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Nasdaq (NDAQ) Cost of Revenue (2016 - 2025)

Nasdaq's Cost of Revenue history spans 17 years, with the latest figure at $732.0 million for Q4 2025.

  • For Q4 2025, Cost of Revenue fell 8.84% year-over-year to $732.0 million; the TTM value through Dec 2025 reached $3.0 billion, up 9.52%, while the annual FY2025 figure was $3.0 billion, 9.52% up from the prior year.
  • Cost of Revenue for Q4 2025 was $732.0 million at Nasdaq, up from $644.0 million in the prior quarter.
  • Across five years, Cost of Revenue topped out at $853.0 million in Q1 2025 and bottomed at $508.0 million in Q2 2023.
  • The 5-year median for Cost of Revenue is $643.5 million (2022), against an average of $652.1 million.
  • The largest annual shift saw Cost of Revenue dropped 25.68% in 2021 before it skyrocketed 53.14% in 2025.
  • A 5-year view of Cost of Revenue shows it stood at $581.0 million in 2021, then rose by 16.18% to $675.0 million in 2022, then decreased by 21.48% to $530.0 million in 2023, then surged by 51.51% to $803.0 million in 2024, then dropped by 8.84% to $732.0 million in 2025.
  • Per Business Quant, the three most recent readings for NDAQ's Cost of Revenue are $732.0 million (Q4 2025), $644.0 million (Q3 2025), and $784.0 million (Q2 2025).