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Financials · MKTX

MarketAxess Holdings Inc. (MKTX) financials

For the twelve months ended Sep 30, 2026, MarketAxess Holdings Inc. reported $871.61M of revenue and $292.08M of net income.

Revenue, TTM
$871.61M
Revenue growth, YoY
+3.9%
Net income, TTM
$292.08M
Net income growth, YoY
+33.0%
Net margin
33.5%
Free cash flow, TTM
$352.37M
EPS, diluted, TTM
$8.15
EPS growth, YoY
+38.4%
Cash
$381.05M
P/E
19.96
P/S
6.69
Market cap
$5.83B
Annual revenue$846.27M
FY2016FY2025
Annual net income$246.63M
FY2016FY2025
Annual free cash flow$373.94M
FY2016FY2025

MKTX revenue and earnings growth

MKTX revenueQ3 2026$210.41M

Quarter YoY
+0.8%
QoQ
-3.7%
FY YoY
+3.6%
5Y CAGR
+4.2%
10Y CAGR
+10.8%

MKTX revenue was $210.41M in fiscal Q3 2026 (ended Sep 30, 2026), up 0.8% from a year earlier and down 3.7% from the prior quarter. For the full fiscal 2025 it was $846.27M, up 3.6% from fiscal 2024. Compound annual growth was +4.2% over 5 years and +10.8% over 10 years. It rose in each of the last 10 fiscal years. Fiscal 2025 is the highest of the 15 fiscal years on file.

MKTX net incomeQ3 2026$53.86M

Quarter YoY
-21.0%
QoQ
-20.9%
FY YoY
-10.0%
5Y CAGR
-3.8%
10Y CAGR
+9.9%

MKTX net income was $53.86M in fiscal Q3 2026 (ended Sep 30, 2026), down 21.0% from a year earlier and down 20.9% from the prior quarter. For the full fiscal 2025 it was $246.63M, down 10.0% from fiscal 2024. Compound annual growth was -3.8% over 5 years and +9.9% over 10 years. It rose in 7 of the last 10 fiscal years.

MKTX EPSQ3 2026$1.53

Quarter YoY
-16.8%
QoQ
-20.7%
FY YoY
-8.8%
5Y CAGR
-3.3%
10Y CAGR
+10.0%

MKTX diluted EPS was $1.53 in fiscal Q3 2026 (ended Sep 30, 2026), down 16.8% from a year earlier and down 20.7% from the prior quarter. For the full fiscal 2025 it was $6.64, down 8.8% from fiscal 2024. Compound annual growth was -3.3% over 5 years and +10.0% over 10 years.

MKTX free cash flowQ3 2026$246.74M

Quarter YoY
+178.3%
QoQ
+843.1%
FY YoY
-0.4%
5Y CAGR
-0.8%
10Y CAGR
+12.1%

MKTX free cash flow was $246.74M in fiscal Q3 2026 (ended Sep 30, 2026), up 178.3% from a year earlier and up 843.1% from the prior quarter. For the full fiscal 2025 it was $373.94M, down 0.4% from fiscal 2024. Compound annual growth was -0.8% over 5 years and +12.1% over 10 years. It rose in 7 of the last 10 fiscal years.

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Income statement

Income statement
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Revenue$846.27M$817.10M$752.55M$718.30M$698.95M$689.13M$511.35M$435.56M$393.42M$367.73M
Selling, general and admin$26.59M$22.71M$23.04M$19.20M$14.50M$12.70M$15.70M$11.35M$11.12M$9.16M
Operating income$341.84M$340.87M$315.02M$326.88M$337.24M$374.73M$250.88M$212.58M$199.62M$189.99M
Interest expense$1.49M$1.60M$1.98M$700.0K$842.0K$1.14M----
Pre-tax income$367.00M$360.55M$332.70M$338.29M$333.92M$374.36M$257.42M$218.09M$201.77M$191.60M
Income tax$120.08M$86.36M$74.64M$88.06M$76.03M$74.98M$52.52M$45.23M$53.68M$65.43M
Net income$246.63M$274.18M$258.06M$250.22M$257.89M$299.38M$204.90M$172.85M$148.09M$126.17M
EPS, basic$6.66$7.29$6.87$6.68$6.88$8.01$5.53$4.68$4.02$3.42
EPS, diluted$6.64$7.28$6.85$6.65$6.77$7.85$5.40$4.57$3.89$3.34
Diluted shares37.1M37.7M37.7M37.6M38.1M38.1M38.0M37.9M38.0M37.7M

Balance sheet

Balance sheet
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Cash and equivalents$519.73M$544.48M$611.67M$572.66M$625.57M$608.05M$274.25M$246.32M$167.01M$168.24M
Goodwill$283.67M$236.71M$236.71M$154.79M$154.79M$147.39M$146.86M$59.71M--
Total assets$1.93B$1.79B$2.02B$1.61B$1.53B$1.33B$954.93M$695.54M$581.23M$528.04M
Short-term debt$220.00M$0--------
Total liabilities$776.63M$400.56M$722.10M$526.68M$489.14M$376.37M$184.84M$87.66M$66.46M$60.03M
Shareholders' equity$1.15B$1.39B$1.29B$1.08B$1.04B$955.06M$770.09M$607.88M$514.77M$468.01M

