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

Nasdaq has disclosed Cost of Revenue across 18 years of filings, most recently posting $730.0 million for Q1 2026.

• Cost of Revenue for Q1 2026 came in at $730.0 million, down 15.02% year-over-year; the trailing twelve-month figure through Mar 2026 was $2.9 billion (down 5.31% YoY), and the FY2025 annual result 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.
• The 5-year median for Cost of Revenue is $659.0 million (2022), against an average of $665.2 million.
• Across the five-year window, Cost of Revenue decreased 23.39% in 2023 and jumped 54.22% in 2025, its largest moves.
• Nasdaq's Cost of Revenue stood at $675.0 million in 2022, then dropped by 21.48% to $530.0 million in 2023, then jumped by 51.51% to $803.0 million in 2024, then fell by 8.84% to $732.0 million in 2025, then declined by 0.27% to $730.0 million in 2026.
• The last three Cost of Revenue figures came in at $730.0 million (Q1 2026), $732.0 million (Q4 2025), and $643.0 million (Q3 2025), per Business Quant data.