Nasdaq, Inc. stock research
FY2026 Q1
Nasdaq (NDAQ) Gross Margin & Quarterly History
Explore Nasdaq, Inc. (NDAQ) gross margin from 2023 through the latest reported quarter, using SEC-sourced revenue, gross profit, and direct costs.
Gross margin takeaway
Quarter ended Mar 31, 2026 · FY2026 Q1
Revenue was stable compared to the prior quarter and the same quarter last year. Gross profit improved relative to the year-ago quarter, while cost of revenue decreased over the same period, resulting in a higher gross margin.
- The strongest observable margin driver is the reduction in cost of revenue compared to the same quarter last year, which directly supported gross profit growth and margin expansion.
- Compared to the immediately preceding quarter, revenue was essentially unchanged, cost of revenue was slightly lower, and gross margin improved modestly. Compared to the same quarter one year earlier, revenue was stable, cost of revenue was substantially lower, and gross margin strengthened notably.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
65.8%
Gross profit
$1.4B
Revenue
$2.1B
Cost of revenue
$730.0M
Quarter-over-quarter change
+0.3 pts
Year-over-year change
+6.8 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Jun 30, 2025 | $2.1B | $1.3B | $784.0M | 62.5% |
| Sep 30, 2025 | $2.0B | $1.3B | $643.0M | 67.2% |
| Dec 31, 2025 | $2.1B | $1.4B | $732.0M | 65.5% |
| Mar 31, 2026 | $2.1B | $1.4B | $730.0M | 65.8% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Dec 31, 2025
+0.3 pts
Year-over-year change
Mar 31, 2025
+6.8 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The strongest observable margin driver is the reduction in cost of revenue compared to the same quarter last year, which directly supported gross profit growth and margin expansion.
Compared to the immediately preceding quarter, revenue was essentially unchanged, cost of revenue was slightly lower, and gross margin improved modestly. Compared to the same quarter one year earlier, revenue was stable, cost of revenue was substantially lower, and gross margin strengthened notably.
Monitor whether the lower cost of revenue level relative to the prior year can be sustained in future quarters.
Peer context
Latest available gross margins for related public companies.
| Company | Gross margin |
|---|---|
| Nasdaq, Inc. (NDAQ) | 65.8% |