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NDAQ (Nasdaq, Inc.) Stock Financials & Earnings | Market Cap Arena
NDAQ
Nasdaq, Inc.
Mkt Cap
$50B
Financial Services
·
Financial - Data & Stock Exchanges
·
🇺🇸 United States
·
NASDAQ
Revenue (TTM)
$8.2B
Net Income (TTM)
$1.8B
EPS (TTM)
$3.09
Free Cash Flow (TTM)
$2.0B
Gross Margin
47.9%
Op. Margin
28.4%
Net Margin
21.8%
FCF Margin
24.2%
P/S Ratio (TTM)
6.1x
P/E Ratio (TTM)
28.0x
YoY Rev Growth
+11.1%
Employees
—
Earnings Reports
▶
Q4 2025
Browse All Reports
Quarterly
FY
Revenue & Profitability
Revenue
Gross Profit
Operating Income
Quarter
Revenue
Gross Profit
Op. Income
Q1 23
$1.5B
$595M
$412M
Q2 23
$1.4B
$599M
$382M
Q3 23
$1.5B
$613M
$431M
Q4 23
$1.6B
$740M
$353M
Q1 24
$1.7B
$701M
$410M
Q2 24
$1.8B
$744M
$423M
Q3 24
$1.9B
$734M
$448M
Q4 24
$2.0B
$811M
$517M
Q1 25
$2.1B
$816M
$547M
Q2 25
$2.1B
$861M
$568M
Q3 25
$2.0B
$870M
$586M
Q4 25
$2.1B
$1.4B
$630M
marketcaparena.com
Revenue Breakdown
NDAQ
Nasdaq, Inc.
Revenue Breakdown
Q4 2025
marketcaparena.com
Valuation
P/S Ratio
P/E Ratio
Quarter
P/S
P/E
Q1 23
8.1x
43.9x
Q2 23
8.2x
45.4x
Q3 23
8.4x
45.4x
Q4 23
8.3x
47.3x
Q1 24
8.1x
50.6x
Q2 24
7.6x
53.0x
Q3 24
7.2x
52.3x
Q4 24
6.8x
44.9x
Q1 25
6.4x
39.3x
Q2 25
6.2x
33.3x
Q3 25
6.1x
30.9x
Q4 25
6.1x
28.0x
marketcaparena.com
Operating Cash Flow
Operating Cash Flow
Free Cash Flow
Quarter
Operating CF
Free CF
Q1 23
$565M
$525M
Q2 23
$414M
$375M
Q3 23
$300M
$263M
Q4 23
$417M
$375M
Q1 24
$530M
$491M
Q2 24
$460M
$408M
Q3 24
$244M
$188M
Q4 24
$705M
$645M
Q1 25
$663M
$614M
Q2 25
$746M
$687M
Q3 25
$221M
$152M
Q4 25
$625M
$536M
marketcaparena.com
Capital Expenditures
CapEx
Quarter
CapEx
Q1 23
$40M
Q2 23
$39M
Q3 23
$37M
Q4 23
$42M
Q1 24
$39M
Q2 24
$52M
Q3 24
$56M
Q4 24
$60M
Q1 25
$49M
Q2 25
$59M
Q3 25
$69M
Q4 25
$89M
marketcaparena.com
OpEx vs Revenue Growth (YoY)
Revenue Growth
OpEx Growth
Quarter
Revenue Growth
OpEx Growth
Q1 23
-0.1%
-0.8%
Q2 23
-7.7%
-7.8%
Q3 23
-6.8%
-12.0%
Q4 23
+4.1%
+4.9%
Q1 24
+9.2%
+12.8%
Q2 24
+25.1%
+30.3%
Q3 24
+31.1%
+42.5%
Q4 24
+23.3%
+16.9%
Q1 25
+24.9%
+22.1%
Q2 25
+16.6%
+11.2%
Q3 25
+2.9%
-5.6%
Q4 25
+2.5%
-4.2%
marketcaparena.com
Stock-Based Compensation
SBC ($)
% of Revenue
Quarter
SBC ($)
% of Revenue
Q1 23
$26M
1.7%
Q2 23
$34M
2.4%
Q3 23
$30M
2.1%
Q4 23
$32M
1.9%
Q1 24
$30M
1.8%
Q2 24
$39M
2.2%
Q3 24
$36M
1.9%
Q4 24
$36M
1.8%
Q1 25
$35M
1.7%
Q2 25
$46M
2.2%
Q3 25
$41M
2.1%
Q4 25
$43M
2.1%
marketcaparena.com
OpEx Breakdown
G&A
S&M
Quarter
G&A
S&M
Q1 23
$85M
$9M
Q2 23
$84M
$9M
Q3 23
$85M
$12M
Q4 23
$117M
$17M
Q1 24
$90M
$11M
Q2 24
$96M
$12M
Q3 24
$90M
$11M
Q4 24
$96M
$20M
Q1 25
$70M
$14M
Q2 25
$92M
$14M
Q3 25
$92M
$13M
Q4 25
—
$24M
marketcaparena.com
Revenue Segments
Capital Access Platforms
Market Services
Market Technology
Quarter
Capital Access Platforms
Market Services
Market Technology
Q2 24
$481M
$883M
$420M
Q1 25
$515M
$1.1B
$432M
Q2 25
$527M
$1.1B
$464M
Q3 25
$546M
$946M
$457M
Q4 25
$549M
$1.0B
$497M
marketcaparena.com
Revenue by Geography
Non-US
United States
Quarter
Non-US
United States
Q1 25
$390M
$1.7B
Q2 25
$402M
$1.7B
Q3 25
$396M
$1.6B
Q4 25
$1.1B
$997M
marketcaparena.com
War Chest
Cash & Equivalents
Short-Term Investments
Quarter
Cash
Short-term Investments
Total
Q1 23
$373M
$197M
$570M
Q2 23
$5.3B
$288M
$5.6B
Q3 23
$5.3B
$272M
$5.6B
Q4 23
$453M
$188M
$641M
Q1 24
$388M
$173M
$561M
Q2 24
$416M
$174M
$590M
Q3 24
$266M
$202M
$468M
Q4 24
$592M
$184M
$776M
Q1 25
$690M
$1.9B
$2.6B
Q2 25
$732M
$1.3B
$2.0B
Q3 25
$470M
$2.1B
$2.5B
Q4 25
$814M
$28M
$842M
marketcaparena.com
Shares Outstanding
Shares Outstanding
Quarter
Shares (Diluted)
QoQ Change
Q1 23
495M
-0.4%
Q2 23
494M
-0.2%
Q3 23
494M
+0.1%
Q4 23
551M
+11.4%
Q1 24
579M
+5.1%
Q2 24
579M
+0.0%
Q3 24
579M
+0.0%
Q4 24
579M
+0.0%
Q1 25
579M
+0.0%
Q2 25
579M
-0.0%
Q3 25
579M
+0.0%
Q4 25
577M
-0.4%
marketcaparena.com
Revenue Per Employee
Revenue / Employee
Year
Revenue/Employee
Employees
FY 14
$949K
4K
FY 15
$890K
4K
FY 16
$856K
4K
FY 17
$834K
5K
FY 18
$1M
4K
FY 19
$976K
4K
FY 20
$1M
5K
FY 21
$1M
6K
FY 22
$976K
6K
FY 23
$711K
9K
FY 24
$808K
9K
FY 25
$863K
10K
marketcaparena.com