What is the 13F Pro Quality Score for NDAQ?

13F Pro ranks NASDAQ, INC. (NDAQ) on the 13F Pro Quality Score, a 0–100 composite of 32 fundamental signals including return on invested capital, free cash flow consistency, balance-sheet strength, earnings quality, growth durability, and valuation discipline. The score refreshes after each 10-K and 10-Q filing on SEC EDGAR. View NDAQ's current score at https://13fpro.ai/company/NDAQ (free sign-up required for the full ranking).

Which hedge funds own the most NDAQ stock?

Based on the most recent Form 13F-HR filings on SEC EDGAR, the largest reported institutional holders of NDAQ include INVESTOR AB, BlackRock,, VANGUARD CAPITAL MANAGEMENT. Holdings are reported quarterly within 45 days of quarter-end and updated on https://13fpro.ai/company/NDAQ as soon as new 13F filings post.

Where does 13F Pro source NDAQ data?

All NASDAQ, INC. fundamentals and ownership data come directly from SEC EDGAR. NASDAQ, INC. files with the SEC under CIK 1120193. 13F Pro ingests XBRL financial facts from 10-K and 10-Q filings, Form 13F-HR institutional holdings, and Form 4 insider transactions, with no third-party rewrites or estimates.

What sector is NDAQ in?

NASDAQ, INC. (NDAQ) is classified in the Financials sector. 13F Pro publishes sector-level fund flow analysis and quality leaders at https://13fpro.ai/research/sector/financials.

What drives NDAQ's revenue?

Per NASDAQ, INC.'s latest 10-Q filed with the SEC on 2026-07-23, the biggest revenue drivers are: Market Services ($1,372M, +24.6% YoY); Capital Access Platforms ($621M, +19.4% YoY); Financial Technology ($539M, +16.3% YoY). Figures are extracted from the filing text and machine-verified against the document. Full breakdown at https://13fpro.ai/company/NDAQ.

What are NDAQ's largest expenses?

NASDAQ, INC.'s latest 10-Q reports these as the largest expense items: Compensation and benefits ($383M, +8.8% YoY); Depreciation and amortization ($165M, +5.0% YoY); Technology and communication infrastructure ($88M, +11.6% YoY). Sourced directly from SEC EDGAR filing text for Q2 2026 (quarter ended June 30, 2026).

How often is NDAQ research updated on 13F Pro?

NDAQ's fundamentals refresh within hours of each new 10-K or 10-Q filing on SEC EDGAR. Institutional ownership updates after each quarterly 13F filing window. Insider transactions update after each Form 4 filing. The 13F Pro Quality Score recalculates after every fundamentals refresh.

NASDAQ, INC.(NDAQ)Stock Analysis

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13F Pro Quality Score

76.7/100

Rank #80 of 2,961 stocksTOP 5%

View Financials peers →

Rankings refresh quarterly once 80% of peers have filed (~45 days after quarter-end). Next update: ~Nov 14, 2026.

Revenue Growth

76.0/100

Profitability

84.4/100

Balance Sheet

75.5/100

Earnings Quality

48.8/100

Free Cash Flow

75.7/100

Institutional Flow

64.2/100

Revenue Scale

85.0/100

Dilution Risk

40.5/100

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Two-page plain-English analysis: business, thesis, and three scenarios for the next two years. Refreshed every quarter.

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Why NDAQ Scores 77/100

exact factor attribution · 2026-09-11

NDAQ's composite is driven by scale and revenue growth. Bars show each factor's exact push vs. a median company, using the same weights the ranking engine applies.

Scale

+7.0 pts

85th pct

Revenue growth

+6.9 pts

76th pct

Profitability

+6.9 pts

84th pct

Free cash flow

+3.9 pts

76th pct

Capital efficiency

+3.4 pts

76th pct

Earnings growth

+2.2 pts

82th pct

Institutional flow

+0.9 pts

64th pct

Earnings quality

-0.1 pts

49th pct

Shareholder dilution

-0.6 pts

41th pct

Factor percentiles are cross-sectional ranks across the ~2,800-stock scored universe, computed from SEC EDGAR filings. Not investment advice.

