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MarketAxess (MKTX) Financials

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$162.52 +0.02 (+0.01%)
As of 01:57 PM Eastern
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Annual Income Statements for MarketAxess

Annual Income Statements for MarketAxess

This table shows MarketAxess' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 96 126 148 173 205 299 258 250 258 274 247
Consolidated Net Income / (Loss)		 96 126 148 173 205 299 258 250 258 274 247
Net Income / (Loss) Continuing Operations		 96 126 148 173 205 299 258 250 258 274 247
Total Pre-Tax Income 		148 192 202 218 257 374 334 338 333 361 367
Total Revenue		 303 370 393 436 511 2.45 699 723 753 817 0.00
Net Interest Income / (Expense)		 0.00 0.00 0.00 0.00 0.00 2.45 0.40 4.34 0.00 0.00 0.00
Total Interest Income		 0.00 0.00 0.00 0.00 0.00 2.45 0.40 5.04 0.00 0.00 0.00
Total Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.70 0.00 0.00 0.00
Total Non-Interest Income		 303 370 393 436 511 0.00 699 718 753 817 0.00
Total Non-Interest Expense		 155 178 194 223 260 -375 362 391 438 476 -342
Salaries and Employee Benefits		 84 97 102 109 131 157 171 182 207 236 249
Net Occupancy & Equipment Expense		 21 22 26 38 38 48 56 67 77 87 93
Marketing Expense		 6.15 8.93 9.76 12 12 7.94 9.06 9.98 11 12 11
Other Operating Expenses		 26 32 36 41 53 66 73 71 72 68 75
Depreciation Expense		 19 18 19 23 27 36 53 61 71 74 77
Other Special Charges		 - - - - - -689 - - - - -846
Nonoperating Income / (Expense), net		 - -0.52 2.15 5.50 6.54 -2.82 -3.71 7.07 18 20 25
Income Tax Expense		 52 65 54 45 53 75 76 88 75 86 120
Net Income / (Loss) Attributable to Noncontrolling Interest		 - - - - - - - - 0.00 0.00 0.29
Basic Earnings per Share		 $2.62 $3.42 $4.02 $4.68 $5.53 $8.01 $6.88 $6.68 $6.87 $7.29 $6.66
Weighted Average Basic Shares Outstanding		 36.69M 36.84M 36.86M 36.96M 37.08M 37.36M 37.51M 37.47M 37.55M 37.60M 37.06M
Diluted Earnings per Share		 $2.55 $3.34 $3.89 $4.57 $5.40 $7.85 $6.77 $6.65 $6.85 $7.28 $6.64
Weighted Average Diluted Shares Outstanding		 37.64M 37.74M 38.04M 37.86M 37.96M 38.14M 38.10M 37.64M 37.65M 37.67M 37.14M
Weighted Average Basic & Diluted Shares Outstanding		 36.70M 36.90M 36.80M 36.90M 37.92M 38.00M 37.84M 37.61M 37.87M 37.69M 35.55M
Cash Dividends to Common per Share		 $0.80 $1.04 $1.32 $1.68 $2.04 $2.40 $2.64 $2.80 $2.88 $2.96 $3.04

