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Nasdaq (NDAQ) Operating Expenses (2016 - 2025)

Nasdaq's Operating Expenses history spans 17 years, with the latest figure at $763.0 million for Q4 2025.

  • For Q4 2025, Operating Expenses rose 7.46% year-over-year to $763.0 million; the TTM value through Dec 2025 reached $2.9 billion, up 2.39%, while the annual FY2025 figure was $2.9 billion, 2.35% up from the prior year.
  • Operating Expenses for Q4 2025 was $763.0 million at Nasdaq, up from $727.0 million in the prior quarter.
  • Across five years, Operating Expenses topped out at $764.0 million in Q4 2023 and bottomed at $470.0 million in Q2 2021.
  • The 5-year median for Operating Expenses is $550.5 million (2022), against an average of $604.1 million.
  • The largest YoY upside for Operating Expenses was 40.84% in 2024 against a maximum downside of 7.07% in 2024.
  • A 5-year view of Operating Expenses shows it stood at $542.0 million in 2021, then increased by 2.95% to $558.0 million in 2022, then soared by 36.92% to $764.0 million in 2023, then decreased by 7.07% to $710.0 million in 2024, then grew by 7.46% to $763.0 million in 2025.
  • Per Business Quant, the three most recent readings for NDAQ's Operating Expenses are $763.0 million (Q4 2025), $727.0 million (Q3 2025), and $738.0 million (Q2 2025).