Nasdaq (NDAQ) Financials

$82.55 -0.51 (-0.61%)

Closing price 05/28/2025 04:00 PM Eastern

Extended Trading

$82.75 +0.20 (+0.24%)

As of 05/28/2025 07:58 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	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Income / (Loss) Attributable to Common Shareholders	1,117	1,059	1,125	1,187	933	774	458	729	106	428
Consolidated Net Income / (Loss)	1,115	1,057	1,123	1,187	933	774	458	729	106	427
Net Income / (Loss) Continuing Operations	1,115	1,057	1,123	1,187	933	774	458	729	106	427
Total Pre-Tax Income	1,449	1,401	1,475	1,534	1,212	1,019	1,064	872	133	630
Total Operating Income	1,798	1,578	1,564	1,441	1,234	1,017	1,028	991	836	720
Total Gross Profit	3,325	2,813	2,579	2,482	2,903	2,535	2,526	2,411	2,276	2,090
Total Revenue	7,400	6,064	6,226	5,886	5,625	4,258	4,277	3,948	3,704	3,403
Operating Revenue	7,400	6,064	6,226	5,886	5,625	4,258	4,277	3,948	3,704	3,403
Total Cost of Revenue	4,075	3,251	3,647	3,404	2,722	1,723	1,751	1,537	1,428	1,313
Operating Cost of Revenue	4,075	3,251	3,647	3,404	2,722	1,723	1,751	1,537	1,428	1,313
Total Operating Expenses	1,527	1,235	1,015	1,041	1,669	1,518	1,498	1,420	1,440	1,370
Selling, General & Admin Expense	542	474	472	415	1,216	1,092	1,103	1,030	1,002	910
Marketing Expense	54	47	51	57	39	39	37	31	30	28
Depreciation Expense	613	323	258	278	202	190	210	188	170	138
Other Operating Expenses / (Income)	167	163	137	173	131	128	127	127	121	112
Restructuring Charge	151	228	97	118	81	69	21	44	117	182
Total Other Income / (Expense), net	-349	-177	-89	93	-22	2.00	36	-119	-703	-90
Interest Expense	414	284	129	125	101	124	150	143	135	111
Interest & Investment Income	44	108	38	53	74	94	146	22	10	21
Other Income / (Expense), net	21	-1.00	2.00	165	5.00	32	40	2.00	-578	-
Income Tax Expense	334	344	352	347	279	245	606	143	27	203
Net Income / (Loss) Attributable to Noncontrolling Interest	-2.00	-2.00	-2.00	0.00	0.00	-	-	-	-	-1.00
Basic Earnings per Share	$1.94	$2.10	$2.28	$2.38	$1.89	$4.69	$2.77	$4.38	$0.64	$2.56
Weighted Average Basic Shares Outstanding	575.15M	575.21M	489.00M	164.41M	164.80M	165.01M	165.42M	166.56M	166.75M	163.89M
Diluted Earnings per Share	$1.93	$2.08	$2.26	$2.35	$1.86	$4.63	$2.73	$4.30	$0.63	$2.50
Weighted Average Diluted Shares Outstanding	575.15M	575.21M	489.00M	164.41M	164.80M	165.01M	165.42M	166.56M	166.75M	163.89M
Weighted Average Basic & Diluted Shares Outstanding	575.15M	575.21M	489.00M	164.41M	164.80M	165.01M	165.42M	166.56M	166.75M	163.89M
Cash Dividends to Common per Share	$0.94	$0.86	$0.78	$0.70	$0.65	$1.85	$1.70	$1.46	$1.21	$0.90

