Nasdaq (NDAQ) Financials

$94.75 +0.79 (+0.84%)

Closing price 08/22/2025 04:00 PM Eastern

Extended Trading

$94.80 +0.06 (+0.06%)

As of 08/22/2025 07:52 PM Eastern

Annual Income Statements for Nasdaq

This table shows Nasdaq's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	414	428	106	729	458	774	933	1,187	1,125	1,059	1,117
Consolidated Net Income / (Loss)	413	427	106	729	458	774	933	1,187	1,123	1,057	1,115
Net Income / (Loss) Continuing Operations	413	427	106	729	458	774	933	1,187	1,123	1,057	1,115
Total Pre-Tax Income	594	630	133	872	1,064	1,019	1,212	1,534	1,475	1,401	1,449
Total Operating Income	754	720	836	991	1,028	1,017	1,234	1,441	1,564	1,578	1,798
Total Gross Profit	2,067	2,090	2,276	2,411	2,526	2,535	2,903	2,482	2,579	2,813	3,325
Total Revenue	3,500	3,403	3,704	3,948	4,277	4,258	5,625	5,886	6,226	6,064	7,400
Operating Revenue	3,500	3,403	3,704	3,948	4,277	4,258	5,625	5,886	6,226	6,064	7,400
Total Cost of Revenue	1,433	1,313	1,428	1,537	1,751	1,723	2,722	3,404	3,647	3,251	4,075
Operating Cost of Revenue	1,433	1,313	1,428	1,537	1,751	1,723	2,722	3,404	3,647	3,251	4,075
Total Operating Expenses	1,313	1,370	1,440	1,420	1,498	1,518	1,669	1,041	1,015	1,235	1,527
Selling, General & Admin Expense	926	910	1,002	1,030	1,103	1,092	1,216	415	472	474	542
Marketing Expense	32	28	30	31	37	39	39	57	51	47	54
Depreciation Expense	137	138	170	188	210	190	202	278	258	323	613
Other Operating Expenses / (Income)	137	112	121	127	127	128	131	173	137	163	167
Restructuring Charge	81	182	117	44	21	69	81	118	97	228	151
Total Other Income / (Expense), net	-160	-90	-703	-119	36	2.00	-22	93	-89	-177	-349
Interest Expense	117	111	135	143	150	124	101	125	129	284	414
Interest & Investment Income	6.00	21	10	22	146	94	74	53	38	108	44
Other Income / (Expense), net	-49	-	-578	2.00	40	32	5.00	165	2.00	-1.00	21
Income Tax Expense	181	203	27	143	606	245	279	347	352	344	334
Net Income / (Loss) Attributable to Noncontrolling Interest	-1.00	-1.00	-	-	-	-	0.00	0.00	-2.00	-2.00	-2.00
Basic Earnings per Share	$2.45	$2.56	$0.64	$4.38	$2.77	$4.69	$1.89	$2.38	$2.28	$2.10	$1.94
Weighted Average Basic Shares Outstanding	168.83M	163.89M	166.75M	166.56M	165.42M	165.01M	164.80M	164.41M	489.00M	575.21M	575.15M
Diluted Earnings per Share	$2.39	$2.50	$0.63	$4.30	$2.73	$4.63	$1.86	$2.35	$2.26	$2.08	$1.93
Weighted Average Diluted Shares Outstanding	168.83M	163.89M	166.75M	166.56M	165.42M	165.01M	164.80M	164.41M	489.00M	575.21M	575.15M
Weighted Average Basic & Diluted Shares Outstanding	168.83M	163.89M	166.75M	166.56M	165.42M	165.01M	164.80M	164.41M	489.00M	575.21M	575.15M
Cash Dividends to Common per Share	$0.58	$0.90	$1.21	$1.46	$1.70	$1.85	$0.65	$0.70	$0.78	$0.86	$0.94

This table shows Nasdaq's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Income / (Loss) Attributable to Common Shareholders	240	302	267	294	196	234	222	306	355	395	452
Consolidated Net Income / (Loss)	239	301	267	294	195	233	222	305	355	395	452
Net Income / (Loss) Continuing Operations	239	301	267	294	195	233	222	305	355	395	413
Total Pre-Tax Income	322	396	337	391	277	312	341	356	440	488	548
Total Operating Income	349	412	382	431	353	410	423	448	517	547	568
Total Gross Profit	654	658	664	680	811	777	831	814	903	908	954
Total Revenue	1,582	1,533	1,433	1,451	1,647	1,674	1,792	1,902	2,032	2,090	2,090
Operating Revenue	1,582	1,533	1,433	1,451	1,647	1,674	1,792	1,902	2,032	2,090	2,090
Total Cost of Revenue	928	875	769	771	836	897	961	1,088	1,129	1,182	1,136
Operating Cost of Revenue	928	875	769	771	836	897	961	1,088	1,129	1,182	1,136
Total Operating Expenses	305	246	282	249	458	367	408	366	386	361	386
Selling, General & Admin Expense	131	100	108	115	151	129	138	133	142	119	141
Marketing Expense	20	9.00	9.00	12	17	11	12	11	20	14	14
Depreciation Expense	63	69	65	64	125	155	153	153	152	156	158
Other Operating Expenses / (Income)	35	48	41	37	37	37	45	37	48	43	44
Restructuring Charge	56	20	59	21	128	35	60	32	24	29	29
Total Other Income / (Expense), net	-27	-16	-45	-40	-76	-98	-82	-92	-77	-59	-59
Interest Expense	33	36	36	101	111	108	102	102	102	96	95
Interest & Investment Income	12	20	-3.00	60	31	9.00	8.00	9.00	18	38	35
Other Income / (Expense), net	-6.00	0.00	-6.00	1.00	4.00	1.00	12	1.00	7.00	-1.00	1.00
Income Tax Expense	83	95	70	97	82	79	119	51	85	93	96
Net Income / (Loss) Attributable to Noncontrolling Interest	-1.00	-1.00	0.00	0.00	-1.00	-1.00	0.00	-1.00	-	0.00	0.00
Basic Earnings per Share	$0.49	$0.62	$0.54	$0.60	$0.34	$0.41	$0.39	$0.53	$0.61	$0.69	$0.79
Weighted Average Basic Shares Outstanding	489.00M	490.77M	491.32M	576.96M	575.21M	576.53M	575.94M	574.76M	575.15M	574.12M	573.80M
Diluted Earnings per Share	$0.49	$0.61	$0.54	$0.60	$0.34	$0.40	$0.38	$0.53	$0.62	$0.68	$0.78
Weighted Average Diluted Shares Outstanding	489.00M	490.77M	491.32M	576.96M	575.21M	576.53M	575.94M	574.76M	575.15M	574.12M	573.80M
Weighted Average Basic & Diluted Shares Outstanding	489.00M	490.77M	491.32M	576.96M	575.21M	576.53M	575.94M	574.76M	575.15M	574.12M	573.80M
Cash Dividends to Common per Share	$0.20	$0.20	$0.22	$0.22	$0.22	$0.22	$0.24	$0.24	$0.24	$0.24	$0.27

