NASDAQ · Financial Statements

MarketAxess Holdings, Inc. (MKTX) Financial Statements

$164.67 NASDAQ: MKTX Market Cap $5.80B

MarketAxess Holdings, Inc. most recently reported annual revenue of $849.0M, net profit of $247.0M. Revenue grew at an average annual rate of 4.3% over the last 5 fiscal years. See the full income statement, balance sheet, and cash flow statement below, plus valuation and return ratios.

MarketAxess Holdings, Inc.: Revenue rose from $370.0M in 2016 to $849.0M in 2025, a change of +129.5% over 9 years; net profit was positive in all 10 reported years; operating margin moved from 51.8% to 41.2%, a shift of -10.6 percentage points; the most recent year shows net profit of $247.0M.

Income Statement — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Revenue$370.0M$397.0M$436.0M$511.0M$689.0M$701.0M$719.0M$751.0M$818.0M$849.0M
Operating Expenses$178.0M$196.0M$223.0M$260.0M$314.0M$364.0M$392.0M$432.0M$479.0M$499.0M
Operating Profit$192.0M$202.0M$213.0M$251.0M$375.0M$337.0M$327.0M$319.0M$339.0M$350.0M
Operating Margin51.8%50.8%48.8%49.1%54.4%48.1%45.5%42.4%41.4%41.2%
Other Income$0$0$6.0M$7.0M$0$-3.0M$11.0M$14.0M$22.0M$17.0M
Interest$0$0$0$0$1.0M$1.0M$1.0M$2.0M$2.0M$1.0M
Depreciation$18.0M$19.0M$23.0M$33.0M$43.0M$60.0M$67.0M$76.0M$80.0M$84.0M
Profit Before Tax$192.0M$202.0M$218.0M$257.0M$374.0M$334.0M$338.0M$333.0M$361.0M$367.0M
Tax$34.1M$26.6M$20.7M$20.4M$20.0M$22.8M$26.0M$22.4M$23.9M$32.7M
Net Profit$126.0M$148.0M$173.0M$205.0M$299.0M$258.0M$250.0M$258.0M$274.0M$247.0M
EPS$3.34$3.89$4.57$5.40$7.85$6.77$6.65$6.85$7.28$6.66
Dividend Payout0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%

Quarterly Results — Last 12 Quarters (USD millions)

8 duplicate period labels in the source data were collapsed.

MetricSep '23Dec '23Mar '24Jun '24Sep '24Dec '24Mar '25Jun '25Sep '25Dec '25Mar '26Jun '26
Revenue$173.0M$195.0M$212.0M$197.0M$208.0M$202.0M$207.0M$224.0M$211.0M$207.0M$233.0M$218.0M
Operating Expenses$109.0M$114.0M$120.0M$115.0M$116.0M$129.0M$116.0M$127.0M$126.0M$130.0M$132.0M$129.0M
Operating Profit$64.0M$81.0M$92.0M$82.0M$92.0M$73.0M$91.0M$97.0M$85.0M$77.0M$101.0M$90.0M
Operating Margin36.9%41.5%43.5%41.5%44.4%36.0%44.1%43.4%40.2%37.1%43.2%41.1%
Interest$0$2.0M$0$1.0M$0$0$0$0$0$1.0M$3.0M$2.0M
Profit Before Tax$72.0M$84.0M$97.0M$86.0M$93.0M$85.0M$96.0M$97.0M$94.0M$80.0M$104.0M$90.0M
Tax$23.4M$16.9M$24.9M$24.8M$23.0M$23.0M$84.3M$26.9M$27.1M$-15.8M$24.8M$23.9M
Net Profit$55.0M$70.0M$73.0M$65.0M$71.0M$65.0M$15.0M$71.0M$68.0M$92.0M$78.0M$68.0M
EPS$1.46$1.84$1.92$1.72$1.90$1.73$0.40$1.91$1.84$2.51$2.20$1.93

Over the 10 years reported for MarketAxess Holdings, Inc., borrowings increased from $11.0M in 2016 to $285.0M in 2025, cash stood at $520.0M in the latest year, shareholders' equity was $0, current assets covered current liabilities 1.84 times.

