NDAQ (Nasdaq, Inc.) Stock Financials & Earnings | Market Cap Arena

NDAQ (Nasdaq, Inc.) Stock Financials & Earnings | Market Cap Arena

NDAQNasdaq, 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 Margin47.9%

Op. Margin28.4%

Net Margin21.8%

FCF Margin24.2%

P/S Ratio (TTM)6.1x

P/E Ratio (TTM)28.0x

YoY Rev Growth+11.1%

Employees—

Earnings Reports

Revenue & Profitability

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

Revenue Breakdown

Valuation

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

Operating 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

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

OpEx vs Revenue Growth (YoY)

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%

Stock-Based Compensation

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%

OpEx Breakdown

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

Revenue Segments

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

Revenue by Geography

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

War Chest

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

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%

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