Nasdaq (NDAQ) Invested Capital (2009 - 2026)
Nasdaq's Invested Capital was $20.75 billion in Q2 2026, down 1.2% from $21 billion a year earlier and down 1.1% from the prior quarter.
Powered by 
Analysis
Nasdaq (NDAQ) Invested Capital (2009 - 2026) Analysis & Trends
For FY2025, Invested Capital at Nasdaq came in at $21.24 billion, up 2.7% from FY2024.
- Invested Capital shows a five-year compound annual growth rate of 12.1% (FY2020 to FY2025).
- In earlier years, Invested Capital was $20.68 billion in FY2024 (-2.8%), $21.28 billion in FY2023 (+84.0%), $11.56 billion in FY2022 (-5.5%) and $12.24 billion in FY2021 (+2.2%).
- The Q2 2026 figure marks the lowest quarterly Invested Capital since Q4 2024.
- Compared with a year earlier, Invested Capital was higher in six of the last eight quarters, with growth averaging 3.9%.
- The best year-over-year quarter for Invested Capital over five years was Q1 2024 (growth of 84.3%); the worst was Q3 2022 (a decline of 8.4%).
- Per Business Quant data, NDAQ's Invested Capital in the three quarters before Q2 2026 was $21 billion (Q1 2026), $21.24 billion (Q4 2025) and $21.13 billion (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Invested Cap. (Qtr) |
|---|---|---|---|---|---|
| 1 | Cme | 110.42 Bn | 98.52 Bn | - | 29.94 Bn |
| 2 | Intercontinental Exchange | 91.99 Bn | 85.73 Bn | - | 49.47 Bn |
| 3 | Robinhood Markets | 85.56 Bn | 66.60 Bn | - | - |
| 4 | Nasdaq | 57.70 Bn | 55.13 Bn | 1.48 Bn | 20.74 Bn |
| 5 | Interactive Brokers | 36.10 Bn | 13.21 Bn | - | 22.26 Bn |
| 6 | Cboe Global Markets | 35.52 Bn | 27.18 Bn | 731.60 Mn | 7.07 Bn |
| 7 | Tradeweb Markets | 26.08 Bn | 18.10 Bn | - | - |
| 8 | LPL Financial Holdings | 25.10 Bn | 20.42 Bn | - | 13.22 Bn |
| 9 | Circle Internet | 21.19 Bn | 15.07 Bn | 288.85 Mn | 3.51 Bn |
| 10 | Xp | 16.01 Bn | -5.82 Bn | 105.39 Mn | 61.67 Bn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 20.74 Bn |
| Jun 30, 2026 | 20.75 Bn |
| Mar 31, 2026 | 21.00 Bn |
| Dec 31, 2025 | 21.24 Bn |
| Sep 30, 2025 | 21.13 Bn |
| Jun 30, 2025 | 21.00 Bn |
| Mar 31, 2025 | 20.88 Bn |
| Dec 31, 2024 | 20.68 Bn |
| Sep 30, 2024 | 20.94 Bn |
| Jun 30, 2024 | 20.71 Bn |
| Mar 31, 2024 | 20.81 Bn |
| Dec 31, 2023 | 21.28 Bn |
| Sep 30, 2023 | 16.18 Bn |
| Jun 30, 2023 | 16.18 Bn |
| Mar 31, 2023 | 11.29 Bn |
| Dec 31, 2022 | 11.56 Bn |
| Sep 30, 2022 | 11.26 Bn |
| Jun 30, 2022 | 11.57 Bn |
| Mar 31, 2022 | 11.92 Bn |
| Dec 31, 2021 | 12.24 Bn |
API Access
Nasdaq Invested Capital 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=invested-capital&ticker=NDAQ&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "invested-capital", "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=invested-capital&ticker=NDAQ&period=max&api_key=YOUR_API_KEY");
const data = await res.json();