NASDAQ, INC.
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SEC XBRL · annual| FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | |
|---|---|---|---|---|---|---|
| Revenue | $8.26B | $7.40B | $6.06B | $6.23B | $5.89B | $5.63B |
| Operating income | $2.33B | $1.80B | $1.58B | $1.56B | $1.44B | $1.23B |
| Net income | $1.79B | $1.12B | $1.06B | $1.13B | $1.19B | $933.0M |
| Total assets | $31.05B | $30.39B | $32.29B | $20.87B | $20.11B | $17.98B |
| Total liabilities | $18.82B | $19.20B | $21.47B | $14.70B | $13.71B | $11.54B |
| Equity | $12.23B | $11.19B | $10.82B | $6.15B | $6.39B | $6.43B |
| EPS (diluted) | $3.09 | $1.93 | $2.08 | $2.26 | $2.35 | $1.86 |
| Shares out. | 575.1M | 575.2M | 489.0M | 164.4M | 164.8M | 165.0M |
Reported figures from the company's SEC filings (XBRL). Blank where a line item isn't cleanly tagged — never estimated.
Key ratios
from filings · FY2025- Operating margin
- 28.2%
- Net margin
- 21.6%
- Return on equity
- 14.6%
- Return on assets
- 5.8%
- Return on capital (ROCE)
- 10.1%
- Liabilities / assets
- 60.6%
- Debt / equity
- 1.54×
- Book value / share
- $21.26
- Revenue growth (YoY)
- 11.6%
- Net income growth (YoY)
- 60.1%
Computed from the company's own SEC figures — no market price, so these are facts, not a valuation. Book value per share is reported equity ÷ shares; it is not the stock price.
Financial health
forensic scores · FY2025- Altman Z″ (distress)
- 2.20grey zone
- Accruals / assets
- −1.5%clean
- Beneish M-Score
- -2.53normal
- Piotroski F-Score
- 9/9strong
Altman Z″is a textbook bankruptcy-distress score from book values only (>2.6 safe · 1.1–2.6 grey · <1.1 distress). Accruals = (net income − operating cash flow) ÷ assets; persistently high accruals are an earnings-quality red flag. Beneish M-Scoreis an eight-ratio screen comparing this year with last (M > −1.78 = elevated manipulation-risk screen, not proof). Piotroski F-Scorecounts how many of nine fundamental-health checks pass (shown as passed / applicable; we use operating margin and total liabilities as documented proxies where the exact input isn't XBRL-tagged). Computed from SEC filings — descriptive factors, not advice or a forecast.
Quality score
EDS ScoreOur own multi-factor score from free SEC data — profitability, growth, financial strength, earnings quality, and event/ownership catalysts. No market price and no licensed model: each axis is the share of source-backed checks it passes. Descriptive factors, not advice or a forecast.
Signs
● 1 warning● 4 good- Altman Z″ in the grey zone
- Operating margin is positive
- Revenue is growing year-over-year
- Positive operating cash flow
- Clean earnings (low accruals)
Derived from the company's own SEC figures (fundamentals, forensic scores, filing discipline) — descriptive factors, not advice or a forecast.
5%+ owners
SEC Schedule 13D / 13G · last 3 yrs- Massachusetts Financial Services Co /Ma/Passive (13G)May 14, 2026
- Vanguard Capital Management LlcPassive (13G)Apr 30, 2026
- Vanguard Group IncPassive (13G)Mar 27, 2026
- Wellington Management Group LlpPassive (13G)Aug 12, 2025
- Argus Seller, LpActivist (13D)May 9, 2025
Holders who disclosed a 5%+ stake. 13D signals intent to influence or control; 13G is a passive holding. Latest filing per holder — open it for the exact stake.
Short interest
FINRA · bi-monthly| Settlement | Shares short | Days to cover | Δ vs prior |
|---|---|---|---|
| May 15, 2026 | 7.0M | 2.3 | -9.2% |
| Apr 30, 2026 | 7.7M | 2.3 | +1.8% |
| Apr 15, 2026 | 7.5M | 2.5 | +3.2% |
| Mar 31, 2026 | 7.3M | 2.6 | +3.1% |
| Mar 13, 2026 | 7.1M | 1.8 | +7.1% |
Shares sold short as reported to FINRA. Days-to-cover = short shares ÷ average daily volume — higher means more potential squeeze pressure.
Material events
SEC Form 8-K · most recent- Results of operations · Regulation FD disclosure · Other material eventApr 23, 2026
- Results of operations · Regulation FD disclosure · Other material eventJan 29, 2026
- Amended charter or bylawsJan 16, 2026
- Other material eventDec 15, 2025
- Other material eventDec 1, 2025
- Results of operations · Regulation FD disclosure · Other material eventOct 21, 2025
- Results of operations · Regulation FD disclosure · Other material eventJul 24, 2025
- Shareholder voteJun 16, 2025
Events the company reported on Form 8-K, labelled by the SEC item code it filed under — its own classification, not our interpretation.