Nasdaq annual operating margin
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2025
Nasdaq Operating Margin Growth & History (NDAQ)
Nasdaq's operating margin was 28.21% for fiscal 2025.
View full Nasdaq company overviewNasdaq annual operating margin history
| Fiscal year | Period ended | Operating margin | Change (percentage points) |
|---|---|---|---|
| 2025 | 2025-12-31 | 28.21% | +3.92 pp |
| 2024 | 2024-12-31 | 24.30% | −1.73 pp |
| 2023 | 2023-12-31 | 26.02% | +0.90 pp |
| 2022 | 2022-12-31 | 25.12% | +0.64 pp |
| 2021 | 2021-12-31 | 24.48% | +2.54 pp |
| 2020 | 2020-12-31 | 21.94% | −1.95 pp |
| 2019 | 2019-12-31 | 23.88% | −0.15 pp |
| 2018 | 2018-12-31 | 24.04% | −1.07 pp |
| 2017 | 2017-12-31 | 25.10% | +2.53 pp |
| 2016 | 2016-12-31 | 22.57% | +1.41 pp |
| 2015 | 2015-12-31 | 21.16% | −0.39 pp |
| 2014 | 2014-12-31 | 21.54% | +0.12 pp |
| 2013 | 2013-12-31 | 21.43% | −0.69 pp |
| 2012 | 2012-12-31 | 22.12% | +1.87 pp |
| 2011 | 2011-12-31 | 20.24% | +0.47 pp |
| 2010 | 2010-12-31 | 19.77% | +2.10 pp |
| 2009 | 2009-12-31 | 17.68% | +0.14 pp |
| 2008 | 2008-12-31 | 17.53% | — |
Nasdaq quarterly operating margin
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Q2.26
| Fiscal quarter | Period ended | Operating margin | Change (percentage points) |
|---|---|---|---|
| Q2 2026 | 2026-06-30 | 28.12% | +1.09 pp |
| Q1 2026 | 2026-03-31 | 30.74% | +4.65 pp |
| Q4 2025 | 2025-12-31 | 29.90% | +4.46 pp |
| Q3 2025 | 2025-09-30 | 29.93% | +6.37 pp |
| Q2 2025 | 2025-06-30 | 27.03% | +3.43 pp |
| Q1 2025 | 2025-03-31 | 26.10% | +1.61 pp |
| Q4 2024 | 2024-12-31 | 25.44% | +4.01 pp |
| Q3 2024 | 2024-09-30 | 23.55% | −6.15 pp |
| Q2 2024 | 2024-06-30 | 23.60% | −3.05 pp |
| Q1 2024 | 2024-03-31 | 24.49% | −2.38 pp |
| Q4 2023 | 2023-12-31 | 21.43% | −0.63 pp |
| Q3 2023 | 2023-09-30 | 29.70% | +4.14 pp |
| Q2 2023 | 2023-06-30 | 26.66% | +0.11 pp |
| Q1 2023 | 2023-03-31 | 26.88% | +0.49 pp |
| Q4 2022 | 2022-12-31 | 22.06% | −1.40 pp |
| Q3 2022 | 2022-09-30 | 25.56% | −0.67 pp |
| Q2 2022 | 2022-06-30 | 26.55% | −0.08 pp |
| Q1 2022 | 2022-03-31 | 26.38% | +4.28 pp |
| Q4 2021 | 2021-12-31 | 23.47% | +1.70 pp |
| Q3 2021 | 2021-09-30 | 26.23% | +3.16 pp |
| Q2 2021 | 2021-06-30 | 26.63% | +4.10 pp |
| Q1 2021 | 2021-03-31 | 22.11% | +1.78 pp |
| Q4 2020 | 2020-12-31 | 21.77% | −2.72 pp |
| Q3 2020 | 2020-09-30 | 23.07% | +2.45 pp |
| Q2 2020 | 2020-06-30 | 22.53% | −1.60 pp |
| Q1 2020 | 2020-03-31 | 20.33% | −6.14 pp |
| Q4 2019 | 2019-12-31 | 24.48% | +3.34 pp |
| Q3 2019 | 2019-09-30 | 20.62% | −4.90 pp |