This table details how cash moves in and out of Nasdaq's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	-6.00	-119	61	-19	187	-2,111	3,393	-483	1,498	124	-2,112
Net Cash From Operating Activities	598	727	776	-909	1,028	963	1,252	1,083	1,706	1,696	1,939
Net Cash From Continuing Operating Activities	598	727	198	909	1,028	963	1,252	1,083	1,706	1,696	1,939
Net Income / (Loss) Continuing Operations	413	427	106	729	458	774	933	1,187	1,123	1,057	1,115
Consolidated Net Income / (Loss)	413	427	106	729	458	774	933	1,187	1,123	1,057	1,115
Depreciation Expense	137	138	170	188	210	190	202	278	258	323	613
Non-Cash Adjustments To Reconcile Net Income	104	180	-36	87	257	47	126	-7.00	119	277	165
Changes in Operating Assets and Liabilities, net	-56	-18	-42	-95	103	-48	-9.00	-375	206	39	46
Net Cash From Investing Activities	-155	-435	-1,657	-890	196	-414	-122	-2,653	49	-5,994	-953
Net Cash From Continuing Investing Activities	-155	-435	-1,657	-890	196	-414	-122	-2,653	49	-5,994	-953
Purchase of Property, Plant & Equipment	-140	-133	-134	-144	-111	-127	-188	-163	-152	-158	-207
Acquisitions	0.00	-226	-1,466	-776	-75	-206	-157	-2,430	-41	-5,766	0.00
Purchase of Investments	-303	-414	-468	-392	-421	-753	-174	-448	-111	-786	-913
Sale and/or Maturity of Investments	298	348	411	424	543	554	424	285	320	719	199
Other Investing Activities, net	-10	-10	-	-2.00	-26	-14	-27	-87	33	-3.00	-32
Net Cash From Financing Activities	-716	-400	948	-53	-1,027	-2,472	1,910	1,418	1,036	4,220	-2,561
Net Cash From Continuing Financing Activities	-716	-400	-1,470	-53	-1,027	-2,472	1,910	1,418	1,036	4,220	-2,561
Repayment of Debt	-968	-388	-1,159	-717	-115	-1,110	-1,892	-410	-851	-628	-785
Repurchase of Common Equity	-178	-377	-100	-203	-394	-200	-222	-468	-308	-269	-145
Payment of Dividends	-98	-149	-200	-243	-280	-305	-320	-350	-383	-441	-541
Issuance of Debt	494	506	0.00	1,128	-205	680	3,807	826	541	5,608	0.00
Other Financing Activities, net	-6.00	-21	-65	-71	-50	-1,574	487	1,794	2,037	-50	-1,090
Other Net Changes in Cash	-	-11	-6.00	15	-10	-188	353	-	-	202	-537
Cash Interest Paid	114	103	119	129	-148	120	97	118	116	177	405
Cash Income Taxes Paid	190	202	191	154	221	205	290	501	274	254	358

This table details how cash moves in and out of Nasdaq's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Change in Cash & Equivalents	-2,240	-152	5,025	-1,033	-3,716	-1,888	247	318	-789	-275	-530
Net Cash From Operating Activities	494	565	414	300	417	530	460	244	705	663	746
Net Cash From Continuing Operating Activities	510	565	414	300	417	530	460	244	705	663	746
Net Income / (Loss) Continuing Operations	240	301	266	294	196	233	222	305	355	395	451
Consolidated Net Income / (Loss)	240	301	266	294	196	233	222	305	355	395	451
Depreciation Expense	63	69	65	64	125	155	153	152	153	156	157
Non-Cash Adjustments To Reconcile Net Income	42	52	76	42	107	52	53	95	-37	3.00	-8.00
Changes in Operating Assets and Liabilities, net	165	143	7.00	-100	-11	90	32	-308	234	109	146
Net Cash From Investing Activities	74	-133	-159	134	-5,836	-232	214	73	-1,008	-258	-59
Net Cash From Continuing Investing Activities	74	-133	-159	134	-5,836	-232	214	73	-1,008	-258	-59
Purchase of Property, Plant & Equipment	-34	-40	-39	-37	-42	-39	-52	-56	-60	-49	-59
Purchase of Investments	108	-287	-227	48	-320	-224	196	113	-998	-309	-266
Sale and/or Maturity of Investments	15	184	112	131	292	44	75	22	58	105	220
Other Investing Activities, net	-15	10	-5.00	-8.00	-	-13	-5.00	-6.00	-8.00	-5.00	-6.00
Net Cash From Financing Activities	-3,239	-613	5,029	-1,397	1,201	-1,875	-458	-204	-24	-1,083	-1,462
Net Cash From Continuing Financing Activities	-3,239	-613	5,029	-1,397	1,201	-1,875	-458	-204	-24	-1,083	-1,462
Repayment of Debt	-114	-1.00	-548	-139	60	-340	-174	-53	-151	-256	-400
Repurchase of Common Equity	325	-159	-	-	-110	0.00	-58	-87	-	-115	-100
Payment of Dividends	-98	-98	-108	-108	-127	-127	-138	-138	-138	-138	-155
Other Financing Activities, net	-3,336	-38	334	-1,145	799	-1,341	-109	74	286	-574	-835
Other Net Changes in Cash	-	29	-	-	-	-311	-	-	-	403	245
Cash Interest Paid	33	37	30	22	88	145	81	89	90	125	84
Cash Income Taxes Paid	70	18	118	62	56	23	79	134	122	45	131

This table presents Nasdaq's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	12,071	11,861	14,150	15,354	15,700	13,924	17,979	20,115	20,868	32,294	30,395
Total Current Assets	3,400	3,260	4,560	5,510	6,370	4,290	7,660	7,423	8,604	9,096	7,786
Cash & Equivalents	427	301	403	377	545	332	2,745	393	502	453	592
Restricted Cash	49	56	15	22	41	30	37	29	22	20	31
Short-Term Investments	174	201	245	235	268	291	195	208	181	188	184
Accounts Receivable	389	316	429	356	384	422	566	588	677	929	1,022
Other Current Assets	2,345	2,386	3,468	4,520	5,132	3,215	4,117	6,205	7,222	7,506	5,957
Plant, Property, & Equipment, net	292	323	362	400	376	384	475	509	532	576	593
Total Noncurrent Assets	8,379	8,278	9,228	9,444	8,954	9,250	9,844	12,183	11,732	22,622	22,016
Goodwill	5,538	5,395	6,027	6,586	6,363	6,366	6,850	8,433	8,099	14,112	13,957
Intangible Assets	2,077	1,959	2,094	2,468	2,300	2,249	2,255	2,813	2,581	7,443	6,905
Other Noncurrent Operating Assets	228	281	390	390	291	635	739	937	1,052	1,067	1,154
Total Liabilities & Shareholders' Equity	12,071	11,861	14,150	15,354	15,700	13,924	17,979	20,115	20,868	32,294	30,395
Total Liabilities	6,277	6,252	8,720	9,474	10,251	8,285	11,543	13,710	14,704	21,467	19,195
Total Current Liabilities	2,980	2,920	4,082	5,234	6,570	4,227	4,924	7,872	8,835	9,025	7,902
Short-Term Debt	-	-	0.00	480	875	391	0.00	1,018	664	291	399
Accounts Payable	189	158	175	177	198	148	175	185	185	332	269
Customer Deposits	2,194	2,228	3,301	3,988	4,742	2,996	3,942	5,911	7,021	7,275	5,664
Current Deferred Revenue	177	127	162	161	194	211	235	329	357	594	711
Current Employee Benefit Liabilities	143	171	207	170	199	188	227	252	243	303	325
Other Current Liabilities	240	236	237	258	362	293	345	177	365	230	534
Total Noncurrent Liabilities	3,297	3,332	4,638	4,240	3,681	4,058	6,619	5,838	5,869	12,442	11,293
Long-Term Debt	2,297	2,364	3,603	3,727	2,956	2,996	5,541	4,812	4,735	10,163	9,081
Noncurrent Deferred & Payable Income Tax Liabilities	626	626	720	225	501	552	502	406	456	1,642	1,594
Other Noncurrent Operating Liabilities	159	142	144	162	224	510	576	620	678	637	618
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	5,794	5,609	5,430	5,880	5,449	5,639	6,436	6,405	6,164	10,827	11,200
Total Preferred & Common Equity	5,793	5,609	5,430	5,880	5,449	5,639	6,433	6,395	6,151	10,816	11,191
Total Common Equity	5,793	5,609	5,430	5,880	5,449	5,639	6,433	6,390	6,146	10,810	11,185
Common Stock	3,224	3,013	3,106	3,026	2,718	2,634	2,549	1,949	1,445	5,496	5,530
Retained Earnings	3,292	3,571	3,479	3,963	4,558	5,027	5,628	6,465	7,207	7,825	8,401
Treasury Stock	-41	-111	-176	-247	-297	-336	-376	-437	-515	-587	-647
Accumulated Other Comprehensive Income / (Loss)	-682	-864	-979	-862	-1,530	-1,686	-1,368	-1,587	-1,991	-1,924	-2,099
Noncontrolling Interest	1.00	-	-	-	-	0.00	3.00	10	13	11	9.00

