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Side-by-side financial comparison of Nasdaq, Inc. (NDAQ) and NiSource (NI). Click either name above to swap in a different company.
Nasdaq, Inc. is the larger business by last-quarter revenue ($2.1B vs $1.9B, roughly 1.1× NiSource). Nasdaq, Inc. runs the higher net margin — 24.3% vs 13.7%, a 10.6% gap on every dollar of revenue. On growth, NiSource posted the faster year-over-year revenue change (22.5% vs 2.0%). Over the past eight quarters, Nasdaq, Inc.'s revenue compounded faster (9.2% CAGR vs 7.2%).
Nasdaq Stock Market is an American stock exchange, the second-largest by market cap on the list of stock exchanges, and the first fully electronic stock market. The exchange is based in Manhattan, New York City, and is among the most active stock trading venue by volume in the United States.
NiSource Inc. is one of the largest fully regulated utility companies in the United States, serving approximately 3.5 million natural gas customers and 500,000 electric customers across six states through its local Columbia Gas and NIPSCO brands. The company, based in Merrillville, Indiana, has more than 8,000 employees. As of 2018, NiSource is the sole Indiana-based utility company.
NDAQ vs NI — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.1B | $1.9B |
| Net Profit | $519.0M | $257.8M |
| Gross Margin | — | — |
| Operating Margin | 30.7% | 27.3% |
| Net Margin | 24.3% | 13.7% |
| Revenue YoY | 2.0% | 22.5% |
| Net Profit YoY | 31.4% | 15.1% |
| EPS (diluted) | $0.91 | $0.53 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $2.1B | — | ||
| Q4 25 | $2.1B | $1.9B | ||
| Q3 25 | $2.0B | $1.2B | ||
| Q2 25 | $2.1B | $1.2B | ||
| Q1 25 | $2.1B | $2.1B | ||
| Q4 24 | $2.0B | $1.5B | ||
| Q3 24 | $1.9B | $1.0B | ||
| Q2 24 | $1.8B | $1.1B |
| Q1 26 | $519.0M | — | ||
| Q4 25 | $518.0M | $257.8M | ||
| Q3 25 | $423.0M | $94.7M | ||
| Q2 25 | $452.0M | $102.2M | ||
| Q1 25 | $395.0M | $474.8M | ||
| Q4 24 | $355.0M | $223.9M | ||
| Q3 24 | $306.0M | $85.7M | ||
| Q2 24 | $222.0M | $85.8M |
| Q1 26 | — | — | ||
| Q4 25 | 65.5% | — | ||
| Q3 25 | 67.2% | — | ||
| Q2 25 | 62.5% | — | ||
| Q1 25 | 59.2% | — | ||
| Q4 24 | 60.4% | — | ||
| Q3 24 | 60.3% | — | ||
| Q2 24 | 64.7% | — |
| Q1 26 | 30.7% | — | ||
| Q4 25 | 29.7% | 27.3% | ||
| Q3 25 | 29.9% | 24.0% | ||
| Q2 25 | 27.2% | 21.1% | ||
| Q1 25 | 26.2% | 35.3% | ||
| Q4 24 | 25.4% | 27.1% | ||
| Q3 24 | 23.6% | 20.9% | ||
| Q2 24 | 23.6% | 22.5% |
| Q1 26 | 24.3% | — | ||
| Q4 25 | 24.4% | 13.7% | ||
| Q3 25 | 21.6% | 7.6% | ||
| Q2 25 | 21.6% | 8.2% | ||
| Q1 25 | 18.9% | 22.1% | ||
| Q4 24 | 17.5% | 14.5% | ||
| Q3 24 | 16.1% | 8.2% | ||
| Q2 24 | 12.4% | 8.1% |
| Q1 26 | $0.91 | — | ||
| Q4 25 | $0.90 | $0.53 | ||
| Q3 25 | $0.73 | $0.20 | ||
| Q2 25 | $0.78 | $0.22 | ||
| Q1 25 | $0.68 | $1.00 | ||
| Q4 24 | $0.62 | $0.47 | ||
| Q3 24 | $0.53 | $0.19 | ||
| Q2 24 | $0.38 | $0.19 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $515.0M | $110.1M |
| Total DebtLower is stronger | $9.0B | $15.5B |
| Stockholders' EquityBook value | $12.0B | $9.5B |
| Total Assets | $27.3B | $35.9B |
| Debt / EquityLower = less leverage | 0.74× | 1.64× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $515.0M | — | ||
