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MarketAxess

MKTX

MarketAxess Holdings Inc. operates a leading electronic trading platform for institutional investors and broker-dealers, specializing in global fixed-income markets.

Market cap
$4.01B-49.5%
Revenue$871.1M+6.8%
Net income$309.4M+42.8%
Free cash flow$270.6M-33.9%
EPS (diluted)$8.45+47.0%
Trailing twelve months · change vs. prior year

Earnings

Next report

Aug 7, 2026 (In 2 weeks)
Revenue estimate$216.7M
EPS estimate$1.89

Financials

Q1 2026

Income statement

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Revenue$233.4M+11.9%
Operating income$100.9M+14.2%
Net income$77.9M+417%
EPS (diluted)$2.20+450%

Balance sheet

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Cash & equivalents$548.2M-14.9%
Total debt$292.0M+312%
Total equity$1.2B-11.6%
Total assets$2.3B+22.5%

Cash flow

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Operating cash flow-$75.3M-354%
CapEx$259.0K-86.6%
Free cash flow-$75.6M-373%

Valuation & ratios

Valuation

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Market cap$3.99B-49.5%
Enterprise value$3.73B-49.0%
P/E12.9×-22.6×
P/S4.6×-4.9×

Profitability

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Operating margin40.7%-0.6pp
Net margin35.5%+9.0pp
FCF margin31.1%-19.1pp

Returns & leverage

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Return on equity24.4%+8.1pp
Debt / equity0.2×+0.2×

Segments

By product

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Commission Revenue$203.5M+12.2%
Information Services$14.4M+11.9%
Post Trade Services$11.6M+4.7%
Technology Services$3.9M+19.0%

Competitors

Profile

MarketAxess Holdings Inc. operates a leading electronic trading platform for institutional investors and broker-dealers, specializing in global fixed-income markets. The company provides a centralized marketplace that enhances trading efficiency and liquidity through its proprietary all-to-all trading protocols. Its core value proposition centers on transitioning fixed-income trading from traditional voice-based methods to automated, data-driven electronic execution.

Competitive position

A leading global operator of electronic fixed-income marketplaces with a dominant position in all-to-all trading through its Open Trading network.

GeographiesUnited States, United Kingdom, European Union, Asia-Pacific, Latin America
Customer segmentsInstitutional Investors, Broker-Dealers, Asset Managers
Business modelCommission-based marketplace, SaaS, Data-as-a-Service
SuppliersCloud infrastructure providers, Public market data sources (e.g., TRACE), Software and technology developers
CustomersGlobal investment banks, Regional broker-dealers, Pension funds, Mutual funds, Insurance companies
Listed2004
Employees881.0
CEOChristopher Robert Concannon
FilingsSEC EDGAR

Questions, answered.

What is MarketAxess's market cap?
MarketAxess (MKTX) has a market capitalization of $4.0B and trades on NASDAQ.
What is MarketAxess's revenue and profitability?
MarketAxess generated $871.1M in trailing twelve-month revenue with net income of $309.4M, representing a net margin of 35.5%, with free cash flow of $270.6M. These figures are based on the Q1 2026 filing.
Who are MarketAxess's competitors?
MarketAxess's key competitors include Intercontinental Exchange, CME Group, Tradeweb Markets Inc., and others. These companies compete in similar markets and product categories.
Who does MarketAxess partner with?
MarketAxess's notable partners include S&P Global Market Intelligence, FactSet, Equilend, and others.
What subsidiaries does MarketAxess have?
MarketAxess's subsidiaries include Pragma LLC, RFQ-hub Holdings LLC, MarketAxess NL B.V..
Where is MarketAxess headquartered?
MarketAxess is headquartered in United States of America and employs approximately 881 people. It has been publicly traded since 2004.