# Nasdaq, Inc.: overview

NDAQ · Nasdaq · CIK 1120193 · [Financials](/sectors/financials.md) · fiscal year ends Dec 31

Pages: [Overview](/companies/ndaq.md) · [Financials](/companies/ndaq/financials.md) · [Filings](/companies/ndaq/filings.md) · [Insiders](/companies/ndaq/insiders.md)

Latest reported revenue: [$2.39bn](/filings/0001120193-26-000020.md) for Q3 FY2026, three months to 2026-09-30, from the 10-Q filed Oct 22, 2026 (XBRL us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax, accession 0001120193-26-000020).

## Last eight quarters

| Line item | Unit | Q4 FY2024 (2024-12-31) | Q1 FY2025 (2025-03-31) | Q2 FY2025 (2025-06-30) | Q3 FY2025 (2025-09-30) | Q4 FY2025 (2025-12-31) | Q1 FY2026 (2026-03-31) | Q2 FY2026 (2026-06-30) | Q3 FY2026 (2026-09-30) |
| --- | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | $m | [2,030 d](/filings/0001628280-26-007703.md) | [2,096](/filings/0001628280-26-027105.md) | [2,101](/filings/0001120193-26-000013.md) | [1,979](/filings/0001120193-26-000020.md) | [2,087 d](/filings/0001628280-26-007703.md) | [2,137](/filings/0001628280-26-027105.md) | [2,532](/filings/0001120193-26-000013.md) | [2,393](/filings/0001120193-26-000020.md) |
| Gross margin | % | [60.4% d](/filings/0001628280-26-007703.md) | [59.0%](/filings/0001628280-26-027105.md) | [62.2%](/filings/0001120193-26-000013.md) | [66.4%](/filings/0001120193-26-000020.md) | [66.7% d](/filings/0001628280-26-007703.md) | [65.8%](/filings/0001628280-26-027105.md) | [59.2%](/filings/0001120193-26-000013.md) | [61.9%](/filings/0001120193-26-000020.md) |
| Operating margin | % | [25.5% d](/filings/0001628280-26-007703.md) | [26.1%](/filings/0001628280-26-027105.md) | [27.0%](/filings/0001120193-26-000013.md) | [29.6%](/filings/0001120193-26-000020.md) | [30.1% d](/filings/0001628280-26-007703.md) | [30.7%](/filings/0001628280-26-027105.md) | [28.1%](/filings/0001120193-26-000013.md) | [30.6%](/filings/0001120193-26-000020.md) |
| Net margin | % | [17.5% d](/filings/0001628280-26-007703.md) | [18.8%](/filings/0001628280-26-027105.md) | [21.5%](/filings/0001120193-26-000013.md) | [21.4%](/filings/0001120193-26-000020.md) | [24.8% d](/filings/0001628280-26-007703.md) | [24.3%](/filings/0001628280-26-027105.md) | [20.0%](/filings/0001120193-26-000013.md) | [22.6%](/filings/0001120193-26-000020.md) |
| Diluted EPS | $ per share | not reported | [0.68](/filings/0001628280-26-027105.md) | [0.78](/filings/0001120193-26-000013.md) | [0.73](/filings/0001120193-26-000020.md) | not reported | [0.91](/filings/0001628280-26-027105.md) | [0.89](/filings/0001120193-26-000013.md) | [0.96](/filings/0001120193-26-000020.md) |
| Free cash flow | $m | [645 d](/filings/0001628280-26-007703.md) | [614](/filings/0001628280-26-027105.md) | [687 d](/filings/0001120193-26-000013.md) | [152 d](/filings/0001120193-26-000020.md) | [536 d](/filings/0001628280-26-007703.md) | [629](/filings/0001628280-26-027105.md) | [634 d](/filings/0001120193-26-000013.md) | [459 d](/filings/0001120193-26-000020.md) |

- Revenue. XBRL Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax. Derived values: 12-month figure less the 9-month figure.
- Gross margin (gross profit / revenue). XBRL Gross profit: us-gaap:GrossProfit; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax. Derived values: 12-month figure less the 9-month figure.
- Operating margin (operating income / revenue). XBRL Operating income: us-gaap:OperatingIncomeLoss; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax. Derived values: 12-month figure less the 9-month figure.
- Net margin (net income / revenue). XBRL Net income: us-gaap:NetIncomeLoss; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax. Derived values: 12-month figure less the 9-month figure.
- Diluted EPS. XBRL Diluted EPS: us-gaap:EarningsPerShareDiluted.
- Free cash flow (operating cash flow − capital expenditure). XBRL Operating cash flow: us-gaap:NetCashProvidedByUsedInOperatingActivities; Capital expenditure: us-gaap:PaymentsToAcquirePropertyPlantAndEquipment. Derived values: 12-month figure less the 9-month figure; 6-month figure less the 3-month figure; 9-month figure less the 6-month figure.

