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Nasdaq (NDAQ) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Oct 22, 2026 · Nasdaq (NDAQ) Q3 2026 earnings results →
Q3 2026 Revenue up 21% year over year to $2.4B · 23¢ of every $1 of revenue kept as net profit · operating margin 30.6%
Nasdaq made $2.4B in Q3 2026 (+21% Y/Y). Operating margin 30.6%, net earnings $539M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 22, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $2.4B in Q3 2026, up 21% year over year and down 5% from the previous quarter.
Gross margin was 61.9%, down 4.6 points from Q3 2025. Operating profit was $0.73B, a 30.6% margin (up 1.0 points year over year). Of the extra revenue versus Q3 2025, 35% reached operating profit, above the 30% margin then. Operating expenses grew 3% against revenue growth of 21%. The fastest-growing cost line was Sales & marketing (+31%). Net earnings were $0.54B, up 28% year over year. The effective tax rate was 23.1%.
Operating cash flow was $0.52B (up 136% year over year), 97% of net earnings. Non-cash charges added back $0.17B of depreciation and amortization and $0.05B of share-based compensation. Working capital and other items used $0.23B. Capital expenditures of $0.06B left free cash flow of $0.46B.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Oct 22, 2026 | $2.4B | +21% | 30.6% | $539M | $521M |
| Q2 2026 | 10-Q | Jul 23, 2026 | $2.5B | +20% | 28.1% | $507M | $711M |
| Q1 2026 | 10-Q | Apr 24, 2026 | $2.1B | +2% | 30.7% | $519M | $689M |
| Q4 2025 | 10-K | Feb 12, 2026 | $2.1B | +3% | 30.1% | $518M | $625M |
| Q3 2025 | 10-Q | Oct 23, 2025 | $2.0B | +4% | 29.6% | $423M | $221M |
| Q2 2025 | 10-Q | Jul 25, 2025 | $2.1B | +17% | 27.0% | $452M | $746M |
| Q1 2025 | 10-Q | Apr 28, 2025 | $2.1B | +25% | 26.1% | $395M | $663M |
Charts
Interactive views
The same charts as the app — open one to draw it.
💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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Customers and suppliers named in filings
Sells to
- CWD · Stated in 10-K (named, share not stated) · source
- ARM · Stated in 20-F (named, share not stated) · source
- NOMA · Stated in 10-K (named, share not stated) · source
- RXT · Stated in 10-K (named, share not stated) · source
- FBYD · Stated in 10-K (named, share not stated) · source
- FEED · Stated in 10-K (named, share not stated) · source
- SCTH · Stated in 10-K (named, share not stated) · source
- FLYE · Stated in 10-K (named, share not stated) · source
- ARAI · Stated in 10-K (named, share not stated) · source
- RENT · Stated in 10-K (named, share not stated) · source
- MWYN · Stated in 10-K (named, share not stated) · source
- STEP · Stated in 10-K (named, share not stated) · source
About Nasdaq
Nasdaq is a global technology company serving corporate clients, investment managers, banks, brokers, and exchange operators as they navigate and interact with the global capital markets and the broader financial system. We aspire to deliver world-leading platforms that improve the liquidity, transparency, and integrity of the global economy. Our diverse offering of data, analytics, software, exchange capabilities, and client-centric services enables clients to optimize and execute their business vision with confidence. We manage, operate and provide our products and services in three business segments: Capital Access Platforms, Financial Technology and Market Services.
In its own words, from its 10-K, filed Feb 21, 2025.
Nasdaq against its Security & Commodity Brokers, Dealers, Exchanges & Services peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +21% against the peers' median +17%. Operating margin: 30.6% against the peers' median 30.6%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| NDAQ Nasdaq | Q3 2026 | $2.4B | +21% | 30.6% |
| SNEX StoneX Group | Q3 FY26 | $40.2B | +15% | 0.4% |
| LPLA LPL Financial Holdings | Q3 2026 | $5.3B | +17% | 9.1% |
| ICE Intercontinental Exchange | Q3 2026 | $3.6B | +21% | 38.8% |
| CME CME Group | Q3 2026 | $1.7B | +13% | 65.7% |
| CBOE Cboe Global Markets | Q3 2026 | $1.4B | +19% | 39.3% |
| BGC BGC Group | Q3 2026 | $833M | +13% | 11.8% |
| TW Tradeweb Markets | Q3 2026 | $585M | +15% | 43.4% |
| TOP TOP Financial Group | Q2 FY27 | $2.2M | +44% | 12.4% |
Source: Nasdaq 10-Q on SEC EDGAR · CIK 1120193 · Security & Commodity Brokers, Dealers, Exchanges & Services
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History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results