Quarterly Income Statements for MarketAxess

This table shows MarketAxess' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Income / (Loss) Attributable to Common Shareholders		 70 73 65 71 65 15 71 68 92 78 68
Consolidated Net Income / (Loss)		 70 73 65 71 65 15 71 68 92 78 68
Net Income / (Loss) Continuing Operations		 70 73 65 71 65 15 71 68 92 78 68
Total Pre-Tax Income 		84 97 86 93 85 96 97 94 80 104 90
Total Revenue		 202 216 198 0.00 208 0.00 219 0.00 -216 0.00 0.00
Net Interest Income / (Expense)		 4.46 5.66 0.00 0.00 5.46 0.00 0.00 0.00 -6.96 0.00 0.00
Total Interest Income		 6.27 5.97 0.00 0.00 6.72 0.00 0.00 0.00 -7.17 0.00 0.00
Total Interest Expense		 1.82 0.32 0.00 0.00 1.26 0.00 0.00 0.00 -0.21 0.00 0.00
Total Non-Interest Income		 197 210 198 0.00 202 0.00 219 0.00 -209 0.00 0.00
Total Non-Interest Expense		 120 118 116 -87 122 -88 128 -86 -285 -101 -90
Salaries and Employee Benefits		 57 61 57 58 59 62 65 60 61 70 62
Net Occupancy & Equipment Expense		 21 20 21 22 23 22 23 24 25 24 25
Marketing Expense		 2.65 1.83 3.01 2.90 3.97 2.06 2.95 2.35 3.84 2.33 3.44
Other Operating Expenses		 20 16 17 17 18 16 17 17 24 17 18
Depreciation Expense		 20 18 18 19 19 18 19 20 20 19 19
Other Special Charges		 - - - -207 - -209 - -209 - -233 -218
Nonoperating Income / (Expense), net		 2.33 -1.44 5.00 5.84 -0.85 7.77 5.55 8.06 11 2.96 -0.12
Income Tax Expense		 14 24 21 21 19 81 26 25 -13 26 21
Net Income / (Loss) Attributable to Noncontrolling Interest		 - - 0.00 0.00 - 0.00 0.03 0.10 - 0.23 0.22
Basic Earnings per Share		 $1.84 $1.92 $1.72 $1.90 $1.75 $0.40 $1.91 $1.84 $2.51 $2.21 $1.93
Weighted Average Basic Shares Outstanding		 37.55M 37.74M 37.66M 37.53M 37.60M 37.39M 37.21M 37.02M 37.06M 35.30M 35.20M
Diluted Earnings per Share		 $1.84 $1.92 $1.72 $1.90 $1.74 $0.40 $1.91 $1.84 $2.49 $2.20 $1.93
Weighted Average Diluted Shares Outstanding		 37.65M 37.79M 37.69M 37.61M 37.67M 37.46M 37.30M 37.11M 37.14M 35.39M 35.24M
Weighted Average Basic & Diluted Shares Outstanding		 37.87M 37.90M 37.75M 37.70M 37.69M 37.50M 37.36M 37.17M 35.55M 35.54M 35.19M
Cash Dividends to Common per Share		 $0.72 $0.74 $0.74 $0.74 $0.74 $0.76 $0.76 $0.76 $0.76 $0.78 $0.78

Annual Cash Flow Statements for MarketAxess

This table details how cash moves in and out of MarketAxess' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 31 -31 -1.23 79 27 334 18 -53 39 89 -25
Net Cash From Operating Activities		 125 90 168 224 266 404 282 289 334 385 382
Net Cash From Continuing Operating Activities		 125 90 168 224 266 404 282 289 334 385 382
Net Income / (Loss) Continuing Operations		 96 126 148 173 205 299 258 250 258 274 247
Consolidated Net Income / (Loss)		 96 126 148 173 205 299 258 250 258 274 247
Depreciation Expense		 19 18 19 23 27 36 53 61 71 74 77
Amortization Expense		 - - - 0.00 5.80 6.84 6.80 5.71 5.85 6.64 7.52
Non-Cash Adjustments to Reconcile Net Income		 16 23 21 18 25 35 30 15 25 34 55
Changes in Operating Assets and Liabilities, net		 -6.53 -77 -20 9.88 3.87 27 -66 -43 -26 -3.53 -3.89
Net Cash From Investing Activities		 -38 -53 -54 -50 -122 69 -68 -86 -155 -87 -97
Net Cash From Continuing Investing Activities		 -38 -53 -54 -50 -122 69 -68 -86 -155 -87 -97
Purchase of Property, Leasehold Improvements and Equipment		 -15 -19 -26 -48 -35 -46 -51 -52 -52 -57 -58
Purchase of Investment Securities		 -58 -81 -216 -337 -161 -33 0.00 -34 -107 -43 -49
Sale and/or Maturity of Investments		 35 46 188 334 171 171 0.00 0.00 4.45 12 11
Net Cash From Financing Activities		 -55 -65 -117 -93 -118 -145 -190 -242 -147 -201 -332
Net Cash From Continuing Financing Activities		 -55 -65 -117 -93 -118 -145 -190 -242 -147 -201 -332
Issuance of Debt		 - - - 0.00 0.00 578 70 100 124 345 220
Repayment of Debt		 - - - 0.00 0.00 -578 -70 -100 -124 -345 0.00
Repurchase of Common Equity		 -23 -24 -42 -25 -17 -16 -63 -88 0.00 -75 -420
Payment of Dividends		 -30 -38 -49 -62 -76 -91 -100 -106 -110 -113 -115
Other Financing Activities, Net		 -2.67 -2.87 -26 -5.07 -25 -38 -27 -49 -37 -13 -17
Effect of Exchange Rate Changes		 - -2.76 1.46 -1.64 1.01 5.55 -7.11 -13 7.59 -8.14 23
Cash Interest Paid		 - - - 0.00 0.00 1.14 0.83 0.65 1.87 1.72 0.72
Cash Income Taxes Paid		 51 58 44 47 52 45 70 89 95 97 63

