Friday 6 November 2026 Export MKTX’s income statement to Excel — free account

MarketAxess Holdings Inc.

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%

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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 Segments Valuation Filings

MarketAxess Holdings Inc. (MKTX) revenue by segment, product and region

Where the money comes from and where it goes

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 product or service $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016
Commissions	735 86.81%	712 87.10%	663 88.10%	641 89.26%	621 88.85%	634 92.07%	464 90.71%	391 89.73%	355 90.31%	332 90.37%
Information Services	53 6.29%	51 6.19%	46 6.16%	39 5.47%	38 5.46%	34 4.98%	31 6.01%	28 6.48%	26 6.56%	23 6.33%
Post-trade Services	44 5.26%	42 5.20%	40 5.34%	37 5.13%	39 5.57%	19 2.82%	16 3.08%	15 3.52%	11 2.82%	11 2.94%
Technology Services	14 1.65%	12 1.51%	3 0.40%	1 0.13%	1 0.12%	—	—	—	—	—
Other Revenues	—	—	—	—	—	1 0.13%	1 0.20%	1 0.27%	1 0.32%	1 0.36%
Revenue	846	817	753	718	699	689	511	436	393	368

Revenue by region $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012
United States	568 67.16%	569 69.59%	524 69.59%	511 71.11%	—	—	—	—	333 84.64%	312 84.93%	263 86.62%	224 85.15%	208 86.93%	177 92.89%
UNITED KINGDOM	177 20.95%	162 19.81%	147 19.54%	127 17.66%	110 15.75%	90 13.02%	75 14.57%	60 13.76%	59 14.99%	54 14.65%	39 12.98%	38 14.53%	31 12.87%	13 6.99%
Other	101 11.89%	87 10.61%	82 10.88%	81 11.23%	—	—	—	—	—	—	—	—	—	—
Americas	—	—	—	—	569 81.40%	583 84.62%	427 83.56%	369 84.79%	—	—	—	—	—	—
Asia	—	—	—	—	20 2.86%	16 2.35%	10 1.87%	6 1.45%	—	—	—	—	—	—
Other Geographic Area	—	—	—	—	—	—	—	—	1 0.37%	2 0.42%	1 0.40%	1 0.32%	0 0.21%	0 0.11%
Revenue	846	817	753	718	699	689	511	436	393	368	303	263	239	191

Operating figures as reported in each quarter’s results release or filing

Figure	Quarter	Latest	A year before	Change
Block trading ADV	Q3 FY2026	$5.4B	—	—
Emerging markets ADV	Q3 FY2026	$4.0B	$3.8B	+4.89%
Emerging markets trading volume	Q3 FY2026	$255.3B	$243.4B	+4.89%
Employee headcount	Q3 FY2026	858.00	896.00	−4.24%
Eurobonds ADV	Q3 FY2026	$2.2B	$2.2B	+1.55%
Eurobonds trading volume	Q3 FY2026	$144.9B	$142.8B	+1.52%
High-grade ADV	Q3 FY2026	$7.1B	$6.6B	+8.58%
High-grade trading volume	Q3 FY2026	$455.7B	$419.7B	+8.58%
High-yield ADV	Q3 FY2026	$1.5B	$1.3B	+9.06%
High-yield ADV, including SD PT	Q3 FY2026	$1.7B	$1.5B	+12.80%
High-yield trading volume	Q3 FY2026	$94.0B	$86.2B	+9.00%
Other credit ADV	Q3 FY2026	$745.0M	$631.0M	+18.07%
Other credit trading volume	Q3 FY2026	$47.7B	$40.3B	+18.23%
Total credit ADV	Q2 FY2026	$16.9B	$16.8B	+0.34%
Total credit average variable transaction fee per million	Q3 FY2026	$127.00	$140.00	−9.29%
Total credit trading volume	Q2 FY2026	$1.04T	$1.04T	+0.60%
Total portfolio trading ADV	Q2 FY2026	$2.0B	$1.5B	+33.33%
Total rates average variable transaction fee per million	Q3 FY2026	$4.89	$4.21	+16.15%
U.S. government bonds ADV	Q2 FY2026	$24.1B	$30.8B	−21.62%
U.S. government bonds trading volume	Q2 FY2026	$1.49T	$1.91T	−21.62%

	Q3 FY2026	Q2 FY2026	Q1 FY2026	Q4 FY2025	Q3 FY2025	Q2 FY2025	Q1 FY2025	Q3 FY2024	Q2 FY2024	Q1 FY2024	Q4 FY2023
Block trading ADV	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Emerging markets ADV	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Emerging markets trading volume	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Employee headcount	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Eurobonds ADV	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Eurobonds trading volume	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
High-grade ADV	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
High-grade trading volume	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
High-yield ADV	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
High-yield ADV, including SD PT	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
High-yield trading volume	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Other credit ADV	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Other credit trading volume	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Total credit ADV	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Total credit average variable transaction fee per million	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Total credit trading volume	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Total portfolio trading ADV	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Total rates average variable transaction fee per million	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
U.S. government bonds ADV	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
U.S. government bonds trading volume	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡

As each company reports them in its 10-K and 10-Q filings, in US dollars. Where a later filing recast a year's segments, the year is shown as recast; a period whose breakdown does not add up to the company's revenue is left out.