# Nasdaq, Inc. (NDAQ)

> Source: Nexqual · https://nexqual.com/NDAQ · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Nasdaq, Inc. (NDAQ), nexqual.com/NDAQ" · informational, not investment advice.

**Price:** USD 103.3 (+7.47% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 96.12 · day 97.39–103.39 · 52w 76.55–103.39 · market cap $57.7B · NMS

## Key facts
- Last four reported quarters (through Sep 30, 2026): revenue $9.15B, net income $2.08B (22.8% margin), free cash flow $2.26B (SEC filings).
- Valuation: P/E 27.7x (avg 33.1x at the last 3 fiscal year-ends), EV/EBITDA 22.8x, net debt $8.22B.
- 1 of 80 tracked superinvestors hold NDAQ (13F, Q2 2026): 0 new, 1 added, 0 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 17 Form 4 filings, $8.8M; 9 not under a Rule 10b5-1 plan ($7.5M); 5 by opportunistic insiders (0 outside 10b5-1 plans), 3 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 1 Form 4 filing, $4.9M; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Buy (mean 2.00 on a 1–5 scale) (18 analysts), mean target USD 112.88 (range 87–133).
- Total return with dividends: 1Y +17.8% vs S&P 500 +14.9%; 5Y +64.6% vs S&P 500 +80.3%.
- Next earnings: 2026-10-22, EPS estimate USD 1.07, revenue estimate $1.54B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $5.89B | $6.23B | $6.06B | $7.40B | $8.26B | $9.15B |
| Gross profit | $3.42B | $3.58B | $3.90B | $4.65B | $5.25B | — |
| Operating income | $1.44B | $1.56B | $1.58B | $1.80B | $2.33B | $2.73B |
| Net income | $1.19B | $1.13B | $1.06B | $1.12B | $1.79B | $2.08B |
| EPS (diluted) | $2.35 | $2.26 | $2.08 | $1.93 | $3.09 | — |
| Free cash flow | $920M | $1.55B | $1.54B | $1.73B | $1.99B | $2.26B |
| Gross margin | 58.1% | 57.5% | 64.2% | 62.8% | 63.5% | — |
| Operating margin | 24.5% | 25.1% | 26.0% | 24.3% | 28.2% | 29.8% |
| Net margin | 20.2% | 18.1% | 17.5% | 15.1% | 21.6% | 22.8% |
| Revenue growth | +4.6% | +5.8% | -2.6% | +22.0% | +11.6% | — |
| Cash + short-term investments | — | $502M | $453M | $592M | $632M | — |
| Total debt | $5.83B | $5.40B | $10.5B | $9.48B | $9.00B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Sep 30, 2026)
P/E 27.7x · P/S 6.3x · EV/EBITDA 22.8x · EV/Sales 7.2x · P/FCF 25.6x · P/B 4.8x · FCF yield 3.91% · Earnings yield 3.61% · Dividend yield (paid, TTM) 1.13% · Buyback yield (TTM) 2.62% · Net debt $8.22B · EV $66.0B
P/E at fiscal year-ends: Dec 2025 31.4x, Dec 2024 40.1x, Dec 2023 27.9x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold NDAQ. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Bill Nygren | Oakmark Funds | 0.85% | $638M | Added +1.0% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
8 of 17 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-20 | Skule Jeremy | EVP, CSO | 1,125 | $107K | 1.2% | Yes (adopted May 7, 2026) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-10-12 | Skule Jeremy | EVP, CSO | 1,125 | $106K | 1.1% | Yes (adopted May 7, 2026) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-09-22 | Skule Jeremy | EVP, CSO | 1,125 | $107K | 1.1% | Yes (adopted May 7, 2026) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-09-10 | Skule Jeremy | EVP, CSO | 1,125 | $106K | 1.1% | Yes (adopted May 7, 2026) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-08-10 | Skule Jeremy | EVP, CSO | 2,250 | $213K | 2.2% | Yes (adopted May 7, 2026) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-08-10 | Griggs Pc Nelson | Pres. Capital Access Platforms | 3,226 | $310K | 1.6% | No | Too little history (no open-market trades in 2023) |
| 2026-08-07 | Peterson Bradley J | EVP, CIO | 6,000 | $573K | 4.7% | No | Too little history (no open-market trades in 2023) |
| 2026-08-03 | Smith Bryan Everard | EVP, CPO | 1,556 | $148K | 2.2% | Yes (adopted March 12, 2026) | Routine (sold in Mar each year 2023–2025; this trade is outside those months) |
| 2026-07-29 | Griggs Pc Nelson | Pres. Capital Access Platforms | 11,010 | $1.1M | 5.1% | No | Too little history (no open-market trades in 2023) |
| 2026-07-24…2026-07-27 | Griggs Pc Nelson | Pres. Capital Access Platforms | 17,787 | $1.7M | 7.6% | No | Too little history (no open-market trades in 2023) |
| 2026-07-24 | Peterson Bradley J | EVP, CIO | 13,000 | $1.2M | 9.2% | No | Too little history (no open-market trades in 2023) |
| 2026-07-01 | Smith Bryan Everard | EVP, CPO | 3,000 | $240K | 4.2% | Yes (adopted March 12, 2026) | Routine (sold in Mar each year 2023–2025; this trade is outside those months) |
| 2026-06-11 | Smith Bryan Everard | EVP, CPO | 3,000 | $261K | 4% | Yes (adopted March 12, 2026) | Routine (sold in Mar each year 2023–2025; this trade is outside those months) |
| 2026-05-18 | Griggs Pc Nelson | Pres. Capital Access Platforms | 5,093 | $472K | 2.1% | No | Too little history (no open-market trades in 2023) |
| 2026-04-28 | Peterson Bradley J | EVP, CIO | 7,710 | $700K | 5.2% | No | Too little history (no open-market trades in 2023) |
| 2026-04-27 | Tal Cohen | Pres. Market Platforms | 15,518 | $1.4M | 6.7% | No | Too little history (no open-market trades in 2023) |
| 2026-04-24 | Daly Michelle Lynn | SVP, Controller & PAO | 1,323 | $118K | 11.6% | No | Too little history (no open-market trades in 2024) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
1 purchase, $4.9M. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-06-11 | Investor Ab |  | 56,782 | $4.9M | 85.98 | Too little history (no open-market trades in 2023–2025) |