NDAQ Stock Analysis & AI Quality Score

Data updated 2026-09-11

AI stock analysis and institutional research for NASDAQ, INC. (NDAQ), a Financials sector company. 13F Pro's AI-powered ranking engine scores NDAQ at 76.7/100 on a 32-signal composite quality model, placing it at rank #80 of 2,961 stocks — the top 5% of the AI-ranked universe. NDAQ scores in the top quartile across revenue scale (85.0), profitability (84.4), revenue growth (76.0). Shareholder dilution risk is elevated at 40.5/100, reflecting ongoing share issuance or stock-based compensation. Based on the latest XBRL financial filings (Q2 2026), NASDAQ, INC. reports quarterly revenue of $2.5B, net income of $507.0M, an operating margin of 28.1%. Top institutional holders of NDAQ by reported 13-F value include INVESTOR AB, BlackRock, VANGUARD CAPITAL MANAGEMENT, 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 61 and 78 since 2021, currently 76.7 — a stable long-term trajectory across 68 quarterly and live scoring snapshots.

✦

Fun facts about NASDAQ, INC.

Quirks, history, and lore behind NDAQ — the kind of stuff that makes a stock memorable.

1
The Basics
U.S. financial services company · large-cap · headquartered in New York City · its business runs on data and technology.
2
The Numbers
Annual revenue around $7 billion, spread across market infrastructure, analytics, and anti-financial-crime software — not just one revenue stream.
3
The History
Born in 1971 as the world's first fully electronic stock market, it was created by the National Association of Securities Dealers and forever changed how shares get bought and sold.
4
The Secret
It's less a trading floor and more a technology company — it sells its matching engine and surveillance software to dozens of other exchanges around the world.
5
The Lore
Its Times Square tower has one of the most photographed LED facades on Earth, and every IPO bell-ringing ceremony there is basically a free ad for the company being listed.
6
The Giveaway
Apple, Microsoft, Amazon, and Google all call it home — it's the stock exchange that tech built, and also the publicly traded company that owns and operates it.

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What's Driving NDAQ's Business? Latest 10-Q Breakdown

AI-extracted from NASDAQ, INC.'s 10-Q filed 2026-07-23 — Q2 2026 (quarter ended June 30, 2026). Every figure is machine-verified against the filing text on SEC EDGAR.

Nasdaq Q2 revenue reached $2.53B (+20.6% YoY) driven by Market Services (+24.6%), Financial Technology (+16.3%), and Capital Access Platforms (+19.4%), with operating income up 25.2% to $712M.

Biggest Revenue Drivers

Market Services$1,372M+24.6% YoY

Record quarterly net revenues driven by record U.S. equity options volumes and higher cash equity trading

Capital Access Platforms$621M+19.4% YoY

Growth from new data sales, pricing, increased listing fees, and higher Index AUM from net inflows of $109B

Biggest Revenue Drivers

Total revenue: $2,532M+20.6% YoY

Market Services$1,372M+24.6% YoY

Record quarterly net revenues driven by record U.S. equity options volumes and higher cash equity trading

Capital Access Platforms$621M+19.4% YoY

Growth from new data sales, pricing, increased listing fees, and higher Index AUM from net inflows of $109B

Financial Technology$539M+16.3% YoY

Double-digit growth in each subdivision; Financial Crime Management Technology +21.6%, Regulatory Technology +15.2%, Capital Markets Technology +15.1%

Largest Expense Items

Compensation and benefits$383M+8.8% YoY

Increased headcount to 9,630 employees and higher incentive compensation driven by performance

Depreciation and amortization$165M+5.0% YoY

Increased depreciation of capitalized software projects

Technology and communication infrastructure$88M+11.6% YoY

Increased investment in technology, particularly cloud initiatives and software licensing

