Nasdaq (NDAQ) EBITDA Margin (2009 - 2026)
Nasdaq's EBITDA Margin came in at 37.48% for Q3 2026, down 0.11 percentage points from 37.59% a year earlier but up 2.85 percentage points from the prior quarter.
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Analysis
Nasdaq (NDAQ) EBITDA Margin (2009 - 2026) Analysis & Trends
Over the trailing twelve months to Sep 30, 2026, Nasdaq reported EBITDA Margin of 37.01%, up 2.36 percentage points year-over-year; for FY2025, it came in at 35.86%, up 3.28 percentage points from FY2024.
- EBITDA Margin has increased in each of the last five years, with a five-year change of +10.33 percentage points (FY2020 to FY2025).
- Going back by year, EBITDA Margin was 32.58% in FY2024 (+1.23 pp), 31.35% in FY2023 (+2.08 pp), 29.26% in FY2022 (+0.06 pp) and 29.20% in FY2021 (+3.68 pp).
- The five-year range for quarterly EBITDA Margin is 26.04% (Q4 2022) to 38.47% (Q1 2026).
- Year-over-year, EBITDA Margin increased in six of the last eight quarters, with an average year-over-year change of +2.74 percentage points.
- The fastest year-over-year change in EBITDA Margin over five years came in Q3 2025 (a gain of 6.00 percentage points), and the weakest in Q4 2022 (a drop of 2.93 percentage points).
- Business Quant data shows NDAQ's EBITDA Margin at 34.64% (Q2 2026), 38.47% (Q1 2026) and 37.85% (Q4 2025) in the three quarters before Q3 2026.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | EBITDA Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Cme | 109.34 Bn | 97.67 Bn | - | 70.50% |
| 2 | Bank of New York Mellon | 103.32 Bn | 36.94 Bn | - | 120.58% |
| 3 | Intercontinental Exchange | 97.84 Bn | 90.74 Bn | - | 49.83% |
| 4 | Robinhood Markets | 73.91 Bn | 53.45 Bn | - | 60.39% |
| 5 | Nasdaq | 60.30 Bn | 57.74 Bn | 1.48 Bn | 37.48% |
| 6 | State Street | 47.09 Bn | 47.09 Bn | - | 91.71% |
| 7 | Cboe Global Markets | 37.14 Bn | 27.62 Bn | 712.20 Mn | 41.36% |
| 8 | Interactive Brokers | 35.28 Bn | 11.58 Bn | - | 145.98% |
| 9 | Northern Trust | 32.35 Bn | 32.35 Bn | - | 174.63% |
| 10 | Tradeweb Markets | 26.89 Bn | 18.69 Bn | - | 54.02% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 37.48% |
| Jun 30, 2026 | 34.64% |
| Mar 31, 2026 | 38.47% |
| Dec 31, 2025 | 37.85% |
| Sep 30, 2025 | 37.59% |
| Jun 30, 2025 | 34.55% |
| Mar 31, 2025 | 33.54% |
| Dec 31, 2024 | 33.00% |
| Sep 30, 2024 | 31.60% |
| Jun 30, 2024 | 32.14% |
| Mar 31, 2024 | 33.75% |
| Dec 31, 2023 | 29.02% |
| Sep 30, 2023 | 34.11% |
| Jun 30, 2023 | 31.19% |
| Mar 31, 2023 | 31.38% |
| Dec 31, 2022 | 26.04% |
| Sep 30, 2022 | 29.61% |
| Jun 30, 2022 | 30.73% |
| Mar 31, 2022 | 30.75% |
| Dec 31, 2021 | 28.97% |
API Access
Nasdaq EBITDA Margin 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=ebitda-margin&ticker=NDAQ&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "ebitda-margin", "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=ebitda-margin&ticker=NDAQ&period=max&api_key=YOUR_API_KEY");
const data = await res.json();