Nasdaq, Inc. (NDAQ)
NASDAQ: NDAQ · Real-Time Price · USD
110.02
+1.52 (1.40%)
At close: Nov 10, 2026, 4:00 PM EST
109.44
-0.58 (-0.53%)
Pre-market: Nov 11, 2026, 4:35 AM EST
Nasdaq Cash Flow Statement
Financials in millions USD. Fiscal year is January - December.
Millions USD. Fiscal year is Jan - Dec.
Operating Activities
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Sep '26 Sep 30, 2026 | 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 | 2,084 | 1,788 | 1,117 | 1,059 | 1,125 | 1,187 |
Depreciation & Amortization | 657 | 632 | 613 | 323 | 258 | 278 |
Loss (Gain) From Sale of Assets | -133 | -86 | - | - | - | -84 |
Asset Writedown & Restructuring Costs | 1 | 1 | 37 | 25 | - | - |
Loss (Gain) on Equity Investments | -96 | -83 | -16 | 7 | -31 | -52 |
Stock-Based Compensation | 177 | 165 | 141 | 122 | 106 | 90 |
Other Operating Activities | 103 | 73 | 1 | 121 | 80 | 133 |
Change in Accounts Receivable | -322 | 91 | -193 | 3 | -101 | -6 |
Change in Accounts Payable | -18 | -6 | -60 | 149 | 19 | -17 |
Change in Unearned Revenue | 122 | 69 | 67 | 88 | 16 | 106 |
Change in Other Net Operating Assets | -29 | -389 | 232 | -201 | 234 | -552 |
Operating Cash Flow | 2,546 | 2,255 | 1,939 | 1,696 | 1,706 | 1,083 |
Operating Cash Flow Growth | 9.04% | 16.30% | 14.33% | -0.59% | 57.53% | -13.50% |
Investing Activities
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Sep '26 Sep 30, 2026 | 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 |
Capital Expenditures | -288 | -266 | -207 | -158 | -152 | -163 |
Cash Acquisitions | -58 | - | - | -5,766 | -41 | -2,430 |
Divestitures | 180 | 140 | - | - | - | 190 |
Investment in Securities | -207 | 184 | -7 | 7 | -2 | -31 |
Other Investing Activities | 101 | -1,158 | -739 | -77 | 244 | -219 |
Investing Cash Flow | -272 | -1,100 | -953 | -5,994 | 49 | -2,653 |
Financing Activities
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Sep '26 Sep 30, 2026 | 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 |
Short-Term Debt Issued | - | - | - | - | 238 | 420 |
Long-Term Debt Issued | - | - | - | 5,608 | 541 | 826 |
Total Debt Issued | 269 | - | - | 5,608 | 779 | 1,246 |
Short-Term Debt Repaid | - | - | -291 | -371 | - | - |
Long-Term Debt Repaid | - | -826 | -521 | -260 | -1,097 | -804 |
Total Debt Repaid | -531 | -826 | -812 | -631 | -1,097 | -804 |
Net Debt Issued (Repaid) | -262 | -826 | -812 | 4,977 | -318 | 442 |
Issuance of Common Stock | 19 | - | - | - | - | 26 |
Repurchase of Common Stock | -1,586 | -685 | -205 | -341 | -711 | -1,004 |
Common Dividends Paid | -653 | -601 | -541 | -441 | -383 | -350 |
Other Financing Activities | -3,067 | -841 | -1,003 | 25 | 2,448 | 2,304 |
Financing Cash Flow | -5,549 | -2,953 | -2,561 | 4,220 | 1,036 | 1,418 |
Net Cash Flow
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Sep '26 Sep 30, 2026 | 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 |
Foreign Exchange Rate Adjustments | -18 | 726 | -537 | 202 | -1,293 | -331 |
Net Cash Flow | -3,293 | -1,072 | -2,112 | 124 | 1,498 | -483 |
Free Cash Flow
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Sep '26 Sep 30, 2026 | 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 |
Free Cash Flow | 2,258 | 1,989 | 1,732 | 1,538 | 1,554 | 920 |
Free Cash Flow Growth | 7.63% | 14.84% | 12.61% | -1.03% | 68.91% | -13.53% |
Free Cash Flow Margin | 39.07% | 37.89% | 37.26% | 39.49% | 43.38% | 26.90% |
Free Cash Flow Per Share | 3.96 | 3.44 | 2.99 | 3.02 | 3.12 | 1.82 |
Levered Free Cash Flow | 2,016 | 1,669 | 1,759 | 1,274 | 1,392 | 991.25 |
Unlevered Free Cash Flow | 2,233 | 1,898 | 2,018 | 1,451 | 1,473 | 1,069 |
Additional Metrics
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Sep '26 Sep 30, 2026 | 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 |
Cash Interest Paid | 343 | 354 | 405 | 177 | 116 | 118 |
Cash Income Tax Paid | 503 | 373 | 358 | 254 | 274 | 501 |
Change in Working Capital | -247 | -235 | 46 | 39 | 168 | -469 |