Nasdaq, Inc. (NDAQ) Spending and interest coverage
- R&D / revenue · 12 months: Value (m); Formula and calculation Research and development expense / revenue. Period ending 2026-06-30..
- Stock-based compensation / revenue · 12 months: Value 1.96%; Formula and calculation Share-based compensation / revenue. Period ending 2026-06-30..
- Interest coverage · 12 months: Value (m); Formula and calculation Estimated: average term debt × dated USD coupon proxy + average commercial paper × matching-currency disclosed rate at or before period end. Swaps, foreign-exchange, lease interest and amortization are not quantified..
Spending and interest coverage
Overview →Financial period ending 2026-06-30; current quote (m). Amounts retain their stated periods and units.
| Metric | Value | Formula and calculation |
|---|---|---|
| R&D / revenue · 12 months | (m) | Research and development expense / revenue. Period ending 2026-06-30. Calculation unavailable: missing inputs remain (m). |
| Stock-based compensation / revenue · 12 months | 1.96% | Share-based compensation / revenue. Period ending 2026-06-30. $171.00M ÷ $8.74B × 100 ≈ 1.96% |
| Interest coverage · 12 months | (m) | Estimated: average term debt × dated USD coupon proxy + average commercial paper × matching-currency disclosed rate at or before period end. Swaps, foreign-exchange, lease interest and amortization are not quantified. Calculation unavailable: missing inputs remain (m). |
Calculation inputs
| Input | Amount with unit | Raw financial data |
|---|---|---|
| Research and development spending | (m) | |
| Revenue | 8.74B USD | Revenue from Contract with Customer, Excluding Assessed Tax |
| Stock-based compensation | 171.00M USD | Share-based Payment Arrangement, Noncash Expense |
| Operating income | 2.58B USD | Operating Income (Loss) |
| Interest expense · reported / estimated | (m) | Interest Expense · Estimated expense assumptions |
Latest interest expense basis: (m). Estimated values carry *; expand each history row’s basis for its dated balances and rate assumptions.
Calculated history
Changes compare with the next older row (previous quarter), unless explicitly labeled otherwise. Rolling 12-month growth compares two successive quarter-end rolling totals; it is not year-over-year growth.
| Period ending | Research and development spending (USD) | Revenue (USD) | Stock-based compensation (USD) | Operating income (USD) | Interest expense · reported / estimated (USD) | R&D / revenue | SBC / revenue | Interest coverage | Interest expense basis |
|---|---|---|---|---|---|---|---|---|---|
| 2026-06-30 | (m) | $8.74B | $171.00M | $2.58B | (m) | (m) | 1.96% | (m) | (m) |
| 2026-03-31 | (m) | $8.30B | $168.00M | $2.44B | (m) | (m) | 2.02% | (m) | (m) |
| 2025-12-31 | (m) | $8.26B | $165.00M | $2.33B | (m) | (m) | 2.00% | (m) | (m) |
| 2025-09-30 | (m) | $8.17B | $158.00M | $2.22B | (m) | (m) | 1.93% | (m) | (m) |
| 2025-06-30 | (m) | $8.11B | $153.00M | $2.08B | (m) | (m) | 1.89% | (m) | (m) |
| 2025-03-31 | (m) | $7.82B | $146.00M | $1.94B | (m) | (m) | 1.87% | (m) | (m) |
