Nasdaq, Inc. (NDAQ)

Name: Nasdaq, Inc. (NDAQ): results, filings decoded, planned insider sales, 13F holders, insiders, Congress and short interest
Creator: GreekSoup
License: https://creativecommons.org/licenses/by/4.0/

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Nasdaq, Inc. (NDAQ) reported revenue of $2.5 billion for Q2 FY2026, the quarter ended 30 June 2026, up 21.1% on the same quarter a year earlier. Net income was $507 million, up 12.2% on the year, and diluted earnings per share $0.89. The figures are the company's own, from the 10-Q it filed with the SEC on 23 July 2026.

Revenue$2.5 billionup 21.1%

Net income$507 millionup 12.2%

Diluted EPS$0.89

QuarterQ2 FY2026ended 30 June 2026

Ratios

From the filings

ROE16.4%

ROCE12.5%

Operating margin29.5%

Net margin22.5%

FCF margin22.3%

Interest cover7.41

Debt to equity0.73

Cash conversion1.14

Share count, 1 year-2.1%

Sales CAGR, 3 years9.9%

Profit CAGR, 3 years16.7%

EPS, TTM$3.43

At the close of 21 September 2026

Price$94.69

Market cap$53.2 billion

Stock P/E27.61

Price to book4.44

EV / EBITDA19.01

Dividend yield1.2%

Market cap / sales6.08

52-week high$100.98

52-week low$76.85

Price, 1 year5.7%

Price CAGR, 3 years24.8%

Price CAGR, 5 years7.9%

Every figure is arithmetic on the filed lines (hover a name for the formula); the priced ones use the latest daily close, CBOE delayed quotes, daily history, by CBOE, for splits. Debt to equity here stands on the total debt Nasdaq, Inc. states in its own filing, with lease liabilities counted separately and never inside it. Nothing here is a valuation or a view.

Price, 17 September 2021 to 21 September 2026

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50-day average 200-day average Volume

Daily closes from CBOE delayed quotes, daily history, by CBOE, for splits; the last is 21 September 2026. P/E is the close over the trailing four quarters' EPS as filed at each filing date, on the current share count; the dashed line is the median over the range shown. Sales and margin are quarterly revenue and the operating margin from the tables above. EV/EBITDA, price to book and market cap to sales use the latest filed balance sheet and share count at each date. Drawn in your browser; the range and overlay you pick are remembered here only.

The public record on NDAQ

Filings	17 in twelve months: 9 current reports (8-K), about 6 other events; 4 results of operations; 4 regulation fd disclosure; 1 material agreement; 1 termination of a material agreement
Planned insider sales	23 Form 144 notices in twelve months, $89.1 million; latest 10 September 2026
Options tape	put/call 0.46 by open interest on 23 September 2026; the straddle prices a 2.2% move to 25 September 2026
Holders	9 of the followed funds hold it; largest Geode Capital Management; 6 Schedule 13D or 13G filings in twelve months
Insider trading	22 sales and 3 purchases on Form 4 in twelve months
Congress	8 House trades disclosed in six months
Short interest	6.1 million shares short, 2.33 days to cover at 31 August 2026
Documents	the 10-K, the 10-Qs, the proxy and 4 earnings press releases, each linked

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	1,451	1,647	1,674	1,792	1,902	2,032	2,090	2,090	1,958	2,124	2,137	2,532
Cost of revenue	511	531	557	633	756	805	853	784	643	733	730	1,032
Gross profit	940	1,116	1,117	1,159	1,146	1,227	1,237	1,306	1,315	1,391	1,407	1,500
Gross margin	65%	68%	67%	65%	60%	60%	59%	62%	67%	65%	66%	59%
Operating income	431	353	410	423	448	517	547	568	586	630	657	712
Operating margin	30%	21%	24%	24%	24%	25%	26%	27%	30%	30%	31%	28%
Interest expense	101	111	108	102	102	102	96.0	95.0	87.0	89.0	87.0	86.0
Pre-tax income	391	277	312	341	356	440	488	548	529	580	677	653
Tax rate	25%	30%	25%	35%	14%	19%	19%	18%	20%	11%	23%	22%
Net income	294	196	234	222	306	355	395	452	423	518	519	507
Net margin	20%	12%	14%	12%	16%	17%	19%	22%	22%	24%	24%	20%
Diluted EPS	$0.60	$0.33	$0.40	$0.38	$0.53	$0.62	$0.68	$0.78	$0.73	$0.90	$0.91	$0.89
Operating cash flow	300	417	530	460	244	705	663	746	221	625	689	711
Capital expenditure	37.0	42.0	39.0	52.0	56.0	60.0	49.0	59.0	69.0	89.0	60.0	77.0
Free cash flow	263	375	491	408	188	645	614	687	152	536	629	634
Buybacks	0.0	110	0.0	58.0	87.0	0.0	115	100	115	286	548	355
Dividends paid	108	127	127	138	138	138	138	155	155	153	153	174
Shares outstanding	491m	575m	576m	576m	575m	575m	574m	574m	573m	570m	565m	562m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Profit and loss, 12 fiscal years and the trailing twelve months

