Netcapital (NCPL) Operating Expenses (2013 - 2026)
Netcapital's Operating Expenses came in at $2.27 million for fiscal Q3 2026 (quarter ended Jan 31, 2026), up 23.7% from $1.83 million a year earlier and up 4.5% from the prior quarter.
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Analysis
Netcapital (NCPL) Operating Expenses (2013 - 2026) Analysis & Trends
Over the trailing twelve months to Jan 31, 2026, Netcapital reported Operating Expenses of $10.23 million, up 17.5% year-over-year; for FY2025 (ended Apr 30, 2025), it was $9.15 million, up 10.4% from FY2024.
- Operating Expenses carries a five-year compound annual growth rate of 72.7% (FY2020 to FY2025).
- Going back by fiscal year, Operating Expenses was $8.29 million in FY2024 (+35.0%), $6.14 million in FY2023 (-4.1%), $6.4 million in FY2022 (+46.7%) and $4.36 million in FY2021 (+633.1%).
- The five-year range for quarterly Operating Expenses is $1.31 million (fiscal Q1 2023) to $3.47 million (fiscal Q1 2026).
- Year-over-year, Operating Expenses increased in six of the last eight quarters, with growth averaging 12.5%.
- The fastest year-over-year change in Operating Expenses over five years came in fiscal Q4 2021 (growth of 715.4%), and the weakest in fiscal Q1 2023 (a decline of 21.5%).
- Business Quant data shows NCPL's Operating Expenses at $2.17 million (Q2 2026), $3.47 million (Q1 2026) and $2.32 million (Q4 2025) in the three fiscal quarters before Q3 2026.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Robinhood Markets | 104.70 Bn | 85.79 Bn | - | 734.00 Mn |
| 2 | Bank of New York Mellon | 100.72 Bn | 40.09 Bn | - | 3.44 Bn |
| 3 | Cme | 94.58 Bn | 94.58 Bn | - | 599.10 Mn |
| 4 | Intercontinental Exchange | 85.83 Bn | 79.63 Bn | - | 1.28 Bn |
| 5 | Nasdaq | 52.05 Bn | 49.49 Bn | 1.50 Bn | 788.00 Mn |
| 6 | State Street | 49.39 Bn | 49.39 Bn | - | 2.66 Bn |
| 7 | Interactive Brokers | 39.24 Bn | 32.69 Bn | - | 440.00 Mn |
| 8 | Northern Trust | 31.94 Bn | 31.94 Bn | - | 1.64 Bn |
| 9 | Cboe Global Markets | 26.47 Bn | 18.13 Bn | 731.60 Mn | 255.60 Mn |
| 10 | Netcapital | 6.06 Mn | 6.06 Mn | 92,524.00 | 2.27 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jan 31, 2026 | 2.27 Mn |
| Oct 31, 2025 | 2.17 Mn |
| Jul 31, 2025 | 3.47 Mn |
| Apr 30, 2025 | 2.32 Mn |
| Jan 31, 2025 | 1.83 Mn |
| Oct 31, 2024 | 2.35 Mn |
| Jul 31, 2024 | 2.64 Mn |
| Apr 30, 2024 | 1.88 Mn |
| Jan 31, 2024 | 2.19 Mn |
| Oct 31, 2023 | 1.97 Mn |
| Jul 31, 2023 | 2.25 Mn |
| Apr 30, 2023 | 1.73 Mn |
| Jan 31, 2023 | 1.69 Mn |
| Oct 31, 2022 | 1.41 Mn |
| Jul 31, 2022 | 1.31 Mn |
| Apr 30, 2022 | 1.31 Mn |
| Jan 31, 2022 | 1.91 Mn |
| Oct 31, 2021 | 1.51 Mn |
| Jul 31, 2021 | 1.67 Mn |
| Apr 30, 2021 | 1.52 Mn |
API Access
Netcapital Operating Expenses API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=operating-expenses&ticker=NCPL&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-expenses", "ticker": "NCPL", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=operating-expenses&ticker=NCPL&period=max&api_key=YOUR_API_KEY");
const data = await res.json();