## Analysts
Consensus Buy (mean 2.00 on a 1–5 scale), 18 analysts; mean target USD 112.88 (low 87, high 133).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-12 | TD Cowen | Target lowered | Buy | $108 → $107 |
| 2026-10-09 | Morgan Stanley | Target lowered | Overweight | $120 → $118 |
| 2026-10-07 | Barclays | Target lowered | Overweight | $111 → $109 |
| 2026-10-02 | Piper Sandler | Target raised | Overweight | $104 → $108 |
| 2026-10-02 | Wells Fargo | Initiated | Equal-Weight | $100 |
| 2026-07-24 | Keefe, Bruyette & Woods | Target raised | Market Perform | $92 → $102 |
| 2026-07-24 | TD Cowen | Target raised | Buy | $105 → $108 |
| 2026-07-24 | Barclays | Target raised | Overweight | $108 → $111 |
| 2026-07-20 | TD Cowen | Target raised | Buy | $101 → $105 |
| 2026-07-10 | Morgan Stanley | Target lowered | Overweight | $116 → $112 |
| 2026-07-09 | Raymond James | Target raised | Outperform | $111 → $113 |
| 2026-07-09 | Barclays | Target lowered | Overweight | $114 → $108 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +17.8% | +64.6% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +17.9% | +10.4% |
| Volatility (annualized) | 28.6% | 25.0% |
| Max drawdown | -23.4% (Jan 2026→Jun 2026) | -31.0% (Nov 2021→Oct 2023) |

## Peers (Financial Data & Stock Exchanges)
COIN (Coinbase Global, Inc.) USD 169.09 -4.51% · MSCI (MSCI Inc.) USD 620.24 +2.61% · MCO (Moody's Corporation) USD 491.05 +2.08% · ICE (Intercontinental Exchange Inc.) USD 163.84 +3.90% · CBOE (Cboe Global Markets, Inc.) USD 327.72 +2.79% · CME (CME Group Inc.) USD 305.98 +3.45%

## More
Full page: https://nexqual.com/NDAQ · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in NDAQ's own 10-K filed 2026-02-12 (https://www.sec.gov/Archives/edgar/data/1120193/000162828026007703/ndaq-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Amazon (AMZN) | "partnership with AWS, will result in improved performance" |

Other companies that name NDAQ in their own reports (relationship from NDAQ's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | Gemini Space Station, Inc. (GEMI) | 10-K 2026-03-31 | "Concurrent with the IPO, Nasdaq, Inc. entered into an agreement with us to purchase 1,904,761 shares of our Class A common stock in a private placement at $26.25 per share (the "Concurrent Private Pla…" |

## Revenue by business segment (quarter ended 2026-09-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Market Services | $1.22B | 51.0% | +26.3% | $189.0M | 15.5% |
| Capital Access Platforms | $641.0M | 26.8% | +20.0% | $412.0M | 64.3% |
| Financial Technology | $529.0M | 22.1% | +15.8% | $246.0M | 46.5% |
| Corporate costs (not allocated) | — | — | — | -$115.0M | — |
| Total revenue | $2.39B | 100% | — | $732.0M | 30.6% |

## Revenue by region (quarter ended 2026-09-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $1.81B | 75.6% | +14.2% |
| All other countries | $585.0M | 24.4% | +47.7% |
| Total revenue | $2.39B | 100% | — |

## Company outlook (8-K filed 2026-10-22)

- "As of September 30, 2026 , there was $ 2.2 billion remaining under the board authorized share repurchase program. 2026 EXPENSE AND TAX GUIDANCE UPDATE 6 • The company is updating its 2026 non-GAAP operating expense guidance to a range of $2.550 billion to $2.580 billion ."
- "The company is maintaining its 2026 non-GAAP tax rate guidance in the range of 22.5% to 24.5% . 3 STRATEGIC AND BUSINESS UPDATES • F inancial Te chnology delivered record 18% organic ARR growth and double-digit revenue growth in each subdivision for the third consecutive quarter."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-12-31) | $1.07 | $1.08 | -0.9% | $1.54B | 15 |
| Next quarter (ends 2027-03-31) | $1.12 | $1.10 | +1.1% | $1.55B | 13 |
| Current fiscal year (ends 2026-12-31) | $4.14 | $4.14 | -0.0% | $5.92B | 15 |
| Next fiscal year (ends 2027-12-31) | $4.72 | $4.65 | +1.5% | $6.44B | 16 |