Nasdaq, Inc. (NDAQ)
NASDAQ: NDAQ · Real-Time Price · USD
94.50
-0.19 (-0.20%)
At close: Sep 22, 2026, 4:00 PM EDT
94.00
-0.50 (-0.53%)
After-hours: Sep 22, 2026, 7:55 PM EDT
Nasdaq Cash Flow Statement
Financials in millions USD. Fiscal year is January - December.
Millions USD. Fiscal year is Jan - Dec.
Operating Activities
Fiscal Quarter | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 | Q4 2021 | Q3 2021 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Period Ending | Jun '26 Jun 30, 2026 | Mar '26 Mar 31, 2026 | Dec '25 Dec 31, 2025 | Sep '25 Sep 30, 2025 | Jun '25 Jun 30, 2025 | Mar '25 Mar 31, 2025 | Dec '24 Dec 31, 2024 | Sep '24 Sep 30, 2024 | Jun '24 Jun 30, 2024 | Mar '24 Mar 31, 2024 | Dec '23 Dec 31, 2023 | Sep '23 Sep 30, 2023 | Jun '23 Jun 30, 2023 | Mar '23 Mar 31, 2023 | Dec '22 Dec 31, 2022 | Sep '22 Sep 30, 2022 | Jun '22 Jun 30, 2022 | Mar '22 Mar 31, 2022 | Dec '21 Dec 31, 2021 | Sep '21 Sep 30, 2021 |
Net Income | 1,967 | 1,912 | 1,788 | 1,625 | 1,508 | 1,278 | 1,117 | 959 | 947 | 991 | 1,059 | 1,103 | 1,103 | 1,143 | 1,125 | 1,143 | 1,138 | 1,173 | 1,187 | 1,153 |
Depreciation & Amortization | 650 | 641 | 632 | 624 | 618 | 614 | 613 | 585 | 497 | 409 | 323 | 261 | 260 | 260 | 258 | 276 | 279 | 282 | 278 | 250 |
Loss (Gain) From Sale of Assets | -136 | -175 | -86 | -37 | -39 | - | - | - | - | - | - | - | - | - | - | - | - | -84 | -84 | -84 |
Asset Writedown & Restructuring Costs | 1 | 1 | 1 | 4 | 9 | 37 | 37 | 33 | 28 | 13 | 25 | 25 | 25 | 12 | - | - | - | - | - | - |
Loss (Gain) on Equity Investments | -80 | -82 | -83 | -82 | -60 | -40 | -16 | -8 | 4 | 18 | 7 | - | -19 | -38 | -31 | 15 | 17 | -2 | -52 | -63 |
Stock-Based Compensation | 171 | 168 | 165 | 158 | 153 | 146 | 141 | 137 | 131 | 126 | 122 | 120 | 117 | 107 | 106 | 100 | 96 | 96 | 90 | 89 |
Other Operating Activities | 108 | 111 | 73 | 22 | 28 | -28 | 1 | 38 | 21 | 118 | 121 | 131 | 101 | 82 | 80 | 36 | 122 | 135 | 133 | 164 |
Change in Accounts Receivable | -302 | -6 | 91 | 78 | 8 | -128 | -193 | -171 | -125 | -24 | 3 | 43 | 46 | -52 | -101 | -107 | -105 | -51 | -6 | -26 |
Change in Accounts Payable | -3 | -22 | -6 | -39 | -49 | -4 | -60 | -4 | 94 | 86 | 149 | 102 | 27 | 1 | 19 | 14 | -2 | -21 | -17 | 19 |
Change in Unearned Revenue | 104 | 123 | 69 | 49 | 41 | 50 | 67 | 6 | 43 | 62 | 88 | 20 | 10 | 24 | 16 | 54 | 106 | 143 | 106 | 83 |
Change in Other Net Operating Assets | -234 | -390 | -389 | -67 | 141 | 147 | 232 | 76 | 67 | -138 | -201 | -32 | 35 | 127 | 234 | 65 | -55 | -377 | -552 | -451 |
Operating Cash Flow | 2,246 | 2,281 | 2,255 | 2,335 | 2,358 | 2,072 | 1,939 | 1,651 | 1,707 | 1,661 | 1,696 | 1,773 | 1,705 | 1,666 | 1,706 | 1,596 | 1,596 | 1,294 | 1,083 | 1,134 |
