NDAQ

MKT CAP:$51B

Nasdaq, Inc.

Market Cap

$51B

Financial Services·Financial - Data & Stock Exchanges·🇺🇸 United States·NASDAQ

Financials·Financial·🇺🇸·NASDAQ

Stock Price

$89.93-$6.73 (-6.96%)

Apr 24, 2026

Company Details

Nasdaq, Inc. operates as a technology company that serves capital markets and other industries worldwide. The Market Technology segment includes anti financial crime technology business, which offers Nasdaq Trade Surveillance, a SaaS soluti...

CEO

Adena T. Friedman

IPO Date

Jul 1, 2002

Website

www.nasdaq.com

Key Metrics TTM

Revenue

$8.3B

+5.8% YoY

Net Income

$1.9B

EPS (Diluted)

$3.32

Free Cash Flow

$2.0B

Revenue / Share

$14.46

Gross Margin

54.8%

Operating Margin

29.5%

Net Margin

23.1%

FCF Margin

24.2%

P/S

6.2x

P/E

26.7x

Earnings Reports

Q1 2026

Apr 24, 2026

NEW

$2.1B+2.2%EPS $0.91

FY 2025

Feb 12, 2026

$8.2B+11.1%EPS $3.09

Q4 2025

Feb 12, 2026

$2.1B+2.5%EPS $0.90

Q3 2025

Oct 23, 2025

$2.0B+2.9%EPS $0.73

Q2 2025

Jul 25, 2025

$2.1B+16.6%EPS $0.78

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 22	$1.6B	$588M	$412M
Q3 22	$1.6B	$582M	$398M
Q4 22	$1.6B	$588M	$349M
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
Q1 26	$2.1B	$1.4B	$657M

Valuation

Quarter	P/S	P/E
Q2 22	4.4x	22.8x
Q3 22	4.7x	25.1x
Q4 22	4.9x	27.2x
Q1 23	4.3x	23.3x
Q2 23	4.0x	22.1x
Q3 23	4.4x	24.0x
Q4 23	5.4x	30.8x
Q1 24	5.8x	36.2x
Q2 24	5.2x	36.1x
Q3 24	6.0x	43.8x
Q4 24	6.0x	39.9x
Q1 25	5.6x	34.1x
Q2 25	6.3x	34.0x
Q3 25	6.2x	31.3x
Q4 25	6.9x	31.7x
Q1 26	5.8x	24.9x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 22	$375M	$333M
Q3 22	$232M	$191M
Q4 22	$494M	$460M
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
Q1 26	$689M	$629M

Capital Expenditures

Quarter	CapEx
Q2 22	$42M
Q3 22	$41M
Q4 22	$34M
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
Q1 26	$60M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 22	+9.9%	+10.0%
Q3 22	+14.7%	+15.8%
Q4 22	+7.8%	+9.8%
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%
Q1 26	+2.2%	-4.1%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 22	$24M	1.5%
Q3 22	$27M	1.7%
Q4 22	$30M	1.9%
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%
Q1 26	$38M	1.8%

OpEx Breakdown

Quarter	G&A	S&M
Q2 22	$88M	$11M
Q3 22	$97M	$10M
Q4 22	$100M	$20M
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
Q1 26	$541M	$20M

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
Q2 22	$454M	$161M	$615M
Q3 22	$301M	$129M	$430M
Q4 22	$502M	$181M	$683M
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
Q1 26	$564M	$184M	$748M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 22	497M	-1.0%	-0.5%
Q3 22	496M	-0.0%	-2.8%
Q4 22	497M	+0.1%	-2.4%
Q1 23	495M	-0.4%	-1.4%
Q2 23	494M	-0.2%	-0.6%
Q3 23	494M	+0.1%	-0.4%
Q4 23	551M	+11.4%	+10.8%
Q1 24	579M	+5.1%	+17.0%
Q2 24	579M	+0.0%	+17.3%
Q3 24	579M	+0.0%	+17.2%
Q4 24	579M	+0.0%	+5.2%
Q1 25	579M	+0.0%	+0.0%
Q2 25	579M	-0.0%	+0.0%
Q3 25	579M	0.0%	-0.0%
Q4 25	577M	-0.4%	-0.4%
Q1 26	572M	-0.8%	-1.3%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 22	$266.9K	6K
Q3 22	$267.8K	6K
Q4 22	$248.1K	6K
Q1 23	$240.4K	6K
Q2 23	$224.7K	6K
Q3 23	$227.5K	6K
Q4 23	$193.2K	9K
Q1 24	$196.4K	9K
Q2 24	$210.2K	9K
Q3 24	$223.1K	9K
Q4 24	$221.6K	9K
Q1 25	$228.1K	9K
Q2 25	$228.1K	9K
Q3 25	$213.7K	9K
Q4 25	$218.4K	10K
Q1 26	$224.4K	10K

Revenue / Employee