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Nasdaq, Inc. (NDAQ) stock

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NASDAQ: NDAQ Nasdaq Financial Exchanges & Data Next results ~January 28, 2027

C Fundamentals grade

Nasdaq, Inc. is a US-listed company in the financial exchanges & data industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$110

Cash-flow model

Base case. Range ~$79–$150 across our lower- and higher-growth cases (8.3%–18.3% a year).

Price vs value

Modestly undervalued

The price is inside our value range, 1% below our base value.

Price used: $108.62, November 2, 2026

Nasdaq, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Nasdaq files

10-Q filed October 22: Nasdaq

Model value +19.7%

Revenue for the twelve months to September 2026 reached $9.15bn, an 11.5% rise on a year earlier and an acceleration from the 7.5% posted a quarter before. Free-cash-flow margin held steady at 24.7%. Operating margin widened to 29.8% from 27.0%. On the back of this, the fundamentals grade improves from D to C, and our model value climbs from $90.42 to $108 a share against a price of $103. The rating stays Hold. At that price, the model implies the market expects cash flow to grow about 11.4% a year over five years, ahead of the 9.2% annual revenue growth delivered so far.

Source: 10-Q filed October 22, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where Nasdaq stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $8.75bn, up 7.7% on a year earlier, faster than 6.4% a quarter earlier. Free-cash-flow margin fell to 22.3% from 26.3% a year earlier. Operating margin widened to 29.5% from 25.6%. Against its peers on growth, profitability, cash generation and balance sheet, it grades D. It passes 4 of our 7 financial-health checks. Our cash-flow model value is $75.81 a share, against a share price of $94.28. At that price, our model says the market is pricing in about 13.6% a year of cash-flow growth for five years, faster than the 8.3% a year revenue growth it has delivered.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 28, 2027 (estimated)

Nasdaq, Inc.'s trailing-twelve-month revenue grew 11.5% year on year, with a free-cash-flow margin of 24.7%. Where it stands out: change in growth rate of +4.0pp ranks 2 of 11 financial exchanges & data companies we cover. Where it lags: free-cash-flow margin of 24.7% ranks 8 of 8 financial exchanges & data companies we cover.

Our discounted-cash-flow model values the business at ~$110 per share in the base case (~$79–$150 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 7.6% while net income grew 28.2%: a 21pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Growth speeding up. The growth rate is 4.0 points higher than a quarter earlier.
  • High operating margin. 29.8% of revenue is left as operating profit, against a median of 40.5% for financial exchanges & data companies we cover.
  • Strong cash generation. 24.7% of revenue turned into free cash flow, against a median of 37.6% for financial exchanges & data companies we cover.
  • Shrinking share count. Diluted shares fell 1.7% in a year, so each share owns more of the business.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Below peers: free-cash-flow margin. Free-cash-flow margin of 24.7% ranks 8 of 8 financial exchanges & data companies we cover (median 37.6%).

Latest results: FY2026 Q3

Filed October 22, 2026
Earnings per share
$1.04 against an average estimate of $1.02: beat by 2.3%
Revenue
$2.39bn, up 20.9% on a year earlier
Share reaction
+6.7% in the first session after the results on October 22, 2026, against -1.7% for the S&P 500
Guidance given
non-GAAP operating expense guidance $2.55bn to $2.58bn (2026); non-GAAP tax rate guidance 22.5% to 24.5% (2026)
Next report
October 22, 2026; average EPS estimate $1.07

Nasdaq's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+2.2%
  • 1 week+3.7%
  • 1 month+20.2%
  • This year+13.0%
  • 1 year+28.7%
  • 5 years+66.6%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$9.1B
Operating margin
29.8%
Net margin
22.8%
EPS (TTM, diluted)
$3.66

Growth

Revenue growth
+11.5%
Change in growth rate
+4.0 pts
Share count change
−1.7%

Cash

Free cash flow (TTM)
$2.3B
FCF margin
24.7%
Stock pay % of revenue
1.9%

Earnings

Last results
October 22, 2026
Next results (est.)
January 28, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Leadership
  2. Our research
  3. Insider trade
  4. Results
  5. Guidance
  6. Insider trade
  7. Insider trade
  8. Insider trade
  9. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Nasdaq, Inc. valuation models and calculator

What the price is pricing in

The share price implies about 11.9% a year of cash-flow growth for five years.That is close to the 9.2% a year revenue growth Nasdaq has delivered.

