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	-	1,117	1,059	1,125	1,187
Depreciation & Amortization	-	613	323	258	278
Loss (Gain) From Sale of Assets	-	-	-	-	-84
Asset Writedown & Restructuring Costs	-	37	25	-	-
Loss (Gain) on Equity Investments	-	-16	7	-31	-52
Stock-Based Compensation	-	141	122	106	90
Other Operating Activities	-	1	121	80	133
Change in Accounts Receivable	-	-193	3	-101	-6
Change in Accounts Payable	-	-60	149	19	-17
Change in Unearned Revenue	-	67	88	16	106
Change in Other Net Operating Assets	-	232	-201	234	-552
Operating Cash Flow	-	1,939	1,696	1,706	1,083
Operating Cash Flow Growth	-	14.33%	-0.59%	57.53%	-13.50%
Capital Expenditures	-	-207	-158	-152	-163
Cash Acquisitions	-	-	-5,766	-41	-2,430
Divestitures	-	-	-	-	190
Investment in Securities	-	-7	7	-2	-31
Other Investing Activities	-	-739	-77	244	-219
Investing Cash Flow	-	-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	-	-521	-260	-1,097	-804
Total Debt Repaid	-	-812	-631	-1,097	-804
Net Debt Issued (Repaid)	-	-812	4,977	-318	442
Issuance of Common Stock	-	-	-	-	26
Repurchase of Common Stock	-	-205	-341	-711	-1,004
Common Dividends Paid	-	-541	-441	-383	-350
Other Financing Activities	-	-1,003	25	2,448	2,304
Financing Cash Flow	-	-2,561	4,220	1,036	1,418
Foreign Exchange Rate Adjustments	-	-537	202	-1,293	-331
Net Cash Flow	-	-2,112	124	1,498	-483
Free Cash Flow	-	1,732	1,538	1,554	920
Free Cash Flow Growth	-	12.61%	-1.03%	68.91%	-13.53%
Free Cash Flow Margin	-	23.41%	25.36%	24.96%	15.63%
Free Cash Flow Per Share	-	2.99	3.02	3.12	1.82
Cash Interest Paid	-	405	177	116	118
Cash Income Tax Paid	-	358	254	274	501
Levered Free Cash Flow	-	1,759	1,274	1,392	991.25
Unlevered Free Cash Flow	-	2,018	1,451	1,473	1,069
Change in Working Capital	-	46	39	168	-469

Updated Jan 29, 2026. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

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