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

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Income / (Loss) Attributable to Common Shareholders	395	355	306	222	234	196	294	267	302	240	294
Consolidated Net Income / (Loss)	395	355	305	222	233	195	294	267	301	239	294
Net Income / (Loss) Continuing Operations	395	355	305	222	233	195	294	267	301	239	294
Total Pre-Tax Income	488	440	356	341	312	277	391	337	396	322	382
Total Operating Income	547	517	448	423	410	353	431	382	412	349	398
Total Gross Profit	908	903	814	831	777	811	680	664	658	654	641
Total Revenue	2,090	2,032	1,902	1,792	1,674	1,647	1,451	1,433	1,533	1,582	1,557
Operating Revenue	2,090	2,032	1,902	1,792	1,674	1,647	1,451	1,433	1,533	1,582	1,557
Total Cost of Revenue	1,182	1,129	1,088	961	897	836	771	769	875	928	916
Operating Cost of Revenue	1,182	1,129	1,088	961	897	836	771	769	875	928	916
Total Operating Expenses	361	386	366	408	367	458	249	282	246	305	243
Selling, General & Admin Expense	119	142	133	138	129	151	115	108	100	131	122
Marketing Expense	14	20	11	12	11	17	12	9.00	9.00	20	10
Depreciation Expense	156	152	153	153	155	125	64	65	69	63	63
Other Operating Expenses / (Income)	43	48	37	45	37	37	37	41	48	35	34
Restructuring Charge	29	24	32	60	35	128	21	59	20	56	14
Total Other Income / (Expense), net	-59	-77	-92	-82	-98	-76	-40	-45	-16	-27	-16
Interest Expense	96	102	102	102	108	111	101	36	36	33	32
Interest & Investment Income	38	18	9.00	8.00	9.00	31	60	-3.00	20	12	10
Other Income / (Expense), net	-1.00	7.00	1.00	12	1.00	4.00	1.00	-6.00	0.00	-6.00	6.00
Income Tax Expense	93	85	51	119	79	82	97	70	95	83	88
Net Income / (Loss) Attributable to Noncontrolling Interest	0.00	-	-1.00	0.00	-1.00	-1.00	0.00	0.00	-1.00	-1.00	0.00
Basic Earnings per Share	$0.69	$0.61	$0.53	$0.39	$0.41	$0.34	$0.60	$0.54	$0.62	$0.49	$0.60
Weighted Average Basic Shares Outstanding	574.12M	575.15M	574.76M	575.94M	576.53M	575.21M	576.96M	491.32M	490.77M	489.00M	491.28M
Diluted Earnings per Share	$0.68	$0.62	$0.53	$0.38	$0.40	$0.34	$0.60	$0.54	$0.61	$0.49	$0.59
Weighted Average Diluted Shares Outstanding	574.12M	575.15M	574.76M	575.94M	576.53M	575.21M	576.96M	491.32M	490.77M	489.00M	491.28M
Weighted Average Basic & Diluted Shares Outstanding	574.12M	575.15M	574.76M	575.94M	576.53M	575.21M	576.96M	491.32M	490.77M	489.00M	491.28M
Cash Dividends to Common per Share	$0.24	$0.24	$0.24	$0.24	$0.22	$0.22	$0.22	$0.22	$0.20	$0.20	$0.20

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

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	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Change in Cash & Equivalents	-275	-789	318	247	-1,888	-3,716	-1,033	5,025	-152	-2,240	981
Net Cash From Operating Activities	663	705	244	460	530	417	300	414	565	494	232
Net Cash From Continuing Operating Activities	663	705	244	460	530	417	300	414	565	510	232
Net Income / (Loss) Continuing Operations	395	355	305	222	233	196	294	266	301	240	294
Consolidated Net Income / (Loss)	395	355	305	222	233	196	294	266	301	240	294
Depreciation Expense	156	153	152	153	155	125	64	65	69	63	63
Non-Cash Adjustments To Reconcile Net Income	3.00	-37	95	53	54	107	42	76	52	42	4.00
Changes in Operating Assets and Liabilities, net	109	234	-308	32	88	-11	-100	7.00	143	165	-129
Net Cash From Investing Activities	-258	-1,008	73	214	-232	-5,836	134	-159	-133	74	219
Net Cash From Continuing Investing Activities	-258	-1,008	73	214	-232	-5,836	134	-159	-133	74	219
Purchase of Property, Plant & Equipment	-49	-60	-56	-52	-39	-42	-37	-39	-40	-34	-41
Purchase of Investments	-309	-998	113	196	-224	-320	48	-227	-287	108	184
Sale and/or Maturity of Investments	105	58	22	75	44	292	131	112	184	15	83
Other Investing Activities, net	-5.00	-8.00	-6.00	-5.00	-13	-	-8.00	-5.00	10	-15	-7.00
Net Cash From Financing Activities	-1,083	-24	-204	-458	-1,875	1,201	-1,397	5,029	-613	-3,239	1,572
Net Cash From Continuing Financing Activities	-1,083	-24	-204	-458	-1,875	1,201	-1,397	5,029	-613	-3,239	1,572
Repayment of Debt	-256	-151	-53	-174	-407	60	-139	-548	-1.00	-114	-219
Repurchase of Common Equity	-115	-	-87	-58	0.00	-110	-	-	-159	325	-
Payment of Dividends	-138	-138	-138	-138	-127	-127	-108	-108	-98	-98	-99
Issuance of Debt	0.00	-	-	-	-	597	-5.00	5,333	-317	-	-
Other Financing Activities, net	-574	286	74	-109	-1,341	799	-1,145	334	-38	-3,336	1,891
Other Net Changes in Cash	403	-	-	-	-	-	-	-	29	-	-1,042
Cash Interest Paid	125	90	89	81	145	88	22	30	37	33	23
Cash Income Taxes Paid	45	122	134	79	23	56	62	118	18	70	71

