Pricing Log in Create free account
Friday 6 November 2026 Export MKTX’s income statement to Excel — free account

MarketAxess Holdings Inc.

MKTX Financial Capital Markets

MarketAxess Holdings Inc.’s revenue for fiscal 2025 (year ended December 2025) was $846.3 million, up 3.57% from fiscal 2024.

Revenue
+0.76%
EPS
−16.9%
Free cash flow
−83.7%

Quarter to September 2026, against a year earlier

165.60 0.01 −0.01%
Market cap
$5.8B
P/E
20.2×
Fwd P/E
21.3×
Dividend yield
1.87%
F-score
5/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by products and services Fiscal 2025

  • Commissions
  • Information Services
  • Post-trade Services
  • Technology Services

Every year since 2012 →

Insider Decisions last twelve months

Sold, $m 1.18
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell 1 1 1 1 1 1 1 1 1 2 1 —
Insider Ownership 0.81%

Capital & Financial Ratios $m

Size
Market Cap 5,830.00
Revenue ttm 871.61
Net income ttm 292.85
Free cash flow ttm 301.00
Net debt Q 92.00
Valuation
P/E 20.22
Forward P/E 21.30
Price / sales 6.69
Forward P/S Powerpack
Price / FCF 19.37
Price / book 4.57
Financial health
Current ratio Q 1.85
Debt / equity Q 0.07
Interest coverage Q 51.34
Growth
Revenue growth Q +0.76% (above 0%: growing)
Operating income growth Q −13.07% (below 0%: shrinking)
EPS, this year +7.31%
EPS, next year A +8.44%
Revenue, next year A +5.06%
EPS, past 5 yrs −3.29% (below 0%: weak)
EPS, next 5 yrs A +8.73%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

P/E against its own 10 years 5.28%
10-year low 10-year high
P/S against its own 10 years 5.10%
10-year low 10-year high
P/B against its own 10 years 4.14%
10-year low 10-year high

Dividends raised every year since 2018

Yield
1.87%
Annual rate
3.10
Payout ratio
37.9%
Growth, 2018–26
+8.05%/yr
  1. 1.68 ’18
  2. 2.04 ’19 +21
  3. 2.40 ’20 +18
  4. 2.64 ’21 +10
  5. 2.80 ’22 +6
  6. 2.88 ’23 +3
  7. 2.96 ’24 +3
  8. 3.04 ’25 +3
  9. 3.12 ’26 +3
paid change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 631 757 739 —
Receivables 778 450 590 1,073
Inventory — — — —
Other — — — —
1,494 1,289 1,376 —
2023 2024 2025 Q'26
Payables 574 256 369 748
ST’ Debt — — — —
Other — — — —
642 328 492 —

Compound Annual Growth %

10y 5y 3y
Sales 10.81% 4.19% 5.62%
Cash Flow 11.87% (1.13%) 9.73%
Earnings 9.89% (3.80%) (0.48%)
Book Value 11.36% 3.71% 1.95%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 1.95 Actual 1.86

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 1.66 1.68 Beat by 0.02
Q1 FY26 2.15 2.25 Beat by 0.10
Q2 FY26 1.88 1.95 Beat by 0.07
Q3 FY26 1.95 1.86 Miss by 0.09
Q4 FY26 1.86 — Reports 5 February 2027

EPS $

Mar Jun Sep Dec Year
’26 2.20 1.93 1.53 — —
’25 0.40 1.91 1.84 2.51 6.64
’24 1.92 1.72 1.90 1.73 7.28
’23 1.96 1.59 1.46 1.84 6.85
’22 1.71 1.78 1.58 1.58 6.65
’21 2.11 1.77 1.52 1.37 6.77
’20 1.96 2.20 1.78 1.91 7.85
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 233 218 210 — —
’25 209 219 209 209 846
’24 210 198 207 202 817
’23 203 180 172 197 753
’22 186 182 172 178 718
’21 195 176 162 165 699
’20 169 185 164 171 689
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (75) 27 247 — —
’25 30 104 90 159 382
’24 (5) 119 95 176 385
’23 8 105 79 142 334
’22 (24) 94 85 134 289
’21 (23) 97 63 146 282
’20 120 105 (48) 228 404
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (93) 15 236 — —
’25 13 91 77 143 324
’24 (20) 101 83 165 329
’23 (3) 93 63 128 281
’22 (35) 83 73 116 237
’21 (35) 83 50 134 231
’20 109 94 (60) 216 359
Fiscal quarters ending in the months shown.

Valuation

The price implies the dividend a share growing 18.6% a year for ten years. It grew 14.7% a year over the last ten.

