Nasdaq (NDAQ) Tax Rate (2009 - 2026)
Nasdaq recorded quarterly Tax Rate of 23.34% in Q1 2026, up 118.33% quarter-over-quarter from 10.69% in Q4 2025, and up 428.0% year-over-year from 4.42% in Q1 2025.
Nasdaq's Tax Rate history runs 18 years deep, the most recent figure standing at 23.34% for Q1 2026.
- In Q1 2026, Tax Rate rose 428.0% year-over-year to 23.34%; the TTM figure through Mar 2026 stood at 18.08% (down 329.0% YoY), while the FY2025 annual figure was 16.69%, down 636.0% from the prior year.
- Tax Rate came in at 23.34% for Q1 2026 at Nasdaq, up from 10.69% in the prior quarter.
- In the past five years, Tax Rate ranged from a high of 34.9% in Q2 2024 to a low of 10.69% in Q4 2025.
- A 5-year average of 22.29% and a median of 23.04% in 2022 frame the typical range for Tax Rate.
- Across the five-year window, Tax Rate surged 1413 bps in 2024 and tumbled 1738 bps in 2025, its largest moves.
- Nasdaq's Tax Rate stood at 25.47% in 2022, then increased by 16 bps to 29.5% in 2023, then tumbled by 35 bps to 19.13% in 2024, then slumped by 44 bps to 10.69% in 2025, then surged by 118 bps to 23.34% in 2026.
- According to Business Quant data, Tax Rate over the past three periods registered 23.34%, 10.69%, and 20.04% for Q1 2026, Q4 2025, and Q3 2025 respectively.
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Tax Rate (Qtr) |
|---|---|---|---|---|---|
| 1 | S&P Global | 126.06 Bn | 129.16 Bn | 2.94 Bn | 21.17 |
| 2 | Cme | 98.29 Bn | 98.29 Bn | 1.83 Bn | 23.60 |
| 3 | Intercontinental Exchange | 83.83 Bn | 82.37 Bn | - | 24.51 |
| 4 | Moodys | 80.13 Bn | 78.77 Bn | 1.55 Bn | 24.02 |
| 5 | Nasdaq | 52.44 Bn | 51.76 Bn | 1.41 Bn | 23.34 |
| 6 | Coinbase Global | 50.05 Bn | 49.52 Bn | 1.33 Bn | 15.19 |
| 7 | Msci | 46.28 Bn | 45.89 Bn | 765.10 Mn | -4.32 |
| 8 | Cboe Global Markets | 34.92 Bn | 32.75 Bn | 728.90 Mn | 25.18 |
| 9 | TransUnion | 13.79 Bn | 13.22 Bn | 726.20 Mn | 6.45 |
| 10 | Factset Research Systems | 9.06 Bn | 8.78 Bn | 314.28 Mn | 17.41 |
Historic Data
Download Data| Date | Value |
|---|---|
| Mar 31, 2026 | 23.34 |
| Mar 31, 2026 | 23.34 |
| Dec 31, 2025 | 10.69 |
| Dec 31, 2025 | 10.69 |
| Sep 30, 2025 | 20.04 |
| Sep 30, 2025 | 20.04 |
| Jun 30, 2025 | 17.52 |
| Jun 30, 2025 | 17.52 |
| Mar 31, 2025 | 19.06 |
| Mar 31, 2025 | 19.06 |
| Dec 31, 2024 | 19.13 |
| Dec 31, 2024 | 19.13 |
| Sep 30, 2024 | 14.33 |
| Sep 30, 2024 | 14.33 |
| Jun 30, 2024 | 34.90 |
| Jun 30, 2024 | 34.90 |
| Mar 31, 2024 | 25.32 |
| Mar 31, 2024 | 25.32 |
| Dec 31, 2023 | 29.50 |
| Dec 31, 2023 | 29.50 |
| Sep 30, 2023 | 24.81 |
| Sep 30, 2023 | 24.81 |
| Jun 30, 2023 | 20.77 |
| Jun 30, 2023 | 20.77 |
| Mar 31, 2023 | 23.99 |
| Mar 31, 2023 | 23.99 |
| Dec 31, 2022 | 25.47 |
