Nasdaq (NDAQ) Free Cash Flow (2009 - 2026)
Nasdaq's Free Cash Flow came in at $459 million for Q3 2026, up 202.0% from $152 million a year earlier but down 27.6% from the prior quarter.
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Analysis
Nasdaq (NDAQ) Free Cash Flow (2009 - 2026) Analysis & Trends
Over the trailing twelve months to Sep 30, 2026, Nasdaq reported Free Cash Flow of $2.26 billion, up 7.6% year-over-year; for FY2025, it came in at $1.99 billion, up 14.8% from FY2024.
- Free Cash Flow carries a five-year compound annual growth rate of 13.3% (FY2020 to FY2025).
- Going back by year, Free Cash Flow was $1.73 billion in FY2024 (+12.6%), $1.54 billion in FY2023 (-1.0%), $1.55 billion in FY2022 (+68.9%) and $920 million in FY2021 (-13.5%).
- The five-year range for quarterly Free Cash Flow is $152 million (Q3 2025) to $687 million (Q2 2025).
- Year-over-year, Free Cash Flow increased in five of the last eight quarters, with growth averaging 40.8%.
- The fastest year-over-year change in Free Cash Flow over five years came in Q2 2022 (growth of 879.4%), and the weakest in Q3 2024 (a decline of 28.5%).
- Business Quant data shows NDAQ's Free Cash Flow at $634 million (Q2 2026), $629 million (Q1 2026) and $536 million (Q4 2025) in the three quarters before Q3 2026.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | FCF (Qtr) |
|---|---|---|---|---|---|
| 1 | Cme | 110.48 Bn | 98.81 Bn | 359.20 Mn | 1.07 Bn |
| 2 | Bank of New York Mellon | 101.69 Bn | 35.78 Bn | - | 4.05 Bn |
| 3 | Intercontinental Exchange | 98.41 Bn | 92.22 Bn | 1.22 Bn | 1.05 Bn |
| 4 | Robinhood Markets | 73.28 Bn | 52.89 Bn | - | 1.22 Bn |
| 5 | Nasdaq | 61.44 Bn | 58.88 Bn | 1.48 Bn | 459.00 Mn |
| 6 | State Street | 46.84 Bn | 43.46 Bn | - | 1.91 Bn |
| 7 | Cboe Global Markets | 38.04 Bn | 28.52 Bn | 712.20 Mn | 793.00 Mn |
| 8 | Interactive Brokers | 35.16 Bn | 18.81 Bn | - | 814.00 Mn |
| 9 | Northern Trust | 32.22 Bn | 32.22 Bn | - | 1.80 Bn |
| 10 | Tradeweb Markets | 30.09 Bn | 22.61 Bn | - | 338.01 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 459.00 Mn |
| Jun 30, 2026 | 634.00 Mn |
| Mar 31, 2026 | 629.00 Mn |
| Dec 31, 2025 | 536.00 Mn |
| Sep 30, 2025 | 152.00 Mn |
| Jun 30, 2025 | 687.00 Mn |
| Mar 31, 2025 | 614.00 Mn |
| Dec 31, 2024 | 645.00 Mn |
| Sep 30, 2024 | 188.00 Mn |
| Jun 30, 2024 | 408.00 Mn |
| Mar 31, 2024 | 491.00 Mn |
| Dec 31, 2023 | 375.00 Mn |
| Sep 30, 2023 | 263.00 Mn |
| Jun 30, 2023 | 375.00 Mn |
| Mar 31, 2023 | 525.00 Mn |
| Dec 31, 2022 | 460.00 Mn |
| Sep 30, 2022 | 191.00 Mn |
| Jun 30, 2022 | 333.00 Mn |
| Mar 31, 2022 | 570.00 Mn |
| Dec 31, 2021 | 334.00 Mn |
API Access
Nasdaq Free Cash Flow API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=free-cash-flow&ticker=NDAQ&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "free-cash-flow", "ticker": "NDAQ", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=free-cash-flow&ticker=NDAQ&period=max&api_key=YOUR_API_KEY");
const data = await res.json();