MarketAxess Holdings Inc. (MKTX) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 3, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 7, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the MKTX SEC filings page.
MarketAxess Holdings Inc. (MKTX) reported $870.0M in revenue over the twelve months to Jun 30, 2026, up 3.9% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 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).
The business converts profit into cash efficiently, but FY2025 distributions coincided with weaker margins and a more liability-heavy balance sheet.
The less obvious combination is healthy cash conversion alongside earnings compression: FY2025 free cash flow was$374M versus net income of$247M , showing that accounting profit translated into more cash than reported earnings alone. Yet operating margin narrowed from41.7% in FY2024 to40.4% in FY2025, so cash strength coexists with weaker operating efficiency.
Revenue expanded through FY2025, but operating income was nearly unchanged from FY2024; operating margin slipped from
The FY2025 buyback totaled
Financial Health Signals
Scored against banks for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of MarketAxess Holdings Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
MarketAxess Holdings Inc. earned a return on assets of 12.8% in fiscal year 2025, which is the profit it made on every dollar of assets on its books. This is down from 15.3% the prior year. Earnings ranks banks on that return over three years, and MarketAxess Holdings Inc. scores 100/100 among other banks.
MarketAxess Holdings Inc. reported revenue of $846.3M in fiscal year 2025, against $817.1M in fiscal year 2024. Growth ranks banks on the three-year path of their net revenue, which is interest income and fee income less the interest they pay out, and MarketAxess Holdings Inc. scores 40/100 among other banks.
MarketAxess Holdings Inc. funded 59.2% of its assets with shareholders' equity at the end of fiscal year 2025, holding $1.1B of equity against $1.9B of assets. Capital ranks banks on that cushion, and MarketAxess Holdings Inc. scores 95/100 among other banks.
Not available for MarketAxess Holdings Inc., and counted as zero in the overall score.
Not available for MarketAxess Holdings Inc., and counted as zero in the overall score.
MarketAxess Holdings Inc. reported net income of $246.9M in fiscal year 2025, against $274.2M in fiscal year 2024. Stability ranks banks on how steady net income has been across five years, and MarketAxess Holdings Inc. scores 100/100 among other banks.
MarketAxess Holdings Inc. passes 4 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 3 of 4 profitability signals pass, all 1 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, MarketAxess Holdings Inc. generates $1.55 in operating cash flow ($382.1M OCF vs $246.9M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
MarketAxess Holdings Inc. earns $229.88 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
Earnings & Revenue
MarketAxess Holdings Inc. generated $218.4M in revenue in Q2 2026. This represents a decrease of 0.5% from the same quarter a year earlier. Against the prior quarter it is down 6.4%.
MarketAxess Holdings Inc.'s EBITDA was $109.2M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 1.7% from the same quarter a year earlier. Against the prior quarter it is down 9.1%.
MarketAxess Holdings Inc. reported $68.1M in net income in Q2 2026. This represents a decrease of 4.3% from the same quarter a year earlier. Against the prior quarter it is down 12.6%.
MarketAxess Holdings Inc. earned $1.93 per diluted share (EPS) in Q2 2026. This represents an increase of 1.0% from the same quarter a year earlier. Against the prior quarter it is down 12.3%.
Cash & Balance Sheet
MarketAxess Holdings Inc. generated $26.2M in free cash flow in Q2 2026, representing cash available after capex. This represents a decrease of 74.5% from the same quarter a year earlier. Against the prior quarter it is up 134.6%.
MarketAxess Holdings Inc. held $245.8M in cash as of Q2 2026; long-term debt is not reported for that period.
MarketAxess Holdings Inc. paid $0.78 per share in dividends in Q2 2026. This represents an increase of 2.6% from the same quarter a year earlier. It is unchanged from the prior quarter.
Margins & Returns
MarketAxess Holdings Inc.'s operating margin was 41.1% in Q2 2026, reflecting core business profitability. This is down 0.7 percentage points from the same quarter a year earlier. Against the prior quarter it is down 2.1 percentage points.
MarketAxess Holdings Inc.'s net profit margin was 31.2% in Q2 2026, showing the share of revenue converted to profit. This is down 1.2 percentage points from the same quarter a year earlier. Against the prior quarter it is down 2.2 percentage points.
