Nasdaq, Inc. (NDAQ)
NASDAQ: NDAQ · Real-Time Price · USD
85.53
+1.47 (1.75%)
At close: Mar 13, 2026, 4:00 PM EDT
85.49
-0.04 (-0.05%)
After-hours: Mar 13, 2026, 7:47 PM EDT
Nasdaq Cash Flow Statement
Financials in millions USD. Fiscal year is January - December.
Millions USD. Fiscal year is Jan - Dec.
Fiscal Quarter | 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 | Q2 2021 | Q1 2021 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Period Ending | 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 | Jun '21 Jun 30, 2021 | Mar '21 Mar 31, 2021 |
Net Income | 1,787 | 1,624 | 1,506 | 1,277 | 1,115 | 956 | 945 | 989 | 1,057 | 1,101 | 1,101 | 1,141 | 1,123 | 1,142 | 1,137 | 1,172 | 1,187 | 1,153 | 1,128 | 1,028 |
Depreciation & Amortization | 632 | 624 | 618 | 614 | 613 | 585 | 497 | 409 | 323 | 261 | 260 | 260 | 258 | 276 | 279 | 282 | 278 | 250 | 235 | 217 |
Stock-Based Compensation | 165 | 158 | 153 | 146 | 141 | 137 | 131 | 126 | 122 | 120 | 117 | 107 | 106 | 100 | 96 | 96 | 90 | 89 | 90 | 89 |
Other Adjustments | -43 | -63 | -75.5 | -79 | -25 | 20 | 41 | 138 | 142 | 145 | 96 | 50 | 43 | 80 | 168 | 128 | 75 | 143 | 49 | 80 |
Change in Receivables | 91 | 78 | 8 | -128 | -193 | -171 | -125 | -24 | 3 | 43 | 46 | -52 | -101 | -107 | -105 | -51 | -6 | -26 | -16 | 13 |
Changes in Accounts Payable | -6 | -39 | -49 | -4 | -60 | -4 | 94 | 86 | 149 | 102 | 27 | 1 | 19 | 14 | -2 | -21 | -17 | 19 | 26 | -11 |
Changes in Accrued Expenses | 25 | -2 | 60 | 10 | 34 | 52 | 12 | -11 | 13 | 5 | -2 | -4 | - | - | 1 | -2 | 28 | 33 | 15 | 33 |
Changes in Unearned Revenue | 69 | 49 | 41 | 50 | 67 | 6 | 43 | 62 | 88 | 20 | 10 | 24 | 16 | 54 | 106 | 143 | 106 | 83 | 80 | 66 |
Changes in Other Operating Activities | -619.5 | -65 | 81 | 137 | 198 | 24 | 55 | -127 | -214 | -37 | 20 | 114 | 217 | 48 | -56 | -375 | -580 | -484 | -593 | -157 |
Operating Cash Flow | 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 | 898 | 1,266 |
Operating Cash Flow Growth | 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% | -28.79% | 25.85% |
Capital Expenditures | -266 | -237 | -224 | -217 | -207 | -189 | -170 | -157 | -158 | -150 | -154 | -157 | -152 | -168 | -159 | -156 | -163 | -173 | -201 | -204 |
Purchases of Investments | -243 | -288 | -292 | -271 | -206 | -334 | -415 | -554 | -712 | -589 | -532 | -418 | -322 | -310 | -310 | -358 | -316 | -300 | -341 | -251 |
Proceeds from Sale of Investments | 427 | 450 | 405 | 260 | 199 | 433 | 542 | 579 | 719 | 442 | 394 | 428 | 320 | 324 | 347 | 333 | 285 | 296 | 328 | 316 |
Payments for Business Acquisitions | - | - | - | - | - | - | - | - | -5,766 | - | - | -20.5 | -41 | -20.5 | -20.5 | -1,215 | -2,430 | -3,645 | -3,645 | -2,509 |
Proceeds from Business Divestments | 140 | 70 | 26 | - | - | - | - | - | - | - | - | - | - | - | - | 95 | 190 | 95 | 95 | - |
Other Investing Activities | -1,158 | -1,447 | -1,193 | -751 | -739 | 71 | 85 | -199 | -81 | 213 | 293 | 494 | 244 | 49 | -209 | -352 | -219 | -211 | -179 | -230 |
Investing Cash Flow | -1,100 | -1,470 | -1,252 | -979 | -953 | -5,781 | -5,720 | -6,093 | -5,994 | -84 | 1 | 306 | 49 | -238 | -464 | -435 | -2,745 | -2,606 | -2,611 | -2,777 |
