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Nasdaq cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$459M in Q3 2026 · $2.3B over twelve months

Operating cash flow$521M
Capital spending−$62.0M
Free cash flow+$459M
Cash / net income1.0×
Cash conversion cycle20 days

Analysis

In Q3 2026, Nasdaq generated $521M of operating cash flow and spent $62.0M on capital projects, leaving free cash flow of $459M. That is $307M more than in Q3 2025 ($152M).

Over the twelve months to Sep 30, 2026, operating cash flow was $2.5B; the largest uses were other financing ($3.0B), buybacks ($1.5B), dividends ($653M); besides operations, cash came from asset & business sales ($180M); the cash balance fell by $3.3B.

Operating cash flow was $521M against net income of $539M — 1.0× profit, roughly in line with earnings. The largest differences: depreciation & amortization +$165M, deferred revenue −$110M, employee-related liabilities +$79.0M.

Its cash conversion cycle was 20 days (receivables 45 + inventory 0 − payables 25).

Free cash flow

Nasdaq: free cash flow by quarterNasdaq: free cash flow by quarter$645MQ4 2024$614MQ1 2025$687MQ2 2025$152MQ3 2025$536MQ4 2025$629MQ1 2026$634MQ2 2026$459MQ3 2026
Operating cash flow less capital spending.
Nasdaq: operating cash flow against capital spendingNasdaq: operating cash flow against capital spendingOperating cash flowCapital spending$705M$60.0MQ4 2024$663M$49.0MQ1 2025$746M$59.0MQ2 2025$221M$69.0MQ3 2025$625M$89.0MQ4 2025$689M$60.0MQ1 2026$711M$77.0MQ2 2026$521M$62.0MQ3 2026
Latest (Q3 2026): Operating cash flow $521M, Capital spending $62.0M.

Capital allocation, year by year

Nasdaq: where the cash came from (up) and went (down), by fiscal yearNasdaq: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $1.1BFY2021: Net borrowing $4.5BFY2021: Shares issued $27.0MFY2021: Asset sales $190MFY2021: Capital spending −$163MFY2021: Acquisitions −$2.4BFY2021: Buybacks −$468MFY2021: Dividends −$350M$5.8BFY2021FY2022: Operating cash flow $1.7BFY2022: Net borrowing $3.4BFY2022: Shares issued $23.0MFY2022: Capital spending −$152MFY2022: Acquisitions −$41.0MFY2022: Buybacks −$308MFY2022: Dividends −$383M$5.1BFY2022FY2023: Operating cash flow $1.7BFY2023: Net borrowing $5.0BFY2023: Shares issued $29.0MFY2023: Capital spending −$158MFY2023: Acquisitions −$5.8BFY2023: Buybacks −$269MFY2023: Dividends −$441M$6.7BFY2023FY2024: Operating cash flow $1.9BFY2024: Net borrowing $185MFY2024: Capital spending −$207MFY2024: Buybacks −$145MFY2024: Dividends −$541M$2.1BFY2024FY2025: Operating cash flow $2.3BFY2025: Net borrowing −$826MFY2025: Asset sales $140MFY2025: Capital spending −$266MFY2025: Buybacks −$616MFY2025: Dividends −$601M$2.4BFY2025
Over these 5 years operating cash flow totalled $8.7B; the largest uses were acquisitions ($8.2B) and dividends ($2.3B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$516M
Debt$8.7B
Net debt$8.2B

Nasdaq funds itself: free cash flow was $2.3B over the last twelve months, and $516M of cash and investments stands against $8.7B of debt.

Where the cash came from and went

Nasdaq: sources (+) and uses (−) of cash, Q3 2026Nasdaq: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$521MCash drawn (+) / kept (−)−$348MBuybacks−$323MOther financing$281MDividends−$173MOther investing$124MCapital spending−$62.0MExchange rates−$23.0MAsset & business sales$3.0M
Nasdaq: sources (+) and uses (−) of cash, TTM to Q3 2026Nasdaq: sources (+) and uses (−) of cash, TTM to Q3 2026Cash drawn (+) / kept (−)$3.3BOther financing−$3.0BOperating cash flow$2.5BBuybacks−$1.5BDividends−$653MCapital spending−$288MNet borrowing (+) / repaid (−)−$262MAsset & business sales$180MOther investing−$106MTaxes on employees’ shares−$74.0MAcquisitions−$58.0MExchange rates−$18.0M

From profit to cash

Nasdaq: net income to operating cash flow, Q3 2026Nasdaq: net income to operating cash flow, Q3 2026Net income$539MDepreciation & amortization$165MStock-based pay$47.0MDeferred taxes$32.0MOther non-cash−$10.0MReceivables$7.0MPayables−$7.0MEmployee-related liabilities$79.0MDeferred revenue−$110MPrepaid and other assets$2.0MOther liabilities$34.0MOperating cash flow$521M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202645—2520
Q2 202639—2217
Q1 202641—328
Q4 202540—354
Q3 202541—356
Q2 202541—2912
Q1 202543—2716
Q4 202445—3213

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$521M−$62.0M−$323M−$173M——−$348M$459M
Q2 2026$711M−$77.0M−$355M−$174M−$431M$3.0M$336M$634M
Q1 2026$689M−$60.0M−$548M−$153M—$15.0M$2.8B$629M
Q4 2025$625M−$89.0M−$286M−$153M−$100M—$507M$536M
Q3 2025$221M−$69.0M−$115M−$155M−$69.0M—−$240M$152M
Q2 2025$746M−$59.0M−$100M−$155M−$400M$28.0M$530M$687M
Q1 2025$663M−$49.0M−$115M−$138M−$257M—$275M$614M
Q4 2024$705M−$60.0M—−$138M−$181M—$789M$645M

Nasdaq: income statement and cash flow

Nasdaq, Q3 2026: revenue $2.4B (+21% year over year), operating margin 30.6%. The chart follows the revenue to costs, profit and cash.

Nasdaq: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.