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MKTX

MarketAxess Holdings Inc.

MKTX

MarketAxess Holdings Inc. • NASDAQ
$163.89 ▼ -0.19% (-0.31)
Market Cap $6.11 B
52w High $265.74
52w Low $156.17
Dividend Yield 3.04%
P/E 27.87
Volume 214.06K
Outstanding Shares 37.27M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $208.821M ▼ $39.351M ▼ $68.176M ▼ 32.648% ▲ $1.84 ▼ $115.39M ▼
Q2-2025 $219.462M ▲ $57.914M ▲ $71.18M ▲ 32.434% ▲ $1.91 ▲ $118.613M ▲
Q1-2025 $208.576M ▲ $54.093M ▼ $15.065M ▼ 7.223% ▼ $0.4 ▼ $116.366M ▲
Q4-2024 $202.404M ▼ $58.59M ▲ $65.139M ▼ 32.183% ▼ $1.74 ▼ $105.067M ▼
Q3-2024 $206.715M $56.842M $71.489M 34.583% $1.91 $113.758M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $473.299M ▲ $2.014B ▲ $623.725M ▲ $1.378B ▼
Q2-2025 $462.837M ▼ $1.975B ▲ $574.038M ▲ $1.386B ▲
Q1-2025 $555.08M ▼ $1.878B ▲ $530.783M ▲ $1.347B ▼
Q4-2024 $649.255M ▲ $1.789B ▼ $400.556M ▼ $1.389B ▲
Q3-2024 $518.745M $1.833B $446.795M $1.386B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $68.273M ▼ $90.164M ▼ $-11.816M ▲ $-81.612M ▼ $-7.68M ▼ $77.174M ▼
Q2-2025 $71.18M ▲ $103.714M ▲ $-51.029M ▼ $-65.249M ▲ $6M ▲ $90.998M ▲
Q1-2025 $15.065M ▼ $29.629M ▼ $-17.148M ▼ $-77.066M ▼ $-56.005M ▼ $12.668M ▼
Q4-2024 $65.139M ▼ $176.248M ▲ $-11.667M ▲ $-44.907M ▼ $100.454M ▲ $165.2M ▲
Q3-2024 $71.489M $95.089M $-41.515M $-42.455M $25.875M $82.923M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Commission Revenue
Commission Revenue
 $350.00M ▲$180.00M ▼$190.00M ▲$180.00M ▼
Information Services
Information Services
 $30.00M ▲$10.00M ▼$10.00M ▲$10.00M ▲
Post Trade Services
Post Trade Services
 $10.00M ▲$10.00M ▲$10.00M ▲$20.00M ▲
Technology Services
Technology Services
 $0 ▲$0 ▲$0 ▲$10.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown steadily over the last five years, but not explosively. The business already operates at high profitability, so most lines of the income statement look healthy and fairly stable. Gross and operating profitability have stayed strong, with only minor fluctuations from year to year. Net income and earnings per share dipped slightly in the middle of the period and then recovered, suggesting a mature, profitable platform rather than an early‑stage growth story. Overall, this looks like a high‑margin business adding revenue gradually while maintaining discipline on costs.

Balance Sheet

Balance Sheet The balance sheet appears conservative and sturdy. Total assets have trended up over time, and shareholders’ equity has climbed as profits are retained, which strengthens the company’s financial base. Cash levels are high relative to the size of the business, giving it flexibility for investment, acquisitions, or weathering downturns. Debt is low and manageable, implying limited financial risk from leverage. Taken together, this points to a solid, liquid, and relatively low‑risk financial structure for a capital‑markets platform.

Cash Flow

Cash Flow Cash generation is a clear strength. Operating cash flow has consistently exceeded accounting earnings, which supports the quality of reported profits. Free cash flow has been robust and has grown over the period, even after funding ongoing investments. Capital spending is modest relative to cash generation, reflecting the asset‑light, technology‑driven nature of the business. This cash profile gives the company room to fund internal development, pursue deals, and return capital to shareholders if it chooses, without stretching its finances.

Competitive Edge

Competitive Edge MarketAxess holds a strong position in electronic bond trading, especially in U.S. corporate credit. Its platform benefits from powerful network effects: many buyers and sellers already use it, which makes it more valuable and harder for new entrants to displace. The company’s proprietary data, pricing tools, and trading protocols further deepen client reliance on its ecosystem. It competes with large exchanges and bank platforms, but its specialization in credit, long operating history, and deep connectivity across institutions give it a durable edge. Key risks are that regulation, technology shifts, or aggressive competitors could chip away at volumes or pricing power over time.

Innovation and R&D

Innovation and R&D The company is highly focused on technology and data rather than traditional brick‑and‑mortar investment. Its AI‑driven pricing (such as Composite+), automation tools, and algorithmic trading features are central to its value proposition. MarketAxess is expanding functionality with new trading protocols, such as all‑to‑all trading, portfolio trading, and auctions, and is pushing into additional fixed‑income segments like Treasuries and emerging markets. It also uses acquisitions to broaden its capabilities. The main question is execution: sustaining innovation, integrating new tools smoothly, and staying ahead of rivals’ technology will be critical to maintaining its edge.

Summary

MarketAxess combines steady revenue growth with very high profitability, a strong balance sheet, and excellent cash generation. The business model is capital‑light and technology‑intensive, which supports high margins and strong free cash flow. Financial risk from debt appears low, and liquidity is ample. Strategically, the company benefits from a meaningful moat built on network effects, proprietary data, and deep integration into institutional bond trading workflows. Future performance will hinge on its ability to keep innovating in electronic credit markets, defend and grow its market share, and manage competitive and regulatory pressures in a fast‑evolving fixed‑income trading landscape.

NEWS

November 7, 2025 · 6:30 AM UTC

MarketAxess Reports Third Quarter 2025 Financial Results

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November 6, 2025 · 6:30 AM UTC

MarketAxess Announces Trading Volume Statistics for October 2025

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November 5, 2025 · 8:15 AM UTC

MarketAxess Unveils Fixed Income's First Opening & Closing Auctions; Designed to Improve Pricing and Liquidity

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October 16, 2025 · 4:30 PM UTC

MarketAxess to Host Conference Call Announcing Third Quarter 2025 Financial Results on Friday, November 7, 2025

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October 6, 2025 · 6:30 AM UTC

MarketAxess Announces Trading Volume Statistics for September and Third Quarter 2025

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