Nasdaq (NDAQ) FY2018 results: revenue $4.3 billion, up 8.3% on the year
Nasdaq, Inc. (NDAQ) reported revenue of $4.3 billion for fiscal 2018, the year ended 31 December 2018, up 8.3% on the year before. Net income was $458 million, down 37.2%, and diluted earnings per share $0.91. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2019.
Revenue
$4.3 billion
+8.3% on the year
FY2011FY2018
Operating margin
24.0%
25.1% a year earlier
FY2011FY2018
Net income
$458 million
-37.2% on the year
FY2011FY2018
Diluted EPS
$0.91
-36.5% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
4,277
3,948
3,705
+8.3%
Cost of revenue
1,751
1,537
1,428
+13.9%
Gross profit
2,526
2,411
2,277
+4.8%
Gross margin
59.1%
61.1%
61.5%
Operating income
1,028
991
836
+3.7%
Operating margin
24.0%
25.1%
22.6%
Interest expense
150
143
135
+4.9%
Pre-tax income
1,064
872
133
+22.0%
Income tax
606
143
27.0
+323.8%
Effective tax rate
57.0%
16.4%
20.3%
Net income
458
729
106
-37.2%
Net margin
10.7%
18.5%
2.9%
Diluted EPS
$0.91
$1.43
$0.21
-36.5%
$ million except per share. Read moreFree 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.
Cash flow
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
1,028
909
776
+13.1%
Capital expenditure
111
144
134
-22.9%
Free cash flow
917
765
642
+19.9%
Free cash flow margin
21.4%
19.4%
17.3%
Cash from investing
196
-890
-1,657
Cash from financing
-1,027
-53.0
948
Depreciation and amortisation
101
96.0
88.0
+5.2%
Share-based compensation
69.0
70.0
86.0
-1.4%
Buybacks
394
203
100
+94.1%
Dividends paid
280
243
200
+15.2%
Dividend per share
$0.57
$0.49
$0.40
+16.4%
Diluted shares, weighted
503m
509m
506m
-1.1%
Shares outstanding at period end
495m
502m
500m
-1.4%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
5,449
5,887
5,430
-7.4%
Debt
3,831
4,207
3,603
-8.9%
Operating lease liabilities
0.0
n/a
n/a
Other liabilities
6,420
5,260
4,378
+22.1%
Total liabilities and equity
15,700
15,354
13,411
+2.3%
Fixed assets
376
400
362
-6.0%
Goodwill
6,363
6,586
6,027
-3.4%
Intangible assets
2,300
2,468
2,094
-6.8%
Investments
268
235
245
+14.0%
Trading assets
259
221
228
+17.2%
Cash and equivalents
545
377
403
+44.6%
Receivables
384
356
429
+7.9%
Other assets
5,205
4,711
3,623
+10.5%
Total assets
15,700
15,354
13,411
+2.3%
10-K for the year ended 31 December 2018, filed 22 February 2019: the filing.