Quarterly Cash Flow Statements for MarketAxess

This table details how cash moves in and out of MarketAxess' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Change in Cash & Equivalents		 23 -77 39 26 100 -56 6.00 -7.68 33 -128 -129
Net Cash From Operating Activities		 142 -4.95 119 95 176 30 104 90 159 -75 27
Net Cash From Continuing Operating Activities		 142 -4.95 119 95 176 30 104 90 159 -75 27
Net Income / (Loss) Continuing Operations		 70 73 65 71 65 15 71 68 92 78 68
Consolidated Net Income / (Loss)		 70 73 65 71 65 15 71 68 92 78 68
Depreciation Expense		 20 18 18 19 19 18 19 20 20 19 19
Amortization Expense		 1.65 1.60 1.64 1.79 1.61 1.76 1.86 1.92 1.98 1.93 1.97
Non-Cash Adjustments to Reconcile Net Income		 6.19 7.68 6.67 9.85 9.93 4.09 12 27 12 12 9.56
Changes in Operating Assets and Liabilities, net		 45 -105 27 -6.76 81 -9.53 -0.33 -26 32 -187 -72
Net Cash From Investing Activities		 -92 -16 -18 -42 -12 -17 -51 -12 -17 -19 -11
Net Cash From Continuing Investing Activities		 -92 -16 -18 -42 -12 -17 -51 -12 -17 -19 -11
Purchase of Property, Leasehold Improvements and Equipment		 -13 -15 -18 -12 -12 -17 -13 -13 -16 -17 -12
Purchase of Investment Securities		 -0.95 -4.97 -2.89 -31 -4.06 -5.46 -40 - -3.74 -6.19 -2.10
Sale and/or Maturity of Investments		 1.14 4.30 3.16 1.53 3.45 5.27 1.98 1.17 2.15 4.27 2.62
Net Cash From Financing Activities		 -36 -53 -61 -42 -45 -77 -65 -82 -108 -29 -144
Net Cash From Continuing Financing Activities		 -36 -53 -61 -42 -45 -77 -65 -82 -108 -29 -144
Issuance of Debt		 70 0.00 100 245 - 0.00 - - 220 126 3.91
Repayment of Debt		 -74 0.00 -100 -245 - 0.00 - - - -118 -120
Payment of Dividends		 -28 -29 -28 -28 -28 -29 -28 -29 -28 -28 -27
Other Financing Activities, Net		 -4.76 -13 -0.21 0.28 -0.36 -9.53 -0.32 -6.92 -0.39 -8.52 -0.42
Effect of Exchange Rate Changes		 9.04 -3.19 -0.49 15 -19 8.58 19 -4.42 -0.18 -4.36 -0.23
Cash Interest Paid		 1.47 0.43 0.43 0.54 0.32 0.20 0.14 0.20 0.18 3.05 1.82
Cash Income Taxes Paid		 12 37 10 29 21 -1.87 12 19 34 35 16

Annual Balance Sheets for MarketAxess

This table presents MarketAxess' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 439 528 581 696 955 1,331 1,530 1,608 2,015 1,789 1,935
Cash and Due from Banks		 200 168 167 246 270 461 507 431 451 544 520
Restricted Cash		 - - - - 0.00 50 50 51 45 47 49
Trading Account Securities		 85 194 240 240 230 28 36 84 135 165 171
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Customer and Other Receivables		 - - - - 0.00 280 408 476 688 358 489
Premises and Equipment, Net		 31 31 39 63 72 85 96 100 103 107 112
Goodwill		 - - - 60 147 147 155 155 237 237 284
Intangible Assets		 64 63 63 2.96 61 95 116 98 119 98 111
Other Assets		 60 71 73 83 175 185 162 213 237 233 200
Total Liabilities & Shareholders' Equity		 439 528 581 696 955 1,331 1,530 1,608 2,015 1,789 1,935
Total Liabilities		 48 60 66 88 185 376 489 527 722 401 777
Short-Term Debt		 - - - - 0.00 133 229 304 537 219 546
Other Short-Term Payables		 42 50 51 68 - 107 131 112 97 105 116
Other Long-Term Liabilities		 6.78 10 16 19 185 136 129 111 88 76 114
Commitments & Contingencies		 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 0.00 0.00 0.00
Redeemable Noncontrolling Interest		 - - - - - - - - - 0.00 13
Total Equity & Noncontrolling Interests		 391 468 515 608 770 955 1,041 1,081 1,293 1,389 1,146
Total Preferred & Common Equity		 391 468 515 608 770 955 1,041 1,081 1,293 1,389 1,146
Preferred Stock		 - - - 0.00 0.00 - - 0.00 0.00 0.00 0.00
Total Common Equity		 391 468 515 608 770 955 1,041 1,081 1,293 1,389 1,146
Common Stock		 321 342 331 342 343 330 330 346 333 351 306
Retained Earnings		 168 255 354 463 591 799 957 1,102 1,244 1,406 1,539
Treasury Stock		 -93 -117 -160 -185 -153 -170 -233 -328 -260 -333 -695
Accumulated Other Comprehensive Income / (Loss)		 -5.23 -12 -10 -12 -10 -4.65 -13 -38 -24 -35 -4.36