This table presents Nasdaq's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Total Assets	20,868	20,775	25,657	24,350	32,294	30,267	30,210	30,560	30,395	30,647	30,383
Total Current Assets	8,604	8,540	13,578	12,351	9,096	7,321	7,309	7,558	7,786	7,818	7,352
Cash & Equivalents	502	373	5,347	5,340	453	388	416	266	592	690	732
Restricted Cash	22	57	23	5,960	20	21	24	42	31	18	195
Short-Term Investments	181	197	288	272	188	173	174	202	184	201	84
Accounts Receivable	677	666	597	595	929	925	960	944	1,022	986	896
Other Current Assets	7,222	7,247	7,323	184	7,506	5,814	5,735	6,104	5,957	5,923	5,445
Plant, Property, & Equipment, net	532	529	536	542	576	575	556	584	593	621	656
Total Noncurrent Assets	11,732	11,706	11,543	11,457	22,622	22,371	22,345	22,418	22,016	22,208	22,375
Goodwill	8,099	8,103	8,020	7,988	14,112	13,974	13,984	14,165	13,957	14,179	14,328
Intangible Assets	2,581	2,545	2,490	2,446	7,443	7,291	7,171	7,072	6,905	6,830	6,741
Other Noncurrent Operating Assets	1,052	1,058	1,033	1,023	1,067	1,106	1,190	1,181	1,154	1,199	1,306
Total Liabilities & Shareholders' Equity	20,868	20,775	25,657	24,350	32,294	30,267	30,210	30,560	30,395	30,647	30,383
Total Liabilities	14,704	14,596	19,410	17,871	21,467	19,448	19,302	19,479	19,195	19,092	18,565
Total Current Liabilities	8,835	8,704	8,511	7,048	9,025	7,393	7,791	7,933	7,902	7,971	7,657
Short-Term Debt	664	347	140	0.00	291	224	548	499	399	400	500
Accounts Payable	185	183	199	286	332	266	301	289	269	255	246
Customer Deposits	7,021	7,055	7,134	5,935	7,275	5,595	5,546	5,865	5,664	5,686	5,218
Current Deferred Revenue	357	664	558	451	594	866	736	663	711	981	848
Current Employee Benefit Liabilities	243	157	156	211	303	188	213	314	325	198	280
Other Current Liabilities	365	298	324	165	230	254	447	303	534	451	565
Total Noncurrent Liabilities	5,869	5,892	10,899	10,823	12,442	12,055	11,511	11,546	11,293	11,121	10,908
Long-Term Debt	4,735	4,762	9,792	9,703	10,163	9,765	9,249	9,359	9,081	8,926	8,678
Noncurrent Deferred & Payable Income Tax Liabilities	456	463	474	509	1,642	1,655	1,632	1,566	1,594	1,586	1,540
Other Noncurrent Operating Liabilities	678	667	633	611	637	635	630	621	618	609	690
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	6,164	6,179	6,247	6,479	10,827	10,819	10,908	11,081	11,200	11,555	11,818
Total Preferred & Common Equity	6,151	6,167	6,235	6,467	10,816	10,809	10,898	11,072	11,191	11,546	11,811
Total Common Equity	6,146	6,162	6,230	6,467	10,810	10,803	10,892	11,066	11,185	11,540	11,805
Common Stock	1,445	1,312	1,363	1,399	5,496	5,526	5,528	5,477	5,530	5,450	5,425
Retained Earnings	7,207	7,411	7,569	7,755	7,825	7,932	8,016	8,184	8,401	8,658	8,955
Treasury Stock	-515	-555	-583	-585	-587	-611	-641	-643	-647	-672	-706
Accumulated Other Comprehensive Income / (Loss)	-1,991	-2,006	-2,119	-2,102	-1,924	-2,044	-2,011	-1,952	-2,099	-1,896	-1,869
Noncontrolling Interest	13	12	12	12	11	10	10	9.00	9.00	9.00	7.00

