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Nasdaq, Inc. cash flow statement

In fiscal 2025, Nasdaq, Inc.'s operations generated $2.25bn of cash; it spent $266m on capital projects, leaving free cash flow of $1.99bn. It returned $601m in dividends and $616m through buybacks.

Cash flow statement

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

Fiscal year2009Dec 20092010Dec 20102011Dec 20112012Dec 20122013Dec 20132014Dec 20142015Dec 20152016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMSept 2026
Cash from operations5824406695945746327277769091,0289631,2521,0831,7061,6961,9392,2552,546
Depreciation and amortisation4746545259687688961018999108105117125145169
Stock-based pay35333646476268867069798790106122141165178
Capital spending59428887115140133134144111127188163152158207266288
Free cash flow5233985815074594925946427659178361,0649201,5541,5381,7321,9892,258
Free cash flow after stock pay4883655454614124305265566958487579778301,4481,4161,5911,8242,080
Dividends paid———658798149200243280305320350383441541601653
Share buybacks—797100275101783771002033942002224683082691456161,512
Shares issued861063540295453173750262329———

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from Nasdaq, Inc.'s SEC filings (10-K and 10-Q), retrieved October 23, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Nasdaq, Inc.