Nasdaq, Inc. (NDAQ) quarterly cash flow statement — complete operating, investing & financing history
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 |
|---|
| Cash from Operations | 689M | 625M | 221M | 746M | 663M | 705M | 244M | 460M | 530M | 417M | 300M | 414M | 565M | 494M | 232M | 375M | 605M | 384M | 232M | 73M |
| Operating CF Margin % | 32.24% | 30.05% | 11.29% | 35.69% | 31.72% | 34.73% | 12.83% | 25.67% | 31.66% | 25.32% | 20.68% | 28.89% | 36.86% | 31.23% | 14.9% | 24.16% | 39.41% | 26.18% | 17.1% | 5.17% |
| Operating CF Growth % | 3.92% | -11.35% | -9.43% | 62.17% | 25.09% | 69.06% | -18.67% | 11.11% | -6.19% | -15.59% | 29.31% | 10.4% | -6.61% | 28.65% | 0% | 413.7% | 53.55% | -11.72% | 5900% | -83.45% |
| Net Income | 519M | 518M | 423M | 451M | 395M | 355M | 305M | 222M | 234M | 197M | 294M | 266M | 301M | 240M | 294M | 306M | 283M | 259M | 289M | 341M |
| Depreciation & Amortization | 165M | 161M | 158M | 157M | 156M | 153M | 152M | 153M | 155M | 125M | 64M | 65M | 69M | 63M | 63M | 65M | 67M | 81M | 66M | 68M |
| Stock-Based Compensation | 38M | 43M | 41M | 46M | 35M | 36M | 36M | 39M | 30M | 32M | 30M | 34M | 26M | 30M | 27M | 24M | 25M | 24M | 23M | 24M |
| Deferred Taxes | 12M | 18M | 18M | 6M | 6M | -5M | -22M | -38M | -2M | 24M | 14M | 18M | 12M | 21M | -18M | 18M | 17M | 38M | 39M | 35M |
| Other Non-Cash Items | -45M | -31M | -164M | -60M | -38M | -6M | 59M | 14M | 23M | 6M | 12M | 54M | 14M | 13M | -4M | 3M | 2M | -3M | 26M | -104M |
| Working Capital Changes | 0 | -84M | -255M | 146M | 109M | 172M | -286M | 70M | 90M | 33M | -114M | -23M | 143M | 127M | -129M | -41M | 211M | -15M | -211M | -291M |
| Change in Receivables | 0 | -81M | -145M | 97M | 48M | -94M | 56M | -39M | -17M | -72M | 3M | 62M | 10M | -32M | 6M | -36M | -39M | -38M | 8M | 18M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -3M | -62M | 0 | 0 | 0 | 36M | 0 | 0 | 0 | 0 |
| Change in Payables | -33M | 16M | 8M | -13M | -17M | -17M | -2M | 32M | -73M | 39M | 96M | 24M | -10M | -8M | 21M | -2M | 8M | -13M | 5M | -21M |
| Cash from Investing | 747M | -638M | -145M | -59M | -258M | -1.01B | 73M | 214M | -232M | -5.84B | 134M | -159M | -133M | 74M | 219M | 146M | -390M | -213M | -5M | 70M |
| Capital Expenditures | -60M | -89M | -69M | -59M | -49M | -60M | -56M | -52M | -39M | -42M | -37M | -39M | -40M | -34M | -41M | -42M | -35M | -50M | -32M | -39M |
| CapEx % of Revenue | 2.81% | 4.28% | 3.52% | 2.82% | 2.34% | 2.96% | 2.94% | 2.9% | 2.33% | 2.55% | 2.55% | 2.72% | 2.61% | 2.15% | 2.63% | 2.71% | 2.28% | 3.41% | 2.36% | 2.76% |