Occupancy$35M+20.1% YoY

Increased expenses from colocation data center expansion

Watch Items from the Filing

Regulatory capital held at Nasdaq Clearing decreased from $5.8B to $2.3B due to Nordic power futures business divestiture completed Q1 2026; business wind-down continues through 2026.
European Commission opened formal antitrust investigation in November 2025 regarding alleged coordination between Nasdaq and Deutsche Börse on listing, trading and clearing of financial derivatives; uncertain timing and outcome.
Operating company IPOs on Nasdaq represented 74% win rate across U.S. exchanges; 26 operating company IPOs in Q2 raised $105B, including SpaceX ($86B), world's largest IPO.
Index business achieved record quarterly milestones with end-of-period and average ETP AUM both exceeding $1.0 trillion for first time; 481 ETPs tracking Nasdaq indices across 28 exchanges.

AI-extracted and verified against SEC EDGAR filing text. Not investment advice.

Read the full 10-Q on SEC EDGAR →Share on X

Revenue

Q2 2026

$2.5B

Net Income

Q2 2026

$507.0M

Free Cash Flow

Q2 2026

$634.0M

Operating Margin

Q2 2026

28.1%

ROIC

Q2 2026

13.7%

D/E Ratio

Q2 2026

0.73

Period

Revenue & Net Income

Earnings Per Share

Key Financials Over Time

Export Financial Table · Pro

Revenue

+11.6% YoY

$8.26BFY 2025

FY22 $6.23BFY23 $6.06BFY24 $7.40BFY25 $8.26B

Net Income

+60.1% YoY

$1.79BFY 2025

FY22 $1.13BFY23 $1.06BFY24 $1.12BFY25 $1.79B

Operating Income

+29.6% YoY

$2.33BFY 2025

FY22 $1.56BFY23 $1.58BFY24 $1.80BFY25 $2.33B

EPS (Diluted)

+60.1% YoY

$3.09FY 2025

FY22 $2.26FY23 $2.08FY24 $1.93FY25 $3.09

Total Assets

+2.2% YoY

$31.05BFY 2025

FY22 $20.87BFY23 $32.29BFY24 $30.39BFY25 $31.05B

Total Debt

-5.0% YoY

$9.00BFY 2025

FY22 $5.40BFY23 $10.45BFY24 $9.48BFY25 $9.00B

Op. Cash Flow

+16.3% YoY

$2.25BFY 2025

FY22 $1.71BFY23 $1.70BFY24 $1.94BFY25 $2.25B

Free Cash Flow

+14.8% YoY

$1.99BFY 2025

FY22 $1.55BFY23 $1.54BFY24 $1.73BFY25 $1.99B

Metric	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Revenue	$8.26B +11.6%	$7.40B +22.0%	$6.06B -2.6%	$6.23B +5.8%	$5.89B +4.6%	$5.63B
Net Income	$1.79B +60.1%	$1.12B +5.5%	$1.06B -5.9%	$1.13B -5.2%	$1.19B +27.2%	$933.0M
Operating Income	$2.33B +29.6%	$1.80B +13.9%	$1.58B +0.9%	$1.56B +8.5%	$1.44B +16.8%	$1.23B
EPS (Diluted)	$3.09 +60.1%	$1.93 -7.2%	$2.08 -8.0%	$2.26 +188.5%	$0.78 +26.3%	$0.62
Total Assets	$31.05B +2.2%	$30.39B -5.9%	$32.29B +54.8%	$20.87B +3.7%	$20.11B +11.9%	$17.98B
Total Debt	$9.00B -5.0%	$9.48B -9.3%	$10.45B +93.6%	$5.40B -7.4%	$5.83B +5.2%	$5.54B
Operating Cash Flow	$2.25B +16.3%	$1.94B +14.3%	$1.70B -0.6%	$1.71B +57.5%	$1.08B -13.5%	$1.25B
Free Cash Flow	$1.99B +14.8%	$1.73B +12.6%	$1.54B -1.0%	$1.55B +68.9%	$920.0M -13.5%	$1.06B

AI Insight: NDAQ Financial Trends

NDAQ delivered 18.7% revenue growth in Q2 2026 while operating margin expanded to 28.1%, though net income declined 0.4% sequentially as debt fell steadily.