## Last five fiscal years

| Line item | Unit | FY2021 (2021-12-31) | FY2022 (2022-12-31) | FY2023 (2023-12-31) | FY2024 (2024-12-31) | FY2025 (2025-12-31) |
| --- | --- | ---: | ---: | ---: | ---: | ---: |
| Revenue | $m | [5,886](/filings/0001120193-24-000006.md) | [6,226](/filings/0001120193-25-000008.md) | [6,064](/filings/0001628280-26-007703.md) | [7,400](/filings/0001628280-26-007703.md) | [8,262](/filings/0001628280-26-007703.md) |
| Gross margin | % | [58.1%](/filings/0001120193-24-000006.md) | [57.5%](/filings/0001120193-25-000008.md) | [64.2%](/filings/0001628280-26-007703.md) | [62.8%](/filings/0001628280-26-007703.md) | [63.5%](/filings/0001628280-26-007703.md) |
| Operating margin | % | [24.5%](/filings/0001120193-24-000006.md) | [25.1%](/filings/0001120193-25-000008.md) | [26.0%](/filings/0001628280-26-007703.md) | [24.3%](/filings/0001628280-26-007703.md) | [28.2%](/filings/0001628280-26-007703.md) |
| Net margin | % | [20.2%](/filings/0001120193-24-000006.md) | [18.1%](/filings/0001120193-25-000008.md) | [17.5%](/filings/0001628280-26-007703.md) | [15.1%](/filings/0001628280-26-007703.md) | [21.6%](/filings/0001628280-26-007703.md) |
| Diluted EPS | $ per share | [2.35](/filings/0001120193-24-000006.md) | [2.26](/filings/0001120193-25-000008.md) | [2.08](/filings/0001628280-26-007703.md) | [1.93](/filings/0001628280-26-007703.md) | [3.09](/filings/0001628280-26-007703.md) |
| Free cash flow | $m | [920](/filings/0001120193-24-000006.md) | [1,554](/filings/0001120193-25-000008.md) | [1,538](/filings/0001628280-26-007703.md) | [1,732](/filings/0001628280-26-007703.md) | [1,989](/filings/0001628280-26-007703.md) |

- Revenue. XBRL Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
- Gross margin (gross profit / revenue). XBRL Gross profit: us-gaap:GrossProfit; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
- Operating margin (operating income / revenue). XBRL Operating income: us-gaap:OperatingIncomeLoss; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
- Net margin (net income / revenue). XBRL Net income: us-gaap:NetIncomeLoss; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
- Diluted EPS. XBRL Diluted EPS: us-gaap:EarningsPerShareDiluted.
- Free cash flow (operating cash flow − capital expenditure). XBRL Operating cash flow: us-gaap:NetCashProvidedByUsedInOperatingActivities; Capital expenditure: us-gaap:PaymentsToAcquirePropertyPlantAndEquipment.

Each value links to the filing it came from. d marks a derived value. A ratio is not reported when any input is missing.

## Insider purchases and sales

The last 20 open-market transactions on Form 4 (codes P and S). Reported price is as stated on the form, not a market price. [All insider transactions](/companies/ndaq/insiders.md)

| Date | Insider | Role | Transaction | Shares | Reported price | Value | Filing |
| --- | --- | --- | --- | ---: | ---: | ---: | --- |
| 2026-10-27 | [Peterson Bradley J](/insiders/1568592.md) | EVP, CIO, Officer | Sale (S) | 3,987 | $104.75 | $417.6k | [Form 4](/filings/0001193125-26-437769.md) |
| 2026-10-23 | [Peterson Bradley J](/insiders/1568592.md) | EVP, CIO, Officer | Sale (S) | 4,000 | $103.38 | $413.5k | [Form 4](/filings/0001193125-26-434192.md) |
| 2026-10-23 | [Tal Cohen](/insiders/1781714.md) | Pres. Market Platforms, Officer | Sale (S) | 10,390 | $103.34 | $1.1m | [Form 4](/filings/0001193125-26-434194.md) |
| 2026-10-20 | [Skule Jeremy](/insiders/1736565.md) | EVP, CSO, Officer | Sale (S) | 1,125 | $95.00 | $106.9k | [Form 4](/filings/0001193125-26-428912.md) |

