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MarketAxess MKTX Information Services — Deferred Revenue

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$292K-8.2%

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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:ContractWithCustomerLiability.

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 itemDecember 31, 2025Revenue billed in advance of services to be performedRevenue recognized for services performed during the periodForeign Currency TranslationJune 30, 2026
Information services$3,343$8,750$(8,793)$3,300
Post-trade services1,37613,121(12,659)(20)1,818
Technology services3124,106(4,126)292
Total deferred revenue$5,031$25,977$(25,578)$(20)$5,410

Item 1. Financial Statements (Unaudited)

FAQ

What is MarketAxess's information services — deferred revenue?
MarketAxess (MKTX) reported information services — deferred revenue of $3.3M in Q2 2026.
How has MarketAxess's information services — deferred revenue changed year-over-year?
MarketAxess's information services — deferred revenue increased by 9.9% year-over-year, from $3M to $3.3M.
What is the long-term trend for MarketAxess's information services — deferred revenue?
Over 4 years (2021 to 2025), MarketAxess's information services — deferred revenue has grown at a -3.0% compound annual growth rate (CAGR), from $13.64M to $12.07M.
What does information services — deferred revenue mean?
This represents the deferred revenue balance associated with the Information Services segment, arising from payments received from customers before the underlying services are fully delivered. It serves as a measure of future performance obligations that the company must satisfy over time. A rising balance often signals strong demand for long-term data subscriptions or multi-year service agreements.

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