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Nasdaq (NDAQ) Cash Flow Waterfall

Trace Nasdaq's operating cash flow down to free cash flow, then see where FCF goes — capex, buybacks, dividends, and debt repayment.

TTM

Operating CF

$2.28B

Capex

-$277M

Free Cash Flow

$2B

FCF Margin

+87.9%

Cash flow waterfall for Nasdaq (NDAQ) — TTM through Q1 2026

Free cash flow: $2B

Cash flow breakdown for Nasdaq (NDAQ) — TTM through Q1 2026

  • Operating Cash Flow$2.28B
  • Capital Expenditure-$277M
  • Free Cash Flow$2B
  • Acquisitions$88M
  • Other Investing$94M
  • Share Buybacks-$1.05B
  • Dividends Paid-$616M
  • Net Debt Change-$1.02B
  • Other Financing-$3.37B
  • Forex Effect$273M
  • Net Cash Decrease-$3.6B
Want to see what drove the FCF change?Free Cash Flow Bridge

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Data & methodology