## Funds that report holding it

From each manager’s latest Form 13F, largest reported value first. Reported value is as filed: filing data, not a price. [All funds](/funds.md)

| Fund | Quarter ended | Reported value | Shares | Put or call | Change on the quarter before |
| --- | --- | ---: | ---: | --- | --- |
| [INVESTOR AB](/funds/889232.md) | 2026-06-30 | $4.61bn | 58,439,208 |  | Added +56,782 |
| [BlackRock, Inc.](/funds/2012383.md) | 2026-06-30 | $2.93bn | 37,194,072 |  | Reduced −975,710 |
| [VANGUARD CAPITAL MANAGEMENT LLC](/funds/2100119.md) | 2026-06-30 | $2.46bn | 31,225,614 |  | Reduced −12,194 |
| [WELLINGTON MANAGEMENT GROUP LLP](/funds/902219.md) | 2026-06-30 | $2.39bn | 30,332,286 |  | Reduced −5,946,692 |
| [VANGUARD PORTFOLIO MANAGEMENT LLC](/funds/2100121.md) | 2026-06-30 | $2.06bn | 26,091,520 |  | Reduced −12,171 |
| [MASSACHUSETTS FINANCIAL SERVICES CO /MA/](/funds/912938.md) | 2026-06-30 | $1.83bn | 23,259,539 |  | Reduced −5,800,900 |
| [STATE STREET CORP](/funds/93751.md) | 2026-06-30 | $1.59bn | 20,181,861 |  | Added +467,156 |
| [GEODE CAPITAL MANAGEMENT, LLC](/funds/1214717.md) | 2026-06-30 | $1.03bn | 13,121,054 |  | Added +143,896 |
| [MORGAN STANLEY](/funds/895421.md) | 2026-06-30 | $895.1m | 11,355,733 |  | Added +1,100,229 |
| [FRANKLIN RESOURCES INC](/funds/38777.md) | 2026-06-30 | $717.6m | 9,104,529 |  | Reduced −69,619 |

## Recent filings

[All 1,710 filings](/companies/ndaq/filings.md)

| Filed | Accepted | Form | What it is | Accession |
| --- | --- | --- | --- | --- |
| 2026-10-26 | 16:20 ET | [8-K](/filings/0001193125-26-431976.md) | 5.02 Departure or appointment of officers or directors; 9.01 Financial statements and exhibits | 0001193125-26-431976 |
| 2026-10-22 | 14:03 ET | [10-Q](/filings/0001120193-26-000020.md) | Quarterly report, period 2026-09-30 | 0001120193-26-000020 |
| 2026-10-22 | 07:26 ET | [8-K](/filings/0001120193-26-000017.md) | 2.02 Results of operations; 7.01 Regulation FD disclosure; 8.01 Other events; 9.01 Financial statements and exhibits | 0001120193-26-000017 |
| 2026-07-23 | 16:13 ET | [10-Q](/filings/0001120193-26-000013.md) | Quarterly report, period 2026-06-30 | 0001120193-26-000013 |
| 2026-07-23 | 07:24 ET | [8-K](/filings/0001120193-26-000011.md) | 2.02 Results of operations; 7.01 Regulation FD disclosure; 8.01 Other events; 9.01 Financial statements and exhibits | 0001120193-26-000011 |
| 2026-07-01 | 16:47 ET | [8-K](/filings/0001193125-26-292723.md) | 1.01 Entry into a material agreement; 1.02 Termination of a material agreement; 2.03 New direct financial obligation; 9.01 Financial statements and exhibits | 0001193125-26-292723 |
| 2026-06-16 | 16:40 ET | [8-K](/filings/0001193125-26-272736.md) | 5.07 Shareholder vote results | 0001193125-26-272736 |
| 2026-04-24 | 16:36 ET | [DEF 14A](/filings/0001628280-26-027245.md) | Proxy statement, period 2026-06-10 | 0001628280-26-027245 |
| 2026-04-24 | 13:03 ET | [10-Q](/filings/0001628280-26-027105.md) | Quarterly report, period 2026-03-31 | 0001628280-26-027105 |
| 2026-04-23 | 07:22 ET | [8-K](/filings/0001193125-26-171829.md) | 2.02 Results of operations; 7.01 Regulation FD disclosure; 8.01 Other events; 9.01 Financial statements and exhibits | 0001193125-26-171829 |

## Latest annual report

[Form 10-K for the fiscal year ended Dec 31, 2025](/filings/0001628280-26-007703.md), filed Feb 12, 2026.

## Forecast league

Not in this season’s league. [This season’s league](/leagues.md)

## About the filer

- CIK: 1120193
- Tickers: NDAQ
- Exchange: Nasdaq
- SIC code: 6200 Security & Commodity Brokers, Dealers, Exchanges & Services
- State of incorporation: DE
- Filer category: Large accelerated filer

Source: SEC EDGAR, XBRL company facts, the filing index and Forms 4. Last ingested by Listed: Oct 29, 2026, 16:07 ET. No prices; not investment advice.