What is MarketAxess's deferred revenue?

MarketAxess (MKTX) reported deferred revenue of $32.2M in Q1 2026.

How has MarketAxess's deferred revenue changed year-over-year?

MarketAxess's deferred revenue decreased by 30.0% year-over-year, from $46M to $32.2M.

What is the long-term trend for MarketAxess's deferred revenue?

Over 5 years (2020 to 2025), MarketAxess's deferred revenue has grown at a 6.0% compound annual growth rate (CAGR), from $21.1M to $28.3M.

What does deferred revenue mean?

Payments received from customers for goods or services to be delivered within one year — recognized as revenue as performance obligations are satisfied.

MarketAxess MKTX Deferred Revenue

Deferred Revenue at other companies

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$640M+4.6%

Nasdaq, Inc.NDAQ

$1.09B+11.4%

Cboe Global MarketsCBOE

$16.8M+25.4%

Broadridge Financial SolutionsBR

$263.4M+11.3%

RXORXO

$55M+77.4%

ExlService HoldingsEXLS

$22.91M+13.7%

Other financials

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

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Market cap$4.28B-28.1%

Enterprise value$4.02B-26.0%

P/E13.8×-13.6×

P/S4.9×-2.4×

Profitability

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Operating margin40.7%-0.6pp

Net margin35.5%+9.0pp

FCF margin31.1%-19.1pp

Returns & leverage

See full

Return on equity24.4%+8.1pp

Debt / equity0.2×+0.2×

Where this comes from

Reported directly by MarketAxess in its filing.

Tagged under the XBRL concept us-gaap:RevenueRemainingPerformanceObligation.

The official record: MarketAxess’s 10-Q, filed May 7, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is MarketAxess's deferred revenue?: MarketAxess (MKTX) reported deferred revenue of $32.2M in Q1 2026.
How has MarketAxess's deferred revenue changed year-over-year?: MarketAxess's deferred revenue decreased by 30.0% year-over-year, from $46M to $32.2M.
What is the long-term trend for MarketAxess's deferred revenue?: Over 5 years (2020 to 2025), MarketAxess's deferred revenue has grown at a 6.0% compound annual growth rate (CAGR), from $21.1M to $28.3M.
What does deferred revenue mean?: Payments received from customers for goods or services to be delivered within one year — recognized as revenue as performance obligations are satisfied.