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

Nasdaq (NDAQ) has reported Cost of Revenue for 18 consecutive years, with $1.0 billion the latest figure, recorded in Q2 2026.

• Quarterly Cost of Revenue rose 29.81% year-over-year to $1.0 billion in Q2 2026, while the trailing twelve-month figure through Jun 2026 was $3.1 billion (down 2.37% YoY) and the FY2025 annual result came in at $3.0 billion, up 9.52% from the prior year.
• Cost of Revenue advanced to $1.0 billion in Q2 2026 per NDAQ's latest filing, from $730.0 million in the prior quarter.
• Over the last five years, Cost of Revenue for NDAQ reached as high as $1.0 billion in Q2 2026 and fell as low as $508.0 million in Q2 2023.
• A 5-year average of $686.2 million and a median of $663.0 million in 2022 frame the typical range for Cost of Revenue.
• Annual changes were most pronounced in 2023 — Cost of Revenue fell 23.39% — and 2025, when it surged 54.22%.
• Year by year, Cost of Revenue stood at $675.0 million in 2022, then slipped by 21.48% to $530.0 million in 2023, then soared by 51.51% to $803.0 million in 2024, then declined by 8.84% to $732.0 million in 2025, then soared by 40.98% to $1.0 billion in 2026.
• According to Business Quant data, Cost of Revenue over the past three periods registered $1.0 billion, $730.0 million, and $732.0 million for Q2 2026, Q1 2026, and Q4 2025 respectively.