This table displays calculated financial ratios and metrics derived from Nasdaq's official financial filings.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	9.00%	-2.77%	8.85%	6.59%	8.33%	-0.44%	32.10%	4.64%	5.78%	-2.60%	22.03%
EBITDA Growth	5.78%	1.90%	-50.12%	175.93%	8.21%	-3.05%	16.30%	30.74%	-3.18%	4.17%	28.00%
EBIT Growth	4.60%	2.13%	-64.17%	284.88%	7.55%	-1.78%	18.11%	29.62%	-2.49%	0.70%	15.35%
NOPAT Growth	19.06%	-6.91%	36.53%	24.34%	-46.59%	74.57%	22.97%	17.38%	6.79%	-0.02%	16.21%
Net Income Growth	7.55%	3.39%	-75.18%	587.74%	-37.17%	69.00%	20.54%	27.22%	-5.39%	-5.88%	5.49%
EPS Growth	6.22%	4.60%	-74.80%	582.54%	-36.51%	69.60%	20.54%	27.22%	-3.83%	-7.96%	-7.21%
Operating Cash Flow Growth	-1.32%	21.57%	6.74%	-217.14%	13.09%	-6.32%	30.01%	-13.50%	57.53%	-0.59%	14.33%
Free Cash Flow Firm Growth	191.02%	-58.22%	-156.17%	11.85%	677.37%	-43.83%	-60.88%	-561.38%	230.05%	-542.34%	124.86%
Invested Capital Growth	-8.67%	-0.35%	12.88%	12.94%	-10.86%	-0.63%	7.49%	28.94%	-6.44%	89.91%	-3.62%
Revenue Q/Q Growth	2.07%	-1.51%	2.95%	1.20%	2.76%	-1.69%	7.63%	0.09%	1.90%	1.08%	5.49%
EBITDA Q/Q Growth	-12.02%	9.72%	-58.53%	3.14%	3.40%	1.06%	4.27%	5.19%	-3.03%	4.17%	8.72%
EBIT Q/Q Growth	-13.92%	11.28%	-70.38%	3.44%	3.79%	1.65%	4.47%	4.22%	-2.43%	0.90%	10.11%
NOPAT Q/Q Growth	0.12%	5.18%	20.55%	-15.04%	-45.43%	60.99%	6.22%	1.65%	-2.06%	-0.66%	14.02%
Net Income Q/Q Growth	-11.75%	16.99%	-77.96%	183.66%	-38.69%	46.87%	2.41%	3.04%	-1.84%	-4.00%	16.75%
EPS Q/Q Growth	-11.81%	17.92%	-77.89%	182.89%	-38.37%	43.79%	2.41%	3.04%	-3.00%	8.90%	15.57%
Operating Cash Flow Q/Q Growth	-11.93%	7.86%	6.16%	-201.79%	6.20%	-2.13%	8.30%	-4.50%	6.89%	-4.34%	17.44%
Free Cash Flow Firm Q/Q Growth	65.00%	-46.73%	68.49%	-117.49%	291.01%	-25.82%	-13.72%	20.62%	-12.15%	-216.41%	114.59%
Invested Capital Q/Q Growth	-6.77%	-0.87%	-6.47%	11.62%	-5.37%	1.23%	2.38%	-1.36%	0.77%	347.29%	-2.72%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	59.06%	61.42%	61.45%	61.07%	59.06%	59.54%	51.61%	42.17%	41.42%	46.39%	44.93%
EBITDA Margin	24.06%	25.21%	11.56%	29.91%	29.88%	29.10%	25.62%	32.01%	29.30%	31.33%	32.86%
Operating Margin	21.54%	21.16%	22.57%	25.10%	24.04%	23.88%	21.94%	24.48%	25.12%	26.02%	24.30%
EBIT Margin	20.14%	21.16%	6.97%	25.15%	24.97%	24.64%	22.03%	27.29%	25.15%	26.01%	24.58%
Profit (Net Income) Margin	11.80%	12.55%	2.86%	18.47%	10.71%	18.18%	16.59%	20.17%	18.04%	17.43%	15.07%
Tax Burden Percent	69.53%	67.78%	79.70%	83.60%	43.05%	75.96%	76.98%	77.38%	76.14%	75.45%	76.95%
Interest Burden Percent	84.26%	87.50%	51.55%	87.81%	99.63%	97.14%	97.82%	95.52%	94.19%	88.84%	79.66%
Effective Tax Rate	30.47%	32.22%	20.30%	16.40%	56.95%	24.04%	23.02%	22.62%	23.86%	24.55%	23.05%
Return on Invested Capital (ROIC)	6.73%	6.57%	8.44%	9.30%	4.95%	9.20%	10.94%	10.82%	10.60%	7.56%	6.83%
ROIC Less NNEP Spread (ROIC-NNEP)	0.56%	3.04%	-15.17%	6.24%	5.42%	9.25%	10.30%	12.68%	9.23%	5.72%	3.92%
Return on Net Nonoperating Assets (RNNOA)	0.17%	0.92%	-6.52%	3.59%	3.14%	4.76%	4.52%	7.66%	7.27%	4.88%	3.29%
Return on Equity (ROE)	6.90%	7.49%	1.92%	12.89%	8.09%	13.96%	15.45%	18.49%	17.87%	12.44%	10.12%
Cash Return on Invested Capital (CROIC)	15.78%	6.92%	-3.66%	-2.86%	16.44%	9.83%	3.72%	-14.46%	17.25%	-54.46%	10.52%
Operating Return on Assets (OROA)	5.72%	6.02%	1.98%	6.73%	6.88%	7.08%	7.77%	8.43%	7.64%	5.93%	5.80%
Return on Assets (ROA)	3.35%	3.57%	0.82%	4.94%	2.95%	5.23%	5.85%	6.23%	5.48%	3.98%	3.56%
Return on Common Equity (ROCE)	6.90%	7.49%	1.92%	12.89%	8.09%	13.96%	15.45%	18.46%	17.82%	12.42%	10.11%
Return on Equity Simple (ROE_SIMPLE)	7.13%	7.61%	1.95%	12.40%	8.41%	13.73%	14.50%	18.56%	18.26%	9.77%	9.96%
Net Operating Profit after Tax (NOPAT)	524	488	666	828	443	772	950	1,115	1,191	1,191	1,384
NOPAT Margin	14.98%	14.34%	17.99%	20.98%	10.35%	18.14%	16.89%	18.94%	19.13%	19.63%	18.70%
Net Nonoperating Expense Percent (NNEP)	6.16%	3.53%	23.61%	3.06%	-0.47%	-0.05%	0.64%	-1.85%	1.37%	1.84%	2.91%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	10.30%	5.59%	6.69%
Cost of Revenue to Revenue	40.94%	38.58%	38.55%	38.93%	40.94%	40.47%	48.39%	57.83%	58.58%	53.61%	55.07%
SG&A Expenses to Revenue	26.46%	26.74%	27.05%	26.09%	25.79%	25.65%	21.62%	7.05%	7.58%	7.82%	7.32%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	37.51%	40.26%	38.88%	35.97%	35.02%	35.65%	29.67%	17.69%	16.30%	20.37%	20.64%
Earnings before Interest and Taxes (EBIT)	705	720	258	993	1,068	1,049	1,239	1,606	1,566	1,577	1,819
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	842	858	428	1,181	1,278	1,239	1,441	1,884	1,824	1,900	2,432
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.19	1.48	1.81	1.96	2.26	2.93	3.23	5.32	4.76	3.06	3.97
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	1.97	2.45	2.65	2.91	2.88	3.88	3.70	5.77	4.70	5.45	6.00
Price to Earnings (P/E)	16.63	19.44	92.77	15.78	26.92	21.32	22.30	28.61	25.99	31.23	39.78
Dividend Yield	1.41%	1.78%	2.03%	2.11%	2.26%	1.84%	1.90%	1.04%	1.31%	1.50%	1.22%
Earnings Yield	6.01%	5.14%	1.08%	6.34%	3.71%	4.69%	4.48%	3.49%	3.85%	3.20%	2.51%
Enterprise Value to Invested Capital (EV/IC)	1.15	1.37	1.53	1.60	1.82	2.30	2.60	3.38	3.13	2.08	2.67
Enterprise Value to Revenue (EV/Rev)	2.44	2.98	3.45	3.82	3.58	4.52	4.16	6.66	5.45	7.07	7.18
Enterprise Value to EBITDA (EV/EBITDA)	10.13	11.80	29.84	12.77	11.98	15.53	16.22	20.79	18.61	22.57	21.84
Enterprise Value to EBIT (EV/EBIT)	12.10	14.06	49.51	15.18	14.33	18.34	18.87	24.39	21.67	27.19	29.20
Enterprise Value to NOPAT (EV/NOPAT)	16.27	20.75	19.17	18.20	34.59	24.90	24.61	35.13	28.51	36.02	38.39
Enterprise Value to Operating Cash Flow (EV/OCF)	14.27	13.93	16.46	0.00	14.89	19.98	18.67	36.17	19.90	25.28	27.39
Enterprise Value to Free Cash Flow (EV/FCFF)	6.93	19.70	0.00	0.00	10.42	23.30	72.38	0.00	17.52	0.00	24.93
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.40	0.42	0.66	0.72	0.70	0.60	0.86	0.91	0.88	0.97	0.85
Long-Term Debt to Equity	0.40	0.42	0.66	0.63	0.54	0.53	0.86	0.75	0.77	0.94	0.81
Financial Leverage	0.30	0.30	0.43	0.58	0.58	0.52	0.44	0.60	0.79	0.85	0.84
Leverage Ratio	2.06	2.10	2.36	2.61	2.74	2.67	2.64	2.97	3.26	3.13	2.85
Compound Leverage Factor	1.73	1.84	1.21	2.29	2.73	2.60	2.58	2.83	3.07	2.78	2.27
