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MarketAxess MKTX Commission Revenue — Disclosed Trading

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Other financials

Income statement

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Revenue$218.4M-0.5%
Operating income$89.9M-2.2%
Net income$68.1M-4.3%
EPS (diluted)$1.93+1.0%

Balance sheet

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Cash & equivalents$419.7M-35.5%
Total debt$178.9M+158%
Total equity$1.2B-10.6%
Total assets$2.4B+22.6%

Cash flow

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Operating cash flow-$75.3M-354%
CapEx$649.0K-46.2%
Free cash flow-$75.6M-373%

Valuation

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Market cap$5.72B-18.3%
Enterprise value$5.48B-14.7%
P/E18.7×-12.8×
P/S6.6×-1.8×

Profitability

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Operating margin40.5%-1.0pp
Net margin35.2%+8.6pp
FCF margin31.1%-19.1pp

Returns & leverage

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Return on equity23.3%+6.9pp
Debt / equity0.1×+0.1×

Where this comes from

Reported directly by MarketAxess in its filing.

Tagged under the XBRL concept mktx:DisclosedTrading.

The source filing: MarketAxess’s 10-Q, filed August 7, 2026.

Filed
Aug 7, 2026, 4:10 PM EDT
Fiscal quarter
Q2 FY2026
Calendar quarter
Q2 2026
Accession
0001193125-26-340249
Line itemThree Months Ended June 30, 2026Three Months Ended June 30, 2025Six Months Ended June 30, 2026Six Months Ended June 30, 2025
Commission revenue by fee type
Variable transaction fees
Disclosed trading$$93,06698,088$197,790$193,543
Open Trading – matched principal trading44,92447,31994,15490,371
U.S. government bonds - matched principal trading4,3995,3299,7149,858
Other10,3097,33721,00612,292
Total variable transaction fees152,698158,073322,664306,064
Distribution fees and unused minimum fees34,19733,69767,70267,049

Item 1. Financial Statements (Unaudited)

FAQ

What is MarketAxess's commission revenue — disclosed trading?
MarketAxess (MKTX) reported commission revenue — disclosed trading of $93.07M in Q2 2026.
How has MarketAxess's commission revenue — disclosed trading changed year-over-year?
MarketAxess's commission revenue — disclosed trading decreased by 5.1% year-over-year, from $98.09M to $93.07M.
What is the long-term trend for MarketAxess's commission revenue — disclosed trading?
Over 4 years (2021 to 2025), MarketAxess's commission revenue — disclosed trading has grown at a 3.1% compound annual growth rate (CAGR), from $333.71M to $376.6M.
What does commission revenue — disclosed trading mean?
This metric measures revenue derived from trading activities where the identities of the counterparties are revealed to one another during the transaction process. It highlights the company's ability to facilitate bilateral institutional trading relationships on its electronic platform. Growth in this area indicates strong adoption of the platform for negotiated or relationship-based fixed income execution.

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