Nasdaq, Inc. (NDAQ) Income Statement
NDAQ 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsNDAQ revenue and net income
Where NDAQ's revenue goes
2025Each bar shows an amount and its share of revenue. NDAQ kept 21.8% of revenue as net income.
NDAQ profit margins
NDAQ growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +11.1% | +9.7% | +7.9% | +9.2% |
| Gross profit | +31.8% | +19.0% | +15.2% | +11.2% |
| Operating income | +29.6% | +14.2% | +13.6% | +12.5% |
| Net income | +60.2% | +16.7% | +13.9% | +15.4% |
| EPS (diluted) | +23.4% | +9.2% | +11.2% | +11.8% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
NDAQ quarterly EPS vs estimates
Nasdaq beat the analyst EPS estimate in 8 of the last 8 quarters. Next report: October 22, 2026 (estimate $1.02).
NDAQ income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $8.22B | $7.40B | $6.06B | $6.23B | $5.89B | $5.62B | $4.26B | $4.28B | $3.95B | $3.70B |
| Cost of revenue | $4.28B | $4.41B | $3.52B | $3.89B | $3.65B | $3.68B | $2.59B | $2.62B | $2.37B | $2.24B |
| Gross profit | $3.94B | $2.99B | $2.55B | $2.34B | $2.23B | $1.94B | $1.66B | $1.66B | $1.58B | $1.47B |
| Research & development | — | — | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Sales, general & admin | $140.0M | $427.0M | $417.0M | $420.0M | $395.0M | $425.0M | $388.0M | $396.0M | $360.0M | $342.0M |
| Total operating expenses | $1.61B | $1.19B | $968.0M | $775.0M | $791.0M | $708.0M | $647.0M | $627.0M | $592.0M | $629.0M |
| Operating income | $2.33B | $1.80B | $1.58B | $1.56B | $1.44B | $1.23B | $1.02B | $1.03B | $991.0M | $836.0M |
| Interest income | $39.0M | $28.0M | $90.0M | $7.0M | $1.0M | $4.0M | $10.0M | $10.0M | $7.0M | $5.0M |
| Interest expense | $88.0M | $398.0M | $272.0M | $120.0M | $115.0M | $101.0M | $124.0M | $150.0M | $143.0M | $135.0M |
| Income before taxes | $2.15B | $1.45B | $1.40B | $1.48B | $1.53B | $1.21B | $1.02B | $1.06B | $872.0M | $133.0M |
| Income taxes | $356.0M | $334.0M | $344.0M | $352.0M | $347.0M | $279.0M | $245.0M | $606.0M | $143.0M | $27.0M |
| Net income | $1.79B | $1.12B | $1.06B | $1.12B | $1.19B | $933.0M | $774.0M | $458.0M | $734.0M | $108.0M |
| EBITDA | $3.13B | $2.46B | $2.00B | $1.85B | $1.93B | $1.51B | $1.32B | $1.41B | $1.20B | $432.0M |
| EPS (diluted) | $3.48 | $2.82 | $2.83 | $2.67 | $2.51 | $2.05 | $1.67 | $1.60 | $1.41 | $1.22 |
| Gross margin | 47.9% | 40.4% | 42.0% | 37.6% | 37.9% | 34.5% | 39.1% | 38.7% | 40.1% | 39.6% |
| Operating margin | 28.4% | 24.3% | 26.0% | 25.1% | 24.5% | 21.9% | 23.9% | 24.0% | 25.1% | 22.6% |
| Net margin | 21.8% | 15.1% | 17.5% | 18.1% | 20.2% | 16.6% | 18.2% | 10.7% | 18.6% | 2.9% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.53B | $2.14B | $2.08B | $1.96B | $2.09B | $2.09B | $2.03B | $1.90B | $1.79B | $1.67B | $1.65B | $1.45B |
| Cost of revenue | $1.03B | $730.0M | $688.0M | $1.09B | $1.23B | $1.27B | $1.22B | $1.17B | $1.05B | $973.0M | $907.0M | $838.0M |
| Gross profit | $1.50B | $1.41B | $1.39B | $870.0M | $861.0M | $816.0M | $811.0M | $734.0M | $744.0M | $701.0M | $740.0M | $613.0M |
| Research & development | — | — | — | — | $432.0M | $432.0M | — | — | — | — | — | — |
| Sales, general & admin | $512.0M | $561.0M | $203.0M | $105.0M | $92.0M | $70.0M | $116.0M | $101.0M | $108.0M | $101.0M | $134.0M | $97.0M |
