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Nasdaq, Inc. NDAQ Annual Listings — Contract with Customer, Liability

Other product segments

Workflow & Insights
$219M+2.8%
Financial Crime Management Technology
$201M+21.8%
Capital Markets Technology
$179M+10.5%
Regulatory Technology
$160M+30.1%
Initial Listings
$99M+8.8%
Other
$28M-12.5%

Similar metrics at other companies

Intercontinental Exchange logo
ICEAnnual Listing Revenue — Contract With Customer, Liability, Including New Contract Revenue, Recognized
$128M+4.9%
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VACContract With Customer, Liability, Deferred Revenue And Other
$466M—
CLB
CLBContract With Customer Liability Current Including Contract With Customer Liability Noncurrent Current Portion
$4.71M-51.8%
Intercontinental Exchange logo
ICEAnnual Listing Revenue — Total deferred revenue
$464M+1.3%
Inogen logo
INGNContract With Customer Liability And Lease Deferred Revenue Current
$5.09M-20.6%
Travel + Leisure logo
TNLContract Liabilities
$479M-1.6%

Other financials

Income statement

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Revenue$2.1B+2.0%
Gross profit$1.4B+13.7%
Operating income$657.0M+20.1%
Net income$519.0M+31.4%
EPS (diluted)$0.91+33.8%

Balance sheet

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Cash & equivalents$1.1B-76.0%
Total debt$9.9B-2.2%
Total equity$12.0B+4.2%
Total assets$27.3B-10.9%

Cash flow

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Operating cash flow$689.0M+3.9%
CapEx$60.0M+22.4%
Free cash flow$629.0M+2.4%

Valuation

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Market cap$44.58B-5.7%
Enterprise value$53.39B-0.1%
P/E23.3×-8.0×
P/S5.4×-0.5×

Profitability

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Gross margin65.2%+4.2pp
Operating margin29.4%+4.6pp
Net margin23%+6.7pp
FCF margin24.1%+0.4pp

Returns & leverage

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Return on equity16.2%+4.8pp
Debt / equity0.8×-0.1×
Current ratio1×0.0×

Where this comes from

Reported directly by Nasdaq, Inc. in its filing.

Tagged under the XBRL concept us-gaap:ContractWithCustomerLiability.

The official record: Nasdaq, Inc.’s 10-Q, filed April 24, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Nasdaq, Inc.'s annual listings — contract with customer, liability?
Nasdaq, Inc. (NDAQ) reported annual listings — contract with customer, liability of $294M in Q1 2026.
How has Nasdaq, Inc.'s annual listings — contract with customer, liability changed year-over-year?
Nasdaq, Inc.'s annual listings — contract with customer, liability increased by 8.1% year-over-year, from $272M to $294M.
What is the long-term trend for Nasdaq, Inc.'s annual listings — contract with customer, liability?
Over 2 years (2023 to 2025), Nasdaq, Inc.'s annual listings — contract with customer, liability has grown at a 1.0% compound annual growth rate (CAGR), from $549M to $560M.
What does annual listings — contract with customer, liability mean?
Represents the deferred revenue balance associated with annual listing fees for publicly traded companies. This liability reflects payments received from issuers for listing services that have not yet been earned over the service period. It serves as a key indicator of future revenue visibility for the corporate services segment.