Nasdaq, Inc.
Cash Flow Statement
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||
| Net Income | $1.79B | $1.12B | $1.06B | $1.13B | $1.19B | $933.0M | $774.0M | $458.0M |
| Depreciation & Amortization | $145.0M | $125.0M | $117.0M | $105.0M | $108.0M | $99.0M | $89.0M | $101.0M |
| Depreciation | — | — | — | — | — | — | — | — |
| Amortization | $487.0M | $488.0M | $206.0M | $153.0M | $170.0M | $103.0M | $101.0M | $109.0M |
| Stock-Based Compensation | $165.0M | $141.0M | $122.0M | $106.0M | $90.0M | $87.0M | $79.0M | $69.0M |
| Net Cash from Operating Activities | $2.26B | $1.94B | $1.70B | $1.71B | $1.08B | $1.25B | $963.0M | $1.03B |
| Investing Activities | ||||||||
| Capital Expenditures | $266.0M | $207.0M | $158.0M | $152.0M | $163.0M | $188.0M | $127.0M | $111.0M |
| Business Acquisitions | $0 | $0 | $5.77B | $41.0M | $2.43B | $157.0M | $206.0M | $75.0M |
| Net Cash from Investing Activities | $-1.10B | $-953.0M | $-5.99B | $49.0M | $-2.65B | $-122.0M | $-414.0M | $196.0M |
| Financing Activities | ||||||||
| Dividends Paid | $601.0M | $541.0M | $441.0M | $383.0M | $350.0M | $320.0M | $305.0M | $280.0M |
| Stock Repurchases | $616.0M | $145.0M | $269.0M | $308.0M | $468.0M | $222.0M | $200.0M | $394.0M |
| Net Cash from Financing Activities | $-2.95B | $-2.56B | $4.22B | $1.04B | $1.42B | $1.91B | $-2.47B | $-1.03B |
| Net Change in Cash | $-1.07B | $-2.11B | $124.0M | $1.50B | $-483.0M | $3.39B | $-2.11B | $187.0M |
| Free Cash Flow | $1.99B | $1.73B | $1.54B | $1.55B | $920.0M | $1.06B | $836.0M | $917.0M |