  • Priced in11.9%
  • Last 12 months11.5%
  • 3 years a year15.1%
  • 5 years a year9.2%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($107.34, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$110
Price used
$107.34close November 3, 2026
Implied change
▲ +3%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Nasdaq, Inc.'s free cash flow after stock-based pay with after-tax interest added back ($2.3B, FY2026 Q3 TTM), growing 10.2% and 11.7% in the next two years (forecasts, guidance and its record), then back to 13.3% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$79–~$150 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Nasdaq, Inc.'s free cash flow after stock-based pay ( $2.3B, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Nasdaq, Inc. as an asset manager, broker or exchange, with every model that fits that kind of business. Cost of equity 9%: the 10-year Treasury yield (4.9%) plus a beta of 0.9 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$110 ~$79–$150 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$69 ~$53–$110 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$42 ~$31–$59 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$46 ~$39–$55 Included
Price-to-book vs peers Book value per share times peers' typical (harmonic-mean) price-to-book. ~$2.1 ~$22–$91 Left out: out of range vs price (0.02x)
Dividend discount (two-stage) Dividends for five years at the growth the business can fund, then a steady payout and growth. ~$52 ~$44–$64 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$72 ~$42–$110 5 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Nasdaq, Inc. with brokers, investment banks and exchanges in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −28%
  • Revenue growth 5 points higher ▲ +36%
  • Free-cash-flow margin 1 point lower ▼ −4%
  • Last year's free-cash-flow margin change, if it persists ▼ −3%
  • Discount rate 1 point higher ▼ −17%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $46$67$96$134$183$247
8.5% $31$47$68$95$130$175
10% $23$35$51$72$98$133

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$16.34$19.20$22.42$24.26$32.48$40.92$65.53$58.19$56.06$75.60$96.15$108.62
Market value$8.4bn$9.7bn$11.4bn$12.2bn$16.3bn$20.5bn$33.1bn$29.0bn$28.5bn$43.8bn$55.6bn$61.9bn
+ Net debt (− = net cash)$2.1bn$3.2bn$4.4bn$3.9bn$3.1bn$3.4bn$5.9bn$4.9bn$10.5bn$9.4bn$8.4bn$8.4bn
Enterprise value$10.5bn$12.9bn$15.8bn$16.1bn$19.3bn$23.9bn$39.0bn$33.9bn$39.0bn$53.2bn$64.0bn$70.3bn
Multiples
Price / sales 2.5x2.6x2.9x2.9x3.8x3.6x5.6x4.7x4.7x5.9x6.7x6.8x
Price / earnings 19.6x91.7x15.6x26.6x21.0x22.0x27.9x25.8x26.9x39.2x31.1x29.7x
Price / free cash flow 14.1x15.1x14.9x13.3x19.5x19.3x36.0x18.6x18.5x25.3x28.0x27.4x
EV / EBITDA 13.1x14.0x14.6x14.3x17.5x17.9x25.2x20.3x23.0x27.7x25.9x24.2x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

70 /100

Moderate moat

How hard Nasdaq's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 6 / 20

    Net income has been a median 5.0% of total assets over 10 years.

  • Pricing power 19 / 20

    Gross margin has been a median 60.7%, moving by 3.3 percentage points (standard deviation) across 10 years.

  • Durability 18 / 20

    Operating margin has been a median 24.7%; its worst year was 22.5%.

  • Cash conversion 20 / 20

    Free cash flow was positive in 10 of 10 years, at a median 20.7% of revenue.

  • Discipline 12 / 20

    The diluted share count rose 13.7% over five years; stock-based pay has been a median 1.8% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (75 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $4.14 +19% $5.9bn +13%
Next $4.75 +15% $6.5bn +9%

Next year's EPS estimate has moved +2.0% in 90 days, across 17 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +0.2% on 90 days ago. In the last 30 days, 3 analysts raised Nasdaq, Inc.'s forecast and 6 cut it.

