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How Nasdaq (NDAQ) makes money
Nasdaq (NDAQ) made $2.4B of revenue in the third quarter 2026 (Q3 2026), +21% from a year earlier. Of every dollar of revenue, 62¢ was left as gross profit, 31¢ was left as operating profit, 23¢ was left as net earnings.
Drawing the Sankey…
Where each dollar of revenue goes
| Line | Q3 2026 | % of revenue |
|---|---|---|
| Revenue | $2.4B | 100.0% |
| Cost of revenue | $912M | 38.1% |
| Gross profit | $1.5B | 61.9% |
| Operating expenses | $749M | 31.3% |
| Operating profit | $732M | 30.6% |
| Income tax | $162M | 6.8% |
| Net earnings | $539M | 22.5% |
| Operating cash flow | $521M | 21.8% |
| Free cash flow | $459M | 19.2% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q3 2026 | $2.4B | +21% |
| Q2 2026 | $2.5B | +20% |
| Q1 2026 | $2.1B | +2% |
| Q4 2025 | $2.1B | +3% |
| Q3 2025 | $2.0B | +4% |
| Q2 2025 | $2.1B | +17% |
| Q1 2025 | $2.1B | +25% |
From Nasdaq's 10-Q filed Oct 22, 2026 (on EDGAR).
Questions
How does Nasdaq make money?
Nasdaq (NDAQ) made $2.4B of revenue in the third quarter 2026 (Q3 2026), +21% from a year earlier. Of every dollar of revenue, 62¢ was left as gross profit, 31¢ was left as operating profit, 23¢ was left as net earnings.
What is Nasdaq's profit margin?
Net earnings were $539M, 22.5% of revenue, in the third quarter 2026; the operating margin was 30.6%.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.