Revenue growth and structural efficiency are evident as operating income scaled to $657 million in 2026Q1, supported by a significant gross margin improvement to 65.8%.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 |
|---|
| Sales/Revenue | 8.27B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 4.53B | 3.94B | 2.99B | 2.55B | 2.34B | 2.23B | 1.94B | 1.66B | 1.66B | 1.58B | 1.47B | 1.37B | 1.36B | 1.24B | 1.13B | 1.13B | 1.01B | 1.45B | 1.46B | 812.24M | 687.39M | 526.01M | 484.6M | 589.85M | 787.15M | 857.23M | 832.71M |
| Gross Margin % | 54.81% | 47.93% | 40.39% | 41.99% | 37.57% | 37.92% | 34.52% | 39.08% | 38.7% | 40.1% | 39.55% | 40.14% | 38.86% | 38.74% | 36.09% | 32.93% | 31.68% | 42.6% | 40% | 33.34% | 41.46% | 59.78% | 89.67% | 100% | 100% | 100% | 100% |
| Gross Profit Growth % | - | 31.78% | 17.4% | 8.85% | 4.79% | 14.93% | 16.71% | 0.54% | 4.55% | 8.05% | 7.25% | 0.44% | 9.32% | 10.48% | -0.53% | 11.97% | -30.42% | -0.48% | 79.75% | 18.16% | 30.68% | 8.55% | -17.84% | -25.07% | -8.17% | 2.94% | - |
| Operating Expenses | 2.09B | 1.61B | 1.19B | 968M | 775M | 791M | 708M | 647M | 627M | 592M | 629M | 646M | 606M | 556M | 436M | 436M | 380M | 850M | 820M | 446.58M | 473.31M | 412.35M | 476.41M | 647.16M | 675.31M | 796.1M | 636.69M |
| OpEx % of Revenue | - | 19.57% | 16.09% | 15.96% | 12.45% | 13.44% | 12.59% | 15.19% | 14.66% | 14.99% | 16.98% | 18.98% | 17.31% | 17.32% | 13.97% | 12.68% | 11.91% | 24.92% | 22.47% | 18.33% | 28.55% | 46.86% | 88.15% | 109.72% | 85.79% | 92.87% | 76.46% |
| Selling, General & Admin | 617M | 140M | 427M | 417M | 420M | 395M | 425M | 388M | 396M | 360M | 342M | 326M | 388M | 359M | 284M | 289M | 273M | 729M | 673M | 407.69M | 402.39M | 303.58M | 354.49M | 402.76M | 496.63M | 600.9M | 45.91M |
| SG&A % of Revenue | - | 1.7% | 5.77% | 6.88% | 6.75% | 6.71% | 7.56% | 9.11% | 9.26% | 9.12% | 9.23% | 9.58% | 11.09% | 11.18% | 9.1% | 8.41% | 8.56% | 21.37% | 18.44% | 16.73% | 24.27% | 34.5% | 65.59% | 68.28% | 63.09% | 70.1% | 5.51% |
| Research & Development | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | 2.44B | 2.33B | 1.8B | 1.58B | 1.56B | 1.44B | 1.23B | 1.02B | 1.03B | 991M | 836M | 720M | 754M | 688M | 690M | 696M | 631M | 603M | 640M | 365.66M | 214.09M | 113.66M | 8.18M | -57.31M | 111.85M | 61.13M | 196.02M |
| Operating Margin % | 29.53% | 28.36% | 24.3% | 26.02% | 25.12% | 24.48% | 21.94% | 23.88% | 24.04% | 25.1% | 22.57% | 21.16% | 21.54% | 21.43% | 22.12% | 20.24% | 19.77% | 17.68% | 17.53% | 15.01% | 12.91% | 12.92% | 1.51% | -9.72% | 14.21% | 7.13% | 23.54% |
| Operating Income Growth % | - | 29.64% | 13.94% | 0.9% | 8.54% | 16.77% | 21.34% | -1.07% | 3.73% | 18.54% | 16.11% | -4.51% | 9.59% | -0.29% | -0.86% | 10.3% | 4.64% | -5.78% | 75.02% | 70.8% | 88.35% | 1289.01% | 114.28% | -151.24% | 82.96% | -68.81% | - |