Consensus EPS forecast Nasdaq, Inc., last 90 days
$4.00 $4.20 $4.40 $4.60 $4.80 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $4.14 Current fiscal year, 60 days ago: $4.14 Current fiscal year, 30 days ago: $4.14 Current fiscal year, 7 days ago: $4.12 Current fiscal year, Now: $4.14 $4.14 Next fiscal year, 90 days ago: $4.65 Next fiscal year, 60 days ago: $4.68 Next fiscal year, 30 days ago: $4.68 Next fiscal year, 7 days ago: $4.68 Next fiscal year, Now: $4.75 $4.75

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $4.14$4.65
60 days ago $4.14$4.68
30 days ago $4.14$4.68
7 days ago $4.12$4.68
Now $4.14$4.75

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $1.02 $1.04 +2.3%
Jun 2026 $0.98 $1.07 +8.7%
Mar 2026 $0.93 $0.96 +2.8%
Dec 2025 $0.92 $0.96 +4.8%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 22, 2026
  • non-GAAP operating expense guidance 2026 $2.55bn to $2.58bn Non-GAAP Raised vs 2.53bn to 2.57bn
    “The company is updating its 2026 non-GAAP operating expense guidance to a range of $2.550 billion to $2.580 billion .” source
  • non-GAAP tax rate guidance 2026 22.5% to 24.5% Non-GAAP Maintained
    “The company is maintaining its 2026 non-GAAP tax rate guidance in the range of 22.5% to 24.5% .” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Nasdaq, Inc.'s revenue by +10.2% next year and +11.7% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+8.8%, weight 69%) and the company's own record (+13.3%, weight 31%) . How the weights are set.

Analyst recommendations

18 analysts, Oct 2026
Buy1478%
Hold317%
Sell16%

Monthly trend

  1. Oct 202668318
  2. Sep 202668217
  3. Aug 202668217
  4. Jul 202668217

Counts of recommendations published by analysts covering Nasdaq, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
2.6%
of tradable shares
Days to cover
3
at average volume
Short interest, 1 month
+29%
to October 15, 2026
Held by institutions
88%
of shares
Held by insiders
11.1%
of shares
Employees
9,593
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +28.7%

$84.38 on October 31, 2025 to $108.62

ThenNowEffect
Revenue (last 12 months) $8.1bn $8.7bn +7.5%
Net margin 18.6% 22.5% +21.4%
P/E multiple 32.4x 31.7x −2.3%
Share count 579m 574m +1.0%

Biggest factor: net margin.

Last 3 years +125.2%

$48.23 on November 3, 2023 to $108.62

ThenNowEffect
Revenue (last 12 months) $6.1bn $8.7bn +43.1%
Net margin 18.1% 22.5% +24.5%
P/E multiple 21.6x 31.7x +46.4%
Share count 495m 574m −13.7%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
NDAQ+60%−11%−4%+35%+27%+13%
Industry peers (median)+40%−28%+33%+15%−3%+9%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
NDAQ83%33%50%58%67%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
NDAQ−7%−32%−25%−8%−21%−23%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 38% from February 4, 2020 to March 23, 2020. Getting back needed a 62% gain, reached on May 29, 2020, 67 days after the low.

Price behaviour

52-week range
$76.59 – $108.62
From 52-week high
0.0%
vs 50-day average
+13.3%
vs 200-day average
+20.4%
Volatility (1 year)
28%
Beta vs S&P 500
0.58

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
8 up, 4 down
typical move ±3.2%
After a week
7 up, 5 down
typical move ±5.2%
After a month
8 up, 3 down
typical move ±6.8%
Results releasedNext dayS&P 500 next day5 days21 days
October 22, 2026 +6.7% −1.7% +9.9% —
July 23, 2026 +1.3% −1.1% +4.7% +8.1%
April 23, 2026 +4.1% +0.4% +6.4% +5.4%
January 29, 2026 −1.8% −0.5% −13.4% −10.8%
October 21, 2025 −1.6% −0.5% −1.0% −3.2%
July 24, 2025 +7.4% +0.5% +9.0% +7.3%
April 24, 2025 +2.5% +2.8% +3.6% +11.3%
January 29, 2025 +1.3% +0.1% +2.1% +2.0%
October 24, 2024 +1.1% +0.2% 0.0% +9.7%
July 25, 2024 +6.7% +0.6% +7.3% +12.1%
April 25, 2024 −2.2% +0.6% −2.3% +1.2%
January 31, 2024 −2.3% −0.3% −2.6% −3.3%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Nasdaq, Inc.’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Options look fairly priced

Implied volatility is within its normal range against realised. Selling options earns the usual premium, nothing extra.

  • Implied is 1.18× the last 60 days’ realised volatility , richer than 50% of the 229 stocks we screen today.
  • Puts and calls are priced at about the same implied volatility.
  • Why: implied is not far enough above realised, or not unusual against our coverage.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: fundamentals grade C (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

NDAQ Nasdaq, Inc. Grade C $108

Own 100 shares, sell the $120 call expiring December 18, 2026 (46 days) for $0.70 a share — $70.00 per contract.

