Nasdaq (NDAQ) FY2019 results: revenue $4.3 billion, down 0.4% on the year
Nasdaq, Inc. (NDAQ) reported revenue of $4.3 billion for fiscal 2019, the year ended 31 December 2019, down 0.4% on the year before. Net income was $774 million, up 69.0%, and diluted earnings per share $1.54. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2020.
Revenue
$4.3 billion
-0.4% on the year
FY2012FY2019
Operating margin
23.9%
24.0% a year earlier
FY2012FY2019
Net income
$774 million
+69.0% on the year
FY2012FY2019
Diluted EPS
$1.54
+69.6% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
4,262
4,277
3,948
-0.4%
Cost of revenue
1,723
1,751
1,537
-1.6%
Gross profit
2,535
2,526
2,411
+0.4%
Gross margin
59.5%
59.1%
61.1%
Operating income
1,017
1,028
991
-1.1%
Operating margin
23.9%
24.0%
25.1%
Interest expense
124
150
143
-17.3%
Pre-tax income
1,019
1,064
872
-4.2%
Income tax
245
606
143
-59.6%
Effective tax rate
24.0%
57.0%
16.4%
Net income
774
458
729
+69.0%
Net margin
18.2%
10.7%
18.5%
Diluted EPS
$1.54
$0.91
$1.43
+69.6%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
963
1,028
909
-6.3%
Capital expenditure
127
111
144
+14.4%
Free cash flow
836
917
765
-8.8%
Free cash flow margin
19.6%
21.4%
19.4%
Cash from investing
-414
196
-890
Cash from financing
-2,472
-1,027
-53.0
Depreciation and amortisation
89.0
101
96.0
-11.9%
Share-based compensation
79.0
69.0
70.0
+14.5%
Buybacks
200
394
203
-49.2%
Dividends paid
305
280
243
+8.9%
Dividend per share
$0.62
$0.57
$0.49
+8.8%
Diluted shares, weighted
501m
503m
509m
-0.4%
Shares outstanding at period end
495m
495m
502m
-0.0%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
5,639
5,449
5,887
+3.5%
Non-controlling interest
0.0
n/a
n/a
Debt
3,387
3,831
4,207
-11.6%
Operating lease liabilities
331
0.0
n/a
Other liabilities
4,567
6,420
5,260
-28.9%
Total liabilities and equity
13,924
15,700
15,354
-11.3%
Fixed assets
384
376
400
+2.1%
Goodwill
6,366
6,363
6,586
+0.0%
Intangible assets
2,249
2,300
2,468
-2.2%
Investments
291
268
235
+8.6%
Trading assets
291
259
221
+12.4%
Cash and equivalents
332
545
377
-39.1%
Receivables
422
384
356
+9.9%
Other assets
3,589
5,205
4,711
-31.0%
Total assets
13,924
15,700
15,354
-11.3%
10-K for the year ended 31 December 2019, filed 25 February 2020: the filing.