Quarterly Balance Sheets for MarketAxess

This table presents MarketAxess' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026 6/30/2026
Total Assets		 1,738 2,015 1,927 1,887 1,833 1,789 1,878 1,975 2,014 2,302 2,422
Cash and Due from Banks		 420 451 377 434 446 544 486 463 473 377 246
Restricted Cash		 53 45 46 46 47 47 48 48 48 49 49
Trading Account Securities		 133 135 136 136 167 165 166 169 168 171 171
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Customer and Other Receivables		 548 688 663 578 475 358 494 559 607 977 1,228
Premises and Equipment, Net		 102 103 107 109 109 107 108 109 112 112 111
Goodwill		 155 237 237 237 237 237 237 286 284 284 284
Intangible Assets		 85 119 114 108 104 98 94 121 116 105 100
Other Assets		 242 237 248 239 247 233 246 219 206 227 232
Total Liabilities & Shareholders' Equity		 1,738 2,015 1,927 1,887 1,833 1,789 1,878 1,975 2,014 2,302 2,422
Total Liabilities		 547 722 609 557 447 401 531 574 624 1,098 1,169
Short-Term Debt		 364 537 466 393 283 219 319 330 366 925 979
Other Short-Term Payables		 84 97 62 77 86 105 60 80 92 74 89
Other Long-Term Liabilities		 99 88 81 87 77 76 152 164 166 99 100
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Redeemable Noncontrolling Interest		 - - - - - - - 15 12 14 14
Total Equity & Noncontrolling Interests		 1,191 1,293 1,318 1,329 1,386 1,389 1,347 1,386 1,378 1,190 1,239
Total Preferred & Common Equity		 1,191 1,293 1,318 1,329 1,386 1,389 1,347 1,386 1,378 1,190 1,239
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 1,191 1,293 1,318 1,329 1,386 1,389 1,347 1,386 1,378 1,190 1,239
Common Stock		 347 333 328 336 344 351 349 357 359 366 374
Retained Earnings		 1,209 1,244 1,288 1,325 1,369 1,406 1,392 1,435 1,475 1,589 1,629
Treasury Stock		 -327 -260 -269 -302 -317 -333 -370 -407 -451 -752 -752
Accumulated Other Comprehensive Income / (Loss)		 -38 -24 -29 -29 -10 -35 -23 1.32 -3.63 -12 -12

Annual Metrics And Ratios for MarketAxess

This table displays calculated financial ratios and metrics derived from MarketAxess' official financial filings.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Growth Metrics		 - - - - - - - - - - -
Profitability Metrics		 - - - - - - - - - - -
Valuation Ratios		 - - - - - - - - - - -
Leverage & Solvency		 - - - - - - - - - - -
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Efficiency Ratios		 - - - - - - - - - - -
Capital & Investment Metrics		 - - - - - - - - - - -
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $2.62 $3.42 $0.00 $4.68 $5.53 $8.01 $6.88 $6.68 $6.87 $7.29 $6.66
Adjusted Weighted Average Basic Shares Outstanding		 36.69M 36.84M 0.00 36.96M 37.08M 37.36M 37.51M 37.47M 37.55M 37.60M 37.06M
Adjusted Diluted Earnings per Share		 $2.55 $3.34 $0.00 $4.57 $5.40 $7.85 $6.77 $6.65 $6.85 $7.28 $6.64
Adjusted Weighted Average Diluted Shares Outstanding		 37.64M 37.74M 0.00 37.86M 37.96M 38.14M 38.10M 37.64M 37.65M 37.67M 37.14M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $5.53 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 37.52M 37.59M 0.00 40.59M 37.92M 38.00M 37.84M 37.61M 37.87M 37.69M 35.55M
Debt Service Ratios		 - - - - - - - - - - -
Payout Ratios		 - - - - - - - - - - -