Previous session · Bid $0.70, ask $0.90, quoted Mon 2 Nov, 17:31 New York time with NDAQ at $108. Option prices move with the shares: check the live chain at your broker before trading.

  • If NDAQ ends below $120: you keep your shares and the $70.00 — 0.7% extra on the position, 5.1% a year at that pace.
  • If it ends above $120: your shares are sold at $120, a total return of 11.8% including the premium — at or above our value of ~$110.
$1.3k $0 −$2.1k Break-even $107.3 Price $108 Our value $110
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$70.00
Annualised
5.1%
Break-even
$107.3
Max gain
$1,270.06
Chance of selling
~16%

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Nasdaq, Inc. in five measures

Fundamentals grade C
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Nasdaq, Inc.
$6B $7B $8B $9B $10B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $6.1B Revenue (TTM), FY24 Q1: $6.2B Revenue (TTM), FY24 Q2: $6.6B Revenue (TTM), FY24 Q3: $7B Revenue (TTM), FY24 Q4: $7.4B Revenue (TTM), FY25 Q1: $7.8B Revenue (TTM), FY25 Q2: $8.1B Revenue (TTM), FY25 Q3: $8.2B Revenue (TTM), FY25 Q4: $8.3B Revenue (TTM), FY26 Q1: $8.3B Revenue (TTM), FY26 Q2: $8.7B Revenue (TTM), FY26 Q3: $9.1B $9.1B

Source: SEC EDGAR filings. Retrieved October 23, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $6.1B
FY24 Q1 $6.2B
FY24 Q2 $6.6B
FY24 Q3 $7B
FY24 Q4 $7.4B
FY25 Q1 $7.8B
FY25 Q2 $8.1B
FY25 Q3 $8.2B
FY25 Q4 $8.3B
FY26 Q1 $8.3B
FY26 Q2 $8.7B
FY26 Q3 $9.1B
Revenue growth, TTM YoY Nasdaq, Inc.
-10% 0% 10% 20% 30% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: -2.6% Revenue growth, TTM YoY, FY24 Q1: -0.3% Revenue growth, TTM YoY, FY24 Q2: 7.5% Revenue growth, TTM YoY, FY24 Q3: 16.9% Revenue growth, TTM YoY, FY24 Q4: 22.0% Revenue growth, TTM YoY, FY25 Q1: 26.0% Revenue growth, TTM YoY, FY25 Q2: 23.8% Revenue growth, TTM YoY, FY25 Q3: 17.0% Revenue growth, TTM YoY, FY25 Q4: 11.7% Revenue growth, TTM YoY, FY26 Q1: 6.2% Revenue growth, TTM YoY, FY26 Q2: 7.5% Revenue growth, TTM YoY, FY26 Q3: 11.5% 11.5%

Source: SEC EDGAR filings. Retrieved October 23, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 -2.6%
FY24 Q1 -0.3%
FY24 Q2 7.5%
FY24 Q3 16.9%
FY24 Q4 22.0%
FY25 Q1 26.0%
FY25 Q2 23.8%
FY25 Q3 17.0%
FY25 Q4 11.7%
FY26 Q1 6.2%
FY26 Q2 7.5%
FY26 Q3 11.5%
Operating margin (TTM) Nasdaq, Inc.
22% 24% 26% 28% 30% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 26.0% Operating margin (TTM), FY24 Q1: 25.4% Operating margin (TTM), FY24 Q2: 24.6% Operating margin (TTM), FY24 Q3: 23.3% Operating margin (TTM), FY24 Q4: 24.3% Operating margin (TTM), FY25 Q1: 24.7% Operating margin (TTM), FY25 Q2: 25.6% Operating margin (TTM), FY25 Q3: 27.0% Operating margin (TTM), FY25 Q4: 28.2% Operating margin (TTM), FY26 Q1: 29.4% Operating margin (TTM), FY26 Q2: 29.6% Operating margin (TTM), FY26 Q3: 29.8% 29.8%

