MARKETAXESS HOLDINGS INC

Listed Company

MKTXCIK 0001278021NasdaqLarge AcceleratedSecurity Brokers, Dealers & Flotation CompaniesFY ends Dec 31

Period

FY 2025

Revenue

$846.27M

Net Income

$246.63M

Total Assets

$1.93B

Equity

$1.15B

Shares Out

35.55M

Op. Cash Flow

$382.14M

Business

MARKETAXESS HOLDINGS INC operates electronic trading platforms that deliver trading efficiency, expanded liquidity and execution services across global fixed‑income markets. It offers trading protocols including disclosed RFQ and its all‑to‑all Open Trading, automated and algorithmic execution (Auto‑X, Adaptive Auto‑X), AI‑driven pricing (CP+), data and index products (Axess All), post‑trade services and technology solutions (X‑Pro, Pragma‑powered tools). Its business covers credit and rates product areas—U.S. high‑grade and high‑yield, emerging market debt, Eurobonds, municipal and government bonds—alongside data, post‑trade and technology segments. The company serves institutional investors, broker‑dealers and alternative liquidity providers in over 90 countries via regulated venues in Europe, Asia and Latin America and global electronic distribution channels.

Summary from filing dated 2025-02-24

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenues	846	817	753	718	699
Employee compensation and benefits	249	236	207	182	171
Depreciation and amortization	77	74	71	61	53
Technology and communications	78	72	63	53	42
Professional and consulting fees	31	27	32	34	42
Occupancy	15	15	14	14	13
Marketing and advertising	11	12	11	10	9
Clearing costs	17	18	17	18	16
General and administrative	27	23	23	19	15
Total expenses	504	476	438	391	362
Operating income	342	341	315	327	337
Interest income	24	26	22	5	—
Interest expense	−1	−2	−2	−700,000	—
Equity in earnings of unconsolidated affiliate	457,000	1	735,000	1	0
Other, net	2	−6	−3	6	−3
Total other income (expense)	25	20	18	11	−3
Income before income taxes and equity in undistributed earnings of subsidiaries	367	361	333	338	334
Provision for income taxes	120	86	75	88	76
Net income	247	274	258	—	—
Less: income attributable to redeemable noncontrolling interest	−285,000	0	0	—	—
Net income	247	274	258	250	258
Basic (per share)	6.66	7.29	6.87	6.68	6.88
Diluted (per share)	6.64	7.28	6.85	6.65	6.77
Cash dividends declared per common share	3.04	2.96	2.88	2.8	2.64
Basic (shares)	37	38	38	37	38
Diluted (shares)	37	38	38	38	38

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	520	544	451	431	507
Cash segregated under federal regulations	49	47	45	51	50
Investments, at fair value	171	165	135	84	36
Accounts receivable, net of allowance of $743 and $982 as of December 31, 2025 and 2024, respectively	101	92	90	78	64
Receivables from broker-dealers, clearing organizations and customers	489	358	688	476	408
Goodwill	284	237	237	155	155
Intangible assets, net of accumulated amortization	111	98	119	98	116
Furniture, equipment, leasehold improvements and capitalized software, net of accumulated depreciation and amortization	112	107	103	100	96
Operating lease right-of-use assets	52	58	63	66	71
Prepaid expenses and other assets	47	83	84	68	27
Total assets	1,935	1,789	2,015	1,608	1,530
Accrued employee compensation	74	68	60	56	60
Payables to broker-dealers, clearing organizations and customers	326	219	537	304	229
Borrowings	220	0	—	—	—
Income and other tax liabilities	49	4	8	28	40
Accounts payable, accrued expenses and other liabilities	43	37	37	55	71
Operating lease liabilities	65	73	80	83	88
Total liabilities	777	401	722	527	489
Commitments and Contingencies (Note 15)	—	—	—	—	—
Redeemable noncontrolling interest	13	0	—	—	—
Preferred stock	0	0	0	0	0
Common stock	123,000	123,000	123,000	123,000	123,000
Additional paid-in capital	306	351	333	345	330
Treasury stock - Common stock voting, at cost, 5,344,419 shares and 3,374,047 shares as of December 31, 2025 and 2024, respectively	−695	−333	−260	−328	−233
Retained earnings	1,539	1,406	1,244	1,102	957
Accumulated other comprehensive income/(loss)	−4	−35	−24	−38	−13
Total stockholders' equity	1,146	1,389	1,293	1,081	1,041
Total liabilities, redeemable noncontrolling interest and stockholders' equity	1,935	1,789	2,015	1,608	1,530

