Nasdaq Q3 FY25: where the revenue came from and where it went
The whole income statement of Nasdaq for this quarter, as one diagram: what earned the revenue, and what it went on.
- Period
- Jul 1 – Sep 30, 2025
- Reported
- Oct 23, 2025
Revenue$1.96B
+3% year over year
Gross profit$1.32B
67% margin
Operating profit$0.59B
30% margin
Net profit$0.42B
22% margin
The numbers
| Item | Value | Share of revenue | Year over year |
|---|---|---|---|
| Revenue | 1.96 | 100% | +3% |
| Market services | 0.95 | 48% | −7% |
| Capital access platforms | 0.55 | 28% | +9% |
| Financial technology | 0.46 | 24% | +23% |
| Cost of revenue | −0.64 | 33% | |
| Gross profit | 1.32 | 67% margin | +7pp |
| G&A | −0.02 | 1% | +0pp |
| Other | −0.71 | 36% | +0pp |
| Operating profit | 0.59 | 30% margin | +6pp |
| Interest & other costs | −0.06 | ||
| Tax | −0.11 | ||
| Net profit | 0.42 | 22% margin | +6pp |
293 of 418 companies, most recently reported first
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