Nasdaq, Inc.

NasdaqGS-NDAQ

Operating Activities	Jun '25	Dec '24	Jun '24	Dec '23	Jun '23	Dec '22
Net Income	846	660	455	490	567	534
Net Income
Depreciation & Amortization	313	305	308	189	134	126
Depreciation and Amortization
Stock Based Compensation	81	72	69	62	60	57
Share-Based Compensation
Other Adjustments	-86	26	-2	57	98	11
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	145	-137	-56	-69	72	-26
Receivables, Net
Changes in Accounts Payable	-30	-19	-41	135	14	13
Accounts Payable and Accrued Expenses
Changes in Accrued Expenses	-60	120	-86	98	-85	83
Accrued Personnel Costs
Changes in Unearned Revenue	118	-77	144	-101	189	-179
Deferred Revenue
Changes in Other Operating Activities	82	-1	199	-144	-70	107
Other Assets
Section 31 Fees Payable to SEC
Other Liabilities
Cash from Operating Activities	1,409	949	990	717	979	726
Net Cash Provided by Operating Activities

Investing Activities	Jun '25	Dec '24	Jun '24	Dec '23	Jun '23	Dec '22
Capital Expenditure	-108	-116	-91	-79	-79	-75
Purchases of Property and Equipment
Purchases of Investments	-200	-92	-114	-301	-411	-121
Purchases of Trading Securities
Purchases of Available-for-Sale Investment Securities
Purchases of Securities
Proceeds from Sale of Investments	325	80	119	423	296	98
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	—	—	—	-5,766	—	—
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	-386	-807	68	21	-98	391
Capital Contribution in Equity Method Investment
Investments Related to Default Funds and Margin Deposits, Net
Other Investing Activities
Cash from Investing Activities	-317	-935	-18	-5,702	-292	293
Net Cash Provided by Investing Activities

Financing Activities	Jun '25	Dec '24	Jun '24	Dec '23	Jun '23	Dec '22
Issuance of Short-Term Debt	—	-50	-241	153	-524	239
Repayments of Commercial Paper, Net
Net Issuance / (Repayments) of Short-Term Debt	—	-50	-241	153	-524	239
Issuance of Long-Term Debt	—	—	—	592	5,016	—
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	-657	-181	-340	-260	—	-598
Repayments of Debt and Credit Commitment
Net Issuance / (Repayments) of Long-Term Debt	-657	-181	-340	332	5,016	-598
Issuance of Common Shares	28	-21	21	-18	18	-17
Proceeds Received from Employee Stock Activity and Other Issuances
Repurchases of Common Shares	-215	-87	-58	-110	-159	—
Repurchases of Common Stock
ASR Agreement
Net Issuance / (Repurchases) of Common Shares	-187	-108	-37	-128	-141	-17
Common Share Dividends Paid	-293	-276	-265	-235	-206	-197
Dividends Paid
Other Financing Activities	-1,408	387	-1,450	-318	271	-1,094
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	-2,545	-228	-2,333	-196	4,416	-1,667
Net Cash Provided by Financing Activities