Nasdaq (NDAQ) Operating Margin (2009 - 2026)
Nasdaq (NDAQ) recorded Operating Margin of 30.59% in Q3 2026, up 0.98 percentage points from 29.61% a year earlier and up 2.47 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 29.84% as of Sep 30, 2026, up 2.81 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 eight consecutive quarters, with an average year-over-year change of +3.31 percentage points over the last eight quarters.
- Peak year-over-year performance for Operating Margin in the last five years was a gain of 6.06 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 28.12% (Q2 2026), 30.74% (Q1 2026) and 30.14% (Q4 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Cme | 108.45 Bn | 96.78 Bn | - | 65.70% |
| 2 | Bank of New York Mellon | 103.42 Bn | 37.04 Bn | - | - |
| 3 | Intercontinental Exchange | 97.62 Bn | 90.52 Bn | - | 38.84% |
| 4 | Robinhood Markets | 76.31 Bn | 55.85 Bn | - | - |
| 5 | Nasdaq | 60.49 Bn | 57.93 Bn | 1.48 Bn | 30.59% |
| 6 | State Street | 47.20 Bn | 47.20 Bn | - | - |
| 7 | Cboe Global Markets | 36.71 Bn | 27.19 Bn | 712.20 Mn | 39.32% |
| 8 | Interactive Brokers | 35.41 Bn | 11.72 Bn | - | - |
| 9 | Northern Trust | 32.29 Bn | 32.29 Bn | - | - |
| 10 | Tradeweb Markets | 26.79 Bn | 18.59 Bn | - | 43.36% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 30.59% |
| Jun 30, 2026 | 28.12% |
| Mar 31, 2026 | 30.74% |
| Dec 31, 2025 | 30.14% |
| Sep 30, 2025 | 29.61% |
| 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% |
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();