MarketAxess Holdings Inc. (MKTX) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$1.86	$1.95	+4.8%	—	$218.4M	—
Q1 26	$2.15	$2.25	+4.7%	—	$233.4M	—
Q4 25	$1.64	$1.68	+2.4%	—	$209.4M	—
Q3 25	$1.7	$1.84	+8.2%	—	$208.8M	—
Q2 25	$1.96	$2	+2.0%	—	$219.5M	—
Q1 25	$1.81	$1.87	+3.3%	—	$208.6M	—
Q4 24	$1.69	$1.73	+2.4%	—	$202.4M	—
Q3 24	$1.85	$1.9	+2.7%	—	$206.7M	—
Q2 24	$1.68	$1.72	+2.4%	—	$197.7M	—
Q1 24	$1.88	$1.92	+2.1%	—	$210.3M	—
Q4 23	$1.72	$1.84	+7.0%	—	$197.2M	—
Q3 23	$1.47	$1.46	-0.7%	—	$172.3M	—
Q2 23	$1.56	$1.59	+1.9%	—	$179.8M	—
Q1 23	$1.9	$1.96	+3.2%	—	$203.2M	—
Q4 22	$1.57	$1.58	+0.6%	—	$177.9M	—
Q3 22	$1.51	$1.58	+4.6%	—	$172.1M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$6.66	—	—	$846.3M	—
FY24	—	$7.29	—	—	$817.1M	—
FY23	—	$6.87	—	—	$752.5M	—
FY22	—	$6.68	—	—	$718.3M

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$367.7M	$393.4M	$435.6M	$511.4M	$689.1M	$699M	$718.3M	$752.5M	$817.1M	$846.3M
YoY change	+21.3%	+6.99%	+10.7%	+17.4%	+34.8%	+1.43%	+2.77%	+4.77%	+8.58%	+3.57%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	367.7M	393.4M	435.6M	511.4M	689.1M	699M	718.3M	752.5M	817.1M	846.3M
Cost of revenue	96.6M	102.3M	109.1M	131.1M	156.9M	170.9M	182.1M	206.9M	325.9M	343.4M
Gross profit	271.1M	291.1M	326.4M	380.3M	532.2M	528M	536.2M	545.6M	491.2M	502.9M
Gross margin	73.7%	74%	74.9%	74.4%	77.2%	75.5%	74.6%	72.5%	60.1%	59.4%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	39.9M	46.4M	59.2M	64.4M	66.4M	78.8M	77.2M	80.2M	76.5M	84.3M
Operating expenses	63.3M	72.2M	90.8M	102.5M	121.5M	137.4M	147.9M	160M	148.7M	84.3M
Operating income	190M	199.6M	212.6M	250.9M	374.7M	337.2M	326.9M	315M	340.9M	341.8M
Operating margin	51.7%	50.7%	48.8%	49.1%	54.4%	48.2%	45.5%	41.9%	41.7%	40.4%
Non-operating income, net	1.6M	2.2M	5.5M	6.5M	773K	-2.9M	7.1M	-2.8M	-4.8M	2.2M
Pretax income	191.6M	201.8M	218.1M	257.4M	374.4M	333.9M	338.3M	332.7M	360.5M	367M
Income tax	65.4M	53.7M	45.2M	52.5M	75M	76M	88.1M	74.6M	86.4M	120.1M
Net income	126.2M	148.1M	172.9M	204.9M	299.4M	257.9M	250.2M	258.1M	274.2M	246.9M
Net margin	34.3%	37.6%	39.7%	40.1%	43.4%	36.9%	34.8%	34.3%	33.6%	29.2%
EBITDA	205.7M	215.3M	235.1M	282M	415.9M	395M	406.1M	411.1M	442.6M	452.7M
EPS	3.42	4.02	4.68	5.53	8.01	6.88	6.68	6.87	7.29	6.66
Diluted EPS	3.34	3.89	4.57	5.4	7.85	6.77	6.65	6.85	7.28	6.64

