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Total assets reported in FY2025.
Total liabilities reported in FY2025.
Shareholders' equity reported in FY2025.
Equity as a share of the latest capital base.
Review the reported balance sheet and jump directly to the source filing for any fiscal year.
Over the five-year period Nasdaq’s balance sheet grew materially: total assets rose from $20.1B in 2021 to $31.1B in 2025 (a ~54% increase). The largest single-year jump occurred in 2023 when assets jumped to $32.3B (+55% year-over-year), followed by a modest pullback in 2024 and a small recovery in 2025. Total liabilities also increased overall (from $13.7B to $18.8B, +37% over the period) but show a similar pattern of a sharp rise in 2023 (to $21.5B) and declines in 2024–25. Stockholders’ equity strengthened markedly: it rose from $6.4B in 2021 to $12.2B in 2025 (about a 91% increase), with most of the gain occurring in 2023 and steady increases thereafter. The balance-sheet mix improved: leverage (liabilities/assets) peaked around 70% in 2022 and has declined to about 61% by 2025, while the equity-to-assets ratio climbed from ~32% to ~39%. The pronounced 2023 expansion in both assets and liabilities suggests a discrete corporate event (for example, an acquisition, significant business combination, or large market-driven remeasurement) that materially increased both sides of the ledger; subsequent years show consolidation and gradual deleveraging. Overall, Nasdaq appears to have a larger, more capitalized balance sheet at the end of 2025, but the 2023 inflection warrants review of the financial statement notes (goodwill/intangibles, acquisition accounting, and any changes in investment or debt structure) to fully understand the drivers and sustainability of the equity growth.
This analysis is for informational purposes only and does not constitute financial advice or recommendations for any investment decisions. Please consult with a qualified financial professional for personalized guidance.