Debt to Total Capital	28.39%	29.65%	39.89%	41.71%	41.28%	37.52%	46.26%	47.65%	46.69%	49.12%	45.84%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	4.76%	9.43%	4.33%	0.00%	8.32%	5.74%	1.37%	1.93%
Long-Term Debt to Total Capital	28.39%	29.65%	39.89%	36.95%	31.85%	33.19%	46.26%	39.33%	40.95%	47.76%	43.91%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.03%	0.08%	0.11%	0.05%	0.04%
Common Equity to Total Capital	71.60%	70.35%	60.11%	58.29%	58.72%	62.48%	53.71%	52.23%	53.15%	50.80%	54.09%
Debt to EBITDA	2.73	2.76	8.42	3.56	3.00	2.73	3.85	3.09	2.96	5.50	3.90
Net Debt to EBITDA	1.96	2.10	6.87	3.03	2.33	2.21	1.78	2.76	2.57	5.15	3.57
Long-Term Debt to EBITDA	2.73	2.76	8.42	3.16	2.31	2.42	3.85	2.55	2.60	5.35	3.73
Debt to NOPAT	4.38	4.84	5.41	5.08	8.66	4.38	5.83	5.23	4.53	8.78	6.85
Net Debt to NOPAT	3.14	3.70	4.41	4.31	6.73	3.54	2.70	4.66	3.94	8.23	6.27
Long-Term Debt to NOPAT	4.38	4.84	5.41	4.50	6.68	3.88	5.83	4.32	3.98	8.54	6.56
Altman Z-Score	1.56	1.74	1.38	1.58	1.61	2.26	2.24	2.47	2.21	1.62	2.21
Noncontrolling Interest Sharing Ratio	0.01%	0.01%	0.00%	0.00%	0.00%	0.00%	0.02%	0.14%	0.26%	0.21%	0.15%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.14	1.12	1.12	1.05	0.97	1.01	1.56	0.94	0.97	1.01	0.99
Quick Ratio	0.33	0.28	0.26	0.18	0.18	0.25	0.71	0.15	0.15	0.17	0.23
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	1,230	514	-289	-255	1,470	825	323	-1,490	1,938	-8,571	2,131
Operating Cash Flow to CapEx	427.14%	546.62%	579.10%	-631.25%	926.13%	758.27%	665.96%	664.42%	1,122.37%	1,073.42%	936.72%
Free Cash Flow to Firm to Interest Expense	10.51	4.63	-2.14	-1.78	9.80	6.66	3.20	-11.92	15.02	-30.18	5.15
Operating Cash Flow to Interest Expense	5.11	6.55	5.75	-6.36	6.85	7.77	12.40	8.66	13.22	5.97	4.68
Operating Cash Flow Less CapEx to Interest Expense	3.91	5.35	4.76	-7.36	6.11	6.74	10.53	7.36	12.05	5.42	4.18
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.28	0.28	0.28	0.27	0.28	0.29	0.35	0.31	0.30	0.23	0.24
Accounts Receivable Turnover	8.95	9.65	9.94	10.06	11.56	10.57	11.39	10.20	9.84	7.55	7.59
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	12.50	11.07	10.81	10.36	11.02	11.21	13.10	11.96	11.96	10.95	12.66
Accounts Payable Turnover	6.87	7.57	8.58	8.73	9.34	9.96	16.85	18.91	19.71	12.58	13.56
Days Sales Outstanding (DSO)	40.78	37.81	36.71	36.29	31.58	34.55	32.06	35.78	37.08	48.33	48.12
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	53.11	48.23	42.56	41.80	39.08	36.65	21.66	19.30	18.52	29.02	26.92
Cash Conversion Cycle (CCC)	-12.33	-10.42	-5.85	-5.51	-7.51	-2.10	10.40	16.48	18.57	19.31	21.20
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	7,441	7,415	8,370	9,453	8,426	8,373	9,000	11,605	10,858	20,620	19,873
Invested Capital Turnover	0.45	0.46	0.47	0.44	0.48	0.51	0.65	0.57	0.55	0.39	0.37
Increase / (Decrease) in Invested Capital	-706	-26	955	1,083	-1,027	-53	627	2,605	-747	9,762	-747
Enterprise Value (EV)	8,531	10,127	12,773	15,078	15,307	19,236	23,374	39,175	33,943	42,882	53,117
Market Capitalization	6,883	8,321	9,833	11,505	12,330	16,502	20,807	33,965	29,236	33,078	44,435
Book Value per Share	$34.55	$34.15	$32.87	$35.37	$33.23	$34.40	$39.22	$38.21	$12.51	$18.74	$19.46
Tangible Book Value per Share	($10.87)	($10.62)	($16.29)	($19.09)	($19.60)	($18.16)	($16.29)	($29.04)	($9.23)	($18.62)	($16.84)
Total Capital	8,091	7,973	9,033	10,087	9,280	9,026	11,977	12,235	11,563	21,281	20,680
Total Debt	2,297	2,364	3,603	4,207	3,831	3,387	5,541	5,830	5,399	10,454	9,480
Total Long-Term Debt	2,297	2,364	3,603	3,727	2,956	2,996	5,541	4,812	4,735	10,163	9,081
Net Debt	1,647	1,806	2,940	3,573	2,977	2,734	2,564	5,200	4,694	9,793	8,673
Capital Expenditures (CapEx)	140	133	134	144	111	127	188	163	152	158	207
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-230	-218	-185	122	-179	-199	-241	-61	-272	-299	-524
Debt-free Net Working Capital (DFNWC)	420	340	478	756	675	454	2,736	569	433	362	283
Net Working Capital (NWC)	420	340	478	276	-200	63	2,736	-449	-231	71	-116
Net Nonoperating Expense (NNE)	111	61	560	99	-15	-1.52	17	-72	68	134	269
Net Nonoperating Obligations (NNO)	1,647	1,806	2,940	3,573	2,977	2,734	2,564	5,200	4,694	9,793	8,673
Total Depreciation and Amortization (D&A)	137	138	170	188	210	190	202	278	258	323	613
Debt-free, Cash-free Net Working Capital to Revenue	-6.57%	-6.41%	-4.99%	3.09%	-4.19%	-4.67%	-4.28%	-1.04%	-4.37%	-4.93%	-7.08%
Debt-free Net Working Capital to Revenue	12.00%	9.99%	12.91%	19.15%	15.78%	10.66%	48.64%	9.67%	6.95%	5.97%	3.82%
Net Working Capital to Revenue	12.00%	9.99%	12.91%	6.99%	-4.68%	1.48%	48.64%	-7.63%	-3.71%	1.17%	-1.57%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.82	$0.85	$0.22	$1.47	$0.92	$1.56	$1.89	$2.38	$2.28	$2.10	$1.94
Adjusted Weighted Average Basic Shares Outstanding	506.48M	491.66M	500.24M	499.68M	496.26M	495.04M	494.39M	493.24M	489.00M	575.21M	575.15M
Adjusted Diluted Earnings per Share	$0.80	$0.83	$0.21	$1.44	$0.91	$1.54	$1.86	$2.35	$2.26	$2.08	$1.93
Adjusted Weighted Average Diluted Shares Outstanding	506.48M	491.66M	500.24M	499.68M	496.26M	495.04M	494.39M	493.24M	489.00M	575.21M	575.15M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	506.48M	491.66M	500.24M	499.68M	496.26M	495.04M	494.39M	493.24M	489.00M	575.21M	575.15M
Normalized Net Operating Profit after Tax (NOPAT)	581	611	760	865	734	825	1,012	1,206	1,265	1,363	1,500
Normalized NOPAT Margin	16.59%	17.97%	20.51%	21.92%	17.17%	19.37%	18.00%	20.50%	20.31%	22.47%	20.27%
Pre Tax Income Margin	16.97%	18.51%	3.59%	22.09%	24.88%	23.93%	21.55%	26.06%	23.69%	23.10%	19.58%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	6.03	6.49	1.91	6.94	7.12	8.46	12.27	12.85	12.14	5.55	4.39
NOPAT to Interest Expense	4.48	4.40	4.94	5.79	2.95	6.23	9.41	8.92	9.23	4.19	3.34
EBIT Less CapEx to Interest Expense	4.83	5.29	0.92	5.94	6.38	7.44	10.41	11.54	10.96	5.00	3.89
NOPAT Less CapEx to Interest Expense	3.28	3.20	3.94	4.79	2.21	5.21	7.54	7.62	8.05	3.64	2.84
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	23.73%	34.89%	188.68%	33.33%	61.14%	39.41%	34.30%	29.49%	34.11%	41.72%	48.52%
Augmented Payout Ratio	66.83%	123.19%	283.02%	61.18%	147.16%	65.25%	58.09%	68.91%	61.53%	67.17%	61.52%

