For the quarter ending 2026-03-31, NDAQ had -$2,798M decrease in cash & cash equivalents over the period. $629M in free cash flow.
| Cash Flow | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 |
|---|---|---|---|---|
| Net income | 519 | 518 | 423 | 451 |
| Depreciation and amortization | 165 | 161 | 158 | 157 |
| Share-based compensation | 38 | 43 | 41 | 46 |
| Deferred income tax expense | 12 | 18 | 18 | 6 |
| Extinguishment of debt and bridge fees | - | -5 | - | - |
| Net gain on divestitures | 89 | 49 | -2 | 39 |
| Non-cash restructuring charges | - | 1 | 0 | 0 |
| Net income from unconsolidated investees | 26 | 10 | 23 | 23 |
| Operating lease asset impairments | - | 0 | - | - |
| Adenza purchase accounting adjustment | - | 0 | 0 | - |
| Other reconciling items included in net income | -21 | -22 | -8 | -2 |
| Receivables, net | 49 | 81 | -27 | -97 |
| Other assets | -94 | 163 | 17 | -18 |
| Accounts payable and accrued expenses | -33 | 16 | 8 | -13 |
| Section 31 fees payable to sec | 0 | 0 | -411 | 92 |
| Accrued personnel costs | -153 | 50 | 35 | 74 |
| Deferred revenue | 311 | 79 | -128 | -139 |
| Other liabilities | -121 | 15 | 80 | -38 |
| Net cash provided by operating activities | 689 | 625 | 221 | 746 |
| Purchases of securities | 166 | 9 | 34 | 95 |
| Proceeds from sales and redemptions of securities | 8 | 35 | 67 | 220 |
| Proceeds from divestitures, net of cash divested | - | 88 | 0 | 52 |
| Acquisition of businesses, net of cash and cash equivalents acquired | - | 0 | - | - |
| Purchases of property and equipment | 60 | 89 | 69 | 59 |
| Investments related to default funds and margin deposits, net | -976 | 661 | 44 | 171 |
| Other investing activities | 11 | 2 | 65 | 6 |
| Net cash provided by (used in) investing activities | 747 | -638 | -145 | -59 |
| Repayments of commercial paper, net | - | 0 | 0 | 0 |
| Repayments of debt and credit commitment | 0 | 100 | 69 | 400 |
| Proceeds from issuances of debt, net of issuance costs | - | 0 | - | - |
| Repurchases of common stock | 548 | 286 | 115 | 100 |
| Dividends paid | 153 | 153 | 155 | 155 |
| Proceeds received from employee stock activity and other issuances | - | - | 0 | 28 |
| Proceeds from issuance of stock under employee stock plans | 15 | - | - | - |
| Payments related to employee shares withheld for taxes | 31 | 6 | 4 | 59 |
| Default funds and margin deposits | -3,467 | -37 | 503 | -801 |
| Other financing activities | 0 | 43 | -1 | 0 |
| Net cash used in financing activities | -4,184 | -567 | 159 | -1,462 |
| Effect of exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents | -50 | 73 | 5 | 245 |
| Net decrease in cash and cash equivalents and restricted cash and cash equivalents | -2,798 | -507 | 240 | -530 |
| Cash and cash equivalents, restricted cash and cash equivalents at beginning of period | 3,934 | 4,441 | 4,201 | 4,731 |
| Cash and cash equivalents, restricted cash and cash equivalents at end of period | 1,136 | 3,934 | 4,441 | 4,201 |
NASDAQ, INC. (NDAQ)
NASDAQ, INC. (NDAQ)