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MKTX logoMarketAxess Holdings Inc.(MKTX)Earnings, Financials & Key Ratios

MKTX•NASDAQ•Banking & Credit
$151.29
$5.62B mkt cap·20.8× P/E·Price updated May 6, 2026
SectorFinancial ServicesIndustryCapital MarketsSub-IndustryExchanges and Electronic Trading Venues
AboutMarketAxess 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. high-yield bonds, and U.S. Treasuries, as well as municipal bonds, emerging market debts, Eurobonds, and other fixed income securities. The company, through its Open Trading protocols, executes bond trades between and among institutional investor and broker-dealer clients in an all-to-all anonymous trading environment for corporate bonds. It also offers trading-related products and services, including composite+ pricing and other market data products to assist clients with trading decisions; auto-execution and other execution services for clients requiring specialized workflow solutions; connectivity solutions that facilitate straight-through processing; and technology services to optimize trading environments. In addition, the company provides various pre-and post-trade services, such as trade matching, trade publication, regulatory transaction reporting, and market and reference data across a range of fixed-income and other products. MarketAxess Holdings Inc. was incorporated in 2000 and is headquartered in New York, New York.Show more
  • Net Interest Income$24M+19.6%
  • Total Revenue$817M+8.6%
  • Net Income$274M+6.2%
  • Return on Equity20.45%-5.9%
  • Net Interest Margin1.37%+34.7%
  • Efficiency Ratio27.23%-4.1%
  • ROA14.41%+1.2%
  • Equity / Assets77.61%+21.0%
  • Book Value per Share36.86+7.4%
  • Tangible BV/Share27.98+12.4%
  • Debt/Equity0.05-15.1%
Technical→

MKTX Key Insights

MarketAxess Holdings Inc. (MKTX) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

  • ✓Company is almost debt free
  • ✓Excellent 3Y average ROE of 21.9%
  • ✓Efficient operations: 27.2% efficiency ratio
  • ✓11 consecutive years of dividend growth
  • ✓Well capitalized: 77.6% equity/assets
  • ✓Diversified revenue: 96.8% from non-interest income

✗Weaknesses

  • ✗Weak NIM of 1.4%
  • ✗Trading more than 30% below 52-week high

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

MKTX Price & Volume

MarketAxess Holdings Inc. (MKTX) stock price & volume — 10-year historical chart

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MKTX Growth Metrics

MarketAxess Holdings Inc. (MKTX) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years12.01%
5 Years9.83%
3 Years5.34%
TTM-

Profit CAGR

10 Years13.87%
5 Years6%
3 Years2.06%
TTM-21.21%

EPS CAGR

10 Years13.96%
5 Years6.16%
3 Years2.45%
TTM-20.33%

Return on Capital

10 Years32.48%
5 Years28.04%
3 Years24.63%
Last Year23.02%

MKTX Recent Earnings

MarketAxess Holdings Inc. (MKTX) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 11/12 qtrs (92%)●Beat Revenue 5/12 qtrs (42%)
Q1 2026Latest
Feb 6, 2026
EPS
$1.68
Est $1.65
+1.8%
Revenue
$209M
Est $212M
-1.3%
Q4 2025
Nov 7, 2025
EPS
$1.84
Est $1.70
+8.2%
Revenue
$209M
Est $207M
+0.7%
Q3 2025
Aug 6, 2025
EPS
$2.00
Est $1.94
+3.1%
Revenue
$224M
Est $218M
+3.1%
Q2 2025
May 7, 2025
EPS
$1.87
Est $1.81
+3.3%
Revenue
$209M
Est $210M
-0.7%
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q1 2026LatestFeb 6, 2026
$1.68vs $1.65+1.8%
$209Mvs $212M-1.3%
Q4 2025Nov 7, 2025
$1.84vs $1.70+8.2%
$209Mvs $207M+0.7%
Q3 2025Aug 6, 2025
$2.00vs $1.94+3.1%
$224Mvs $218M+3.1%
Q2 2025May 7, 2025
$1.87vs $1.81+3.3%
$209Mvs $210M-0.7%
Based on last 12 quarters of dataView full earnings history →

MKTX Peer Comparison

MarketAxess Holdings Inc. (MKTX) competitors in Exchanges and Electronic Trading Venues — business model, growth, and fundamentals comparison