| EBITDA | 3.08B | 2.96B | 2.41B | 1.9B | 1.82B | 1.72B | 1.44B | 1.21B | 1.24B | 1.18B | 1.01B | 858M | 891M | 810M | 794M | 805M | 734M | 707M | 733M | 404.55M | 285M | 182.01M | 84.52M | 32.62M | 203.5M | 161.41M | 261.67M |
| EBITDA Margin % | 37.3% | 36.07% | 32.58% | 31.35% | 29.26% | 29.2% | 25.53% | 28.35% | 28.95% | 29.86% | 27.16% | 25.21% | 25.46% | 25.23% | 25.45% | 23.41% | 23% | 20.73% | 20.08% | 16.6% | 17.19% | 20.68% | 15.64% | 5.53% | 25.85% | 18.83% | 31.42% |
| EBITDA Growth % | 20.9% | 22.94% | 26.83% | 4.34% | 5.99% | 19.71% | 18.97% | -2.5% | 5% | 17.2% | 17.25% | -3.7% | 10% | 2.02% | -1.37% | 9.67% | 3.82% | -3.55% | 81.19% | 41.95% | 56.59% | 115.34% | 159.11% | -83.97% | 26.08% | -38.31% | - |
| D&A (Non-Cash Add-back) | 642M | 633M | 613M | 323M | 258M | 278M | 202M | 190M | 210M | 188M | 170M | 138M | 137M | 122M | 104M | 109M | 103M | 104M | 93M | 38.89M | 70.92M | 68.34M | 76.34M | 89.93M | 91.66M | 100.28M | 65.64M |
| EBIT | 2.47B | 2.49B | 1.85B | 1.67B | 1.59B | 1.65B | 1.3B | 1.13B | 1.2B | 1.01B | 262M | 736M | 704M | 701M | 645M | 692M | 628M | 493M | 610M | 365.66M | 214.09M | 113.66M | 8.18M | -57.31M | 111.85M | 61.13M | 196.02M |
| Net Interest Income | -142M | -50M | 28M | 115M | 7M | 1M | 4M | 15M | 17M | 9M | 8M | 4M | 6M | 9M | 10M | 11M | 9M | 15M | 34.51M | 37.65M | 24.63M | 12.73M | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 33M | 38M | 28M | 115M | 7M | 1M | 4M | 15M | 17M | 9M | 8M | 4M | 6M | 9M | 10M | 11M | 9M | 13M | 35M | 37.65M | 24.63M | 12.73M | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 175M | 88M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | 2.33B | 2.15B | 1.45B | 1.4B | 1.48B | 1.53B | 1.21B | 1.02B | 1.06B | 872M | 133M | 630M | 594M | 600M | 548M | 573M | 526M | 391M | 513M | 793.9M | 213.15M | 106.26M | 2.55M | -66.35M | 105.94M | 78.8M | 214.87M |
| Pretax Margin % | 28.24% | 26.1% | 19.58% | 23.1% | 23.69% | 26.06% | 21.55% | 23.93% | 24.88% | 22.09% | 3.59% | 18.51% | 16.97% | 18.69% | 17.56% | 16.67% | 16.48% | 11.46% | 14.05% | 32.58% | 12.86% | 12.08% | 0.47% | -11.25% | 13.46% | 9.19% | 25.8% |
| Income Tax | 421M | 356M | 334M | 344M | 352M | 347M | 279M | 245M | 606M | 143M | 27M | 203M | 181M | 216M | 199M | 190M | 137M | 128M | 198M | 275.5M | 85.25M | 44.57M | 749K | -21.24M | 40.92M | 38.33M | 90.48M |
| Effective Tax Rate % | 18.04% | 16.6% | 23.05% | 24.55% | 23.86% | 22.62% | 23.02% | 24.04% | 56.95% | 16.4% | 20.3% | 32.22% | 30.47% | 36% | 36.31% | 33.16% | 26.05% | 32.74% | 38.6% | 34.7% | 40% | 41.95% | 29.34% | 32.01% | 38.63% | 48.65% | 42.11% |
| Net Income | 1.91B | 1.79B | 1.12B | 1.06B | 1.13B | 1.19B | 933M | 774M | 458M | 734M | 108M | 428M | 414M | 385M | 352M | 387M | 395M | 266M | 319.88M | 518.4M | 127.89M | 61.69M | 11.36M | -105.45M | 43.13M | 40.46M | 23.31M |