| Total operating expenses | $622.0M | $750.0M | $762.0M | $284.0M | $293.0M | $269.0M | $294.0M | $286.0M | $321.0M | $291.0M | $387.0M | $182.0M |
| Operating income | $877.0M | $657.0M | $630.0M | $586.0M | $568.0M | $547.0M | $517.0M | $448.0M | $423.0M | $410.0M | $353.0M | $431.0M |
| Interest income | $8.0M | $6.0M | $7.0M | $8.0M | $12.0M | $11.0M | $8.0M | $8.0M | $6.0M | $6.0M | $29.0M | $72.0M |
| Interest expense | $86.0M | $87.0M | $88.0M | $84.0M | $92.0M | $92.0M | $97.0M | $98.0M | $99.0M | $103.0M | $106.0M | $97.0M |
| Income before taxes | $653.0M | $677.0M | $580.0M | $529.0M | $548.0M | $488.0M | $439.0M | $356.0M | $341.0M | $312.0M | $278.0M | $391.0M |
| Income taxes | $146.0M | $158.0M | $61.0M | $106.0M | $96.0M | $93.0M | $84.0M | $51.0M | $119.0M | $79.0M | $82.0M | $97.0M |
| Net income | $507.0M | $519.0M | $519.0M | $423.0M | $452.0M | $395.0M | $355.0M | $306.0M | $222.0M | $234.0M | $197.0M | $294.0M |
| EBITDA | $878.0M | $721.0M | $822.0M | $771.0M | $797.0M | $736.0M | $689.0M | $606.0M | $593.0M | $570.0M | $509.0M | $552.0M |
| EPS (diluted) | $1.07 | $0.96 | $0.96 | $0.88 | $0.85 | $0.79 | $0.76 | $0.74 | $0.69 | $0.63 | $0.72 | $0.71 |
| Gross margin | 59.2% | 65.8% | 66.9% | 44.4% | 41.2% | 39.0% | 40.0% | 38.6% | 41.5% | 41.9% | 44.9% | 42.2% |
| Operating margin | 34.6% | 30.7% | 30.3% | 29.9% | 27.2% | 26.2% | 25.5% | 23.6% | 23.6% | 24.5% | 21.4% | 29.7% |
| Net margin | 20.0% | 24.3% | 25.0% | 21.6% | 21.6% | 18.9% | 17.5% | 16.1% | 12.4% | 14.0% | 12.0% | 20.3% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in NDAQ's financial statements (latest annual report filed February 12, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
NDAQ financial results
In fiscal year 2025 (ended December 31, 2025), Nasdaq reported revenue of $8.2 billion, up 11.1% from the year before. It had net income of $1.8 billion (up 60.2%), a net profit margin of 21.8%. Diluted earnings per share came to $3.48. Over five years revenue grew at an average rate of 7.9% a year.
See the NDAQ stock overview for the latest quote and news, or the NDAQ chart for price history and technical indicators.
NDAQ income statement FAQ
What is Nasdaq's annual revenue?
Nasdaq reported total revenue of $8.2 billion for fiscal year 2025, which ended on December 31, 2025. That was up 11.1% from $7.4 billion the previous year.
Is Nasdaq profitable?
Yes. Nasdaq reported net income of $1.8 billion in fiscal 2025, a net profit margin of 21.8%; its operating margin was 28.4%.
What is Nasdaq's gross margin?
Nasdaq's gross margin was 47.9% in fiscal 2025: for every $100 of revenue, Nasdaq kept $48 after the direct cost of its products and services.
How fast is Nasdaq growing?
Revenue grew 7.9% a year on average over the last five fiscal years, from $5.6 billion to $8.2 billion.
What are Nasdaq's earnings per share?
Nasdaq earned $3.48 per diluted share in fiscal 2025, compared with $2.82 a year earlier.
When will Nasdaq report its next earnings?
Nasdaq is expected to report results for the quarter ending September 30, 2026 on October 22, 2026 before the market opens.
When does Nasdaq's fiscal year end?
Nasdaq's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 12, 2026.