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Nasdaq, Inc. NDAQ Market Services — Operating Income

Other segment segments

Capital Access Platforms
$349M+14.1%
Financial Technology
$241M+13.1%

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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$43.91B-11.2%
Enterprise value$52.73B-3.9%
P/E23×-15.7×
P/S5.3×-1.0×

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:OperatingIncomeLoss.

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 market services — operating income?
Nasdaq, Inc. (NDAQ) reported market services — operating income of $201M in Q1 2026.
How has Nasdaq, Inc.'s market services — operating income changed year-over-year?
Nasdaq, Inc.'s market services — operating income increased by 16.2% year-over-year, from $173M to $201M.
What is the long-term trend for Nasdaq, Inc.'s market services — operating income?
Over 4 years (2021 to 2025), Nasdaq, Inc.'s market services — operating income has grown at a 3.5% compound annual growth rate (CAGR), from $667M to $764M.
What does market services — operating income mean?
This represents the profit generated by the market services segment after deducting all direct and allocated operating expenses from its revenues. It is the primary measure of the segment's core operational profitability and its contribution to the overall company's bottom line.