Quarterly Metrics And Ratios for MarketAxess

This table displays calculated financial ratios and metrics derived from MarketAxess' official financial filings.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
DEI Shares Outstanding		 - - - - - - - - - 35,548,265.00 35,539,453.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - 35,548,265.00 35,539,453.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - 2.20 1.92
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -62.56% 4.28% 10.21% 19.37% 3.06% -0.21% -100.00% 0.00% - 0.00% -100.00%
EBITDA Growth		 5.32% 0.71% 8.39% 23.59% 2.86% -2.22% 11.44% -0.38% - 12.63% -1.56%
EBIT Growth		 1.51% -1.14% 8.27% 27.72% 4.86% -2.87% 12.94% -1.70% - 14.19% -2.16%
NOPAT Growth		 13.10% -1.01% 7.41% 28.34% -2.81% -79.73% 9.72% -6.86% - 447.97% 1.92%
Net Income Growth		 17.56% -1.38% 8.48% 30.12% -6.45% -79.25% 9.61% -4.50% - 418.47% -4.01%
EPS Growth		 16.46% -2.04% 8.18% 30.14% -5.43% -79.17% 11.05% -3.16% - 450.00% 1.05%
Operating Cash Flow Growth		 5.56% -165.75% 12.77% 20.12% 24.39% 698.69% -12.73% -5.18% - -354.24% -74.15%
Free Cash Flow Firm Growth		 -591.54% -328.94% -1,257.83% 70.39% 176.45% 148.71% 128.07% 49.39% - -393.62% -841.34%
Invested Capital Growth		 32.15% 24.07% 18.56% 7.36% -12.18% -6.60% 0.50% 5.18% - 27.75% 29.01%
Revenue Q/Q Growth		 12.87% -42.45% -5.65% 4.54% -2.56% 3.69% -100.00% 0.00% - 100.00% 0.00%
EBITDA Q/Q Growth		 11.12% 13.20% -8.91% 5.98% -7.52% 9.23% -2.09% -5.10% - 34.67% -8.94%
EBIT Q/Q Growth		 11.11% 18.21% -10.90% 6.75% -8.78% 11.58% -3.64% -6.84% - 46.14% -10.94%
NOPAT Q/Q Growth		 20.53% 6.84% -10.74% 9.22% -8.72% -77.30% 349.37% -7.04% - -5.12% -9.84%
Net Income Q/Q Growth		 26.73% 4.29% -10.57% 10.09% -8.88% -76.87% 372.49% -4.08% - -15.46% -12.53%
EPS Q/Q Growth		 26.03% 4.35% -10.42% 10.47% -8.42% -77.01% 377.50% -3.66% - -11.65% -12.27%
Operating Cash Flow Q/Q Growth		 78.98% -103.49% 2,501.48% -19.99% 85.35% -83.19% 250.04% -13.06% - -147.49% 135.59%
Free Cash Flow Firm Q/Q Growth		 -163.53% 27.62% 25.19% 79.16% 780.35% -54.03% -55.91% -141.10% - -2,207.84% -12.24%
Invested Capital Q/Q Growth		 17.70% -2.54% -3.47% -3.05% -3.72% 3.65% 3.87% 1.46% - 24.89% 4.90%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 50.90% 54.68% 52.80% 53.52% 50.80% 53.51% 0.00% 0.00% - 0.00% 0.00%
EBIT Margin		 40.40% 45.53% 43.00% 43.91% 41.10% 44.23% 0.00% 0.00% - 0.00% 0.00%
Profit (Net Income) Margin		 34.52% 33.57% 31.82% 33.51% 31.34% 6.99% 0.00% 0.00% - 0.00% 0.00%
Tax Burden Percent		 83.08% 75.08% 75.21% 76.96% 77.00% 15.67% 73.07% 72.91% - 75.19% 76.12%
Interest Burden Percent		 102.86% 98.22% 98.40% 99.18% 99.01% 100.86% 106.04% 109.42% - 102.94% 99.87%
Effective Tax Rate		 16.92% 24.92% 24.79% 23.04% 23.00% 84.33% 26.93% 27.09% - 24.81% 23.88%
Return on Invested Capital (ROIC)		 16.14% 16.63% 16.36% 17.55% 15.49% 3.38% 0.00% 0.00% - 0.00% 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)		 16.60% 16.30% 16.05% 17.37% 15.32% 3.41% 0.00% 0.00% - 0.00% 0.00%
Return on Net Nonoperating Assets (RNNOA)		 5.88% 5.22% 4.38% 4.36% 4.32% 1.00% 0.00% 0.00% - 0.00% 0.00%
Return on Equity (ROE)		 22.02% 21.86% 20.73% 21.91% 19.82% 4.38% 0.00% 0.00% - 24.30% 23.14%
Cash Return on Invested Capital (CROIC)		 -11.51% -5.29% -0.26% 10.35% 29.13% 19.47% 12.48% 7.77% - -8.92% -10.46%
Operating Return on Assets (OROA)		 17.24% 20.07% 19.69% 20.59% 18.18% 19.56% 0.00% 0.00% - 0.00% 0.00%
