NASDAQ : MKTX
MarketAxess Holdings Inc. — Financial statements
Financials · Capital Markets · United States
Last price 164.92 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 5.80B
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Financial statements
MarketAxess Holdings Inc. (MKTX) reported revenue of 871.61M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating Revenue | 871.61M | 846.27M | 817.10M | 752.55M | 718.30M | 698.95M |
| Revenue | 871.61M | 846.27M | 817.10M | 752.55M | 718.30M | 698.95M |
| Cost of Revenue | 339.03M | 321.39M | 307.66M | 269.63M | 235.07M | 213.39M |
| Gross Profit | 532.58M | 524.88M | 509.44M | 482.92M | 483.23M | 485.56M |
| Selling, General & Admin | 96.36M | 101.29M | 94.75M | 97.34M | 94.97M | 94.85M |
| Operating Expenses | 173.53M | 177.99M | 168.57M | 167.90M | 156.42M | 148.30M |
| Operating Income | 359.05M | 346.89M | 340.87M | 315.02M | 326.81M | 337.26M |
| Interest Expense | -7.16M | -1.49M | -1.60M | -1.98M | -700.00K | -842.00K |
| Interest & Investment Income | 19.08M | 24.40M | 26.05M | 22.43M | 5.04M | 401.00K |
| Earnings From Equity Investments | 457.00K | 1.40M | 735.00K | 1.13M | ||
| Currency Exchange Gain (Loss) | 4.45M | 4.45M | -1.69M | 2.12M | -886.00K | |
| Other Non Operating Income (Expenses) | -11.05M | -3.84M | -3.45M | -6.05M | 6.90M | -2.90M |
| EBT Excluding Unusual Items | 364.37M | 370.87M | 361.57M | 332.26M | 338.29M | 333.92M |
| Merger & Restructuring Charges | -17.84M | -5.61M | ||||
| Gain (Loss) on Sale of Investments | 1.74M | 1.74M | -1.02M | 435.00K | ||
| Pretax Income | 348.26M | 367.00M | 360.55M | 332.70M | 338.29M | 333.92M |
| Income Tax Expense | 55.41M | 120.08M | 86.36M | 74.64M | 88.06M | 76.03M |
| Earnings From Continuing Operations | 292.85M | 246.91M | 274.18M | 258.06M | 250.22M | 257.89M |
| Minority Interest in Earnings | -770.00K | -285.00K | ||||
| Net Income | 292.08M | 246.63M | 274.18M | 258.06M | 250.22M | 257.89M |
| Net Income to Common | 292.08M | 246.63M | 274.18M | 258.06M | 250.22M | 257.89M |
| Shares Outstanding (Basic) | 35.58M | 37.06M | 37.60M | 37.55M | 37.47M | 37.51M |
| Shares Outstanding (Diluted) | 35.65M | 37.14M | 37.67M | 37.65M | 37.64M | 38.10M |
| EPS (Basic) | 8.21 | 6.66 | 7.29 | 6.87 | 6.68 | 6.88 |
| EPS (Diluted) | 8.19 | 6.64 | 7.28 | 6.85 | 6.65 | 6.77 |
| Free Cash Flow | 373.94M | 375.30M | 324.44M | 276.09M | 264.60M | |
| Free Cash Flow Per Share | 10.07 | 9.96 | 8.62 | 7.33 | 6.95 | |
| Dividend Per Share | 3.10 | 3.04 | 2.96 | 2.88 | 2.80 | 2.64 |
| Gross Margin | 61.10% | 62.02% | 62.35% | 64.17% | 67.27% | 69.47% |
| Operating Margin | 41.19% | 40.99% | 41.72% | 41.86% | 45.50% | 48.25% |
| Profit Margin | 33.51% | 29.14% | 33.56% | 34.29% | 34.84% | 36.90% |
| Free Cash Flow Margin | 44.19% | 45.93% | 43.11% | 38.44% | 37.86% | |
| EBITDA | 436.58M | 423.59M | 414.69M | 385.58M | 388.26M | 390.71M |
| EBITDA Margin | 50.09% | 50.05% | 50.75% | 51.24% | 54.05% | 55.90% |
