Nasdaq, Inc. (NDAQ) FY2025 Annual Statement of Cash Flows

Income StatementCash FlowBalance Sheet

Statement of Cash Flows

2025-01-01 to 2025-12-31

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Nasdaq, Inc. cash flow reconciliation, Jan 1, 2025 through Dec 31, 2025One connected Sankey reconciles operating, investing and financing net cash flows through a shared cash pool, from beginning cash to ending cash. Ribbons flow left to right on one dollar scale. Activity totals are dark gray; beginning and ending cash are blue. Cash basis for beginning and ending balances and net cash change: Cash, cash equivalents, and restricted cash. Intermediate calculation bars are lighter gray. Net income is green for profit and red for loss. Identified asset purchases, sales and maturities are blue in either cash direction. Orange marks positive customer-advance and deferred-revenue changes that add to operating cash in the reconciliation. These are net changes, not gross customer receipts. Negative changes are neutral reconciliation adjustments; they do not by themselves identify cash payments. Purple identifies capital transactions such as borrowing, repayments, share issuance and dividends. Free cash flow is a separate comparison, not an added cash flow. Read chart description and values below for full signed amounts, including zero items.Net income → Net cash from operating activities: $1,787,000,000.00Depreciation and amortization → Operating adjustments reconciliation: $632,000,000.00Share-based compensation → Operating adjustments reconciliation: $165,000,000.00Receivables, net → Operating adjustments reconciliation: $91,000,000.00Deferred revenue → Operating adjustments reconciliation: $69,000,000.00Deferred income tax expense (benefit) → Operating adjustments reconciliation: $48,000,000.00Accrued personnel costs → Operating adjustments reconciliation: $25,000,000.00Other reconciling items included in net income → Operating adjustments reconciliation: $21,000,000.00Extinguishment of debt and bridge fees → Operating adjustments reconciliation: $5,000,000.00Non-cash restructuring charges → Operating adjustments reconciliation: $1,000,000.00Other liabilities → Operating adjustments reconciliation: $1,000,000.00Operating adjustments reconciliation → Net cash from operating activities: $468,000,000.00Operating adjustments reconciliation → Section 31 fees payable to SEC: $319,000,000.00Operating adjustments reconciliation → Other assets: $96,000,000.00Operating adjustments reconciliation → Net gain on divestitures: $86,000,000.00Operating adjustments reconciliation → Net (income) loss from unconsolidated investees: $83,000,000.00Operating adjustments reconciliation → Accounts payable and accrued expenses: $6,000,000.00Proceeds from sales and redemptions of securities → investing reconciliation: $427,000,000.00Proceeds from divestitures, net of cash divested → investing reconciliation: $140,000,000.00investing reconciliation → Investments related to default funds and margin deposits, net: $1,080,000,000.00investing reconciliation → Purchases of property and equipment: $266,000,000.00investing reconciliation → Purchases of securities: $243,000,000.00investing reconciliation → Other investing activities: $78,000,000.00Net cash used in financing activities → financing reconciliation: $2,953,000,000.00Other financing activities → financing reconciliation: $43,000,000.00financing reconciliation → Default funds and margin deposits: $884,000,000.00financing reconciliation → Repayments of debt and credit commitment: $826,000,000.00financing reconciliation → Repurchases of common stock: $616,000,000.00financing reconciliation → Dividends paid: $601,000,000.00financing reconciliation → Payments related to employee shares withheld for taxes: $69,000,000.00Net cash used in investing activities → investing reconciliation: $1,100,000,000.00Exchange-rate effect → Cash sources and uses: $726,000,000.00Beginning cash: Cash, cash equivalents, and restricted cash → Cash sources and uses: $5,006,000,000.00Net cash from operating activities → Cash sources and uses: $2,255,000,000.00Cash sources and uses → Ending cash: Cash, cash equivalents, and restricted cash: $3,934,000,000.00Cash sources and uses → Net cash used in investing activities: $1,100,000,000.00Cash sources and uses → Net cash used in financing activities: $2,953,000,000.00Net income: $1,787,000,000.00Net income+$1.79 BDepreciation and amortization: $632,000,000.00Depreciation & amortization+$632.00 MShare-based compensation: $165,000,000.00Stock-based compensation+$165.00 MDeferred income tax expense (benefit): $48,000,000.00Deferred income taxes+$48.00 MExtinguishment of debt and bridge fees: $5,000,000.00Extinguishment of debt and bridge fees+$5.00 MNet gain on divestitures: -$86,000,000.00Business sale gain & loss−$86.00 MNon-cash restructuring charges: $1,000,000.00Restructuring & impairment+$1.00 MNet (income) loss from unconsolidated investees: -$83,000,000.00Equity-method results−$83.00 MOperating lease asset impairments: $0.00Adenza purchase accounting adjustment: $0.00Other reconciling items included in net income: $21,000,000.00Other non-cash items+$21.00 MReceivables, net: $91,000,000.00Receivables, net+$91.00 MOther assets: -$96,000,000.00Other operating assets−$96.00 MAccounts payable and accrued expenses: -$6,000,000.00Payables & accrued liabilities−$6.00 MSection 31 fees payable to SEC: -$319,000,000.00Section 31 fees payable to SEC−$319.00 MAccrued personnel costs: $25,000,000.00Accrued compensation+$25.00 MDeferred revenue: $69,000,000.00Deferred revenue+$69.00 MOther liabilities: $1,000,000.00Other operating liabilities+$1.00 MNet cash from operating activities: $2,255,000,000.00Operating cash+$2.26 BOperating adjustments reconciliation: $1,058,000,000.00Repayments of commercial paper, net: $0.00Repayments of debt and credit commitment: -$826,000,000.00Long-term debt repaid−$826.00 MProceeds from issuances of debt, net of issuance costs: $0.00Repurchases of common stock: -$616,000,000.00Common stock repurchases−$616.00 MDividends paid: -$601,000,000.00Dividends paid−$601.00 MPayments related to employee shares withheld for taxes: -$69,000,000.00Stock-award tax withholding−$69.00 MDefault funds and margin deposits: -$884,000,000.00Default funds & margin deposits−$884.00 MOther financing activities: $43,000,000.00Other financing, net+$43.00 MNet cash used in financing activities: -$2,953,000,000.00. Cash required to fund net payments.Financing cash−$2.95 Bfinancing reconciliation: $2,996,000,000.00Proceeds from sales and redemptions of securities: $427,000,000.00Short-term investment proceeds+$427.00 MProceeds from divestitures, net of cash divested: $140,000,000.00Business sales, net of cash+$140.00 MPurchases of property and equipment: -$266,000,000.00PP&E purchases−$266.00 MPurchases of securities: -$243,000,000.00Short-term investment purchases−$243.00 MOther investing activities: -$78,000,000.00Other investing, net−$78.00 MInvestments related to default funds and margin deposits, net: -$1,080,000,000.00Default fund investments, net−$1.08 BAcquisition of businesses, net of cash and cash equivalents acquired: $0.00Net cash used in investing activities: -$1,100,000,000.00. Cash required to fund net payments.Investing cash−$1.10 Binvesting reconciliation: $1,667,000,000.00Cash sources and uses: $7,987,000,000.00Beginning cash: Cash, cash equivalents, and restricted cash: $5,006,000,000.00Beginning cash$5.01 BEnding cash: Cash, cash equivalents, and restricted cash: $3,934,000,000.00Ending cash$3.93 BExchange-rate effect: $726,000,000.00FX effect+$726.00 MCASH RECONCILIATIONOperatingflowsInvestingflowsFinancingflowsFree cash flow$1.99 BOperating cash − cash spent on PP&ECash flow / Net income1.26×Operating cash flow ÷ net incomeNet cash change−$1.07 BEnding cash − beginning cash
Chart details