Balance Sheet — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Total Assets$528.0M$581.0M$696.0M$955.0M$1.3B$1.5B$1.6B$2.0B$1.8B$1.8B
Current Assets$219.0M$220.0M$304.0M$453.0M$889.0M$1.0B$1.1B$1.3B$1.1B$1.1B
Cash$168.0M$167.0M$246.0M$270.0M$461.0M$507.0M$431.0M$451.0M$544.0M$520.0M
Inventory$-12.0M$-19.0M$-22.0M$0$0$0$0$0$0$0
Receivables$51.0M$53.0M$58.0M$62.0M$359.0M$404.0M$466.0M$663.0M$342.0M$464.0M
Fixed Assets$31.0M$39.0M$63.0M$153.0M$161.0M$167.0M$166.0M$166.0M$165.0M$112.0M
Capital Work in Progress$0$0$0$0$0$0$0$0$0$0
Investments$194.0M$240.0M$240.0M$230.0M$28.0M$36.0M$84.0M$135.0M$165.0M$219.0M
Other Assets$60.0M$60.0M$60.0M$147.0M$147.0M$155.0M$155.0M$237.0M$237.0M$284.0M
Total Liabilities$60.0M$66.0M$88.0M$185.0M$376.0M$489.0M$527.0M$722.0M$401.0M$650.0M
Current Liabilities$25.0M$30.0M$49.0M$39.0M$220.0M$341.0M$388.0M$582.0M$260.0M$585.0M
Borrowings$11.0M$18.0M$22.0M$98.0M$94.0M$88.0M$83.0M$80.0M$73.0M$285.0M
Other Liabilities$50.0M$49.0M$65.0M$87.0M$283.0M$401.0M$444.0M$642.0M$328.0M$365.0M
Equity$0$0$0$0$0$0$0$0$0$0
Reserves$468.0M$515.0M$608.0M$770.0M$955.0M$1.0B$1.1B$1.3B$1.4B$1.1B

For MarketAxess Holdings, Inc., operating cash flow was positive in 10 of 10 reported years; free cash flow in the latest year was $374.0M; free cash flow was positive in 10 of 10 years; financing activities used $437.0M in the latest year, which covers debt repayment, dividends and buybacks.

Cash Flow Statement — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Operating Cash Flow$80.0M$168.0M$224.0M$266.0M$404.0M$282.0M$289.0M$334.0M$385.0M$382.0M
Investing Cash Flow$-72.0M$-79.0M$-98.0M$-157.0M$23.0M$-118.0M$-138.0M$-208.0M$-143.0M$-105.0M
Financing Cash Flow$-20.0M$-70.0M$-25.0M$-43.0M$-55.0M$-90.0M$-114.0M$-38.0M$-89.0M$-437.0M
Net Cash Flow$-31.0M$-1.0M$79.0M$27.0M$334.0M$18.0M$-53.0M$39.0M$89.0M$-23.0M
Free Cash Flow$62.0M$142.0M$176.0M$231.0M$359.0M$231.0M$237.0M$281.0M$329.0M$374.0M

Valuation & Return Ratios

MetricValue
PEG Ratio0.46
EV / EBITDA12.69
FCF Yield2.77%
Quick Ratio1.76
Interest Coverage59.87
Return 1Y-7.55%
Return 3Y-29.28%
Return 5Y-63.42%

MarketAxess Holdings, Inc. (MKTX) financials — frequently asked questions

What is MarketAxess Holdings, Inc.'s annual revenue?

MarketAxess Holdings, Inc. (MKTX) reported annual revenue of $849.0M in its most recent fiscal year.

What is MarketAxess Holdings, Inc.'s net profit?

MarketAxess Holdings, Inc. (MKTX) reported net profit of $247.0M in its most recent fiscal year.

What is MKTX EV/EBITDA?

MarketAxess Holdings, Inc.'s enterprise value to EBITDA (EV/EBITDA) ratio is 12.69.

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