Marketaxess Hldgs Inc Financials
Marketaxess Hldgs Inc (MKTX) reported $846.3M in revenue for fiscal year 2025, up 3.6% from the prior fiscal year. 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).
Minimal reinvestment needs let this business turn close to half of revenue into free cash flow even as reported earnings softened.
Between FY2024 and FY2025, operating income was essentially flat at about$341M and operating cash flow held near$382M , yet net income fell to$246.9M because income tax expense jumped to$120.1M from$86.4M . That makes the FY2025 reported earnings drop look more like tax-driven compression than a weakening in the company's ability to convert activity into cash.
Capex was only
FY2025 included share repurchases of
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 Hldgs 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.
Not available for Marketaxess Hldgs Inc, and counted as zero in the overall score.
Not available for Marketaxess Hldgs Inc, and counted as zero in the overall score.
Marketaxess Hldgs 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 Hldgs 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 Hldgs 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 Hldgs Inc generated $846.3M in revenue in fiscal year 2025. This represents an increase of 3.6% from the prior year.
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.
Marketaxess Hldgs Inc reported $246.9M in net income in fiscal year 2025. This represents a decrease of 10.0% from the prior year.
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
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.
Marketaxess Hldgs Inc held $519.7M in cash as of fiscal year 2025; long-term debt is not reported for that period.
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.
Margins & Returns
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.
Marketaxess Hldgs Inc's net profit margin was 29.2% in fiscal year 2025, showing the share of revenue converted to profit. This is down 4.4 percentage points from the prior year.
Marketaxess Hldgs Inc's ROE was 21.6% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 1.8 percentage points from the prior year.
Not reported for fiscal year 2025.
Capital Allocation
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.
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.
Not reported for fiscal year 2025.
MKTX Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $870.0M | $846.3M+3.6% | $817.1M+8.6% | $752.5M+4.8% | $718.3M+2.8% | $699.0M+1.4% | $689.1M+34.8% | $511.4M+17.4% | $435.6M+9.6% | $397.5M+7.4% | $369.9M+22.0% | $303.1M+15.3% | $262.8M+10.1% | $238.7M+25.1% | $190.8M+11.0% | $171.9M |
| SG&A Expenses | $27.0M | $26.6M+17.1% | $22.7M-1.4% | $23.0M+20.0% | $19.2M+32.4% | $14.5M+14.2% | $12.7M-19.1% | $15.7M+38.3% | $11.4M+2.1% | $11.1M+21.4% | $9.2M-5.5% | $9.7M+0.4% | $9.7M+8.9% | $8.9M+14.4% | $7.7M+22.5% | $6.3M |
| Operating Income | $352.4M | $341.8M+0.3% | $340.9M+8.2% | $315.0M-3.6% | $326.9M-3.1% | $337.2M-10.0% | $374.7M+49.4% | $250.9M+18.0% | $212.6M+6.5% | $199.6M+5.1% | $190.0M | N/A | N/A | N/A | N/A | N/A |
