NASDAQ, INC.
For the period ended Dec 31, 2025. Filed Feb 12, 2026.
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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.
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Item 8. Consolidated Statements of Cash Flows
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Cash flows from operating activities: | |||
| Net income | $1,787 | $1,115 | $1,057 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation and amortization | 632 | 613 | 323 |
| Share-based compensation | 165 | 141 | 122 |
| Deferred income tax expense (benefit) | 48 | (67) | 68 |
| Extinguishment of debt and bridge fees | 5 | 3 | 25 |
| Net gain on divestitures | (86) | — | — |
| Non-cash restructuring charges | 1 | 37 | 12 |
| Net (income) loss from unconsolidated investees | (83) | (16) | 7 |
| Operating lease asset impairments | — | — | 13 |
| Adenza purchase accounting adjustment | — | 32 | — |
| Other reconciling items included in net income | 21 | 35 | 30 |
| Net change in operating assets and liabilities, excluding the effects of divestitures: | |||
| Receivables, net | 91 | (193) | 3 |
| Other assets | (96) | (50) | 9 |
| Accounts payable and accrued expenses | (6) | (60) | 149 |
| Section 31 fees payable to SEC | (319) | 235 | (160) |
| Accrued personnel costs | 25 | 34 | 13 |
| Deferred revenue | 69 | 67 | 88 |
| Other liabilities | 1 | 13 | (63) |
| Net cash provided by operating activities | 2,255 | 1,939 | 1,696 |
| Cash flows from investing activities: | |||
| Purchases of securities | (243) | (206) | (712) |
| Proceeds from sales and redemptions of securities | 427 | 199 | 719 |
| Proceeds from divestitures, net of cash divested | 140 | — | — |
| Acquisition of businesses, net of cash and cash equivalents acquired | — | — | (5,766) |
| Purchases of property and equipment | (266) | (207) | (158) |
| Investments related to default funds and margin deposits, net(1) | (1,080) | (707) | (74) |
| Other investing activities | (78) | (32) | (3) |
| Net cash used in investing activities | (1,100) | (953) | (5,994) |
| Cash flows from financing activities: | |||
| Repayments of commercial paper, net | — | (291) | (371) |
| Repayments of debt and credit commitment | (826) | (521) | (260) |
| Proceeds from issuances of debt, net of issuance costs | — | — | 5,608 |
| Repurchases of common stock | (616) | (145) | (269) |
| Dividends paid | (601) | (541) | (441) |
| Payments related to employee shares withheld for taxes | (69) | (60) | (72) |
| Default funds and margin deposits | (884) | (1,030) | 22 |
| Other financing activities | 43 | 27 | 3 |
| Net cash provided by (used in) financing activities | (2,953) | (2,561) | 4,220 |
| Effect of exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents | 726 | (537) | 202 |
| Net decrease in cash and cash equivalents and restricted cash and cash equivalents | (1,072) | (2,112) | 124 |
| Cash and cash equivalents, restricted cash and cash equivalents at beginning of period | 5,006 | 7,118 | 6,994 |
| Cash and cash equivalents, restricted cash and cash equivalents at end of period | $3,934 | $5,006 | $7,118 |
| Reconciliation of Cash, Cash Equivalents and Restricted Cash and Cash Equivalents | |||
| Cash and cash equivalents | $604 | $592 | $453 |
| Restricted cash and cash equivalents | 210 | 31 | 20 |
| Restricted cash and cash equivalents (default funds and margin deposits) | 3,120 | 4,383 | 6,645 |
| Total | $3,934 | $5,006 | $7,118 |
| Supplemental Disclosure Cash Flow Information | |||
| Cash paid for: | |||
| Interest paid | $354 | $405 | $177 |
| Income taxes paid, net of refunds | $373 | $358 | $254 |
(1)See "Default Fund Contributions and Margin Deposits," of Note 15, "Clearing Operations," for further details.
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