Nasdaq, Inc. Q4 FY2023 results: revenue $1.6 billion, up 4.1% on the year

Nasdaq, Inc. (NDAQ) reported revenue of $1.6 billion for Q4 FY2023, the quarter ended 31 December 2023, up 4.1% on the same quarter a year earlier. Net income was $196 million, down 18.3% on the year, and diluted earnings per share $0.33. The figures are the company's own, from the 10-K it filed with the SEC on 21 February 2024.

Revenue$1.6 billionup 4.1%

Net income$196 milliondown 18.3%

Diluted EPS$0.33

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	1,647	1,451	n/a	n/a
Cost of revenue	531	511	n/a	n/a
Gross profit	1,116	940	n/a	n/a
Gross margin	67.8%	64.8%	n/a
Operating income	353	431	n/a	n/a
Operating margin	21.4%	29.7%	n/a
Interest expense	111	101	n/a	n/a
Pre-tax income	277	391	n/a	n/a
Income tax	82.0	97.0	n/a	n/a
Effective tax rate	29.6%	24.8%	n/a
Net income	196	294	n/a	n/a
Net margin	11.9%	20.3%	n/a
Diluted EPS	$0.33	$0.60	n/a	n/a

$ million except per share. Fourth quarters are the year less the first three 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.

Cash flow and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	417	300	n/a	n/a
Capital expenditure	42.0	37.0	n/a	n/a
Free cash flow	375	263	n/a	n/a
Free cash flow margin	22.8%	18.1%	n/a
Depreciation and amortisation	125	64.0	n/a	n/a
Share-based compensation	31.0	31.0	n/a	n/a
Buybacks	110	0.0	n/a	n/a
Dividends paid	127	108	n/a	n/a
Dividend per share	n/a	$0.22	n/a	n/a
Diluted shares, weighted	508m	494m	n/a	n/a
Shares outstanding at period end	575m	491m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Total assets	32,294	24,350	n/a	n/a
Cash and equivalents	453	5,340	n/a	n/a
Receivables	929	595	n/a	n/a
Goodwill	14,112	7,988	n/a	n/a
Total debt, as filed	10,454	9,703	n/a	n/a
Long-term debt	10,163	9,703	n/a	n/a
Operating lease liabilities	417	412	n/a	n/a
Shareholders' equity	10,816	6,467	n/a	n/a

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.

Source

10-K for the period ended 31 December 2023, filed 21 February 2024, accession 0001120193-24-000006: the filing on EDGAR. All of Nasdaq, Inc.'s filings: EDGAR company page.

The same record on your computer

GreekSoup is also a free program for your own computer. It reads these same filings for the names you follow, refreshed as they land, with no account. One pasted line installs it.

Install