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MarketAxess MKTX Q3 2025 earnings

Reported November 7, 2025 · Before market open

Revenue$208.8MBeat by $1.4M
EPS$1.84Beat by $0.14
Revenue estimate$207.4M
EPS estimate$1.70

Next report

Nov 6, 2026 (in a month)
Revenue estimate$219.8M
EPS estimate$1.95

Financials

Q3 2025

Income statement

See full
Revenue$208.8M+1.0%
Operating income$85.6M-1.7%
Net income$68.2M-4.6%
EPS (diluted)$1.84-3.2%

Balance sheet

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Cash & equivalents$642.8M+7.1%
Total debt$66.9M-11.1%
Total equity$1.4B-0.6%
Total assets$2.0B+9.9%

Cash flow

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Operating cash flow$90.2M-5.2%
CapEx$1.5M+79.2%
Free cash flow$88.7M-5.9%

Valuation & ratios

Valuation

as of 09/30/25
See full
Market cap$6.51B-32.5%
Enterprise value$5.93B-34.9%
P/E29.7×-5.0×
P/S7.8×-4.1×

Profitability

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Operating margin41.2%-0.4pp
Net margin26.2%-8.2pp
FCF margin47.1%+5.3pp

Returns & leverage

See full
Return on equity15.9%-5.7pp
Debt / equity0×0.0×

Segments

By product

See full
Commission Revenue$180.2M-0.1%
Information Services$13.8M+6.4%
Post Trade Services$11.3M+8.8%
Technology Services$3.6M+19.8%

FAQ

When did MarketAxess report Q3 2025 earnings?
MarketAxess (MKTX) reported Q3 2025 earnings on November 7, 2025 before market open.
What were MarketAxess's Q3 2025 revenue and EPS?
MarketAxess reported revenue of $208.8M and eps of $1.84 for Q3 2025.
Did MarketAxess beat estimates in Q3 2025?
Revenue beat the consensus estimate of $207.4M by $1.4M. EPS beat the consensus estimate of $1.70 by $0.14.
How did MarketAxess's Q3 2025 results compare year-over-year?
Compared to the same quarter a year prior, revenue grew 1.0% from $206.7M a year earlier and eps declined 3.2% from $1.90.
Where can I find MarketAxess's Q3 2025 SEC filings?
You can read the 8-K earnings release (0001193125-25-270945) and the 10-Q periodic report (0001193125-25-272335) directly on SEC EDGAR. The filing index links above go to sec.gov.