FINHUB Insights

NDAQ · Q2 FY25 · Apr 1 – Jun 30, 2025

Nasdaq Q2 FY25: where the revenue came from and where it went

Nasdaq Q2 FY25: revenue $2.1B (+17% year over year). Net profit $0.5B. Largest cohort Market Services $1.1B. The whole income statement as a sankey diagram from the SEC filing.

Period
Apr 1 – Jun 30, 2025
Reported
Jul 25, 2025 10-Q
Sankey diagram of Nasdaq's income statement for Q2 FY25: revenue of $2.1 billion splits into segments and flows out into costs, taxes and net profit.

Tap the diagram to enlarge · figures in billions of dollars

Revenue$2.1B +17% year over year
Gross profit$1.3B 62% margin
Operating profit$0.6B 27% margin
Net profit$0.5B 22% margin

The numbers

All figures in billions of U.S. dollars, for Q2 FY25 (period ends Jun 30, 2025).
ItemValueShare of revenueYear over year
Revenue 2.1 100% +17%
Market Services 1.1 52%
Capital Access Platforms 0.5 24%
Financial Technology 0.5 24%
Cost of revenue−0.838%
Gross profit1.362% margin−3pp
G&A−01%−1pp
Other−0.734%+0pp
Operating profit0.627% margin+3pp
Tax−0.1
Net profit0.522%+9pp
Filing on EDGAR More quarters of NDAQ

Source of the numbers: tables in the filing (10-Q). The diagram is generated automatically and checked against EDGAR before release. How we calculate it → About and methodology.

Older quarters