Nasdaq (NDAQ) Cost of Revenue (2009 - 2026)

Nasdaq's Cost of Revenue history runs 18 years deep, the most recent figure standing at $730.0 million for Q1 2026.

• In Q1 2026, Cost of Revenue fell 15.02% year-over-year to $730.0 million; the TTM figure through Mar 2026 stood at $2.9 billion (down 5.31% YoY), while the FY2025 annual figure was $3.0 billion, up 9.52% from the prior year.
• Cost of Revenue came in at $730.0 million for Q1 2026 at Nasdaq, roughly flat from $732.0 million in the prior quarter.
• In the past five years, Cost of Revenue ranged from a high of $859.0 million in Q1 2025 to a low of $508.0 million in Q2 2023.
• A 5-year average of $665.2 million and a median of $659.0 million in 2022 frame the typical range for Cost of Revenue.
• Across the five-year window, Cost of Revenue slipped 23.39% in 2023 and surged 54.22% in 2025, its largest moves.
• Nasdaq's Cost of Revenue stood at $675.0 million in 2022, then declined by 21.48% to $530.0 million in 2023, then surged by 51.51% to $803.0 million in 2024, then retreated by 8.84% to $732.0 million in 2025, then fell by 0.27% to $730.0 million in 2026.
• According to Business Quant data, Cost of Revenue over the past three periods registered $730.0 million, $732.0 million, and $643.0 million for Q1 2026, Q4 2025, and Q3 2025 respectively.

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