Nasdaq (NDAQ) Cost of Revenue (2009 - 2026)
Nasdaq (NDAQ) recorded Cost of Revenue of $1.03 billion in Q2 2026, up 29.8% from $795 million a year earlier and up 41.4% from the prior quarter.
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Analysis
Nasdaq (NDAQ) Cost of Revenue (2009 - 2026) Analysis & Trends
On a TTM basis, Nasdaq's Cost of Revenue came in at $3.14 billion as of Jun 30, 2026, down 2.4% year-over-year; for FY2025, it came in at $3.01 billion, up 9.5% from FY2024.
- Annual Cost of Revenue has a five-year compound annual growth rate of 2.1% (FY2020 to FY2025).
- Across earlier years, Cost of Revenue came in at $2.75 billion in FY2024 (+26.8%), $2.17 billion in FY2023 (-18.0%), $2.64 billion in FY2022 (+7.2%) and $2.47 billion in FY2021 (-9.4%).
- The Q2 2026 figure is the highest quarterly Cost of Revenue in data going back to Q2 2009.
- On a year-over-year basis, Cost of Revenue rose in five of the last eight quarters, with growth averaging 21.3%.
- Peak year-over-year performance for Cost of Revenue in the last five years was growth of 54.2% in Q1 2025, against a decline of 25.6% in Q3 2021 at the low end.
- Per Business Quant, the preceding three quarters came in at $730 million (Q1 2026), $732 million (Q4 2025) and $643 million (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Cost of Rev (Qtr) |
|---|---|---|---|---|---|
| 1 | Robinhood Markets | 101.35 Bn | 82.45 Bn | - | - |
| 2 | Bank of New York Mellon | 98.65 Bn | 38.02 Bn | - | - |
| 3 | Cme | 94.54 Bn | 94.54 Bn | - | - |
| 4 | Intercontinental Exchange | 84.23 Bn | 78.04 Bn | - | - |
| 5 | Nasdaq | 50.77 Bn | 48.20 Bn | 1.50 Bn | 1.03 Bn |
| 6 | State Street | 48.31 Bn | 48.31 Bn | - | - |
| 7 | Interactive Brokers | 39.79 Bn | 33.24 Bn | - | - |
| 8 | Northern Trust | 31.37 Bn | 31.37 Bn | - | - |
| 9 | Cboe Global Markets | 28.34 Bn | 20.00 Bn | 731.60 Mn | 711.20 Mn |
| 10 | LPL Financial Holdings | 24.92 Bn | 20.24 Bn | - | - |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 1.03 Bn |
| Mar 31, 2026 | 730.00 Mn |
| Dec 31, 2025 | 732.00 Mn |
| Sep 30, 2025 | 643.00 Mn |
| Jun 30, 2025 | 795.00 Mn |
| Mar 31, 2025 | 859.00 Mn |
| Dec 31, 2024 | 803.00 Mn |
| Sep 30, 2024 | 756.00 Mn |
| Jun 30, 2024 | 633.00 Mn |
| Mar 31, 2024 | 557.00 Mn |
| Dec 31, 2023 | 530.00 Mn |
| Sep 30, 2023 | 511.00 Mn |
| Jun 30, 2023 | 508.00 Mn |
| Mar 31, 2023 | 619.00 Mn |
| Dec 31, 2022 | 675.00 Mn |
| Sep 30, 2022 | 667.00 Mn |
| Jun 30, 2022 | 659.00 Mn |
| Mar 31, 2022 | 643.00 Mn |
| Dec 31, 2021 | 581.00 Mn |
| Sep 30, 2021 | 519.00 Mn |
API Access
Nasdaq Cost of Revenue 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=cost-of-revenue&ticker=NDAQ&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "cost-of-revenue", "ticker": "NDAQ", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=cost-of-revenue&ticker=NDAQ&period=max&api_key=YOUR_API_KEY");
const data = await res.json();