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 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $846.27M | $817.10M | $752.55M | $718.30M | $698.95M | $689.13M |
| Cost of Revenue | - | - | - | - | - | - |
| Gross Profit | - | - | - | - | - | - |
| R&D | - | - | - | - | - | - |
| SG&A | $26.59M | $22.71M | $23.04M | $19.20M | $14.50M | $12.70M |
| Total Operating Expenses | $504.43M | $476.23M | $437.53M | $391.42M | $361.72M | $314.40M |
| D&A | $76.70M | $73.82M | $70.56M | $61.45M | $53.45M | $36.00M |
| Operating Income | $341.84M | $340.87M | $315.02M | $326.88M | $337.24M | $374.73M |
| Interest Expense | $1.49M | $1.60M | $1.98M | $700.0K | $842.0K | $1.14M |
| Income Tax | $120.08M | $86.36M | $74.64M | $88.06M | $76.03M | $74.98M |
| Net Income | $246.63M | $274.18M | $258.06M | $250.22M | $257.89M | $299.38M |
| EPS - Basic | $6.66 | $7.29 | $6.87 | $6.68 | $6.88 | $8.01 |
| EPS - Diluted | $6.64 | $7.28 | $6.85 | $6.65 | $6.77 | $7.85 |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $519.73M | $544.48M | $451.28M | $430.75M | $506.74M | $460.86M |
| Accounts Receivable | - | - | - | - | - | - |
| Inventory | - | - | - | - | - | - |
| Accounts Payable | - | - | - | - | - | - |
| Current Assets | - | - | - | - | - | - |
| Total Assets | $1.93B | $1.79B | $2.02B | $1.61B | $1.53B | $1.33B |
| Current Liabilities | - | - | - | - | - | - |
| Long-term Debt | - | - | - | - | - | - |
| Total Liabilities | $776.63M | $400.56M | $722.10M | $526.68M | $489.14M | $376.37M |
| Stockholders' Equity | $1.15B | $1.39B | $1.29B | $1.08B | $1.04B | $955.06M |
| Retained Earnings | $1.54B | $1.41B | $1.24B | $1.10B | $956.97M | $799.37M |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $382.14M | $385.24M | $333.77M | $289.23M | $282.09M | $404.49M |
| Investing Cash Flow | ($96.93M) | ($86.94M) | ($155.29M) | ($86.27M) | ($67.69M) | $68.87M |
| Financing Cash Flow | ($332.37M) | ($201.38M) | ($147.06M) | ($242.38M) | ($189.78M) | ($145.11M) |
| CapEx | $8.20M | $9.94M | $9.33M | $13.14M | $17.49M | $15.01M |
| Free Cash Flow | $373.94M | $375.30M | $324.44M | $276.09M | $264.60M | $389.48M |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | - | - | - | - | - | - |
| Operating margin | 40.4% | 41.7% | 41.9% | 45.5% | 48.2% | 54.4% |
| EBITDA margin | 49.5% | 50.8% | 51.2% | 54.1% | 55.9% | 59.6% |
| Net margin | 29.1% | 33.6% | 34.3% | 34.8% | 36.9% | 43.4% |
| Free cash flow margin | 44.2% | 45.9% | 43.1% | 38.4% | 37.9% | 56.5% |
| FCF / Net income | 1.52 | 1.37 | 1.26 | 1.10 | 1.03 | 1.30 |
| R&D / Revenue | - | - | - | - | - | - |
| SG&A / Revenue | 3.1% | 2.8% | 3.1% | 2.7% | 2.1% | 1.8% |
| Effective tax rate | 32.7% | 24.0% | 22.4% | 26.0% | 22.8% | 20.0% |
| Return on assets | 12.7% | 15.3% | 12.8% | 15.6% | 16.9% | 22.5% |
| Return on equity | 21.5% | 19.7% | 20.0% | 23.1% | 24.8% | 31.3% |
| Return on invested capital | - | - | - | - | - | - |
| Liquidity | ||||||
| Current ratio | - | - | - | - | - | - |
| Quick ratio | - | - | - | - | - | - |
| Cash ratio | - | - | - | - | - | - |
| Leverage | ||||||
| Debt / Equity | - | - | - | - | - | - |
| Debt / Assets | - | - | - | - | - | - |
| Debt / EBITDA | - | - | - | - | - | - |
| Interest coverage | 229.9x | 212.9x | 158.9x | 467.0x | 400.5x | 328.1x |
| Equity multiplier | 1.69 | 1.29 | 1.56 | 1.49 | 1.47 | 1.39 |
| Liabilities / Assets | 0.40 | 0.22 | 0.36 | 0.33 | 0.32 | 0.28 |
| Efficiency | ||||||
| Asset turnover | 0.44 | 0.46 | 0.37 | 0.45 | 0.46 | 0.52 |
| Inventory turnover | - | - | - | - | - | - |
| Days sales outstanding | - | - | - | - | - | - |
| Days inventory outstanding | - | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - | - |
| Cash conversion cycle | - | - | - | - | - | - |
| Valuation | ||||||
| P / E | 27.3x | 31.0x | 42.8x | 41.9x | 60.7x | 72.7x |
| P / B | 5.9x | 6.1x | 8.5x | 9.7x | 15.0x | 22.8x |
| P / S | 8.0x | 10.4x | 14.7x | 14.6x | 22.4x | 31.6x |
| EV / EBITDA | 14.8x | 19.2x | 27.4x | 25.9x | 38.8x | 51.9x |
| Growth | ||||||
| Revenue growth (YoY) | 3.6% | 8.6% | 4.8% | 2.8% | 1.4% | 34.8% |
| Revenue CAGR (3y) | 5.6% | 5.3% | 3.0% | 12.0% | 23.9% | 20.1% |
| Revenue CAGR (5y) | 4.2% | 9.8% | 15.4% | 12.6% | 13.6% | 17.9% |
| Gross profit growth (YoY) | - | - | - | - | - | - |
| Operating income growth (YoY) | 0.3% | 8.2% | -3.6% | -3.1% | -10.0% | 49.4% |
| Net income growth (YoY) | -10.0% | 6.2% | 3.1% | -3.0% | -13.9% | 46.1% |
| EPS growth (YoY) | -8.8% | 6.3% | 3.0% | -1.8% | -13.8% | 45.4% |
| EPS CAGR (3y) | -0.1% | 2.5% | -4.4% | 7.2% | 14.0% | 26.4% |
| EPS CAGR (5y) | -3.3% | 6.2% | 8.4% | 11.3% | 15.2% | 25.2% |
| FCF growth (YoY) | -0.4% | 15.7% | 17.5% | 4.3% | -32.1% | 53.6% |
| FCF CAGR (5y) | -0.8% | 8.2% | 43.2% | 12.1% | 29.1% | 29.9% |
| Book value growth (YoY) | -17.5% | 7.4% | 19.6% | 3.8% | 9.0% | 24.0% |
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%
Stability scores
Piotroski F-score
FY 2025 · 9-point quality
4/9
Neutral
- ✓Net income positive
- ✓Operating cash flow positive
- ✗ROA improved YoY
- ✓Cash flow > net income
- -Long-term debt decreased
- -Current ratio improved
- ✓No share dilution
- -Gross margin improved
- ✗Asset turnover improved
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 |