Nasdaq annual debt-to-ebitda ratio
2009
2010
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2024
2025
Nasdaq Debt-to-EBITDA Ratio Growth & History (NDAQ)
Nasdaq's debt-to-ebitda ratio was 3.85 for fiscal 2025.
View full Nasdaq company overviewNasdaq annual debt-to-ebitda ratio history
| Fiscal year | Period ended | Debt-to-EBITDA ratio | Change | Growth |
|---|---|---|---|---|
| 2025 | 2025-12-31 | 3.85 | −1.31 | −25.44% |
| 2024 | 2024-12-31 | 5.16 | −1.29 | −20.00% |
| 2023 | 2023-12-31 | 6.45 | 2.91 | +82.31% |
| 2022 | 2022-12-31 | 3.54 | −0.50 | −12.36% |
| 2021 | 2021-12-31 | 4.04 | −0.45 | −9.96% |
| 2020 | 2020-12-31 | 4.48 | 1.07 | +31.21% |
| 2019 | 2019-12-31 | 3.42 | 0.02 | +0.69% |
| 2018 | 2018-12-31 | 3.39 | −0.48 | −12.33% |
| 2017 | 2017-12-31 | 3.87 | −0.03 | −0.75% |
| 2016 | 2016-12-31 | 3.90 | 0.93 | +31.30% |
| 2015 | 2015-12-31 | 2.97 | 0.18 | +6.28% |
| 2014 | 2014-12-31 | 2.79 | −0.73 | −20.75% |
| 2013 | 2013-12-31 | 3.53 | 0.86 | +32.41% |
| 2012 | 2012-12-31 | 2.66 | −0.16 | −5.65% |
| 2011 | 2011-12-31 | 2.82 | −0.61 | −17.67% |
| 2010 | 2010-12-31 | 3.43 | 0.21 | +6.52% |
| 2009 | 2009-12-31 | 3.22 | — | — |
Nasdaq quarterly debt-to-ebitda ratio
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| Fiscal quarter | Period ended | Debt-to-EBITDA ratio | Change | YoY change |
|---|---|---|---|---|
| Q2 2026 | 2026-06-30 | 3.39 | −0.99 | −22.57% |
| Q1 2026 | 2026-03-31 | 3.67 | −1.07 | −22.67% |
| Q4 2025 | 2025-12-31 | 3.85 | −1.31 | −25.44% |
| Q3 2025 | 2025-09-30 | 4.08 | −1.04 | −20.32% |
| Q2 2025 | 2025-06-30 | 4.38 | −1.00 | −18.59% |
| Q1 2025 | 2025-03-31 | 4.74 | −1.14 | −19.37% |
| Q4 2024 | 2024-12-31 | 5.16 | −1.29 | −20.00% |
| Q3 2024 | 2024-09-30 | 5.12 | −0.93 | −15.30% |
| Q2 2024 | 2024-06-30 | 5.38 | −0.94 | −14.85% |
| Q1 2024 | 2024-03-31 | 5.88 | 2.54 | +76.00% |
| Q4 2023 | 2023-12-31 | 6.45 | 2.91 | +82.31% |
| Q3 2023 | 2023-09-30 | 6.05 | 2.51 | +71.08% |
| Q2 2023 | 2023-06-30 | 6.32 | 2.48 | +64.66% |
| Q1 2023 | 2023-03-31 | 3.34 | −0.70 | −17.25% |
| Q4 2022 | 2022-12-31 | 3.54 | −0.50 | −12.36% |
| Q3 2022 | 2022-09-30 | 3.53 | −0.54 | −13.22% |
| Q2 2022 | 2022-06-30 | 3.84 | −0.21 | −5.17% |
| Q1 2022 | 2022-03-31 | 4.04 | −0.37 | −8.41% |
| Q4 2021 | 2021-12-31 | 4.04 | −0.45 | −9.96% |
| Q3 2021 | 2021-09-30 | 4.07 | 0.92 | +29.12% |
| Q2 2021 | 2021-06-30 | 4.05 | 0.67 | +19.84% |
| Q1 2021 | 2021-03-31 | 4.41 | 0.36 | +8.96% |
| Q4 2020 | 2020-12-31 | 4.48 | 1.07 | +31.21% |
| Q3 2020 | 2020-09-30 | 3.15 | −0.42 | −11.68% |
| Q2 2020 | 2020-06-30 | 3.38 | −0.14 | −3.86% |
| Q1 2020 | 2020-03-31 | 4.05 | 0.51 | +14.35% |