| 2024-12-31 | (m) | $7.40B | $141.00M | $1.80B | (m) | (m) | 1.91% | (m) | (m) |
| 2024-09-30 | (m) | $7.02B | $137.00M | $1.63B | (m) | (m) | 1.95% | (m) | (m) |
| 2024-06-30 | (m) | $6.57B | $131.00M | $1.62B | (m) | (m) | 1.99% | (m) | (m) |
| 2024-03-31 | (m) | $6.21B | $126.00M | $1.58B | $356.00M | (m) | 2.03% | 4.43× | Reported |
| 2023-12-31 | (m) | $6.06B | $122.00M | $1.58B | $284.00M | (m) | 2.01% | 5.56× | Reported |
| 2023-09-30 | (m) | $6.00B | $120.00M | $1.57B | $207.00M | (m) | 2.00% | 7.60× | Reported |
| 2023-06-30 | (m) | $6.11B | $117.00M | $1.54B | $138.00M | (m) | 1.92% | 11.17× | Reported |
| 2023-03-31 | (m) | $6.22B | $107.00M | $1.57B | $133.00M | (m) | 1.72% | 11.81× | Reported |
| 2022-12-31 | (m) | $6.23B | $106.00M | $1.56B | $129.00M | (m) | 1.70% | 12.12× | Reported |
| 2022-09-30 | (m) | $6.11B | $100.00M | $1.56B | $126.00M | (m) | 1.64% | 12.37× | Reported |
| 2022-06-30 | (m) | $5.91B | $96.00M | $1.52B | $127.00M | (m) | 1.62% | 11.94× | Reported |
| 2022-03-31 | (m) | $5.77B | $96.00M | $1.48B | $128.00M | (m) | 1.66% | 11.57× | Reported |
| 2021-12-31 | (m) | $5.89B | $90.00M | $1.44B | $125.00M | (m) | 1.53% | 11.53× | Reported |
| 2021-09-30 | (m) | $5.88B | $89.00M | $1.42B | $119.00M | (m) | 1.51% | 11.89× | Reported |
| 2021-06-30 | (m) | $5.94B | $90.00M | $1.39B | $111.00M | (m) | 1.52% | 12.48× | Reported |
| 2021-03-31 | (m) | $5.93B | $89.00M | $1.32B | $104.00M | (m) | 1.50% | 12.73× | Reported |
| 2020-12-31 | (m) | $5.63B | $87.00M | $1.23B | $101.00M | (m) | 1.55% | 12.22× | Reported |
| 2020-09-30 | (m) | $5.23B | $86.00M | $1.18B | $104.00M | (m) | 1.64% | 11.31× | Reported |
| 2020-06-30 | (m) | $4.91B | $83.00M | $1.08B | $108.00M | (m) | 1.69% | 9.96× | Reported |
| 2020-03-31 | (m) | $4.58B | $80.00M | $1.02B | $113.00M | (m) | 1.75% | 9.00× | Reported |
| 2019-12-31 | (m) | $4.26B | $79.00M | $1.02B | $124.00M | (m) | 1.85% | 8.20× | Reported |
| 2019-09-30 | (m) | $4.33B | $75.00M | $998.00M | $135.00M | (m) | 1.73% | 7.39× | Reported |
| 2019-06-30 | (m) | $4.20B | $72.00M | $1.02B | $143.00M | (m) | 1.71% | 7.12× | Reported |
| 2019-03-31 | (m) | $4.17B | $70.00M | $1.03B | $149.00M | (m) | 1.68% | 6.91× | Reported |
| 2018-12-31 | (m) | $4.28B | $69.00M | $1.03B | $150.00M | (m) | 1.61% | 6.85× | Reported |
| 2018-09-30 | (m) | $4.18B | $69.00M | $1.04B | $148.00M | (m) | 1.65% | 7.00× | Reported |
| 2018-06-30 | (m) | $4.18B | $69.00M | $1.05B | $145.00M | (m) | 1.65% | 7.26× | Reported |
| 2018-03-31 | (m) | $4.15B | $70.00M | $1.03B | $144.00M | (m) | 1.69% | 7.13× | Reported |
| 2017-12-31 | (m) | $3.96B | $70.00M | $999.00M | $143.00M | (m) | 1.77% | 6.99× | Reported |
| 2017-09-30 | (m) | $3.91B | $83.00M | $969.00M | $144.00M | (m) | 2.12% | 6.73× | Reported |
| 2017-06-30 | (m) | $3.87B | $85.00M | $938.00M | $148.00M | (m) | 2.19% | 6.34× | Reported |
| 2017-03-31 | (m) | $3.77B | $85.00M | $868.00M | $144.00M | (m) | 2.25% | 6.03× | Reported |
| 2016-12-31 | (m) | $3.71B | $86.00M | $839.00M | $135.00M | (m) | 2.32% | 6.21× | Reported |
