Nasdaq (NDAQ) Financials

Here are the key directional trends for Nasdaq, Inc. (NASDAQ:NDAQ) based on the last four years of quarterly income statements, cash flow statements, and balance sheets. The company shows durable revenue and profit growth, steady cash flow generation, and ongoing shareholder returns, along with balance-sheet features that warrant close monitoring.

• Strong multi-year revenue growth: Operating revenue has trended up from about $1.58B in 2022 to roughly $2.12B by 2025, signaling durable topline expansion.
• Rising profitability and earnings per share: Net income attributable to common shareholders rose from mid-2020s levels to about $0.90 per share (diluted) in 2025 Q4, with trailing twelve-month EPS improving across 2023–2025.
• Steady dividend per share: Cash dividends per share were maintained at $0.27, supporting ongoing cash returns to shareholders alongside buybacks.
• Robust cash flow from operations (periodic spikes): Net cash from continuing operating activities generally remained positive across 2025, with quarterly figures oscillating around the high hundreds of millions (e.g., ~$663M in Q1 2025, up to ~$746M in Q2 2025, and ~$625M in Q4 2025), indicating strong operating cash generation.
• Healthy gross margin and operating profitability: Total gross profit has risen with revenue, and operating income has stayed in a solid range while gross margin hovered near the high-40s to 50% in peak years, reflecting improved efficiency and pricing.
• Strong balance-sheet position: Total assets around $30B and total equity near $12B (with total liabilities ~$19B in recent periods) provide a solid capital base and cushion against volatility.
• Capital return signaling confidence (share buybacks): Nasdaq has executed share repurchases in multiple periods, supporting earnings per share and returning capital to holders.
• Large restricted cash balance: Restricted cash sits at several billions (around $6B in mid-2025), a notable liquidity-related feature that may reflect regulatory or counterparty requirements rather than core operating needs.
• Current liquidity near breakeven (current ratio around 1.0): Current assets and current liabilities have tracked closely, yielding a modestly healthy liquidity position that warrants ongoing monitoring as operating cash flows vary by quarter.
• Investing and financing cash outflows in some periods: Net investing and financing activities show sizable cash outflows in certain quarters due to purchases of investments and ongoing share repurchases/dividends, which can pressure near-term cash balances despite strong operating cash flow.
• Rising operating costs over time: Selling, general, & administrative expenses and restructuring charges have trended higher in some years, contributing to higher total operating expenses even as revenue grows, which can temper margin expansion.