MKTX

MKT CAP:$6B

MarketAxess Holdings Inc.

Market Cap

$6B

Financial Services·Financial - Capital Markets·🇺🇸 United States·NASDAQ

Financials·Financial·🇺🇸·NASDAQ

Stock Price

$162.78-$15.77 (-8.83%)

Apr 22, 2026

Company Details

MarketAxess Holdings Inc., together with its subsidiaries, operates an electronic trading platform for institutional investor and broker-dealer companies worldwide. It offers the access to liquidity in the U.S. investment-grade bonds, U.S. ...

CEO

Christopher Robert Concannon

IPO Date

Nov 5, 2004

Website

www.marketaxess.com

Key Metrics TTM

Revenue

$849M

+3.7% YoY

Net Income

$247M

EPS (Diluted)

$6.66

Free Cash Flow

$324M

Revenue / Share

$23.07

Gross Margin

69.9%

Operating Margin

41.2%

Net Margin

29.0%

FCF Margin

38.2%

P/S

7.1x

P/E

24.5x

Earnings Reports

Q1 2026

May 6, 2026

PENDING

FY 2025

Feb 24, 2026

$849M+3.8%EPS $6.66

Q4 2025

Feb 24, 2026

$207M+2.8%EPS $2.51

Q3 2025

Nov 7, 2025

$211M+1.3%EPS $1.84

Q2 2025

Aug 6, 2025

$224M+13.7%EPS $1.91

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$185M	$137M	$87M
Q2 22	$182M	$134M	$85M
Q3 22	$172M	$122M	$76M
Q4 22	$178M	$126M	$78M
Q1 23	$203M	$149M	$95M
Q2 23	$180M	$125M	$76M
Q3 23	$173M	$117M	$64M
Q4 23	$195M	$132M	$81M
Q1 24	$212M	$152M	$92M
Q2 24	$197M	$137M	$82M
Q3 24	$208M	$146M	$92M
Q4 24	$202M	$140M	$73M
Q1 25	$207M	$146M	$91M
Q2 25	$224M	$160M	$97M
Q3 25	$211M	$145M	$85M
Q4 25	$207M	$141M	$77M

Valuation

Quarter	P/S	P/E
Q1 22	8.8x	24.9x
Q2 22	8.7x	25.0x
Q3 22	8.6x	24.8x
Q4 22	8.4x	24.1x
Q1 23	8.2x	23.3x
Q2 23	8.2x	24.0x
Q3 23	8.2x	24.4x
Q4 23	8.1x	23.4x
Q1 24	8.0x	23.5x
Q2 24	7.8x	23.1x
Q3 24	7.4x	21.7x
Q4 24	7.4x	22.0x
Q1 25	7.4x	27.9x
Q2 25	7.2x	27.1x
Q3 25	7.2x	27.5x
Q4 25	7.1x	24.5x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$24M	-$35M
Q2 22	$94M	$83M
Q3 22	$85M	$73M
Q4 22	$134M	$116M
Q1 23	$8M	-$3M
Q2 23	$105M	$93M
Q3 23	$79M	$63M
Q4 23	$142M	$128M
Q1 24	-$5M	-$20M
Q2 24	$119M	$101M
Q3 24	$95M	$83M
Q4 24	$176M	$165M
Q1 25	$30M	$13M
Q2 25	$104M	$91M
Q3 25	$90M	$77M
Q4 25	$159M	$144M

Capital Expenditures

Quarter	CapEx
Q1 22	$11M
Q2 22	$10M
Q3 22	$13M
Q4 22	$18M
Q1 23	$11M
Q2 23	$12M
Q3 23	$16M
Q4 23	$13M
Q1 24	$15M
Q2 24	$18M
Q3 24	$12M
Q4 24	$11M
Q1 25	$17M
Q2 25	$13M
Q3 25	$13M
Q4 25	$15M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	-5.1%	+7.0%
Q2 22	+3.0%	+8.6%
Q3 22	+5.8%	+8.1%
Q4 22	+7.4%	+7.8%
Q1 23	+9.6%	+9.6%
Q2 23	-1.3%	+6.8%
Q3 23	+0.5%	+14.0%
Q4 23	+9.4%	+13.6%
Q1 24	+4.2%	+10.9%
Q2 24	+9.7%	+10.8%
Q3 24	+20.2%	+5.9%
Q4 24	+3.7%	+13.3%
Q1 25	-2.2%	-3.2%
Q2 25	+13.7%	+10.1%
Q3 25	+1.3%	+8.9%
Q4 25	+2.8%	+1.1%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$8M	4.4%
Q2 22	$7M	3.6%
Q3 22	$7M	4.3%
Q4 22	$8M	4.4%
Q1 23	$7M	3.7%
Q2 23	$7M	3.8%
Q3 23	$7M	4.3%
Q4 23	$7M	3.8%
Q1 24	$7M	3.4%
Q2 24	$8M	4.0%
Q3 24	$8M	3.8%
Q4 24	$7M	3.3%
Q1 25	$7M	3.5%
Q2 25	$8M	3.6%
Q3 25	$8M	4.0%
Q4 25	$7M	3.5%