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
TW logoTWTradeweb Markets Inc.Direct Competitor23.49B110.2129.1618.92%39.6%12.35%4.8%0.04
ICE logoICEIntercontinental Exchange, Inc.Direct Competitor87.96B155.2826.917.46%26.14%11.57%4.88%0.70
CME logoCMECME Group Inc.Direct Competitor104.06B286.8225.706.37%62.02%15.25%4.03%0.13
CBOE logoCBOECboe Global Markets, Inc.Direct Competitor36.03B343.9833.0115.13%23.33%22.99%3.2%0.33
NDAQ logoNDAQNasdaq, Inc.Direct Competitor50.59B89.0028.8011.05%21.77%15.9%3.93%0.81
BGC logoBGCBGC Group, IncProduct Competitor4.03B11.1035.8127.62%5.5%13.53%1.55
VIRT logoVIRTVirtu Financial, Inc.Product Competitor4.32B50.609.8626.25%12.9%29.37%30.05%4.55
LPLA logoLPLALPL Financial Holdings Inc.Product Competitor26.27B327.5830.0037.18%5.08%18.57%1.36

Compare MKTX vs Peers

MarketAxess Holdings Inc. (MKTX) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs TW

Most directly comparable listed peer for MKTX.

Scale Benchmark

vs JPM

Larger-name benchmark to compare MKTX against a more recognizable public peer.

Peer Set

Compare Top 5

vs TW, ICE, CME, CBOE

MKTX Income Statement

MarketAxess Holdings Inc. (MKTX) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily
Line itemDec'16Dec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24TTM
Net Interest Income0008.06M-1.14M-441K4.34M20.44M24.45M24.83M
NII Growth %-----114.16%61.38%1084.13%371.01%19.58%47.12%
Net Interest Margin %0%0%0%0.84%-0.09%-0.03%0.27%1.01%1.37%1.23%
Interest Income0008.06M0401K5.04M22.43M26.05M25.67M
Interest Expense00001.14M842K700K1.98M1.6M841K
Loan Loss Provision102.69M108.11M116.87M142.39M176.8M186.15M199.07M221.94M252.14M282.67M
Non-Interest Income367.73M393.42M435.56M503.29M689.13M698.55M713.26M730.12M791.05M813.6M
Non-Interest Income %100%100%100%98.42%100%99.94%99.3%97.02%96.81%96.94%
Total Revenue
367.73M▲ 0%
393.42M▲ 7.0%
435.56M▲ 10.7%
511.35M▲ 17.4%
689.13M▲ 34.8%
698.95M▲ 1.4%
718.3M▲ 2.8%
752.55M▲ 4.8%
817.1M▲ 8.6%
839.26M▲ 0%
Revenue Growth %21.32%6.99%10.71%17.4%34.77%1.43%2.77%4.77%8.58%13.83%
Non-Interest Expense75.06M85.7M106.11M118.08M136.45M174.73M191.66M213.6M222.48M209.95M
Efficiency Ratio20.41%21.78%24.36%23.09%19.8%25%26.68%28.38%27.23%25.02%
Operating Income
189.99M▲ 0%
199.62M▲ 5.1%
212.58M▲ 6.5%
250.88M▲ 18.0%
374.73M▲ 49.4%
337.24M▼ 10.0%
326.88M▼ 3.1%
315.02M▼ 3.6%
340.87M▲ 8.2%
345.8M▲ 0%
Operating Margin %51.66%50.74%48.81%49.06%54.38%48.25%45.51%41.86%41.72%41.2%
Operating Income Growth %28.46%5.07%6.5%18.02%49.36%-10.01%-3.07%-3.63%8.21%-
Pretax Income
191.6M▲ 0%
201.77M▲ 5.3%
218.09M▲ 8.1%
257.42M▲ 18.0%
374.36M▲ 45.4%
333.92M▼ 10.8%
338.29M▲ 1.3%
332.7M▼ 1.7%
360.55M▲ 8.4%
371.8M▲ 0%
Pretax Margin %52.1%51.29%50.07%50.34%54.32%47.77%47.1%44.21%44.13%44.3%
Income Tax65.43M53.68M45.23M52.52M74.98M76.03M88.06M74.64M86.36M152.15M
Effective Tax Rate %34.15%26.6%20.74%20.4%20.03%22.77%26.03%22.44%23.95%40.92%
Net Income
126.17M▲ 0%
148.09M▲ 17.4%
172.85M▲ 16.7%
204.9M▲ 18.5%
299.38M▲ 46.1%
257.89M▼ 13.9%
250.22M▼ 3.0%
258.06M▲ 3.1%
274.18M▲ 6.2%
219.56M▲ 0%
Net Margin %34.31%37.64%39.68%40.07%43.44%36.9%34.84%34.29%33.56%26.16%
Net Income Growth %31.38%17.37%16.72%18.54%46.11%-13.86%-2.97%3.13%6.25%-21.21%
Net Income (Continuing)126.17M148.09M172.85M204.9M299.38M257.89M250.22M258.06M274.18M219.66M
EPS (Diluted)
3.34▲ 0%
3.89▲ 16.5%
4.57▲ 17.5%
5.40▲ 18.2%
7.85▲ 45.4%
6.77▼ 13.8%
6.65▼ 1.8%
6.85▲ 3.0%
7.28▲ 6.3%
5.92▲ 0%
EPS Growth %30.98%16.47%17.48%18.16%45.37%-13.76%-1.77%3.01%6.28%-20.33%
EPS (Basic)3.424.024.685.538.016.886.686.877.29-
Diluted Shares Outstanding37.74M38.04M37.85M37.96M38.14M38.1M37.64M37.65M37.67M37.11M

