FINHUB Insights

NDAQ · Q3 FY25 · Jul 1 – Sep 30, 2025

Nasdaq Q3 FY25: where the revenue came from and where it went

Nasdaq Q3 FY25: revenue $2B (+3% year over year). Net profit $0.4B. Largest cohort Market Services $0.9B. The whole income statement as a sankey diagram from the SEC filing.

Period
Jul 1 – Sep 30, 2025
Reported
Oct 23, 2025 10-Q
Sankey diagram of Nasdaq's income statement for Q3 FY25: revenue of $2 billion splits into segments and flows out into costs, taxes and net profit.

Tap the diagram to enlarge · figures in billions of dollars

Revenue$2B +3% year over year
Gross profit$1.3B 67% margin
Operating profit$0.6B 30% margin
Net profit$0.4B 22% margin

The numbers

All figures in billions of U.S. dollars, for Q3 FY25 (period ends Sep 30, 2025).
ItemValueShare of revenueYear over year
Revenue 2 100% +3%
Market Services 0.9 45% −7%
Capital Access Platforms 0.5 25% +9%
Financial Technology 0.5 25% +23%
Cost of revenue−0.630%
Gross profit1.367% margin+7pp
G&A−01%+0pp
Other−0.736%+0pp
Operating profit0.630% margin+6pp
Tax−0.1
Interest & other costs−0.1
Net profit0.422%+6pp
Filing on EDGAR More quarters of NDAQ

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

Older quarters