Nasdaq, Inc.

NasdaqGS-NDAQ

Operating Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Net Income	423	451	395	355	305	222
Net Income
Depreciation & Amortization	158	157	156	153	152	153
Depreciation and Amortization
Stock Based Compensation	41	46	35	36	36	39
Share-Based Compensation
Other Adjustments	5	-54	-32	5	38.5	-24
Excess Tax Benefits Related to Share-Based Payments
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	27	97	48	-94	-43	-39
Receivables, Net
Changes in Accounts Payable	8	-13	-17	-17	-2	32
Accounts Payable and Accrued Expenses
Changes in Accrued Expenses	35	74	-134	23	97	24
Accrued Personnel Costs
Changes in Unearned Revenue	-128	-139	257	59	-136	-130
Deferred Revenue
Changes in Other Operating Activities	-348	127	-45	201	-202	183
Other Assets
Section 31 Fees Payable to SEC
Other Liabilities
Net Assets Held for Sale
Cash from Operating Activities	221	746	663	705	244	460
Net Cash Provided by Operating Activities

Investing Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Capital Expenditure	-69	-59	-49	-60	-56	-52
Purchases of Property and Equipment
Purchases of Investments	-34	-95	-105	-54	-38	-74
Purchases of Trading Securities
Purchases of Available-for-Sale Investment Securities
Purchases of Securities
Proceeds from Sale of Investments	67	220	105	58	22	75
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	—	52	—	—	—	—
Proceeds from Divestitures, Net of Cash Divested
Other Investing Activities	-109	-177	-209	-952	145	265
Capital Contribution in Equity Method Investment
Investments Related to Default Funds and Margin Deposits, Net
Other Investing Activities
Cash from Investing Activities	-145	-59	-258	-1,008	73	214
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	—	—	—	-25	-50	-174
Repayments of Commercial Paper, Net
Net Issuance / (Repayments) of Short-Term Debt	—	—	—	-25	-50	-174
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 Senior Unsecured Notes, Net of Debt Issuance Costs
Proceeds from Issuance of Term Loan Facility
Proceeds from Issuances of Long-Term Debt, Net of Issuance Costs
Repayments of Long-Term Debt	-69	-400	-257	-181	-90.5	-170
Repayments of Debt and Credit Commitment
Net Issuance / (Repayments) of Long-Term Debt	-69	-400	-257	-181	-90.5	-170
Issuance of Common Shares	—	28	—	-21	-10.5	21
Proceeds Received from Employee Stock Activity and Other Issuances
Repurchases of Common Shares	-115	-100	-115	-43.5	-87	80
Repurchases of Common Stock
ASR Agreement
Net Issuance / (Repurchases) of Common Shares	-115	-72	-115	-64.5	-97.5	101
Common Share Dividends Paid	-155	-155	-138	-138	-138	-138
Dividends Paid
Other Financing Activities	498	-834.5	-573	316	71	-109
Payment of Debt Extinguishment Cost and Bridge Fees
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	159	-1,462	-1,083	-24	-204	-458
Net Cash Provided by Financing Activities

Free Cash Flow	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Free Cash Flow	152	687	614	645	188	408
NOPAT	468.6	468.5	442.8	418.1	383.8	275.4
Levered Free Cash Flow	10	199	306	508	18.5	88
Unlevered Free Cash Flow	124.6	615.5	610.8	777.1	236.8	485.4
Net Change in Cash	235	-775	-678	-327	113	216