Nasdaq (NDAQ) Operating Margin (2009 - 2026)
Nasdaq (NDAQ) recorded Operating Margin of 28.12% in Q2 2026, up 1.09 percentage points from 27.03% a year earlier but down 2.62 percentage points from the prior quarter.
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Analysis
Nasdaq (NDAQ) Operating Margin (2009 - 2026) Analysis & Trends
On a TTM basis, Nasdaq's Operating Margin came in at 29.53% as of Jun 30, 2026, up 3.94 percentage points year-over-year; for FY2025, it was 28.21%, up 3.92 percentage points from FY2024.
- Annual Operating Margin has a five-year change of +6.28 percentage points (FY2020 to FY2025).
- Across earlier years, Operating Margin came in at 24.30% in FY2024 (-1.73 pp), 26.02% in FY2023 (+0.90 pp), 25.12% in FY2022 (+0.64 pp) and 24.48% in FY2021 (+2.54 pp).
- Quarterly Operating Margin has ranged from 21.43% in Q4 2023 to 30.74% in Q1 2026 over the past five years.
- On a year-over-year basis, Operating Margin has increased for seven consecutive quarters, with an average year-over-year change of +2.40 percentage points over the last eight quarters.
- Peak year-over-year performance for Operating Margin in the last five years was a gain of 6.37 percentage points in Q3 2025, against a drop of 6.15 percentage points in Q3 2024 at the low end.
- Per Business Quant, the preceding three quarters came in at 30.74% (Q1 2026), 29.61% (Q4 2025) and 29.93% (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Cme | 105.82 Bn | 93.92 Bn | - | 64.89% |
| 2 | Intercontinental Exchange | 89.41 Bn | 83.14 Bn | - | 38.52% |
| 3 | Robinhood Markets | 86.77 Bn | 67.81 Bn | - | - |
| 4 | Nasdaq | 52.58 Bn | 50.01 Bn | 1.50 Bn | 28.12% |
| 5 | Interactive Brokers | 36.48 Bn | 13.59 Bn | - | - |
| 6 | Cboe Global Markets | 32.16 Bn | 23.82 Bn | 731.60 Mn | 32.99% |
| 7 | LPL Financial Holdings | 25.21 Bn | 20.53 Bn | - | - |
| 8 | Tradeweb Markets | 24.34 Bn | 16.35 Bn | - | 43.88% |
| 9 | Circle Internet | 20.17 Bn | 14.05 Bn | 288.85 Mn | 4.90% |
| 10 | Xp | 15.94 Bn | -5.89 Bn | 105.39 Mn | 113.62% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 28.12% |
| Mar 31, 2026 | 30.74% |
| Dec 31, 2025 | 29.61% |
| Sep 30, 2025 | 29.93% |
| Jun 30, 2025 | 27.03% |
| Mar 31, 2025 | 26.10% |
| Dec 31, 2024 | 25.47% |
| Sep 30, 2024 | 23.55% |
| Jun 30, 2024 | 23.60% |
| Mar 31, 2024 | 24.49% |
| Dec 31, 2023 | 21.43% |
| Sep 30, 2023 | 29.70% |
| Jun 30, 2023 | 26.66% |
| Mar 31, 2023 | 26.88% |
| Dec 31, 2022 | 22.06% |
| Sep 30, 2022 | 25.56% |
| Jun 30, 2022 | 26.55% |
| Mar 31, 2022 | 26.38% |
| Dec 31, 2021 | 23.45% |
| Sep 30, 2021 | 26.23% |
API Access
Nasdaq Operating 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=operating-margin&ticker=NDAQ&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-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=operating-margin&ticker=NDAQ&period=max&api_key=YOUR_API_KEY");
const data = await res.json();