MKTX Balance Sheet

MarketAxess Holdings Inc. (MKTX) balance sheet — assets, liabilities & shareholders' equity

Line itemDec'16Dec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24TTM
Cash & Short Term Investments168.24M167.01M246.32M390.97M479.15M517.93M464.75M522.25M649.25M2.14B
Cash & Due from Banks168.24M167.01M246.32M270.12M460.86M506.74M430.75M451.28M544.48M473.3M
Short Term Investments000120.85M18.29M11.2M34M70.97M104.78M0
Total Investments194.4M239.52M240.1M230.48M28.11M36.08M83.79M134.86M165.26M168.47M
Investments Growth %1093.83%23.21%0.24%-4.01%-87.8%28.34%132.25%60.95%22.54%70.19%
Long-Term Investments194.4M239.52M240.1M109.63M9.82M24.88M49.79M63.89M60.48M495.56M
Accounts Receivables50.67M52.64M57.53M62.02M79.58M63.88M78.45M89.84M91.84M110.52M
Goodwill & Intangibles63.44M63.06M62.67M207.85M242.74M271.17M252.85M355.81M334.78M399.55M
Goodwill59.71M59.71M59.71M146.86M147.39M154.79M154.79M236.71M236.71M283.67M
Intangible Assets3.73M3.35M2.96M60.99M95.35M116.38M98.06M119.11M98.08M115.88M
PP&E (Net)31.1M38.55M63.01M153.19M161.13M167.02M166.36M165.72M165.43M165.03M
Other Assets11.62M18.72M22.47M30.77M29.04M27.07M68.29M84.5M82.58M42.02M
Total Current Assets218.91M219.65M303.86M452.99M888.7M1.04B1.07B1.35B1.15B1.24B
Total Non-Current Assets309.13M361.58M391.68M501.94M442.73M490.14M537.3M669.92M643.28M775.07M
Total Assets
528.04M▲ 0%
581.23M▲ 10.1%
695.54M▲ 19.7%
954.93M▲ 37.3%
1.33B▲ 39.4%
1.53B▲ 14.9%
1.61B▲ 5.1%
2.02B▲ 25.3%
1.79B▼ 11.2%
2.01B▲ 0%
Asset Growth %20.27%10.07%19.67%37.29%39.43%14.95%5.05%25.33%-11.21%0.8%
Return on Assets (ROA)26.09%26.7%27.08%24.83%26.19%18.02%15.95%14.25%14.41%10.9%
Accounts Payable15.15M14.24M29.37M22.79M44.35M71.22M55.26M37.01M37.32M31.91M
Total Debt10.52M17.52M22.47M97.99M93.61M88.42M82.68M79.68M72.65M66.87M
Net Debt-157.72M-149.5M-223.85M-172.13M-367.25M-418.31M-348.07M-371.6M-471.82M-406.43M
Long-Term Debt0000000000
Short-Term Debt0000000000
Other Liabilities47.42M48.08M65.61M43.87M62.33M59.72M56.3M60.12M68.05M60.37M
Total Current Liabilities25.25M29.96M48.61M39.48M220.43M341M387.7M582.3M259.85M496.48M
Total Non-Current Liabilities34.78M36.5M39.05M145.36M155.94M148.14M138.98M139.8M140.71M127.25M
Total Liabilities60.03M66.46M87.66M184.84M376.37M489.14M526.68M722.1M400.56M623.73M
Total Equity
298.67M▲ 0%
346.55M▲ 16.0%
361.56M▲ 4.3%
770.09M▲ 113.0%
955.06M▲ 24.0%
1.04B▲ 9.0%
1.08B▲ 3.8%
1.29B▲ 19.6%
1.39B▲ 7.4%
1.39B▲ 0%
Equity Growth %-23.56%16.03%4.33%112.99%24.02%9.03%3.82%19.6%7.4%15.28%
Equity / Assets (Capital Ratio)56.56%59.62%51.98%80.64%71.73%68.04%67.24%64.16%77.61%69.03%
Return on Equity (ROE)36.6%45.9%48.82%36.21%34.71%25.84%23.58%21.74%20.45%15.79%
Book Value per Share7.919.119.5520.2925.0427.3328.7234.3436.8637.46
Tangible BV per Share6.237.457.9014.8118.6720.2222.0024.8927.9826.70
Common Stock120K121K122K122K123K123K123K123K123K123K
Additional Paid-in Capital342.31M331.08M341.86M342.54M329.74M330.26M345.47M333.29M350.7M358.61M
Retained Earnings255.14M353.58M463.25M591.09M799.37M956.97M1.1B1.24B1.41B1.47B
Accumulated OCI-12.23M-10.23M-12.39M-10.27M-4.65M-13.33M-37.7M-24.37M-34.7M-3.63M
Treasury Stock-117.33M-159.79M-184.96M-153.39M-169.52M-232.71M-328.33M-260.3M-333.37M-451.4M
Preferred Stock228K226K394K0000000

