Company / Cost of Revenue
Nasdaq, Inc. Cost of Revenue History
FY2016-FY2025 · Annual data · Source: SEC filings
At a glance
Latest annual filing availableLatest Cost of Revenue
$3.0B
FY2025
5-year range
$2.2B / $3.0B
FY2021-FY2025
Trend
+9.5%
vs FY2024
Sector context
#4 of 38
Financials
What the data says
Nasdaq, Inc.'s cost of revenue of $3.0B is higher than 89% of companies in the Financials sector (FY2025). Cost of Revenue has fluctuated over the past 10 years, ranging from $1.4B in FY2016 to $3.0B in FY2025.
Based on SEC 10-K filings.
$3.0B in FY2025 with a 5-year CAGR of +2.1%. Top quartile in the Financials sector.
Increased from $2.2B to $3.0B over the past 2 years.
Financials sector context is included.
Cost of Revenue over time
Growth rates
- 3-Year CAGR
- +3.4%
- 5-Year CAGR
- +2.1%
- 10-Year CAGR
- -
Sector benchmark
Bottom 11% in FinancialsTop 89% of 38This company $3.0B Sector average $1.3B
▼
+136.4% above sector average
Key checks
Key Insights
- 5-year CAGR of +2.1%, indicating consistent growth.
- In FY2025, cost of revenue increased 9.5% year-over-year.
- Ranks #4 out of 38 companies in the Financials sector.
- Lowest cost of revenue in the period was in FY2016.
Company context
Key Data Points
- High Piotroski F-Score: 8/9 (strong financial health signals)
- Altman Z-Score 1.03 (distress zone, below 1.8 threshold)
Data sourced from SEC EDGAR filings. Not investment advice.
Annual data
| Year | Cost of RevenueValue | YoY GrowthYoY |
|---|---|---|
| FY2025 | $3.0B | +9.5% |
| FY2024 | $2.8B | +26.8% |
| FY2023 | $2.2B | -20.3% |
| FY2022 | $2.7B | +10.4% |
| FY2021 | $2.5B | -9.4% |
| FY2020 | $2.7B | +77.1% |
| FY2019 | $1.5B | -12.2% |
| FY2018 | $1.8B | +13.9% |
| FY2017 | $1.5B | +7.6% |
| FY2016 | $1.4B | +8.5% |
As of FY2025 · SEC 10-K · Updated Jun 30, 2026