NDAQMEDIUM SIGNALFINANCIAL10-K

NDAQ reported substantially higher net income alongside strong operational performance across key financial metrics.

The company's profitability expanded meaningfully while maintaining solid cash generation and operational efficiency. The strong financial performance reflects successful execution of NDAQ's technology-focused strategy and integration of recent acquisitions like Verafin and Adenza.

Comparing 2026-02-12 vs 2025-02-21View on EDGAR →
FINANCIAL ANALYSIS

NDAQ delivered robust financial results with net income substantially higher year-over-year, while operating income grew notably by 30% and gross profit expanded by 13%. Operating cash flow increased 16% to $2.3B, demonstrating strong cash generation capabilities, while capital expenditures rose 29% reflecting continued technology investments. The overall financial picture signals a company successfully scaling its technology platform business model with improving profitability margins.

FINANCIAL STATEMENT CHANGES
Net Income
P&L
+60.1%
$1.1B→$1.8B

Net income grew 60.1% — bottom-line growth signals improving overall business health.

Operating Income
P&L
+29.6%
$1.8B→$2.3B

Operating income improving — cost discipline or growing revenue base absorbing fixed costs.

Capital Expenditure
Cash Flow
+28.5%
$207.0M→$266.0M

Capex increased 28.5% — ongoing investment in capacity or infrastructure for future growth.

Operating Cash Flow
Cash Flow
+16.3%
$1.9B→$2.3B

Operating cash flow grew 16.3% — strong conversion of earnings to cash, healthy business fundamentals.

Gross Profit
P&L
+12.9%
$4.6B→$5.2B

Gross profit expanding — improving pricing power or product mix shift toward higher-margin offerings.

Dividends Paid
Cash Flow
+11.1%
$541.0M→$601.0M

Dividend payments increased 11.1% — management confidence in sustained cash generation.

LANGUAGE CHANGES
NEW — 2026-02-12
PRIOR — 2025-02-21
ADDED
Form 10-K Summary 63 ii About this Form 10-K Throughout this Form 10-K, unless otherwise specified: Nasdaq, we, us and our refer to Nasdaq, Inc.
Business OVER VIEW Nasdaq is a leading technology platform that powers the world s economies.
We architect the infrastructure of the world s most modern markets, power the innovation economy, and build trust in the financial system.
We empower economic opportunity by designing and deploying the technology, data, and advanced analytics that enable our clients to capture opportunities, navigate risk, and strengthen resilience.
In February 2008, Nasdaq and OMX AB combined their businesses, leading to a transformational combination and expansion of our company from a U.S.-based exchange operator to a global exchange company offering technology that powers our own exchanges and markets as well as many other marketplaces around the world.
Further, our transformation into a leading technology platform that powers the world s economies gained momentum with the 2021 acquisition of Verafin, followed by the 2023 acquisition of Adenza and its two flagship solutions, AxiomSL and Calypso.
The seamless integration of these businesses allowed us to capitalize on our existing divisional structure, consolidated by a singular O ne Nasdaq go-to-market strategy.
Our Value Proposition: We deliver world-leading platforms that advance the liquidity, transparency, and integrity of the global economy.
Our Strategy: Our strategic direction is aimed at optimizing the deployment of resources, human capital, and financial assets towards our most promising growth opportunities.
Through our platforms: We architect the world s most modern markets : Our platform delivers scalable, interoperable solutions that can minimize friction, strengthen resilience, and enable market operators to drive innovation into local market environments.
REMOVED
Form 10-K Summary 64 i About this Form 10-K Throughout this Form 10-K, unless otherwise specified: Nasdaq, we, us and our refer to Nasdaq, Inc.
Business OVERVIEW Nasdaq is a global technology company serving corporate clients, investment managers, banks, brokers, and exchange operators as they navigate and interact with the global capital markets and the broader financial system.
We aspire to deliver world-leading platforms that improve the liquidity, transparency, and integrity of the global economy.
Our diverse offering of data, analytics, software, exchange capabilities, and client-centric services enables clients to optimize and execute their business vision with confidence.
In February 2008, Nasdaq and OMX AB combined their businesses, and we changed our corporate name to The NASDAQ OMX Group, Inc.
This transformational combination resulted in the expansion of our business from a U.S.-based exchange operator to a global exchange company offering technology that powers our own exchanges and markets as well as many other marketplaces around the world.
We operated as the NASDAQ OMX Group until we rebranded our business as Nasdaq, Inc.
In November 2023, we accelerated our transformation as a leading technology provider to the global financial system through the acquisition of Adenza and its two flagship solutions, AxiomSL and Calypso.
Our Value Proposition: We deliver world-leading platforms that improve the liquidity, transparency and integrity of the global economy.
Our Strategy: In 2017, we implemented a new strategic direction with the aim of optimizing the deployment of resources, human capital, and financial assets towards our most promising growth opportunities.
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