Nasdaq (NDAQ) FCF Margin (2009 - 2026)
Nasdaq (NDAQ) reported FCF Margin of 19.18% for Q3 2026, up 11.50 percentage points from 7.68% a year earlier but down 5.86 percentage points from the prior quarter.
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Analysis
Nasdaq (NDAQ) FCF Margin (2009 - 2026) Analysis & Trends
Over the twelve months ended Sep 30, 2026, Nasdaq's FCF Margin came in at 24.68%, down 0.89 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 7.68% in Q3 2025 and a high of 37.13% in Q1 2022.
- Year over year, FCF Margin gained in four of the last eight quarters, with an average year-over-year change of +1.82 percentage points.
- The high point for year-over-year FCF Margin in five years was Q2 2022 (a gain of 19.05 percentage points); the low point was Q3 2024 (a drop of 8.24 percentage points).
- Per Business Quant data, the three quarters before Q3 2026 came in at 25.04% (Q2 2026), 29.43% (Q1 2026) and 25.68% (Q4 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | FCF Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Cme | 109.59 Bn | 97.93 Bn | - | 61.60% |
| 2 | Bank of New York Mellon | 100.46 Bn | 34.08 Bn | - | 71.32% |
| 3 | Intercontinental Exchange | 97.18 Bn | 90.07 Bn | - | 28.98% |
| 4 | Robinhood Markets | 72.63 Bn | 52.17 Bn | - | 85.32% |
| 5 | Nasdaq | 59.89 Bn | 57.32 Bn | 1.48 Bn | 19.18% |
| 6 | State Street | 45.42 Bn | 45.42 Bn | - | 47.58% |
| 7 | Cboe Global Markets | 36.91 Bn | 27.39 Bn | 712.20 Mn | 58.36% |
| 8 | Interactive Brokers | 34.30 Bn | 10.61 Bn | - | 42.53% |
| 9 | Northern Trust | 31.46 Bn | 31.46 Bn | - | 131.29% |
| 10 | Tradeweb Markets | 27.14 Bn | 18.94 Bn | - | 57.82% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 19.18% |
| Jun 30, 2026 | 25.04% |
| Mar 31, 2026 | 29.43% |
| Dec 31, 2025 | 25.68% |
| Sep 30, 2025 | 7.68% |
| 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% |
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();