Nasdaq (NDAQ) 10-K Summaries & Annual Filing History
Review Nasdaq, Inc. (NDAQ) 10-K filings from 2023 through the latest annual report, including business, financial performance, risks, and liquidity.
Key takeaway
Year ended Dec 31, 2025 · FY2025 10-K
Nasdaq filed its annual report for the fiscal year. The company reported increased revenue and profitability compared to the prior year.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$8.3B
Revenue reported for the fiscal year.
Operating income
$2.3B
Income from operations reported for the year.
Net income
$1.8B
Net income reported for the year.
Operating cash flow
$2.3B
Cash generated by operating activities.
Annual revenue trend
Reported annual revenue and its change from the preceding fiscal year.
| Period ended | Revenue | Year-over-year change |
|---|---|---|
| Dec 31, 2022 | $6.2B | +5.8% |
| Dec 31, 2023 | $6.1B | -2.6% |
| Dec 31, 2024 | $7.4B | +22.0% |
| Dec 31, 2025 | $8.3B | +11.6% |
Business overview
The filing does not include a detailed business description. Based on the company name and context, it appears to be a financial services and market infrastructure provider.
Financial performance
Revenue grew over the past year, continuing an upward trend after a slight decline in a prior period. Operating income and net income also increased, while operating cash flow remained strong.
Material risks
A credit rating downgrade could increase funding costs and affect the company's ability to issue commercial paper. High leverage from outstanding debt reduces financial flexibility and may limit access to additional financing.
Liquidity and capital
The company has a significant amount of debt and relies on capital markets for funding. Maintaining investment-grade credit ratings is important to manage borrowing costs.
What to watch
Monitor any changes in the company's credit rating or debt levels in the next filing.