Nasdaq, Inc.NDAQEarnings & Financial Report
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.
Revenue
$2.0B
Gross Profit
$1.3B
Operating Profit
$586.0M
Net Profit
$423.0M
Gross Margin
67.2%
Operating Margin
29.9%
Net Margin
21.6%
YoY Growth
2.9%
EPS
$0.73
Nasdaq, Inc. Q3 FY2025 Financial Summary
Nasdaq, Inc. reported revenue of $2.0B (up 2.9% YoY) for Q3 FY2025, with a net profit of $423.0M (up 38.2% YoY) (21.6% margin). Cost of goods sold was $643.0M, operating expenses totaled $729.0M.
Key Financial Metrics
| Total Revenue | $2.0B |
|---|---|
| Net Profit | $423.0M |
| Gross Margin | 67.2% |
| Operating Margin | 29.9% |
| Report Period | Q3 FY2025 |
Revenue Breakdown
Nasdaq, Inc. Q3 FY2025 revenue of $2.0B breaks down across 3 segments, led by Market Services at $946.0M (48.3% of total).
| Segment | Revenue | % of Total |
|---|---|---|
| Market Services | $946.0M | 48.3% |
| Capital Access Platforms | $546.0M | 27.9% |
| Financial Technology | $457.0M | 23.3% |
Nasdaq, Inc. Revenue by Segment — Quarterly Trend
Nasdaq, Inc. revenue by segment across the last 4 reported quarters, showing how each business line (such as Market Services and Capital Access Platforms) has evolved quarter over quarter.
| Segment | Q1 FY2026 | Q4 FY2025 | Q3 FY2025 | Q2 FY2025 |
|---|---|---|---|---|
| Market Services | $1.0B | $1.0B | $946.0M | $1.1B |
| Capital Access Platforms | $565.0M | $549.0M | $546.0M | $527.0M |
| Financial Technology | $517.0M | $497.0M | $457.0M | $464.0M |
Nasdaq, Inc. Annual Revenue by Year
Nasdaq, Inc. annual revenue history includes year-by-year totals (for example, 2025 revenue was $8.3B).
| Year | Annual Revenue |
|---|---|
| 2025 | $8.3B |
| 2024 | $7.4B |
| 2023 | $6.1B |
| 2022 | $6.2B |
Nasdaq, Inc. Quarterly Revenue & Net Profit History
Nasdaq, Inc. results over the last 8 reported quarters, including revenue, net profit and year-over-year growth.
| Quarter | Revenue | Revenue YoY | Net Profit | Net Margin |
|---|---|---|---|---|
| Q1 FY2026 | $2.1B | +2.0% | $519.0M | 24.3% |
| Q4 FY2025 | $2.1B | +4.5% | $518.0M | 24.4% |
| Q3 FY2025 | $2.0B | +2.9% | $423.0M | 21.6% |
| Q2 FY2025 | $2.1B | +16.6% | $452.0M | 21.6% |
| Q1 FY2025 | $2.1B | +24.9% | $395.0M | 18.9% |
| Q4 FY2024 | $2.0B | +23.4% | $355.0M | 17.5% |
| Q3 FY2024 | $1.9B | +31.1% | $306.0M | 16.1% |
| Q2 FY2024 | $1.8B | +25.1% | $222.0M | 12.4% |
Income Statement
| Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.79B | $1.90B | $2.03B | $2.09B | $2.09B | $1.96B | $2.12B | $2.14B |
| YoY Growth | 25.1% | 31.1% | 23.4% | 24.9% | 16.6% | 2.9% | 4.5% | 2.0% |
Balance Sheet
| Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | |
|---|---|---|---|---|---|---|---|---|
| Assets | $30.21B | $30.56B | $30.39B | $30.65B | $30.38B | $30.65B | $31.05B | $27.30B |
| Liabilities | $19.30B | $19.48B | $19.20B | $19.09B | $18.57B | $18.62B | $18.82B | $15.26B |
| Equity | $10.90B | $11.07B | $11.19B | $11.55B | $11.81B | $12.02B | $12.23B | $12.04B |
Cash Flow
| Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|---|
| Operating CF | $460.0M | $244.0M | $705.0M | $663.0M | $746.0M | $221.0M | $625.0M |