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

Other product segments

Annual Listings
$294M+8.1%
Workflow & Insights
$219M+2.8%
Financial Crime Management Technology
$201M+21.8%
Capital Markets Technology
$179M+10.5%
Regulatory Technology
$160M+30.1%
Other
$28M-12.5%

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$128M+4.9%
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PRTHContract With Customer, Liability, Current And Other
$2.73M+8.9%
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NUVBContract With Customer Liabilities Current
$9.74M—
State Street logo
STTContract with Customer, Liability
$141M+3.7%
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BROSInitial unearned franchise fees — Contract with Customer, Liability
$2.66M—
OSI Systems logo
OSISContract With Customer Liability Customer Deposits And Prepayments
$60M-4.7%

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 initial listings — contract with customer, liability?
Nasdaq, Inc. (NDAQ) reported initial listings — contract with customer, liability of $99M in Q1 2026.
How has Nasdaq, Inc.'s initial listings — contract with customer, liability changed year-over-year?
Nasdaq, Inc.'s initial listings — contract with customer, liability increased by 8.8% year-over-year, from $91M to $99M.
What is the long-term trend for Nasdaq, Inc.'s initial listings — contract with customer, liability?
Over 2 years (2023 to 2025), Nasdaq, Inc.'s initial listings — contract with customer, liability has grown at a -4.7% compound annual growth rate (CAGR), from $414M to $376M.
What does initial listings — contract with customer, liability mean?
This represents the deferred revenue balance associated with initial listing fees paid by companies to join the exchange. It reflects the portion of upfront listing fees that have been collected but not yet earned as the service is provided over the contract term. This liability is a key indicator of future revenue recognition from new market entrants.