NASDAQ: NDAQ
Nasdaq
Financials · Security & Commodity Brokers, Dealers, Exchanges & Services
52-week range
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$51.1B
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| Period | Market cap |
|---|---|
| FY2016, ended Dec 31, 2016 | $11.2B |
| FY2017, ended Dec 31, 2017 | $12.8B |
| FY2018, ended Dec 31, 2018 | $13.5B |
| FY2019, ended Dec 31, 2019 | $17.7B |
| FY2020, ended Dec 31, 2020 | $21.9B |
| FY2021, ended Dec 31, 2021 | $34.5B |
| FY2022, ended Dec 31, 2022 | $30.0B |
| FY2023, ended Dec 31, 2023 | $33.4B |
| FY2024, ended Dec 31, 2024 | $44.5B |
| FY2025, ended Dec 31, 2025 | $55.2B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $51.1B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$9.15B
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| Period | Revenue |
|---|---|
| FY2016, ended Dec 31, 2016 | $3.70B |
| FY2017, ended Dec 31, 2017 | $3.95B |
| FY2018, ended Dec 31, 2018 | $4.28B |
| FY2019, ended Dec 31, 2019 | $4.26B |
| FY2020, ended Dec 31, 2020 | $5.63B |
| FY2021, ended Dec 31, 2021 | $5.89B |
| FY2022, ended Dec 31, 2022 | $6.23B |
| FY2023, ended Dec 31, 2023 | $6.06B |
| FY2024, ended Dec 31, 2024 | $7.40B |
| FY2025, ended Dec 31, 2025 | $8.26B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $9.15B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $106M | $642M |
| FY2017, ended Dec 31, 2017 | $729M | $765M |
| FY2018, ended Dec 31, 2018 | $458M | $917M |
| FY2019, ended Dec 31, 2019 | $774M | $836M |
| FY2020, ended Dec 31, 2020 | $933M | $1.06B |
| FY2021, ended Dec 31, 2021 | $1.19B | $920M |
| FY2022, ended Dec 31, 2022 | $1.13B | $1.55B |
| FY2023, ended Dec 31, 2023 | $1.06B | $1.54B |
| FY2024, ended Dec 31, 2024 | $1.12B | $1.73B |
| FY2025, ended Dec 31, 2025 | $1.79B | $1.99B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $2.08B | $2.26B |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$365M
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| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Dec 31, 2016 | $403M |
| FY2017, ended Dec 31, 2017 | $377M |
| FY2018, ended Dec 31, 2018 | $545M |
| FY2019, ended Dec 31, 2019 | $332M |
| FY2020, ended Dec 31, 2020 | $2.75B |
| FY2021, ended Dec 31, 2021 | $393M |
| FY2022, ended Dec 31, 2022 | $502M |
| FY2023, ended Dec 31, 2023 | $453M |
| FY2024, ended Dec 31, 2024 | $592M |
| FY2025, ended Dec 31, 2025 | $604M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $365M |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$8.74B
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| Period | Total debt |
|---|---|
| FY2016, ended Dec 31, 2016 | $3.60B |
| FY2017, ended Dec 31, 2017 | $4.21B |
| FY2018, ended Dec 31, 2018 | $3.83B |
| FY2019, ended Dec 31, 2019 | $3.38B |
| FY2020, ended Dec 31, 2020 | $5.54B |
| FY2021, ended Dec 31, 2021 | $5.83B |
| FY2022, ended Dec 31, 2022 | $5.40B |
| FY2023, ended Dec 31, 2023 | $10.5B |
| FY2024, ended Dec 31, 2024 | $9.48B |
| FY2025, ended Dec 31, 2025 | $9.00B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $8.74B |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Up 10.9% since 2016.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.555M
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| Period | Shares outstanding |
|---|---|
| FY2016, ended Dec 31, 2016 | 500M |
| FY2017, ended Dec 31, 2017 | 500M |