MarketAxess Holdings Inc.'s ROE was 5.5% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is up 0.4 percentage points from the same quarter a year earlier. Against the prior quarter it is down 1.0 percentage points.
Not reported for Q2 2026.
Capital Allocation
MarketAxess Holdings Inc. repurchased no shares in Q2 2026. This represents a decrease of 100.0% from the same quarter a year earlier.
MarketAxess Holdings Inc. invested $649K in capex in Q2 2026, funding long-term assets and infrastructure. This represents a decrease of 46.2% from the same quarter a year earlier. Against the prior quarter it is up 150.6%.
Not reported for Q2 2026.
MKTX Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $218.4M-0.5% | $233.4M+11.9% | $209.4M+3.5% | $208.8M+1.0% | $219.5M+11.0% | $208.6M-0.8% | $202.4M+2.6% | $206.7M+20.0% |
| SG&A Expenses | $5.8M+7.0% | $5.7M+0.4% | $9.4M+29.4% | $6.1M+4.5% | $5.4M+10.5% | $5.7M+20.6% | $7.2M-1.4% | $5.8M+13.3% |
| Operating Income | $89.9M-2.2% | $100.9M+14.2% | $76.0M-5.0% | $85.6M-1.7% | $91.9M+12.9% | $88.4M-4.5% | $80.0M+3.8% | $87.1M+30.1% |
| EBITDA | $109.2M-1.7% | $120.1M+12.7% | $95.6M-2.9% | $105.2M-0.5% | $111.1M+11.4% | $106.6M-3.7% | $98.5M+2.0% | $105.8M+25.2% |
| Interest Expense | $1.9M+1239.6% | $2.9M+1255.9% | $964K+203.1% | $171K-50.6% | $139K-77.6% | $213K-32.6% | $318K-80.6% | $346K+111.0% |
| Income Tax | $21.4M-18.3% | $25.8M-68.2% | -$12.6M-164.8% | $25.4M+18.5% | $26.2M+22.6% | $81.1M+236.4% | $19.5M+37.2% | $21.4M+27.4% |
| Net Income | $68.1M-4.3% | $77.9M+417.0% | $92.5M+42.0% | $68.2M-4.6% | $71.1M+9.6% | $15.1M-79.3% | $65.2M-6.5% | $71.5M+30.1% |
| EPS (Basic) | $1.93+1.0% | $2.21+452.5% | $2.51+44.3% | $1.84-3.2% | $1.91+11.0% | $0.40-79.2% | $1.74-5.4% | $1.90+29.3% |
| EPS (Diluted) | $1.93+1.0% | $2.20+450.0% | $2.50+44.5% | $1.84-3.2% | $1.91+11.0% | $0.40-79.2% | $1.73-6.0% | $1.90+30.1% |
| Diluted Shares (Avg) | 35M-5.5% | 35M-5.5% | N/A | 37M-1.3% | 37M-1.0% | 37M-0.9% | N/A | 38M+0.1% |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses.
MKTX Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $2.4B+22.6% | $2.3B+22.5% | $1.9B+8.1% | $2.0B+9.9% | $2.0B+4.7% | $1.9B-2.5% | $1.8B-11.2% | $1.8B+5.5% |
| Cash & Equivalents | $245.8M-46.9% | $377.3M-22.4% | $519.7M-4.5% | $473.3M+6.0% | $462.8M+6.6% | $486.2M+29.1% | $544.5M+20.7% | $446.3M+6.1% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Accounts Receivable | $133.8M+18.1% | $128.2M+17.4% | $101.0M+10.0% | $110.5M+7.6% | $113.2M+22.6% | $109.2M+9.3% | $91.8M+2.2% | $102.8M+13.5% |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill | $283.7M-0.8% | $283.7M+19.8% | $283.7M+19.8% | $283.7M+19.8% | $286.0M+20.8% | $236.7M0.0% | $236.7M0.0% | $236.7M+52.9% |
| Total Liabilities | $1.2B+103.6% | $1.1B+106.8% | $776.6M+93.9% | $623.7M+39.6% | $574.0M+3.0% | $530.8M-12.8% | $400.6M-44.5% | $446.8M-18.2% |
| Total Equity | $1.2B-10.6% | $1.2B-11.6% | $1.1B-17.5% | $1.4B-0.6% | $1.4B+4.3% | $1.3B+2.2% | $1.4B+7.4% | $1.4B+16.4% |
| Retained Earnings | $1.6B+13.5% | $1.6B+14.1% | $1.5B+9.4% | $1.5B+7.8% | $1.4B+8.3% | $1.4B+8.1% | $1.4B+13.0% | $1.4B+13.2% |
Not reported in any period shown, so not listed: Current Assets, Inventory, Current Liabilities, Non-Current Liabilities, Long-Term Debt.