| D&A For EBITDA | 77.53M | 76.70M | 73.82M | 70.56M | 61.45M | 53.45M |
| EBIT | 359.05M | 346.89M | 340.87M | 315.02M | 326.81M | 337.26M |
| EBIT Margin | 41.19% | 40.99% | 41.72% | 41.86% | 45.50% | 48.25% |
| Effective Tax Rate | 15.91% | 32.72% | 23.95% | 22.44% | 26.03% | 22.77% |
| Revenue as Reported | 871.61M | 846.27M | 817.10M | 752.55M | 718.30M | 698.95M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 381.05M | 519.73M | 544.48M | 451.28M | 430.75M | 506.74M |
| Trading Asset Securities | 100.77M | 99.05M | 99.68M | 74.41M | 24.88M | |
| Cash & Short-Term Investments | 381.05M | 620.51M | 643.52M | 550.96M | 505.15M | 531.62M |
| Accounts Receivable | 121.65M | 232.62M | 228.27M | 374.16M | 313.51M | 216.65M |
| Other Receivables | 951.46M | 250.36M | 113.65M | 288.46M | 152.36M | 187.01M |
| Receivables | 1.07B | 482.98M | 341.92M | 662.62M | 465.86M | 403.66M |
| Prepaid Expenses | 63.71M | 44.95M | 81.36M | 82.48M | 66.24M | 26.96M |
| Restricted Cash | 49.74M | 156.12M | 155.98M | 160.39M | 141.92M | 118.83M |
| Other Current Assets | 13.31M | 11.11M | 12.39M | 9.38M | 11.20M | |
| Total Current Assets | 1.57B | 1.32B | 1.23B | 1.47B | 1.19B | 1.09B |
| Property, Plant & Equipment | 160.07M | 164.28M | 165.43M | 165.72M | 166.36M | 167.02M |
| Long-Term Investments | 169.37M | 58.44M | 55.11M | 24.69M | ||
| Goodwill | 283.67M | 283.67M | 236.71M | 236.71M | 154.79M | 154.79M |
| Other Intangible Assets | 95.26M | 110.63M | 98.08M | 119.11M | 98.06M | 116.38M |
| Total Assets | 2.28B | 1.93B | 1.79B | 2.02B | 1.61B | 1.53B |
| Accounts Payable | 57.48M | 37.55M | 31.38M | 32.47M | 37.24M | 48.72M |
| Accrued Expenses | 62.63M | 73.88M | 68.05M | 60.12M | 56.30M | 59.72M |
| Short-Term Debt | 92.00M | 220.00M | ||||
| Current Portion of Leases | 12.67M | |||||
| Current Income Taxes Payable | 22.57M | 49.27M | 3.68M | 7.89M | 28.45M | 40.46M |
| Other Current Liabilities | 936.00K | 14.03M | ||||
| Total Current Liabilities | 234.67M | 393.37M | 104.05M | 100.49M | 136.02M | 148.89M |
| Long-Term Leases | 61.09M | 52.27M | 72.65M | 79.68M | 82.68M | 88.42M |
| Long-Term Unearned Revenue | 5.03M | 5.00M | 4.54M | 3.99M | ||
| Other Long-Term Liabilities | 690.06M | 325.96M | 218.84M | 537.40M | 303.99M | 251.82M |
| Total Liabilities | 985.82M | 776.63M | 400.56M | 722.10M | 526.68M | 489.14M |
| Common Stock | 123.00K | 123.00K | 123.00K | 123.00K | 123.00K | 123.00K |
| Additional Paid-In Capital | 382.94M | 305.92M | 350.70M | 333.29M | 345.47M | 330.26M |
| Retained Earnings | 1.66B | 1.54B | 1.41B | 1.24B | 1.10B | 956.97M |
| Treasury Stock | -751.63M | -694.76M | -333.37M | -260.30M | -328.33M | -232.71M |
| Comprehensive Income & Other | -11.78M | -4.36M | -34.70M | -24.37M | -37.70M | -13.33M |
| Total Common Equity | 1.27B | 1.15B | 1.39B | 1.29B | 1.08B | 1.04B |
| Minority Interest | 15.23M | 12.59M | ||||