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	77	74	71	61	53
Amortization of operating lease right-of-use assets	8	7	6	6	7
Stock-based compensation expense	31	30	29	30	27
Deferred taxes	22	−4	−6	−7	3
Foreign currency transaction losses	4	1	5	−9	0
Other	−2	7	−3	555,000	−466,000
(Increase) in accounts receivable	−2	−4	−7	−15	16
(Increase)/decrease in receivables from broker-dealers, clearing organizations and customers	−123	320	−181	−48	−157
Decrease in prepaid expenses and other assets	819,000	1	−12	−4	2
(Decrease) in accrued employee compensation	3	7	1	−3	−3
Increase/(decrease) in payables to broker-dealers, clearing organizations and customers	99	−318	228	75	96
Increase/(decrease) in income and other tax liabilities	24	−3	−15	−5	−6
Increase in accounts payable, accrued expenses and other liabilities	4	4	−7	11	215,000
(Decrease) in operating lease liabilities	−9	−9	−7	−6	−7
Net cash provided by operating activities	382	385	334	289	282
Proceeds from maturities and sales	11	12	4	0	0
Purchases	−13	−43	−29	0	0
Acquisition, net of cash acquired	−37	0	−78	—	—
Purchases of furniture, equipment and leasehold improvements	−8	−10	−9	−13	−17
Capitalization of software development costs	−50	−47	−43	−39	−33
Net cash (used in) investing activities	−97	−87	−155	−86	−68
Cash dividends on common stock	−115	−113	−110	−106	−100
Exercise of stock options	0	3	940,000	672,000	7
Withholding tax payments on Full Value Awards vesting and stock option exercises	−17	−16	−26	−23	−34
Repurchases of common stock	−420	−75	0	−88	−63
Payment of contingent consideration	0	0	−13	−26	0
Proceeds from short-term borrowings	220	345	124	100	70
Repayments of short-term borrowings	0	−345	−124	−100	—
Net cash (used in) financing activities	−332	−201	−147	−242	−190
Effect of exchange rate changes on cash and cash equivalents	23	−8	8	−13	−7
Net increase/(decrease) for the period	−25	89	39	−53	18
Cash paid for income taxes	63	97	95	89	70
Cash paid for interest	721,000	2	2	652,000	830,000
Operating lease right-of-use assets obtained in exchange for operating lease liabilities	783,000	2	1	2	2
Furniture, equipment, software and leasehold improvement additions included in accounts payable	415,000	693,000	0	0	—
Stock-based and accrued incentive compensation relating to capitalized software development costs	8	6	0	0	—
Excise tax on repurchases of common stock	3	0	0	—	—
Exercise of stock options - cashless	0	2	0	4	—
Fair value of assets acquired	83	0	128	0	0
Cash paid for acquisition, net of cash and cash equivalents acquired	−37	0	−78	0	0
Fair value of previously held interest on acquisition date	−34	0	0	—	—
Fair value of remaining noncontrolling interests on acquisition date	−10	0	0	—	—
Treasury stock used for acquisition	0	0	−44	0	0
Liabilities assumed	2	0	5	0	0

Filings

Filing historySign up free to browse every 10-K, 10-Q, 8-K, and proxy this filer has submitted to the SEC.Sign up free · Upgrade to Pro

Material Events

Material EventsTrack every 8-K filing and material event — AI-summarized, timelined, and alertable.Sign up free · Upgrade to Pro

Insiders

Insider ActivitySee executive buy/sell windows and insider trade activity over rolling 30/90/365-day windows.Sign up free · Upgrade to Pro

Institutional Holders

Institutional HoldersSee which funds hold this stock and track position changes quarter over quarter.Sign up free · Upgrade to Pro