Nasdaq Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	1,788	1,117	1,059	1,125	1,187
Depreciation & Amortization	632	613	323	258	278
Loss (Gain) From Sale of Assets	-86	-	-	-	-84
Asset Writedown & Restructuring Costs	1	37	25	-	-
Loss (Gain) on Equity Investments	-83	-16	7	-31	-52
Stock-Based Compensation	165	141	122	106	90
Other Operating Activities	73	1	121	80	133
Change in Accounts Receivable	91	-193	3	-101	-6
Change in Accounts Payable	-6	-60	149	19	-17
Change in Unearned Revenue	69	67	88	16	106
Change in Other Net Operating Assets	-389	232	-201	234	-552
Operating Cash Flow	2,255	1,939	1,696	1,706	1,083
Operating Cash Flow Growth	16.30%	14.33%	-0.59%	57.53%	-13.50%
Capital Expenditures	-266	-207	-158	-152	-163
Cash Acquisitions	-	-	-5,766	-41	-2,430
Divestitures	140	-	-	-	190
Investment in Securities	184	-7	7	-2	-31
Other Investing Activities	-1,158	-739	-77	244	-219
Investing Cash Flow	-1,100	-953	-5,994	49	-2,653
Short-Term Debt Issued	-	-	-	238	420
Long-Term Debt Issued	-	-	5,608	541	826
Total Debt Issued	-	-	5,608	779	1,246
Short-Term Debt Repaid	-	-291	-371	-	-
Long-Term Debt Repaid	-826	-521	-260	-1,097	-804
Total Debt Repaid	-826	-812	-631	-1,097	-804
Net Debt Issued (Repaid)	-826	-812	4,977	-318	442
Issuance of Common Stock	-	-	-	-	26
Repurchase of Common Stock	-685	-205	-341	-711	-1,004
Common Dividends Paid	-601	-541	-441	-383	-350
Other Financing Activities	-841	-1,003	25	2,448	2,304
Financing Cash Flow	-2,953	-2,561	4,220	1,036	1,418
Foreign Exchange Rate Adjustments	726	-537	202	-1,293	-331
Net Cash Flow	-1,072	-2,112	124	1,498	-483
Free Cash Flow	1,989	1,732	1,538	1,554	920
Free Cash Flow Growth	14.84%	12.61%	-1.03%	68.91%	-13.53%
Free Cash Flow Margin	24.07%	23.41%	25.36%	24.96%	15.63%
Free Cash Flow Per Share	3.44	2.99	3.02	3.12	1.82
Cash Interest Paid	354	405	177	116	118
Cash Income Tax Paid	373	358	254	274	501
Levered Free Cash Flow	1,669	1,759	1,274	1,392	991.25
Unlevered Free Cash Flow	1,898	2,018	1,451	1,473	1,069
Change in Working Capital	-235	46	39	168	-469

Source: S&P Global Market Intelligence. Standard template. Financial Sources.