Nasdaq, Inc.

NasdaqGS-NDAQ

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Operating Activities	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Net Income	1,624	1,115	1,057	1,123	1,187	933	774	458	729	106	427
Net Income
Depreciation & Amortization	624	613	323	258	278	202	190	210	188	170	138
Depreciation and Amortization
Stock Based Compensation	158	141	122	106	90	87	79	69	70	86	68
Share-Based Compensation
Other Adjustments	-62	24	155	51	-3	39	-32	173	17	456	112
Excess Tax Benefits Related to Share-Based Payments
Deferred Income Taxes
Reversal of Certain Swedish Tax Benefits
Extinguishment of Debt and Bridge Fees
Gain on the Early Extinguishment of Debt Obligations
Net Gain on Divestitures
Gain on Sale of Investment Security
Gain on Sales of Businesses
Provision for Bad Debts
Non-Cash Restructuring Charges
Non-Cash Merger and Strategic Initiatives
Net Income from Unconsolidated Investees
Debt Conversion Expense
Amortization of Debt Issuance Costs
Accretion of Debt Discounts
Other Non-Cash Items Included in Net Income
Asset Impairment Charges
Loss on Foreign Currency Contracts, Net
Loss on the Write-Down of Assets Held-for-Sale
Accretion of 2.50% Convertible Senior Notes
Clearing Contract Charge
Strategic Initiative Costs
Gain on Sale of Strategic Initiative
Adenza Purchase Accounting Adjustment
Other Reconciling Items Included in Net Income
Changes in Trade Receivables	78	-193	3	-101	-6	-167	-42	-35	11	73	55
Receivables, Net
Changes in Accounts Payable	-39	-60	149	19	-17	5	-49	33	-12	5	-38
Accounts Payable and Accrued Expenses
Changes in Accrued Expenses	-2	34	13	—	28	32	-9	37	-41	27	33
Accrued Personnel Costs
Change in Other Accrued Liabilities
Changes in Income Taxes Payable	—	—	—	—	—	—	—	—	—	—	—
Income Tax Payable
Changes in Unearned Revenue	49	67	88	16	106	15	-15	7	-29	-75	-49
Deferred Revenue
Changes in Other Operating Activities	-65	198	-214	234	-580	106	67	61	-24	-72	-19
Other Assets
Section 31 Fees Payable to SEC
Change in Payables to Related Parties
Change in Other Current Liabilities
Other Liabilities
Cash from Operating Activities	2,335	1,939	1,696	1,706	1,083	1,252	963	1,028	909	776	727
Cash Provided by Operating Activities
Net Cash Provided by Operating Activities

Investing Activities	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Capital Expenditure	-237	-207	-158	-152	-163	-188	-127	-111	-144	-134	-133
Purchases of Property and Equipment
Proceeds from Sale of Property, Plant & Equipment	—	—	—	—	—	—	—	—	—	—	—
Proceeds from Sales of Property and Equipment
Purchases of Investments	-288	-206	-712	-322	-316	-283	-579	-421	-392	-468	-384
Purchases of Trading Securities
Purchases of Available-for-Sale Investments, Net
Purchases of Available-for-Sale Investment Securities
Purchases of Securities
Purchases of Held-to-Maturity Investments
Proceeds from Sale of Investments	450	199	719	320	285	424	554	543	424	411	348
Proceeds from Sales and Redemptions of Trading Securities
Proceeds from Maturities of Available-for-Sale Investments
Proceeds from Maturities of Held-to-Maturity Investments
Proceeds from Redemptions of Held-to-Maturity Investments
Proceeds from Sales of Equity Method Investments
Proceeds from Maturities of Available-for-Sale Investment Securities
Proceeds from Sale of Available-for-Sale Investment Security
Proceeds from Sales and Redemptions of Securities
Proceeds from Sale of Investment Securities
Payments for Business Acquisitions	—	—	-5,766	-41	-2,430	-157	-206	-75	-776	-1,466	-226
Acquisition of Businesses, Net of Cash and Cash Equivalents Acquired
Proceeds from Business Divestments	—	—	—	—	190	—	132	286	—	—	—
Proceeds from Divestitures, Net of Cash Divested
Other Investing Activities	-1,447	-739	-77	244	-219	82	-188	-26	-2	—	-40
Purchases of Foreign Currency Contracts
Settlement of Foreign Currency Contracts
Capital Contribution in Equity Method Investment
Investments Related to Default Funds and Margin Deposits, Net
Other Investing Activities
Cash from Investing Activities	-1,470	-953	-5,994	49	-2,653	-122	-414	196	-890	-1,657	-435
Net Cash Provided by Investing Activities