MKTX Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $26.8M-74.1% | -$75.3M-354.2% | $158.6M-10.0% | $90.2M-5.2% | $103.7M-12.7% | $29.6M+698.7% | $176.2M+24.4% | $95.1M+20.1% |
| Depreciation & Amortization | $19.3M+0.6% | $19.2M+5.3% | $19.6M+5.7% | $19.7M+5.0% | $19.2M+4.6% | $18.2M+0.2% | $18.5M-5.1% | $18.7M+6.6% |
| Stock-Based Compensation | $9.2M+9.4% | $9.2M+24.8% | N/A | $8.8M+6.5% | $8.4M+1.2% | $7.3M+3.2% | N/A | $8.3M+10.9% |
| Capital Expenditures | $649K-46.2% | $259K-86.6% | $3.6M+1561.4% | $1.5M+79.2% | $1.2M-84.3% | $1.9M+61.2% | $215K-89.6% | $835K-86.0% |
| Free Cash Flow | $26.2M-74.5% | -$75.6M-372.9% | $155.1M-11.9% | $88.7M-5.9% | $102.5M-7.8% | $27.7M+550.7% | $176.0M+26.1% | $94.3M+28.8% |
| Investing Cash Flow | -$11.5M+77.5% | -$19.3M-12.3% | -$16.9M-45.1% | -$11.8M+71.5% | -$51.0M-184.7% | -$17.1M-8.3% | -$11.7M+87.3% | -$41.5M-161.9% |
| Financing Cash Flow | -$143.6M-120.1% | -$28.7M+62.8% | -$108.4M-141.5% | -$81.6M-92.2% | -$65.2M-6.1% | -$77.1M-46.7% | -$44.9M-23.8% | -$42.5M-83.7% |
| Share Buybacks | $0-100.0% | $0-100.0% | $300.0M+1680.9% | $45.3M+201.0% | $36.7M+9.7% | $38.1M+275.3% | $16.8M | $15.0M |
Not reported in any period shown, so not listed: Dividends Paid.
MKTX Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Margin | 41.1%-0.7pp | 43.2%+0.9pp | 36.3%-3.2pp | 41.0%-1.1pp | 41.9%+0.7pp | 42.4%-1.6pp | 39.5%+0.5pp | 42.1%+3.3pp |
| Net Margin | 31.2%-1.2pp | 33.4%+26.2pp | 44.2%+12.0pp | 32.6%-1.9pp | 32.4%-0.4pp | 7.2%-27.3pp | 32.2%-3.1pp | 34.6%+2.7pp |
| Return on Equity | 5.5%+0.4pp | 6.5%+5.4pp | 8.1%+3.4pp | 5.0%-0.2pp | 5.1%+0.2pp | 1.1%-4.4pp | 4.7%-0.7pp | 5.2%+0.5pp |
| Return on Assets | 2.8%-0.8pp | 3.4%+2.6pp | 4.8%+1.1pp | 3.4%-0.5pp | 3.6%+0.2pp | 0.8%-3.0pp | 3.6%+0.2pp | 3.9%+0.7pp |
| Debt-to-Equity | 0.94+0.5x | 0.92+0.5x | 0.68+0.4x | 0.45+0.1x | 0.410.0x | 0.39-0.1x | 0.29-0.3x | 0.32-0.1x |
| Asset Turnover | 0.090.0x | 0.100.0x | 0.110.0x | 0.100.0x | 0.110.0x | 0.110.0x | 0.110.0x | 0.110.0x |
| FCF Margin | 12.0%-34.7pp | -32.4%-45.7pp | 74.1%-12.9pp | 42.5%-3.1pp | 46.7%-9.5pp | 13.3%+16.2pp | 87.0%+16.2pp | 45.6%+3.1pp |
Not reported in any period shown, so not listed: Gross Margin, Current Ratio.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| MarketAxess Holdings Inc. MKTX | FY2025 | $846.3M | $246.9M | 29.2% | $5.8B | 56/100 |
| Virtu Financial, Inc. VIRT | FY2025 | $3.6B | $912K | 0.0% | $5.2B | 24/100 |
| PJT Partners Inc. PJT | FY2025 | $1.7B | $180.1M | 10.5% | $3.5B | 51/100 |
| Piper Sandler Companies PIPR | FY2025 | $1.9B | $281.3M | 14.8% | $4.6B | 53/100 |
| StoneX Group Inc. SNEX | FY2025 | $131.0B | $305.9M | 0.2% | $7.9B | 53/100 |
| BGC Group, Inc. BGC | FY2025 | $2.9B | $155.0M | 5.3% | $5.6B | 49/100 |
Where MarketAxess Holdings Inc. Ranks
Frequently Asked Questions
What is MarketAxess Holdings Inc.'s annual revenue?
