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MarketAxess MKTX Technology Services — Deferred Revenue

Other product segments

Information Services
$3.3M+9.9%
Post Trade Services
$1.82M

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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 technology services — deferred revenue?
MarketAxess (MKTX) reported technology services — deferred revenue of $292K in Q2 2026.
How has MarketAxess's technology services — deferred revenue changed year-over-year?
MarketAxess's technology services — deferred revenue decreased by 8.2% year-over-year, from $318K to $292K.
What does technology services — deferred revenue mean?
This metric represents the total deferred revenue or contract liability arising from technology service agreements where payment has been received but performance obligations remain unsatisfied. It acts as a measure of future revenue visibility and the company's ability to secure long-term service commitments. A higher balance indicates a robust pipeline of prepaid service obligations.

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