Nasdaq, Inc. (NDAQ)

Nasdaq Cash Flow Statement

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

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Jun 30, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Net Income	1,508	1,117	1,059	1,125	1,187	933
Depreciation & Amortization	618	613	323	258	278	202
Loss (Gain) From Sale of Assets	-39	-	-	-	-84	-
Asset Writedown & Restructuring Costs	9	37	25	-	-	-
Loss (Gain) on Equity Investments	-60	-16	7	-31	-52	-70
Stock-Based Compensation	153	141	122	106	90	87
Other Operating Activities	28	1	121	80	133	109
Change in Accounts Receivable	8	-193	3	-101	-6	-167
Change in Accounts Payable	-49	-60	149	19	-17	5
Change in Unearned Revenue	41	67	88	16	106	15
Change in Other Net Operating Assets	141	232	-201	234	-552	138
Operating Cash Flow	2,358	1,939	1,696	1,706	1,083	1,252
Operating Cash Flow Growth	38.14%	14.33%	-0.59%	57.53%	-13.50%	30.01%
Capital Expenditures	-224	-207	-158	-152	-163	-188
Cash Acquisitions	-	-	-5,766	-41	-2,430	-157
Divestitures	52	-	-	-	190	-
Investment in Securities	113	-7	7	-2	-31	141
Other Investing Activities	-1,193	-739	-77	244	-219	82
Investing Cash Flow	-1,252	-953	-5,994	49	-2,653	-122
Short-Term Debt Issued	-	-	-	238	420	-
Long-Term Debt Issued	-	-	5,608	541	826	3,807
Total Debt Issued	-	-	5,608	779	1,246	3,807
Short-Term Debt Repaid	-	-291	-371	-	-	-391
Long-Term Debt Repaid	-	-521	-260	-1,097	-804	-1,468
Total Debt Repaid	-888	-812	-631	-1,097	-804	-1,859
Net Debt Issued (Repaid)	-888	-812	4,977	-318	442	1,948
Issuance of Common Stock	7	-	-	-	26	50
Repurchase of Common Stock	-367	-205	-341	-711	-1,004	-262
Common Dividends Paid	-569	-541	-441	-383	-350	-320
Other Financing Activities	-956	-1,003	25	2,448	2,304	494
Financing Cash Flow	-2,773	-2,561	4,220	1,036	1,418	1,910
Foreign Exchange Rate Adjustments	391	-537	202	-1,293	-331	353
Net Cash Flow	-1,276	-2,112	124	1,498	-483	3,393
Free Cash Flow	2,134	1,732	1,538	1,554	920	1,064
Free Cash Flow Growth	38.84%	12.61%	-1.03%	68.91%	-13.53%	27.27%
Free Cash Flow Margin	26.31%	23.41%	25.36%	24.96%	15.63%	18.92%
Free Cash Flow Per Share	3.68	2.99	3.02	3.12	1.82	2.13
Cash Interest Paid	388	405	177	116	118	97
Cash Income Tax Paid	432	358	254	274	501	290
Levered Free Cash Flow	1,904	1,759	1,274	1,392	991.25	922.5
Unlevered Free Cash Flow	2,151	2,018	1,451	1,473	1,069	985.63
Change in Net Working Capital	-197	-218	-14	-202	150	-44

Updated Jul 24, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

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