Source: SEC EDGAR filings. Retrieved October 23, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 26.0%
FY24 Q1 25.4%
FY24 Q2 24.6%
FY24 Q3 23.3%
FY24 Q4 24.3%
FY25 Q1 24.7%
FY25 Q2 25.6%
FY25 Q3 27.0%
FY25 Q4 28.2%
FY26 Q1 29.4%
FY26 Q2 29.6%
FY26 Q3 29.8%
FCF margin (TTM) Nasdaq, Inc.
20% 22% 24% 26% 28% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 25.4% FCF margin (TTM), FY24 Q1: 24.2% FCF margin (TTM), FY24 Q2: 23.4% FCF margin (TTM), FY24 Q3: 20.8% FCF margin (TTM), FY24 Q4: 23.4% FCF margin (TTM), FY25 Q1: 23.7% FCF margin (TTM), FY25 Q2: 26.3% FCF margin (TTM), FY25 Q3: 25.6% FCF margin (TTM), FY25 Q4: 24.1% FCF margin (TTM), FY26 Q1: 24.1% FCF margin (TTM), FY26 Q2: 22.3% FCF margin (TTM), FY26 Q3: 24.7% 24.7%

Source: SEC EDGAR filings. Retrieved October 23, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 25.4%
FY24 Q1 24.2%
FY24 Q2 23.4%
FY24 Q3 20.8%
FY24 Q4 23.4%
FY25 Q1 23.7%
FY25 Q2 26.3%
FY25 Q3 25.6%
FY25 Q4 24.1%
FY26 Q1 24.1%
FY26 Q2 22.3%
FY26 Q3 24.7%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Nasdaq took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $8.3B
  2. Cost of revenue $3B · 36.5%
  3. Gross profit $5.2B · 63.5%
  4. Selling, general and admin $75M · 0.9%
  5. Other operating costs $2.8B · 34.4%
  6. Operating income $2.3B · 28.2%
  7. Income tax $358M · 4.3%
  8. Interest and other $185M · 2.2%
  9. Net income $1.8B · 21.6%

