NASDAQ, INC. (NDAQ) closed fiscal year 2025 with a gross margin of 63.5 % and a net margin of 21.6 %.
NASDAQ, INC. (NDAQ) closed fiscal year 2025 with a gross margin of 63.5 % and a net margin of 21.6 %. The same year shows an EBITDA margin of 35.9 % and an EBIT margin of 28.2 %. The free cash flow margin was 24.1 %. Against the previous year the gross margin moved +0.7 pp and the net margin +6.5 pp. Across the period the gross margin ranges between 40.0 % in 2008 and 64.2 % in 2023. The series covers 18 fiscal years, from 2008 to 2025. Margins are expressed as a percentage of net revenue and are derived from the same figures as the income statement, taken from as-reported SEC EDGAR filings, with no restatements or adjustments of our own.
Fiscal year end: December
| 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross margin (%) | 40.00 % | 42.60 % | 47.51 % | 49.16 % | 53.65 % | 59.02 % | 59.06 % | 61.42 % | 61.45 % | 61.07 % | 59.06 % | 59.53 % | 51.61 % | 58.10 % | 57.53 % | 64.23 % | 62.82 % | 63.53 % |
| EBITDA margin (%) | 20.08 % | 20.73 % | 23.00 % | 23.41 % | 25.45 % | 25.23 % | 25.46 % | 25.21 % | 27.16 % | 29.86 % | 28.95 % | 28.35 % | 25.53 % | 29.20 % | 29.26 % | 31.35 % | 32.58 % | 35.86 % |
| EBIT margin (%) | 17.53 % | 17.68 % | 19.77 % | 20.24 % | 22.12 % | 21.43 % | 21.54 % | 21.16 % | 22.57 % | 25.10 % | 24.04 % | 23.88 % | 21.94 % | 24.48 % | 25.12 % | 26.02 % | 24.30 % | 28.21 % |
| Net margin (%) | 8.60 % | 7.80 % | 12.38 % | 11.26 % | 11.28 % | 11.99 % | 11.83 % | 12.58 % | 2.86 % | 18.47 % | 10.71 % | 18.18 % | 16.59 % | 20.17 % | 18.07 % | 17.46 % | 15.09 % | 21.64 % |
| FCF margin (%) | 4.41 % | 15.33 % | 12.47 % | 16.90 % | 16.25 % | 14.29 % | 14.06 % | 17.46 % | 17.33 % | 19.38 % | 21.44 % | 19.63 % | 18.92 % | 15.63 % | 24.96 % | 25.36 % | 23.41 % | 24.07 % |