Financing Activities	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Issuance of Short-Term Debt	—	-291	-371	238	420	-391	116	-205	480	—	—
Repayments of Commercial Paper, Net
Net Issuance / (Repayments) of Short-Term Debt	—	-291	-371	238	420	-391	116	-205	480	—	—
Issuance of Long-Term Debt	—	—	5,608	541	826	3,807	680	—	648	2,456	506
Proceeds from Issuances of Debt, Net of Issuance Costs
Proceeds from Issuances of Senior Unsecured Notes and Term Loan Facility
Proceeds from Issuances of Long-Term Debt, Net of Issuance Costs
Repayments of Long-Term Debt	-907	-521	-260	-1,097	-804	-1,468	-1,215	-115	-708	-1,156	-369
Repayments of Debt and Credit Commitment
Net Issuance / (Repayments) of Long-Term Debt	-907	-521	5,348	-556	22	2,339	-535	-115	-60	1,300	137
Issuance of Common Shares	—	—	—	—	26	50	37	17	53	54	29
Net Proceeds from Exercise of Warrants
Net Proceeds from Equity Offerings
Issuances of Common Stock, Net of Treasury Stock Purchases
Proceeds Received from Employee Stock Activity and Other Issuances
Repurchases of Common Shares	-373.5	-145	-269	-633	-943	-222	-200	-394	-203	-100	-377
Repurchases of Common Stock
ASR Agreement
Net Issuance / (Repurchases) of Common Shares	-373.5	-145	-269	-633	-917	-172	-163	-377	-150	-46	-348
Repurchases of Preferred Shares	—	—	—	—	—	—	—	—	—	—	—
Series C Cumulative Preferred Stock Redemptions and Dividends
Net Issuance / (Repurchases) of Preferred Shares	—	—	—	—	—	—	—	—	—	—	—
Common Share Dividends Paid	-586	-541	-441	-383	-350	-320	-305	-280	-243	-200	-149
Dividends Paid
Other Financing Activities	-593.5	-1,063	-47	2,370	2,243	454	-1,585	-50	-80	-106	-40
Payment of Debt Extinguishment Cost and Bridge Fees
Purchases of Noncontrolling Interests
Proceeds from Contributions of Noncontrolling Interests
Cash Inducement Payment
Payments Related to Employee Shares Withheld for Taxes
Excess Tax Benefits Related to Share-Based Payments
Proceeds of Customer Funds
Default Funds and Margin Deposits
Other Financing Activities
Cash from Financing Activities	-2,410	-2,561	4,220	1,036	1,418	1,910	-2,472	-1,027	-53	948	-400
Net Cash Provided by Financing Activities

Free Cash Flow	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Free Cash Flow	2,098	1,732	1,538	1,554	920	1,064	836	917	765	642	594
NOPAT	1,798.5	1,383.6	1,190.5	1,190.8	1,115	949.9	772.5	442.5	828.5	666.3	488
Levered Free Cash Flow	1,048	950	6,237	1,182	1,281	3,053	412	375	1,087	1,327	497
Unlevered Free Cash Flow	2,128.5	2,028.6	1,391.5	1,565.8	767	1,121.9	829.5	679.5	766.5	587.3	420
Net Change in Cash	-1,545	-1,575	-78	2,791	-152	3,040	-1,923	197	-34	67	-108