Nasdaq, Inc.

NasdaqGS-NDAQ

Operating Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Net Income	1,624	1,506	1,277	1,115	956	945
Net Income
Depreciation & Amortization	624	618	614	613	585	497
Depreciation and Amortization
Stock Based Compensation	158	153	146	141	137	131
Share-Based Compensation
Other Adjustments	-62	-65	-102	24	1	27
Deferred Income Taxes
Reversal of Certain Swedish Tax Benefits
Extinguishment of Debt and Bridge Fees
Net Gain on Divestitures
Gain on Sale of Investment Security
Non-Cash Restructuring Charges
Net Income from Unconsolidated Investees
Asset Impairment Charges
Adenza Purchase Accounting Adjustment
Other Reconciling Items Included in Net Income
Changes in Trade Receivables	78	8	-128	-193	-171	-125
Receivables, Net
Changes in Accounts Payable	-39	-49	-4	-60	-4	94
Accounts Payable and Accrued Expenses
Changes in Accrued Expenses	-2	60	10	34	52	12
Accrued Personnel Costs
Changes in Unearned Revenue	49	41	50	67	6	43
Deferred Revenue
Changes in Other Operating Activities	-65	81	137	198	24	55
Other Assets
Section 31 Fees Payable to SEC
Other Liabilities
Cash from Operating Activities	2,335	2,358	2,072	1,939	1,651	1,707
Net Cash Provided by Operating Activities

Investing Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Capital Expenditure	-237	-224	-217	-207	-189	-170
Purchases of Property and Equipment
Purchases of Investments	-288	-292	-271	-206	-334	-415
Purchases of Trading Securities
Purchases of Available-for-Sale Investment Securities
Purchases of Securities
Proceeds from Sale of Investments	450	405	260	199	433	542
Proceeds from Sales and Redemptions of Trading Securities
Proceeds from Maturities of Available-for-Sale Investment Securities
Proceeds from Sales and Redemptions of Securities
Proceeds from Sale of Investment Securities
Payments for Business Acquisitions	—	—	—	—	—	—
Acquisition of Businesses, Net of Cash and Cash Equivalents Acquired
Proceeds from Business Divestments	—	—	—	—	—	—
Proceeds from Divestitures, Net of Cash Divested
Other Investing Activities	-1,447	-1,193	-751	-739	71	85
Capital Contribution in Equity Method Investment
Investments Related to Default Funds and Margin Deposits, Net
Other Investing Activities
Cash from Investing Activities	-1,470	-1,252	-979	-953	-5,781	-5,720
Net Cash Provided by Investing Activities

Financing Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Issuance of Short-Term Debt	—	—	-249	-291	—	-88
Repayments of Commercial Paper, Net
Net Issuance / (Repayments) of Short-Term Debt	—	—	-249	-291	—	-88
Issuance of Long-Term Debt	—	—	—	—	—	—
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	-928.5	-698.5	-521	-860.5	-900
Repayments of Debt and Credit Commitment
Net Issuance / (Repayments) of Long-Term Debt	-907	-928.5	-698.5	-521	-860.5	-900
Issuance of Common Shares	—	—	—	—	—	—
Proceeds Received from Employee Stock Activity and Other Issuances
Repurchases of Common Shares	-373.5	-345.5	-165.5	-145	-255	-223
Repurchases of Common Stock
ASR Agreement
Net Issuance / (Repurchases) of Common Shares	-373.5	-345.5	-165.5	-145	-255	-223
Common Share Dividends Paid	-586	-569	-552	-541	-530	-500
Dividends Paid
Other Financing Activities	-593.5	-1,020.5	-323	-1,063	-577	-1,796
Payment of Debt Extinguishment Cost and Bridge Fees
Payments Related to Employee Shares Withheld for Taxes
Proceeds of Customer Funds
Default Funds and Margin Deposits
Other Financing Activities
Cash from Financing Activities	-2,410	-2,773	-1,769	-2,561	-1,336	-2,529
Net Cash Provided by Financing Activities