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Where the tokens are
Standardised from the company’s filings, newest period first, labelled with the company’s own fiscal calendar. A line the company does not report is left off rather than shown as zero; margins and free cash flow are worked out here, and only where every input is present.
| Line item | Q2 FY262026-06-30 | Q1 FY262026-03-31 | Q4 FY252025-12-31 | Q3 FY252025-09-30 | Q2 FY252025-06-30 | Q1 FY252025-03-31 | Q4 FY242024-12-31 | Q3 FY242024-09-30 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $2.53B | $2.14B | $2.12B | $1.96B | $2.10B | $2.10B | $2.03B | $1.90B |
| Cost of revenue | $1.03B | $730.00M | $732.00M | $643.00M | $795.00M | $859.00M | $803.00M | $756.00M |
| Gross profit | $1.50B | $1.41B | $1.39B | $1.32B | $1.31B | $1.24B | $1.23B | $1.15B |
| Gross margin | 59.2% | 65.8% | 65.5% | 67.2% | 62.2% | 59.0% | 60.4% | 60.3% |
| Selling, general and administrative | $595.00M | $561.00M | $569.00M | $538.00M | $537.00M | $490.00M | $514.00M | $504.00M |
| Operating expenses | $783.00M | $750.00M | $763.00M | $729.00M | $718.00M | $690.00M | $710.00M | $698.00M |
| Operating income | $717.00M | $657.00M | $629.00M | $586.00M | $588.00M | $547.00M | $517.00M | $448.00M |
| Operating margin | 28.3% | 30.7% | 29.6% | 29.9% | 28.0% | 26.1% | 25.5% | 23.6% |
| EBITDA | $897.00M | $837.00M | $812.00M | $765.00M | $754.00M | $732.00M | $695.00M | $632.00M |
| Interest income | $8.00M | $6.00M | $7.00M | $8.00M | $12.00M | $11.00M | $8.00M | $8.00M |
| Interest expense | −$86.00M | −$87.00M | −$88.00M | −$87.00M | −$95.00M | −$96.00M | −$101.00M | −$102.00M |
| Income before taxes | $653.00M | $677.00M | $580.00M | $529.00M | $548.00M | $488.00M | $439.00M | $356.00M |
| Income taxes | $146.00M | $158.00M | $62.00M | $106.00M | $96.00M | $93.00M | $84.00M | $51.00M |
| Net income | $507.00M | $519.00M | $518.00M | $423.00M | $452.00M | $395.00M | $355.00M | $305.00M |
| Net margin | 20.0% | 24.3% | 24.4% | 21.6% | 21.5% | 18.8% | 17.5% | 16.0% |
| EPS, basic | $0.90 | $0.92 | $0.91 | $0.74 | $0.79 | $0.69 | $0.62 | $0.53 |
| EPS, diluted | $0.89 | $0.91 | $0.90 | $0.73 | $0.78 | $0.68 | $0.61 | $0.53 |
| Diluted shares | 567.75M | 571.75M | 576.45M | 578.98M | 578.98M | 579.98M | 579.86M | 579.02M |
Figures describe Nasdaq Inc. shares, not any token. As of Jul 23, 2026, from Massive's standardised financials. The company reports these figures; a token's issuer holds the shares and reports nothing of its own here.