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MarketAxess MKTX Occupancy — Variable Lease Cost

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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:VariableLeaseCost.

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
Lease cost:ClassificationThree Months Ended June 30, 2026Three Months Ended June 30, 2025Six Months Ended June 30, 2026Six Months Ended June 30, 2025
(In thousands)
Operating lease cost - office spaceOccupancy$2,882$2,826$5,734$5,577
Operating lease cost - equipmentTechnology and communications4998146195
Variable lease costsOccupancy9798471,8631,632
Total operating lease cost$3,910$3,771$7,743$7,404

Item 1. Financial Statements (Unaudited)

FAQ

What is MarketAxess's occupancy — variable lease cost?
MarketAxess (MKTX) reported occupancy — variable lease cost of $979K in Q2 2026.
How has MarketAxess's occupancy — variable lease cost changed year-over-year?
MarketAxess's occupancy — variable lease cost increased by 15.6% year-over-year, from $847K to $979K.
What is the long-term trend for MarketAxess's occupancy — variable lease cost?
Over 3 years (2021 to 2025), MarketAxess's occupancy — variable lease cost has grown at a 522.6% compound annual growth rate (CAGR), from $14K to $3.38M.
What does occupancy — variable lease cost mean?
This metric captures lease-related expenses that fluctuate based on usage, service levels, or other non-fixed contractual terms. It often includes common area maintenance, utilities, or usage-based facility fees that adjust according to operational activity. Tracking this provides insight into the flexibility of the company's real estate cost structure beyond fixed rent obligations.

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