00M	$109.00M	$113.00M	$125.00M	$85.00M	$142.00M	$125.00M	$120.00M
Operating Expenses	$2.92B	$2.85B	$2.32B	$2.02B	$1.98B	$1.67B	$1.52B	$1.50B
Operating Income	$2.33B	$1.80B	$1.58B	$1.56B	$1.44B	$1.23B	$1.02B	$1.03B
Interest Expense	—	—	$284.00M	$129.00M	$125.00M	$101.00M	$124.00M	$150.00M
Other Income / (Expense)	-$27.00M	$21.00M	-$1.00M	$2.00M	$81.00M	$5.00M	—	—
Income Before Taxes	$2.15B	$1.45B	$1.40B	$1.48B	$1.53B	$1.21B	$1.02B	$1.06B
Provision for Income Taxes	$358.00M	$334.00M	$344.00M	$352.00M	$347.00M	$279.00M	$245.00M	$606.00M
Net Income	$1.79B	$1.12B	$1.06B	$1.13B	$1.19B	$933.00M	$774.00M	$458.00M
Basic EPS	$3.12	$1.94	$2.10	$2.28	$2.38	$1.89	$4.69	$2.77
Diluted EPS	$3.09	$1.93	$2.08	$2.26	$2.35	$1.86	$4.63	$2.73
Basic Shares Outstanding	573.26M	575.43M	504.91M	492.42M	497.70M	493.25M	164.93M	165.35M
Diluted Shares Outstanding	578.60M	579.19M	508.39M	497.86M	505.09M	500.71M	166.97M	167.69M

Analyst Estimates

Period	Consensus EPS	Low	High	Estimates	Revisions
Dec 2026	$4.13	$3.96	$4.26	10	↑9 ↓0
Dec 2027	$4.66	$4.41	$5.09	10	↑9 ↓0
Dec 2028	$5.07	$4.29	$5.42	6	↑5 ↓0
Dec 2029	$5.46	$4.88	$5.96	3	↑3 ↓0

Forward estimates are the sell-side consensus reported by Nasdaq, not a metir forecast.

Symbol: NDAQ
Type: Stock
Sector: Finance
Industry: Investment Bankers/Brokers/Service
Country: North America
Exchange: NASDAQ-GS

Nasdaq (Nasdaq: NDAQ) is a leading global technology company serving corporate clients, investment managers, banks, brokers, and exchange operators as they navigate and interact with the global capital markets and the broader financial system. We aspire to deliver world-leading platforms that improve the liquidity, transparency, and integrity of the global economy. Our diverse offering of data, analytics, software, exchange capabilities, and client-centric services enables clients to optimize and execute their business vision with confidence. To learn more about the company, technology solutions, and career opportunities, visit us on LinkedIn, on X @Nasdaq, or at www.nasdaq.com.

Key Issues

Bullish view

Nasdaq's FY2025 revenue rose to $8.3 billion from $7.4 billion, while net income increased to $1.8 billion from $1.1 billion. The sizable year-over-year improvement supports the case that its business mix can keep generating growth.

Bearish view

The evidence covers only FY2024 and FY2025 and provides no segment-level drivers, forward estimates, or operating metrics. That makes it difficult to establish whether the latest profit expansion is durable.

Analyst Consensus

See all

Buy

15 analysts

$95

Current

—

Low

$109

Average

—

High

Average target implies +14.79% versus the current price.

Earnings History

BeatMissNo estimate

Peers

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