NASDAQ, INC.(NDAQ)Stock Analysis
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Rank #66 of 2,879 stocksTOP 5%
Rankings refresh quarterly once 80% of peers have filed (~45 days after quarter-end). Next update: ~Aug 14, 2026.
Revenue Growth
Profitability
Balance Sheet
Earnings Quality
Free Cash Flow
Institutional Flow
Revenue Scale
Dilution Risk
NDAQ Stock Analysis & AI Quality Score
AI stock analysis and institutional research for NASDAQ, INC. (NDAQ), a Financials sector company. 13F Pro's AI-powered ranking engine scores NDAQ at 78.5/100 on a 32-signal composite quality model, placing it at rank #66 of 2,879 stocks — the top 5% of the AI-ranked universe. NDAQ scores in the top quartile across profitability (88.2), revenue scale (84.5), free cash flow (82.4). Shareholder dilution risk is elevated at 41.4/100, reflecting ongoing share issuance or stock-based compensation. Based on the latest XBRL financial filings (Q1 2026), NASDAQ, INC. reports quarterly revenue of $2.1B, net income of $519.0M, an operating margin of 30.7%. Top institutional holders of NDAQ by reported 13-F value include INVESTOR AB, BlackRock,, WELLINGTON MANAGEMENT GROUP LLP, based on the most recent SEC filings. NDAQ trades on the Nasdaq exchange and files with the SEC under CIK 1120193. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate NDAQ daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for NASDAQ, INC. directly from SEC EDGAR. NASDAQ, INC.'s 13F Pro composite quality score has ranged between 8 and 79 since 2021, currently 78.5 — an improving long-term trajectory across 56 quarterly and live scoring snapshots.
What's Driving NDAQ's Business? Latest 10-Q Breakdown
AI-extracted from NASDAQ, INC.'s 10-Q filed 2026-04-24 — Q1 2026 (quarter ended March 31, 2026). Every figure is machine-verified against the filing text on SEC EDGAR.
Nasdaq reported Q1 2026 net income of $519M (+31% YoY) on revenues of $2,137M (+2% YoY), driven by Financial Technology growth of 20% and record Market Services net revenues despite an 8% decline in gross Market Services revenue.
Biggest Revenue Drivers
Total revenue: $2,137M+2.0% YoY
Record net revenues driven by record volumes and strong market share across U.S. cash equities and equity derivatives, though gross revenue declined due to higher transaction rebates.
Delivered 20% revenue growth and 18% ARR growth, with increases across Financial Crime Management Technology, Regulatory Technology and Capital Markets Technology.
Within Financial Technology
Higher data center revenues including pricing change, higher Calypso upfront license revenues, and increased subscription revenues.
Extended listing leadership with 7 of top 10 largest operating company IPOs; Index business generated $79B net inflows over trailing twelve months.
Largest Expense Items
Increased headcount to support revenue growth and innovation, plus unfavorable foreign currency impact.
Increase due to higher depreciation of capitalized software projects and amortization of acquired intangible assets of $121M.
Increased investment in technology, particularly cloud initiatives and software licensing.
Margins: Operating income increased 20.1% to $657M on 13.8% growth in revenues less transaction-based expenses, demonstrating margin expansion. Non-GAAP operating margin benefited from Adenza restructuring synergies exceeding $160M actioned through Q1 2026.
Watch Items from the Filing
- European Commission opened formal antitrust investigation in November 2025 assessing whether Nasdaq and Deutsche Borse breached EU competition rules regarding derivatives listing, trading and clearing; duration and financial outcome uncertain.
- Market Services segment revenue declined 8.1% YoY despite record net revenues, indicating reliance on transaction volume volatility; gross revenue mix pressured by higher rebate costs.
- Adenza restructuring program expected to incur ~$140M total pre-tax charges with $125M incurred through Q1 2026; benefits of $160M+ expense synergies already actioned, indicating substantial integration completion.
AI-extracted and verified against SEC EDGAR filing text. Not investment advice.