Operating Cash Flow Growth (YoY) | -4.75% | 10.09% | 16.30% | 41.43% | 38.14% | 24.74% | 14.33% | -6.88% | 0.12% | -0.30% | -0.59% | 11.09% | 6.83% | 28.75% | 57.53% | 40.74% | 77.73% | 2.21% | -13.50% | -1.90% |
Investing Activities
Fiscal Quarter | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 | Q4 2021 | Q3 2021 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Period Ending | Jun '26 Jun 30, 2026 | Mar '26 Mar 31, 2026 | Dec '25 Dec 31, 2025 | Sep '25 Sep 30, 2025 | Jun '25 Jun 30, 2025 | Mar '25 Mar 31, 2025 | Dec '24 Dec 31, 2024 | Sep '24 Sep 30, 2024 | Jun '24 Jun 30, 2024 | Mar '24 Mar 31, 2024 | Dec '23 Dec 31, 2023 | Sep '23 Sep 30, 2023 | Jun '23 Jun 30, 2023 | Mar '23 Mar 31, 2023 | Dec '22 Dec 31, 2022 | Sep '22 Sep 30, 2022 | Jun '22 Jun 30, 2022 | Mar '22 Mar 31, 2022 | Dec '21 Dec 31, 2021 | Sep '21 Sep 30, 2021 |
Capital Expenditures | -295 | -277 | -266 | -237 | -224 | -217 | -207 | -189 | -170 | -157 | -158 | -150 | -154 | -157 | -152 | -168 | -159 | -156 | -163 | -173 |
Cash Acquisitions | - | - | - | - | - | - | - | -5,766 | -5,766 | -5,766 | -5,766 | - | - | -41 | -41 | -41 | -41 | - | -2,430 | -2,430 |
Divestitures | 177 | 140 | 140 | 52 | 52 | - | - | - | - | - | - | - | - | - | - | - | - | 190 | 190 | 190 |
Investment in Securities | -118 | 26 | 184 | 162 | 113 | -11 | -7 | 99 | 127 | 25 | 7 | -147 | -138 | 10 | -2 | 14 | 37 | -25 | -31 | 18 |
Other Investing Activities | -246 | 16 | -1,158 | -1,447 | -1,193 | -751 | -739 | 75 | 89 | -195 | -77 | 213 | 293 | 494 | 244 | 49 | -209 | -352 | -219 | -102 |
Investing Cash Flow | -482 | -95 | -1,100 | -1,470 | -1,252 | -979 | -953 | -5,781 | -5,720 | -6,093 | -5,994 | -84 | 1 | 306 | 49 | -146 | -372 | -343 | -2,653 | -2,497 |
Financing Activities
Fiscal Quarter | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 | Q4 2021 | Q3 2021 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Period Ending | Jun '26 Jun 30, 2026 | Mar '26 Mar 31, 2026 | Dec '25 Dec 31, 2025 | Sep '25 Sep 30, 2025 | Jun '25 Jun 30, 2025 | Mar '25 Mar 31, 2025 | Dec '24 Dec 31, 2024 | Sep '24 Sep 30, 2024 | Jun '24 Jun 30, 2024 | Mar '24 Mar 31, 2024 | Dec '23 Dec 31, 2023 | Sep '23 Sep 30, 2023 | Jun '23 Jun 30, 2023 | Mar '23 Mar 31, 2023 | Dec '22 Dec 31, 2022 | Sep '22 Sep 30, 2022 | Jun '22 Jun 30, 2022 | Mar '22 Mar 31, 2022 | Dec '21 Dec 31, 2021 | Sep '21 Sep 30, 2021 |
Short-Term Debt Issued | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 238 | - | - | - | 420 | - |
Long-Term Debt Issued | - | - | - | - | - | - | - | - | - | - | 5,608 | - | - | - | 541 | - | - | - | 826 | - |
