Nasdaq (NDAQ) Gross Margin (2009 - 2026)
Nasdaq's (NDAQ) quarterly Gross Margin came in at 59.24% in Q2 2026, down 292.0% year-over-year from 30.86% in Q2 2025, and down 10.02% quarter-over-quarter from 65.84% in Q1 2026.
Powered by 
Analysis
Nasdaq (NDAQ) Gross Margin (2009 - 2026) Analysis & Trends
Nasdaq has disclosed Gross Margin across 18 years of filings, most recently posting 59.24% for Q2 2026.
- In Q2 2026, Gross Margin fell 292.0% year-over-year to 59.24%; the TTM figure through Jun 2026 stood at 64.15% (up 368.0% YoY), while the FY2025 annual figure was 63.53%, up 71.0% from the prior year.
- Gross Margin came in at 59.24% for Q2 2026 at Nasdaq, down from 65.84% in the prior quarter.
- In the past five years, Gross Margin ranged from a high of 749.66% in Q4 2023 to a low of 57.16% in Q3 2022.
- Average Gross Margin over 5 years is 99.99%, with a median of 61.3% recorded in 2025.
- Year-over-year, Gross Margin surged 69233 bps in 2023 and tumbled 68922 bps in 2024.
- Over 5 years, Gross Margin stood at 57.33% in 2022, then jumped by 1208 bps to 749.66% in 2023, then tumbled by 92 bps to 60.44% in 2024, then advanced by 8 bps to 65.54% in 2025, then decreased by 10 bps to 59.24% in 2026.
- Per Business Quant data, the three most recent Gross Margin figures were 59.24% in Q2 2026, 65.84% in Q1 2026, and 65.54% in Q4 2025.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Cme | 98.87 Bn | 98.87 Bn | 1.65 Bn | 96.49% |
| 2 | Intercontinental Exchange | 87.74 Bn | 85.78 Bn | - | - |
| 3 | Nasdaq | 52.10 Bn | 51.38 Bn | 1.50 Bn | 59.24% |
| 4 | Cboe Global Markets | 29.71 Bn | 27.32 Bn | 731.60 Mn | 50.71% |
| 5 | Tradeweb Markets | 21.74 Bn | 19.68 Bn | - | - |
| 6 | Marketaxess Holdings | 5.74 Bn | 5.45 Bn | - | - |
| 7 | Miami International Holdings | 4.02 Bn | 3.34 Bn | 141.11 Mn | 36.40% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 59.24% |
| Mar 31, 2026 | 65.84% |
| Dec 31, 2025 | 65.54% |
| Sep 30, 2025 | 67.16% |
| Jun 30, 2025 | 62.16% |
| Mar 31, 2025 | 59.02% |
| Dec 31, 2024 | 60.44% |
| Sep 30, 2024 | 60.25% |
| Jun 30, 2024 | 64.68% |
| Mar 31, 2024 | 66.73% |
| Dec 31, 2023 | 749.66% |
| Sep 30, 2023 | 64.78% |
| Jun 30, 2023 | 64.55% |
| Mar 31, 2023 | 59.62% |
| Dec 31, 2022 | 57.33% |
| Sep 30, 2022 | 57.16% |
| Jun 30, 2022 | 57.54% |
| Mar 31, 2022 | 58.11% |
| Dec 31, 2021 | 60.40% |
| Sep 30, 2021 | 61.75% |