| Q2 2019 | 2019-06-30 | 24.13% | −2.06 pp |
| Q1 2019 | 2019-03-31 | 26.47% | +2.75 pp |
| Q4 2018 | 2018-12-31 | 21.15% | −2.48 pp |
| Q3 2018 | 2018-09-30 | 25.52% | −1.63 pp |
| Q2 2018 | 2018-06-30 | 26.19% | +1.85 pp |
| Q1 2018 | 2018-03-31 | 23.72% | −1.67 pp |
| Q4 2017 | 2017-12-31 | 23.63% | +2.04 pp |
| Q3 2017 | 2017-09-30 | 27.15% | +2.07 pp |
| Q2 2017 | 2017-06-30 | 24.35% | +4.95 pp |
| Q1 2017 | 2017-03-31 | 25.39% | +1.19 pp |
| Q4 2016 | 2016-12-31 | 21.58% | −6.68 pp |
| Q3 2016 | 2016-09-30 | 25.08% | −1.44 pp |
| Q2 2016 | 2016-06-30 | 19.40% | −7.49 pp |
| Q1 2016 | 2016-03-31 | 24.20% | +21.05 pp |
| Q4 2015 | 2015-12-31 | 28.26% | +9.54 pp |
| Q3 2015 | 2015-09-30 | 26.52% | +1.22 pp |
| Q2 2015 | 2015-06-30 | 26.89% | +4.81 pp |
| Q1 2015 | 2015-03-31 | 3.15% | −17.34 pp |
| Q4 2014 | 2014-12-31 | 18.72% | −9.23 pp |
| Q3 2014 | 2014-09-30 | 25.31% | +0.21 pp |
| Q2 2014 | 2014-06-30 | 22.08% | +2.55 pp |
| Q1 2014 | 2014-03-31 | 20.49% | +8.39 pp |
| Q4 2013 | 2013-12-31 | 27.95% | +4.90 pp |
| Q3 2013 | 2013-09-30 | 25.09% | +2.30 pp |
| Q2 2013 | 2013-06-30 | 19.53% | −1.94 pp |
| Q1 2013 | 2013-03-31 | 12.10% | −9.17 pp |
| Q4 2012 | 2012-12-31 | 23.05% | +4.04 pp |
| Q3 2012 | 2012-09-30 | 22.79% | +2.13 pp |
| Q2 2012 | 2012-06-30 | 21.47% | +2.60 pp |
| Q1 2012 | 2012-03-31 | 21.27% | −1.19 pp |
| Q4 2011 | 2011-12-31 | 19.00% | −3.52 pp |
| Q3 2011 | 2011-09-30 | 20.66% | −1.14 pp |
| Q2 2011 | 2011-06-30 | 18.88% | −1.33 pp |
| Q1 2011 | 2011-03-31 | 22.45% | +7.93 pp |
| Q4 2010 | 2010-12-31 | 22.52% | +6.35 pp |
| Q3 2010 | 2010-09-30 | 21.80% | +3.91 pp |
| Q2 2010 | 2010-06-30 | 20.20% | — |
| Q1 2010 | 2010-03-31 | 14.53% | — |
| Q3 2009 | 2009-09-30 | 16.17% | — |
| Q2 2009 | 2009-06-30 | 17.89% | — |
Nasdaq operating margin trends
Over the last five reported fiscal years, Nasdaq's operating margin increased from 21.94% to 28.21%, a change of +6.28 percentage points. The latest reported quarter, Q2 2026, shows 28.12%.
About the metric
What operating margin means
Operating margin measures the percentage of revenue left after operating costs and expenses. It shows how much operating profit a company generates from each dollar of revenue.
Calculation and source
How operating margin is calculated
TickerStat calculates operating margin as SEC-reported operating income divided by SEC-reported revenue for the same fiscal period. Changes are shown in percentage points. Fiscal periods can differ from calendar years, so exact period-end dates are included.
Review Nasdaq filings at SEC.gov ↗