Implied
18.6%
10 years, reported
14.7%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

3
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 368 393 436 511 689 699 718 753 817 846 872 +9.7% 889 950 1,016 +6.3%
Gross margin, % 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 0.0 pt
EBT 192 202 218 257 374 334 338 333 361 367 348 +7.5%
EBT margin, % 52.10 51.29 50.07 50.34 54.32 47.77 47.10 44.21 44.13 43.37 39.96 (8.7) pt
Net income 126 148 173 205 299 258 250 258 274 247 293 +7.7%
Per share, $
Per share, $ Revenue 9.98 10.67 11.79 13.79 18.45 18.63 19.17 20.04 21.73 22.84 24.75 +9.6%
Earnings 3.42 4.02 4.68 5.53 8.01 6.88 6.68 6.87 7.29 6.66 8.19 +7.7%
Cash flow 2.44 4.56 6.06 7.17 10.83 7.52 7.72 8.89 10.25 10.31 10.15 +17.4%
Capex (0.50) (0.69) (1.29) (0.94) (1.22) (1.35) (1.38) (1.40) (1.50) (1.57) (1.60) +13.5%
Free cash flow 1.93 3.87 4.77 6.24 9.61 6.17 6.34 7.49 8.74 8.75 8.55 +18.3%
Book value 12.70 13.96 16.45 20.77 25.56 27.76 28.85 34.44 36.93 30.92 36.20 +10.4%
Shares, m 37 37 37 37 37 38 37 38 38 37 36 +0.1%
Valuation, ×
Valuation, × P/E 43.78 50.65 45.15 68.56 71.14 59.86 42.71 41.64 31.05 27.17 20.22 48.2
P/S 15.05 19.08 17.93 27.49 30.93 22.07 14.86 14.29 10.40 7.94 6.69 18.0
P/B 11.82 14.58 12.85 18.26 22.32 14.81 9.87 8.32 6.12 5.86 4.57 12.5
EV/Sales 14.06 18.05 16.81 26.71 30.29 21.35 14.19 13.56 9.49 7.32 — 17.2
EV/FCF 72.58 49.83 41.53 59.06 58.16 64.46 42.94 36.28 23.58 19.12 — 46.8
Cash, $m
Cash, $m Operating cash flow 90 168 224 266 404 282 289 334 385 382 357 +17.5%
Capex (19) (26) (48) (35) (46) (51) (52) (52) (57) (58) (56) +13.5%
Free cash flow 71 142 176 231 359 231 237 281 329 324 301 +18.3%
Balance, $m
Balance, $m Working capital 365 411 479 507 645 692 745 851 961 885 839 +10.3%
Net debt (363) (407) (486) (403) (539) (505) (482) (631) (757) (519) 92 +4.1%
Shareholders’ equity 468 515 608 770 955 1,041 1,081 1,293 1,389 1,146 1,275 +10.5%
Returns, %
Returns, % ROA 26.09 26.70 27.08 24.83 26.19 18.02 15.95 14.25 14.41 13.24 13.62 (12.9) pt
ROIC 112.69 115.27 109.40 42.67 56.29 39.30 34.13 29.75 33.72 34.10 15.60 (78.6) pt
ROE 29.39 30.14 30.79 29.74 34.71 25.84 23.58 21.74 20.45 19.46 22.02 (9.9) pt
People
People Employees 383 429 454 527 606 676 744 881 891 868 — +9.5%
Revenue/emp, $m 0.96 0.92 0.96 0.97 1.14 1.03 0.97 0.85 0.92 0.97 — +0.2%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 6 Nov 2026

Business profile

Updated

MarketAxess operates electronic platforms where institutional investors and broker-dealers trade bonds and other financial instruments. Founded in 2000 and headquartered in New York City, it connects clients across fixed-income markets, including corporate, government and municipal bonds. It also offers tools for trading equities, foreign exchange, exchange-traded funds and derivatives.

A client can request competing prices from selected dealers and choose a response. Alternatively, Open Trading lets participants seek prices from a broader network anonymously. MarketAxess acts as an intermediary between the buyer and seller in matching Open Trading transactions; in its disclosed dealer-quote workflow, the two clients trade and settle directly with each other.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by products and services, and margins
Commissions 735 86.81%
Information Services 53 6.29%
Post-trade Services 44 5.26%
Technology Services 14 1.65%
Gross margin 100.00%
Operating margin 40.39%
Pre-tax margin 43.37%