MKTX Cash Flow Statement

MarketAxess Holdings Inc. (MKTX) cash flow — operating, investing & free cash flow history

Line itemDec'16Dec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24TTM
Cash from Operations80.29M168.03M223.92M265.94M404.49M282.09M289.23M333.77M385.24M385.24M
Operating CF Growth %-33.2%109.29%33.26%18.77%52.1%-30.26%2.53%15.4%15.42%705.17%
Net Income126.17M148.09M172.85M204.9M299.38M257.89M250.22M258.06M274.18M219.56M
Depreciation & Amortization17.84M19.27M23.08M32.65M42.84M60.25M67.15M76.41M80.46M82.79M
Deferred Taxes-2.58M6.59M-1.26M2.68M10.1M3.12M-6.55M-5.82M-3.88M14.1M
Other Non-Cash Items1.17M1.95M2.34M-786K-550K-466K-8.23M1.6M8.32M8M
Working Capital Changes-76.82M-22.29M11.05M1.19M27.11M-66.01M-43.24M-25.68M-3.53M44.87M
Cash from Investing-53.18M-53.65M-50.3M-122.05M68.87M-67.69M-86.27M-155.29M-86.94M-91.66M
Purchase of Investments-81.44M-215.83M-336.53M-160.83M-32.87M-7.88M-83.93M-28.82M0-13.29M
Sale/Maturity of Investments1000K1000K1000K1000K1000K1000K1000K1000K04M
Net Investment Activity-80.44M-214.83M-335.53M-159.83M-31.87M-6.88M-82.93M-27.82M0-9.3M
Acquisitions-12.12M-13.47M11.71M-97.43M-23.3M-17.08M-34.4M-78.48M00
Other Investing12.53M13.41M-11.67M-30K-30.62M-50.2M-73.13M-43.12M-76.99M-85.38M
Cash from Financing-55.84M-117.07M-92.67M-118.1M-145.11M-189.78M-242.38M-147.06M-201.38M-268.83M
Dividends Paid-38.49M-48.89M-62.43M-76.23M-90.57M-99.79M-105.94M-109.66M-112.7M-114.85M
Share Repurchases-23.93M-42.46M-25.17M-17.26M-16.14M-63.19M-87.54M-25.84M-75.47M-136.86M
Stock Issued0000000000
Net Stock Activity-23.93M-42.46M-25.17M-17.26M-16.14M-63.19M-87.54M-25.84M-75.47M-136.86M
Debt Issuance (Net)0000000000
Other Financing4.29M-27.69M0-25.82M-38.41M-26.79M-26.16M-12.5M-13.21M-17.13M
Net Change in Cash
-31.48M▲ 0%
-1.23M▲ 96.1%
79.31M▲ 6553.1%
26.8M▼ 66.2%
333.8M▲ 1145.7%
17.52M▼ 94.8%
-52.9M▼ 402.0%
39.01M▲ 173.7%
88.79M▲ 127.6%
42.77M▲ 0%
Exchange Rate Effect-1000K1000K-1000K1000K1000K-1000K-1000K1000K-1000K0
Cash at Beginning199.73M168.24M168.15M247.46M274.25M608.05M625.57M572.66M611.67M650.45M
Cash at End168.24M167.01M247.46M274.25M608.05M625.57M572.66M611.67M700.46M642.77M
Interest Paid00001.14M830K652K1.87M1.72M859K
Income Taxes Paid58.27M44M47.21M51.77M45.05M70M88.68M94.81M96.93M39.8M
Free Cash Flow
61.79M▲ 0%
142.48M▲ 130.6%
176.32M▲ 23.8%
231.24M▲ 31.1%
358.86M▲ 55.2%
231.47M▼ 35.5%
237.36M▲ 2.5%
281.32M▲ 18.5%
375.3M▲ 33.4%
346.04M▲ 0%
FCF Growth %-41.05%130.6%23.76%31.14%55.19%-35.5%2.54%18.52%33.41%18.6%

