MKTX · Marketaxess Holdings Inc - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $233.38M | - | $208.82M | $219.46M | $208.58M | - | $206.72M | $197.66M | $210.32M | - |
| Cost of Revenue | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | - | - | - | - | - | - | - | - | - | - |
| R&D | - | - | - | - | - | - | - | - | - | - |
| SG&A | $5.74M | - | $6.10M | $5.40M | $5.72M | - | $5.84M | $4.89M | $4.74M | - |
| Total Operating Expenses | $132.46M | - | $123.24M | $127.60M | $120.19M | - | $119.66M | $116.32M | $117.82M | - |
| D&A | $19.21M | - | $19.66M | $19.20M | $18.24M | - | $18.73M | $18.36M | $18.20M | - |
| Operating Income | $100.92M | - | $85.58M | $91.86M | $88.38M | - | $87.06M | $81.34M | $92.50M | - |
| Interest Expense | $2.89M | - | $171.0K | $621.0K | $316.0K | - | $164.0K | $621.0K | $316.0K | - |
| Income Tax | $25.78M | - | $25.37M | $26.24M | $81.09M | - | $21.41M | $21.40M | $24.10M | - |
| Net Income | $77.88M | - | $68.18M | $71.15M | $15.06M | - | $71.49M | $64.94M | $72.61M | - |
| EPS - Basic | $2.21 | - | $1.84 | $1.91 | $0.40 | - | $1.90 | $1.72 | $1.92 | - |
| EPS - Diluted | $2.20 | - | $1.84 | $1.91 | $0.40 | - | $1.90 | $1.72 | $1.92 | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $377.30M | $519.73M | $473.30M | $462.84M | $486.22M | $544.48M | $446.35M | $434.06M | $376.68M | $451.28M |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventory | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | - | - | - | - | - | - | - | - | - |
| Current Assets | - | - | - | - | - | - | - | - | - | - |
| Total Assets | $2.30B | $1.93B | $2.01B | $1.97B | $1.88B | $1.79B | $1.83B | $1.89B | $1.93B | $2.02B |
| Current Liabilities | - | - | - | - | - | - | - | - | - | - |
| Long-term Debt | - | - | - | - | - | - | - | - | - | - |
| Total Liabilities | $1.10B | $776.63M | $623.73M | $574.04M | $530.78M | $400.56M | $446.80M | $557.49M | $608.73M | $722.10M |
| Stockholders' Equity | $1.19B | $1.15B | $1.38B | $1.39B | $1.35B | $1.39B | $1.39B | $1.33B | $1.32B | $1.29B |
| Retained Earnings | $1.59B | $1.54B | $1.47B | $1.43B | $1.39B | $1.41B | $1.37B | $1.33B | $1.29B | $1.24B |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | ($75.33M) | - | - | - | $29.63M | - | - | - | ($4.95M) | - |
| Investing Cash Flow | ($19.26M) | - | - | - | ($17.15M) | - | - | - | ($15.83M) | - |
| Financing Cash Flow | ($28.66M) | - | - | - | ($77.07M) | - | - | - | ($52.54M) | - |
| CapEx | $259.0K | - | - | - | $1.93M | - | - | - | $1.20M | - |
| Free Cash Flow | ($75.59M) | - | - | - | $27.70M | - | - | - | ($6.15M) | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | - | - | - | - | - | - | - | - | - | - |
| Operating margin | 43.2% | - | 41.0% | 41.9% | 42.4% | - | 42.1% | 41.2% | 44.0% | - |
| EBITDA margin | 51.5% | - | 50.4% | 50.6% | 51.1% | - | 51.2% | 50.4% | 52.6% | - |
| Net margin | 33.4% | - | 32.6% | 32.4% | 7.2% | - | 34.6% | 32.9% | 34.5% | - |
| Free cash flow margin | -32.4% | - | - | - | 13.3% | - | - | - | -2.9% | - |
| FCF / Net income | -0.97 | - | - | - | 1.84 | - | - | - | -0.08 | - |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - |
| SG&A / Revenue | 2.5% | - | 2.9% | 2.5% | 2.7% | - | 2.8% | 2.5% | 2.3% | - |
| Effective tax rate | 24.9% | - | 27.1% | 26.9% | 84.3% | - | 23.0% | 24.8% | 24.9% | - |
| Return on assets | 3.4% | - | 3.4% | 3.6% | 0.8% | - | 3.9% | 3.4% | 3.8% | - |
| Return on equity | 6.5% | - | 4.9% | 5.1% | 1.1% | - | 5.2% | 4.9% | 5.5% | - |
| Return on invested capital | - | - | - | - | - | - | - | - | - | - |
| Liquidity | ||||||||||
| Current ratio | - | - | - | - | - | - | - | - | - | - |
