What is Marketaxess Hldgs Inc's earnings per share (EPS)?

Marketaxess Hldgs Inc (MKTX) reported diluted earnings per share of $6.64 for fiscal year 2025. This represents a -8.8% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Marketaxess Hldgs Inc Financials

MKTX

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Marketaxess Hldgs Inc (MKTX) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 77/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

100

Marketaxess Hldgs Inc has an operating margin of 40.4%, meaning the company retains $40 of operating profit per $100 of revenue. This strong profitability earns a score of 100/100, reflecting efficient cost management and pricing power. This is down from 41.7% the prior year.

Growth

Marketaxess Hldgs Inc's revenue grew a modest 3.6% year-over-year to $846.3M. This slow but positive growth earns a score of 39/100.

Leverage

Marketaxess Hldgs Inc carries a low D/E ratio of 0.68, meaning only $0.68 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 88/100, indicating a strong balance sheet with room for future borrowing.

Cash Flow

100

Marketaxess Hldgs Inc converts 44.2% of revenue into free cash flow ($373.9M). This strong cash generation earns a score of 100/100.

Returns

Marketaxess Hldgs Inc's ROE of 21.5% shows moderate profitability relative to equity, earning a score of 59/100. This is up from 19.7% the prior year.

Piotroski F-Score Neutral

4/9

Marketaxess Hldgs Inc passes 4 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Cash-Backed

1.55x

For every $1 of reported earnings, Marketaxess Hldgs Inc generates $1.55 in operating cash flow ($382.1M OCF vs $246.6M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Safe

229.9x

Marketaxess Hldgs Inc earns $229.9 in operating income for every $1 of interest expense ($341.8M vs $1.5M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.

Key Financial Metrics

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Earnings & Revenue

Revenue

$846.3M

YoY+3.6%

5Y CAGR+4.2%

10Y CAGR+10.8%

Marketaxess Hldgs Inc generated $846.3M in revenue in fiscal year 2025. This represents an increase of 3.6% from the prior year.

EBITDA

$418.5M

YoY+0.9%

5Y CAGR+0.4%

Marketaxess Hldgs Inc's EBITDA was $418.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 0.9% from the prior year.

Net Income

$246.6M

YoY-10.0%

5Y CAGR-3.8%

10Y CAGR+9.9%

Marketaxess Hldgs Inc reported $246.6M in net income in fiscal year 2025. This represents a decrease of 10.0% from the prior year.

EPS (Diluted)

$6.64

YoY-8.8%

5Y CAGR-3.3%

10Y CAGR+10.0%

Marketaxess Hldgs Inc earned $6.64 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 8.8% from the prior year.

Cash & Balance Sheet

Free Cash Flow

$373.9M

YoY-0.4%

5Y CAGR-0.8%

10Y CAGR+12.5%

Marketaxess Hldgs Inc generated $373.9M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 0.4% from the prior year.

Cash & Debt

$519.7M

YoY-4.5%

5Y CAGR+2.4%

10Y CAGR+10.0%

Marketaxess Hldgs Inc held $519.7M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

$3.04

YoY+2.7%

5Y CAGR+4.8%

10Y CAGR+14.3%

Marketaxess Hldgs Inc paid $3.04 per share in dividends in fiscal year 2025. This represents an increase of 2.7% from the prior year.

Shares Outstanding

36M

YoY-5.0%

5Y CAGR-1.2%

10Y CAGR-0.4%

Marketaxess Hldgs Inc had 36M shares outstanding in fiscal year 2025. This represents a decrease of 5.0% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

40.4%

YoY-1.3pp

5Y CAGR-14.0pp

Marketaxess Hldgs Inc's operating margin was 40.4% in fiscal year 2025, reflecting core business profitability. This is down 1.3 percentage points from the prior year.

Net Margin

29.1%

YoY-4.4pp

5Y CAGR-14.3pp

10Y CAGR-2.6pp

Marketaxess Hldgs Inc's net profit margin was 29.1% in fiscal year 2025, showing the share of revenue converted to profit. This is down 4.4 percentage points from the prior year.

Return on Equity

21.5%

YoY+1.8pp

5Y CAGR-9.8pp

10Y CAGR-3.0pp

Marketaxess Hldgs Inc's ROE was 21.5% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 1.8 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

$420.0M

YoY+456.5%

5Y CAGR+91.9%

10Y CAGR+33.6%

Marketaxess Hldgs Inc spent $420.0M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 456.5% from the prior year.