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	172.3M	197.2M	210.3M	197.7M	206.7M	202.4M	208.6M	219.5M	208.8M	209.4M	233.4M	218.4M
Cost of revenue	48.9M	57.4M	66.2M	60.9M	62.8M	82.6M	84.1M	89.1M	83.9M	86.3M	95M	88M
Gross profit	123.4M	139.9M	144.1M	136.7M	143.9M	119.8M	124.4M	130.4M	124.9M	123.1M	138.4M	130.4M
Gross margin	71.6%	70.9%	68.5%	69.2%	69.6%	59.2%	59.7%	59.4%	59.8%	58.8%	59.3%	59.7%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	19.9M	21.5M	16.4M	19.3M	38.1M	21.3M	17.8M	19.3M	19.7M	27.5M	18.3M	21.2M
Operating expenses	38.9M	43.3M	33.4M	37.1M	56.7M	40M	17.8M	19.3M	19.7M	27.5M	18.3M	21.2M
Operating income	66.9M	77M	92.5M	81.3M	87.1M	80M	88.4M	91.9M	85.6M	76M	100.9M	89.9M
Operating margin	38.8%	39.1%	44%	41.2%	42.1%	39.5%	42.4%	41.9%	41%	36.3%	43.2%	41.1%
Non-operating income, net	-1.6M	2.1M	-1.4M	-782K	-765K	-1.8M	816K	-239K	2.4M	-711K	1.5M	-2.9M
Pretax income	71.7M	83.8M	96.7M	86.3M	92.9M	84.6M	96.2M	97.4M	93.6M	79.8M	103.9M	89.8M
Income tax	16.8M	14.2M	24.1M	21.4M	21.4M	19.5M	81.1M	26.2M	25.4M	-12.6M	25.8M	21.4M
Net income	54.9M	69.6M	72.6M	64.9M	71.5M	65.1M	15.1M	71.2M	68.3M	92.4M	78.1M	68.3M
Net margin	31.9%	35.3%	34.5%	32.9%	34.6%	32.2%	7.22%	32.4%	32.7%	44.1%	33.5%	31.3%
EBITDA	91M	106.6M	116.8M	107M	113.8M	105.1M	116.4M	118.6M	115.4M	102.3M	127.9M	112.9M
EPS	1.47	1.85	1.92	1.72	1.9	1.74	0.4	1.91	1.84	2.52	2.21	1.93
Diluted EPS	1.46	1.84	1.92	1.72	1.9	1.73	0.4	1.91	1.84	2.51	2.2	1.93

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	5.4B	7.4B	7.8B	14.1B	21.3B	15.4B	10.4B	11B	8.5B	6.7B	5.8B
Enterprise value	5.1B	7.1B	7.4B	13.8B	20.9B	15B	10.1B	10.6B	7.9B	6.5B	5.6B
Shares outstanding	36.8M	36.9M	37M	37.1M	37.4M	37.5M	37.5M	37.5M	37.6M	37.1M	37.1M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	42.9	50.2	45.2	68.6	71.2	59.8	41.8	42.6	31	27.2	19.4
P/S	14.7	18.9	17.9	27.5	30.9	22.1	14.5	14.6	10.4	7.94	6.64
P/B	11.6	14.4	12.8	18.3	22.3	14.8	9.67	8.5	6.12	5.8	4.66
EV/EBITDA	24.9	33.2	31.6	48.8	50.3	38	24.8	25.7	17.9	14.3	12.9
EV/Sales	13.9	18.1	17.1	26.9	30.4	21.5	14	14	9.7	7.66	6.47
Earnings yield	2.33%	1.99%	2.21%	1.46%	1.4%	1.67%	2.39%	2.35%	3.23%	3.68%	5.16%
FCF yield	1.32%	1.92%	2.26%	1.64%	1.68%	1.5%	2.27%	2.56%	3.87%	4.83%	-7.93%
PEG	—	—	—	—	—	—	—	—	—	—	18.5