| Interest Expense | $5.9M | $1.5M-7.1% | $1.6M-19.3% | $2.0M+183.3% | $700K-16.9% | $842K-26.3% | $1.1M | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | $60.0M | $120.1M+39.0% | $86.4M+15.7% | $74.6M-15.2% | $88.1M+15.8% | $76.0M+1.4% | $75.0M+42.8% | $52.5M+16.1% | $45.2M-15.7% | $53.7M-18.0% | $65.4M+26.2% | $51.9M+18.6% | $43.7M+12.9% | $38.7M+40.4% | $27.6M-13.8% | $32.0M |
| Net Income | $306.7M | $246.9M-10.0% | $274.2M+6.2% | $258.1M+3.2% | $250.2M-3.0% | $257.9M-13.9% | $299.4M+46.1% | $204.9M+18.5% | $172.9M+16.7% | $148.1M+17.4% | $126.2M+31.4% | $96.0M+28.4% | $74.8M-1.6% | $76.0M+26.5% | $60.1M+25.9% | $47.7M |
| EPS (Diluted) | — | $6.64-8.8% | $7.28+6.3% | $6.85+3.0% | $6.65-1.8% | $6.77-13.8% | $7.85+45.4% | $5.40+18.2% | $4.57+17.5% | $3.89+16.5% | $3.34+31.0% | $2.55+29.4% | $1.97-2.0% | $2.01+26.4% | $1.59+32.5% | $1.20 |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
MKTX Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | $1.9B+8.1% | $1.8B-11.2% | $2.0B+25.3% | $1.6B+5.1% | $1.5B+14.9% | $1.3B+39.4% | $954.9M+37.3% | $695.5M+19.7% | $581.2M+10.1% | $528.0M+20.3% | $439.0M+15.6% | $379.9M+7.3% | $353.9M+26.5% | $279.8M-19.9% | $349.5M |
| Cash & Equivalents | $519.7M-4.5% | $544.5M+20.7% | $451.3M+4.8% | $430.7M-15.0% | $506.7M+10.0% | $460.9M+70.6% | $270.1M+9.7% | $246.3M+47.5% | $167.0M-0.7% | $168.2M-15.8% | $199.7M+18.2% | $168.9M+27.3% | $132.7M+2.9% | $128.9M-24.0% | $169.6M |
| Accounts Receivable | $101.0M+10.0% | $91.8M+2.2% | $89.8M+14.5% | $78.5M+22.8% | $63.9M-19.7% | $79.6M+28.3% | $62.0M+7.8% | $57.5M+9.3% | $52.6M+3.9% | $50.7M+25.2% | $40.5M+19.6% | $33.8M-0.9% | $34.2M+10.0% | $31.0M-14.2% | $36.2M |
| Goodwill | $283.7M+19.8% | $236.7M0.0% | $236.7M+52.9% | $154.8M0.0% | $154.8M+5.0% | $147.4M+0.4% | $146.9M+145.9% | $59.7M | N/A | N/A | N/A | N/A | $26.1M-18.0% | $31.8M0.0% | $31.8M |
| Total Liabilities | $776.6M+93.9% | $400.6M-44.5% | $722.1M+37.1% | $526.7M+7.7% | $489.1M+30.0% | $376.4M+103.6% | $184.8M+110.9% | $87.7M+31.9% | $66.5M+10.7% | $60.0M+24.2% | $48.3M+5.8% | $45.7M+4.9% | $43.5M+17.3% | $37.1M+0.3% | $37.0M |
| Total Equity | $1.1B-17.5% | $1.4B+7.4% | $1.3B+19.6% | $1.1B+3.8% | $1.0B+9.0% | $955.1M+24.0% | $770.1M+26.7% | $607.9M+18.1% | $514.8M+10.0% | $468.0M+19.8% | $390.7M+16.9% | $334.2M+7.7% | $310.4M+27.9% | $242.7M-22.3% | $312.4M |
| Retained Earnings | $1.5B+9.4% | $1.4B+13.0% | $1.2B+13.0% | $1.1B+15.1% | $957.0M+19.7% | $799.4M+35.2% | $591.1M+27.6% | $463.3M+31.0% | $353.6M+38.6% | $255.1M+51.9% | $168.0M+65.0% | $101.8M+99.5% | $51.0M+1004.4% | -$5.6M-866.4% | -$584K |
Not reported in any period shown, so not listed: Current Assets, Inventory, 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.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $200.3M | $382.1M-0.8% | $385.2M+15.4% | $333.8M+15.4% | $289.2M+2.5% | $282.1M-30.3% | $404.5M+52.1% | $265.9M+18.8% | $223.9M+33.3% | $168.0M+87.2% | $89.7M-25.3% | $120.2M+9.3% | $110.0M+21.0% | $90.9M+11.4% | $81.6M+24.6% | $65.5M |
| Capital Expenditures | $6.0M | $8.2M-17.5% | $9.9M+6.6% | $9.3M-29.0% | $13.1M-24.9% | $17.5M+16.5% | $15.0M+22.1% | $12.3M-65.7% | $35.9M+196.9% | $12.1M+89.3% | $6.4M+33.2% | $4.8M+3.6% | $4.6M-69.8% | $15.3M+197.6% | $5.2M+63.1% | $3.2M |
| Free Cash Flow | $194.3M | $373.9M-0.4% | $375.3M+15.7% | $324.4M+17.5% | $276.1M+4.3% | $264.6M-32.1% | $389.5M+53.6% | $253.6M+34.9% | $188.0M+20.6% | $155.9M+87.1% | $83.4M-27.8% | $115.4M+9.6% | $105.3M+39.4% | $75.5M-1.2% | $76.4M+22.6% | $62.3M |
| Investing Cash Flow | -$59.5M | -$96.9M-11.5% | -$86.9M+44.0% | -$155.3M-80.0% | -$86.3M-27.4% | -$67.7M-198.3% | $68.9M+156.4% | -$122.1M-142.7% | -$50.3M+6.3% | -$53.7M-0.9% | -$53.2M-40.1% | -$38.0M-191.4% | -$13.0M+81.2% | -$69.1M-559.9% | $15.0M+275.3% | -$8.6M |
| Financing Cash Flow | -$362.3M | -$332.4M-65.0% | -$201.4M-36.9% | -$147.1M+39.3% | -$242.4M-27.7% | -$189.8M-30.8% | -$145.1M-22.9% | -$118.1M-27.4% | -$92.7M+20.8% | -$117.1M-79.3% | -$65.3M-27.9% | -$51.1M+15.2% | -$60.2M-252.7% | -$17.1M+87.5% | -$136.2M-1116.0% | -$11.2M |
| Share Buybacks | $345.3M | $420.0M+456.5% | $75.5M | $0-100.0% | $87.5M+38.5% | $63.2M+291.6% | $16.1M-6.5% | $17.3M-31.4% | $25.2M-40.7% | $42.5M+77.5% | $23.9M+3.3% | $23.2M-39.0% | $38.0M | N/A | $75.1M+983.4% | $6.9M |
Not reported in any period shown, so not listed: Dividends Paid.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
MKTX Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 40.4%-1.3pp | 41.7%-0.1pp | 41.9%-3.6pp | 45.5%-2.7pp | 48.3%-6.1pp | 54.4%+5.3pp | 49.1%+0.3pp | 48.8%-1.4pp | 50.2%-1.1pp | 51.4% | N/A | N/A | N/A | N/A | N/A |
| Net Margin | 29.2%-4.4pp | 33.6%-0.7pp | 34.3%-0.5pp | 34.8%-2.1pp | 36.9%-6.5pp | 43.4%+3.4pp | 40.1%+0.4pp | 39.7%+2.4pp | 37.3%+3.1pp | 34.1%+2.4pp | 31.7%+3.2pp | 28.5%-3.4pp | 31.8%+0.4pp | 31.5%+3.7pp | 27.8% |
| Return on Equity | 21.6%+1.8pp | 19.8%-0.2pp | 20.0%-3.2pp | 23.1%-1.6pp | 24.8%-6.6pp | 31.4%+4.7pp | 26.6%-1.8pp | 28.4%-0.3pp | 28.8%+1.8pp | 27.0%+2.4pp | 24.6%+2.2pp | 22.4%-2.1pp | 24.5%-0.3pp | 24.8%+9.5pp | 15.3% |
| 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%+1.0pp | 21.5%-3.4pp | 24.9%-0.6pp | 25.5%+1.6pp | 23.9%+2.0pp | 21.9%+2.2pp | 19.7%-1.8pp | 21.5%0.0pp | 21.5%+7.8pp | 13.7% |
| Debt-to-Equity | 0.68+0.4x | 0.29-0.3x | 0.56+0.1x | 0.490.0x | 0.47+0.1x | 0.39+0.2x | 0.24+0.1x | 0.140.0x | 0.130.0x | 0.130.0x | 0.120.0x | 0.140.0x | 0.140.0x | 0.150.0x | 0.12 |
| FCF Margin | 44.2%-1.7pp | 45.9%+2.8pp | 43.1%+4.7pp | 38.4%+0.6pp | 37.9%-18.7pp | 56.5%+6.9pp | 49.6%+6.4pp | 43.2%+3.9pp | 39.2%+16.7pp | 22.5%-15.5pp | 38.1%-2.0pp | 40.1%+8.4pp | 31.6%-8.4pp | 40.1%+3.8pp | 36.3% |
Not reported in any period shown, so not listed: Gross Margin, Current Ratio.
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Where Marketaxess Hldgs Inc Ranks
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 $246.9M in fiscal year 2025, with a net profit margin of 29.2%.
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 29.2% 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 21.6% 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.
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 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 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 229.88x, 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 Hldgs Inc?
Marketaxess Hldgs 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.