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

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	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Total Assets	30,647	30,395	30,560	30,210	30,267	32,294	24,350	25,657	20,775	20,868	22,941
Total Current Assets	7,818	7,786	7,558	7,309	7,321	9,096	12,351	13,578	8,540	8,604	10,851
Cash & Equivalents	690	592	266	416	388	453	5,340	5,347	373	502	301
Restricted Cash	18	31	42	24	21	20	5,960	23	57	22	51
Short-Term Investments	201	184	202	174	173	188	272	288	197	181	129
Accounts Receivable	986	1,022	944	960	925	929	595	597	666	677	638
Other Current Assets	5,923	5,957	6,104	5,735	5,814	7,506	184	7,323	7,247	7,222	9,732
Plant, Property, & Equipment, net	621	593	584	556	575	576	542	536	529	532	518
Total Noncurrent Assets	22,208	22,016	22,418	22,345	22,371	22,622	11,457	11,543	11,706	11,732	11,572
Goodwill	14,179	13,957	14,165	13,984	13,974	14,112	7,988	8,020	8,103	8,099	7,946
Intangible Assets	6,830	6,905	7,072	7,171	7,291	7,443	2,446	2,490	2,545	2,581	2,583
Other Noncurrent Operating Assets	1,199	1,154	1,181	1,190	1,106	1,067	1,023	1,033	1,058	1,052	1,043
Total Liabilities & Shareholders' Equity	30,647	30,395	30,560	30,210	30,267	32,294	24,350	25,657	20,775	20,868	22,941
Total Liabilities	19,092	19,195	19,479	19,302	19,448	21,467	17,871	19,410	14,596	14,704	17,057
Total Current Liabilities	7,971	7,902	7,933	7,791	7,393	9,025	7,048	8,511	8,704	8,835	11,335
Short-Term Debt	400	399	499	548	224	291	0.00	140	347	664	799
Accounts Payable	255	269	289	301	266	332	286	199	183	185	189
Customer Deposits	5,686	5,664	5,865	5,546	5,595	7,275	5,935	7,134	7,055	7,021	9,507
Current Deferred Revenue	981	711	663	736	866	594	451	558	664	357	415
Current Employee Benefit Liabilities	198	325	314	213	188	303	211	156	157	243	205
Other Current Liabilities	451	534	303	447	254	230	165	324	298	365	220
Total Noncurrent Liabilities	11,121	11,293	11,546	11,511	12,055	12,442	10,823	10,899	5,892	5,869	5,722
Long-Term Debt	8,926	9,081	9,359	9,249	9,765	10,163	9,703	9,792	4,762	4,735	4,573
Noncurrent Deferred & Payable Income Tax Liabilities	1,586	1,594	1,566	1,632	1,655	1,642	509	474	463	456	470
Other Noncurrent Operating Liabilities	609	618	621	630	635	637	611	633	667	678	679
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	11,555	11,200	11,081	10,908	10,819	10,827	6,479	6,247	6,179	6,164	5,884
Total Preferred & Common Equity	11,546	11,191	11,072	10,898	10,809	10,816	6,467	6,235	6,167	6,151	5,875
Total Common Equity	11,540	11,185	11,066	10,892	10,803	10,810	6,467	6,230	6,162	6,146	5,870
Common Stock	5,450	5,530	5,477	5,528	5,526	5,496	1,399	1,363	1,312	1,445	1,408
Retained Earnings	8,658	8,401	8,184	8,016	7,932	7,825	7,755	7,569	7,411	7,207	7,064
Treasury Stock	-672	-647	-643	-641	-611	-587	-585	-583	-555	-515	-510
Accumulated Other Comprehensive Income / (Loss)	-1,896	-2,099	-1,952	-2,011	-2,044	-1,924	-2,102	-2,119	-2,006	-1,991	-2,092
Noncontrolling Interest	9.00	9.00	9.00	10	10	11	12	12	12	13	9.00

