Nasdaq, Inc. stock research
FY2025 Q2
Nasdaq (NDAQ) Gross Margin — Quarter Ended Jun 30, 2025
Revenue was stable compared to the prior quarter but higher than the same quarter last year. Gross profit improved sequentially while cost of revenue declined, resulting in a higher gross margin; however, gross margin weakened relative to the year-ago period as cost of revenue increased more than proportionally.
Gross margin takeaway
Quarter ended Jun 30, 2025 · FY2025 Q2
Revenue was stable compared to the prior quarter but higher than the same quarter last year. Gross profit improved sequentially while cost of revenue declined, resulting in a higher gross margin; however, gross margin weakened relative to the year-ago period as cost of revenue increased more than proportionally.
- The sequential improvement in gross margin was driven by a lower cost of revenue while revenue remained unchanged.
- Compared to the prior quarter, gross margin was higher. Compared to the same quarter a year ago, gross margin was lower.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
62.5%
Gross profit
$1.3B
Revenue
$2.1B
Cost of revenue
$784.0M
Quarter-over-quarter change
+3.5 pts
Year-over-year change
-2.2 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 |
|---|---|---|---|---|
| Sep 30, 2024 | $1.9B | $1.1B | $756.0M | 60.3% |
| Dec 31, 2024 | $2.0B | $1.2B | $803.0M | 60.4% |
| Mar 31, 2025 | $2.1B | $1.2B | $859.0M | 59.0% |
| Jun 30, 2025 | $2.1B | $1.3B | $784.0M | 62.5% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Mar 31, 2025
+3.5 pts
Year-over-year change
Jun 30, 2024
-2.2 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The sequential improvement in gross margin was driven by a lower cost of revenue while revenue remained unchanged.
Compared to the prior quarter, gross margin was higher. Compared to the same quarter a year ago, gross margin was lower.
Monitor the trajectory of cost of revenue, which increased year over year and could pressure gross margin if it continues to rise.