Filing Flows › Nasdaq (NDAQ) › Q2 2026 › vs Q2 2025
Nasdaq (NDAQ) Q2 2026 vs Q2 2025 (year over year)
Nasdaq's revenue rose $431M (+21%) from $2.1B in Q2 2025 to $2.5B in Q2 2026. Gross margin 59.2% against 62.2% (-2.9 pts).
Nasdaq, Q2 2026: revenue $2.5B (+20% year over year), operating margin 28.1%, net earnings $507M, operating cash flow $711M. The chart draws each line against Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Gross margin | 59.2% | 62.2% | -2.9 pts |
| Operating margin | 28.1% | 27.0% | +1.1 pts |
| Net margin | 20.0% | 21.5% | -1.5 pts |
| Free cash flow margin | 25.0% | 32.7% | -7.7 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Revenue | $2.5B | $2.1B | $431M | +21% |
| Gross profit | $1.5B | $1.3B | $194M | +15% |
| Cost of revenue | $1.0B | $795M | $237M | +30% |
| Operating profit | $712M | $568M | $144M | +25% |
| Operating expenses | $788M | $738M | $50.0M | +7% |
| Pre-tax earnings | $653M | $548M | $105M | +19% |
| Other expense, net | $59.0M | $20.0M | $39.0M | +195% |
| Sales & marketing | $24.0M | $14.0M | $10.0M | +71% |
| General & admin | $23.0M | $23.0M | $0 | 0% |
| Other operating costs | $741M | $701M | $40.0M | +6% |
| Net earnings | $507M | $452M | $55.0M | +12% |
| Income tax | $146M | $96.0M | $50.0M | +52% |
| Depreciation & amortization | $165M | $158M | $7.0M | +4% |
| Share-based compensation | $49.0M | $46.0M | $3.0M | +7% |
| Working capital & other | $10.0M | −$90.0M | $100M | — |
| Operating cash flow | $711M | $746M | −$35.0M | -5% |
| Free cash flow (OCF − capex) | $634M | $687M | −$53.0M | -8% |
| Capital expenditures | $77.0M | $59.0M | $18.0M | +31% |
Questions
How much did Nasdaq's revenue grow year over year in Q2 2026?
Nasdaq's revenue rose $431M (+21%) from $2.1B in Q2 2025 to $2.5B in Q2 2026. Gross margin 59.2% against 62.2% (-2.9 pts).