Capital Expenditures

$8.2M

YoY-17.5%

5Y CAGR-11.4%

10Y CAGR+5.5%

Marketaxess Hldgs Inc invested $8.2M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 17.5% from the prior year.

MKTX Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$846.3M+3.6%	$817.1M+8.6%	$752.5M+4.8%	$718.3M+2.8%	$699.0M+1.4%	$689.1M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$26.6M+17.1%	$22.7M-1.4%	$23.0M+20.0%	$19.2M+32.4%	$14.5M+14.2%	$12.7M
Operating Income	$341.8M+0.3%	$340.9M+8.2%	$315.0M-3.6%	$326.9M-3.1%	$337.2M-10.0%	$374.7M
Interest Expense	$1.5M-7.1%	$1.6M-19.3%	$2.0M+183.3%	$700K-16.9%	$842K-26.3%	$1.1M
Income Tax	$120.1M+39.0%	$86.4M+15.7%	$74.6M-15.2%	$88.1M+15.8%	$76.0M+1.4%	$75.0M
Net Income	$246.6M-10.0%	$274.2M+6.2%	$258.1M+3.1%	$250.2M-3.0%	$257.9M-13.9%	$299.4M
EPS (Diluted)	$6.64-8.8%	$7.28+6.3%	$6.85+3.0%	$6.65-1.8%	$6.77-13.8%	$7.85

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	$209.4M+0.3%	$208.8M-4.8%	$219.5M+5.2%	$208.6M+3.0%	$202.4M-2.1%	$206.7M+4.6%	$197.7M-6.0%	$210.3M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$9.4M+53.6%	$6.1M+12.9%	$5.4M-5.5%	$5.7M-21.1%	$7.2M+24.0%	$5.8M+19.4%	$4.9M+3.2%	$4.7M
Operating Income	$76.0M-11.2%	$85.6M-6.8%	$91.9M+3.9%	$88.4M+10.5%	$80.0M-8.1%	$87.1M+7.0%	$81.3M-12.1%	$92.5M
Interest Expense	$964K+463.7%	$171K+23.0%	$139K-34.7%	$213K-33.0%	$318K-8.1%	$346K-44.3%	$621K+96.5%	$316K
Income Tax	-$12.6M-149.7%	$25.4M-3.3%	$26.2M-67.6%	$81.1M+316.8%	$19.5M-9.1%	$21.4M0.0%	$21.4M-11.2%	$24.1M
Net Income	$92.2M+35.3%	$68.2M-4.2%	$71.1M+372.3%	$15.1M-76.9%	$65.1M-8.9%	$71.5M+10.1%	$64.9M-10.6%	$72.6M
EPS (Diluted)	N/A	$1.84-3.7%	$1.91+377.5%	$0.40	N/A	$1.90+10.5%	$1.72-10.4%	$1.92

MKTX Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$1.9B+8.1%	$1.8B-11.2%	$2.0B+25.3%	$1.6B+5.1%	$1.5B+14.9%	$1.3B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$519.7M-4.5%	$544.5M+20.7%	$451.3M+4.8%	$430.7M-15.0%	$506.7M+10.0%	$460.9M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$101.0M+10.0%	$91.8M+2.2%	$89.8M+14.5%	$78.5M+22.8%	$63.9M-19.7%	$79.6M
Goodwill	$283.7M+19.8%	$236.7M0.0%	$236.7M+52.9%	$154.8M0.0%	$154.8M+5.0%	$147.4M
Total Liabilities	$776.6M+93.9%	$400.6M-44.5%	$722.1M+37.1%	$526.7M+7.7%	$489.1M+30.0%	$376.4M
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$1.1B-17.5%	$1.4B+7.4%	$1.3B+19.6%	$1.1B+3.8%	$1.0B+9.0%	$955.1M
Retained Earnings	$1.5B+9.4%	$1.4B+13.0%	$1.2B+13.0%	$1.1B+15.1%	$957.0M+19.7%	$799.4M