Nasdaq, Inc. cash flow reconciliation, Jan 1, 2025 through Dec 31, 2025

Cash flows for Jan 1, 2025 through Dec 31, 2025. Cash basis: Cash, cash equivalents, and restricted cash. Beginning cash: Dec 31, 2024. Ending cash: Dec 31, 2025. Beginning and ending cash are dated balances. Positive cash flows add cash; negative cash flows reduce it.

Beginning cash on Dec 31, 2024
5,006,000,000 US dollars. Beginning cash: Cash, cash equivalents, and restricted cash
Operating activities
2,255,000,000 US dollars. Net cash provided.
Net income
1,787,000,000 US dollars
Depreciation and amortization
632,000,000 US dollars
Share-based compensation
165,000,000 US dollars
Deferred income tax expense (benefit)
48,000,000 US dollars
Extinguishment of debt and bridge fees
5,000,000 US dollars
Net gain on divestitures
negative 86,000,000 US dollars
Non-cash restructuring charges
1,000,000 US dollars
Net (income) loss from unconsolidated investees
negative 83,000,000 US dollars
Operating lease asset impairments
0 US dollars
Adenza purchase accounting adjustment
0 US dollars
Other reconciling items included in net income
21,000,000 US dollars
Receivables, net
91,000,000 US dollars
Other assets
negative 96,000,000 US dollars
Accounts payable and accrued expenses
negative 6,000,000 US dollars
Section 31 fees payable to SEC
negative 319,000,000 US dollars
Accrued personnel costs
25,000,000 US dollars
Deferred revenue
69,000,000 US dollars
Other liabilities
1,000,000 US dollars
Investing activities
negative 1,100,000,000 US dollars. Net cash used.
Proceeds from sales and redemptions of securities
427,000,000 US dollars
Proceeds from divestitures, net of cash divested
140,000,000 US dollars
Purchases of property and equipment
negative 266,000,000 US dollars
Purchases of securities
negative 243,000,000 US dollars
Other investing activities
negative 78,000,000 US dollars
Investments related to default funds and margin deposits, net
negative 1,080,000,000 US dollars
Acquisition of businesses, net of cash and cash equivalents acquired
0 US dollars
Financing activities
negative 2,953,000,000 US dollars. Net cash used.
Repayments of commercial paper, net
0 US dollars
Repayments of debt and credit commitment
negative 826,000,000 US dollars
Proceeds from issuances of debt, net of issuance costs
0 US dollars
Repurchases of common stock
negative 616,000,000 US dollars
Dividends paid
negative 601,000,000 US dollars
Payments related to employee shares withheld for taxes
negative 69,000,000 US dollars
Default funds and margin deposits
negative 884,000,000 US dollars
Other financing activities
43,000,000 US dollars
Operating adjustment reconciliation
1,058,000,000 US dollars. Intermediate calculation joining the operating reconciliation branches. Its gross amount includes any portion of net income routed through this junction. It is not an additional cash source or use.
financing gross reconciliation
2,996,000,000 US dollars. Gross amount at the activity's junction before offsetting its receipts and deductions. It is not an additional cash source or use.
investing gross reconciliation
1,667,000,000 US dollars. Gross amount at the activity's junction before offsetting its receipts and deductions. It is not an additional cash source or use.
Exchange-rate effect
726,000,000 US dollars
Ending cash on Dec 31, 2025
3,934,000,000 US dollars. Ending cash: Cash, cash equivalents, and restricted cash
Cash sources and uses
7,987,000,000 US dollars. Opening cash plus net sources, equal to net uses plus ending cash.
Net cash change
negative 1,072,000,000 US dollars. Ending cash minus beginning cash.
Cash flow / Net income
1.26×. Operating cash flow divided by reconciliation net income for the same period. Black from 0.90× through 1.10×; green above 1.10×; red below 0.90×. Color uses the unrounded ratio.
Operating cash flow
2,255,000,000 US dollars. Operating cash flow used in the free cash flow calculation.
Cash purchases of property, plant and equipment
266,000,000 US dollars. These cash purchases are already included in investing activities above.
Free cash flow
1,989,000,000 US dollars. A supplemental measure; finance-lease payments are excluded from this definition.

Chart connections

  • Beginning cash plus operating, investing and financing cash flows plus the exchange-rate effect equals ending cash. Negative amounts reduce cash.
  • Financing contributions meet at a reconciliation junction before connecting to the net cash total.
  • Investing contributions meet at a reconciliation junction before connecting to the net cash total.
  • Operating reconciliation adjustments are not all independent cash receipts.
  • Net income enters operating cash directly in the reconciliation. The adjustment junction contributes the remaining $468.00M after reconciling the other positive and negative adjustments. These connections depict an accounting reconciliation, not traced cash receipts.
  • Each activity has one net cash bar connected to the shared cash pool. Positive activity totals enter the pool; negative activity totals leave the pool to fund that activity's net payments. The central pool does not assign a particular funding source to a particular payment.
  • The intermediate calculation bars include both sides of the displayed activity breakdowns; they are not additional cash flows.
  • Operating cash flow minus cash purchases of property, plant and equipment equals free cash flow: 2,255,000,000 US dollars minus 266,000,000 US dollars equals 1,989,000,000 US dollars.
Nasdaq, Inc. (NDAQ) FY2025 Annual Statement of Cash Flows Sankey chart
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