| Dec 31, 2022 | 25.47 |
| Sep 30, 2022 | 23.04 |
| Sep 30, 2022 | 23.04 |
| Jun 30, 2022 | 22.67 |
| Jun 30, 2022 | 22.67 |
| Mar 31, 2022 | 24.33 |
| Mar 31, 2022 | 24.33 |
| Dec 31, 2021 | 17.52 |
| Dec 31, 2021 | 17.52 |
| Sep 30, 2021 | 22.37 |
| Sep 30, 2021 | 22.37 |
| Jun 30, 2021 | 24.89 |
| Jun 30, 2021 | 24.89 |
| Mar 31, 2021 | 24.56 |
| Mar 31, 2021 | 24.56 |
| Dec 31, 2020 | 15.73 |
| Dec 31, 2020 | 15.73 |
| Sep 30, 2020 | 26.05 |
| Sep 30, 2020 | 26.05 |
| Jun 30, 2020 | 23.73 |
| Jun 30, 2020 | 23.73 |
| Mar 31, 2020 | 25.64 |
| Mar 31, 2020 | 25.64 |
| Dec 31, 2019 | 19.44 |
| Dec 31, 2019 | 19.44 |
| Sep 30, 2019 | 30.23 |
| Sep 30, 2019 | 30.23 |
| Jun 30, 2019 | 27.20 |
| Jun 30, 2019 | 27.20 |
| Mar 31, 2019 | 21.09 |
| Mar 31, 2019 | 21.09 |
| Dec 31, 2018 | 113.41 |
| Dec 31, 2018 | 113.41 |
| Sep 30, 2018 | 22.01 |
| Sep 30, 2018 | 22.01 |
| Jun 30, 2018 | 43.75 |
| Jun 30, 2018 | 43.75 |
| Mar 31, 2018 | 25.94 |
| Mar 31, 2018 | 25.94 |
| Dec 31, 2017 | -16.59 |
| Dec 31, 2017 | -16.59 |
| Sep 30, 2017 | 27.35 |
| Sep 30, 2017 | 27.35 |
| Jun 30, 2017 | 30.81 |
| Jun 30, 2017 | 30.81 |
| Mar 31, 2017 | 21.86 |
| Mar 31, 2017 | 21.86 |
| Dec 31, 2016 | 44.36 |
| Dec 31, 2016 | 44.36 |
| Sep 30, 2016 | 34.17 |
| Sep 30, 2016 | 34.17 |
| Jun 30, 2016 | 52.05 |
| Jun 30, 2016 | 52.05 |
| Mar 31, 2016 | 32.31 |
| Mar 31, 2016 | 32.31 |
| Dec 31, 2015 | 32.42 |
| Dec 31, 2015 | 32.42 |
| Sep 30, 2015 | 33.01 |
| Sep 30, 2015 | 33.01 |
| Jun 30, 2015 | 31.25 |
| Jun 30, 2015 | 31.25 |
| Mar 31, 2015 | 35.71 |
| Mar 31, 2015 | 35.71 |
| Dec 31, 2014 | 11.34 |
| Dec 31, 2014 | 11.34 |
| Sep 30, 2014 | 31.28 |
| Sep 30, 2014 | 31.28 |
| Jun 30, 2014 | 37.65 |
| Jun 30, 2014 | 37.65 |
| Mar 31, 2014 | 33.97 |
| Mar 31, 2014 | 33.97 |
| Dec 31, 2013 | 40.00 |
| Dec 31, 2013 | 40.00 |
| Sep 30, 2013 | 33.92 |
| Sep 30, 2013 | 33.92 |
| Jun 30, 2013 | 34.81 |
| Jun 30, 2013 | 34.81 |
| Mar 31, 2013 | 28.81 |
| Mar 31, 2013 | 28.81 |
| Dec 31, 2012 | -33.66 |
| Dec 31, 2012 | -33.66 |
| Sep 30, 2012 | 33.58 |
| Sep 30, 2012 | 33.58 |
| Jun 30, 2012 | 26.40 |
| Jun 30, 2012 | 26.40 |
| Mar 31, 2012 | 38.69 |
| Mar 31, 2012 | 38.69 |
| Dec 31, 2011 | 32.50 |
| Dec 31, 2011 | 32.50 |
| Sep 30, 2011 | 35.88 |
| Sep 30, 2011 | 35.88 |
| Jun 30, 2011 | 30.53 |
| Jun 30, 2011 | 30.53 |
| Mar 31, 2011 | 32.24 |
| Mar 31, 2011 | 32.24 |
| Dec 31, 2010 | -7.34 |
| Dec 31, 2010 | -7.34 |
| Sep 30, 2010 | 30.07 |
| Sep 30, 2010 | 30.07 |
| Jun 30, 2010 | 34.93 |
| Jun 30, 2010 | 34.93 |
| Mar 31, 2010 | 32.58 |
| Mar 31, 2010 | 32.58 |
| Dec 31, 2009 | -60.00 |
| Dec 31, 2009 | -60.00 |
| Sep 30, 2009 | 29.76 |
| Sep 30, 2009 | 29.76 |
| Jun 30, 2009 | 40.35 |
| Jun 30, 2009 | 40.35 |