What is Nasdaq, Inc.'s stock-based comp?

Nasdaq, Inc. (NDAQ) reported stock-based comp of $38M in Q1 2026.

How has Nasdaq, Inc.'s stock-based comp changed year-over-year?

Nasdaq, Inc.'s stock-based comp increased by 8.6% year-over-year, from $35M to $38M.

What is the long-term trend for Nasdaq, Inc.'s stock-based comp?

Over 4 years (2021 to 2025), Nasdaq, Inc.'s stock-based comp has grown at a 16.4% compound annual growth rate (CAGR), from $90M to $165M.

What does stock-based comp mean?

Total non-cash stock-based compensation expense for equity awards (RSUs, options, ESPP), added back to net income in cash flow reconciliation.

Nasdaq, Inc. NDAQ Stock-Based Comp

Stock-Based Comp at other companies

S&P GlobalSPGI

$39M-17.0%

Cboe Global MarketsCBOE

$12.9M+4.0%

MSCIMSCI

$47.7M+19.3%

Intercontinental ExchangeICE

$78M+36.8%

Tradeweb Markets Inc.TW

$25.06M+12.9%

MarketAxessMKTX

$9.15M+24.8%

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$44.43B-12.2%

Enterprise value$53.24B-5.9%

P/E23.2×-10.3×

P/S5.4×-0.9×

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:ShareBasedCompensation.

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 stock-based comp?: Nasdaq, Inc. (NDAQ) reported stock-based comp of $38M in Q1 2026.
How has Nasdaq, Inc.'s stock-based comp changed year-over-year?: Nasdaq, Inc.'s stock-based comp increased by 8.6% year-over-year, from $35M to $38M.
What is the long-term trend for Nasdaq, Inc.'s stock-based comp?: Over 4 years (2021 to 2025), Nasdaq, Inc.'s stock-based comp has grown at a 16.4% compound annual growth rate (CAGR), from $90M to $165M.
What does stock-based comp mean?: Total non-cash stock-based compensation expense for equity awards (RSUs, options, ESPP), added back to net income in cash flow reconciliation.