This table displays calculated financial ratios and metrics derived from Nasdaq's official financial filings.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	7.91%	-0.13%	-7.67%	-6.81%	4.11%	9.20%	25.05%	31.08%	23.38%	24.85%	16.63%
EBITDA Growth	-12.31%	3.22%	-9.07%	6.21%	18.72%	17.67%	33.33%	21.17%	40.46%	24.03%	23.47%
EBIT Growth	-10.21%	3.26%	-10.48%	6.93%	4.08%	-0.24%	15.69%	3.94%	46.78%	32.85%	30.80%
NOPAT Growth	-9.06%	2.19%	-5.01%	5.80%	-4.07%	-2.23%	-9.01%	18.44%	67.86%	44.60%	70.12%
Net Income Growth	-8.08%	6.36%	-13.03%	0.00%	-18.41%	-22.59%	-16.85%	3.74%	82.05%	69.53%	103.60%
EPS Growth	-68.99%	7.02%	-12.90%	1.69%	-30.61%	-34.43%	-29.63%	-11.67%	82.35%	70.00%	105.26%
Operating Cash Flow Growth	28.65%	-6.61%	10.40%	29.31%	-15.59%	-6.19%	11.11%	-18.67%	69.06%	25.09%	62.17%
Free Cash Flow Firm Growth	143.36%	155.08%	-36.24%	400.58%	-1,045.64%	-1,215.30%	-1,420.91%	-337.86%	112.24%	107.53%	106.18%
Invested Capital Growth	-6.44%	-4.63%	-3.67%	-57.22%	89.91%	89.72%	90.96%	343.15%	-3.62%	-1.26%	-0.53%
Revenue Q/Q Growth	1.61%	-3.10%	-6.52%	1.26%	13.51%	1.64%	7.05%	6.14%	6.83%	2.85%	0.00%
EBITDA Q/Q Growth	-13.06%	18.47%	-8.32%	12.47%	-2.82%	17.43%	3.89%	2.21%	12.65%	3.69%	3.42%
EBIT Q/Q Growth	-15.10%	20.12%	-8.74%	14.89%	-17.36%	15.13%	5.84%	3.22%	16.70%	4.20%	4.21%
NOPAT Q/Q Growth	-15.43%	20.89%	-3.36%	7.08%	-23.32%	23.21%	-10.06%	39.38%	8.68%	6.14%	5.81%
Net Income Q/Q Growth	-18.71%	25.94%	-11.30%	10.11%	-33.67%	19.49%	-4.72%	37.39%	16.39%	11.27%	14.43%
EPS Q/Q Growth	-16.95%	24.49%	-11.48%	11.11%	-43.33%	17.65%	-5.00%	39.47%	16.98%	9.68%	14.71%
Operating Cash Flow Q/Q Growth	112.93%	14.37%	-26.73%	-27.54%	39.00%	27.10%	-13.21%	-46.96%	188.93%	-5.96%	12.52%
Free Cash Flow Firm Q/Q Growth	-22.39%	-17.48%	-15.24%	822.20%	-246.61%	2.68%	-0.39%	-66.07%	107.54%	-40.15%	-17.55%
Invested Capital Q/Q Growth	0.77%	-1.81%	-1.31%	-56.18%	347.29%	-1.91%	-0.67%	1.68%	-2.72%	0.50%	0.07%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	41.34%	42.92%	46.34%	46.86%	49.24%	46.42%	46.37%	42.80%	44.44%	43.45%	45.65%
EBITDA Margin	25.66%	31.38%	30.77%	34.18%	29.27%	33.81%	32.81%	31.60%	33.32%	33.59%	34.74%
Operating Margin	22.06%	26.88%	26.66%	29.70%	21.43%	24.49%	23.60%	23.55%	25.44%	26.17%	27.18%
EBIT Margin	21.68%	26.88%	26.24%	29.77%	21.68%	24.55%	24.27%	23.61%	25.79%	26.12%	27.22%
Profit (Net Income) Margin	15.11%	19.63%	18.63%	20.26%	11.84%	13.92%	12.39%	16.04%	17.47%	18.90%	21.63%
Tax Burden Percent	74.22%	76.01%	79.23%	75.19%	70.40%	74.68%	65.10%	85.67%	80.68%	80.94%	82.48%
Interest Burden Percent	93.88%	96.12%	89.63%	90.51%	77.59%	75.91%	78.39%	79.29%	83.97%	89.38%	96.31%
Effective Tax Rate	25.78%	23.99%	20.77%	24.81%	29.60%	25.32%	34.90%	14.33%	19.32%	19.06%	17.52%
Return on Invested Capital (ROIC)	9.08%	11.64%	12.03%	17.42%	5.81%	7.35%	6.59%	11.31%	7.50%	8.24%	9.08%
ROIC Less NNEP Spread (ROIC-NNEP)	8.67%	11.39%	11.26%	15.43%	5.07%	6.30%	5.80%	9.20%	6.83%	7.70%	8.89%
Return on Net Nonoperating Assets (RNNOA)	6.83%	9.00%	8.70%	3.77%	4.33%	5.14%	4.55%	3.92%	5.73%	6.14%	6.78%
Return on Equity (ROE)	15.90%	20.64%	20.73%	21.19%	10.14%	12.49%	11.14%	15.23%	13.23%	14.37%	15.86%
Cash Return on Invested Capital (CROIC)	17.25%	15.70%	14.75%	95.72%	-54.46%	-54.27%	-54.98%	-116.66%	10.52%	8.83%	9.07%
Operating Return on Assets (OROA)	6.59%	8.04%	6.64%	7.55%	4.95%	5.97%	5.70%	6.03%	6.09%	6.70%	7.29%
Return on Assets (ROA)	4.59%	5.88%	4.71%	5.14%	2.70%	3.38%	2.91%	4.10%	4.12%	4.85%	5.79%
Return on Common Equity (ROCE)	15.86%	20.60%	20.68%	21.14%	10.12%	12.47%	11.12%	15.20%	13.21%	14.35%	15.84%
Return on Equity Simple (ROE_SIMPLE)	0.00%	18.50%	17.66%	17.02%	0.00%	9.15%	8.66%	8.63%	0.00%	11.06%	12.76%
Net Operating Profit after Tax (NOPAT)	259	313	303	324	249	306	275	384	417	443	468
NOPAT Margin	16.37%	20.43%	21.12%	22.33%	15.09%	18.29%	15.37%	20.18%	20.53%	21.18%	22.42%
Net Nonoperating Expense Percent (NNEP)	0.41%	0.25%	0.76%	1.99%	0.74%	1.05%	0.79%	2.11%	0.67%	0.54%	0.19%
Return On Investment Capital (ROIC_SIMPLE)	2.24%	-	-	-	1.17%	-	-	-	2.02%	2.12%	2.23%
Cost of Revenue to Revenue	58.66%	57.08%	53.66%	53.14%	50.76%	53.58%	53.63%	57.20%	55.56%	56.56%	54.35%
SG&A Expenses to Revenue	8.28%	6.52%	7.54%	7.93%	9.17%	7.71%	7.70%	6.99%	6.99%	5.69%	6.75%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	19.28%	16.05%	19.68%	17.16%	27.81%	21.92%	22.77%	19.24%	19.00%	17.27%	18.47%
Earnings before Interest and Taxes (EBIT)	343	412	376	432	357	411	435	449	524	546	569
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	406	481	441	496	482	566	588	601	677	702	726
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	4.76	4.27	3.86	3.64	3.06	3.37	3.19	3.80	3.97	3.78	4.35
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	4.70	4.23	3.94	3.92	5.45	5.87	5.29	5.99	6.00	5.58	6.33
Price to Earnings (P/E)	25.99	23.01	21.83	21.32	31.23	36.74	36.73	43.89	39.78	34.14	34.04
Dividend Yield	1.31%	1.49%	1.67%	1.75%	1.50%	1.39%	1.49%	1.26%	1.22%	1.27%	1.11%
Earnings Yield	3.85%	4.35%	4.58%	4.69%	3.20%	2.72%	2.72%	2.28%	2.51%	2.93%	2.94%
Enterprise Value to Invested Capital (EV/IC)	3.13	2.89	2.70	4.70	2.08	2.27	2.19	2.52	2.67	2.61	2.98
Enterprise Value to Revenue (EV/Rev)	5.45	4.95	4.65	3.61	7.07	7.38	6.69	7.33	7.18	6.66	7.33
Enterprise Value to EBITDA (EV/EBITDA)	18.61	16.75	15.80	11.88	22.57	23.08	20.61	22.98	21.84	20.27	21.99
Enterprise Value to EBIT (EV/EBIT)	21.67	19.50	18.48	13.86	27.19	29.08	26.87	31.12	29.20	26.64	28.50
Enterprise Value to NOPAT (EV/NOPAT)	28.51	25.72	24.02	18.07	36.02	38.72	38.02	42.36	38.39	34.23	34.78
Enterprise Value to Operating Cash Flow (EV/OCF)	19.90	18.49	16.63	12.22	25.28	27.59	25.74	31.14	27.39	25.12	25.24
Enterprise Value to Free Cash Flow (EV/FCFF)	17.52	17.96	17.93	2.94	0.00	0.00	0.00	0.00	24.93	29.33	32.75
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.88	0.83	1.59	1.50	0.97	0.92	0.90	0.89	0.85	0.81	0.78
Long-Term Debt to Equity	0.77	0.77	1.57	1.50	0.94	0.90	0.85	0.84	0.81	0.77	0.73
Financial Leverage	0.79	0.79	0.77	0.24	0.85	0.82	0.78	0.43	0.84	0.80	0.76
Leverage Ratio	3.26	3.41	3.99	3.83	3.13	3.00	3.26	3.13	2.85	2.72	2.67
Compound Leverage Factor	3.06	3.28	3.57	3.46	2.43	2.28	2.55	2.48	2.39	2.43	2.57
