Nasdaq, Inc. Income Statement

NDAQ / Financials|15 years of annual SEC 10-K data (FY2011-FY2025)

Line items include revenue, cost of goods sold, gross profit, operating expenses, interest, taxes, and net income with per-share data across 15 fiscal years. All figures from audited SEC 10-K filings.

Nasdaq, Inc. reported $8.3B in revenue and $1.8B in net income for FY2025. Revenue has grown at a 6.5% compound annual rate over the past 14 years.

Based on SEC 10-K filings.

Key Data Points

High Piotroski F-Score: 8/9 (strong financial health signals)
Altman Z-Score 1.03 (distress zone, below 1.8 threshold)

Data sourced from SEC EDGAR filings. Not investment advice.

Item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011
Revenue	$8.3B	$7.4B	$6.1B	$5.6B	$5.9B	$5.6B	$3.9B	$4.3B	$3.9B	$3.7B	$3.2B	$3.1B	$3.2B	$3.1B	$3.4B
Cost of Revenue	$3.0B	$2.8B	$2.2B	$2.7B	$2.5B	$2.7B	$1.5B	$1.8B	$1.5B	$1.4B	$1.3B	$1.4B	$1.3B	$1.4B	$2.0B
Gross Profit	$5.2B	$4.6B	$3.9B	$2.9B	$3.4B	$2.9B	$2.4B	$2.5B	$2.4B	$2.3B	$1.9B	$1.7B	$1.9B	$1.7B	$1.5B
SG&A Expense	$75.0M	$109.0M	$113.0M	$142.0M	$85.0M	$142.0M	$82.0M	$120.0M	$82.0M	$73.0M	$80.0M	$58.0M	$80.0M	$58.0M	$59.0M
Operating Income	$2.3B	$1.8B	$1.6B	$1.2B	$1.4B	$1.2B	$991.0M	$1.0B	$991.0M	$836.0M	$688.0M	$690.0M	$688.0M	$690.0M	$603.0M
Interest Expense	-	-	$284.0M	$101.0M	$125.0M	$101.0M	$143.0M	$150.0M	$143.0M	$135.0M	$111.0M	$97.0M	$111.0M	$97.0M	$102.0M
Income Tax	$358.0M	$334.0M	$344.0M	$279.0M	$347.0M	$279.0M	$143.0M	$606.0M	$143.0M	$27.0M	$216.0M	$199.0M	$216.0M	$199.0M	$128.0M
Net Income	$1.8B	$1.1B	$1.1B	$933.0M	$1.2B	$933.0M	$729.0M	$458.0M	$729.0M	$106.0M	$385.0M	$352.0M	$385.0M	$352.0M	$266.0M
EPS (Basic)	$2.10	$2.28	$2.38	$1.89	$4.69	$2.77	$4.38	$0.64	$2.56	$2.45	$2.30	$2.09	$2.20	$1.94	$1.30
EPS (Diluted)	$2.08	$2.26	$2.35	$1.86	$4.63	$2.73	$4.30	$0.63	$2.50	$2.39	$2.25	$2.04	$2.15	$1.91	$1.25
Shares Outstanding	575.0M	492.0M	500.0M	500.0M	164.9M	165.1M	165.2M	167.4M	166.6M	164.3M	168.8M	169.4M	165.6M	173.6M	175.8M
Gross Margin	63.5%	62.8%	64.2%	51.6%	58.1%	51.6%	61.1%	59.1%	61.1%	61.5%	59.0%	53.6%	59.0%	53.6%	42.6%
Operating Margin	28.2%	24.3%	26.0%	21.9%	24.5%	21.9%	25.1%	24.0%	25.1%	22.6%	21.4%	22.1%	21.4%	22.1%	17.7%
Profit Margin	21.6%	15.1%	17.5%	16.6%	20.2%	16.6%	18.5%	10.7%	18.5%	2.9%	12.0%	11.3%	12.0%	11.3%	7.8%

Other Financial Statements

Balance Sheet Cash Flow Statement All Financial Data

Scores & Analysis

Piotroski F-Score Altman Z-Score Financial Ratios

Nasdaq, Inc. Profile All Financial Data

Item

FY2025

FY2024

FY2023

FY2022

FY2021

FY2020

FY2019

FY2018

FY2017

FY2016

FY2015

FY2014

FY2013

FY2012

FY2011

Revenue

$8.3B

$7.4B

$6.1B

$5.6B

$5.9B

$5.6B

$3.9B

$4.3B

$3.9B

$3.7B

$3.2B

$3.1B

$3.2B

$3.1B

$3.4B

Cost of Revenue

$3.0B

$2.8B

$2.2B

$2.7B

$2.5B

$2.7B

$1.5B

$1.8B

$1.5B

$1.4B

$1.3B

$1.4B

$1.3B

$1.4B

$2.0B

Gross Profit

$5.2B

$4.6B

$3.9B

$2.9B

$3.4B

$2.9B

$2.4B

$2.5B

$2.4B

$2.3B

$1.9B

$1.7B

$1.9B

$1.7B

$1.5B

SG&A Expense

$75.0M

$109.0M

$113.0M

$142.0M

$85.0M

$142.0M

$82.0M

$120.0M

$82.0M

$73.0M

$80.0M

$58.0M

$80.0M

$58.0M

$59.0M

Operating Income

$2.3B

$1.8B

$1.6B

$1.2B

$1.4B

$1.2B

$991.0M

$1.0B

$991.0M

$836.0M

$688.0M

$690.0M

$688.0M

$690.0M

$603.0M

Interest Expense

$284.0M

$101.0M

$125.0M

$101.0M

$143.0M

$150.0M

$143.0M

$135.0M

$111.0M

$97.0M

$111.0M

$97.0M

$102.0M

Income Tax

$358.0M

$334.0M

$344.0M

$279.0M

$347.0M

$279.0M

$143.0M

$606.0M

$143.0M

$27.0M

$216.0M

$199.0M

$216.0M

$199.0M

$128.0M

Net Income

$1.8B

$1.1B

$933.0M

$1.2B

$933.0M

$729.0M

$458.0M

$729.0M

$106.0M

$385.0M

$352.0M

$385.0M

$352.0M

$266.0M

EPS (Basic)

$2.10

$2.28

$2.38

$1.89

$4.69

$2.77

$4.38

$0.64

$2.56

$2.45

$2.30

$2.09

$2.20

$1.94

$1.30

EPS (Diluted)

$2.08

$2.26

$2.35

$1.86

$4.63

$2.73

$4.30

$0.63

$2.50

$2.39

$2.25

$2.04

$2.15

$1.91

$1.25

Shares Outstanding

575.0M

492.0M

500.0M

164.9M

165.1M

165.2M

167.4M

166.6M

164.3M

168.8M

169.4M

165.6M

173.6M

175.8M

Gross Margin

63.5%

62.8%

64.2%

51.6%

58.1%

51.6%

61.1%

59.1%

61.1%

61.5%

59.0%

53.6%

59.0%

53.6%

42.6%

Operating Margin

28.2%

24.3%

26.0%

21.9%

24.5%

21.9%

25.1%

24.0%

25.1%

22.6%

21.4%

22.1%

21.4%

22.1%

17.7%

Profit Margin

21.6%

15.1%

17.5%

16.6%

20.2%

16.6%

18.5%

10.7%

18.5%

2.9%

12.0%

11.3%

12.0%

11.3%

7.8%