Analysis for NDAQ

📈 Growth & Financial Trajectory

Over the 8-quarter window NASDAQ, INC. shows revenue rising from $1.792B in 2024Q2 to $2.532B in 2026Q2, a gain of about 41%. Net income climbs from $222M to $507M, up roughly 128%, despite a notable dip in 2024Q3. The path is positive with some quarterly volatility, culminating in a higher earnings base by 2026.

💰 Margins & Cash Flow

Gross margins have been resilient, averaging around ~64%, with a peak near 71% in 2025Q3. Operating margin runs in the high-20s to ~30% range, reflecting steady operating leverage on stronger revenues. Net cash flow from operating activities is healthy in multiple quarters (for example $711M in 2026Q2), while investing and financing activities typically consume cash, leading to modest aggregate free cash flow in several periods.

🛡️ Balance Sheet & Liquidity

Assets about $27.3B and Liabilities about $15.3B create an equity base near $12.0B. Current ratio is roughly 1.01x, indicating material liquidity headroom. Long-term debt around $8.49B pairs with a robust equity cushion, supporting resilience even in weaker markets.

⚠️ Key Drivers & Risks

• Drivers: Market activity/trading volumes and data-services demand; Cloud/data-center infrastructure growth.
• Risks: Cyclicality of financial markets and sensitivity to valuation/interest-rate shifts may compress earnings; regulatory/compliance exposure and competitive data pricing.