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

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

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

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	24.85%	23.38%	31.08%	25.05%	9.20%	4.11%	-6.81%	-7.67%	-0.13%	7.91%	14.74%
EBITDA Growth	24.03%	40.46%	21.17%	33.33%	17.67%	18.72%	6.21%	-9.07%	3.22%	-12.31%	0.65%
EBIT Growth	32.85%	46.78%	3.94%	15.69%	-0.24%	4.08%	6.93%	-10.48%	3.26%	-10.21%	1.51%
NOPAT Growth	44.60%	67.86%	18.44%	-9.01%	-2.23%	-4.07%	5.80%	-5.01%	2.19%	-9.06%	10.84%
Net Income Growth	69.53%	82.05%	3.74%	-16.85%	-22.59%	-18.41%	0.00%	-13.03%	6.36%	-8.08%	2.08%
EPS Growth	70.00%	82.35%	-11.67%	-29.63%	-34.43%	-30.61%	1.69%	-12.90%	7.02%	-68.99%	5.36%
Operating Cash Flow Growth	25.09%	69.06%	-18.67%	11.11%	-6.19%	-15.59%	29.31%	10.40%	-6.61%	28.65%	0.00%
Free Cash Flow Firm Growth	107.53%	112.24%	-337.86%	-1,420.91%	-1,215.30%	-1,045.64%	400.58%	-36.24%	155.08%	143.36%	148.05%
Invested Capital Growth	-1.26%	-3.62%	343.15%	90.96%	89.72%	89.91%	-57.22%	-3.67%	-4.63%	-6.44%	-8.41%
Revenue Q/Q Growth	2.85%	6.83%	6.14%	7.05%	1.64%	13.51%	1.26%	-6.52%	-3.10%	1.61%	0.32%
EBITDA Q/Q Growth	3.69%	12.65%	2.21%	3.89%	17.43%	-2.82%	12.47%	-8.32%	18.47%	-13.06%	-3.71%
EBIT Q/Q Growth	4.20%	16.70%	3.22%	5.84%	15.13%	-17.36%	14.89%	-8.74%	20.12%	-15.10%	-3.81%
NOPAT Q/Q Growth	6.14%	8.68%	39.38%	-10.06%	23.21%	-23.32%	7.08%	-3.36%	20.89%	-15.43%	-3.86%
Net Income Q/Q Growth	11.27%	16.39%	37.39%	-4.72%	19.49%	-33.67%	10.11%	-11.30%	25.94%	-18.71%	-4.23%
EPS Q/Q Growth	9.68%	16.98%	39.47%	-5.00%	17.65%	-43.33%	11.11%	-11.48%	24.49%	-16.95%	-4.84%
Operating Cash Flow Q/Q Growth	-5.96%	188.93%	-46.96%	-13.21%	27.10%	39.00%	-27.54%	-26.73%	14.37%	112.93%	-38.13%
Free Cash Flow Firm Q/Q Growth	-40.15%	107.54%	-66.07%	-0.39%	2.68%	-246.61%	822.20%	-15.24%	-17.48%	-22.39%	17.46%
Invested Capital Q/Q Growth	0.50%	-2.72%	1.68%	-0.67%	-1.91%	347.29%	-56.18%	-1.31%	-1.81%	0.77%	-1.35%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	43.45%	44.44%	42.80%	46.37%	46.42%	49.24%	46.86%	46.34%	42.92%	41.34%	41.17%
EBITDA Margin	33.59%	33.32%	31.60%	32.81%	33.81%	29.27%	34.18%	30.77%	31.38%	25.66%	29.99%
Operating Margin	26.17%	25.44%	23.55%	23.60%	24.49%	21.43%	29.70%	26.66%	26.88%	22.06%	25.56%
EBIT Margin	26.12%	25.79%	23.61%	24.27%	24.55%	21.68%	29.77%	26.24%	26.88%	21.68%	25.95%
Profit (Net Income) Margin	18.90%	17.47%	16.04%	12.39%	13.92%	11.84%	20.26%	18.63%	19.63%	15.11%	18.88%
Tax Burden Percent	80.94%	80.68%	85.67%	65.10%	74.68%	70.40%	75.19%	79.23%	76.01%	74.22%	76.96%
Interest Burden Percent	89.38%	83.97%	79.29%	78.39%	75.91%	77.59%	90.51%	89.63%	96.12%	93.88%	94.55%
Effective Tax Rate	19.06%	19.32%	14.33%	34.90%	25.32%	29.60%	24.81%	20.77%	23.99%	25.78%	23.04%
Return on Invested Capital (ROIC)	8.24%	7.50%	11.31%	6.59%	7.35%	5.81%	17.42%	12.03%	11.64%	9.08%	10.67%
ROIC Less NNEP Spread (ROIC-NNEP)	7.70%	6.83%	9.20%	5.80%	6.30%	5.07%	15.43%	11.26%	11.39%	8.67%	10.43%
Return on Net Nonoperating Assets (RNNOA)	6.14%	5.73%	3.92%	4.55%	5.14%	4.33%	3.77%	8.70%	9.00%	6.83%	8.78%
