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Nasdaq, Inc. NDAQ Free cash flow margin

Free cash flow margin at other companies

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S&P GlobalSPGI
34.6%-2.2pp
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12.1%+1.2pp
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56.8%
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MSCIMSCI
47.9%-0.5pp
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Intercontinental ExchangeICE
37.8%+2.3pp
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Tradeweb Markets Inc.TW
51.9%-0.2pp

Other financials

Income statement

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Revenue$2.5B+20.5%
Gross profit$1.5B+14.9%
Operating income$712.0M+25.4%
Net income$507.0M+12.2%
EPS (diluted)$0.89+14.1%

Balance sheet

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Cash & equivalents$800.0M-81.0%
Total debt$9.6B-5.9%
Total equity$12.0B+1.5%
Total assets$27.3B-10.0%

Cash flow

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Operating cash flow$711.0M-4.7%
CapEx$77.0M+30.5%
Free cash flow$634.0M-7.7%

Valuation

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Market cap$52.65B-5.3%
Enterprise value$61.44B-0.3%
P/E26.8×-10.1×
P/S-0.8×

Profitability

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Gross margin64.2%+3.7pp
Operating margin29.5%+3.9pp
Net margin22.5%+3.9pp

Returns & leverage

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Return on equity16.5%+3.2pp
Debt / equity0.8×-0.1×
Current ratio0.0×

Where this comes from

Calculated from Nasdaq, Inc.’s reported figures.

Based on trailing twelve months.

The source filing: Nasdaq, Inc.’s 10-Q, filed July 23, 2026. Open the filing →

Filed
Jul 23, 2026, 4:13 PM EDT
Fiscal quarter
Q2 FY2026
Calendar quarter
Q2 2026
Accession
0001120193-26-000013

FAQ

What is Nasdaq, Inc.'s free cash flow margin?
Nasdaq, Inc. (NDAQ) reported free cash flow margin of 22.3% in Q2 2026.
How has Nasdaq, Inc.'s free cash flow margin changed year-over-year?
Nasdaq, Inc.'s free cash flow margin decreased by 15.1% year-over-year, from 26.3% to 22.3%.
What is the long-term trend for Nasdaq, Inc.'s free cash flow margin?
Over 5 years (2020 to 2025), Nasdaq, Inc.'s free cash flow margin has grown at a 3.7% compound annual growth rate (CAGR), from 20% to 24%.
What does free cash flow margin mean?
Free cash flow (operating cash flow minus capital expenditures) as a percentage of revenue, trailing twelve months. Measures how efficiently revenue converts into discretionary cash.

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