Total Debt Issued | 269 | - | - | - | - | - | - | 597 | 592 | 5,608 | 5,608 | 5,249 | 5,254 | 238 | 779 | 481 | 1,466 | 1,252 | 1,246 | 3,185 |
Short-Term Debt Repaid | - | - | - | - | - | - | -291 | - | - | - | -371 | - | - | - | - | - | - | - | - | - |
Long-Term Debt Repaid | - | - | -826 | - | - | - | -521 | - | - | - | -260 | - | - | - | -1,097 | - | - | - | -804 | - |
Total Debt Repaid | -600 | -569 | -826 | -907 | -888 | -662 | -812 | -600 | -688 | -721 | -631 | -1,039 | -1,121 | -994 | -1,097 | -720 | -1,204 | -1,124 | -804 | -802 |
Net Debt Issued (Repaid) | -331 | -569 | -826 | -907 | -888 | -662 | -812 | -3 | -96 | 4,887 | 4,977 | 4,210 | 4,133 | -756 | -318 | -239 | 262 | 128 | 442 | 2,383 |
Issuance of Common Stock | 19 | 15 | - | 7 | 7 | - | - | 3 | 3 | - | - | 25 | 24 | 23 | - | 25 | 26 | 26 | 26 | 53 |
Repurchase of Common Stock | -1,382 | -1,124 | -685 | -397 | -367 | -321 | -205 | -313 | -226 | -166 | -341 | -234 | -233 | -391 | -711 | -776 | -1,252 | -1,322 | -1,004 | -979 |
Common Dividends Paid | -635 | -616 | -601 | -586 | -569 | -552 | -541 | -530 | -500 | -470 | -441 | -412 | -403 | -392 | -383 | -375 | -367 | -358 | -350 | -341 |
Other Financing Activities | -2,846 | -3,760 | -841 | -527 | -956 | -234 | -1,003 | -493 | -1,710 | -1,293 | 25 | -3,809 | -772 | 1,571 | 2,448 | 7,270 | 6,061 | 3,148 | 2,304 | 990 |
Financing Cash Flow | -5,175 | -6,054 | -2,953 | -2,410 | -2,773 | -1,769 | -2,561 | -1,336 | -2,529 | 2,958 | 4,220 | -220 | 2,749 | 55 | 1,036 | 5,905 | 4,730 | 1,622 | 1,418 | 2,106 |
Net Cash Flow
Fiscal Quarter | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 | Q4 2021 | Q3 2021 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Period Ending | Jun '26 Jun 30, 2026 | Mar '26 Mar 31, 2026 | Dec '25 Dec 31, 2025 | Sep '25 Sep 30, 2025 | Jun '25 Jun 30, 2025 | Mar '25 Mar 31, 2025 | Dec '24 Dec 31, 2024 | Sep '24 Sep 30, 2024 | Jun '24 Jun 30, 2024 | Mar '24 Mar 31, 2024 | Dec '23 Dec 31, 2023 | Sep '23 Sep 30, 2023 | Jun '23 Jun 30, 2023 | Mar '23 Mar 31, 2023 | Dec '22 Dec 31, 2022 | Sep '22 Sep 30, 2022 | Jun '22 Jun 30, 2022 | Mar '22 Mar 31, 2022 | Dec '21 Dec 31, 2021 | Sep '21 Sep 30, 2021 |
Foreign Exchange Rate Adjustments | 10 | 273 | 726 | 191 | 391 | 177 | -537 | 427 | 152 | -138 | 202 | 131 | -841 | -1,100 | -1,293 | -1,869 | -905 | -318 | -331 | 164 |
Net Cash Flow | -3,401 | -3,595 | -1,072 | -1,354 | -1,276 | -499 | -2,112 | -5,039 | -6,390 | -1,612 | 124 | 1,600 | 3,614 | 927 | 1,498 | 5,486 | 5,049 | 2,255 | -483 | 907 |
Free Cash Flow