Return on Assets (ROA)		 14.73% 14.80% 14.57% 15.72% 13.86% 3.09% 0.00% 0.00% - 0.00% 0.00%
Return on Common Equity (ROCE)		 22.02% 21.86% 20.73% 21.91% 19.82% 4.38% 0.00% 0.00% - 24.17% 22.89%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 19.50% 19.72% 20.10% 0.00% 16.08% 16.08% 15.94% - 26.04% 24.79%
Net Operating Profit after Tax (NOPAT)		 68 74 66 72 66 15 67 62 - 76 68
NOPAT Margin		 33.56% 34.18% 32.34% 33.79% 31.65% 6.93% 0.00% 0.00% - 0.00% 0.00%
Net Nonoperating Expense Percent (NNEP)		 -0.46% 0.34% 0.31% 0.18% 0.17% -0.03% -1.12% -1.81% - -0.36% 0.01%
SG&A Expenses to Revenue		 40.22% 38.64% 39.83% 39.24% 41.31% 39.74% 0.00% 0.00% - 0.00% 0.00%
Operating Expenses to Revenue		 59.60% 54.47% 57.00% 56.09% 58.90% 55.77% 0.00% 0.00% - 0.00% 0.00%
Earnings before Interest and Taxes (EBIT)		 81 98 88 94 85 95 92 86 - 101 90
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 103 118 108 114 106 115 113 107 - 122 111
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 8.44 6.26 5.70 6.98 6.11 6.05 6.04 4.72 - 4.93 3.26
Price to Tangible Book Value (P/TBV)		 11.65 8.53 7.70 9.25 8.06 8.03 8.56 6.65 - 7.32 4.72
Price to Revenue (P/Rev)		 14.12 10.53 9.44 11.55 10.09 9.70 13.02 10.12 - 0.00 0.00
Price to Earnings (P/E)		 42.31 32.12 28.90 34.71 30.96 37.64 37.59 29.66 - 18.95 13.16
Dividend Yield		 1.00% 1.33% 1.46% 1.15% 1.31% 1.38% 1.34% 1.73% - 1.85% 2.71%
Earnings Yield		 2.36% 3.11% 3.46% 2.88% 3.23% 2.66% 2.66% 3.37% - 5.28% 7.60%
Enterprise Value to Invested Capital (EV/IC)		 5.99 4.65 4.35 5.67 5.05 4.77 4.74 3.63 - 3.00 2.12
Enterprise Value to Revenue (EV/Rev)		 14.18 10.59 9.33 11.30 9.64 9.44 12.76 9.89 - 0.00 0.00
Enterprise Value to EBITDA (EV/EBITDA)		 26.61 20.01 17.70 21.27 18.21 17.92 18.05 14.01 - 14.50 10.80
Enterprise Value to EBIT (EV/EBIT)		 32.67 24.68 21.83 26.04 22.22 21.90 22.01 17.14 - 17.99 13.43
Enterprise Value to NOPAT (EV/NOPAT)		 42.12 31.80 28.20 33.62 29.22 36.40 36.64 29.00 - 21.75 16.05
Enterprise Value to Operating Cash Flow (EV/OCF)		 32.83 25.83 22.37 26.98 21.07 18.91 20.29 15.93 - 23.00 23.63
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 56.68 16.21 23.64 38.11 47.85 - 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.42 0.35 0.30 0.20 0.16 0.24 0.24 0.26 - 0.77 0.78
Long-Term Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
Financial Leverage		 0.35 0.32 0.27 0.25 0.28 0.29 0.26 0.23 - 0.49 0.49
Leverage Ratio		 1.53 1.46 1.41 1.39 1.42 1.43 1.41 1.39 - 1.64 1.66
Compound Leverage Factor		 1.57 1.43 1.38 1.37 1.40 1.44 1.50 1.52 - 1.69 1.65
Debt to Total Capital		 29.36% 26.11% 22.81% 16.97% 13.61% 19.14% 19.06% 20.83% - 43.44% 43.87%
Short-Term Debt to Total Capital		 29.36% 26.11% 22.81% 16.97% 13.61% 19.14% 19.06% 20.83% - 43.44% 43.87%
Long-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.85% 0.67% - 0.64% 0.65%
Common Equity to Total Capital		 70.64% 73.89% 77.19% 83.03% 86.39% 80.86% 80.09% 78.50% - 55.93% 55.49%
Debt to EBITDA		 1.30 1.12 0.93 0.64 0.49 0.72 0.73 0.81 - 2.10 2.24
Net Debt to EBITDA		 0.10 0.10 -0.21 -0.47 -0.84 -0.48 -0.40 -0.34 - 1.13 1.56
Long-Term Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
Debt to NOPAT		 2.07 1.78 1.48 1.01 0.79 1.46 1.47 1.67 - 3.15 3.32
Net Debt to NOPAT		 0.16 0.17 -0.33 -0.75 -1.34 -0.99 -0.81 -0.71 - 1.70 2.32
Long-Term Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
Noncontrolling Interest Sharing Ratio		 0.00% 0.01% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.53% 1.10%