Shares of revenue. Source: Nasdaq's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 3.4 3.2 3.4 3.1 3.2 3.5 3.4 3.7 3.9 4.3 4.3 5.6 5.9 6.2 6.1 7.4 8.3 9.1
Gross profit 1.5 1.5 1.7 1.7 1.9 2.1 2.1 2.3 2.4 2.5 2.5 2.9 3.4 3.6 3.9 4.6 5.2 5.8
EBITDA 0.7 0.7 0.8 0.7 0.7 0.8 0.8 0.9 1.1 1.1 1.1 1.3 1.5 1.7 1.7 1.9 2.5 2.9
Operating income 0.6 0.6 0.7 0.7 0.7 0.8 0.7 0.8 1.0 1.0 1.0 1.2 1.4 1.6 1.6 1.8 2.3 2.7
Net income 0.3 0.4 0.4 0.4 0.4 0.4 0.4 0.1 0.7 0.5 0.8 0.9 1.2 1.1 1.1 1.1 1.8 2.1
Diluted EPS $0.42 $0.64 $0.72 $0.68 $0.75 $0.80 $0.83 $0.21 $1.43 $0.91 $1.54 $1.86 $2.35 $2.26 $2.08 $1.93 $3.09 $3.66
Growth (year on year)
Revenue −6.5% −6.4% +7.7% −9.2% +2.9% +9.0% −2.8% +8.8% +6.6% +8.3% −0.4% +32.1% +4.6% +5.8% −2.6% +22.0% +11.6% +11.5%
EBITDA −11.3% +4.2% +10.8% −1.1% +0.7% +10.0% −3.2% +16.1% +17.6% +3.9% −2.0% +20.5% +16.2% +7.7% +1.6% +13.5% +28.8% +23.1%
Operating income −5.8% +4.6% +10.3% −0.9% −0.3% +9.6% −4.5% +16.1% +18.5% +3.7% −1.1% +21.3% +16.8% +8.5% +0.9% +13.9% +29.6% +23.1%
Net income −15.3% +48.5% −2.0% −9.0% +9.4% +7.5% +3.4% −75.2% +587.7% −37.2% +69.0% +20.5% +27.2% −5.2% −5.9% +5.5% +60.1% +28.2%
Diluted EPS −73.1% +52.8% +12.6% −5.1% +10.3% +6.2% +4.6% −74.8% +582.5% −36.5% +69.6% +20.5% +26.3% −3.8% −8.0% −7.2% +60.1% +30.4%
Margins
Gross margin 42.6% 47.5% 49.2% 53.7% 59.0% 59.1% 61.4% 61.4% 61.1% 59.1% 59.5% 51.6% 58.1% 57.5% 64.2% 62.8% 63.5% 63.2%
EBITDA margin 19.1% 21.2% 21.8% 23.8% 23.3% 23.5% 23.4% 24.9% 27.5% 26.4% 26.0% 23.7% 26.3% 26.8% 28.0% 26.0% 30.0% 31.7%
Operating margin 17.7% 19.8% 20.2% 22.1% 21.4% 21.5% 21.2% 22.6% 25.1% 24.0% 23.9% 21.9% 24.5% 25.1% 26.0% 24.3% 28.2% 29.8%
Net margin 7.8% 12.4% 11.3% 11.3% 12.0% 11.8% 12.6% 2.9% 18.5% 10.7% 18.2% 16.6% 20.2% 18.1% 17.5% 15.1% 21.6% 22.8%
Free-cash-flow margin 15.3% 12.5% 16.9% 16.3% 14.3% 14.1% 17.5% 17.3% 19.4% 21.4% 19.6% 18.9% 15.6% 25.0% 25.4% 23.4% 24.1% 24.7%
Cash flow
Cash from operations 0.6 0.4 0.7 0.6 0.6 0.6 0.7 0.8 0.9 1.0 1.0 1.3 1.1 1.7 1.7 1.9 2.3 2.5
Capital spending 0.1 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.2 0.2 0.2 0.2 0.3 0.3
Free cash flow 0.5 0.4 0.6 0.5 0.5 0.5 0.6 0.6 0.8 0.9 0.8 1.1 0.9 1.6 1.5 1.7 2.0 2.3
Stock-based pay 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.2
Free cash flow after stock pay 0.5 0.4 0.5 0.5 0.4 0.4 0.5 0.6 0.7 0.8 0.8 1.0 0.8 1.4 1.4 1.6 1.8 2.1
Balance sheet
Cash 0.6 0.3 0.5 0.5 0.4 0.4 0.3 0.4 0.4 0.5 0.3 2.7 0.4 0.5 0.5 0.6 0.6 0.4
Total debt 2.1 2.3 2.1 2.0 2.6 2.3 2.4 3.6 4.8 4.4 3.4 6.1 6.3 5.4 11.0 10.0 9.0 8.7
Net debt (negative = net cash) 1.5 2.0 1.6 1.5 2.2 1.9 2.1 3.2 4.4 3.9 3.1 3.4 5.9 4.9 10.5 9.4 8.4 8.4
Diluted shares 644m 620m 540m 518m 514m 519m 514m 506m 509m 503m 501m 501m 505m 498m 508m 579m 579m 570m
Returned to shareholders
Dividends — — — 0.1 0.1 0.1 0.1 0.2 0.2 0.3 0.3 0.3 0.4 0.4 0.4 0.5 0.6 0.7
Buybacks — 0.8 0.1 0.3 0.0 0.2 0.4 0.1 0.2 0.4 0.2 0.2 0.5 0.3 0.3 0.1 0.6 1.5
Total returned — 0.8 0.1 0.3 0.1 0.3 0.5 0.3 0.4 0.7 0.5 0.5 0.8 0.7 0.7 0.7 1.2 2.2

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

4 of 7 checks passed · September 30, 2026
What it owns · $27.4bn
Short-term assets $4.5bnLonger-term assets $22.9bn
What it owes, and who funded it · $27.4bn
Short-term liabilities $4.5bnLonger-term liabilities $10.9bnShareholders' equity $12.0bn
  • Short-term assets cover short-term liabilities $4.5bn of assets due within a year against $4.5bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $4.5bn short-term assets against $10.9bn of longer-dated liabilities.
  • More cash than debt $365m of cash against $8.7bn of debt.
  • Debt below 40% of shareholders' equity Debt is 73% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 80% to 73% over five years.
  • A year's operating cash flow covers at least 20% of debt $2.5bn of operating cash flow against $8.7bn of debt.
  • Operating profit covers interest at least five times over Operating income of $2.7bn against $347m of interest.

