Nasdaq, Inc.

NasdaqGS-NDAQ

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Income Statement	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Total Revenues	8,168	7,400	6,064	6,226	5,886	5,625	4,258	4,277	3,948	3,704	3,403
Total Revenues %Chg	16.4%	22%	-2.6%	5.8%	4.6%	32.1%	-0.4%	8.3%	6.6%	8.8%	-2.8%
Capital Access Platforms
Anti-Financial Crime
Market Platforms
Financial Technology
Market Services
Issuer Services
Listing Services
Corporate Services
Information Services
Technology Solutions
Market Technology
Investment Intelligence
Corporate Platforms
Other Revenues
Cost of Sales	3,083	2,751	2,169	2,644	2,466	2,722	1,723	1,751	1,537	1,428	1,313
Transaction Rebates
Brokerage, Clearance and Exchange Fees
Gross Profit	5,085	4,649	3,895	3,582	3,420	2,903	2,535	2,526	2,411	2,276	2,090
Revenues Less Transaction-Based Expenses
Gross Profit Margin	62.3%	62.8%	64.2%	57.5%	58.1%	51.6%	59.5%	59.1%	61.1%	61.4%	61.4%
Selling, General & Administrative Expenses	2,138	2,087	1,766	1,663	1,583	1,386	1,259	1,267	1,188	1,153	1,050
Compensation and Benefits
Professional and Contract Services
Technology and Communication Infrastructure
Occupancy
General, Administrative and Other
Support Costs from Related Parties, Net
Marketing and Advertising
Regulatory
Depreciation & Amortization Expenses	625	613	323	258	278	202	190	210	188	170	138
Depreciation and Amortization
Other Operating Expenses	104	151	228	97	118	81	69	21	44	117	182
Provision for Bad Debts
Merger and Strategic Initiatives
Restructuring Charges
Voluntary Accommodation Program
Operating Profit	2,218	1,798	1,578	1,564	1,441	1,234	1,017	1,028	991	836	720
Operating Income
Operating Margin	27.2%	24.3%	26%	25.1%	24.5%	21.9%	23.9%	24%	25.1%	22.6%	21.2%
Interest and Investment Income	122	44	108	38	53	74	94	28	22	10	21
Interest Income
Dividend and Investment Income
Net Income from Unconsolidated Investees
Interest Expense	-379	-414	-284	-129	-125	-101	-124	-150	-143	-135	-111
Interest Expense
Non-Operating Income	6	21	-1	2	165	5	32	158	2	-578	—
Gain on Sale of Investment Security
Gain on Sales of Businesses
Debt Conversion Expense
Net Gain on Divestitures
Asset Impairment Charges
Gain on Foreign Currency Contracts, Net
Gain on Sale of Strategic Initiative
Strategic Initiative Costs
Other Income
Total Non-Operating Income	-251	-349	-177	-89	93	-22	2	36	-119	-703	-90
Income Before Provision for Income Taxes	2,004	1,449	1,401	1,475	1,534	1,212	1,019	1,064	872	133	630
Income Before Income Taxes
Provision for Income Taxes	379	334	344	352	347	279	245	606	143	27	203
Income Tax Provision
Consolidated Net Income	1,625	1,115	1,057	1,123	1,187	933	774	458	729	106	427
Net Income
Net Income Attributable to Minority Interests and Other	—	-2	-2	-2	—	—	—	—	—	—	-1
Net Loss Attributable to Noncontrolling Interests
Minority Interest
Net Income Attributable to Preferred Dividends	—	—	—	—	—	—	—	—	—	—	—
Dividends Declared
Accretion of Preferred Stock
Net Income Attributable to Common Shareholders	1,625	1,117	1,059	1,125	1,187	933	774	458	729	106	428
Net Income Attributable to Nasdaq
Net Income Applicable to Common Stockholders
Basic EPS	2.8	1.9	2.1	2.3	2.4	1.9	1.6	0.9	1.5	0.2	0.9
Diluted EPS	2.8	1.9	2.1	2.3	2.4	1.9	1.5	0.9	1.4	0.2	0.8
Basic Weighted Average Shares Outstanding	574.3	575.4	504.9	492.4	497.7	493.2	494.8	496	499.1	495.5	501.9
Total Shares Outstanding	571	575.1	575.2	491.6	500	494.8	495.3	495.5	502.3	499.7	493
Diluted Weighted Average Shares Outstanding	579.4	579.2	508.4	497.9	505.1	500.7	500.9	503.1	508.8	506.4	513.8
EBITDA	2,842	2,411	1,901	1,822	1,719	1,436	1,207	1,238	1,179	1,006	858
Effective Tax Rate	18.9%	23.1%	24.6%	23.9%	22.6%	23%	24%	57%	16.4%	20.3%	32.2%