Revenue by segment since 2012

MarketAxess Holdings Inc. vs peers in Capital Markets (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
MKTX MarketAxess Holdings Inc. $5.8B 19.5× 21.3× −0.48% (below 0%: shrinking) +1.05% (above 0%: growing) −83.73% (below 0%: shrinking) 100.00% 41.15%
HUT Hut 8 Corp. $5.7B — (loss-making) — (loss-making) −14.90% (below 0%: shrinking) +122.92% (above 0%: growing) +173.77% (above 0%: growing) 0.00% 447.73% Compare
RIOT Riot Platforms, Inc. $5.5B — (loss-making) — (loss-making) +0.66% (above 0%: growing) −96.67% (below 0%: shrinking) −276.72% (below 0%: shrinking) 0.00% 0.67% Compare
GLXY Galaxy Digital Inc. $5.0B — (loss-making) 205× −0.99% (below 0%: shrinking) n/m +80.14% (above 0%: growing) 0.86% (1.21%) Compare
WULF TeraWulf Inc. $5.0B — (loss-making) — (loss-making) −6.02% (below 0%: shrinking) n/m −695.25% (below 0%: shrinking) 72.30% (313.74%) Compare
BGC BGC Group, Inc. $4.9B 25.7× 7.4× +7.85% (above 0%: growing) +36.36% (above 0%: growing) +164.18% (above 0%: growing) 97.58% 12.38% Compare
MC Moelis & Company $4.7B 19.3× 21.1× +12.05% (above 0%: growing) +16.36% (above 0%: growing) +8.25% (above 0%: growing) 100.00% 17.79% Compare
FIGR Figure Technology Solutions, Inc. $4.7B 19.6× 20.3× +112.66% (above 0%: growing) +254.55% (above 0%: growing) −119.20% (below 0%: shrinking) 87.18% 34.46% Compare
MRX Marex Group PLC $4.7B 15.3× 10.4× +76.97% (above 0%: growing) +94.87% (above 0%: growing) +54.74% (above 0%: growing) 100.00% 21.10% Compare
Median of peers $5.0B 19.5× 20.3× +4.26% +65.62% +31.50% 79.74% 15.08%

All 97 Capital Markets stocks →

From the latest earnings call

Updated

  • On the Q1 call, CEO Chris Kincannon said new initiatives generated approximately 50% of incremental revenue, while emerging-markets trading volumes grew.
  • Kincannon said MarketAxess was developing new-issue trading tools and using AI with its proprietary data to support pricing and execution.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 109.72%
Held by the ten largest 64.72%
Holder Shares Stake Change
BlackRock 4.00m 11.37% −75.32k
Vanguard 3.93m 11.17% −132.93k
PRIMECAP Management 3.50m 9.96% +157.78k
North Reef Capital Management LP 3.40m 9.65% +1.52m
AQR Capital Management 1.98m 5.62% −681.16k
Fidelity (FMR) 1.40m 3.99% −114.42k
State Street 1.28m 3.64% +912.00
Neuberger Berman 1.23m 3.49% +263.90k
Goldman Sachs 1.03m 2.93% +522.27k
BMO 1.02m 2.89% −3.53k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 29 April 2026

Ownership

Directors and executive officers, together less than 1%
BlackRock, Inc. 11.50%
The Vanguard Group 11.00%
PRIMECAP MANAGEMENT CO/CA/ 9.00%
AQR Capital Management Holdings, LLC 7.30%
FMR LLC 6.50%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

MarketAxess Holdings Inc. (MKTX) Latest News

4 Nov

Impact 4 · · Insider Monkey

30 Oct

Impact 4 · · MarketBeat

29 Oct

Impact 3 · · StockStory

25 Oct

Impact 3 · · Simply Wall St.

24 Oct

Impact 3 · · Simply Wall St.

23 Oct

Impact 4 · · Business Wire earnings
Impact 3 · · Zacks
Impact 3 · · StockStory
Impact 3 · · Zacks
Impact 3 · · Associated Press

22 Oct

Impact 3 · · Zacks

13 Oct

Impact 4 · · Insider Monkey

8 Oct

Impact 4 · · Zacks

7 Oct

Impact 3 · · Business Wire

6 Oct

Impact 3 · · Zacks

27 Sep

Impact 4 · · Simply Wall St.

23 Sep

Impact 3 · · MT Newswires

3 Aug

Impact 5 · · Barchart
Impact 3 ·

31 Jul

Impact 5 ·
Impact 3 ·

30 Jul

Impact 5 ·
Impact 5 ·
Impact 5 · · qz.com
Impact 5 ·
Impact 5 ·
Impact 4 · · Barchart
Impact 3 ·
Impact 3 ·
Impact 3 ·

MKTX metrics, ten years each

stockrow.com/MKTX · Data as of Nov 6, 2026 · For information only; not investment advice. · © 2026 stockrow.com