From Nasdaq, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$1.5B
Dividends (TTM)
$653M
Returned to shareholders
96%
of free cash flow
Buybacks, last 3 fiscal years
$1B
Diluted share count
−1.7%
year over year
Total shareholder yield
3.6%
dividends 1.1% + buybacks 2.5% of market value
Dividend payout ratio
31%
of net income paid out

Competitors: side by side with peers

Closest by revenue in financial exchanges & data
Last 12 months unless stated NDAQ MCO CME ICE COIN CBOE Median
Revenue, last 12 months $9.1bn $8.2bn $7.0bn $14.0bn $5.6bn $5.3bn $5.3bn
Revenue growth, last 12 months 11.5% 9.0% 9.0% 12.1% −26.6% 14.3% 9.4%
Revenue growth, 3-year average 15.1% 12.6% 9.2% 13.5% 26.5% 11.5% 12.4%
Revenue growth, latest quarter 20.9% 0.8% 13.0% 20.7% −35.0% 19.0% 12.4%
Gross margin 63.2% 74.6% — — — 53.9% 63.1%
Operating margin 29.8% 44.6% 65.7% 40.6% 3.6% 36.4% 40.5%
Operating margin, 3-year average 26.7% 42.4% 64.8% 38.4% 19.6% 31.2% 38.4%
Net margin 22.8% 35.3% 63.5% 29.6% −12.5% 28.0% 29.6%
Cash from operations / revenue 27.8% 40.7% 63.5% 41.0% 25.0% 49.7% 40.7%
Free-cash-flow margin 24.7% 36.4% 62.1% 37.6% 25.0% 47.9% 36.4%
Free-cash-flow margin, 3-year average 23.7% 34.0% 62.0% 35.5% 31.2% 33.6% 34.0%
Stock pay / revenue 1.9% 2.9% 1.4% 2.0% 16.9% 1.0% 2.9%
Change in share count −1.7% −2.5% 0.2% −1.3% −0.9% −0.1% −1.7%

Median of all 11 companies we cover in financial exchanges & data. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

11 financial exchanges & data companies
Measure Company Peer median Rank
Revenue growth Growth 11.5% 9.4% 5 of 11
Change in growth rate Growth +4.0pp +0.4pp 2 of 11
Operating margin Profitability 29.8% 40.5% 8 of 11
Net margin Profitability 22.8% 29.6% 8 of 11
Free-cash-flow margin Cash generation 24.7% 37.6% 8 of 8
Stock pay as % of revenue Cash generation 1.9% 2.9% 3 of 11
Long-term debt as % of assets Balance sheet 30.9% 21.7% 6 of 8
Change in share count Balance sheet -1.7% -1.7% 6 of 11

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Geography
Region Revenue Share YoY
United States $5.9B 72.0% ▲ 2.2%
Outside the US $2.3B 28.0% ▲ 46.2%

From Nasdaq, Inc.'s 10-K filed February 12, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$37.3B
Institutions reporting
1,077
Shares held vs prior quarter
▲ 1.1%
Positions opened / closed
99 / 116

Top buyers and sellers, Q2 2026: 508 institutions bought and 521 sold ; the biggest buyer was Jane Street Group, LLC (+2.9M shares) and the biggest seller Wellington Management Group LLP (−5.9M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Investor AB $4.6B 58.4M 12.4% ▲ 0.1%
Blackrock, Inc. $2.9B 37.2M 7.9% ▼ 2.6%
Vanguard Capital Management LLC $2.5B 31.2M 6.6% 0.0%
Wellington Management Group LLP $2.4B 30.3M 6.4% ▼ 16.4%
Vanguard Portfolio Management LLC $2.1B 26.1M 5.5% 0.0%
Massachusetts Financial Services Co $1.8B 23.3M 4.9% ▼ 20.0%
State Street Corp $1.6B 20.2M 4.3% ▲ 2.4%
Geode Capital Management, LLC $1B 13.1M 2.8% ▲ 1.1%
Morgan Stanley $895M 11.4M 2.4% ▲ 10.7%
Franklin Resources Inc $718M 9.1M 1.9% ▼ 0.8%
Harris Associates L P $638M 8.1M 1.7% ▲ 1.0%
UBS Group AG $621M 7.9M 1.7% ▲ 12.8%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Nasdaq, Inc.'s complete shareholder register. Values are as reported by the filers ; 7 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $21.7M 3 trades by 2 insiders, last 12 months Insider sales History → $88.9M 32 trades by 8 insiders · 89% under pre-set plans
Net ▼ $67.2M net selling
Insider Date Trade Shares Price Value
Peterson Bradley J EVP, CIO October 27, 2026 Sell 3,987 $104.75 $417,638
Peterson Bradley J EVP, CIO October 23, 2026 Sell 4,000 $103.38 $413,520
Tal Cohen Pres. Market Platforms October 23, 2026 Sell 10,390 $103.34 $1.1M
Skule Jeremy EVP, CSO October 20, 2026 Sell pre-set plan 1,125 $95.00 $106,875
Skule Jeremy EVP, CSO October 12, 2026 Sell pre-set plan 1,125 $94.13 $105,896
Skule Jeremy EVP, CSO September 22, 2026 Sell pre-set plan 1,125 $95.00 $106,875
Skule Jeremy EVP, CSO September 10, 2026 Sell pre-set plan 1,125 $94.22 $105,998
Griggs Pc Nelson Pres. Capital Access Platforms August 10, 2026 Sell 3,226 $96.16 $310,212
Skule Jeremy EVP, CSO August 10, 2026 Sell pre-set plan 2,250 $94.75 $213,188
Peterson Bradley J EVP, CIO August 7, 2026 Sell 6,000 $95.55 $573,300
Smith Bryan Everard EVP, CPO August 3, 2026 Sell pre-set plan 1,556 $95.07 $147,929
Griggs Pc Nelson Pres. Capital Access Platforms July 29, 2026 Sell 11,010 $96.35 $1.1M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 40 trades and filings