| 2016-09-30 | (m) | $3.60B | $74.00M | $871.00M | $126.00M | (m) | 2.06% | 6.91× | Reported |
| 2016-06-30 | (m) | $3.54B | $71.00M | $869.00M | $116.00M | (m) | 2.01% | 7.49× | Reported |
| 2016-03-31 | (m) | $3.45B | $70.00M | $912.00M | $111.00M | (m) | 2.03% | 8.22× | Reported |
| 2015-12-31 | (m) | $3.40B | $68.00M | $720.00M | $111.00M | (m) | 2.00% | 6.49× | Reported |
| 2015-09-30 | (m) | $3.46B | $66.00M | $648.00M | $112.00M | (m) | 1.91% | 5.79× | Reported |
| 2015-06-30 | (m) | $3.40B | $64.00M | $623.00M | $113.00M | (m) | 1.88% | 5.51× | Reported |
| 2015-03-31 | (m) | $3.46B | $62.00M | $597.00M | $115.00M | (m) | 1.79% | 5.19× | Reported |
| 2014-12-31 | (m) | $3.50B | $62.00M | $754.00M | $117.00M | (m) | 1.77% | 6.44× | Reported |
| 2014-09-30 | (m) | $3.43B | $60.00M | $819.00M | $118.00M | (m) | 1.75% | 6.94× | Reported |
| 2014-06-30 | (m) | $3.42B | $59.00M | $814.00M | $120.00M | (m) | 1.73% | 6.78× | Reported |
| 2014-03-31 | (m) | $3.37B | $52.00M | $782.00M | $117.00M | (m) | 1.55% | 6.68× | Reported |
| 2013-12-31 | (m) | $3.21B | $47.00M | $688.00M | $111.00M | (m) | 1.46% | 6.20× | Reported |
| 2013-09-30 | (m) | $3.12B | $44.00M | $624.00M | $105.00M | (m) | 1.41% | 5.94× | Reported |
| 2013-06-30 | (m) | $3.06B | $42.00M | $593.00M | $99.00M | (m) | 1.37% | 5.99× | Reported |
| 2013-03-31 | (m) | $3.06B | $45.00M | $609.00M | $97.00M | (m) | 1.47% | 6.28× | Reported |
| 2012-12-31 | (m) | $3.12B | $46.00M | $690.00M | $97.00M | (m) | 1.47% | 7.11× | Reported |
| 2012-09-30 | (m) | $3.21B | $44.00M | $676.00M | $99.00M | (m) | 1.37% | 6.83× | Reported |
| 2012-06-30 | (m) | $3.41B | $41.00M | $701.00M | $104.00M | (m) | 1.20% | 6.74× | Reported |
| 2012-03-31 | (m) | $3.42B | $39.00M | $684.00M | $111.00M | (m) | 1.14% | 6.16× | Reported |
| 2011-12-31 | (m) | $3.44B | $36.00M | $696.00M | $119.00M | (m) | 1.05% | 5.85× | Reported |
| 2011-09-30 | (m) | $3.38B | $34.00M | $711.00M | $119.00M | (m) | 1.00% | 5.97× | Reported |
| 2011-06-30 | (m) | $3.19B | $33.00M | $682.00M | $114.00M | (m) | 1.03% | 5.98× | Reported |
| 2011-03-31 | (m) | $3.24B | $32.00M | $700.00M | $107.00M | (m) | 0.99% | 6.54× | Reported |
| 2010-12-31 | (m) | $3.20B | $33.00M | $631.00M | $102.00M | (m) | 1.03% | 6.19× | Reported |
| 2010-09-30 | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) |
| 2010-06-30 | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) |
| 2010-03-31 | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) |
| 2009-12-31 | (m) | $3.41B | $35.00M | $603.00M | $102.00M | (m) | 1.03% | 5.91× | Reported |
| 2009-09-30 | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) |
| 2009-06-30 | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) |
| 2008-12-31 | (m) | $3.65B | $26.00M | $640.00M | $97.00M | (m) | 0.71% | 6.60× | Reported |
(m) means missing inputs. Historical market-based ratios use the saved close on or immediately before period ending and that period’s reported shares; current quotes are not substituted. Five-year projections repeat historical CAGR, not analyst forecasts.
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