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	73.7%	74%	74.9%	74.4%	77.2%	75.5%	74.6%	72.5%	60.1%	59.4%	59.7%
Operating margin	51.7%	50.7%	48.8%	49.1%	54.4%	48.2%	45.5%	41.9%	41.7%	40.4%	41.9%
Net margin	34.3%	37.6%	39.7%	40.1%	43.4%	36.9%	34.8%	34.3%	33.6%	29.2%	35.2%
ROE	27%	28.8%	28.4%	26.6%	31.3%	24.8%	23.1%	20%	19.7%	21.3%	23.1%
ROA	23.9%	25.5%	24.9%	21.5%	22.5%	16.9%	15.6%	12.8%	15.3%	12.8%	10.2%
ROIC	68.8%	67.5%	74.1%	41.9%	52.6%	42.6%	34.6%	28.7%	31.9%	24.9%	24.8%
Return on tangible assets	31.5%	32.5%	30.3%	38%	35.4%	26.1%	22.7%	19.8%	24.5%	21.5%	18.6%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	13.3	11.7	9.01	11.5	4.03	3.05	2.76	2.31	4.41	2.77	7.46
Quick ratio	13.3	11.7	9.01	11.5	4.03	3.05	2.76	2.31	4.41	2.77	1.76
Debt / equity	—	—	0	0.13	0.1	0.08	0.08	0.06	0.05	0.25	0.14
Debt / assets	—	—	0	0.1	0.07	0.06	0.05	0.04	0.04	0.15	0.07
Net debt / EBITDA	—	—	-1.62	-1.04	-0.93	-1.09	-0.94	-1.08	-1.3	-0.52	-0.15
Interest coverage	—	—	—	—	328.8	397.6	484.3	168.8	226.2	247.8	63.4
Effective tax rate	34.1%	26.6%	20.7%	20.4%	20%	22.8%	26%	22.4%	24%	32.7%	16.3%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	9.98	10.7	11.8	13.8	18.4	18.6	19.2	20	21.7	22.8	24.1
EPS (basic)	3.42	4.02	4.68	5.53	8.01	6.88	6.68	6.87	7.29	6.66	6.66
EPS (diluted)	3.34	3.89	4.57	5.4	7.85	6.77	6.65	6.85	7.28	6.64	8.46
Book value per share	12.7	14	16.4	20.8	25.6	27.8	28.9	34.4	36.9	31.3	35.2
FCF per share	1.93	3.86	4.77	6.24	9.61	6.17	6.33	7.49	8.74	8.75	4.05
Cash per share	7.77	8.08	10.3	10.5	12.8	13.8	12.4	13.9	17.3	14	9.84
Capex per share	0.17	0.33	0.97	0.33	0.4	0.47	0.35	0.25	0.26	1.34	1.47

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	1.74%	3.07%	8.24%	2.4%	2.18%	2.5%	1.83%	1.24%	1.22%	5.89%	5.94%
Capex / operating cash flow	7.8%	7.21%	16.2%	4.69%	4%	6.07%	4.23%	2.63%	2.62%	13%	25.8%
Payout ratio	30.5%	33%	36.1%	37.2%	30.3%	38.7%	42.3%	42.5%	41.1%	46.7%	36.4%
Dividend yield	0.71%	0.66%	0.8%	0.54%	0.42%	0.65%	1.01%	1%	1.33%	1.72%	1.9%

Yield

1.9%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.78

ex-dividend Aug 19, 2026

Payout ratio

36%

of earnings

Dividend growth

12 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Aug 19, 2026	$0.78
May 20, 2026	$0.78
Feb 18, 2026	$0.78
Nov 19, 2025	$0.76
Aug 20, 2025