MarketAxess Holdings 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 Holdings Inc.'s revenue growing?
MarketAxess Holdings Inc. (MKTX) revenue grew by 3.6% year-over-year, from $817.1M to $846.3M in fiscal year 2025.
Is MarketAxess Holdings Inc. profitable?
Yes, MarketAxess Holdings Inc. (MKTX) reported a net income of $246.9M in fiscal year 2025, with a net profit margin of 29.2%.
What is MarketAxess Holdings Inc.'s EBITDA?
MarketAxess Holdings Inc. (MKTX) had EBITDA of $418.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is MarketAxess Holdings Inc.'s operating margin?
MarketAxess Holdings 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 Holdings Inc.'s net profit margin?
MarketAxess Holdings Inc. (MKTX) had a net profit margin of 29.2% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Does MarketAxess Holdings Inc. pay dividends?
Yes, MarketAxess Holdings Inc. (MKTX) paid $3.04 per share in dividends during fiscal year 2025.
What is MarketAxess Holdings Inc.'s return on equity (ROE)?
MarketAxess Holdings Inc. (MKTX) has a return on equity of 21.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is MarketAxess Holdings Inc.'s free cash flow?
MarketAxess Holdings 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 Holdings Inc.'s operating cash flow?
MarketAxess Holdings Inc. (MKTX) generated $382.1M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are MarketAxess Holdings Inc.'s total assets?
MarketAxess Holdings Inc. (MKTX) had $1.9B in total assets as of fiscal year 2025, including both current and long-term assets.
What are MarketAxess Holdings Inc.'s capital expenditures?
MarketAxess Holdings Inc. (MKTX) invested $8.2M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is MarketAxess Holdings Inc.'s debt-to-equity ratio?
MarketAxess Holdings 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 Holdings Inc.'s return on assets (ROA)?
MarketAxess Holdings 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 Holdings Inc.'s P/E ratio?
MarketAxess Holdings Inc. (MKTX) trades at 18.8x earnings, its market capitalization divided by net income of $306.7M net income, trailing 12 months to June 30, 2026. The market capitalization is $5.8B as of Oct 3, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is MarketAxess Holdings Inc.'s price-to-sales ratio?
MarketAxess Holdings Inc. (MKTX) trades at 6.6x sales, its market capitalization divided by revenue of $870.0M revenue, trailing 12 months to June 30, 2026. The market capitalization is $5.8B as of Oct 3, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is MarketAxess Holdings Inc.'s Piotroski F-Score?
MarketAxess Holdings Inc. (MKTX) has a Piotroski F-Score of 4 out of 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are MarketAxess Holdings Inc.'s earnings high quality?
MarketAxess Holdings 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 Holdings Inc. cover its interest payments?
MarketAxess Holdings Inc. (MKTX) has an interest coverage ratio of 229.88x, 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 Holdings Inc.?
MarketAxess Holdings Inc. (MKTX) scores 56 out of 100 on our Financial Health Score, indicating moderate standing within its banks peer group. The score is a 0-100 composite of six dimensions (Earnings, Growth, Capital, Efficiency, Credit Quality, Stability), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.