Nasdaq (NDAQ) Net Margin (2009 - 2026)
Nasdaq (NDAQ) reported Net Margin of 22.57% for Q3 2026, up 1.19 percentage points from 21.37% a year earlier and up 2.54 percentage points from the prior quarter.
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Analysis
Nasdaq (NDAQ) Net Margin (2009 - 2026) Analysis & Trends
Over the twelve months ended Sep 30, 2026, Nasdaq's Net Margin came in at 22.78%, up 2.98 percentage points year-over-year; for FY2025, it came in at 21.64%, up 6.55 percentage points from FY2024.
- Net Margin has a five-year change of +5.05 percentage points (FY2020 to FY2025).
- By year, Net Margin came in at 15.09% in FY2024 (-2.37 pp), 17.46% in FY2023 (-0.61 pp), 18.07% in FY2022 (-2.10 pp) and 20.17% in FY2021 (+3.58 pp).
- Five-year quarterly Net Margin spans a low of 11.96% in Q4 2023 and a high of 24.82% in Q4 2025.
- Year over year, Net Margin gained in seven of the last eight quarters, with an average year-over-year change of +4.66 percentage points.
- The high point for year-over-year Net Margin in five years was Q2 2025 (a gain of 9.13 percentage points); the low point was Q2 2024 (a drop of 6.24 percentage points).
- Per Business Quant data, the three quarters before Q3 2026 came in at 20.02% (Q2 2026), 24.29% (Q1 2026) and 24.82% (Q4 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Net Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Cme | 110.48 Bn | 98.81 Bn | 359.20 Mn | 59.68% |
| 2 | Bank of New York Mellon | 101.69 Bn | 35.78 Bn | - | 28.31% |
| 3 | Intercontinental Exchange | 98.41 Bn | 92.22 Bn | 1.22 Bn | 25.90% |
| 4 | Robinhood Markets | 73.28 Bn | 52.89 Bn | - | 32.87% |
| 5 | Nasdaq | 61.44 Bn | 58.88 Bn | 1.48 Bn | 22.57% |
| 6 | State Street | 46.84 Bn | 43.46 Bn | - | 25.72% |
| 7 | Cboe Global Markets | 38.04 Bn | 28.52 Bn | 712.20 Mn | 31.40% |
| 8 | Interactive Brokers | 35.16 Bn | 18.81 Bn | - | 16.41% |
| 9 | Northern Trust | 32.22 Bn | 32.22 Bn | - | 45.64% |
| 10 | Tradeweb Markets | 30.09 Bn | 22.61 Bn | - | 33.78% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 22.57% |
| Jun 30, 2026 | 20.02% |
| Mar 31, 2026 | 24.29% |
| Dec 31, 2025 | 24.82% |
| Sep 30, 2025 | 21.37% |
| Jun 30, 2025 | 21.51% |
| Mar 31, 2025 | 18.85% |
| Dec 31, 2024 | 17.49% |
| Sep 30, 2024 | 16.09% |
| Jun 30, 2024 | 12.39% |
| Mar 31, 2024 | 13.98% |
| Dec 31, 2023 | 11.96% |
| Sep 30, 2023 | 20.26% |
| Jun 30, 2023 | 18.63% |
| Mar 31, 2023 | 19.70% |
| Dec 31, 2022 | 15.23% |
| Sep 30, 2022 | 18.88% |
| Jun 30, 2022 | 19.78% |
| Mar 31, 2022 | 18.50% |
| Dec 31, 2021 | 17.66% |
API Access
Nasdaq Net 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=net-margin&ticker=NDAQ&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "net-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=net-margin&ticker=NDAQ&period=max&api_key=YOUR_API_KEY");
const data = await res.json();