Return on Equity (ROE)	14.37%	13.23%	15.23%	11.14%	12.49%	10.14%	21.19%	20.73%	20.64%	15.90%	19.44%
Cash Return on Invested Capital (CROIC)	8.83%	10.52%	-116.66%	-54.98%	-54.27%	-54.46%	95.72%	14.75%	15.70%	17.25%	19.57%
Operating Return on Assets (OROA)	6.70%	6.09%	6.03%	5.70%	5.97%	4.95%	7.55%	6.64%	8.04%	6.59%	7.67%
Return on Assets (ROA)	4.85%	4.12%	4.10%	2.91%	3.38%	2.70%	5.14%	4.71%	5.88%	4.59%	5.58%
Return on Common Equity (ROCE)	14.35%	13.21%	15.20%	11.12%	12.47%	10.12%	21.14%	20.68%	20.60%	15.86%	19.40%
Return on Equity Simple (ROE_SIMPLE)	11.06%	0.00%	8.63%	8.66%	9.15%	0.00%	17.02%	17.66%	18.50%	0.00%	19.47%
Net Operating Profit after Tax (NOPAT)	443	417	384	275	306	249	324	303	313	259	306
NOPAT Margin	21.18%	20.53%	20.18%	15.37%	18.29%	15.09%	22.33%	21.12%	20.43%	16.37%	19.67%
Net Nonoperating Expense Percent (NNEP)	0.54%	0.67%	2.11%	0.79%	1.05%	0.74%	1.99%	0.76%	0.25%	0.41%	0.24%
Return On Investment Capital (ROIC_SIMPLE)	2.12%	2.02%	-	-	-	1.17%	-	-	-	2.24%	-
Cost of Revenue to Revenue	56.56%	55.56%	57.20%	53.63%	53.58%	50.76%	53.14%	53.66%	57.08%	58.66%	58.83%
SG&A Expenses to Revenue	5.69%	6.99%	6.99%	7.70%	7.71%	9.17%	7.93%	7.54%	6.52%	8.28%	7.84%
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	17.27%	19.00%	19.24%	22.77%	21.92%	27.81%	17.16%	19.68%	16.05%	19.28%	15.61%
Earnings before Interest and Taxes (EBIT)	546	524	449	435	411	357	432	376	412	343	404
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	702	677	601	588	566	482	496	441	481	406	467
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.78	3.97	3.80	3.19	3.37	3.06	3.64	3.86	4.27	4.76	4.64
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)	5.58	6.00	5.99	5.29	5.87	5.45	3.92	3.94	4.23	4.70	4.45
Price to Earnings (P/E)	34.14	39.78	43.89	36.73	36.74	31.23	21.32	21.83	23.01	25.99	23.76
Dividend Yield	1.27%	1.22%	1.26%	1.49%	1.39%	1.50%	1.75%	1.67%	1.49%	1.31%	1.37%
Earnings Yield	2.93%	2.51%	2.28%	2.72%	2.72%	3.20%	4.69%	4.58%	4.35%	3.85%	4.21%
Enterprise Value to Invested Capital (EV/IC)	2.61	2.67	2.52	2.19	2.27	2.08	4.70	2.70	2.89	3.13	2.98
Enterprise Value to Revenue (EV/Rev)	6.66	7.18	7.33	6.69	7.38	7.07	3.61	4.65	4.95	5.45	5.26
Enterprise Value to EBITDA (EV/EBITDA)	20.27	21.84	22.98	20.61	23.08	22.57	11.88	15.80	16.75	18.61	17.07
Enterprise Value to EBIT (EV/EBIT)	26.64	29.20	31.12	26.87	29.08	27.19	13.86	18.48	19.50	21.67	20.01
Enterprise Value to NOPAT (EV/NOPAT)	34.23	38.39	42.36	38.02	38.72	36.02	18.07	24.02	25.72	28.51	26.41
Enterprise Value to Operating Cash Flow (EV/OCF)	25.12	27.39	31.14	25.74	27.59	25.28	12.22	16.63	18.49	19.90	20.12
Enterprise Value to Free Cash Flow (EV/FCFF)	29.33	24.93	0.00	0.00	0.00	0.00	2.94	17.93	17.96	17.52	14.56
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.81	0.85	0.89	0.90	0.92	0.97	1.50	1.59	0.83	0.88	0.91
Long-Term Debt to Equity	0.77	0.81	0.84	0.85	0.90	0.94	1.50	1.57	0.77	0.77	0.78
Financial Leverage	0.80	0.84	0.43	0.78	0.82	0.85	0.24	0.77	0.79	0.79	0.84
Leverage Ratio	2.72	2.85	3.13	3.26	3.00	3.13	3.83	3.99	3.41	3.26	3.38
Compound Leverage Factor	2.43	2.39	2.48	2.55	2.28	2.43	3.46	3.57	3.28	3.06	3.19