Cash flow

Cash flow
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Operating cash flow$382.14M$385.24M$333.77M$289.23M$282.09M$404.49M$265.94M$223.92M$168.03M$89.75M
Capital expenditures$8.20M$9.94M$9.33M$13.14M$17.49M$15.01M$12.29M$35.89M$12.09M$6.38M
Free cash flow$373.94M$375.30M$324.44M$276.09M$264.60M$389.48M$253.64M$188.03M$155.95M$83.36M
Investing cash flow-$96.93M-$86.94M-$155.29M-$86.27M-$67.69M$68.87M-$122.05M-$50.30M-$53.65M-$53.18M
Financing cash flow-$332.37M-$201.38M-$147.06M-$242.38M-$189.78M-$145.11M-$118.10M-$92.67M-$117.07M-$65.29M
Share repurchases$420.01M$75.47M$0$87.54M$63.19M$16.14M$17.26M$25.17M$42.46M$23.93M
Stock-based compensation$30.92M$29.68M$29.19M$29.86M$27.31M$25.61M$25.29M$15.85M$14.42M$14.51M
Depreciation and amortization$76.70M$73.82M$70.56M$61.45M$53.45M$36.00M$26.86M$23.08M$19.27M$17.84M

Key ratios

Key ratios
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Revenue growth, YoY3.6%8.6%4.8%2.8%1.4%34.8%17.4%10.7%7.0%21.3%
Net income growth, YoY-10.0%6.2%3.1%-3.0%-13.9%46.1%18.5%16.7%17.4%31.4%
EPS growth, YoY-8.8%6.3%3.0%-1.8%-13.8%45.4%18.2%17.5%16.5%31.0%
Operating margin40.4%41.7%41.9%45.5%48.2%54.4%49.1%48.8%50.7%51.7%
Net margin29.1%33.6%34.3%34.8%36.9%43.4%40.1%39.7%37.6%34.3%
Free cash flow margin44.2%45.9%43.1%38.4%37.9%56.5%49.6%43.2%39.6%22.7%
Return on equity21.5%19.7%20.0%23.1%24.8%31.3%26.6%28.4%28.8%27.0%
Return on assets12.7%15.3%12.8%15.6%16.9%22.5%21.5%24.9%25.5%23.9%

Source: XBRL data MarketAxess Holdings Inc. files with the SEC, latest filing dated Nov 6, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.

* Worked out from the filings rather than stated in them: Q4 is the full year less the first nine months.

Per-share figures are as filed. The filings show no stock split in these periods.

EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.

MKTX peers

CompanyRevenueGrowthNet incomeNet marginMarket cap
MKTX$871.61M+3.9%$292.08M33.5%$5.83B
MS$80.16B+16.2%$20.45B25.5%$292.45B
GS$69.70B+18.7%$22.17B31.8%$261.38B
BLK$28.54B+24.7%$6.91B24.2%$187.58B
SCHW$27.06B+18.1%$10.64B39.3%$160.36B
CME$6.97B+9.0%$4.43B63.5%$109.00B
ICE$14.05B+12.1%$4.16B29.6%$97.26B
HOOD$5.08B+20.9%$1.98B39.0%$75.03B
NDAQ$9.15B+11.5%$2.08B22.8%$60.21B

MKTX FAQ

8 questions
  • What is MKTX revenue?
    MarketAxess Holdings Inc. (MKTX) reported $871.61M of revenue for the twelve months ended Sep 30, 2026. That is up 3.9% from the year before. Revenue for fiscal 2025 was $846.27M.
  • Is MKTX profitable?
    Yes. MarketAxess Holdings Inc. earned $292.08M in net income for the twelve months ended Sep 30, 2026, a net margin of 33.5%.
  • How much cash and debt does MKTX have?
    MarketAxess Holdings Inc. reported $381.05M in cash and cash equivalents on its most recent balance sheet in SEC filings.
  • How fast is MKTX revenue growing?
    MarketAxess Holdings Inc.'s revenue changed +3.6% in fiscal 2025, to $846.27M. Its compound annual growth rate was +4.2% over 5 years and +10.8% over 10 years.
  • What is MKTX free cash flow?
    MarketAxess Holdings Inc. generated $352.37M of free cash flow for the twelve months ended Sep 30, 2026, which is operating cash flow of $357.44M less capital expenditures.
  • What is MKTX earnings per share?
    Diluted earnings per share were $8.15 for the twelve months ended Sep 30, 2026, from SEC filings, restated for any stock split those filings show.
  • When did MKTX last report financial results?
    The latest statements here come from MarketAxess Holdings Inc.'s 10-Q filed on Nov 6, 2026, covering the period ended Sep 30, 2026.
  • Where does this MKTX financial data come from?
    Quantisnow builds these statements from the structured XBRL data MarketAxess Holdings Inc. files with the SEC. It is provided for information only and is not investment advice.