Revenue
Q1 2026
$2.1B
Net Income
Q1 2026
$519.0M
Free Cash Flow
Q1 2026
$629.0M
Operating Margin
Q1 2026
30.7%
D/E Ratio
Q1 2026
0.74
Revenue & Net Income
Earnings Per Share
Key Financials Over Time
Export Financial Table · Pro+Revenue
+22.0% YoYNet Income
+5.5% YoYOperating Income
+13.9% YoYEPS (Diluted)
-7.2% YoYTotal Assets
-5.9% YoYTotal Debt
-9.3% YoYOp. Cash Flow
+14.3% YoY| Metric | FY 2024 | FY 2023 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|
| Revenue | $7.40B +22.0% | $6.06B +3.0% | $5.89B +4.6% | $5.63B +32.1% | $4.26B -0.4% | $4.28B |
| Net Income | $1.12B +5.5% | $1.06B -10.8% | $1.19B +27.2% | $933.0M +20.5% | $774.0M +69.0% | $458.0M |
| Operating Income | $1.80B +13.9% | $1.58B +9.5% | $1.44B +16.8% | $1.23B +21.3% | $1.02B -1.1% | $1.03B |
| EPS (Diluted) | $1.93 -7.2% | $2.08 +165.5% | $0.78 +26.3% | $0.62 -59.8% | $1.54 +69.6% | $0.91 |
| Total Assets | $30.39B -5.9% | $32.29B +60.5% | $20.11B +11.9% | $17.98B +29.1% | $13.92B -11.3% | $15.70B |
| Total Debt | $9.48B -9.3% | $10.45B +79.3% | $5.83B +5.2% | $5.54B +63.6% | $3.39B -11.6% | $3.83B |
| Operating Cash Flow | $1.94B +14.3% | $1.70B +56.6% | $1.08B -13.5% | $1.25B +30.0% | $963.0M -6.3% | $1.03B |
AI Insight: NDAQ Ratio Trends
Nasdaq's operating margin has expanded ~7pp and ROIC has risen from 8.2% to 12.5% over the past seven quarters, signaling sustained post-Adenza integration efficiency gains.
• Operating margin expanded from 23.6% in Q2 2024 to 30.7% in Q1 2026, a ~7pp improvement across seven consecutive quarters.
• ROIC climbed from 8.2% in Q2 2024 to 12.5% in Q1 2026, reflecting steadily improving capital deployment efficiency.
• Debt-to-equity ratio declined from 0.90 in Q2 2024 to 0.74 in Q1 2026, indicating consistent deleveraging progress.
• Net profit margin nearly doubled from 12.4% in Q2 2024 to 24.3% in Q1 2026, driven by operating leverage.
⚠ ROE dipped from 17.0% in Q4 2025 to 17.2% in Q1 2026 — modest, but Q3 2025 showed a notable dip to 14.1%; quarterly volatility warrants monitoring.
⚠ D/E ratio has plateaued at 0.74 for two consecutive quarters; deleveraging momentum may be slowing.
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Top Institutional Holders of NDAQ
INVESTOR AB
$4.9B58,382,426 shBlackRock, Inc.
$3.2B38,169,782 shWELLINGTON MANAGEMENT GROUP LLP
$3.1B36,278,978 shVANGUARD CAPITAL MANAGEMENT LLC
$2.7B31,237,808 shMASSACHUSETTS FINANCIAL SERVICES CO /MA/
$2.5B29,060,439 shVANGUARD PORTFOLIO MANAGEMENT LLC
$2.2B26,103,691 shSTATE STREET CORP
$1.7B19,714,705 shGEODE CAPITAL MANAGEMENT, LLC
$1.1B12,977,158 shMORGAN STANLEY
$870.6M10,255,504 shFRANKLIN RESOURCES INC
$778.8M9,174,148 sh
| Fund | Value | Shares |
|---|---|---|
| INVESTOR AB | $4.9B | 58,382,426 |
| BlackRock, Inc. | $3.2B | 38,169,782 |
| WELLINGTON MANAGEMENT GROUP LLP | $3.1B | 36,278,978 |
| VANGUARD CAPITAL MANAGEMENT LLC | $2.7B | 31,237,808 |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ | $2.5B | 29,060,439 |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $2.2B | 26,103,691 |
| STATE STREET CORP | $1.7B | 19,714,705 |
| GEODE CAPITAL MANAGEMENT, LLC | $1.1B | 12,977,158 |
| MORGAN STANLEY | $870.6M | 10,255,504 |
| FRANKLIN RESOURCES INC | $778.8M | 9,174,148 |
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13F Pro's AI-powered analysis of NASDAQ, INC. (NDAQ) draws on SEC EDGAR-sourced fundamentals, institutional 13F holdings, and insider Form 4 transactions in the Financials sector (listed on Nasdaq). The 32-signal AI Quality Score, current rank, and full bull/bear verdict for NDAQ are available on the NDAQ stock profile dashboard — with the same data, AI insights, ratios, and institutional activity refreshed after every 10-K, 10-Q, 13F, and Form 4 filing.
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