	FY2014	FY2015	FY2016 †	FY2017 †	FY2018 †	FY2019 †	FY2020 †	FY2021 †	FY2022	FY2023 †	FY2024 †	FY2025	TTM
Revenue	3,500	3,403	3,705	3,948	4,277	4,262	5,627	5,886	6,226	6,064	7,400	8,262	8,751
Cost of revenue	1,433	1,313	1,428	1,537	1,751	1,723	2,724	2,466	2,644	2,169	2,751	3,013	3,138
Gross profit	2,067	2,090	2,277	2,411	2,526	2,535	2,903	3,420	3,582	3,895	4,649	5,249	5,613
Gross margin	59.1%	61.4%	61.5%	61.1%	59.1%	59.5%	51.6%	58.1%	57.5%	64.2%	62.8%	63.5%	64.1%
Operating income	754	720	836	991	1,028	1,017	1,234	1,441	1,564	1,578	1,798	2,331	2,585
Operating margin	21.5%	21.2%	22.6%	25.1%	24.0%	23.9%	21.9%	24.5%	25.1%	26.0%	24.3%	28.2%	29.5%
Interest expense	117	111	135	143	150	124	101	125	129	284	414	367	349
Pre-tax income	594	630	133	872	1,064	1,019	1,212	1,534	1,475	1,401	1,449	2,145	2,439
Income tax	181	203	27.0	143	606	245	279	347	352	344	334	358	473
Effective tax rate	30.5%	32.2%	20.3%	16.4%	57.0%	24.0%	23.0%	22.6%	23.9%	24.6%	23.1%	16.7%	19.4%
Net income	414	428	106	729	458	774	933	1,187	1,125	1,059	1,117	1,788	1,967
Net margin	11.8%	12.6%	2.9%	18.5%	10.7%	18.2%	16.6%	20.2%	18.1%	17.5%	15.1%	21.6%	22.5%
Diluted EPS	$2.39	$2.50	$0.64	$4.33	$2.73	$4.63	$5.59	$7.05	$2.26	$2.08	$1.93	$3.09	$3.43
Filing	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K

Income statement lines from each year's 10-K, the year linked to its filing; TTM is the sum of the last four quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are. † The year as the company last restated it in a later filing; rest on a figure for the one first filed. EPS is as filed.

Cash flow and capital returned

	FY2014	FY2015	FY2016 †	FY2017 †	FY2018 †	FY2019 †	FY2020 †	FY2021 †	FY2022	FY2023 †	FY2024 †	FY2025	TTM
Operating cash flow	n/a	727	776	909	1,028	963	1,252	1,083	1,706	1,696	1,939	2,255	2,246
Capital expenditure	140	133	134	144	111	127	188	163	152	158	207	266	295
Free cash flow	n/a	594	642	765	917	836	1,064	920	1,554	1,538	1,732	1,989	1,951
Free cash flow margin	n/a	17.5%	17.3%	19.4%	21.4%	19.6%	18.9%	15.6%	25.0%	25.4%	23.4%	24.1%	22.3%
Depreciation and amortisation	68.0	76.0	88.0	96.0	101	89.0	99.0	108	105	117	125	145	648
Share-based compensation	62.0	68.0	86.0	70.0	69.0	79.0	87.0	90.0	106	122	141	165	172
Buybacks	178	377	100	203	394	200	222	468	308	269	145	616	1,304
Dividends paid	98.0	149	200	243	280	305	320	350	383	441	541	601	635
Dividend per share	$0.58	$0.90	$1.21	$1.46	$1.70	$1.85	$1.94	$2.11	$0.78	$0.86	$0.94	$1.05	$1.12
Diluted shares, weighted	173m	171m	169m	170m	168m	167m	167m	168m	498m	508m	579m	579m	568m
Shares outstanding at period end	169m	164m	167m	167m	165m	165m	165m	167m	492m	575m	575m	570m	562m
Filing	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K

