FN2 Earnings Intelligence
Nasdaq, Inc. financials
Nasdaq, Inc. (NDAQ) financial statements and key operating metrics from FN2 Research.
Key Stats
USD in millions, except per-share values and percentages.
| Metric | 12/31/2021 | 12/31/2022 | 12/31/2023 | 12/31/2024 | 12/31/2025 | 12/31/2026 est. | 12/31/2027 est. |
|---|---|---|---|---|---|---|---|
| Market Cap | - | - | - | - | - | - | - |
| - Cash | $393 | $502 | $453 | $592 | $604 | - | - |
| + Debt | $5,830 | $5,399 | $10,454 | $9,480 | $9,004 | - | - |
| Enterprise Value | - | - | - | - | - | - | - |
| Revenue | $5,886 | $6,226 | $6,064 | $7,400 | $8,262 | $5,920 | $6,477.9 |
| % Growth | 4.6% | 5.8% | -2.6% | 22.0% | 11.6% | -28.3% | 9.4% |
| Gross Profit | $3,420 | $3,582 | $3,895 | $4,649 | $5,249 | - | - |
| % Margin | 58.1% | 57.5% | 64.2% | 62.8% | 63.5% | - | - |
| EBITDA | $1,549 | $1,669 | $1,695 | $1,923 | $2,476 | - | - |
| % Margin | 26.3% | 26.8% | 28.0% | 26.0% | 30.0% | - | - |
| Net Income | $1,187 | $1,125 | $1,059 | $1,117 | $1,788 | - | - |
| % Margin | 20.2% | 18.1% | 17.5% | 15.1% | 21.6% | - | - |
| Diluted EPS | $7.05 | $2.26 | $2.08 | $1.93 | $3.09 | $4.14 | $4.73 |
| % Growth | 26.1% | -67.9% | -8.0% | -7.2% | 60.1% | 34.0% | 14.4% |
| Operating Cash Flow | $1,083 | $1,706 | $1,696 | $1,939 | $2,255 | - | - |
| CapEx | $163 | $152 | $158 | $207 | $266 | - | - |
| Free Cash Flow | $920 | $1,554 | $1,538 | $1,732 | $1,989 | - | - |
Historical market capitalization is not persisted, so Market Cap and Enterprise Value remain unavailable rather than mixing today's market value into prior periods.
Income Statement
USD in millions, except per-share values and percentages.
| Metric | 12/31/2021 | 12/31/2022 | 12/31/2023 | 12/31/2024 | 12/31/2025 | 12/31/2026 est. | 12/31/2027 est. |
|---|---|---|---|---|---|---|---|
| Revenue | $5,886 | $6,226 | $6,064 | $7,400 | $8,262 | $5,920 | $6,477.9 |
| Gross Profit | $3,420 | $3,582 | $3,895 | $4,649 | $5,249 | - | - |
| EBITDA | $1,549 | $1,669 | $1,695 | $1,923 | $2,476 | - | - |
| Net Income | $1,187 | $1,125 | $1,059 | $1,117 | $1,788 | - | - |
| Diluted EPS | $7.05 | $2.26 | $2.08 | $1.93 | $3.09 | $4.14 | $4.73 |
Balance Sheet
USD in millions, except per-share values and percentages.
| Metric | 12/31/2021 | 12/31/2022 | 12/31/2023 | 12/31/2024 | 12/31/2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $393 | $502 | $453 | $592 | $604 |
| Short-term Debt | $1,018 | $664 | $291 | $399 | $431 |
| Long-term Debt | $4,812 | $4,735 | $10,163 | $9,081 | $8,573 |
| Total Debt | $5,830 | $5,399 | $10,454 | $9,480 | $9,004 |
Cash Flow
USD in millions, except per-share values and percentages.
| Metric | 12/31/2021 | 12/31/2022 | 12/31/2023 | 12/31/2024 | 12/31/2025 |
|---|---|---|---|---|---|
| Operating Cash Flow | $1,083 | $1,706 | $1,696 | $1,939 | $2,255 |
| Capital Expenditure | $163 | $152 | $158 | $207 | $266 |
| Free Cash Flow | $920 | $1,554 | $1,538 | $1,732 | $1,989 |
Ratios
USD in millions, except per-share values and percentages.
| Metric | 12/31/2021 | 12/31/2022 | 12/31/2023 | 12/31/2024 | 12/31/2025 |
|---|---|---|---|---|---|
| Revenue Growth | 4.6% | 5.8% | -2.6% | 22.0% | 11.6% |
| Gross Margin | 58.1% | 57.5% | 64.2% | 62.8% | 63.5% |
| EBITDA Margin | 26.3% | 26.8% | 28.0% | 26.0% | 30.0% |
| Net Margin | 20.2% | 18.1% | 17.5% | 15.1% | 21.6% |
| FCF Margin | 15.6% | 25.0% | 25.4% | 23.4% | 24.1% |
| Diluted EPS Growth | 26.1% | -67.9% | -8.0% | -7.2% | 60.1% |
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