Debt to Total Capital	44.66%	45.84%	47.08%	47.32%	48.01%	49.12%	59.96%	61.39%	45.26%	46.69%	47.73%
Short-Term Debt to Total Capital	1.92%	1.93%	2.38%	2.65%	1.08%	1.37%	0.00%	0.87%	3.07%	5.74%	7.10%
Long-Term Debt to Total Capital	42.75%	43.91%	44.70%	44.67%	46.93%	47.76%	59.96%	60.52%	42.19%	40.95%	40.63%
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	0.04%	0.04%	0.04%	0.05%	0.05%	0.05%	0.07%	0.07%	0.11%	0.11%	0.08%
Common Equity to Total Capital	55.27%	54.09%	52.85%	52.61%	51.92%	50.80%	39.96%	38.51%	54.59%	53.15%	52.15%
Debt to EBITDA	3.63	3.90	4.41	4.60	5.03	5.50	5.32	5.53	2.78	2.96	2.86
Net Debt to EBITDA	3.28	3.57	4.18	4.31	4.74	5.15	-1.02	2.38	2.44	2.57	2.60
Long-Term Debt to EBITDA	3.48	3.73	4.18	4.34	4.92	5.35	5.32	5.46	2.59	2.60	2.43
Debt to NOPAT	6.13	6.85	8.12	8.48	8.44	8.78	8.10	8.41	4.27	4.53	4.42
Net Debt to NOPAT	5.54	6.27	7.70	7.95	7.95	8.23	-1.56	3.62	3.74	3.94	4.02
Long-Term Debt to NOPAT	5.87	6.56	7.71	8.00	8.25	8.54	8.10	8.29	3.98	3.98	3.76
Altman Z-Score	2.07	2.07	1.93	1.70	1.74	1.49	1.80	1.68	1.94	2.02	1.69
Noncontrolling Interest Sharing Ratio	0.14%	0.15%	0.15%	0.19%	0.19%	0.21%	0.21%	0.21%	0.21%	0.26%	0.20%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.98	0.99	0.95	0.94	0.99	1.01	1.75	1.60	0.98	0.97	0.96
Quick Ratio	0.24	0.23	0.18	0.20	0.20	0.17	0.88	0.73	0.14	0.15	0.09
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	697	1,164	-15,435	-9,295	-9,259	-9,513	6,489	704	830	1,006	1,296
Operating Cash Flow to CapEx	1,353.06%	1,175.00%	435.71%	884.62%	1,358.97%	992.86%	810.81%	1,061.54%	1,412.50%	1,452.94%	565.85%
Free Cash Flow to Firm to Interest Expense	7.26	11.41	-151.33	-91.12	-85.73	-85.71	64.25	19.55	23.06	30.49	40.51
Operating Cash Flow to Interest Expense	6.91	6.91	2.39	4.51	4.91	3.76	2.97	11.50	15.69	14.97	7.25
Operating Cash Flow Less CapEx to Interest Expense	6.40	6.32	1.84	4.00	4.55	3.38	2.60	10.42	14.58	13.94	5.97
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.26	0.24	0.26	0.24	0.24	0.23	0.25	0.25	0.30	0.30	0.30
Accounts Receivable Turnover	8.18	7.59	9.12	8.43	7.80	7.55	9.73	9.78	9.67	9.84	10.27
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	13.07	12.66	12.46	12.02	11.24	10.95	11.32	11.63	11.97	11.96	12.06
Accounts Payable Turnover	16.74	13.56	13.15	13.86	14.58	12.58	14.08	18.65	19.65	19.71	23.88
Days Sales Outstanding (DSO)	44.62	48.12	40.04	43.29	46.79	48.33	37.51	37.34	37.74	37.08	35.54
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)	21.81	26.92	27.75	26.33	25.04	29.02	25.93	19.57	18.58	18.52	15.29
Cash Conversion Cycle (CCC)	22.81	21.20	12.29	16.95	21.76	19.31	11.58	17.77	19.16	18.57	20.26
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	19,972	19,873	20,429	20,091	20,226	20,620	4,610	10,521	10,661	10,858	10,775
Invested Capital Turnover	0.39	0.37	0.56	0.43	0.40	0.39	0.78	0.57	0.57	0.55	0.54
Increase / (Decrease) in Invested Capital	-254	-747	15,819	9,570	9,565	9,762	-6,165	-401	-517	-747	-990
Enterprise Value (EV)	52,057	53,117	51,406	43,935	45,823	42,882	21,660	28,362	30,797	33,943	32,108
Market Capitalization	43,631	44,435	42,049	34,742	36,406	33,078	23,517	24,076	26,303	29,236	27,208