Debt to Total Capital	46.69%	45.26%	61.39%	59.96%	49.12%	48.01%	47.32%	47.08%	45.84%	44.66%	43.71%
Short-Term Debt to Total Capital	5.74%	3.07%	0.87%	0.00%	1.37%	1.08%	2.65%	2.38%	1.93%	1.92%	2.38%
Long-Term Debt to Total Capital	40.95%	42.19%	60.52%	59.96%	47.76%	46.93%	44.67%	44.70%	43.91%	42.75%	41.33%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.11%	0.11%	0.07%	0.07%	0.05%	0.05%	0.05%	0.04%	0.04%	0.04%	0.03%
Common Equity to Total Capital	53.15%	54.59%	38.51%	39.96%	50.80%	51.92%	52.61%	52.85%	54.09%	55.27%	56.23%
Debt to EBITDA	2.96	2.78	5.53	5.32	5.50	5.03	4.60	4.41	3.90	3.63	3.39
Net Debt to EBITDA	2.57	2.44	2.38	-1.02	5.15	4.74	4.31	4.18	3.57	3.28	3.02
Long-Term Debt to EBITDA	2.60	2.59	5.46	5.32	5.35	4.92	4.34	4.18	3.73	3.48	3.21
Debt to NOPAT	4.53	4.27	8.41	8.10	8.78	8.44	8.48	8.12	6.85	6.13	5.36
Net Debt to NOPAT	3.94	3.74	3.62	-1.56	8.23	7.95	7.95	7.70	6.27	5.54	4.77
Long-Term Debt to NOPAT	3.98	3.98	8.29	8.10	8.54	8.25	8.00	7.71	6.56	5.87	5.07
Altman Z-Score	2.02	1.94	1.68	1.80	1.49	1.74	1.70	1.93	2.07	2.07	2.39
Noncontrolling Interest Sharing Ratio	0.26%	0.21%	0.21%	0.21%	0.21%	0.19%	0.19%	0.15%	0.15%	0.14%	0.13%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.97	0.98	1.60	1.75	1.01	0.99	0.94	0.95	0.99	0.98	0.96
Quick Ratio	0.15	0.14	0.73	0.88	0.17	0.20	0.20	0.18	0.23	0.24	0.22
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	1,006	830	704	6,489	-9,513	-9,259	-9,295	-15,435	1,164	697	574
Operating Cash Flow to CapEx	1,452.94%	1,412.50%	1,061.54%	810.81%	992.86%	1,358.97%	884.62%	435.71%	1,175.00%	1,353.06%	1,264.41%
Free Cash Flow to Firm to Interest Expense	30.49	23.06	19.55	64.25	-85.71	-85.73	-91.12	-151.33	11.41	7.26	6.05
Operating Cash Flow to Interest Expense	14.97	15.69	11.50	2.97	3.76	4.91	4.51	2.39	6.91	6.91	7.85
Operating Cash Flow Less CapEx to Interest Expense	13.94	14.58	10.42	2.60	3.38	4.55	4.00	1.84	6.32	6.40	7.23
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.30	0.30	0.25	0.25	0.23	0.24	0.24	0.26	0.24	0.26	0.27
Accounts Receivable Turnover	9.84	9.67	9.78	9.73	7.55	7.80	8.43	9.12	7.59	8.18	8.74
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	11.96	11.97	11.63	11.32	10.95	11.24	12.02	12.46	12.66	13.07	13.39
Accounts Payable Turnover	19.71	19.65	18.65	14.08	12.58	14.58	13.86	13.15	13.56	16.74	16.58
Days Sales Outstanding (DSO)	37.08	37.74	37.34	37.51	48.33	46.79	43.29	40.04	48.12	44.62	41.75
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	18.52	18.58	19.57	25.93	29.02	25.04	26.33	27.75	26.92	21.81	22.01
Cash Conversion Cycle (CCC)	18.57	19.16	17.77	11.58	19.31	21.76	16.95	12.29	21.20	22.81	19.73
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	10,858	10,661	10,521	4,610	20,620	20,226	20,091	20,429	19,873	19,972	19,985
Invested Capital Turnover	0.55	0.57	0.57	0.78	0.39	0.40	0.43	0.56	0.37	0.39	0.40
Increase / (Decrease) in Invested Capital	-747	-517	-401	-6,165	9,762	9,565	9,570	15,819	-747	-254	-106
Enterprise Value (EV)	33,943	30,797	28,362	21,660	42,882	45,823	43,935	51,406	53,117	52,057	59,512
Market Capitalization	29,236	26,303	24,076	23,517	33,078	36,406	34,742	42,049	44,435	43,631	51,338
Book Value per Share	$12.51	$12.60	$12.69	$13.16	$18.74	$18.74	$18.89	$19.21	$19.46	$20.06	$20.56
Tangible Book Value per Share	($9.23)	($9.17)	($8.72)	($8.07)	($18.62)	($18.15)	($17.80)	($17.66)	($16.84)	($16.46)	($16.14)
Total Capital	11,563	11,288	16,179	16,182	21,281	20,808	20,705	20,939	20,680	20,881	20,996
Total Debt	5,399	5,109	9,932	9,703	10,454	9,989	9,797	9,858	9,480	9,326	9,178
Total Long-Term Debt	4,735	4,762	9,792	9,703	10,163	9,765	9,249	9,359	9,081	8,926	8,678
Net Debt	4,694	4,482	4,274	-1,869	9,793	9,407	9,183	9,348	8,673	8,417	8,167
Capital Expenditures (CapEx)	34	40	39	37	42	39	52	56	60	49	59
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-272	-444	-451	-6,269	-299	-430	-548	-386	-524	-662	-816
Debt-free Net Working Capital (DFNWC)	433	183	5,207	5,303	362	152	66	124	283	247	195
Net Working Capital (NWC)	-231	-164	5,067	5,303	71	-72	-482	-375	-116	-153	-305
Net Nonoperating Expense (NNE)	20	12	36	30	54	73	53	79	62	48	16
Net Nonoperating Obligations (NNO)	4,694	4,482	4,274	-1,869	9,793	9,407	9,183	9,348	8,673	8,417	8,167
Total Depreciation and Amortization (D&A)	63	69	65	64	125	155	153	152	153	156	157
Debt-free, Cash-free Net Working Capital to Revenue	-4.37%	-7.13%	-7.39%	-104.50%	-4.93%	-6.93%	-8.35%	-5.50%	-7.08%	-8.47%	-10.06%
Debt-free Net Working Capital to Revenue	6.95%	2.94%	85.29%	88.40%	5.97%	2.45%	1.01%	1.77%	3.82%	3.16%	2.40%
Net Working Capital to Revenue	-3.71%	-2.64%	83.00%	88.40%	1.17%	-1.16%	-7.34%	-5.35%	-1.57%	-1.96%	-3.76%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.49	$0.62	$0.54	$0.60	$0.34	$0.41	$0.39	$0.53	$0.61	$0.69	$0.79
Adjusted Weighted Average Basic Shares Outstanding	489.00M	490.77M	491.32M	576.96M	575.21M	576.53M	575.94M	574.76M	575.15M	574.12M	573.80M
Adjusted Diluted Earnings per Share	$0.49	$0.61	$0.54	$0.60	$0.34	$0.40	$0.38	$0.53	$0.62	$0.68	$0.78
Adjusted Weighted Average Diluted Shares Outstanding	489.00M	490.77M	491.32M	576.96M	575.21M	576.53M	575.94M	574.76M	575.15M	574.12M	573.80M
Adjusted Basic & Diluted Earnings per Share	$0.49	$0.00	$0.00	$0.00	$0.34	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	489.00M	490.77M	491.32M	576.96M	575.21M	576.53M	575.94M	574.76M	575.15M	574.12M	573.80M
Normalized Net Operating Profit after Tax (NOPAT)	301	328	349	340	339	332	314	411	436	466	492
Normalized NOPAT Margin	19.00%	21.42%	24.38%	23.42%	20.56%	19.85%	17.55%	21.62%	21.48%	22.31%	23.56%
Pre Tax Income Margin	20.35%	25.83%	23.52%	26.95%	16.82%	18.64%	19.03%	18.72%	21.65%	23.35%	26.22%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	10.39	11.44	10.44	4.28	3.22	3.81	4.26	4.40	5.14	5.69	5.99
NOPAT to Interest Expense	7.85	8.70	8.41	3.21	2.24	2.84	2.70	3.76	4.09	4.61	4.93
EBIT Less CapEx to Interest Expense	9.36	10.33	9.36	3.91	2.84	3.44	3.75	3.85	4.55	5.18	5.37
NOPAT Less CapEx to Interest Expense	6.82	7.59	7.32	2.84	1.86	2.47	2.19	3.21	3.50	4.10	4.31
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	34.11%	34.36%	36.60%	37.42%	41.72%	47.52%	52.97%	55.50%	48.52%	43.23%	37.76%
Augmented Payout Ratio	61.53%	34.36%	21.53%	22.34%	67.17%	58.65%	70.76%	82.20%	61.52%	63.59%	57.80%