Buybacks and dividends are the cash paid in the year, from the cash flow statement; the dividend per share is as declared. Diluted shares are the weighted average for the year; a falling count is the buybacks net of issuance. TTM sums the last four quarters; the share counts are the latest quarter's.

Balance sheet at year end

	FY2014	FY2015	FY2016 †	FY2017 †	FY2018 †	FY2019 †	FY2020 †	FY2021 †	FY2022	FY2023 †	FY2024 †	FY2025	TTM
Total assets	12,087	11,861	13,411	15,354	15,700	13,924	17,979	20,115	20,868	32,294	30,395	31,053	27,341
Cash and equivalents	427	301	403	377	545	332	2,745	393	502	453	592	604	520
Receivables	389	316	429	356	384	422	566	588	677	929	1,022	943	1,182
Goodwill	5,538	5,395	6,027	6,586	6,363	6,366	6,850	8,433	8,099	14,112	13,957	14,371	14,245
Total debt, as filed	n/a	n/a	3,603	4,207	3,831	3,387	5,541	5,830	5,399	10,454	9,480	9,004	8,761
Long-term debt	2,313	2,364	3,603	3,129	2,357	2,996	4,944	4,313	4,735	9,666	8,582	8,573	8,492
Operating lease liabilities	n/a	n/a	n/a	n/a	0.0	331	389	386	452	417	388	462	482
Shareholders' equity	5,793	5,609	5,430	5,887	5,449	5,639	6,433	6,395	6,151	10,816	11,191	12,227	11,988
Filing	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K

At the fiscal year end; the TTM column is the latest quarter end. A line the company does not tag under the usual name is left out.

Compounded growth

	10 years	5 years	3 years	TTM
Sales growth, compounded	9.3%	8.0%	9.9%	7.9%
Profit growth, compounded	15.4%	13.9%	16.7%	30.4%
Return on equity, average	12.2%	14.2%	11.5%	14.6%

Compounded growth is the latest fiscal year over the year that many years earlier, annualised; the TTM column is the last four quarters over the four before. Return on equity is net income over shareholders' equity at each year end, averaged over the window (the TTM column is the latest year alone); equity is the parent's shareholders' equity as tagged in the 10-K. Arithmetic on filed numbers, nothing forecast.

Peers: Security & Commodity Brokers, Dealers, Exchanges & Services

Company	Market cap	P/E	ROE	Op. margin	Sales growth TTM	Debt to equity	Div. yield
CME Group Inc. CME	$99.5 billion	23.37	16.3%	65.1%	5.1%	0.13	1.8%
Intercontinental Exchange, Inc. ICE	$87.2 billion	21.94	13.7%	40.7%	6.9%	0.67	1.3%
Nasdaq, Inc. NDAQ	$53.2 billion	27.61	16.4%	29.5%	7.9%	0.73	1.2%
Cboe Global Markets, Inc. CBOE	$28.4 billion	21.16	24.1%	34.7%	11.7%	0.26	1.0%

The names on this site in the same industry (the SEC's SIC description), by market capitalisation. Each figure is the same arithmetic as the ratio box above, on each company's own filings and latest close.

Filings

Filing	Period	Filed	Where
10-Q	30 June 2026	23 July 2026	EDGAR
10-Q	31 March 2026	24 April 2026	EDGAR
10-K	31 December 2025	12 February 2026	EDGAR
10-Q	30 September 2025	23 October 2025	EDGAR
10-Q	30 June 2025	25 July 2025	EDGAR
10-Q	31 March 2025	28 April 2025	EDGAR
10-K	31 December 2024	21 February 2025	EDGAR
10-Q	30 September 2024	29 October 2024	EDGAR
10-Q	30 June 2024	6 August 2024	EDGAR
10-Q	31 March 2024	2 May 2024	EDGAR

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