FINHUB Insights

NDAQ · Q4 FY25 · Oct 1 – Dec 31, 2025

Nasdaq Q4 FY25: where the revenue came from and where it went

Nasdaq Q4 FY25: revenue $2.1B (+4% year over year). Net profit $0.5B. The whole income statement as a sankey diagram from the SEC filing.

Period
Oct 1 – Dec 31, 2025
Reported
Feb 12, 2026 10-K
Sankey diagram of Nasdaq's income statement for Q4 FY25: revenue of $2.11 billion splits into segments and flows out into costs, taxes and net profit.

Tap the diagram to enlarge · figures in billions of dollars

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

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
Tax−0.06
Interest & other costs−0.05
Net profit0.5225%+7pp
Filing on EDGAR More quarters of NDAQ

Source of the numbers: tables in the filing (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.