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -378 -272 -204 -42 289 133 59 -24 - -386 -434
Operating Cash Flow to CapEx		 1,058.06% -32.65% 653.34% 781.60% 1,501.13% 174.69% 815.62% 694.10% - -434.22% 223.27%
Free Cash Flow to Firm to Interest Expense		 -207.58 0.00 0.00 -122.62 230.00 622.98 0.00 0.00 - 0.00 0.00
Operating Cash Flow to Interest Expense		 77.89 0.00 0.00 274.82 140.44 139.10 0.00 0.00 - 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 70.53 0.00 0.00 239.66 131.08 59.47 0.00 0.00 - 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.43 0.44 0.46 0.47 0.44 0.44 0.33 0.33 - 0.00 0.00
Fixed Asset Turnover		 7.62 7.60 7.73 7.93 8.02 7.82 5.90 5.82 - 0.00 0.00
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 1,830 1,784 1,722 1,670 1,608 1,666 1,731 1,756 - 2,128 2,233
Invested Capital Turnover		 0.48 0.49 0.51 0.52 0.49 0.49 0.37 0.38 - 0.00 0.00
Increase / (Decrease) in Invested Capital		 445 346 270 115 -223 -118 8.62 86 - 462 502
Enterprise Value (EV)		 10,959 8,299 7,488 9,462 8,117 7,940 8,209 6,367 - 6,376 4,732
Market Capitalization		 10,918 8,256 7,575 9,672 8,489 8,155 8,376 6,511 - 5,865 4,033
Book Value per Share		 $34.11 $34.93 $35.07 $36.72 $36.83 $35.74 $36.96 $36.89 - $33.49 $34.86
Tangible Book Value per Share		 $24.72 $25.65 $25.97 $27.69 $27.95 $26.96 $26.10 $26.20 - $22.55 $24.06
Total Capital		 1,830 1,784 1,722 1,670 1,608 1,666 1,731 1,756 - 2,128 2,233
Total Debt		 537 466 393 283 219 319 330 366 - 925 979
Total Long-Term Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
Net Debt		 41 43 -87 -210 -373 -215 -181 -156 - 498 684
Capital Expenditures (CapEx)		 13 15 18 12 12 17 13 13 - 17 12
Net Nonoperating Expense (NNE)		 -1.94 1.32 1.06 0.59 0.65 -0.13 -4.06 -5.88 - -2.23 0.09
Net Nonoperating Obligations (NNO)		 537 466 393 283 219 319 330 366 - 925 979
Total Depreciation and Amortization (D&A)		 21 20 20 21 20 20 21 22 - 21 21
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $1.84 $1.92 $1.72 $1.90 $1.75 $0.40 $1.91 $1.84 $2.51 $2.21 $1.93
Adjusted Weighted Average Basic Shares Outstanding		 37.55M 37.74M 37.66M 37.53M 37.60M 37.39M 37.21M 37.02M 37.06M 35.30M 35.20M
Adjusted Diluted Earnings per Share		 $1.84 $1.92 $1.72 $1.90 $1.74 $0.40 $1.91 $1.84 $2.49 $2.20 $1.93
Adjusted Weighted Average Diluted Shares Outstanding		 37.65M 37.79M 37.69M 37.61M 37.67M 37.46M 37.30M 37.11M 37.14M 35.39M 35.24M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 37.87M 37.90M 37.75M 37.70M 37.69M 37.50M 37.36M 37.17M 35.55M 35.54M 35.19M
Normalized Net Operating Profit after Tax (NOPAT)		 68 74 66 72 66 67 -93 -90 - -100 -98
Normalized NOPAT Margin		 33.56% 34.18% 32.34% 33.79% 31.65% 30.96% 0.00% 0.00% - 0.00% 0.00%
Pre Tax Income Margin		 41.55% 44.72% 42.31% 43.55% 40.70% 44.61% 0.00% 0.00% - 0.00% 0.00%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 44.79 0.00 0.00 270.70 68.08 447.60 0.00 0.00 - 0.00 0.00
NOPAT to Interest Expense		 37.21 0.00 0.00 208.32 52.42 70.13 0.00 0.00 - 0.00 0.00
EBIT Less CapEx to Interest Expense		 37.43 0.00 0.00 235.54 58.72 367.97 0.00 0.00 - 0.00 0.00
NOPAT Less CapEx to Interest Expense		 29.85 0.00 0.00 173.16 43.07 -9.50 0.00 0.00 - 0.00 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 42.49% 43.10% 42.62% 40.38% 41.10% 52.02% 50.75% 52.29% - 36.82% 36.92%
Augmented Payout Ratio		 42.49% 47.05% 59.25% 61.42% 68.63% 99.75% 98.60% 114.59% - 160.05% 149.35%