Book Value per Share	$20.06	$19.46	$19.21	$18.89	$18.74	$18.74	$13.16	$12.69	$12.60	$12.51	$35.85
Tangible Book Value per Share	($16.46)	($16.84)	($17.66)	($17.80)	($18.15)	($18.62)	($8.07)	($8.72)	($9.17)	($9.23)	($28.45)
Total Capital	20,881	20,680	20,939	20,705	20,808	21,281	16,182	16,179	11,288	11,563	11,256
Total Debt	9,326	9,480	9,858	9,797	9,989	10,454	9,703	9,932	5,109	5,399	5,372
Total Long-Term Debt	8,926	9,081	9,359	9,249	9,765	10,163	9,703	9,792	4,762	4,735	4,573
Net Debt	8,417	8,673	9,348	9,183	9,407	9,793	-1,869	4,274	4,482	4,694	4,891
Capital Expenditures (CapEx)	49	60	56	52	39	42	37	39	40	34	41
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-662	-524	-386	-548	-430	-299	-6,269	-451	-444	-272	-166
Debt-free Net Working Capital (DFNWC)	247	283	124	66	152	362	5,303	5,207	183	433	315
Net Working Capital (NWC)	-153	-116	-375	-482	-72	71	5,303	5,067	-164	-231	-484
Net Nonoperating Expense (NNE)	48	62	79	53	73	54	30	36	12	20	12
Net Nonoperating Obligations (NNO)	8,417	8,673	9,348	9,183	9,407	9,793	-1,869	4,274	4,482	4,694	4,891
Total Depreciation and Amortization (D&A)	156	153	152	153	155	125	64	65	69	63	63
Debt-free, Cash-free Net Working Capital to Revenue	-8.47%	-7.08%	-5.50%	-8.35%	-6.93%	-4.93%	-104.50%	-7.39%	-7.13%	-4.37%	-2.72%
Debt-free Net Working Capital to Revenue	3.16%	3.82%	1.77%	1.01%	2.45%	5.97%	88.40%	85.29%	2.94%	6.95%	5.16%
Net Working Capital to Revenue	-1.96%	-1.57%	-5.35%	-7.34%	-1.16%	1.17%	88.40%	83.00%	-2.64%	-3.71%	-7.92%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.69	$0.61	$0.53	$0.39	$0.41	$0.34	$0.60	$0.54	$0.62	$0.49	$0.60
Adjusted Weighted Average Basic Shares Outstanding	574.12M	575.15M	574.76M	575.94M	576.53M	575.21M	576.96M	491.32M	490.77M	489.00M	491.28M
Adjusted Diluted Earnings per Share	$0.68	$0.62	$0.53	$0.38	$0.40	$0.34	$0.60	$0.54	$0.61	$0.49	$0.59
Adjusted Weighted Average Diluted Shares Outstanding	574.12M	575.15M	574.76M	575.94M	576.53M	575.21M	576.96M	491.32M	490.77M	489.00M	491.28M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.34	$0.00	$0.00	$0.00	$0.49	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	574.12M	575.15M	574.76M	575.94M	576.53M	575.21M	576.96M	491.32M	490.77M	489.00M	491.28M
Normalized Net Operating Profit after Tax (NOPAT)	466	436	411	314	332	339	340	349	328	301	317
Normalized NOPAT Margin	22.31%	21.48%	21.62%	17.55%	19.85%	20.56%	23.42%	24.38%	21.42%	19.00%	20.37%
Pre Tax Income Margin	23.35%	21.65%	18.72%	19.03%	18.64%	16.82%	26.95%	23.52%	25.83%	20.35%	24.53%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	5.69	5.14	4.40	4.26	3.81	3.22	4.28	10.44	11.44	10.39	12.63
NOPAT to Interest Expense	4.61	4.09	3.76	2.70	2.84	2.24	3.21	8.41	8.70	7.85	9.57
EBIT Less CapEx to Interest Expense	5.18	4.55	3.85	3.75	3.44	2.84	3.91	9.36	10.33	9.36	11.34
NOPAT Less CapEx to Interest Expense	4.10	3.50	3.21	2.19	2.47	1.86	2.84	7.32	7.59	6.82	8.29
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	43.23%	48.52%	55.50%	52.97%	47.52%	41.72%	37.42%	36.60%	34.36%	34.11%	32.78%
Augmented Payout Ratio	63.59%	61.52%	82.20%	70.76%	58.65%	67.17%	22.34%	21.53%	34.36%	61.53%	51.66%