In the last 12 months, 1 member of Congress disclosed 8 purchases and 1 sale of Nasdaq, Inc. shares.

  • April McClain Delaney(D-MD 6):Sale (full), $100,001 - $250,000, traded August 25, 2026, filed September 9, 2026
  • April McClain Delaney(D-MD 6):Purchase, $1,001 - $15,000, traded April 24, 2026, filed May 6, 2026
  • April McClain Delaney(D-MD 6):Purchase, $1,001 - $15,000, traded March 31, 2026, filed April 6, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 28, 2027 estimated from the company's past filing pattern, not announced

  • October 22, 2026
  • July 23, 2026
  • April 23, 2026
  • January 29, 2026
  • October 21, 2025
  • July 24, 2025

Recent SEC filings

Data status

When each part of this page on Nasdaq, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Nasdaq, Inc. in brief

What does Nasdaq, Inc. do?
Nasdaq, Inc. is a US-listed company in the financial exchanges & data industry. Its financial year ends in December.
What is Nasdaq, Inc.'s stock ticker?
Nasdaq, Inc. trades under the ticker NDAQ on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Nasdaq, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Nasdaq, Inc. reported revenue of $9.1B, 11.5% higher than a year earlier, according to its SEC filings.
What is Nasdaq, Inc.'s free cash flow?
Nasdaq, Inc.'s free-cash-flow margin is 24.7% of revenue over the trailing twelve months, ranking 8 of the 8 financial exchanges & data companies we cover.
What is Nasdaq, Inc.'s fair value (intrinsic value) per share?
Our discounted-cash-flow model of Nasdaq, Inc.'s free cash flow after stock-based pay gives ~$110 per share in the base case, and ~$79–$150 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Nasdaq, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Investor AB, Blackrock, Inc. and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Nasdaq, Inc. buying back stock, and does it pay a dividend?
Nasdaq, Inc. spent $1.5B on share repurchases over the trailing twelve months, and its diluted share count fell 1.7% over the year.
What is Nasdaq, Inc.'s market cap?
On November 2, 2026, Nasdaq, Inc.'s market capitalisation was about $61.9B, with a price-to-earnings ratio of 29.7 and net debt of $8.4B. Market figures come from third-party market data and may be delayed.
Does Nasdaq, Inc. pay a dividend?
Yes: Nasdaq, Inc. paid $653M in dividends over the trailing twelve months, a dividend yield of 1.08% and a payout ratio of 31.3%.
How much debt does Nasdaq, Inc. have?
Nasdaq, Inc.'s debt-to-equity ratio is 72.8%, from its latest balance sheet (79.8% five years earlier). The financial health section below sets out its other solvency checks.
Who are Nasdaq, Inc.'s competitors?
In our Financial Exchanges & Data peer group, the companies closest to Nasdaq, Inc. are Moody's Corporation, CME Group, Intercontinental Exchange, Coinbase and Cboe Global Markets. The side-by-side comparison below sets their revenue, margins and growth against Nasdaq, Inc.'s.
Are insiders buying or selling Nasdaq, Inc. stock?
Over the last 12 months, Nasdaq, Inc.'s directors and officers reported 3 open-market purchases and 32 sales on Form 4. The insider trading page charts every trade.
When is Nasdaq, Inc.'s next earnings date?
Around January 28, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Nasdaq, Inc. announces its own schedule.