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MarketAxess MKTX Commission Revenue — Principal Transactions Revenue

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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 us-gaap:PrincipalTransactionsRevenue.

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 — principal transactions revenue?
MarketAxess (MKTX) reported commission revenue — principal transactions revenue of $44.92M in Q2 2026.
How has MarketAxess's commission revenue — principal transactions revenue changed year-over-year?
MarketAxess's commission revenue — principal transactions revenue decreased by 5.1% year-over-year, from $47.32M to $44.92M.
What is the long-term trend for MarketAxess's commission revenue — principal transactions revenue?
Over 4 years (2021 to 2025), MarketAxess's commission revenue — principal transactions revenue has grown at a 3.1% compound annual growth rate (CAGR), from $155.47M to $175.56M.
What does commission revenue — principal transactions revenue mean?
This metric captures revenue generated when the company acts as a principal in a transaction, taking on market risk by buying or selling securities for its own account. It reflects the firm's role in providing liquidity to the market beyond purely agency-based brokerage services. This revenue stream is often sensitive to market volatility and the firm's inventory management strategies.

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