Nasdaq, Inc. (NDAQ) Cash Flow Statement
Where NDAQ’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $2.25B +16.3% vs 2024
- Capital expenditures
- $266.0M 3.2% of revenue
- Free cash flow
- $1.99B 24.2% margin
- Returned to shareholders
- $1.22B 61% of free cash flow
- Change in cash
- −$1.07B cash at year-end $3.93B
Drawn to scale: where the cash came from and how it was used. Hover for values.
NDAQ operating cash flow, capex and free cash flow
NDAQ cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $722.0M2016 | $2.25B2025 | +13.5%/yr | |
| Capital expenditures | $134.0M2016 | $266.0M2025 | +7.9%/yr | |
| Free cash flow | $588.0M2016 | $1.99B2025 | +14.5%/yr | |
| Free cash flow margin | 15.9%2016 | 24.2%2025 | +8.3 pts | |
| Operating cash flow / net income | 6.692016 | 1.262025 | −5.42 | |
| Stock-based compensation | $86.0M2016 | $165.0M2025 | +7.5%/yr | |
| Dividends paid | $200.0M2016 | $601.0M2025 | +13.0%/yr | |
| Share buybacks (net) | $100.0M2016 | $616.0M2025 | +22.4%/yr | |
| Capex / revenue | 3.6%2016 | 3.2%2025 | −0.4 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
NDAQ cash flow by activity
NDAQ net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
NDAQ cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $1.79B | $1.11B | $1.06B | $1.12B | $1.19B | $933.0M | $774.0M | $458.0M | $734.0M | $108.0M |
| Depreciation & amortization | $632.0M | $613.0M | $323.0M | $258.0M | $278.0M | $202.0M | $190.0M | $210.0M | $188.0M | $170.0M |
| Stock-based compensation | $165.0M | $141.0M | $122.0M | $106.0M | $90.0M | $87.0M | $79.0M | $69.0M | $70.0M | $86.0M |
| Change in working capital | −$235.0M | $46.0M | $39.0M | $168.0M | −$469.0M | −$9.0M | −$48.0M | $103.0M | −$103.0M | −$45.0M |
| Other non-cash items | −$94.0M | $24.0M | $155.0M | $51.0M | −$3.0M | $39.0M | −$32.0M | $188.0M | $20.0M | $403.0M |
| Cash from operating activities | $2.25B | $1.94B | $1.70B | $1.71B | $1.08B | $1.25B | $963.0M | $1.03B | $909.0M | $722.0M |
| Investing activities | ||||||||||
| Capital expenditures | −$266.0M | −$207.0M | −$158.0M | −$152.0M | −$163.0M | −$188.0M | −$127.0M | −$111.0M | −$144.0M | −$134.0M |
| Investments (net) | $184.0M | −$953.0M | −$84.0M | −$2.0M | −$31.0M | $141.0M | −$25.0M | $122.0M | $32.0M | −$57.0M |
| Acquisitions & other investing | −$1.02B | $207.0M | −$5.75B | $203.0M | −$2.46B | −$184.0M | −$88.0M | $185.0M | −$778.0M | −$1.47B |
| Cash from investing activities | −$1.10B | −$953.0M | −$5.99B | $49.0M | −$2.65B | −$231.0M | −$240.0M | $196.0M | −$890.0M | −$1.66B |
| Financing activities | ||||||||||
| Dividends paid | −$601.0M | −$541.0M | −$441.0M | −$383.0M | −$350.0M | −$320.0M | −$305.0M | −$280.0M | −$243.0M | −$200.0M |
| Share repurchases & issuance (net) | −$616.0M | −$145.0M | −$269.0M | −$711.0M | −$1.00B | −$262.0M | −$239.0M | −$394.0M | −$203.0M | −$100.0M |
| Net borrowing (repayment) | −$826.0M | −$812.0M | $4.98B | −$334.0M | $409.0M | $1.91B | −$430.0M | −$320.0M | $411.0M | $1.30B |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$910.0M | −$1.06B | −$47.0M | $2.46B | $2.36B | $53.0M | $37.0M | −$33.0M | −$18.0M | $2.0M |
| Cash from financing activities | −$2.95B | −$2.56B | $4.22B | $1.04B | $1.42B | $1.38B | −$937.0M | −$1.03B | −$53.0M | $1.00B |
| Summary | ||||||||||
| Net change in cash | −$1.07B | −$2.11B | $124.0M | $1.50B | −$483.0M | $2.42B | −$224.0M | $187.0M | −$19.0M | $61.0M |
| Cash at end of period | $3.93B | $5.01B | $7.12B | $6.99B | $5.50B | $2.78B | $362.0M | $586.0M | $399.0M | $418.0M |
| Free cash flow | $1.99B | $1.73B | $1.54B | $1.55B | $920.0M | $1.06B | $836.0M | $917.0M | $765.0M | $588.0M |
| Free cash flow margin | 24.2% | 23.4% | 25.4% | 25.0% | 15.6% | 18.9% | 19.6% | 21.4% | 19.4% | 15.9% |
| Capex / revenue | 3.2% | 2.8% | 2.6% | 2.4% | 2.8% | 3.3% | 3.0% | 2.6% | 3.6% | 3.6% |
| Operating cash flow / net income | 1.26 | 1.74 | 1.60 | 1.52 | 0.91 | 1.34 | 1.24 | 2.24 | 1.24 | 6.69 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $507.0M | $519.0M | $518.0M | $423.0M | $451.0M | $395.0M | $355.0M | $305.0M | $222.0M | $234.0M | $197.0M | $294.0M |
| Depreciation & amortization | $166.0M | $165.0M | $161.0M | $158.0M | $157.0M | $156.0M | $153.0M | $152.0M | $153.0M | $155.0M | $125.0M | $64.0M |
