Nasdaq (NDAQ) FY2020 results: revenue $5.6 billion, up 32.0% on the year
Nasdaq, Inc. (NDAQ) reported revenue of $5.6 billion for fiscal 2020, the year ended 31 December 2020, up 32.0% on the year before. Net income was $933 million, up 20.5%, and diluted earnings per share $1.86. The figures are the company's own, from the 10-K it filed with the SEC on 23 February 2021.
Revenue
$5.6 billion
+32.0% on the year
FY2013FY2020
Operating margin
21.9%
23.9% a year earlier
FY2013FY2020
Net income
$933 million
+20.5% on the year
FY2013FY2020
Diluted EPS
$1.86
+20.7% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
5,627
4,262
4,277
+32.0%
Cost of revenue
2,724
1,723
1,751
+58.1%
Gross profit
2,903
2,535
2,526
+14.5%
Gross margin
51.6%
59.5%
59.1%
Operating income
1,234
1,017
1,028
+21.3%
Operating margin
21.9%
23.9%
24.0%
Interest expense
101
124
150
-18.5%
Pre-tax income
1,212
1,019
1,064
+18.9%
Income tax
279
245
606
+13.9%
Effective tax rate
23.0%
24.0%
57.0%
Net income
933
774
458
+20.5%
Net margin
16.6%
18.2%
10.7%
Diluted EPS
$1.86
$1.54
$0.91
+20.7%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
1,252
963
1,028
+30.0%
Capital expenditure
188
127
111
+48.0%
Free cash flow
1,064
836
917
+27.3%
Free cash flow margin
18.9%
19.6%
21.4%
Cash from investing
-122
-414
196
Cash from financing
1,910
-2,472
-1,027
Depreciation and amortisation
99.0
89.0
101
+11.2%
Share-based compensation
87.0
79.0
69.0
+10.1%
Buybacks
222
200
394
+11.0%
Dividends paid
320
305
280
+4.9%
Dividend per share
$0.65
$0.62
$0.57
+4.9%
Diluted shares, weighted
501m
501m
503m
-0.0%
Shares outstanding at period end
495m
495m
495m
-0.1%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
6,433
5,639
5,449
+14.1%
Non-controlling interest
3.0
0.0
n/a
Debt
5,541
3,387
3,831
+63.6%
Operating lease liabilities
389
331
0.0
+17.5%
Other liabilities
5,613
4,567
6,420
+22.9%
Total liabilities and equity
17,979
13,924
15,700
+29.1%
Fixed assets
475
384
376
+23.7%
Goodwill
6,850
6,366
6,363
+7.6%
Intangible assets
2,255
2,249
2,300
+0.3%
Investments
n/a
291
268
Trading assets
n/a
291
259
Cash and equivalents
2,745
332
545
+726.8%
Receivables
566
422
384
+34.1%
Other assets
5,088
3,589
5,205
+41.8%
Total assets
17,979
13,924
15,700
+29.1%
10-K for the year ended 31 December 2020, filed 23 February 2021: the filing.