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MarketAxess MKTX Capitalized software

Capitalized software at other companies

MarketAxess logo
MarketAxessMKTX
$16.4M
MarketAxess logo
MarketAxessMKTX
$0-100%
Surgery Partners, Inc. logo
Surgery Partners, Inc.SGRY
$0-100%
Cohu logo
CohuCOHU
$709K0.0%
Warby Parker logo
Warby ParkerWRBY
$1.02M+38.7%
Shake Shack logo
Shake ShackSHAK
$512K-15.5%

Other financials

Income statement

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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

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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

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Return on equity24.4%+8.1pp
Debt / equity0.2×+0.2×

Where this comes from

Reported directly by MarketAxess in its filing.

Tagged under the XBRL concept us-gaap:DeferredTaxLiabilitiesDeferredExpenseCapitalizedSoftware.

The official record: MarketAxess’s 10-K, filed February 24, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is MarketAxess's capitalized software?
MarketAxess (MKTX) reported capitalized software of $16.4M in Q4 2025.
What is the long-term trend for MarketAxess's capitalized software?
Over 5 years (2020 to 2025), MarketAxess's capitalized software has grown at a 15.9% compound annual growth rate (CAGR), from $7.83M to $16.4M.
What does capitalized software mean?
Reflects the deferred tax liability created when the tax deduction for capitalized software development costs exceeds the amortization expense recognized for financial reporting. This indicates a future tax obligation that will be settled as the book amortization catches up to the accelerated tax depreciation.