| Quick ratio | - | - | - | - | - | - | - | - | - | - |
| Cash ratio | - | - | - | - | - | - | - | - | - | - |
| Leverage | ||||||||||
| Debt / Equity | - | - | - | - | - | - | - | - | - | - |
| Debt / Assets | - | - | - | - | - | - | - | - | - | - |
| Debt / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Interest coverage | 34.9x | - | 500.5x | 147.9x | 279.7x | - | 530.8x | 131.0x | 292.7x | - |
| Equity multiplier | 1.93 | 1.69 | 1.46 | 1.42 | 1.39 | 1.29 | 1.32 | 1.42 | 1.46 | 1.56 |
| Liabilities / Assets | 0.48 | 0.40 | 0.31 | 0.29 | 0.28 | 0.22 | 0.24 | 0.30 | 0.32 | 0.36 |
| Efficiency | ||||||||||
| Asset turnover | 0.10 | - | 0.10 | 0.11 | 0.11 | - | 0.11 | 0.10 | 0.11 | - |
| Inventory turnover | - | - | - | - | - | - | - | - | - | - |
| Days sales outstanding | - | - | - | - | - | - | - | - | - | - |
| Days inventory outstanding | - | - | - | - | - | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - | - | - | - | - | - |
| Cash conversion cycle | - | - | - | - | - | - | - | - | - | - |
| Valuation | ||||||||||
| P / E | 75.0x | - | 94.7x | 116.9x | 540.9x | - | 134.8x | 116.6x | 114.2x | - |
| P / B | 4.9x | - | 4.7x | 6.0x | 6.0x | - | 7.0x | 5.7x | 6.3x | - |
| P / S | 25.0x | - | 31.0x | 38.0x | 38.9x | - | 46.6x | 38.2x | 39.4x | - |
| EV / EBITDA | 45.5x | - | 56.9x | 70.8x | 71.4x | - | 86.9x | 71.5x | 71.4x | - |
| Growth | ||||||||||
| Revenue growth (YoY) | 11.9% | - | 1.0% | 11.0% | -0.8% | - | 20.0% | 9.9% | 3.5% | - |
| Revenue CAGR (3y) | 4.7% | - | 6.7% | 6.4% | 3.9% | - | 8.4% | 3.9% | 2.5% | - |
| Revenue CAGR (5y) | 3.6% | - | 5.0% | 3.5% | 4.3% | - | 9.5% | 9.5% | 12.9% | - |
| Gross profit growth (YoY) | - | - | - | - | - | - | - | - | - | - |
| Operating income growth (YoY) | 14.2% | - | -1.7% | 12.9% | -4.5% | - | 30.1% | 7.4% | -3.0% | - |
| Net income growth (YoY) | 417.0% | - | -4.6% | 9.6% | -79.3% | - | 30.1% | 8.5% | -1.4% | - |
| EPS growth (YoY) | 450.0% | - | -3.2% | 11.0% | -79.2% | - | 30.1% | 8.2% | -2.0% | - |
| EPS CAGR (3y) | 3.9% | - | 5.2% | 2.4% | -38.4% | - | 7.7% | -1.0% | -3.1% | - |
| EPS CAGR (5y) | 0.8% | - | 0.7% | -2.8% | -27.2% | - | 6.0% | 6.3% | 6.7% | - |
| FCF growth (YoY) | - | - | - | - | - | - | - | - | - | - |
| FCF CAGR (5y) | - | - | - | - | -24.9% | - | - | - | - | - |
| Book value growth (YoY) | -11.6% | -17.5% | -0.6% | 4.3% | 2.2% | 7.4% | 16.4% | 14.1% | 17.5% | 19.6% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Product / service
$846.27M totalCommission Revenue$734.62M · 86.8%
Information Services$53.23M · 6.3%
Post Trade Services$44.49M · 5.3%
Technology Services$13.92M · 1.6%
Geographic
$846.27M totalUS$568.38M · 67.2%
GB$177.26M · 20.9%
Other$100.63M · 11.9%
Peer comparison
Same SIC group: Security Brokers, Dealers & Flotation Companies
Comparing MARKETAXESS HOLDINGS INC against the 5 most active filers in the same SIC group.
Dividends
$3.08/share trailing 12 months · +2.7% YoY
| Ex-date | Per share |
|---|---|
| May 20, 2026 | $0.7800 |
| Feb 18, 2026 | $0.7800 |
| Nov 19, 2025 | $0.7600 |
| Aug 20, 2025 | $0.7600 |
| May 21, 2025 | $0.7600 |
| Feb 19, 2025 | $0.7600 |
| Nov 20, 2024 | $0.7400 |
| Aug 21, 2024 | $0.7400 |
| May 21, 2024 | $0.7400 |
| Feb 13, 2024 | $0.7400 |
| Nov 7, 2023 | $0.7200 |
| Aug 1, 2023 | $0.7200 |
| May 9, 2023 | $0.7200 |
| Feb 7, 2023 | $0.7200 |
| Nov 1, 2022 | $0.7000 |
| Aug 2, 2022 | $0.7000 |
| May 3, 2022 | $0.7000 |
| Feb 8, 2022 | $0.7000 |
| Nov 2, 2021 | $0.6600 |
| Aug 3, 2021 | $0.6600 |
| May 11, 2021 | $0.6600 |
| Feb 9, 2021 | $0.6600 |
| Nov 9, 2020 | $0.6000 |
| Aug 4, 2020 | $0.6000 |