Short-Term Debt Issued | - | -25 | -75 | -249 | -316 | - | -88 | -121 | -371 | -203 | -285 | 341 | 238 | -281 | 198 | -435 | 420 | 480 | 221 | 86 |
Net Short-Term Debt Issued (Repaid) | - | -25 | -75 | -249 | -316 | - | -88 | -121 | -371 | -203 | -285 | 341 | 238 | -281 | 198 | -435 | 420 | 480 | 221 | 86 |
Long-Term Debt Issued | - | - | - | - | - | 597 | 592 | 3,100 | 5,608 | 2,503 | 2,508 | 270.5 | 541 | 904 | 1,901 | 1,680 | 1,239 | 2,755 | 2,969 | 4,048 |
Long-Term Debt Repaid | -826 | -907 | -928.5 | -698.5 | -781.5 | -860.5 | -900 | -730 | -260 | -598 | -897 | -1,147 | -1,097 | -851 | -1,306 | -1,106 | -1,206 | -852 | -147 | -896 |
Net Long-Term Debt Issued (Repaid) | -826 | -907 | -928.5 | -698.5 | -781.5 | -263.5 | -308 | 2,370 | 5,348 | 1,905 | 1,611 | -876 | -335 | 274 | 595 | 574 | 22 | 1,903 | 2,822 | 3,152 |
Issuance of Common Stock | 14 | 14 | 14 | 10.5 | 10.5 | 10.5 | 10.5 | 9 | 9 | 9 | 8 | 7.5 | 7.5 | 25 | 22 | 22 | 26 | 53 | 45.5 | 43.5 |
Repurchase of Common Stock | -616 | -373.5 | -345.5 | -165.5 | -188.5 | -255 | -223 | -382.5 | -403.5 | -293.5 | -238.5 | -487.5 | -633 | -928.5 | -1,595 | -1,515 | -1,210 | -950 | -480 | -262 |
Net Common Stock Issued (Repurchased) | -602 | -359.5 | -331.5 | -155 | -178 | -244.5 | -212.5 | -373.5 | -394.5 | -284.5 | -230.5 | -480 | -625.5 | -1,075 | -1,573 | -1,493 | -1,188 | -897 | -434.5 | -218.5 |
Common Dividends Paid | -601 | -586 | -569 | -552 | -541 | -530 | -500 | -470 | -441 | -412 | -403 | -392 | -383 | -375 | -367 | -358 | -350 | -341 | -331 | -323 |
Other Financing Activities | -909.5 | -593.5 | -1,021 | -295 | -1,063 | -580 | -1,796 | -1,366 | -63.5 | -3,872 | -834.5 | 1,513 | 2,355 | 7,176 | 5,966 | 3,057 | 2,226 | 405 | -281.5 | -61.5 |
Financing Cash Flow | -2,953 | -2,410 | -2,773 | -1,769 | -2,561 | -1,336 | -2,529 | 2,958 | 4,220 | -220 | 2,749 | 55 | 1,036 | 6,394 | 5,219 | 2,111 | 1,907 | 1,579 | 1,068 | 1,079 |
Effect of Exchange Rate Changes on Cash and Cash Equivalents | 726 | 191 | 391 | 177 | -537 | 427 | 152 | -138 | 202 | 131 | -841 | -1,100 | -1,293 | -2,047 | -1,083 | -496 | -509 | -173 | -89 | -149 |
Net Cash Flow | -1,072 | -1,354 | -1,276 | -499 | -2,112 | -5,039 | -6,390 | -1,612 | 124 | 1,600 | 3,614 | 927 | 1,498 | 5,705 | 5,268 | 2,474 | -264 | -66 | -734 | -581 |
Free Cash Flow | 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 | 697 | 1,062 |
Free Cash Flow Growth | 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% | -38.26% | 21.65% |
FCF Margin | 24.07% | 25.69% | 26.31% | 23.74% | 23.41% | 20.84% | 23.42% | 24.24% | 25.36% | 27.05% | 25.41% | 24.24% | 24.96% | 23.37% | 24.31% | 19.72% | 15.63% | 16.34% | 11.74% | 17.93% |
Free Cash Flow Per Share | 3.44 | 3.62 | 3.68 | 3.20 | 2.99 | 2.56 | 2.79 | 2.84 | 3.03 | 3.28 | 3.13 | 3.04 | 3.12 | 2.85 | 2.85 | 2.25 | 1.82 | 1.91 | 1.39 | 2.12 |
Levered Free Cash Flow | 1,002 | 1,023 | 1,032 | 920.5 | 950 | 1,170 | 1,082 | 3,503 | 6,237 | 3,007 | 2,591 | 847 | 1,182 | 1,140 | 2,100 | 1,182 | 1,281 | 3,263 | 3,733 | 4,210 |
Unlevered Free Cash Flow | 1,982 | 2,129 | 2,239 | 2,112 | 2,029 | 1,688 | 1,687 | 1,446 | 1,392 | 1,401 | 1,343 | 1,436 | 1,566 | 1,439 | 1,354 | 1,017 | 767.04 | 824.22 | 622.61 | 963.53 |
Updated Jan 29, 2026. Data Source: Fiscal.ai. Standard template. Financial Sources.