Fiscal Quarter | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 | Q4 2021 | Q3 2021 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Period Ending | Jun '26 Jun 30, 2026 | Mar '26 Mar 31, 2026 | Dec '25 Dec 31, 2025 | Sep '25 Sep 30, 2025 | Jun '25 Jun 30, 2025 | Mar '25 Mar 31, 2025 | Dec '24 Dec 31, 2024 | Sep '24 Sep 30, 2024 | Jun '24 Jun 30, 2024 | Mar '24 Mar 31, 2024 | Dec '23 Dec 31, 2023 | Sep '23 Sep 30, 2023 | Jun '23 Jun 30, 2023 | Mar '23 Mar 31, 2023 | Dec '22 Dec 31, 2022 | Sep '22 Sep 30, 2022 | Jun '22 Jun 30, 2022 | Mar '22 Mar 31, 2022 | Dec '21 Dec 31, 2021 | Sep '21 Sep 30, 2021 |
Free Cash Flow | 1,951 | 2,004 | 1,989 | 2,098 | 2,134 | 1,855 | 1,732 | 1,462 | 1,537 | 1,504 | 1,538 | 1,623 | 1,551 | 1,509 | 1,554 | 1,428 | 1,437 | 1,138 | 920 | 961 |
Free Cash Flow Growth (YoY) | -8.58% | 8.03% | 14.84% | 43.50% | 38.84% | 23.34% | 12.61% | -9.92% | -0.90% | -0.33% | -1.03% | 13.66% | 7.93% | 32.60% | 68.91% | 48.59% | 106.17% | 7.16% | -13.53% | -2.83% |
Free Cash Flow Margin | 34.75% | 36.98% | 37.89% | 41.27% | 43.42% | 38.90% | 37.26% | 32.21% | 35.46% | 36.70% | 39.49% | 44.04% | 42.67% | 41.87% | 43.38% | 40.10% | 40.96% | 32.88% | 26.90% | 28.93% |
Free Cash Flow Per Share | 3.40 | 3.48 | 3.44 | 3.62 | 3.68 | 3.20 | 2.99 | 2.56 | 2.79 | 2.84 | 3.02 | 3.28 | 3.13 | 3.04 | 3.12 | 2.85 | 2.85 | 2.25 | 1.82 | 1.91 |
Levered Free Cash Flow | 1,692 | 1,560 | 1,669 | 1,805 | 1,904 | 1,846 | 1,759 | 1,464 | 1,465 | 1,297 | 1,274 | 1,368 | 1,385 | 1,325 | 1,392 | 1,225 | 1,134 | 983 | 991.25 | 1,065 |
Unlevered Free Cash Flow | 1,908 | 1,783 | 1,898 | 2,042 | 2,151 | 2,097 | 2,018 | 1,728 | 1,729 | 1,519 | 1,451 | 1,497 | 1,471 | 1,408 | 1,473 | 1,304 | 1,213 | 1,063 | 1,069 | 1,139 |
Additional Metrics
Fiscal Quarter | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 | Q4 2021 | Q3 2021 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Period Ending | Jun '26 Jun 30, 2026 | Mar '26 Mar 31, 2026 | Dec '25 Dec 31, 2025 | Sep '25 Sep 30, 2025 | Jun '25 Jun 30, 2025 | Mar '25 Mar 31, 2025 | Dec '24 Dec 31, 2024 | Sep '24 Sep 30, 2024 | Jun '24 Jun 30, 2024 | Mar '24 Mar 31, 2024 | Dec '23 Dec 31, 2023 | Sep '23 Sep 30, 2023 | Jun '23 Jun 30, 2023 | Mar '23 Mar 31, 2023 | Dec '22 Dec 31, 2022 | Sep '22 Sep 30, 2022 | Jun '22 Jun 30, 2022 | Mar '22 Mar 31, 2022 | Dec '21 Dec 31, 2021 | Sep '21 Sep 30, 2021 |
Cash Interest Paid | 339 | 355 | 354 | 373 | 388 | 385 | 405 | 403 | 336 | 285 | 177 | 122 | 123 | 130 | 116 | 122 | 108 | 122 | 118 | 107 |
Cash Income Tax Paid | 481 | 495 | 373 | 342 | 432 | 380 | 358 | 292 | 220 | 259 | 254 | 268 | 277 | 263 | 274 | 280 | 241 | 485 | 501 | 497 |
Change in Working Capital | -435 | -295 | -235 | 21 | 141 | 65 | 46 | -93 | 79 | -14 | 39 | 133 | 118 | 100 | 168 | 26 | -56 | -306 | -469 | -375 |