MKTX Banking Ratios

MarketAxess Holdings Inc. (MKTX) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric201620172018201920202021202220232024TTM
Return on Equity (ROE)36.6%45.9%48.82%36.21%34.71%25.84%23.58%21.74%20.45%15.79%
Return on Assets (ROA)26.09%26.7%27.08%24.83%26.19%18.02%15.95%14.25%14.41%10.9%
Net Interest Margin0%0%0%0.84%-0.09%-0.03%0.27%1.01%1.37%1.23%
Efficiency Ratio20.41%21.78%24.36%23.09%19.8%25%26.68%28.38%27.23%25.02%
Equity / Assets56.56%59.62%51.98%80.64%71.73%68.04%67.24%64.16%77.61%69.03%
Book Value / Share7.919.119.5520.2925.0427.3328.7234.3436.8637.46
NII Growth-----114.16%61.38%1084.13%371.01%19.58%9.46%
Dividend Payout30.51%33.01%36.12%37.2%30.25%38.7%42.34%42.49%41.1%52.31%

MKTX SEC Filings & Documents

MarketAxess Holdings Inc. (MKTX) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Feb 17, 2026·SEC

Material company update

Feb 6, 2026·SEC

Material company update

Jan 26, 2026·SEC

10-K Annual Reports

4
FY 2026

Feb 24, 2026·SEC

FY 2025

Feb 24, 2025·SEC

FY 2024

Feb 22, 2024·SEC

10-Q Quarterly Reports

6
FY 2025

Nov 7, 2025·SEC

FY 2025

Aug 6, 2025·SEC

FY 2025

May 7, 2025·SEC

MKTX Frequently Asked Questions

MarketAxess Holdings Inc. (MKTX) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

MarketAxess Holdings Inc. (MKTX) grew revenue by 8.6% over the past year. This is steady growth.

Yes, MarketAxess Holdings Inc. (MKTX) is profitable, generating $219.6M in net income for fiscal year 2024 (33.6% net margin).

Dividend & Returns

Yes, MarketAxess Holdings Inc. (MKTX) pays a dividend with a yield of 1.98%. This makes it attractive for income-focused investors.

MarketAxess Holdings Inc. (MKTX) has a return on equity (ROE) of 20.4%. This is excellent, indicating efficient use of shareholder capital.

Industry Metrics

MarketAxess Holdings Inc. (MKTX) has a net interest margin (NIM) of 1.4%. NIM has been under pressure due to interest rate environment.

MarketAxess Holdings Inc. (MKTX) has an efficiency ratio of 27.2%. This is excellent, indicating strong cost control.

Explore More MKTX

MarketAxess Holdings Inc. (MKTX) financial analysis — history, returns, DCA and operating performance tools

Total Return Calculator

Historical returns with dividends reinvested

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DCA Calculator

Dollar cost averaging vs lump sum

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Dividend History

Yield, growth, payout safety & DRIP

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Earnings History

EPS trends, net income & profitability

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Price History

Long-term charts & historical price data

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Revenue History

Sales growth patterns & revenue breakdown

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Financial Ratios

30 years of market, efficiency and balance-sheet ratios

→

Valuation

DCF intrinsic value, peer multiples & estimates

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