TTM
29.5%
YoY change
+4.07pp
Trough year (2003)
-9.7%
Peak year (2025)
28.4%
Latest annual
28.4%
Operating Margin history chart for Nasdaq (NDAQ) from 1998 to 2025
Latest: 28.4%
Operating Margin change chart for Nasdaq (NDAQ) from 1998 to 2025
Latest: +4.07pp
Operating Margin history table for Nasdaq (NDAQ) from 1998 to 2025
| 2025 | 28.4% | +4.07pp | ||
| 2024 | 24.3% | -1.73pp | ||
| 2023 | 26.0% | +0.90pp | ||
| 2022 | 25.1% | +0.64pp | ||
| 2021 | 24.5% | +2.54pp | ||
| 2020 | 21.9% | -1.95pp | ||
| 2019 | 23.9% | -0.15pp | ||
| 2018 | 24.0% | -1.07pp | ||
| 2017 | 25.1% | +2.53pp | ||
| 2016 | 22.6% | +1.41pp | ||
| 2015 | 21.2% | -0.39pp | ||
| 2014 | 21.5% | +0.12pp | ||
| 2013 | 21.4% | -0.69pp | ||
| 2012 | 22.1% | +1.87pp | ||
| 2011 | 20.2% | +0.47pp | ||
| 2010 | 19.8% | +2.10pp | ||
| 2009 | 17.7% | +0.14pp | ||
| 2008 | 17.5% | +2.53pp | ||
| 2007 | 15.0% | +2.09pp | ||
| 2006 | 12.9% | -0.00pp | ||
| 2005 | 12.9% | +11.40pp | ||
| 2004 | 1.5% | +11.23pp | ||
| 2003 | -9.7% | -23.93pp | ||
| 2002 | 14.2% | +7.08pp | ||
| 2001 | 7.1% | -16.41pp | ||
| 2000 | 23.5% | +2.33pp | ||
| 1999 | 21.2% | +9.31pp | ||
| 1998 | 11.9% | — |
- 202528.4%+4.07pp
- 202424.3%-1.73pp
- 202326.0%+0.90pp
- 202225.1%+0.64pp
- 202124.5%+2.54pp
- 202021.9%-1.95pp
- 201923.9%-0.15pp
- 201824.0%-1.07pp
- 201725.1%+2.53pp
- 201622.6%+1.41pp
- 201521.2%-0.39pp
- 201421.5%+0.12pp
- 201321.4%-0.69pp
- 201222.1%+1.87pp
- 201120.2%+0.47pp
- 201019.8%+2.10pp
- 200917.7%+0.14pp
- 200817.5%+2.53pp
- 200715.0%+2.09pp
- 200612.9%-0.00pp
- 200512.9%+11.40pp
- 20041.5%+11.23pp
- 2003-9.7%-23.93pp
- 200214.2%+7.08pp
- 20017.1%-16.41pp
- 200023.5%+2.33pp
- 199921.2%+9.31pp
- 199811.9%—
Operating Margin values are taken from Nasdaq's reported income statements (quarterly 10-Q and annual 10-K filings with the U.S. Securities and Exchange Commission). Each row shows the period end date and the filing date. YoY compares each figure to the same period one year earlier. Amounts are in USD as filed.
About Operating Margin at Nasdaq (NDAQ)
According to Nasdaq's latest reported financial statements, the company's latest reported operating margin is 29.5%. Operating margin is operating income divided by revenue — the share of each sales dollar left after cost of goods sold and operating expenses (SG&A, R&D), but before interest and taxes. It isolates how profitable the core business is before financing and tax decisions, so it is comparable across companies with different capital structures.
Headline figure above is from the reporting period ending (reported ). Chart and table below cover the full reported history back to .
As of the 2025 fiscal year, Nasdaq (NDAQ) reported operating margin of 28.36% – expanded 4.1 percentage points year-over-year.
28.36% stands as the all-time-high annual operating margin, posted in 2025, against a low of -9.72% during 2003.
Nasdaq Operating Margin by Year
Nasdaq Operating Margin 2025: 28.4%
2025's operating margin for Nasdaq came in at 28.36%, expanded 4.1 percentage points from 2024. This figure represents the highest annual value in the available history.
Nasdaq Operating Margin 2024: 24.3%
Nasdaq posted operating margin of 24.30% in 2024, contracted 1.7 percentage points from 2023.
Nasdaq Operating Margin 2023: 26.0%
In 2023, Nasdaq reported operating margin of 26.02%, expanded 0.9 percentage points from 2022.
Nasdaq Operating Margin 2022: 25.1%
Nasdaq operating margin in 2022 was 25.12%, expanded 0.6 percentage points from 2021.
Nasdaq Operating Margin 2021: 24.5%
Nasdaq operating margin in 2021 was 24.48%.
See more financial history for Nasdaq (NDAQ).
Sector peers by Operating Margin
Financial Services peers of Nasdaq (NDAQ), ranked by their latest operating margin
| 61.1% | |
| 59.4% | |
| 26.2% | |
| 22.9% | |
| 20.5% | |
| 20.5% | |
| 19.5% | |
| 16.1% |
- 61.1%
- 59.4%
- 26.2%
- 20.5%
- 20.5%
- 19.5%
Frequently asked questions
Nasdaq (NDAQ) Key Financials
Charts, filings, and peer comparison for every metric
Explore more
Deep-dives across the income statement, cash flow, capital return, and valuation