Nasdaq (NDAQ) Operating Expenses (2009 - 2026)
Nasdaq's Operating Expenses came in at $788 million for Q2 2026, up 6.8% from $738 million a year earlier and up 5.1% from the prior quarter.
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Analysis
Nasdaq (NDAQ) Operating Expenses (2009 - 2026) Analysis & Trends
Over the trailing twelve months to Jun 30, 2026, Nasdaq reported Operating Expenses of $3.03 billion, up 6.8% year-over-year; for FY2025, it was $2.92 billion, up 2.4% from FY2024.
- Operating Expenses has increased in each of the last eight years, with a five-year compound annual growth rate of 11.8% (FY2020 to FY2025).
- Going back by year, Operating Expenses was $2.85 billion in FY2024 (+23.0%), $2.32 billion in FY2023 (+14.8%), $2.02 billion in FY2022 (+2.0%) and $1.98 billion in FY2021 (+18.6%).
- The Q2 2026 figure represents the highest quarterly Operating Expenses in data going back to Q2 2009.
- Year-over-year, Operating Expenses has increased for five consecutive quarters, with growth averaging 6.9% over the last eight quarters.
- The fastest year-over-year change in Operating Expenses over five years came in Q1 2024 (growth of 40.8%), and the weakest in Q4 2024 (a decline of 7.1%).
- Business Quant data shows NDAQ's Operating Expenses at $750 million (Q1 2026), $763 million (Q4 2025) and $729 million (Q3 2025) in the three quarters before Q2 2026.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Robinhood Markets | 104.48 Bn | 85.58 Bn | - | 734.00 Mn |
| 2 | Bank of New York Mellon | 99.71 Bn | 39.09 Bn | - | 3.44 Bn |
| 3 | Cme | 94.57 Bn | 94.57 Bn | - | 599.10 Mn |
| 4 | Intercontinental Exchange | 85.38 Bn | 79.19 Bn | - | 1.28 Bn |
| 5 | Nasdaq | 51.62 Bn | 49.05 Bn | 1.50 Bn | 788.00 Mn |
| 6 | State Street | 48.84 Bn | 48.84 Bn | - | 2.66 Bn |
| 7 | Interactive Brokers | 38.83 Bn | 32.29 Bn | - | 440.00 Mn |
| 8 | Northern Trust | 31.65 Bn | 31.65 Bn | - | 1.64 Bn |
| 9 | Cboe Global Markets | 27.38 Bn | 19.03 Bn | 731.60 Mn | 255.60 Mn |
| 10 | LPL Financial Holdings | 24.26 Bn | 19.58 Bn | - | 4.67 Bn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 788.00 Mn |
| 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 |
API Access
Nasdaq Operating Expenses 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=operating-expenses&ticker=NDAQ&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-expenses", "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=operating-expenses&ticker=NDAQ&period=max&api_key=YOUR_API_KEY");
const data = await res.json();