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$1.9B-3.9%	$2.0B+2.0%	$2.0B+5.2%	$1.9B+5.0%	$1.8B-2.4%	$1.8B-2.8%	$1.9B-2.1%	$1.9B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$519.7M+9.8%	$473.3M+2.3%	$462.8M-4.8%	$486.2M-10.7%	$544.5M+22.0%	$446.3M+2.8%	$434.1M+15.2%	$376.7M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$101.0M-8.6%	$110.5M-2.4%	$113.2M+3.7%	$109.2M+18.9%	$91.8M-10.6%	$102.8M+11.3%	$92.3M-7.5%	$99.9M
Goodwill	$283.7M0.0%	$283.7M-0.8%	$286.0M+20.8%	$236.7M0.0%	$236.7M0.0%	$236.7M0.0%	$236.7M0.0%	$236.7M
Total Liabilities	$776.6M+24.5%	$623.7M+8.7%	$574.0M+8.1%	$530.8M+32.5%	$400.6M-10.3%	$446.8M-19.9%	$557.5M-8.4%	$608.7M
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$1.1B-16.9%	$1.4B-0.6%	$1.4B+2.9%	$1.3B-3.0%	$1.4B+0.2%	$1.4B+4.3%	$1.3B+0.8%	$1.3B
Retained Earnings	$1.5B+4.3%	$1.5B+2.8%	$1.4B+3.1%	$1.4B-1.0%	$1.4B+2.7%	$1.4B+3.3%	$1.3B+2.9%	$1.3B

MKTX Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$382.1M-0.8%	$385.2M+15.4%	$333.8M+15.4%	$289.2M+2.5%	$282.1M-30.3%	$404.5M
Capital Expenditures	$8.2M-17.5%	$9.9M+6.6%	$9.3M-29.0%	$13.1M-24.9%	$17.5M+16.5%	$15.0M
Free Cash Flow	$373.9M-0.4%	$375.3M+15.7%	$324.4M+17.5%	$276.1M+4.3%	$264.6M-32.1%	$389.5M
Investing Cash Flow	-$96.9M-11.5%	-$86.9M+44.0%	-$155.3M-80.0%	-$86.3M-27.4%	-$67.7M-198.3%	$68.9M
Financing Cash Flow	-$332.4M-65.0%	-$201.4M-36.9%	-$147.1M+39.3%	-$242.4M-27.7%	-$189.8M-30.8%	-$145.1M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$420.0M+456.5%	$75.5M	$0-100.0%	$87.5M+38.5%	$63.2M+291.6%	$16.1M

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	$158.6M+75.9%	$90.2M-13.1%	$103.7M+250.0%	$29.6M-83.2%	$176.2M+85.4%	$95.1M-20.0%	$118.8M+2501.5%	-$4.9M
Capital Expenditures	$3.6M+138.8%	$1.5M+24.0%	$1.2M-37.5%	$1.9M+797.7%	$215K-74.3%	$835K-89.1%	$7.7M+542.9%	$1.2M
Free Cash Flow	$155.1M+74.9%	$88.7M-13.5%	$102.5M+270.1%	$27.7M-84.3%	$176.0M+86.8%	$94.3M-15.2%	$111.2M+1908.6%	-$6.1M
Investing Cash Flow	-$16.9M-43.3%	-$11.8M+76.8%	-$51.0M-197.6%	-$17.1M-47.0%	-$11.7M+71.9%	-$41.5M-131.6%	-$17.9M-13.2%	-$15.8M
Financing Cash Flow	-$108.4M-32.9%	-$81.6M-25.1%	-$65.2M+15.3%	-$77.1M-71.6%	-$44.9M-5.8%	-$42.5M+30.9%	-$61.5M-17.0%	-$52.5M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$300.0M+563.0%	$45.3M+23.3%	$36.7M-3.7%	$38.1M+126.0%	$16.8M+12.1%	$15.0M-55.1%	$33.5M+229.7%	$10.1M

MKTX Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	40.4%-1.3pp	41.7%-0.1pp	41.9%-3.6pp	45.5%-2.7pp	48.3%-6.1pp	54.4%
Net Margin	29.1%-4.4pp	33.6%-0.7pp	34.3%-0.6pp	34.8%-2.1pp	36.9%-6.5pp	43.4%
Return on Equity	21.5%+1.8pp	19.7%-0.2pp	20.0%-3.2pp	23.2%-1.6pp	24.8%-6.6pp	31.4%
Return on Assets	12.8%-2.6pp	15.3%+2.5pp	12.8%-2.7pp	15.6%-1.3pp	16.9%-5.6pp	22.5%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.68+0.4	0.29-0.3	0.56+0.1	0.49+0.0	0.47+0.1	0.39
FCF Margin	44.2%-1.7pp	45.9%+2.8pp	43.1%+4.7pp	38.4%+0.6pp	37.9%-18.7pp	56.5%

