For the year ending 2025-12-31, NDAQ had -$1,072M decrease in cash & cash equivalents over the period. $1,989M in free cash flow.
| Cash Flow | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Net income | 1,787 | 1,115 | 1,057 | 1,123 |
| Depreciation and amortization | 632 | 613 | 323 | 258 |
| Share-based compensation | 165 | 141 | 122 | 106 |
| Deferred income tax expense (benefit) | 48 | -67 | 68 | 38 |
| Extinguishment of debt | - | - | - | -16 |
| Extinguishment of debt and bridge fees | -5 | -3 | -25 | - |
| Net gain on divestitures | 86 | - | 0 | 0 |
| Non-cash restructuring charges | 1 | 37 | 12 | - |
| Net (income) loss from unconsolidated investees | 83 | 16 | -7 | 31 |
| Operating lease asset impairments | 0 | 0 | 13 | - |
| Adenza purchase accounting adjustment | 0 | -32 | - | - |
| Other reconciling items included in net income | -21 | -35 | -30 | -28 |
| Receivables, net | -91 | 193 | -3 | 101 |
| Other assets | 96 | 50 | -9 | -98 |
| Accounts payable and accrued expenses | -6 | -60 | 149 | 19 |
| Section 31 fees payable to sec | -319 | 235 | -160 | 181 |
| Accrued personnel costs | 25 | 34 | 13 | 0 |
| Deferred revenue | 69 | 67 | 88 | 16 |
| Other liabilities | 1 | 13 | -63 | -45 |
| Net cash provided by operating activities | 2,255 | 1,939 | 1,696 | 1,706 |
| Purchases of securities | 243 | 206 | 712 | 322 |
| Proceeds from sales and redemptions of securities | 427 | 199 | 719 | 320 |
| Proceeds from divestitures, net of cash divested | 140 | - | 0 | 0 |
| Proceeds from sale of investment securities | - | - | - | 0 |
| Acquisition of businesses, net of cash and cash equivalents acquired | 0 | 0 | 5,766 | 41 |
| Purchases of property and equipment | 266 | 207 | 158 | 152 |
| Investments related to default funds and margin deposits, net | 1,080 | 707 | 74 | -211 |
| Other investing activities | 78 | 32 | 3 | -33 |
| Net cash used in investing activities | -1,100 | -953 | -5,994 | 49 |
| Repayments of commercial paper, net | 0 | -291 | -371 | 238 |
| Repayments of debt and credit commitment | 826 | 521 | 260 | 1,097 |
| Payment of debt extinguishment cost and bridge fees | - | - | 25 | 16 |
| Proceeds from issuances of debt, net of issuance costs | 0 | 0 | 5,608 | 541 |
| Repurchase of common stock and asr agreement-Share Repurchase Program | - | - | - | 308 |
| Repurchases of common stock | 616 | 145 | 269 | - |
| Repurchase of common stock and asr agreement-Accelerated Share Repurchase Agreement | - | - | - | 325 |
| Asr agreement | - | 0 | 0 | - |
| Dividends paid | 601 | 541 | 441 | 383 |
| Proceeds received from employee stock activity and other issuances-Share Repurchase Program | - | - | - | 23 |
| Proceeds received from employee stock activity and other issuances | - | - | 29 | - |
| Payments related to employee shares withheld for taxes | 69 | 60 | 72 | 78 |
| Default funds and margin deposits | -884 | -1,030 | 22 | 2,440 |
| Other financing activities | 43 | 27 | -1 | 1 |
| Net cash provided by (used in) financing activities | -2,953 | -2,561 | 4,220 | 1,036 |
| Effect of exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents | 726 | -537 | 202 | -1,293 |
| Net decrease in cash and cash equivalents and restricted cash and cash equivalents | -1,072 | -2,112 | 124 | 1,498 |
| Cash and cash equivalents at beginning of period | 5,006 | 7,118 | 6,994 | 5,496 |
| Cash and cash equivalents at end of period | 3,934 | 5,006 | 7,118 | 6,994 |
NASDAQ, INC. (NDAQ)
NASDAQ, INC. (NDAQ)