| Net Margin % | 23.15% | 21.77% | 15.09% | 17.46% | 18.07% | 20.17% | 16.59% | 18.18% | 10.71% | 18.59% | 2.92% | 12.58% | 11.83% | 11.99% | 11.28% | 11.26% | 12.38% | 7.8% | 8.76% | 21.28% | 7.71% | 7.01% | 2.1% | -17.88% | 5.48% | 4.72% | 2.8% |
| Net Income Growth % | 49.69% | 60.16% | 5.48% | -5.87% | -5.22% | 27.22% | 20.54% | 69% | -37.6% | 579.63% | -74.77% | 3.38% | 7.53% | 9.38% | -9.04% | -2.03% | 48.5% | -16.84% | -38.29% | 305.34% | 107.32% | 442.95% | 110.78% | -344.5% | 6.59% | 73.62% | - |
| Net Income (Continuing) | 1.91B | 1.79B | 1.11B | 1.06B | 1.12B | 1.19B | 933M | 774M | 458M | 729M | 106M | 427M | 413M | 384M | 349M | 383M | 389M | 263M | 315M | 518.4M | 127.89M | 61.69M | 1.8M | -45.11M | 65.02M | 40.46M | 124.4M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 5M | 5M | 9M | 11M | 13M | 10M | 3M | 0 | 0 | 0 | 0 | 0 | 1M | 0 | 1M | 10M | 11M | 12M | 17M | 0 | 96K | 998K | 0 | 0 | -6.48M | 5.38M | 15.54M |
| EPS (Diluted) | 3.35 | 3.09 | 1.93 | 2.08 | 2.26 | 2.35 | 1.86 | 1.55 | 0.91 | 1.44 | 0.21 | 0.83 | 0.80 | 0.75 | 0.68 | 0.72 | 0.64 | 0.42 | 0.52 | 1.15 | 0.32 | 0.19 | -0.01 | -0.45 | 0.13 | 0.12 | 0.07 |
| EPS Growth % | 50.91% | 60.1% | -7.21% | -7.96% | -3.83% | 26.34% | 20% | 70.33% | -36.81% | 585.71% | -74.7% | 3.75% | 6.67% | 10.29% | -5.56% | 12.5% | 52.38% | -19.23% | -54.78% | 259.38% | 68.42% | - | 98.51% | -446.15% | 8.33% | 71.43% | - |
| EPS (Basic) | - | 3.13 | 1.94 | 2.10 | 2.28 | 2.38 | 1.89 | 1.56 | 0.92 | 1.47 | 0.22 | 0.85 | 0.82 | 0.77 | 0.70 | 0.73 | 0.65 | 0.43 | 0.55 | 1.49 | 0.41 | 0.16 | 0.03 | -0.45 | 0.13 | 0.12 | 0.07 |
| Diluted Shares Outstanding | 571.7M | 576.5M | 579.2M | 508.39M | 497.86M | 505.09M | 500.71M | 500.91M | 503.1M | 508.8M | 506.4M | 513.9M | 519M | 513.9M | 517.8M | 540M | 621M | 645M | 613.54M | 449.48M | 383.04M | 289.96M | 273.9M | 235.3M | 250.22M | 366.27M | 332.94M |
| Basic Shares Outstanding | 566.8M | 570.7M | 575.12M | 508.39M | 492.42M | 497.7M | 493.25M | 494.79M | 495.9M | 499.2M | 495.6M | 501.9M | 506.7M | 500.7M | 504.9M | 528M | 609M | 615M | 571.09M | 347.92M | 380.13M | 380.13M | 380.13M | 235.3M | 250.22M | 358.13M | 332.94M |
| Dividend Payout Ratio | - | 33.59% | 48.43% | 41.64% | 34.04% | 29.49% | 34.3% | 39.41% | 61.14% | 33.11% | 185.19% | 34.81% | 23.67% | 22.6% | 18.47% | - | - | - | - | - | 82.15% | 5.22% | 73.53% | - | - | - | - |
High leverage from acquisitions
As reported in recent financial statements, Nasdaq's revenue has climbed from $1.6 billion in 2023Q4 to $2.1 billion by 2026Q1, reflecting a successful transition toward recurring software-based income streams that appear to be decoupling the firm from traditional, volume-dependent exchange trading cycles.