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	36.3%-4.7pp	41.0%-0.9pp	41.9%-0.5pp	42.4%+2.9pp	39.5%-2.6pp	42.1%+1.0pp	41.1%-2.8pp	44.0%
Net Margin	44.0%+11.4pp	32.6%+0.2pp	32.4%+25.2pp	7.2%-25.0pp	32.2%-2.4pp	34.6%+1.7pp	32.9%-1.7pp	34.5%
Return on Equity	8.1%+3.1pp	5.0%-0.2pp	5.1%+4.0pp	1.1%-3.6pp	4.7%-0.5pp	5.2%+0.3pp	4.9%-0.6pp	5.5%
Return on Assets	4.8%+1.4pp	3.4%-0.2pp	3.6%+2.8pp	0.8%-2.8pp	3.6%-0.3pp	3.9%+0.5pp	3.4%-0.3pp	3.8%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.68+0.2	0.45+0.0	0.41+0.0	0.39+0.1	0.29-0.0	0.32-0.1	0.42-0.0	0.46
FCF Margin	74.1%+31.6pp	42.5%-4.3pp	46.7%+33.4pp	13.3%-73.7pp	87.0%+41.4pp	45.6%-10.6pp	56.2%+59.2pp	-2.9%

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Frequently Asked Questions

What is Marketaxess Hldgs Inc's annual revenue?

Marketaxess Hldgs Inc (MKTX) reported $846.3M in total revenue for fiscal year 2025. This represents a 3.6% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Marketaxess Hldgs Inc's revenue growing?

Marketaxess Hldgs Inc (MKTX) revenue grew by 3.6% year-over-year, from $817.1M to $846.3M in fiscal year 2025.

Is Marketaxess Hldgs Inc profitable?

Yes, Marketaxess Hldgs Inc (MKTX) reported a net income of $246.6M in fiscal year 2025, with a net profit margin of 29.1%.

What is Marketaxess Hldgs Inc's EBITDA?

Marketaxess Hldgs Inc (MKTX) had EBITDA of $418.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is Marketaxess Hldgs Inc's operating margin?

Marketaxess Hldgs Inc (MKTX) had an operating margin of 40.4% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Marketaxess Hldgs Inc's net profit margin?

Marketaxess Hldgs Inc (MKTX) had a net profit margin of 29.1% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Does Marketaxess Hldgs Inc pay dividends?

Yes, Marketaxess Hldgs Inc (MKTX) paid $3.04 per share in dividends during fiscal year 2025.

What is Marketaxess Hldgs Inc's return on equity (ROE)?

Marketaxess Hldgs Inc (MKTX) has a return on equity of 21.5% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Marketaxess Hldgs Inc's free cash flow?

Marketaxess Hldgs Inc (MKTX) generated $373.9M in free cash flow during fiscal year 2025. This represents a -0.4% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Marketaxess Hldgs Inc's operating cash flow?

Marketaxess Hldgs Inc (MKTX) generated $382.1M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Marketaxess Hldgs Inc's total assets?

Marketaxess Hldgs Inc (MKTX) had $1.9B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Marketaxess Hldgs Inc's capital expenditures?

Marketaxess Hldgs Inc (MKTX) invested $8.2M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Does Marketaxess Hldgs Inc buy back shares?

Yes, Marketaxess Hldgs Inc (MKTX) spent $420.0M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does Marketaxess Hldgs Inc have outstanding?

Marketaxess Hldgs Inc (MKTX) had 36M shares outstanding as of fiscal year 2025.

What is Marketaxess Hldgs Inc's debt-to-equity ratio?

Marketaxess Hldgs Inc (MKTX) had a debt-to-equity ratio of 0.68 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Marketaxess Hldgs Inc's return on assets (ROA)?

Marketaxess Hldgs Inc (MKTX) had a return on assets of 12.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Marketaxess Hldgs Inc's Piotroski F-Score?

Marketaxess Hldgs Inc (MKTX) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Marketaxess Hldgs Inc's earnings high quality?

Marketaxess Hldgs Inc (MKTX) has an earnings quality ratio of 1.55x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Marketaxess Hldgs Inc cover its interest payments?

Marketaxess Hldgs Inc (MKTX) has an interest coverage ratio of 229.9x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Marketaxess Hldgs Inc?

Marketaxess Hldgs Inc (MKTX) scores 77 out of 100 on our Financial Profile, indicating strong overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.