Nasdaq (NDAQ) Gross Margin (2009 - 2026)
Nasdaq (NDAQ) reported Gross Margin of 61.89% for Q3 2026, down 4.56 percentage points from 66.45% a year earlier but up 2.65 percentage points from the prior quarter.
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Analysis
Nasdaq (NDAQ) Gross Margin (2009 - 2026) Analysis & Trends
Over the twelve months ended Sep 30, 2026, Nasdaq's Gross Margin came in at 63.18%, up 1.21 percentage points year-over-year; for FY2025, it was 63.53%, up 0.71 percentage points from FY2024.
- Gross Margin has a five-year change of +11.92 percentage points (FY2020 to FY2025).
- By year, Gross Margin came in at 62.82% in FY2024 (-1.41 pp), 64.23% in FY2023 (+6.70 pp), 57.53% in FY2022 (-0.57 pp) and 58.10% in FY2021 (+6.50 pp).
- Five-year quarterly Gross Margin spans a low of 57.16% in Q3 2022 and a high of 67.82% in Q4 2023.
- Year over year, Gross Margin gained in three of the last eight quarters, with an average year-over-year change of -0.73 percentage points.
- The high point for year-over-year Gross Margin in five years was Q4 2023 (a gain of 10.49 percentage points); the low point was Q1 2025 (a drop of 7.71 percentage points).
- Per Business Quant data, the three quarters before Q3 2026 came in at 59.24% (Q2 2026), 65.84% (Q1 2026) and 66.70% (Q4 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Cme | 109.34 Bn | 97.67 Bn | - | - |
| 2 | Bank of New York Mellon | 103.32 Bn | 36.94 Bn | - | - |
| 3 | Intercontinental Exchange | 97.84 Bn | 90.74 Bn | - | - |
| 4 | Robinhood Markets | 73.91 Bn | 53.45 Bn | - | - |
| 5 | Nasdaq | 60.30 Bn | 57.74 Bn | 1.48 Bn | 61.89% |
| 6 | State Street | 47.09 Bn | 47.09 Bn | - | - |
| 7 | Cboe Global Markets | 37.14 Bn | 27.62 Bn | 712.20 Mn | 52.41% |
| 8 | Interactive Brokers | 35.28 Bn | 11.58 Bn | - | - |
| 9 | Northern Trust | 32.35 Bn | 32.35 Bn | - | - |
| 10 | Tradeweb Markets | 26.89 Bn | 18.69 Bn | - | - |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 61.89% |
| Jun 30, 2026 | 59.24% |
| Mar 31, 2026 | 65.84% |
| Dec 31, 2025 | 66.70% |
| Sep 30, 2025 | 66.45% |
| 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 | 67.82% |
| 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% |
API Access
Nasdaq Gross 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=gross-margin&ticker=NDAQ&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "gross-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=gross-margin&ticker=NDAQ&period=max&api_key=YOUR_API_KEY");
const data = await res.json();