NASDAQ, INC.NDAQ
NASDAQ, INC. Financial Overview 2021–2025
Updated Jul 10, 2026Nasdaq’s net income surged 60.1% to reach $1,788 million in FY2025, proving that its aggressive push into regulatory software and anti-financial crime tools is paying off. The company has successfully transformed from a traditional trading venue into a highly profitable financial technology and data powerhouse. This pivot, anchored by major acquisitions like Verafin and Adenza, has significantly expanded its base of recurring revenue.
The success of this software-centric strategy is evident across the company's full long-term arc, with diluted earnings per share growing from $2.35 in FY2021 to $3.09 in FY2025. The underlying business metrics support this expansion. In FY2025, the Financial Technology segment delivered 14% growth in Annual Recurring Revenue, while the Index business captured a record $99 billion in net inflows. This capital influx pushed exchange-traded product assets under management to an all-time high of $882 billion. Nasdaq also maintained aggressive capital returns, repurchasing $548 million in common stock during Q1 2026 alongside steady dividend increases.
Investors have rewarded this strategic shift toward high-margin technology revenues. At the close of FY2025, the market valued Nasdaq at a $55.4 billion market capitalization. The stock ended the fiscal year at $97.13, commanding a 31.4x price-to-earnings multiple that reflects its successful evolution beyond legacy exchange operations.
Recent Developments (Q4 2025 and Q1 2026)
Nasdaq maintained its operational momentum in Q1 2026, delivering a 31.4% increase in net income to $519 million. Total revenues grew 2.0% to $2.137 billion, while revenues less transaction-based expenses jumped 13.8% to $1.407 billion. The Financial Technology segment led this expansion with a 19.7% revenue gain, and Capital Access Platforms grew 11.4%. Market Services saw an 8.1% gross revenue decline, though segment net revenues still increased 12.8%.
The company optimized its balance sheet by reducing total debt to $8.957 billion and securing a new $1.5 billion revolving credit facility. Bulls argue the double-digit growth in non-transaction revenues proves the durability of the recent business transformation. Bears caution that legacy Market Services volumes remain volatile and drag on aggregate top-line growth. The stock traded at 29.1x earnings as of April 24, 2026, reflecting a $51.2 billion market capitalization.
What to watch: debt management under the 3.75:1.00 leverage limit; continued margin expansion from transaction-based expense reductions.
Rev
$8.26B
FY2025
NI
$1.79B
FY2025
EPS
$3.12
FY2025
OCF
$2.25B
FY2025
Year-over-year comparison from 10-K annual reports
Data from SEC Company Facts
Recent SEC Filings
NASDAQ, INC. 8-K Report, Material Agreement (Jul 1, 2026)
Nasdaq, Inc. (NDAQ) has announced the execution of an Amended and Restated Credit Agreement, establishing a new $1.5 billion senior unsecured five-year revolving credit facility. This facility, which matures on June 30, 2031, replaces the company's previous credit agreement and provides significant financial flexibility. The new agreement allows for potential increases in commitments by up to $1.0 billion, subject to customary conditions, enabling Nasdaq to pursue strategic growth initiatives such as acquisitions, share repurchases, or the repayment of existing debt. This updated credit facility offers competitive interest rates tied to the company's debt ratings and includes a commitment fee on unused portions. Key covenants are in place, including a financial covenant based on a Leverage Ratio not exceeding 3.75 to 1.00 (with temporary flexibility for acquisitions), alongside customary negative covenants. The ability to access this substantial liquidity pool underscores Nasdaq's strong financial position and its commitment to managing its capital structure effectively to support its ongoing business objectives.
NASDAQ, INC. 8-K Report, Shareholder Vote Results (Jun 16, 2026)
Nasdaq, Inc. (NDAQ) has filed an 8-K report detailing the outcomes of its 2026 Annual Meeting of Shareholders held on June 10, 2026. The meeting saw shareholders overwhelmingly approve key corporate governance and financial matters. All twelve director nominees were elected, and the company's executive compensation plan received advisory approval. Furthermore, the appointment of Ernst & Young LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2026, was ratified by a significant majority. These results indicate strong shareholder confidence in the current leadership and financial oversight of Nasdaq. The high voting percentages for director elections and executive compensation suggest alignment between management and its investors on strategic direction and compensation practices. The ratification of the auditor also reinforces the transparency and integrity of Nasdaq's financial reporting processes.
NASDAQ, INC. 8-K Report, Financial Results (Apr 23, 2026)
Nasdaq, Inc. (NDAQ) has filed a Form 8-K on April 23, 2026, reporting its financial results for the first quarter of 2026. The filing primarily serves to disseminate the company's earnings press release and related presentation materials. Investors seeking detailed financial performance metrics should refer to Exhibit 99.1, the press release announcing Q1 2026 results, which is incorporated by reference. In addition to the financial results, the report also announces the declaration of a quarterly cash dividend, detailed in Exhibit 99.2. This indicates continued commitment to returning capital to shareholders. The company has also made earnings presentation slides available on its website, offering further insights into its performance and outlook.
NASDAQ, INC. 8-K Report, Financial Results (Jan 29, 2026)
Nasdaq, Inc. (NDAQ) has filed an 8-K report on January 29, 2026, disclosing its financial results for the fourth quarter and full fiscal year of 2025. The company also announced the declaration of a quarterly cash dividend. Investors should refer to the press releases attached as exhibits to this filing for detailed financial performance and dividend information. This report serves as a key update on Nasdaq's operational and financial standing for the period ending December 31, 2025. The information provided in this 8-K is primarily intended for informational purposes regarding Nasdaq's financial condition and dividend declarations. While the press releases contain specific financial data, this report itself does not include detailed financial statements but rather incorporates them by reference. Investors looking for in-depth analysis of Nasdaq's 2025 performance and future shareholder returns should consult the referenced exhibits.
NASDAQ, INC. 8-K Report, Bylaw Amendment (Jan 16, 2026)
Nasdaq, Inc. (NDAQ) has filed an 8-K report detailing significant updates to its corporate governance documents, specifically its Certificate of Incorporation and By-Laws. These changes, approved by shareholders in June 2025 and subsequently by the SEC, aim to modernize Nasdaq's internal operating procedures and legal framework. Key among these are the introduction of limited officer exculpation in the company's charter and several amendments to the By-Laws, including modernized advance notice provisions, enhanced operational flexibility for the Board of Directors, and the adoption of a forum selection by-law. These updates reflect Nasdaq's proactive approach to corporate governance, aligning with evolving regulatory requirements and best practices. Investors should note that the Charter Amendment provides for limited exculpation of officers, a measure intended to protect them from certain liabilities, while the By-Laws Amendments focus on streamlining corporate procedures and compliance. The forum selection by-law is particularly noteworthy, designating Delaware or federal courts as the exclusive venue for specific legal claims, which can impact the ease and cost of litigation for shareholders. These changes, effective January 14, 2026, are designed to ensure Nasdaq operates efficiently and in compliance with current corporate law and SEC regulations.
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