| Shareholders' Equity | 1.29B | 1.16B | 1.39B | 1.29B | 1.08B | 1.04B |
| Total Liabilities & Equity | 2.28B | 1.93B | 1.79B | 2.02B | 1.61B | 1.53B |
| Total Debt | 153.09M | 284.94M | 72.65M | 79.68M | 82.68M | 88.42M |
| Net Cash (Debt) | 227.97M | 335.57M | 570.87M | 471.29M | 422.48M | 443.19M |
| Net Cash Per Share | 6.39 | 9.04 | 15.15 | 12.52 | 11.22 | 11.63 |
| Filing Date Shares Outstanding | 35.22M | 35.55M | 37.69M | 37.87M | 37.61M | 37.84M |
| Total Common Shares Outstanding | 35.22M | 35.78M | 37.65M | 37.90M | 37.65M | 37.92M |
| Working Capital | 1.33B | 924.50M | 1.13B | 1.37B | 1.05B | 943.37M |
| Book Value Per Share | 36.20 | 32.02 | 36.89 | 34.12 | 28.72 | 27.46 |
| Tangible Book Value | 896.02M | 751.37M | 1.05B | 937.15M | 828.24M | 770.14M |
| Tangible Book Value Per Share | 25.44 | 21.00 | 27.99 | 24.73 | 22.00 | 20.31 |
| Machinery | 63.47M | 64.49M | 57.03M | 53.02M | 61.97M | |
| Leasehold Improvements | 31.94M | 31.39M | 31.21M | 30.66M | 31.02M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 246.63M | 274.18M | 258.06M | 250.22M | 257.89M | |
| Depreciation & Amortization | 84.22M | 80.46M | 76.41M | 67.15M | 60.25M | |
| Stock-Based Compensation | 30.92M | 29.68M | 29.19M | 29.86M | 27.31M | |
| Other Operating Activities | 24.27M | 4.44M | -4.21M | -14.78M | 2.65M | |
| Change in Accounts Receivable | -125.42M | 316.36M | -188.16M | -62.77M | -141.31M | |
| Change in Accounts Payable | 103.17M | -314.69M | 220.69M | 86.05M | 96.21M | |
| Change in Income Taxes | 23.51M | -3.28M | -14.69M | -4.77M | -5.64M | |
| Change in Other Net Operating Assets | -5.00M | -672.00K | -17.17M | -14.04M | -7.39M | |
| Operating Cash Flow | 382.14M | 385.24M | 333.77M | 289.23M | 282.09M | |
| Capital Expenditures | -8.20M | -9.94M | -9.33M | -13.14M | -17.49M | |
| Cash Acquisitions | -36.52M | -78.48M | -17.08M | |||
| Sale (Purchase) of Intangibles | -49.81M | -46.62M | -43.12M | -38.73M | -33.12M | |
| Investment in Securities | -2.40M | -30.37M | -24.37M | -34.40M | ||
| Investing Cash Flow | -96.93M | -86.94M | -155.29M | -86.27M | -67.69M | |
| Short-Term Debt Issued | 220.00M | 344.93M | 124.00M | 100.00M | 70.35M | |
| Total Debt Issued | 220.00M | 344.93M | 124.00M | 100.00M | 70.35M | |
| Short-Term Debt Repaid | -344.93M | -124.00M | -100.00M | -70.35M | ||
| Total Debt Repaid | -344.93M | -124.00M | -100.00M | -70.35M | ||
| Net Debt Issued (Repaid) | 220.00M | |||||
| Issuance of Common Stock | 2.99M | 940.00K | 672.00K | 7.10M | ||
| Repurchase of Common Stock | -437.17M | -91.67M | -25.84M | -110.94M | -97.08M | |
| Common Dividends Paid | -115.20M | -112.70M | -109.66M | -105.94M | -99.79M | |
| Other Financing Activities | -12.50M | -26.16M | ||||
| Financing Cash Flow | -332.37M | -201.38M | -147.06M | -242.38M | -189.78M | |
| Foreign Exchange Rate Adjustments | 22.55M | -8.14M | 7.59M | -13.48M | -7.11M | |
| Net Cash Flow | -24.61M | 88.79M | 39.01M | -52.90M | 17.52M | |
