Nasdaq, Inc. FY 2025 10-K, explained in plain English

Key financials — as reported

Total revenue	$8.3B
Gross margin	63.5%
Operating income	$2.3B
Net income	$1.8B
Diluted EPS	$3.09
Cash & equivalents	$604.0M
Total assets	$31.1B
Long-term debt	$8.6B

Key takeaway

Nasdaq reported $8.26 billion in revenue and $1.79 billion in net income for fiscal 2025, with a 16.7% effective tax rate.

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Beneath the surface

The company's cash position of $604 million is far below its $9.0 billion in total debt, leaving a large net debt position of roughly $8.4 billion despite the profitable operating results.

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