OpEx Breakdown

Quarter

Revenue Segments

Quarter	Commission Revenue	Information Services	Other Revenues	Post Trade Services	Technology Services
Q3 23	$150M	$12M	$154.0K	$17M	—
Q1 24	$185M	$12M	—	$11M	$3M
Q2 24	$172M	$13M	—	$11M	$4M
Q3 24	$180M	$13M	—	$18M	$6M
Q1 25	$181M	$13M	—	$11M	$3M
Q2 25	$192M	$13M	—	$15M	$4M
Q3 25	$180M	$14M	—	$17M	$6M

Revenue by Geography

Quarter	Americas	Asia	Europe	Other Geographic Area	United Kingdom	United States	Other
Q1 22	$151M	$5M	$31M	—	—	—	—
Q2 22	$149M	$5M	$28M	—	—	—	—
Q3 22	$140M	$4M	$28M	—	—	—	—
Q4 22	$142M	$3M	$32M	—	—	—	—
Q1 23	$162M	$5M	$37M	—	—	—	—
Q2 23	$142M	$4M	$34M	—	—	—	—
Q3 23	$136M	$4M	$31M	—	—	—	—
Q4 23	$157M	$5M	$35M	—	—	—	—
Q1 24	$167M	—	$38M	$6M	—	—	—
Q2 24	$157M	—	$36M	$5M	—	—	—
Q3 24	$165M	—	$36M	$6M	—	—	—
Q1 25	—	—	—	—	$43M	$143M	$23M
Q2 25	—	—	—	—	$45M	$149M	$26M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$365M	$11M	$376M
Q2 22	$291M	$34M	$325M
Q3 22	$319M	$33M	$352M
Q4 22	$431M	$34M	$465M
Q1 23	$333M	$41M	$374M
Q2 23	$396M	$20M	$416M
Q3 23	$420M	$19M	$439M
Q4 23	$451M	$71M	$522M
Q1 24	$377M	$72M	$449M
Q2 24	$434M	$96M	$530M
Q3 24	$446M	$72M	$519M
Q4 24	$544M	$105M	$649M
Q1 25	$486M	$69M	$555M
Q2 25	$463M	$0	$463M
Q3 25	$473M	$0	$473M
Q4 25	$520M	$49M	$568M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	38M	-0.6%	-0.9%
Q2 22	38M	-0.6%	-1.3%
Q3 22	38M	-0.1%	-1.4%
Q4 22	38M	+0.0%	-1.2%
Q1 23	38M	+0.2%	-0.5%
Q2 23	38M	-0.2%	-0.1%
Q3 23	38M	-0.0%	+0.0%
Q4 23	38M	+0.6%	+0.6%
Q1 24	38M	-0.1%	+0.4%
Q2 24	38M	-0.3%	+0.3%
Q3 24	38M	-0.2%	+0.1%
Q4 24	38M	-0.0%	-0.6%
Q1 25	37M	-0.4%	-0.9%
Q2 25	37M	-0.4%	-1.0%
Q3 25	37M	-0.5%	-1.3%
Q4 25	37M	-0.8%	-2.1%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$274.3K	676
Q2 22	$269.6K	676
Q3 22	$254.6K	676
Q4 22	$239.1K	744
Q1 23	$273.1K	744
Q2 23	$241.7K	744
Q3 23	$232.5K	744
Q4 23	$220.8K	881
Q1 24	$240.2K	881
Q2 24	$223.9K	881
Q3 24	$236.0K	881
Q4 24	$226.4K	891
Q1 25	$232.2K	891
Q2 25	$251.7K	891
Q3 25	$236.3K	891
Q4 25	$238.9K	868

Revenue / Employee