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NASDAQ, INC. Cost of Revenue 2008-2026 | NDAQ

Annual FY2008–FY2025 · quarterly through Q2 FY2026

Latest annual · FY2025

$3.01B

+9.5%YoY vs FY2024Source: 10-KFY2025

From $2.19B in FY2008 to $3.01B in FY2025: 1.4× in 17 years.

By quarter▲▼ vs a year before
Fiscal yearQ1Q2Q3Q4
FY26$730M−15.0%$1.0B+29.8%Not reportedNot reported
FY25$859M+54.2%$795M+25.6%$643M−14.9%$716M−11.1%
FY24$557M−10.0%$633M+24.6%$756M+47.9%$805M+51.6%
FY23$619M−3.7%$508M−22.9%$511M−23.4%$531M−21.3%
FY22$643M−19.6%$659M+16.4%$667M+28.5%$675M+16.2%
Share26%25%24%25%

Shaded by size: darkest is the largest quarter shown; ringed is the latest reported; a dash marks a quarter with no separate figure. Each quarter sits by its period-end date. Share: its typical part of the fiscal year.

Key Statistics

Trend DirectionGrowing
CAGR

+2.1%

FY2020
$2.72B
FY2025
$3.01B

5 years selected · on the chart

Cost of Revenue History

Year-over-year comparison from 10-K annual reports

  1. $3.01B
YoY changeLargest recent move+58.0%in FY20Latest +9.5%

Cost of Revenue, period by period

PeriodValueChangeSource
FY2025$3.01B+9.5%10-K
FY2024$2.75B+26.8%10-K
FY2023$2.17B−18.0%10-K
FY2022$2.64B+7.2%10-K
FY2021$2.47B−9.4%10-K
FY2020$2.72B+58.0%10-K
FY2019$1.72B−1.6%10-K
FY2018$1.75B+13.9%10-K
FY2017$1.54B+7.6%10-K
FY2016$1.43B+8.8%10-K
FY2015$1.31B−8.4%10-K
FY2014$1.43B+8.9%10-K
FY2013$1.32B−9.0%10-K
FY2012$1.45B−17.3%10-K
FY2011$1.75B+4.4%10-K
FY2010$1.68B−14.5%10-K
FY2009$1.96B−10.6%10-K
FY2008$2.19B—10-K

What is cost of revenue?

Cost of revenue includes the direct costs attributable to producing goods or delivering services sold by the company.

What is NASDAQ, INC.'s current cost of revenue?

NASDAQ, INC. (NDAQ) annual cost of revenue for 2025 was $3.01B, a 9.52% increase from 2024. NASDAQ, INC. cost of revenue for the quarter ending June 30, 2026 was $1.03B.

What was NASDAQ, INC.'s cost of revenue in 2024?

NASDAQ, INC. annual cost of revenue for 2024 was $2.75B, a 26.83% increase from 2023.

What was NASDAQ, INC.'s cost of revenue in 2023?

NASDAQ, INC. annual cost of revenue for 2023 was $2.17B, a 17.97% decline from 2022.

What is NASDAQ, INC.'s 5-year cost of revenue CAGR?

NASDAQ, INC. cost of revenue grew at a compound annual growth rate (CAGR) of 2.05% from FY2020 to FY2025, going from $2.72B to $3.01B over 5 years.

Company
NASDAQ, INC.
Ticker
NDAQ
Sector
Other
Industry
Security & Commodity Brokers, Dealers, Exchanges & Services