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Nasdaq, Inc. Cash Flow Statement

Operating, investing, and financing cash movements

Nasdaq, Inc. generated $2.3B in operating cash flow over the trailing twelve months. After $277.0M in capital expenditures, free cash flow was $2.0B. Free cash flow increased 0.1% year-over-year. Based on the Q1 2026 filing.

Net Cash From Operating (TTM)$2.3BNet Cash From Investing (TTM)-$95.0MNet Cash From Financing (TTM)-$6.2BCapital Expenditures (TTM)$277.0MDepreciation And Amortization Cf (TTM)$642.0MNet Change In Cash-$2.8B
Latest FilingQ1 2026
Report Date2026-04-24
Market Cap$49.1B
P/E Ratio25.66
ROE16.22%

Investing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Capital expenditures$60M$49M$59M$69M$89M$60M
Payments For (Proceeds From) Default Funds And Margin Deposits$944M$204M$171M$44M$661M-$976M
Payment for (Proceeds from) Other Investing Activity$8M$5M$6M$65M$2M$11M
Payments to Acquire Short-Term Investments$54M$105M$95M$34M$9M$166M
Proceeds from maturities of short-term investments$58M$105M$220M$67M$35M$8M
Net cash from investing activities-$1B-$258M-$59M-$145M-$638M$747M

Operating

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Change in accounts payable-$17M-$17M-$13M——-$33M
Change in deferred revenue$59M$257M—-$128M$79M$311M
Change in other liabilities—-$56M-$38M$80M$15M-$121M
Change in receivables$94M-$48M-$97M-$27M—$49M
Deferred income taxes-$5M$6M$6M$18M$18M$12M
Depreciation and amortization$153M$156M$158M$158M$161M$165M
Net cash from operating activities$705M$663M$746M$221M$625M$689M
Net income$355M$395M$452M$423M$518M$519M
Gain on sale of business and assets$0$0$39M-$2M$49M$89M
Equity in earnings (losses) of equity method investees$9M$27M$23M$24M$10M$26M
Accrued compensation and employee benefits$23M-$134M——$50M-$153M
Increase (Decrease) in Other Operating Assets$7M-$66M-$18M$17M$163M-$94M
Section 31 fees payable to SEC$58.8M-$55M———$0
Other Noncash Income (Expense)—$11M——-$22M-$21M
Stock-based compensation$36M$35M$46M$41M$43M$38M

Financing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Repayments of debt$181M$257M$400M$69M$100M$0
Dividends paid$138M$138M$155M$155M$153M$153M
Default funds and margin deposits—-$549M-$801M—-$37M-$3.5B
Other, net$30M$1M$0-$1M$43M$0
Proceeds from issuance of common stock relating to employee stock plans—$0———$15M
Net cash from financing activities-$24M-$1.1B-$1.5B$0-$567M-$4.2B
Repurchases of common stock$0$115M$100M$115M$286M$548M
Taxes paid for net share settlement$15M$25M———$31M

Free Cash Flow

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Free cash flow$645M$614M$687M$152M$536M$629M

Other

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Effect of exchange rate changes on cash-$462M$403M$245M$5M$73M-$50M
Net increase (decrease) in cash-$789M-$275M-$530M—-$507M-$2.8B

Supplemental

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Interest paid$90M$125M$84M$74M$71M$126M
Income Taxes Paid, Net$122M$45M$131M$44M$153M$167M