| Q4 25 | $604.0M | $110.1M | ||
| Q3 25 | $470.0M | $95.0M | ||
| Q2 25 | $732.0M | $335.4M | ||
| Q1 25 | $690.0M | $259.4M | ||
| Q4 24 | $592.0M | $156.6M | ||
| Q3 24 | $266.0M | $126.2M | ||
| Q2 24 | $416.0M | $101.2M |
| Q1 26 | $9.0B | — | ||
| Q4 25 | $8.6B | $15.5B | ||
| Q3 25 | $8.7B | $14.5B | ||
| Q2 25 | $8.7B | $14.5B | ||
| Q1 25 | $8.9B | $12.8B | ||
| Q4 24 | $9.1B | $12.1B | ||
| Q3 24 | $9.4B | $12.1B | ||
| Q2 24 | $9.2B | $12.8B |
| Q1 26 | $12.0B | — | ||
| Q4 25 | $12.2B | $9.5B | ||
| Q3 25 | $12.0B | $9.1B | ||
| Q2 25 | $11.8B | $8.9B | ||
| Q1 25 | $11.5B | $8.9B | ||
| Q4 24 | $11.2B | $8.7B | ||
| Q3 24 | $11.1B | $8.3B | ||
| Q2 24 | $10.9B | $7.9B |
| Q1 26 | $27.3B | — | ||
| Q4 25 | $31.1B | $35.9B | ||
| Q3 25 | $30.7B | $34.4B | ||
| Q2 25 | $30.4B | $34.0B | ||
| Q1 25 | $30.6B | $33.1B | ||
| Q4 24 | $30.4B | $31.8B | ||
| Q3 24 | $30.6B | $30.8B | ||
| Q2 24 | $30.2B | $29.9B |
| Q1 26 | 0.74× | — | ||
| Q4 25 | 0.70× | 1.64× | ||
| Q3 25 | 0.72× | 1.59× | ||
| Q2 25 | 0.73× | 1.63× | ||
| Q1 25 | 0.77× | 1.44× | ||
| Q4 24 | 0.81× | 1.39× | ||
| Q3 24 | 0.85× | 1.45× | ||
| Q2 24 | 0.85× | 1.63× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | — | $712.6M |
| Free Cash FlowOCF − Capex | — | $-133.7M |
| FCF MarginFCF / Revenue | — | -7.1% |
| Capex IntensityCapex / Revenue | — | 44.9% |
| Cash ConversionOCF / Net Profit | — | 2.76× |
| TTM Free Cash FlowTrailing 4 quarters | — | $-420.0M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $625.0M | $712.6M | ||
| Q3 25 | $221.0M | $467.9M | ||
| Q2 25 | $746.0M | $495.4M | ||
| Q1 25 | $663.0M | $686.4M | ||
| Q4 24 | $705.0M | $539.8M | ||
| Q3 24 | $244.0M | $340.0M | ||
| Q2 24 | $460.0M | $445.5M |
| Q1 26 | — | — | ||
| Q4 25 | $536.0M | $-133.7M | ||
| Q3 25 | $152.0M | $-172.6M | ||
| Q2 25 | $687.0M | $-162.8M | ||
| Q1 25 | $614.0M | $49.1M | ||
| Q4 24 | $645.0M | $-220.2M | ||
| Q3 24 | $188.0M | $-294.7M | ||
| Q2 24 | $408.0M | $-184.3M |
| Q1 26 | — | — | ||
| Q4 25 | 25.2% | -7.1% | ||
| Q3 25 | 7.8% | -13.9% | ||
| Q2 25 | 32.9% | -13.1% | ||
| Q1 25 | 29.4% | 2.3% | ||
| Q4 24 | 31.7% | -14.3% | ||
| Q3 24 | 9.9% | -28.2% | ||
| Q2 24 | 22.8% | -17.5% |
| Q1 26 | — | — | ||
| Q4 25 | 4.2% | 44.9% | ||
| Q3 25 | 3.5% | 51.6% | ||
| Q2 25 | 2.8% | 52.8% | ||
| Q1 25 | 2.3% | 29.6% | ||
| Q4 24 | 3.0% | 49.4% | ||
| Q3 24 | 2.9% | 60.7% | ||
| Q2 24 | 2.9% | 59.7% |
| Q1 26 | — | — | ||
| Q4 25 | 1.21× | 2.76× | ||
| Q3 25 | 0.52× | 4.94× | ||
| Q2 25 | 1.65× | 4.85× | ||
| Q1 25 | 1.68× | 1.45× | ||
| Q4 24 | 1.99× | 2.41× | ||
| Q3 24 | 0.80× | 3.97× | ||
| Q2 24 | 2.07× | 5.19× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
NDAQ
| Market Services | $1.0B | 49% |
| Capital Access Platforms | $565.0M | 26% |
| Financial Technology | $517.0M | 24% |
| Other Revenues | $8.0M | 0% |
NI
| Residential | $703.6M | 37% |
| Ni Source Electric Generation And Power Delivery | $525.6M | 28% |
| NIPSCO Gas Distribution | $348.1M | 18% |
| Commercial | $235.9M | 13% |
| Industrial | $45.9M | 2% |
| Offsystem | $16.9M | 1% |
| Misc. | $9.6M | 1% |
| Related Party | $3.3M | 0% |
