Nasdaq (NDAQ) Operating Expenses (2009 - 2026)
Nasdaq recorded quarterly Operating Expenses of $750.0 million in Q1 2026, down 1.7% quarter-over-quarter from $763.0 million in Q4 2025, and up 8.7% year-over-year from $690.0 million in Q1 2025.
Nasdaq's Operating Expenses history runs 18 years deep, the most recent figure standing at $750.0 million for Q1 2026.
- In Q1 2026, Operating Expenses rose 8.7% year-over-year to $750.0 million; the TTM figure through Mar 2026 stood at $3.0 billion (up 5.15% YoY), while the FY2025 annual figure was $2.9 billion, up 2.35% from the prior year.
- Operating Expenses came in at $750.0 million for Q1 2026 at Nasdaq, down from $763.0 million in the prior quarter.
- In the past five years, Operating Expenses ranged from a high of $764.0 million in Q4 2023 to a low of $481.0 million in Q2 2022.
- A 5-year average of $638.6 million and a median of $698.0 million in 2024 frame the typical range for Operating Expenses.
- On a YoY basis, Operating Expenses climbed as much as 40.84% in 2024 and fell as far as 7.07% in 2024.
- Nasdaq's Operating Expenses stood at $558.0 million in 2022, then soared by 36.92% to $764.0 million in 2023, then declined by 7.07% to $710.0 million in 2024, then grew by 7.46% to $763.0 million in 2025, then fell by 1.7% to $750.0 million in 2026.
- According to Business Quant data, Operating Expenses over the past three periods registered $750.0 million, $763.0 million, and $729.0 million for Q1 2026, Q4 2025, and Q3 2025 respectively.
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | S&P Global | 126.06 Bn | 129.16 Bn | 2.94 Bn | 2.34 Bn |
| 2 | Cme | 98.29 Bn | 98.29 Bn | 1.83 Bn | 570.40 Mn |
| 3 | Intercontinental Exchange | 83.83 Bn | 82.37 Bn | - | 1.31 Bn |
| 4 | Moodys | 80.13 Bn | 78.77 Bn | 1.55 Bn | 1.16 Bn |
| 5 | Nasdaq | 52.44 Bn | 51.76 Bn | 1.41 Bn | 750.00 Mn |
| 6 | Coinbase Global | 50.05 Bn | 49.52 Bn | 1.33 Bn | 1.43 Bn |
| 7 | Msci | 46.28 Bn | 45.89 Bn | 765.10 Mn | 393.90 Mn |
| 8 | Cboe Global Markets | 34.92 Bn | 32.75 Bn | 728.90 Mn | 223.30 Mn |
| 9 | TransUnion | 13.79 Bn | 13.22 Bn | 726.20 Mn | 1.00 Bn |
| 10 | Factset Research Systems | 9.06 Bn | 8.78 Bn | 314.28 Mn | 426.06 Mn |
Historic Data
Download Data| Date | Value |
|---|---|
| Mar 31, 2026 | 750.00 Mn |
| Dec 31, 2025 | 763.00 Mn |
| Sep 30, 2025 | 729.00 Mn |
| Jun 30, 2025 | 738.00 Mn |
| Mar 31, 2025 | 690.00 Mn |
| Dec 31, 2024 | 710.00 Mn |
| Sep 30, 2024 | 698.00 Mn |
| Jun 30, 2024 | 736.00 Mn |
| Mar 31, 2024 | 707.00 Mn |
| Dec 31, 2023 | 764.00 Mn |
| Sep 30, 2023 | 509.00 Mn |
| Jun 30, 2023 | 543.00 Mn |
| Mar 31, 2023 | 502.00 Mn |
| Dec 31, 2022 | 558.00 Mn |
| Sep 30, 2022 | 492.00 Mn |
| Jun 30, 2022 | 481.00 Mn |
| Mar 31, 2022 | 487.00 Mn |
| Dec 31, 2021 | 542.00 Mn |
| Sep 30, 2021 | 482.00 Mn |
| Jun 30, 2021 | 470.00 Mn |
| Mar 31, 2021 | 486.00 Mn |
| Dec 31, 2020 | 470.00 Mn |
| Sep 30, 2020 | 389.00 Mn |
| Jun 30, 2020 | 384.00 Mn |
| Mar 31, 2020 | 426.00 Mn |
| Dec 31, 2019 | 386.00 Mn |
| Sep 30, 2019 | 406.00 Mn |
| Jun 30, 2019 | 367.00 Mn |
| Mar 31, 2019 | 359.00 Mn |
| Dec 31, 2018 | 403.00 Mn |
| Sep 30, 2018 | 354.00 Mn |
| Jun 30, 2018 | 346.00 Mn |
| Mar 31, 2018 | 393.00 Mn |
| Dec 31, 2017 | 390.00 Mn |
| Sep 30, 2017 | 341.00 Mn |
| Jun 30, 2017 | 354.00 Mn |
| Mar 31, 2017 | 335.00 Mn |
| Dec 31, 2016 | 388.00 Mn |
| Sep 30, 2016 | 352.00 Mn |
| Jun 30, 2016 | 385.00 Mn |
| Mar 31, 2016 | 315.00 Mn |
| Dec 31, 2015 | 291.00 Mn |
| Sep 30, 2015 | 298.00 Mn |
| Jun 30, 2015 | 301.00 Mn |
| Mar 31, 2015 | 480.00 Mn |
| Dec 31, 2014 | 345.00 Mn |
| Sep 30, 2014 | 290.00 Mn |
| Jun 30, 2014 | 332.00 Mn |
| Mar 31, 2014 | 345.00 Mn |
| Dec 31, 2013 | 282.00 Mn |
| Sep 30, 2013 | 304.00 Mn |
| Jun 30, 2013 | 292.00 Mn |
| Mar 31, 2013 | 328.00 Mn |
| Dec 31, 2012 | 247.00 Mn |
| Sep 30, 2012 | 242.00 Mn |
| Jun 30, 2012 | 252.00 Mn |
| Mar 31, 2012 | 243.00 Mn |
| Dec 31, 2011 | 267.00 Mn |
| Sep 30, 2011 | 241.00 Mn |
| Jun 30, 2011 | 257.00 Mn |
| Mar 31, 2011 | 230.00 Mn |
| Dec 31, 2010 | 220.00 Mn |
| Sep 30, 2010 | 207.00 Mn |
| Jun 30, 2010 | 211.00 Mn |
| Mar 31, 2010 | 248.00 Mn |
| Dec 31, 2009 | 221.00 Mn |
| Sep 30, 2009 | 218.00 Mn |
| Jun 30, 2009 | 208.00 Mn |