• Operating income surged from $448M in Q3 2024 to $712M in Q2 2026, a 59% increase over 8 quarters.

• Total debt decreased from $9,858M to $8,761M, a 11% reduction. Equity grew 8.2% to $11,988M over same period.

• Q2 2026 revenue jumped to $2,532M, the highest quarterly result; operating cash flow stable at $711M.

⚠ Net income declined to $507M in Q2 2026 from $519M in Q1 2026 despite operating income growth — margin pressure warrant monitoring.

⚠ Q3 2025 operating cash flow dropped sharply to $221M from $746M prior quarter; subsequent recovery still requires close oversight.

AI Insight: NDAQ Ratio Trends

Operating margin surged 600bp from Q3 2024 to Q2 2026, with ROIC climbing steadily while leverage compressed to multi-year lows.

• Operating margin expanded from 23.5% in Q3 2024 to 30.7% in Q1 2026, highest on record; NPM reached 24.4% in Q4 2025.

• ROIC improved from 8.6% in Q3 2024 to 12.5% in Q1 2026, a sustained 190bp gain over 18 months.

• Debt-to-equity ratio fell from 0.89 in Q3 2024 to 0.73 in Q2 2026, indicating material deleveraging.

⚠ Operating margin dipped from 30.7% in Q1 2026 to 28.1% in Q2 2026; NPM also fell from 24.3% to 20.0%—first quarterly decline in profitability metrics.

⚠ ROE peaked at 17.2% in Q1 2026 but slipped to 16.9% in Q2 2026; ROA declined from 7.6% to 7.4%.

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Available Research

13F Pro tracks comprehensive data for NASDAQ, INC. including:

SEC EDGAR filings (10-K, 10-Q, 8-K)

XBRL financial facts (revenue, EPS, margins)

Insider transactions (Form 4)

Institutional 13F holdings

Quality rankings (32 signals)

AI analyst debates & daily meetings

Historical financial trends

Peer comparison & sector analysis

Top Institutional Holders of NDAQ

INVESTOR AB
$4.6B58,439,208 sh
BlackRock, Inc.
$2.9B37,194,072 sh
VANGUARD CAPITAL MANAGEMENT LLC
$2.5B31,225,614 sh
WELLINGTON MANAGEMENT GROUP LLP
$2.4B30,332,286 sh
VANGUARD PORTFOLIO MANAGEMENT LLC
$2.1B26,091,520 sh
MASSACHUSETTS FINANCIAL SERVICES CO /MA/
$1.8B23,259,539 sh
STATE STREET CORP
$1.6B20,181,861 sh
GEODE CAPITAL MANAGEMENT, LLC
$1.0B13,121,054 sh
MORGAN STANLEY
$895.1M11,355,733 sh
FRANKLIN RESOURCES INC
$717.6M9,104,529 sh

Fund	Value	Shares
INVESTOR AB	$4.6B	58,439,208
BlackRock, Inc.	$2.9B	37,194,072
VANGUARD CAPITAL MANAGEMENT LLC	$2.5B	31,225,614
WELLINGTON MANAGEMENT GROUP LLP	$2.4B	30,332,286
VANGUARD PORTFOLIO MANAGEMENT LLC	$2.1B	26,091,520
MASSACHUSETTS FINANCIAL SERVICES CO /MA/	$1.8B	23,259,539
STATE STREET CORP	$1.6B	20,181,861
GEODE CAPITAL MANAGEMENT, LLC	$1.0B	13,121,054
MORGAN STANLEY	$895.1M	11,355,733
FRANKLIN RESOURCES INC	$717.6M	9,104,529

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Is NDAQ a good stock to buy?

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. NDAQ is classified as a large company.

Which hedge funds own NDAQ?

Institutional investors are required to disclose their holdings quarterly via SEC Form 13F. 13F Pro aggregates these filings to show which hedge funds, mutual funds, and asset managers are buying or selling NDAQ. Combined with insider transaction data from Form 4 filings and AI-powered analysis from 10 specialized research agents, 13F Pro provides a comprehensive view of NASDAQ, INC.'s investment landscape.