FINHUB Insights

Nasdaq Q4 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
Oct 1 – Dec 31, 2025
Reported
Feb 12, 2026 10-K accession 0001628280-26-007703

Revenue$2.11B +4% year over year
Gross profit$1.39B 66% margin
Operating profit$0.63B 30% margin
Net profit$0.52B 25% margin
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The numbers

All figures in billions of U.S. dollars, for Q4 FY25 (period ends Dec 31, 2025).
ItemValueShare of revenueYear over year
Revenue 2.11 100% +4%
Cost of revenue−0.7234%
Gross profit1.3966% margin+6pp
G&A−0.021%+0pp
Other−0.7435%+0pp
Operating profit0.6330% margin+4pp
Interest & other costs−0.05
Tax−0.06
Net profit0.52 25% margin+7pp

Source of the numbers: the totals in the filing, whose revenue split this site could not read (10-K). The diagram is generated automatically and checked against EDGAR before release. The fourth quarter has no column of its own in an annual report, so it is the full year minus the first nine months. How we calculate it → About and methodology.

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