| FY2018, ended Dec 31, 2018 | 496M |
| FY2019, ended Dec 31, 2019 | 495M |
| FY2020, ended Dec 31, 2020 | 494M |
| FY2021, ended Dec 31, 2021 | 493M |
| FY2022, ended Dec 31, 2022 | 489M |
| FY2023, ended Dec 31, 2023 | 575M |
| FY2024, ended Dec 31, 2024 | 575M |
| FY2025, ended Dec 31, 2025 | 568M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | 555M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.Net: $1.33B more bought back than issued
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| Period | Bought back | Paid to employees | Sold for cash |
|---|---|---|---|
| FY2016, ended Dec 31, 2016 | $100M | $86.0M | $54.0M |
| FY2017, ended Dec 31, 2017 | $203M | $70.0M | $53.0M |
| FY2018, ended Dec 31, 2018 | $394M | $69.0M | $17.0M |
| FY2019, ended Dec 31, 2019 | $200M | $79.0M | $37.0M |
| FY2020, ended Dec 31, 2020 | $222M | $87.0M | $50.0M |
| FY2021, ended Dec 31, 2021 | $468M | $90.0M | $26.0M |
| FY2022, ended Dec 31, 2022 | $308M | $106M | $23.0M |
| FY2023, ended Dec 31, 2023 | $269M | $122M | $29.0M |
| FY2024, ended Dec 31, 2024 | $145M | $141M | — |
| FY2025, ended Dec 31, 2025 | $616M | $165M | — |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $1.51B | $177M | — |
Revenue (TTM)
$9.15B
+11.5% YoY
Net income (TTM)
$2.08B
+28.2% YoY
Cash
$365M
−22.3% YoY
Total debt
$8.74B
−3.9% YoY
Valuation
At current price- Market Cap
- $59.0B
- P/E
- 28.3×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 6.4×
- Price / Book
- 4.9×
- EV / EBITDA
- 23.2×
Growth
Trailing 12 months- Revenue (TTM)
- $9.15B
- Revenue Growth YoY
- 11.5%
- Revenue CAGR 3Y
- 9.9%
- Revenue CAGR 5Y
- 8.0%
- EPS Growth YoY
- 30.7%
- Net Income Growth YoY
- 28.2%
Profitability
Trailing 12 months- Gross Margin
- 63.2%
- Operating Margin
- 29.8%
- Net Margin
- 22.8%
- FCF Margin
- 24.7%
- Return on Equity
- 17.4%
Earnings
Trailing 12 months- Net Income
- $2.08B
- EPS (diluted)
- $3.66
- EBITDA
- $2.90B
- Operating Income
- $2.73B
Balance Sheet
As of Sep 30, 2026- Cash and cash equivalents
- $365M
- Total Debt
- $8.74B
- Net Debt
- $8.38B
- Total Assets
- $27.4B
- Total Liabilities
- $15.4B
- Shareholders' Equity
- $12.0B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $2.55B
- Capital Expenditure
- $288M
- Free Cash Flow
- $2.26B
Dividends and risk
Last 12 months- Dividend Yield
- 1.1%
- Dividend / Share
- $1.16
- Beta (5Y)
- 0.99
Every ratio is calculated from the company’s reported figures.
Strength
Revenue is up 11.5% year over year, at $9.15B.
Strength
Operating margin widened 2.8 pts in a year, to 29.8%.
Strength
Turns 24.7% of revenue into free cash flow.
Strength
Share count is down 2.8% in a year, from buybacks.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-Q for the quarter ended Sep 30, 2026 · filed Oct 22, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2025 · 10-K69Mildly positive
10-K for the fiscal year ended Dec 31, 2025
Filed Feb 12, 2026 · Read the filing on EDGAR
- Revenue after rebates rose 12.9% to $5.25B, operating income rose 29.7%, and net income rose 60% to $1.79B. Diluted EPS rose to $3.09.
- Every segment grew. Financial Technology was up 14%, Market Services posted record revenue, and Nasdaq IPOs rose to 281 from 180.
- The Adenza cost-cutting program is finished, with over $160M of yearly savings already put in place, beating the $140M target. Debt fell to $9.0B.
