Nasdaq (NDAQ) Operating Margin (2009 - 2026)
Nasdaq recorded quarterly Operating Margin of 30.74% in Q1 2026, up 3.82% quarter-over-quarter from 29.61% in Q4 2025, and up 465.0% year-over-year from 5.44% in Q1 2025.
Nasdaq's Operating Margin history runs 18 years deep, the most recent figure standing at 30.74% for Q1 2026.
- In Q1 2026, Operating Margin rose 465.0% year-over-year to 30.74%; the TTM figure through Mar 2026 stood at 29.37% (up 462.0% YoY), while the FY2025 annual figure was 28.21%, up 392.0% from the prior year.
- Operating Margin came in at 30.74% for Q1 2026 at Nasdaq, up from 29.61% in the prior quarter.
- In the past five years, Operating Margin ranged from a high of 36.91% in Q4 2023 to a low of 22.06% in Q4 2022.
- A 5-year average of 27.14% and a median of 26.55% in 2022 frame the typical range for Operating Margin.
- Across the five-year window, Operating Margin surged 1485 bps in 2023 and sank 1144 bps in 2024, its largest moves.
- Nasdaq's Operating Margin stood at 22.06% in 2022, then soared by 67 bps to 36.91% in 2023, then slumped by 31 bps to 25.47% in 2024, then gained by 16 bps to 29.61% in 2025, then rose by 4 bps to 30.74% in 2026.
- According to Business Quant data, Operating Margin over the past three periods registered 30.74%, 29.61%, and 29.93% for Q1 2026, Q4 2025, and Q3 2025 respectively.
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | S&P Global | 126.06 Bn | 129.16 Bn | 2.94 Bn | 48.00% |
| 2 | Cme | 98.29 Bn | 98.29 Bn | 1.83 Bn | 69.66% |
| 3 | Intercontinental Exchange | 83.83 Bn | 82.37 Bn | - | 55.93% |
| 4 | Moodys | 80.13 Bn | 78.77 Bn | 1.55 Bn | 44.35% |
| 5 | Nasdaq | 52.44 Bn | 51.76 Bn | 1.41 Bn | 30.74% |
| 6 | Coinbase Global | 50.05 Bn | 49.52 Bn | 1.33 Bn | -1.52% |
| 7 | Msci | 46.28 Bn | 45.89 Bn | 765.10 Mn | 53.70% |
| 8 | Cboe Global Markets | 34.92 Bn | 32.75 Bn | 728.90 Mn | 39.72% |
| 9 | TransUnion | 13.79 Bn | 13.22 Bn | 726.20 Mn | 19.65% |
| 10 | Factset Research Systems | 9.06 Bn | 8.78 Bn | 314.28 Mn | 30.27% |
Historic Data
Download Data| Date | Value |
|---|---|
| Mar 31, 2026 | 30.74% |
| Dec 31, 2025 | 29.61% |
| Sep 30, 2025 | 29.93% |
| Jun 30, 2025 | 27.18% |
| 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% |
| Jun 30, 2021 | 26.63% |
| Mar 31, 2021 | 22.11% |
| Dec 31, 2020 | 21.75% |
| Sep 30, 2020 | 23.07% |
| Jun 30, 2020 | 22.53% |
| Mar 31, 2020 | 20.33% |
| Dec 31, 2019 | 24.51% |
| Sep 30, 2019 | 20.62% |
| Jun 30, 2019 | 24.13% |
| Mar 31, 2019 | 26.47% |
| Dec 31, 2018 | 24,100.00% |
| Sep 30, 2018 | 25.52% |
| Jun 30, 2018 | 26.19% |
| Mar 31, 2018 | 23.72% |
| Dec 31, 2017 | 23.65% |
| Sep 30, 2017 | 27.15% |
| Jun 30, 2017 | 24.35% |
| Mar 31, 2017 | 25.39% |
| Dec 31, 2016 | 24.55% |
| Sep 30, 2016 | 25.08% |
| Jun 30, 2016 | 19.40% |
| Mar 31, 2016 | 24.20% |
| Dec 31, 2015 | 16.08% |
| Sep 30, 2015 | 20.34% |
| Jun 30, 2015 | 7.75% |
| Mar 31, 2015 | 7.19% |
| Dec 31, 2014 | 18.80% |
| Sep 30, 2014 | 25.31% |
| Jun 30, 2014 | 22.08% |
| Mar 31, 2014 | 20.49% |
| Dec 31, 2013 | 28.03% |
| Sep 30, 2013 | 25.09% |
| Jun 30, 2013 | 19.53% |
| Mar 31, 2013 | 12.10% |
| Dec 31, 2012 | 23.05% |
| Sep 30, 2012 | 22.79% |
| Jun 30, 2012 | 21.47% |
| Mar 31, 2012 | 21.27% |
| Dec 31, 2011 | 18.98% |
| Sep 30, 2011 | 20.66% |
| Jun 30, 2011 | 18.88% |
| Mar 31, 2011 | 22.45% |
| Dec 31, 2010 | 22.52% |
| Sep 30, 2010 | 21.80% |
| Jun 30, 2010 | 20.20% |
| Mar 31, 2010 | 14.53% |
| Dec 31, 2009 | 18.12% |
| Sep 30, 2009 | 16.17% |
| Jun 30, 2009 | 17.89% |