| Free Cash Flow | 373.94M | 375.30M | 324.44M | 276.09M | 264.60M | |
| Free Cash Flow Margin | 44.19% | 45.93% | 43.11% | 38.44% | 37.86% | |
| Free Cash Flow Per Share | 10.07 | 9.96 | 8.62 | 7.33 | 6.95 | |
| Levered Free Cash Flow | 222.61M | 596.66M | -22.11M | 113.34M | 133.50M | |
| Unlevered Free Cash Flow | 223.54M | 597.66M | -20.87M | 113.78M | 134.03M | |
| Cash Interest Paid | 721.00K | 1.72M | 1.87M | 652.00K | 830.00K | |
| Cash Income Tax Paid | 62.83M | 96.93M | 94.81M | 88.68M | 70.00M | |
| Change in Working Capital | -3.89M | -3.53M | -25.68M | -43.24M | -66.01M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 5.82B | 6.74B | 8.52B | 11.10B | 10.50B | 15.64B |
| Enterprise Value | 5.59B | 6.24B | 8.05B | 10.66B | 10.24B | 15.27B |
| Last Close Price | 165.30 | 178.60 | 219.24 | 280.46 | 264.33 | 385.90 |
| PE Ratio | 20.18 | 27.32 | 31.08 | 43.02 | 41.95 | 60.64 |
| Forward PE | 19.29 | 22.98 | 28.83 | 40.68 | 38.61 | 53.63 |
| PS Ratio | 6.67 | 7.96 | 10.43 | 14.75 | 14.61 | 22.38 |
| PB Ratio | 4.57 | 5.82 | 6.14 | 8.59 | 9.71 | 15.02 |
| P/TBV Ratio | 6.49 | 8.97 | 8.09 | 11.85 | 12.67 | 20.31 |
| P/FCF Ratio | 29.94 | 18.02 | 22.71 | 34.22 | 38.02 | 59.10 |
| P/OCF Ratio | 29.05 | 17.63 | 22.12 | 33.26 | 36.29 | 55.44 |
| PEG Ratio | 5.26 | 6.17 | 8.63 | 5.27 | 4.41 | 11.36 |
| EV/Sales Ratio | 6.41 | 7.38 | 9.85 | 14.17 | 14.25 | 21.85 |
| EV/EBITDA Ratio | 12.80 | 14.74 | 19.41 | 27.66 | 26.37 | 39.09 |
| EV/EBIT Ratio | 15.57 | 17.99 | 23.62 | 33.85 | 31.32 | 45.28 |
| EV/FCF Ratio | 28.77 | 16.69 | 21.45 | 32.87 | 37.08 | 57.72 |
| Debt / Equity Ratio | 0.12 | 0.25 | 0.05 | 0.06 | 0.08 | 0.09 |
| Debt / EBITDA Ratio | 0.34 | 0.65 | 0.17 | 0.20 | 0.21 | 0.22 |
| Debt / FCF Ratio | 0.76 | 0.19 | 0.25 | 0.30 | 0.33 | |
| Net Debt / Equity Ratio | -0.18 | -0.29 | -0.41 | -0.36 | -0.39 | -0.43 |
| Net Debt / EBITDA Ratio | -0.52 | -0.79 | -1.38 | -1.22 | -1.09 | -1.13 |
| Net Debt / FCF Ratio | -0.90 | -1.52 | -1.45 | -1.53 | -1.68 | |
| Asset Turnover | 0.41 | 0.45 | 0.43 | 0.41 | 0.46 | 0.49 |
| Quick Ratio | 6.20 | 2.81 | 9.47 | 12.08 | 7.14 | 6.28 |
| Current Ratio | 6.68 | 3.35 | 11.86 | 14.62 | 8.74 | 7.34 |
| Return on Equity (ROE) | 21.85% | 19.39% | 20.45% | 21.74% | 23.58% | 25.84% |
| Return on Assets (ROA) | 10.46% | 11.64% | 11.20% | 10.87% | 13.02% | 14.73% |
| Return on Invested Capital (ROIC) | 28.11% | 28.45% | 31.62% | 33.01% | 38.47% | 44.65% |
| Return on Capital Employed (ROCE) | 17.60% | 22.50% | 20.20% | 16.50% | 22.20% | 24.40% |
| Earnings Yield | 4.96% | 3.66% | 3.22% | 2.33% | 2.38% | 1.65% |
| FCF Yield | 3.34% | 5.55% | 4.40% | 2.92% | 2.63% | 1.69% |
| Dividend Yield | 1.89% | 1.61% | 1.31% | 0.98% | 1.00% | 0.64% |
| Payout Ratio | 38.09% | 46.71% | 41.10% | 42.49% | 42.34% | 38.70% |
| Buyback Yield / Dilution | 4.60% | 1.42% | -0.05% | -0.03% | 1.19% | 0.12% |
| Total Shareholder Return | 6.49% | 3.03% | 1.26% | 0.95% | 2.20% | 0.76% |