MARKETAXESS HOLDINGS INC MKTX
MarketAxess Holdings Inc. (the "Company" or "MarketAxess") operates leading electronic trading platforms delivering greater trading efficiency, a diversified pool of liquidity and significant cost savings to approximately 2,100 institutional investor and broker-dealer clients across the global fixed-income and other markets. We have built a differentiated market position through our integrated approach to electronic trading, combining diverse trading protocols, automated and algorithmic execution solutions, intelligent data products and analytics and comprehensive post-trade and technology services. The fixed-income markets we focus on remain significantly less electronified than other asset classes, creating significant opportunities for continued growth.
Valuation FY2025 figures against the last close
Where the revenue comes from as reported in the latest 10-K
Revenue by geography
- United States
- United Kingdom
- Other
| Region | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| United States | $568.4M | $568.6M | $523.7M |
| United Kingdom | $177.3M | $161.8M | $147.0M |
| Other | $100.6M | $86.7M | $81.8M |
As the company reported it, from the “Segment and Geographic Information - Summary of Revenue and Long-lived Assets (Detail)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Regions are the filer's own and are not mapped onto a standard list — one company's “Americas” and another's “United States” are different areas, and making them look comparable would mean making at least one of them wrong. Slices under 1% are folded into “Other”.
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $846.3M | $817.1M | $752.5M | $718.3M | $699.0M | $689.1M | $511.4M | $435.6M | $393.4M | $367.7M |
| SG&A | $26.6M | $22.7M | $23.0M | $19.2M | $14.5M | $12.7M | $15.7M | $11.4M | $11.1M | $9.2M |
| Total operating expenses | $504.4M | $476.2M | $437.5M | $391.4M | $361.7M | $314.4M | $260.5M | $223.0M | $193.8M | $177.7M |
| Operating income | $341.8M | $340.9M | $315.0M | $326.9M | $337.2M | $374.7M | $250.9M | $212.6M | $199.6M | $190.0M |
| Interest expense | $1.5M | $1.6M | $2.0M | $700.0K | $842.0K | $1.1M | — | — | — | — |
| Pre-tax income | $367.0M | $360.5M | $332.7M | $338.3M | $333.9M | $374.4M | $257.4M | $218.1M | $201.8M | $191.6M |
| Income tax | $120.1M | $86.4M | $74.6M | $88.1M | $76.0M | $75.0M | $52.5M | $45.2M | $53.7M | $65.4M |
| Net income | $246.9M | $274.2M | $258.1M | $250.2M | $257.9M | $299.4M | $204.9M | $172.9M | $148.1M | $126.2M |
| EPS, basic | 6.66 | 7.29 | 6.87 | 6.68 | 6.88 | 8.01 | 5.53 | 4.68 | 4.02 | 3.42 |
| EPS, diluted | 6.64 | 7.28 | 6.85 | 6.65 | 6.77 | 7.85 | 5.40 | 4.57 | 3.89 | 3.34 |
| Shares, diluted (wtd. avg.) | 37.1M | 37.7M | 37.7M | 37.6M | 38.1M | 38.1M | 38.0M | 37.9M | 38.0M | 37.7M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $519.7M | $544.5M | $611.7M | $572.7M | $625.6M | $608.0M | $274.3M | $246.3M | $167.0M | $168.2M |
| Property, plant and equipment | $112.4M | $107.3M | $102.7M | $100.3M | $96.1M | $85.2M | $71.8M | $63.0M | $38.5M | $31.1M |
| Goodwill | $283.7M | $236.7M | $236.7M | $154.8M | $154.8M | $147.4M | $146.9M | $59.7M | — | — |
| Other intangibles | $110.6M | $98.1M | $119.1M | $98.1M | $116.4M | $95.4M | $61.0M | $3.0M | $3.3M | $3.7M |
| Total assets | $1.93B | $1.79B | $2.02B | $1.61B | $1.53B | $1.33B | $954.9M | $695.5M | $581.2M | $528.0M |
| Short-term debt | $220.0M | $0 | — | — | — | — | — | — | — | — |
| Total liabilities | $776.6M | $400.6M | $722.1M | $526.7M | $489.1M | $376.4M | $184.8M | $87.7M | $66.5M | $60.0M |
| Retained earnings | $1.54B | $1.41B | $1.24B | $1.10B | $957.0M | $799.4M | $591.1M | $463.3M | $353.6M | $255.1M |
| Total equity | $1.15B | $1.39B | $1.29B | $1.08B | $1.04B | $955.1M | $770.1M | $607.9M | $514.8M | $468.0M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $382.1M | $385.2M | $333.8M | $289.2M | $282.1M | $404.5M | $265.9M | $223.9M | $168.0M | $89.7M |
| Depreciation and amortisation | $76.7M | $73.8M | $70.6M | $61.4M | $53.4M | $36.0M | $26.9M | $23.1M | $19.3M | $17.8M |
| Stock-based compensation | $30.9M | $29.7M | $29.2M | $29.9M | $27.3M | $25.6M | $25.3M | $15.8M | $14.4M | $14.5M |
| Capital expenditure | $8.2M | $9.9M | $9.3M | $13.1M | $17.5M | $15.0M | $12.3M | $35.9M | $12.1M | $6.4M |
| Investing cash flow | -$96.9M | -$86.9M | -$155.3M | -$86.3M | -$67.7M | $68.9M | -$122.1M | -$50.3M | -$53.7M | -$53.2M |
| Financing cash flow | -$332.4M | -$201.4M | -$147.1M | -$242.4M | -$189.8M | -$145.1M | -$118.1M | -$92.7M | -$117.1M | -$65.3M |
| Buybacks | $420.0M | $75.5M | $0 | $87.5M | $63.2M | $16.1M | $17.3M | $25.2M | $42.5M | $23.9M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-191601.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $367.7M | $393.4M | $435.6M | $511.4M | $689.1M | $699.0M | $718.3M | $752.5M | $817.1M | $846.3M |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Net income | $126.2M | $148.1M | $172.9M | $204.9M | $299.4M | $257.9M | $250.2M | $258.1M | $274.2M | $246.9M |
Recent filings and events
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Results announced Item 2.02
- Other event Item 8.01
- Officer or director change Item 5.02
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Officer or director change Item 5.02
- Material agreement signed Item 1.01
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
Others in SIC 6211
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| BLK | BlackRock, Inc. | $173.50B | 31.7x | 18.7% |
| SCHW | SCHWAB CHARLES CORP | $156.64B | 19.5x | 22.0% |
| HOOD | Robinhood Markets, Inc. | $85.47B | 46.4x | 51.6% |
| IBKR | Interactive Brokers Group, Inc. | $35.96B | 36.2x | 23.4% |
| RJF | RAYMOND JAMES FINANCIAL INC | $30.34B | 15.3x | 6.6% |
| SEIC | SEI INVESTMENTS CO | $12.28B | 18.2x | 8.1% |