Frequently Asked Questions About Nasdaq's Financials

When does Nasdaq's fiscal year end?

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

How has Nasdaq's net income changed over the last 9 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 $427 million in 2015. 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 revenue changed over the last 9 years?

Over the last 9 years, Nasdaq's total revenue changed from $3.40 billion in 2015 to $7.40 billion in 2024, a change of 117.5%.

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 207.0% increase since 2015.

How much cash does Nasdaq have?

In the past 9 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 9 years?

Over the last 9 years, Nasdaq's book value per share changed from 34.15 in 2015 to 19.46 in 2024, a change of -43.0%.

Related Companies

This page (NASDAQ:NDAQ) was last updated on 5/29/2025 by MarketBeat.com Staff

From Our Partners

Get 30 Days of MarketBeat All Access for Free

Start Your 30-Day Trial

In-depth profiles and analysis for 20,000 public companies.
Real-time analyst ratings, insider transactions, earnings data, and more.
Our daily ratings and market update email newsletter.

Sign In
Create Account

Your Email Address:

Your Password:

Forgot your password?

Your Email Address:

Choose a Password:

By creating a free account, you agree to our terms of service. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Nasdaq (NDAQ) Financials

Frequently Asked Questions About Nasdaq's Financials

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools

About MarketBeat

MarketBeat Products

Popular Tools

Financial Calendars

Terms & Info

Nasdaq (NDAQ) Financials

Annual Income Statements for Nasdaq

Quarterly Income Statements for Nasdaq

Annual Cash Flow Statements for Nasdaq

Quarterly Cash Flow Statements for Nasdaq

Annual Balance Sheets for Nasdaq

Quarterly Balance Sheets for Nasdaq

Annual Metrics And Ratios for Nasdaq

Quarterly Metrics And Ratios for Nasdaq

Frequently Asked Questions About Nasdaq's Financials

MarketBeat All Access Features

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools