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Nasdaq · Financials

Marketaxess Holdings Inc. (MKTX)

As-reported financials and SEC filings for Marketaxess Holdings Inc. The latest annual period is FY2025. The latest reported quarter is Q2 FY2026. Financial statements come straight from the company’s EDGAR filings; valuation figures such as P/E and market cap use market data.

About Marketaxess Holdings Inc.

MarketAxess Holdings Inc. operates electronic trading platforms that provide institutional investors and broker-dealers with access to global fixed-income and other markets. Its main products include Open Trading, an all-to-all marketplace for fixed-income securities, and MarketAxess X-Pro, a next-generation trading platform with automated and algorithmic execution tools. The company serves approximately 2,100 clients worldwide, offering trading, data analytics, and post-trade services to improve trading efficiency and execution quality.

Snapshot

Revenue
$846.3M
Revenue growth (YoY)
3.6%
Net income
$246.6M
Diluted EPS
$6.64
Gross margin
—
Operating margin
40.4%
Net margin
29.1%
FCF margin
44.2%
ROE
21.5%
net income / fiscal-year-end equity
P/E
19.5×
trailing when available, otherwise FY EPS
Market cap
$5.79B
Long-term debt / equity
—
non-current term debt only

Fundamentals are from SEC filings for FY2025, the latest annual period (ended December 31, 2025). P/E and market cap are derived from stored market prices, last retrieved on a rolling basis and typically within the past week.

What changed at Marketaxess Holdings

  • Revenue grew 3.6% to $846M in FY2025, slower than the 8.6% the year before.
  • Operating margin is 40.4% in FY2025, -7.9 pp against 48.2% in FY2021.
  • Most recent quarter Q2 FY2026: revenue $218M, down 0.5% from Q2 FY2025.
  • Free cash flow was $374M in FY2025, 44.2% of revenue.
  • Net income fell 10.0% to $247M in FY2025.

Computed from the as-reported figures in the statements below. A change we cannot state from filed figures is left out rather than estimated.

Peer comparison

Where Marketaxess Holdings’s fundamentals sit among the 424 Financials companies. Each figure is ranked only against peers that report it, from lowest (left) to highest (right).

Operating margin40.4%
87th percentile of 141
Net margin29.1%
81st percentile of 372
FCF margin44.2%
85th percentile of 266
Revenue growth (YoY)+3.6%
26th percentile of 418
ROE21.5%
87th percentile of 373
P/E19.5×
75th percentile of 307
Short interest3.39d
45th percentile of 416

Marketaxess Holdings’s operating margin of 40.4% ranks in the 87th percentile of the 141 Financials companies reporting it. Marketaxess Holdings’s return on equity of 21.5% ranks in the 87th percentile of the 373 Financials companies reporting it. Marketaxess Holdings’s FCF margin of 44.2% ranks in the 85th percentile of the 266 Financials companies reporting it.

No reported insider purchases (code P) in the last 90 days; 4 insider sales totaling $1.1M. For context, about 15% of companies in the universe saw any reported insider purchase (code P) in the same window. Browse insider activity →

Percentiles describe where a figure sits among sector peers reporting it (100th = highest). They are position within a peer group, not a rating, and not investment advice. Short interest ranking uses days to cover from FINRA Consolidated Short Interest data; FINRA is the owner and source of that data, included at no additional charge.

Institutional ownership

Held by 3 of the superinvestors we track (plus 7 quant / multi-strat books), based on each investor’s most recent 13F; periods vary by investor (newest: Q2 2026).

Conviction investors
3
+7 quant / multi-strat
Initiated / added
6
0 new, 6 added
Reduced / exited
4
4 trimmed, 0 exited
Combined position
$388.4M
reported long value
InvestorAs ofPosition valueSharesChange
AQR Capital ManagementquantQ2 2026$222.8M2.0MReduced
Two Sigma InvestmentsquantQ2 2026$61.7M543.9KAdded
Citadel AdvisorsquantQ2 2026$54.7M481.7KAdded
Renaissance TechnologiesquantQ2 2026$22.7M200.0KAdded
Millennium ManagementquantQ2 2026$12.4M109.6KReduced
First Eagle Investment ManagementQ2 2026$5.6M49.6KAdded
D. E. ShawquantQ2 2026$5.4M48.0KAdded
Gotham Asset ManagementQ2 2026$1.3M11.8KReduced
Point72 Asset ManagementquantQ2 2026$919,2698.1KReduced
Bridgewater AssociatesQ2 2026$797,1547.0KAdded

From quarterly Form 13F filings, which can be up to 45 days delayed. Long US-listed positions only: excludes short positions, options, cash, bonds, and non-US holdings, so this is not a manager’s complete portfolio. Counts are of the investors we track, not all institutions. Not investment advice.

Recent insider activity

Non-derivative buys and sells (codes P/S) reported by officers, directors and 10% owners on SEC Form 4.

Buys (90d)
0
code P
Bought (90d)
—
code P value
Sells (90d)
4
$1.1M
Reported activity
Net selling
by $ value, 90d
Trade dateInsiderTypeSharesPriceValue
2026-10-12
filed 2026-10-13
Scott PintoffGeneral Counsel and SecretarySell100$164.65$16K
2026-09-10
filed 2026-09-11
William Frank Cruger Jr.DirectorSell6.2K$163.20$1.0M
2026-09-10
filed 2026-09-11
Scott PintoffGeneral Counsel and SecretarySell100$163.32$16K
2026-08-10
Scott PintoffGeneral Counsel and SecretarySell100$162.60$16K
2026-07-10
Scott PintoffGeneral Counsel and SecretarySell100$115.12$12K
2026-06-10
filed 2026-06-12
Scott PintoffGeneral Counsel and SecretarySell100$116.03$12K
2026-05-11
Scott PintoffGeneral Counsel and SecretarySell100$146.99$15K

Reported non-derivative purchases and sales (codes P/S), which may be open-market or private. Excludes option exercises, grants, and shares withheld for taxes. Dates shown are the trade date; a Form 4 can be filed days to years later. A sale can be routine (e.g. a pre-set 10b5-1 plan), so read individual transactions in context. From SEC Form 4. Not investment advice.

Short interest

Total shares sold short as of each twice-monthly FINRA settlement. Rising short interest means more investors are positioned against the stock; days to cover estimates how many trading days of average volume that position represents.

Shares short
3.2M
settled 2026-09-30
Change vs prior
+36.6%
vs previous settlement
Days to cover
3.39
at avg daily volume
Avg daily volume
946.4K
FINRA reported
SettlementShares shortChangeDays to cover
2026-09-303.2M+36.6%3.39
2026-09-152.3M+30.2%2.61
2026-08-311.8M+35.2%1.73
2026-08-141.3M-13.0%1.21
2026-07-311.5M-27.1%1.00
2026-07-152.1M-0.3%3.71
2026-06-302.1M+2.8%2.39
2026-06-152.1M-7.8%2.52

Source: FINRA Consolidated Short Interest. FINRA is the owner and source of the FINRA-supplied data, which is included at no additional charge for your own personal or professional use; republishing or redistributing it is not permitted. Settlement dates are shown; FINRA publishes each settlement about nine business days later, so the latest figure can be two to four weeks old. Not presented as a percentage of float. No FINRA endorsement of this product is implied. Not investment advice.

Income statement (as reported)

 FY2025FY2024FY2023FY2022FY2021
Revenue$846.3M$817.1M$752.5M$718.3M$699.0M
Gross profit—————
Operating income$341.8M$340.9M$315.0M$326.9M$337.2M
Net income$246.6M$274.2M$258.1M$250.2M$257.9M
Diluted EPS$6.64$7.28$6.85$6.65$6.77

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Full details: where the numbers come from.

Balance sheet (as reported)

 FY2025FY2024FY2023FY2022FY2021
Cash and equivalents$519.7M$544.5M$451.3M$430.7M$506.7M
Current assets—————
Total assets$1.93B$1.79B$2.02B$1.61B$1.53B
Current liabilities—————
Long-term debt—————
Total liabilities$776.6M$400.6M$722.1M$526.7M$489.1M
Total equity$1.15B$1.39B$1.29B$1.08B$1.04B

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Full details: where the numbers come from.

Cash flow (as reported)

 FY2025FY2024FY2023FY2022FY2021
Operating cash flow$382.1M$385.2M$333.8M$289.2M$282.1M
Capital expenditure$8.2M$9.9M$9.3M$13.1M$17.5M
Free cash flow

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Full details: where the numbers come from.

Quarterly trend

QuarterRevenueRevenue YoYNet incomeDiluted EPS
Q2 FY2026$218.4M-0.5%$68.1M$1.93
Q1 FY2026$233.4M11.9%$77.9M$2.20
Q4 FY20253.5%
Q3 FY2025$208.8M1.0%$68.2M$1.84
Q2 FY2025$219.5M11.0%$71.1M$1.91
Q1 FY2025$208.6M-0.8%$15.1M$0.40
Q4 FY20242.6%
Q3 FY2024$206.7M20.0%$71.5M$1.90

Latest 8 quarters, from company XBRL filings on SEC EDGAR. A dotted underline marks a fourth-quarter figure we calculated from the full year and the first nine months. Revenue YoY is our calculation too: each quarter against the same quarter a year earlier.

Company facts

ExchangeNasdaq
SectorFinancials
SIC industrySecurity Brokers, Dealers & Flotation Companies
Latest annual periodFY2025 (ended December 31, 2025)
Latest reported quarterQ2 FY2026 (ended June 30, 2026)
Oldest indexed filing2012
SEC CIK1278021

Selected SEC filings

10-K2026-02-24
View on EDGAR →
10-Q2026-08-07
View on EDGAR →
10-Q2026-05-07
View on EDGAR →
8-K2026-09-29
View on EDGAR →
8-K2026-07-30
View on EDGAR →
8-K2026-07-30
View on EDGAR →
8-K2026-06-10
View on EDGAR →

Largest Financials peers

All Financials companies →

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Data sourced from SEC EDGAR. Figures are as-reported and may be unaudited or restated; verify against the source filing before relying on them. Informational only. Not investment advice.