Nasdaq (NDAQ) Operating Margin (2009 - 2026)
Nasdaq (NDAQ) posted Operating Margin of 28.12% for Q2 2026, down 8.53% sequentially from 30.74% in Q1 2026, and up 109.0% YoY from 13.45% in Q2 2025.
Nasdaq (NDAQ) Operating Margin (2009 - 2026) Analysis & Trends
Nasdaq has reported Operating Margin for 18 years, with the latest figure at 28.12% in Q2 2026.
- Quarterly Operating Margin rose 109.0% year-over-year to 28.12% in Q2 2026, while the trailing twelve-month figure through Jun 2026 was 29.53% (up 394.0% YoY) and the FY2025 annual result came in at 28.21%, up 392.0% from the prior year.
- Operating Margin slipped to 28.12% in Q2 2026 per NDAQ's latest filing, from 30.74% in the prior quarter.
- Over five years, Operating Margin peaked at 36.91% in Q4 2023 and troughed at 22.06% in Q4 2022.
- A 5-year average of 27.19% and a median of 26.6% in 2022 frame the typical range for Operating Margin.
- The sharpest annual moves came in 2023 and 2024: Operating Margin soared 1485 bps in 2023, then slumped 1144 bps in 2024.
- Over 5 years, Operating Margin stood at 22.06% in 2022, then jumped by 67 bps to 36.91% in 2023, then tumbled by 31 bps to 25.47% in 2024, then advanced by 16 bps to 29.61% in 2025, then retreated by 5 bps to 28.12% in 2026.
- According to Business Quant data, Operating Margin over the past three periods registered 28.12%, 30.74%, and 29.61% for Q2 2026, Q1 2026, and Q4 2025 respectively.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | S&P Global | 127.38 Bn | 123.24 Bn | 2.98 Bn | 43.70% |
| 2 | Cme | 99.08 Bn | 99.08 Bn | 1.65 Bn | 64.89% |
| 3 | Intercontinental Exchange | 91.27 Bn | 89.31 Bn | - | 38.52% |
| 4 | Moodys | 87.70 Bn | 86.20 Bn | 1.67 Bn | 47.87% |
| 5 | Nasdaq | 55.43 Bn | 54.71 Bn | 1.50 Bn | 28.12% |
| 6 | Coinbase Global | 49.69 Bn | 40.90 Bn | 1.16 Bn | -9.30% |
| 7 | Msci | 41.27 Bn | 40.91 Bn | 717.10 Mn | 56.23% |
| 8 | Cboe Global Markets | 31.47 Bn | 29.08 Bn | 731.60 Mn | 32.99% |
| 9 | TransUnion | 16.51 Bn | 15.67 Bn | 765.00 Mn | 19.70% |
| 10 | Factset Research Systems | 10.86 Bn | 10.55 Bn | 310.73 Mn | 26.70% |
Historic Data
Download 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 | 36.91% |
| 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% |