# Nasdaq Inc. (NDAQ) — Financial Analysis

**Exchange:** NASDAQ  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-13  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/NDAQ/thesis · /stocks/NDAQ/memo

## Financial Snapshot

---
ticker: NDAQ
step: 04
generated: 2026-05-13
source: quick-research
---

### Nasdaq, Inc. (NDAQ) — Financial Snapshot

#### Income Statement Summary

| Metric | FY2022 | FY2023 | FY2024 | YoY |
|--------|--------|--------|--------|-----|
| Revenue (GAAP) | $6.23B | $6.06B | $7.40B | +22.0% |
| Net Revenue (mgmt.) | ~$3.60B | ~$3.97B | ~$4.64B | +16.9% |
| Gross Margin | ~60% | ~60% | ~60% | |
| Operating Margin | ~25% | ~29% | ~27% | |
| Net Income | $1.12B | $1.79B | $1.91B | +6.9% |
| EPS (diluted) | ~$1.34 | ~$2.09 | ~$2.25 | +7.7% |

*GAAP revenue jumped 22% in FY2024 due to the Nov 2023 Adenza acquisition adding ~$1.4B annualized. Net revenue (management metric) strips out certain items and is the preferred comparability metric. FY2025 net revenue: $5.2B (+12% adjusted), first time crossing $5B. Solutions revenue (recurring software/data) reached $4.0B in FY2025.*

#### Cash Flow & Balance Sheet (FY2025)

| Metric | Value |
|--------|-------|
| Net Revenue (FY2025) | $5.2B (record) |
| Solutions Revenue (FY2025) | $4.0B (~77% of net revenue) |
| Annualized SaaS Revenue Growth | +14% YoY |
| Long-Term Debt (post-Adenza) | ~$8-9B (elevated) |
| Leverage Ratio | ~3.1x (targeting 3.0x by year-end 2025) |
| Debt Repaid (FY2025) | $826M |
| Capital Returned (FY2025) | >$1.2B (dividends + buybacks) |
| Quarterly Dividend | $0.27/share (+13% raise); ~$1.08 annualized |
| Adenza Synergies | $150M expense savings achieved; $100M revenue synergies target by 2027 |

#### Key Ratios (approximate)
- P/E: ~34–36x | EV/EBITDA: ~22–25x | FCF Yield: ~3–4%
- Revenue Growth (Solutions, FY2025): +12% adjusted | SaaS ARR Growth: +14%
- Cross-sell deals (Adenza-era): 42 major deals executed
- S&P credit upgrade to BBB+ in 2025

#### Growth Profile
Nasdaq is a compounding financial technology platform with an accelerating shift toward recurring, high-margin SaaS revenue. The Adenza acquisition (AxiomSL + Calypso, $10.5B in Nov 2023) was the pivotal transformation move — adding regulatory and capital markets technology to Nasdaq's existing FinTech footprint and creating the cross-sell opportunity that generated 42 deals by end of 2025. Management raised revenue targets at the February 2026 Investor Day.

#### Forward Estimates
- FY2026 guidance: Double-digit Solutions revenue growth; AI strategy taking center stage
- Adenza revenue synergies: $100M target by 2027 (cross-sells still being executed)
- Leverage: Target <3.0x by year-end 2025 (S&P upgrade facilitates further debt reduction)
- Analyst consensus: ~26 Buy, 8 Hold; price targets $75–100+ (median ~$85–90)

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/NDAQ/fundamental

## Navigation

- Overview: /stocks/NDAQ
- Financials (this page): /stocks/NDAQ/financials
- Thesis: /stocks/NDAQ/thesis
- Investment Memo: /stocks/NDAQ/memo
- Coverage universe: /stocks