- A court denied Nasdaq's challenge to the SEC's access-fee rule, which takes effect in November 2026 and may hurt trading revenue.
Business momentum
Strong improvement
“The Financial Technology segment delivered 14% growth in ARR and revenue, reflecting an increase in new clients, cross-sells and upsells.”
Outlook
Neutral
“Currently, our cost and availability of funding remain healthy.”
Financial stress
Low
“As of December 31, 2025, we were in compliance with the covenants of all of our debt obligations.”
Tone against the previous report
More positive
Red flags
- Medium
Other
“Since the rule was not vacated, we will adjust our business model in accordance with the rule, and the implementation of the rule in November 2026 may adversely impact our business and revenue.”
- Minor
Other
“As of December 31, 2025, we have an outstanding net receivable of $99 million in connection with our portion of expenses related to the CAT implementation.”
Positives
Strong profit growth
“Net income attributable to Nasdaq $1,788 $1,117 $1,059 60.1% 5.5%”
Adenza cost savings beat the target
“We have achieved benefits primarily in the form of expense synergies with over $160 million net expense synergies actioned through December 31, 2025.”
Record money flowing into funds that track Nasdaq indexes
Concerns
Losing share of US stock trading
“partially offset by lower overall U.S. matched market share executed on Nasdaq's exchanges”
Big debt load and large goodwill from acquisitions
“Our indebtedness as of December 31, 2025 was $9.0 billion.”
New access-fee rule could cut trading revenue from November 2026
“the implementation of the rule in November 2026 may adversely impact our business and revenue.”
New risks since the previous report
Court upheld the SEC rule cutting exchange access fees
“Nasdaq petitioned the U.S. Court of Appeals for the District of Columbia Circuit to vacate the proposed rule, and in October 2025, Nasdaq's petition for review was denied.”
Court threw out the funding model for the CAT trade-tracking system, putting $99M owed to Nasdaq at risk
“As a result, we may be subject to a delay in recovering expenses or be unable to recover those expenses.”
AWS outage in October 2025 hit some Nasdaq services
“While certain of our offerings were affected by the AWS outage in October 2025, the outage did not affect trading on our exchanges.”
Competition from tokenized stocks, prediction markets and digital-asset rules
Market share slipping in US stock and options trading
“Total matched market share executed on Nasdaq’s exchanges”
Biggest risks named
- SEC access-fee rule taking effect in November 2026
- Swings in trading volume and lost market share
- Cyberattacks, system outages and reliance on AWS
- $9.0B debt and $14.4B goodwill that could be written down
- New competition from tokenized stocks and digital assets
Artificial intelligence in this business: Material to the business
How the score adds up
| Starting point | 60 | |
| Business momentum | +12 | |
| Outlook | 0 | |
| Tone against the previous report | +2 | |
| Financial stress | 0 | |
| Red flags | −2.7 | |
| New risks | −2 | |
| Score | 69 | |
Written by AI (Claude Opus 5.5) from the report’s text. 14 of 16 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-Q | Oct 22, 2026 | Pro | |||
| 10-K | Feb 12, 2026 | 69 | Strong improvement | 1 medium1 minor | |
| 10-K | Feb 21, 2025 | 73 | Strong improvement | 2 minor | |
| 10-K | Feb 21, 2024 | 66 | Improving | 1 minor | |
| 10-K | Feb 23, 2023 | 63 | Improving | 1 minor | |
| 10-K | Feb 23, 2022 | 69 | Strong improvement | 1 minor | |
| 10-K | Feb 23, 2021 | 69 | Strong improvement | 1 minor | |
| 10-K | Feb 25, 2020 | 56 | Stable | 2 minor | |
| 10-K | Feb 22, 2019 | 50 | Mixed | 1 medium1 minor | |
| 10-K | Feb 28, 2018 | 72 | Strong improvement | None |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q3 FY2026 (period ended Sep 30, 2026), filed Oct 22, 2026. View filings on SEC EDGAR