Financials Breakdown Chart

Key Financial Trends

MarketAxess (NASDAQ: MKTX) has shown a mixed but generally resilient financial profile over the last several years. The company continues to generate solid profitability and strong cash balances, but recent quarters also show some volatility in working capital, heavier balance sheet leverage, and the impact of special charges. For a retail investor, the main takeaway is that MKTX remains a high-margin business with attractive earnings power, but its short-term cash flow and debt trends deserve close attention.

  • Profitability remains healthy: Q1 2026 net income attributable to common shareholders was $77.9 million, or $2.20 per diluted share, which remains strong even after the company’s recent special charges.
  • Cash generation improved after a weak Q1 2026: Operating cash flow was negative $75.3 million in Q1 2026, but MKTX generated $158.6 million in Q4 2025 and $103.7 million in Q2 2025, showing that the business can still produce meaningful cash in stronger periods.
  • Balance sheet equity is still substantial: Total common equity stood at $1.19 billion in Q1 2026, providing a solid capital cushion relative to total assets of $2.30 billion.
  • Liquidity remains strong: Cash and cash equivalents were $377.3 million in Q1 2026, and the company also held $49.1 million in restricted cash and $170.8 million in trading account securities.
  • Revenue and earnings have remained positive across the period: Even with some quarter-to-quarter swings, MKTX has consistently posted profitable quarters, with Q4 2024 and most of 2025 delivering solid earnings.
  • Operating results are being distorted by special charges: Q1 2026 included a large negative “other special charges” item of $233.4 million, and prior quarters also showed significant special charges. This makes reported earnings less comparable quarter to quarter.
  • Receivables have risen sharply at times: Customer and other receivables increased to $977.0 million in Q1 2026 from $357.7 million in Q4 2024, suggesting a substantial buildup in short-term working capital needs.
  • Share count has drifted lower in some periods: Basic shares outstanding fell to 35.3 million in Q1 2026 from 37.4 million in Q2 2025, which helps earnings per share, but the decline appears tied in part to repurchases and changes in capital structure.
  • Leverage increased materially in 2025 and stayed elevated: Short-term debt rose to $924.6 million in Q1 2026 from $218.8 million in Q4 2024, while total liabilities climbed to $1.10 billion. That is a meaningful increase in financial risk.
  • Q1 2026 cash flow was pressured by working capital: The company reported a $186.9 million drag from changes in operating assets and liabilities, which pushed operating cash flow into the red despite positive net income.

Over the longer three-year view, MKTX looks like a profitable, cash-generative platform that has also become more balance-sheet intensive. Revenue and earnings have been durable, but the latest quarters show that the company is leaning more on debt and working capital management. Investors may like the strong profitability and healthy cash position, but they should watch whether elevated receivables, special charges, and higher debt start to weigh on future flexibility.

08/26/26 12:36 PM ETAI Generated. May Contain Errors.

MarketAxess Financials - Frequently Asked Questions

According to the most recent income statement we have on file, MarketAxess' financial year ends in December. Their financial year 2025 ended on December 31, 2025.

MarketAxess' net income appears to be on an upward trend, with a most recent value of $246.91 million in 2025, rising from $96.04 million in 2015. The previous period was $274.18 million in 2024. Find out what analysts predict for MarketAxess in the coming months.

Over the last 10 years, MarketAxess' total revenue changed from $303.10 million in 2015 to $0.00 in 2025, a change of -100.0%.

MarketAxess' total liabilities were at $776.63 million at the end of 2025, a 93.9% increase from 2024, and a 1,507.0% increase since 2015.

In the past 10 years, MarketAxess' cash and equivalents has ranged from $167.01 million in 2017 to $544.48 million in 2024, and is currently $519.73 million as of their latest financial filing in 2025.


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Financial statements for NASDAQ:MKTX last updated on 8/7/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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