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$172.3M	$197.2M	$210.3M	$197.7M	$206.7M	$202.4M	$208.6M	$219.5M	$208.8M	$209.4M	$233.4M	$218.4M
YoY change	+0.1%	+10.9%	+3.52%	+9.91%	+20%	+2.61%	-0.83%	+11%	+1.02%	+3.46%	+11.9%	-0.48%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	286.1M	297.8M	380.6M	391M	479.1M	517.9M	464.7M	522.2M	649.3M	519.7M
Receivables	50.7M	52.6M	57.5M	62M	79.6M	63.9M	78.5M	89.8M	91.8M	101M
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	336.8M	350.4M	438.1M	453M	888.7M	1B	1.1B	1.3B	1.1B	1.2B
Property, plant & equipment	31.1M	38.5M	63M	153.2M	85.2M	96.1M	100.3M	102.7M	107.3M	112.4M
Goodwill & intangibles	126.9M	126.1M	125.3M	415.7M	485.5M	542.3M	505.7M	711.6M	669.6M	788.6M
Total assets	528M	581.2M	695.5M	954.9M	1.3B	1.5B	1.6B	2B	1.8B	1.9B
Accounts payable	15.1M	14.2M	29.4M	22.8M	44.4M	71.2M	55.3M	37M	37.3M	42.6M
Short-term debt	—	—	—	—	—	—	—	—	—	—
Total current liabilities	25.2M	30M	48.6M	39.5M	220.4M	341M	387.7M	582.3M	259.8M	417.8M
Long-term debt	—	—	0	98M	93.6M	88.4M	82.7M	79.7M	72.7M	284.9M
Total liabilities	60M	66.5M	87.7M	184.8M	376.4M	489.1M	526.7M	722.1M	400.6M	776.6M
Shareholders' equity	468M	514.8M	607.9M	770.1M	955.1M	1B	1.1B	1.3B	1.4B	1.2B
Total debt	—	—	0	98M	93.6M	88.4M	82.7M	79.7M	72.7M	284.9M
Net debt	—	—	-246.3M	-172.1M	-367.2M	-418.3M	-348.1M	-371.6M	-471.8M	-234.8M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	439M	522.2M	448.9M	530.5M	518.7M	649.3M	555.1M	462.8M	473.3M	519.7M	377.3M	245.8M
Receivables	90.5M	89.8M	99.9M	92.3M	102.8M	91.8M	109.2M	113.2M	110.5M	101M	128.2M	133.8M
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	1.1B	1.3B	1.3B	1.2B	1.1B	1.1B	1.2B	1.2B	1.2B	1.2B	1.5B	1.7B
Property, plant & equipment	101.7M	102.7M	107.2M	108.8M	109.5M	107.3M	107.9M	109.2M	111.6M	112.4M	111.6M	162M
Goodwill & intangibles	479M	711.6M	700.6M	690.3M	682.1M	669.6M	662.3M	814.8M	799.1M	788.6M	777.9M	767.8M
Total assets	1.7B	2B	1.9B	1.9B	1.8B	1.8B	1.9B	2B	2B	1.9B	2.3B	2.4B
Accounts payable	40M	37M	33.4M	36.3M	33.4M	37.3M	29.2M	31.6M	31.9M	42.6M	39.1M	42.2M
Short-term debt	—	—	—	—	—	—	—	—	—	—	—	—
Total current liabilities	423.5M	582.3M	502M	431.2M	318.9M	259.8M	429.1M	456.6M	496.5M	417.8M	770.9M	943.2M
Long-term debt	79.2M	79.7M	78.1M	76.1M	75.1M	72.7M	70.8M	69.2M	66.9M	284.9M	292M	178.9M
Total liabilities	546.5M	722.1M	608.7M	557.5M	446.8M	400.6M	530.8M	574M	623.7M	776.6M	1.1B	1.2B
Shareholders' equity	1.2B	1.3B	1.3B	1.3B	1.4B	1.4B	1.3B	1.4B	1.4B	1.2B	1.2B	1.3B
