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MarketAxess MKTX Q4 2025 Annual earnings

Reported February 6, 2026 · Before market open

Revenue$209.0MMiss by $2.7M
EPS$1.68Beat by $0.03
Revenue estimate$211.7M
EPS estimate$1.65

Next report

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

Financials

Q4 2025

Income statement

See full
Revenue$209.4M+3.5%
Operating income$76.0M-5.0%
Net income$92.2M+41.6%
EPS (diluted)$2.50+44.5%

Balance sheet

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Cash & equivalents$675.9M-3.5%
Total debt$284.9M+292%
Total equity$1.1B-17.5%
Total assets$1.9B+8.1%

Cash flow

See full
Operating cash flow$158.6M-10.0%
CapEx$3.6M+1,561%
Free cash flow$155.1M-11.9%

Valuation & ratios

Valuation

as of 12/31/25
See full
Market cap$6.74B-20.9%
Enterprise value$6.35B-19.6%
P/E27.3×-3.8×
P/S8×-2.5×

Profitability

See full
Operating margin40.4%-1.3pp
Net margin29.1%-4.4pp
FCF margin44.2%-1.7pp

Returns & leverage

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Return on equity19.5%-1.0pp
Debt / equity0.2×+0.2×

Segments

By product

See full
Commission Revenue$181.3M+3.8%
Information Services$13.5M+2.3%
Post Trade Services$11.0M+0.5%
Technology Services$3.6M+2.1%

FAQ

When did MarketAxess report Q4 2025 earnings?
MarketAxess (MKTX) reported Q4 2025 earnings on February 6, 2026 before market open.
What were MarketAxess's Q4 2025 revenue and EPS?
MarketAxess reported revenue of $209.0M and eps of $1.68 for Q4 2025.
Did MarketAxess beat estimates in Q4 2025?
Revenue missed the consensus estimate of $211.7M by $2.7M. EPS beat the consensus estimate of $1.65 by $0.03.
How did MarketAxess's Q4 2025 results compare year-over-year?
Compared to the same quarter a year prior, revenue grew 3.3% from $202.4M a year earlier and eps declined 2.9% from $1.73.
Where can I find MarketAxess's Q4 2025 SEC filings?
You can read the 8-K earnings release (0001193125-26-040253) and the 10-K periodic report (0001193125-26-067009) directly on SEC EDGAR. The filing index links above go to sec.gov.