| Stock-based compensation | $49.0M | $38.0M | $43.0M | $41.0M | $46.0M | $35.0M | $36.0M | $36.0M | $39.0M | $30.0M | $32.0M | $30.0M |
| Change in working capital | −$248.0M | −$49.0M | −$84.0M | −$255.0M | $146.0M | $109.0M | $172.0M | −$286.0M | $70.0M | $90.0M | $33.0M | −$114.0M |
| Other non-cash items | $237.0M | $16.0M | −$13.0M | −$146.0M | −$54.0M | −$32.0M | −$11.0M | $37.0M | −$24.0M | $21.0M | $30.0M | $26.0M |
| Cash from operating activities | $711.0M | $689.0M | $625.0M | $221.0M | $746.0M | $663.0M | $705.0M | $244.0M | $460.0M | $530.0M | $417.0M | $300.0M |
| Investing activities | ||||||||||||
| Capital expenditures | −$77.0M | −$60.0M | −$89.0M | −$69.0M | −$59.0M | −$49.0M | −$60.0M | −$56.0M | −$52.0M | −$39.0M | −$42.0M | −$37.0M |
| Investments (net) | −$19.0M | −$158.0M | $26.0M | −$145.0M | −$59.0M | −$258.0M | −$1.01B | $73.0M | $214.0M | −$232.0M | −$5.84B | $134.0M |
| Acquisitions & other investing | −$350.0M | $965.0M | −$575.0M | $69.0M | $59.0M | $49.0M | $60.0M | $56.0M | $52.0M | $39.0M | $42.0M | $37.0M |
| Cash from investing activities | −$446.0M | $747.0M | −$638.0M | −$145.0M | −$59.0M | −$258.0M | −$1.01B | $73.0M | $214.0M | −$232.0M | −$5.84B | $134.0M |
| Financing activities | ||||||||||||
| Dividends paid | −$174.0M | −$153.0M | −$153.0M | −$155.0M | −$155.0M | −$138.0M | −$138.0M | −$138.0M | −$138.0M | −$127.0M | −$127.0M | −$108.0M |
| Share repurchases & issuance (net) | −$355.0M | −$548.0M | −$286.0M | −$115.0M | −$100.0M | −$115.0M | −$21.0M | −$87.0M | −$58.0M | −$24.0M | −$110.0M | −$2.0M |
| Net borrowing (repayment) | −$162.0M | $0 | −$100.0M | −$69.0M | −$400.0M | −$257.0M | −$181.0M | −$50.0M | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $108.0M | −$3.48B | −$28.0M | $498.0M | −$807.0M | −$573.0M | $316.0M | $71.0M | −$262.0M | −$1.72B | $1.44B | −$1.29B |
| Cash from financing activities | −$583.0M | −$4.18B | −$567.0M | $159.0M | −$1.46B | −$1.08B | −$24.0M | −$204.0M | −$458.0M | −$1.88B | $1.20B | −$1.40B |
| Summary | ||||||||||||
| Net change in cash | −$336.0M | −$2.80B | −$507.0M | $240.0M | −$530.0M | −$275.0M | −$789.0M | $318.0M | $247.0M | −$1.89B | −$3.72B | −$1.03B |
| Cash at end of period | $800.0M | $1.14B | $3.93B | $4.44B | $4.20B | $4.73B | $5.01B | $5.79B | $5.48B | $5.23B | $7.12B | $10.83B |
| Free cash flow | $634.0M | $629.0M | $536.0M | $152.0M | $687.0M | $614.0M | $645.0M | $188.0M | $408.0M | $491.0M | $375.0M | $263.0M |
| Free cash flow margin | 25.0% | 29.4% | 25.8% | 7.8% | 32.9% | 29.4% | 31.8% | 9.9% | 22.8% | 29.3% | 22.8% | 18.1% |
| Capex / revenue | 3.0% | 2.8% | 4.3% | 3.5% | 2.8% | 2.3% | 3.0% | 2.9% | 2.9% | 2.3% | 2.6% | 2.5% |
| Operating cash flow / net income | 1.40 | 1.33 | 1.21 | 0.52 | 1.65 | 1.68 | 1.99 | 0.80 | 2.07 | 2.26 | 2.12 | 1.02 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
NDAQ cash generation
In fiscal 2025 (ended December 31, 2025), Nasdaq generated $2.3 billion of cash from operations (up 16.3%) and spent $266.0 million on capital expenditures, leaving free cash flow of $2.0 billion, 24.2% of revenue. It returned $1.2 billion to shareholders through dividends ($601.0 million) and net share buybacks ($616.0 million). Cash and equivalents fell by $1.1 billion over the year.
Related: NDAQ income statement, NDAQ balance sheet, NDAQ dividend history. See the NDAQ stock overview for the latest quote and news.
NDAQ cash flow FAQ
What is Nasdaq's free cash flow?
Nasdaq's free cash flow was $2.0 billion in fiscal 2025: $2.3 billion of operating cash flow minus $266.0 million of capital expenditures It was $1.7 billion a year earlier..
How much cash does Nasdaq generate from operations?
Nasdaq generated $2.3 billion of cash from operating activities in fiscal 2025, 1.26 times its net income of $1.8 billion.
How much does Nasdaq spend on capital expenditures?
Nasdaq spent $266.0 million on capital expenditures in fiscal 2025, 3.2% of revenue, compared with $207.0 million the year before.
How much stock does Nasdaq buy back?
Nasdaq spent $616.0 million on net share repurchases in fiscal 2025.
How much does Nasdaq pay in dividends?
Nasdaq paid $601.0 million in dividends in fiscal 2025, 30.2% of free cash flow.