Nasdaq (NDAQ) FCF Margin (2009 - 2026)
Nasdaq (NDAQ) reported FCF Margin of 25.04% for Q2 2026, down 7.66 percentage points from 32.70% a year earlier and down 4.39 percentage points from the prior quarter.
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Analysis
Nasdaq (NDAQ) FCF Margin (2009 - 2026) Analysis & Trends
Over the twelve months ended Jun 30, 2026, Nasdaq's FCF Margin came in at 22.29%, down 3.96 percentage points year-over-year; for FY2025, it came in at 24.07%, up 0.67 percentage points from FY2024.
- FCF Margin has a five-year change of +5.16 percentage points (FY2020 to FY2025).
- By year, FCF Margin came in at 23.41% in FY2024 (-1.96 pp), 25.36% in FY2023 (+0.40 pp), 24.96% in FY2022 (+9.33 pp) and 15.63% in FY2021 (-3.29 pp).
- Five-year quarterly FCF Margin spans a low of 7.76% in Q3 2025 and a high of 37.13% in Q1 2022.
- Year over year, FCF Margin gained in three of the last eight quarters, with an average year-over-year change of -0.69 percentage points.
- The high point for year-over-year FCF Margin in five years was Q3 2021 (a gain of 19.27 percentage points); the low point was Q3 2024 (a drop of 8.24 percentage points).
- Per Business Quant data, the three quarters before Q2 2026 came in at 29.43% (Q1 2026), 25.24% (Q4 2025) and 7.76% (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | FCF Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Cme | 105.82 Bn | 93.92 Bn | - | 54.13% |
| 2 | Intercontinental Exchange | 89.41 Bn | 83.14 Bn | - | 51.34% |
| 3 | Robinhood Markets | 86.77 Bn | 67.81 Bn | - | 54.13% |
| 4 | Nasdaq | 52.58 Bn | 50.01 Bn | 1.50 Bn | 25.04% |
| 5 | Interactive Brokers | 36.48 Bn | 13.59 Bn | - | 326.90% |
| 6 | Cboe Global Markets | 32.16 Bn | 23.82 Bn | 731.60 Mn | -37.17% |
| 7 | LPL Financial Holdings | 25.21 Bn | 20.53 Bn | - | 3.90% |
| 8 | Tradeweb Markets | 24.34 Bn | 16.35 Bn | - | 69.02% |
| 9 | Circle Internet | 20.17 Bn | 14.05 Bn | 288.85 Mn | 73.63% |
| 10 | Xp | 15.94 Bn | -5.89 Bn | 105.39 Mn | -59.09% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 25.04% |
| Mar 31, 2026 | 29.43% |
| Dec 31, 2025 | 25.24% |
| Sep 30, 2025 | 7.76% |
| Jun 30, 2025 | 32.70% |
| Mar 31, 2025 | 29.29% |
| Dec 31, 2024 | 31.77% |
| Sep 30, 2024 | 9.88% |
| Jun 30, 2024 | 22.77% |
| Mar 31, 2024 | 29.33% |
| Dec 31, 2023 | 22.77% |
| Sep 30, 2023 | 18.13% |
| Jun 30, 2023 | 26.17% |
| Mar 31, 2023 | 34.25% |
| Dec 31, 2022 | 29.08% |
| Sep 30, 2022 | 12.27% |
| Jun 30, 2022 | 21.46% |
| Mar 31, 2022 | 37.13% |
| Dec 31, 2021 | 22.77% |
| Sep 30, 2021 | 14.74% |
API Access
Nasdaq FCF 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=fcf-margin&ticker=NDAQ&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "fcf-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=fcf-margin&ticker=NDAQ&period=max&api_key=YOUR_API_KEY");
const data = await res.json();