Nasdaq (NDAQ) FCF Margin (2009 - 2026)
Nasdaq's (NDAQ) quarterly FCF Margin came in at 29.43% in Q1 2026, up 14.0% year-on-year from 25.82% in Q1 2025, and up 16.64% quarter-over-quarter from 25.24% in Q4 2025.
Nasdaq (NDAQ) FCF Margin (2009 - 2026) Analysis & Trends
Nasdaq has disclosed FCF Margin across 18 years of filings, most recently posting 29.43% for Q1 2026.
- FCF Margin for Q1 2026 came in at 29.43%, up 14.0% year-over-year; the trailing twelve-month figure through Mar 2026 was 24.12% (up 40.0% YoY), and the FY2025 annual result was 24.07%, up 67.0% from the prior year.
- FCF Margin came in at 29.43% for Q1 2026 at Nasdaq, up from 25.24% in the prior quarter.
- In the past five years, FCF Margin ranged from a high of 251.68% in Q4 2023 to a low of 7.76% in Q3 2025.
- The 5-year median for FCF Margin is 29.08% (2022), against an average of 38.15%.
- Across the five-year window, FCF Margin jumped 22260 bps in 2023 and tumbled 21990 bps in 2024, its largest moves.
- Nasdaq's FCF Margin stood at 29.08% in 2022, then soared by 766 bps to 251.68% in 2023, then slumped by 87 bps to 31.77% in 2024, then declined by 21 bps to 25.24% in 2025, then increased by 17 bps to 29.43% in 2026.
- The last three FCF Margin figures came in at 29.43% (Q1 2026), 25.24% (Q4 2025), and 7.76% (Q3 2025), per Business Quant data.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | FCF Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | S&P Global | 122.27 Bn | 125.38 Bn | 2.94 Bn | 24.21% |
| 2 | Cme | 88.49 Bn | 88.49 Bn | 1.83 Bn | 65.85% |
| 3 | Moodys | 79.74 Bn | 78.38 Bn | 1.55 Bn | 40.60% |
| 4 | Intercontinental Exchange | 76.18 Bn | 74.71 Bn | - | 42.39% |
| 5 | Nasdaq | 46.59 Bn | 45.91 Bn | 1.41 Bn | 29.43% |
| 6 | Coinbase Global | 43.23 Bn | 42.70 Bn | 1.33 Bn | 12.93% |
| 7 | Msci | 42.63 Bn | 42.25 Bn | 765.10 Mn | 33.00% |
| 8 | Cboe Global Markets | 26.37 Bn | 24.20 Bn | 728.90 Mn | 152.48% |
| 9 | TransUnion | 12.50 Bn | 11.93 Bn | 726.20 Mn | 1.53% |
| 10 | Factset Research Systems | 8.21 Bn | 7.92 Bn | 314.28 Mn | 30.39% |
Historic Data
Download Data| Date | Value |
|---|---|
| Mar 31, 2026 | 29.43% |
| Dec 31, 2025 | 25.24% |
| Sep 30, 2025 | 7.76% |
| Jun 30, 2025 | 32.87% |
| 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 | 251.68% |
| 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% |
| Jun 30, 2021 | 2.41% |