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NDAQ
Nasdaq Inc.Stock · FinancialsS&P 500 0.1%
$92.05+$1.63 (+1.80%)as of market close, Jul 24, 2026
Note

Not the Nasdaq stock index — NDAQ is Nasdaq, Inc., the exchange operator that runs the Nasdaq stock market. Looking for the Nasdaq-100 index?

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How Nasdaq makes money

Period

How does Nasdaq make money? This Sankey traces every dollar of revenue through the income statement — into cost of revenue, R&D, SG&A, and taxes — and shows what's left as profit. Pick any fiscal year, recent quarter, or the trailing twelve months. Straight from SEC filings.

Nasdaq Inc. · FY2025 · year ended 2025-12-31
Revenue$8.3BGross profit$5.2B · 64%Cost of revenue$3.0B · 36%Operating income$2.3B · 28%Operating expenses$2.9B · 35%SG&A$75M · 1%Other opex$2.8B · 34%Pre-tax income$2.1B · 26%Other expense$185M · 2%Net income$1.8B · 22%Income tax$358M · 4%

Each fiscal year from SEC filings. Percentages are share of revenue, so the green profit nodes read directly as gross / operating / net margin. Line items a company doesn't break out are derived from their siblings so the flows balance; small residuals show as “Other.” For informational purposes only.