| Acquisitions | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Investments | 184M | 28M | 2.06B | 1.28B | 1.86B | 184M | 202M | 174M | 173M | 188M | 272M | 288M | 197M | 181M | 129M | 161M | 225M | 208M | 185M | 235M |
| Other Investing | 965M | -663M | -109M | -125M | -209M | -952M | 145M | 265M | -197M | -138M | 159M | -19M | -79M | 152M | 239M | 182M | -329M | 55M | -17M | -66M |
| Cash from Financing | -4.18B | -567M | 159M | -1.46B | -1.08B | -24M | -204M | -458M | -1.88B | 1.2B | -1.4B | 5.03B | -613M | -3.24B | 1.57B | 2.33B | 368M | 2.12B | -321M | -532M |
| Debt Issued (Net) | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Equity Issued (Net) | 0 | -383M | -115M | -100M | -115M | -21M | -87M | -88M | -24M | -112M | -2M | -28M | -159M | 23M | -2M | -186M | -519M | -49M | -477M | -231M |
| Dividends Paid | -153M | -153M | -155M | -155M | -138M | -138M | -138M | -138M | -127M | -127M | -108M | -108M | -98M | -98M | -99M | -97M | -89M | -90M | -91M | -88M |
| Share Repurchases | -548M | -286M | -115M | -100M | -115M | -21M | -87M | -58M | -24M | -110M | -2M | -28M | -159M | 0 | -2M | -166M | -467M | -58M | -475M | -248M |
| Other Financing | -4.03B | 69M | 946M | -807M | -573M | 316M | 71M | -58M | -1.32B | 812M | -1.14B | 356M | -39M | -3.02B | 1.89B | 2.71B | 855M | 2.32B | -34M | 1M |
| Net Change in Cash | -2.8B | -507M | 240M | -530M | -275M | -789M | 318M | 247M | -1.89B | -3.72B | -1.03B | 5.03B | -152M | -2.24B | 981M | 2.34B | 419M | 90M | -98M | -382M |
| Free Cash Flow | 629M | 536M | 152M | 687M | 614M | 645M | 188M | 408M | 491M | 375M | 263M | 375M | 525M | 460M | 191M | 333M | 570M | 334M | 200M | 34M |
| FCF Margin % | 29.43% | 25.77% | 7.76% | 32.87% | 29.38% | 31.77% | 9.88% | 22.77% | 29.33% | 22.77% | 18.13% | 26.17% | 34.25% | 29.08% | 12.27% | 21.46% | 37.13% | 22.77% | 14.74% | 2.41% |
| FCF Growth % | 2.44% | -16.9% | -19.15% | 68.38% | 25.05% | 72% | -28.52% | 8.8% | -6.48% | -18.48% | 37.7% | 12.61% | -7.89% | 37.72% | -4.5% | 879.41% | 61.93% | -10.93% | 412.5% | -91.48% |
| FCF per Share | 1.10 | 0.93 | 0.26 | 1.19 | 1.06 | 1.11 | 0.32 | 0.70 | 0.85 | 0.68 | 0.53 | 0.76 | 1.06 | 0.93 | 0.38 | 0.67 | 1.14 | 0.66 | 0.39 | 0.07 |
| FCF Conversion (FCF/Net Income) | 1.33x | 1.20x | 0.52x | 1.65x | 1.68x | 1.99x | 0.80x | 2.07x | 2.26x | 2.12x | 1.02x | 1.55x | 1.87x | 2.05x | 0.79x | 1.22x | 2.13x | 1.48x | 0.81x | 0.21x |
| Interest Paid | 0 | 71M | 74M | 84M | 125M | 90M | 89M | 81M | 145M | 88M | 22M | 30M | 37M | 33M | 23M | 37M | 23M | 39M | 9M | 51M |
| Taxes Paid | 0 | 153M | 44M | 131M | 45M | 122M | 134M | 79M | 23M | 56M | 62M | 118M | 18M | 70M | 71M | 104M | 29M | 76M | 32M | 348M |