| Q4 2019 | 2019-12-31 | 3.42 | 0.02 | +0.69% |
| Q3 2019 | 2019-09-30 | 3.57 | 0.18 | +5.41% |
| Q2 2019 · Jun 30 | 2019-06-30 | 3.51 | 0.18 | +5.49% |
| Q1 2019 | 2019-03-31 | 3.54 | −0.13 | −3.50% |
| Q4 2018 | 2018-12-31 | 3.39 | −0.48 | −12.33% |
| Q3 2018 | 2018-09-30 | 3.39 | −0.14 | −3.85% |
| Q2 2018 · Jun 30 | 2018-06-30 | 3.33 | −0.11 | −3.23% |
| Q1 2018 | 2018-03-31 | 3.67 | −0.11 | −2.97% |
| Q4 2017 | 2017-12-31 | 3.87 | −0.03 | −0.75% |
| Q3 2017 | 2017-09-30 | 3.52 | — | — |
| Q2 2017 | 2017-06-30 | 3.44 | −0.46 | −11.81% |
| Q1 2017 | 2017-03-31 | 3.78 | 1.19 | +46.18% |
| Q4 2016 | 2016-12-31 | 3.90 | 0.93 | +31.30% |
| Q2 2016 | 2016-06-30 | 3.90 | 0.59 | +17.89% |
| Q1 2016 | 2016-03-31 | 2.59 | −0.89 | −25.55% |
| Q4 2015 | 2015-12-31 | 2.97 | 0.18 | +6.28% |
| Q3 2015 | 2015-09-30 | 3.42 | 0.79 | +30.20% |
| Q2 2015 | 2015-06-30 | 3.31 | 0.60 | +22.09% |
| Q1 2015 | 2015-03-31 | 3.47 | 0.51 | +17.28% |
| Q4 2014 | 2014-12-31 | 2.79 | −0.73 | −20.75% |
| Q3 2014 | 2014-09-30 | 2.62 | −1.33 | −33.60% |
| Q2 2014 | 2014-06-30 | 2.71 | −1.58 | −36.81% |
| Q1 2014 | 2014-03-31 | 2.96 | −0.01 | −0.29% |
| Q4 2013 | 2013-12-31 | 3.53 | 0.86 | +32.41% |
| Q3 2013 | 2013-09-30 | 3.95 | 1.22 | +44.42% |
| Q2 2013 | 2013-06-30 | 4.29 | 1.64 | +61.89% |
| Q1 2013 | 2013-03-31 | 2.97 | 0.25 | +9.06% |
| Q4 2012 | 2012-12-31 | 2.66 | −0.16 | −5.65% |
| Q3 2012 | 2012-09-30 | 2.74 | −0.16 | −5.68% |
| Q2 2012 | 2012-06-30 | 2.65 | −0.38 | −12.40% |
| Q1 2012 | 2012-03-31 | 2.72 | −0.33 | −10.81% |
| Q4 2011 | 2011-12-31 | 2.82 | −0.61 | −17.67% |
| Q3 2011 | 2011-09-30 | 2.90 | — | — |
| Q2 2011 | 2011-06-30 | 3.03 | — | — |
| Q1 2011 | 2011-03-31 | 3.05 | — | — |
| Q4 2010 | 2010-12-31 | 3.43 | — | — |
Nasdaq debt-to-ebitda ratio trends
Over the last five fiscal years, Nasdaq's debt-to-ebitda ratio decreased from 4.48 to 3.85, a change of −0.64. The latest reported quarter, Q2 2026, shows 3.39.
About the metric
What the debt-to-EBITDA ratio means
Debt-to-EBITDA compares interest-bearing debt with operating earnings before interest, taxes, depreciation, and amortization. It is commonly used to assess leverage, but it is generally unsuitable for banks and other financial companies.
Calculation and source
How debt-to-EBITDA is calculated
TickerStat divides period-end total debt by annual EBITDA. Quarterly observations use trailing-12-month EBITDA. Periods with zero or negative EBITDA are excluded because the leverage multiple would not be meaningful. Fiscal periods can differ from calendar years, so exact period-end dates are included.
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