What is MarketAxess's net debt?

MarketAxess (MKTX) reported net debt of -$256.28M in Q1 2026.

How has MarketAxess's net debt changed year-over-year?

MarketAxess's net debt increased by 55.3% year-over-year, from -$573.59M to -$256.28M.

What is the long-term trend for MarketAxess's net debt?

Over 5 years (2020 to 2025), MarketAxess's net debt has grown at a -5.3% compound annual growth rate (CAGR), from -$514.44M to -$390.91M.

What does net debt mean?

Total debt minus cash and equivalents at the quarter end. The debt that would remain if the company used all its cash to pay down borrowings.

MarketAxess MKTX Net debt

Discontinued — last reported Q1 '26

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Other financials

Income statement

See full

Revenue$233.4M+11.9%

Operating income$100.9M+14.2%

Net income$77.9M+417%

EPS (diluted)$2.20+450%

Balance sheet

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Cash & equivalents$548.2M-14.9%

Total debt$292.0M+312%

Total equity$1.2B-11.6%

Total assets$2.3B+22.5%

Cash flow

See full

Operating cash flow-$75.3M-354%

CapEx$259.0K-86.6%

Free cash flow-$75.6M-373%

Valuation

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Market cap$4.2B-28.1%

Profitability

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Operating margin40.7%-0.6pp

Net margin35.5%+9.0pp

FCF margin31.1%-19.1pp

Returns & leverage

See full

Return on equity24.4%+8.1pp

Debt / equity0.2×+0.2×

Where this comes from

Calculated from MarketAxess’s reported figures.

$292.0Mtotal debt−$548.2Mcash and equivalents=-$256.28M

The official record: MarketAxess’s 10-Q, filed May 7, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is MarketAxess's net debt?: MarketAxess (MKTX) reported net debt of -$256.28M in Q1 2026.
How has MarketAxess's net debt changed year-over-year?: MarketAxess's net debt increased by 55.3% year-over-year, from -$573.59M to -$256.28M.
What is the long-term trend for MarketAxess's net debt?: Over 5 years (2020 to 2025), MarketAxess's net debt has grown at a -5.3% compound annual growth rate (CAGR), from -$514.44M to -$390.91M.
What does net debt mean?: Total debt minus cash and equivalents at the quarter end. The debt that would remain if the company used all its cash to pay down borrowings.