Total debt	79.2M	79.7M	78.1M	76.1M	75.1M	72.7M	70.8M	69.2M	66.9M	284.9M	292M	178.9M
Net debt	-341.3M	-371.6M	-298.6M	-358M	-371.3M	-471.8M	-415.4M	-393.6M	-406.4M	-234.8M	-85.3M	-66.9M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	126.2M	148.1M	172.9M	204.9M	299.4M	257.9M	250.2M	258.1M	274.2M	246.9M
Depreciation & amortization	17.8M	19.3M	23.1M	32.7M	42.8M	60.2M	67.2M	76.4M	80.5M	84.2M
Stock-based compensation	14.5M	14.4M	15.8M	25.3M	25.6M	27.3M	29.9M	29.2M	29.7M	30.9M
Change in working capital	-84.7M	-22.7M	9.3M	-2.7M	-2.1M	-60M	-30.8M	-555K	-8.3M	-31.4M
Operating cash flow	81.8M	167.6M	222.2M	262.1M	375.3M	288.1M	310.4M	354.2M	379.2M	382.1M
Capital expenditure	-6.4M	-12.1M	-35.9M	-12.3M	-15M	-17.5M	-13.1M	-9.3M	-9.9M	-49.8M
Investing cash flow	-41.1M	-40.2M	-38.6M	-99.6M	99.5M	-34.6M	-47.5M	-112.2M	-40.3M	-88.7M
Dividends paid	-38.5M	-48.9M	-62.4M	-76.2M	-90.6M	-99.8M	-105.9M	-109.7M	-112.7M	-115.2M
Share repurchases	-23.9M	-42.5M	-25.2M	-17.3M	-16.1M	-63.2M	-87.5M	0	-75.5M	-420M
Financing cash flow	-67.6M	-119M	-95.6M	-119.3M	-727.5M	-267.2M	-343.1M	-272M	-549.3M	-332.4M
Net change in cash	-26.8M	8.4M	88M	43.1M	-252.7M	-13.7M	-80.1M	-30M	-210.4M	-39M
Free cash flow	71.2M	142.5M	176.3M	231.2M	358.9M	231.5M	237.4M	281.3M	328.7M	324.1M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	54.9M	69.6M	72.6M	64.9M	71.5M	65.1M	15.1M	71.2M	68.3M	92.4M	78.1M	68.3M
Depreciation & amortization	19.1M	21.2M	19.8M	20M	20.5M	20.2M	20M	21.1M	21.6M	21.6M	21.1M	21.3M
Stock-based compensation	7.5M	7.3M	7.1M	8M	8M	6.6M	7.3M	8M	8.4M	7.2M	9.2M	8.7M
Change in working capital	-6.7M	39.2M	-70.7M	16.2M	-20.3M	66.5M	-58.1M	-26.3M	-29.5M	82.5M	-135.4M	-89.7M
Operating cash flow	75.2M	133M	29.2M	106.8M	77M	166.3M	-20.6M	103.7M	90.2M	158.6M	-75.3M	26.8M
Capital expenditure	-6M	-2.1M	-1.2M	-7.7M	-835K	-215K	-1.9M	-11.5M	-11.5M	-11.8M	-17.1M	-11.4M
Investing cash flow	-5.8M	-80.4M	-1.9M	-7.4M	-30.2M	-834K	-2.1M	-13.3M	-10.3M	-13.4M	-19M	-10.8M
Dividends paid	-26.9M	-27.5M	-29.5M	-27.8M	-27.7M	-27.7M	-29.5M	-28.2M	-29.4M	-28M	-28.4M	-27.5M
Share repurchases	0	0	-10.1M	-33.5M	-15M	-16.8M	-38.1M	-36.7M	-45.3M	-300M	0	0
Financing cash flow	-23.1M	-110.5M	-54.5M	-161.5M	-287.8M	-45.5M	-77.1M	-65.2M	-81.6M	-328.4M	-28.7M	-143.6M
Net change in cash	46.3M	-57.8M	-27.2M	-62.1M	-241.1M	119.9M	-99.8M	25.2M	-1.8M	-183.2M	-123M	-127.6M
Free cash flow	63.1M	128.3M	-20.1M	100.7M	82.9M	165.2M	12.7M	91M	77.2M	143.3M	-92.7M	14.8M

MarketAxess Holdings Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement