NDAQ Rule of 40
Rule of 40 combines revenue growth and free cash flow margin in one quarterly score.
38
Q3
62
2024
Q4
60
Q1
65
Q2
26
Q3
52
2025
Q4
58
Q1
57
2026
Q2
40
0
Mix
Other NDAQ Charts
More quarter-by-quarter fundamentals for Nasdaq, Inc.
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Revenue
EPS
Free Cash Flow
Gross Margin
FCF Margin
P/E Ratio
Cumulative FCF
Shares Outstanding
Total Assets
Total Debt
Banking & Finance Comparison
1 / 3
BRK-B · Rule of 40
2026 Q2 · latest
15.5✗ Below 40
Growth +10.0%
FCF +5.5%
-3
Q3
1
2024
Q4
7
Q1
4
Q2
11
Q3
5
2025
Q4
10
Q1
16
2026
Q2
40
0
Mix
JPM · Rule of 40
2026 Q2 · latest
43.1✓ Passing
Growth +17.9%
FCF +25.2%
31
Q3
29
2024
Q4
25
Q1
13
Q2
23
Q3
22
2025
Q4
29
Q1
43
2026
Q2
40
0
Mix
V · Rule of 40
2026 Q3 · latest
67.1✓ Passing
Growth +14.4%
FCF +52.8%
78
2024
Q4
63
Q1
55
Q2
76
Q3
66
2025
Q4
73
Q1
40
Q2
67
2026
Q3
40
0
Mix
Latest Rule of 40: +57 (2026Q2); −8 pts YoY.
Across the 8 quarters from 2024Q3 to 2026Q2, Rule of 40 ranged from +26 in 2025Q3 to +65 in 2025Q2.