The consistent revenue expansion suggests that the integration of high-margin software assets is effectively offsetting the inherent volatility of market-based transaction fees. Investors should monitor whether this growth trajectory remains durable as the company faces potential saturation in its core listing and index licensing segments.
Based on the provided income statement data, Nasdaq's gross margin has significantly improved from 44.9% in 2023Q4 to 65.8% in 2026Q1, indicating that the company's shift toward proprietary technology and data solutions is yielding a more favorable cost-to-revenue profile than legacy exchange operations.
This margin expansion appears to be a direct result of the company's strategic pivot toward software-as-a-service models, which carry lower variable costs compared to traditional trading infrastructure. However, the sustainability of these margins warrants further investigation, particularly regarding the potential for increased R&D and maintenance costs associated with complex regulatory software.
According to the company's quarterly filings, operating income has scaled from $353 million in 2023Q4 to $657 million in 2026Q1, demonstrating that Nasdaq is successfully leveraging its fixed cost base as its higher-margin software and data segments represent an increasing share of total revenue.
The ability to grow operating income faster than revenue suggests that the company is achieving meaningful economies of scale within its technology-driven business units. Analysts should remain cautious, however, as the high fixed-cost nature of these platforms may limit flexibility if market conditions force a contraction in demand.
As indicated by the reported figures, stock-based compensation has remained a consistent expense, reaching $38 million in 2026Q1, which suggests that management is utilizing equity-based incentives to retain the specialized talent necessary to maintain the company's competitive edge in the fintech and cybersecurity sectors.
While these expenses are a standard component of compensation in technology-heavy firms, they represent a non-cash drag on earnings that investors must account for when evaluating true profitability. The persistence of these costs may indicate a structural requirement for talent retention that could continue to impact future EPS growth.
Based on the recent $10.5 billion Adenza acquisition, the company's balance sheet appears increasingly strained, as the significant debt load taken on to fund this expansion may pressure net margins through higher interest expenses in a sustained high-interest-rate environment, according to recent market context flags.
Short-sellers may focus on the potential for goodwill impairment if the projected synergies from recent large-scale acquisitions fail to materialize as expected. The market should monitor whether the company's cash flow generation is sufficient to deleverage the balance sheet without compromising its ability to invest in future innovation.
Quick answers to the most common questions about buying NDAQ stock.
Nasdaq, Inc. (NDAQ) is profitable, generating $1.79B in net income for the fiscal year ending 2025 with a net profit margin of 21.8%.
Nasdaq, Inc. (NDAQ) reported an operating income of $2.33B, resulting in an operating profit margin of 28.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Nasdaq, Inc. (NDAQ) generated $3.94B in gross profit for the year, representing a gross profit margin of 47.9%. This demonstrates the company's core pricing power and production efficiency.