NASDAQ, INC.
For the period ended Dec 31, 2025. Filed Feb 12, 2026.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 12, 2026
NDAQ$110.02+1.4%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Consolidated Statements of Income
(in millions, except per share amounts)
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Revenues: | |||
| Capital Access Platforms | $2,137 | $1,945 | $1,744 |
| Financial Technology | 1,850 | 1,621 | 1,099 |
| Market Services | 4,214 | 3,771 | 3,156 |
| Other revenues | 61 | 63 | 65 |
| Total revenues | 8,262 | 7,400 | 6,064 |
| Transaction-based expenses: | |||
| Transaction rebates | (2,572) | (2,026) | (1,838) |
| Brokerage, clearance and exchange fees | (441) | (725) | (331) |
| Revenues less transaction-based expenses | 5,249 | 4,649 | 3,895 |
| Operating expenses: | |||
| Compensation and benefits | 1,392 | 1,324 | 1,082 |
| Professional and contract services | 160 | 152 | 128 |
| Technology and communication infrastructure | 316 | 281 | 233 |
| Occupancy | 124 | 112 | 129 |
| General, administrative and other | 75 | 109 | 113 |
| Marketing and advertising | 65 | 54 | 47 |
| Depreciation and amortization | 632 | 613 | 323 |
| Regulatory | 52 | 55 | 34 |
| Merger and strategic initiatives | 60 | 35 | 148 |
| Restructuring charges | 42 | 116 | 80 |
| Total operating expenses | 2,918 | 2,851 | 2,317 |
| Operating income | 2,331 | 1,798 | 1,578 |
| Interest income | 39 | 28 | 115 |
| Interest expense | (367) | (414) | (284) |
| Net gain on divestitures | 86 | — | — |
| Other income (loss) | (27) | 21 | (1) |
| Net income (loss) from unconsolidated investees | 83 | 16 | (7) |
| Income before income taxes | 2,145 | 1,449 | 1,401 |
| Income tax provision | 358 | 334 | 344 |
| Net income | 1,787 | 1,115 | 1,057 |
| Net loss attributable to noncontrolling interests | 1 | 2 | 2 |
| Net income attributable to Nasdaq | $1,788 | $1,117 | $1,059 |
| Per share information: | |||
| Basic earnings per share | $3.12 | $1.94 | $2.10 |
| Diluted earnings per share | $3.09 | $1.93 | $2.08 |
| Cash dividends declared per common share | $1.05 | $0.94 | $0.86 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.