Key Financial Trends

Nasdaq (NASDAQ: NDAQ) has demonstrated steady financial performance over the last four years up to Q2 2025, showcasing growth in revenue, net income, and solid operating cash flow, supported by balanced capital investments and financing activities.

Key Positive Developments:

Consistent revenue growth from $1.45 billion in Q3 2023 to $2.09 billion in Q2 2025, reflecting successful business expansion.
Net income grew from approximately $294 million in Q3 2023 to $452 million in Q2 2025, indicating improving profitability.
Operating cash flow has increased significantly, reaching $746 million in Q2 2025 from $244 million in Q3 2023, highlighting strong cash generation capabilities.
Maintained solid gross profit margins above 40%, supporting positive operating income ($568 million in Q2 2025).
Dividend payments have increased gradually, from $0.20 per share in early 2023 to $0.27 in Q2 2025, signaling management confidence in cash flow sustainability.
Stable basic and diluted earnings per share rose from about $0.34 in 2022 Q4 to $0.79 in Q2 2025, benefiting shareholders.
Goodwill and intangible assets remain substantial but stable, supporting the company's market position and long-term value.
Balanced capital expenditures, with property, plant & equipment purchases ranging $30-$60 million quarterly, reflecting measured investment approach.

Neutral Aspects to Monitor:

Customer deposits remain a large liability, fluctuating around $5.2 to $7.2 billion, reflecting operating scale but requiring continuous management.
Long-term debt levels remained between $4.7 billion and $10.1 billion, with regular repayments offset by occasional issuances, necessitating attention to leverage ratios.

Potential Challenges or Negative Trends:

Significant and increasing cash outflows in financing activities, with $1.46 billion used in Q2 2025, largely due to large debt repayments and equity repurchases, which may limit financial flexibility.
Other financing activities showed large negative amounts in Q2 2025 (-$835 million), indicating potential non-recurring costs or outflows worthy of further scrutiny.
Accumulated other comprehensive income shows a sustained negative balance nearing -$1.9 billion, reflecting unrealized losses that could impact equity valuation.
Restructuring charges spiked notably in Q4 2023 at $128 million but have since decreased; any recurrence could impact future earnings.
Operating expenses, including selling, general and administrative, increased moderately over time, which could pressure margins if revenue growth slows.

Overall, Nasdaq presents a healthy growth trajectory and strong cash flow generation, supporting profitability and shareholder returns through dividends and share repurchases. However, investors should monitor the high financing cash outflows and the company's leverage to ensure sustainable financial health.

08/24/25 08:01 PMAI Generated. May Contain Errors.

Frequently Asked Questions About Nasdaq's Financials

When does Nasdaq's financial year end?

According to the most recent income statement we have on file, Nasdaq's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Nasdaq's net income changed over the last 10 years?

Nasdaq's net income appears to be on an upward trend, with a most recent value of $1.12 billion in 2024, rising from $413 million in 2014. The previous period was $1.06 billion in 2023. Find out what analysts predict for Nasdaq in the coming months.

What is Nasdaq's operating income?

Nasdaq's total operating income in 2024 was $1.80 billion, based on the following breakdown:

Total Gross Profit: $3.33 billion
Total Operating Expenses: $1.53 billion

How has Nasdaq's revenue changed over the last 10 years?

Over the last 10 years, Nasdaq's total revenue changed from $3.50 billion in 2014 to $7.40 billion in 2024, a change of 111.4%.

How much debt does Nasdaq have?

Nasdaq's total liabilities were at $19.20 billion at the end of 2024, a 10.6% decrease from 2023, and a 205.8% increase since 2014.

How much cash does Nasdaq have?

In the past 10 years, Nasdaq's cash and equivalents has ranged from $301 million in 2015 to $2.75 billion in 2020, and is currently $592 million as of their latest financial filing in 2024.

How has Nasdaq's book value per share changed over the last 10 years?

Over the last 10 years, Nasdaq's book value per share changed from 34.55 in 2014 to 19.46 in 2024, a change of -43.7%.

Related Companies

This page (NASDAQ:NDAQ) was last updated on 8/24/2025 by MarketBeat.com Staff

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