MARKETAXESS HOLDINGS INC's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), MARKETAXESS HOLDINGS INC reported revenue of $846.3M (+3.6% year on year) and net income of $246.9M.
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Revenues | $846.3M | $817.1M | $752.5M | $718.3M |
| Employee compensation and benefits | $248.5M | $235.9M | $206.9M | $182.1M |
| Depreciation and amortization | $76.7M | $73.8M | $70.6M | $61.4M |
| Technology and communications | $78.3M | $72.2M | $62.8M | $53.0M |
| Professional and consulting fees | $31.5M | $27.4M | $31.9M | $33.9M |
| Occupancy | $15.0M | $14.7M | $14.2M | $14.1M |
| Marketing and advertising | $11.2M | $11.7M | $11.0M | $10.0M |
| Clearing costs | $16.6M | $17.9M | $17.0M | $17.7M |
| General and administrative | $26.6M | $22.7M | $23.0M | $19.2M |
| Total expenses | $504.4M | $476.2M | $437.5M | $391.4M |
| Operating income | $341.8M | $340.9M | $315.0M | $326.9M |
| Interest income | $24.4M | $26.0M | $22.4M | $5.0M |
| Interest expense | ($1.5M) | ($1.6M) | ($2.0M) | ($700.0K) |
| Equity in earnings of unconsolidated affiliate | $457.0K | $1.4M | $735.0K | $1.1M |
| Other, net | $1.8M | ($6.2M) | ($3.5M) | $5.9M |
| Total other income (expense) | $25.2M | $19.7M | $17.7M | $11.4M |
| Income before income taxes and equity in undistributed earnings of subsidiaries | $367.0M | $360.5M | $332.7M | $338.3M |
| Provision for income taxes | $120.1M | $86.4M | $74.6M | $88.1M |
| Net income | $246.9M | — | — | — |
| Less: income attributable to redeemable noncontrolling interest | ($285.0K) | — | — | — |
| Net income | $246.6M | $274.2M | $258.1M | $250.2M |
| Basic | $6.66 | $7.29 | $6.87 | $6.68 |
| Diluted | $6.64 | $7.28 | $6.85 | $6.65 |
| Cash dividends declared per common share | $3.04 | $2.96 | $2.88 | $2.80 |
| Basic | 37.1M | 37.6M | 37.5M | 37.5M |
| Diluted | 37.1M | 37.7M | 37.7M | 37.6M |
| Line item | Jun 30, 2026 · Q2 | Mar 31, 2026 · Q1 | Sep 30, 2025 · Q3 | Jun 30, 2025 · Q2 |
|---|---|---|---|---|
| Revenues | $218.4M | $233.4M | $208.8M | $219.5M |
| Employee compensation and benefits | $62.2M | $70.2M | $60.0M | $65.2M |
| Depreciation and amortization | $19.3M | $19.2M | $19.7M | $19.2M |
| Technology and communications | $21.5M | $20.4M | $20.0M | $19.4M |
| Professional and consulting fees | $8.0M | $6.4M | $7.4M | $7.2M |
| Occupancy | $4.0M | $3.8M | $3.9M | $3.8M |
| Marketing and advertising | $3.4M | $2.3M | $2.3M | $3.0M |
| Clearing costs | $4.4M | $4.4M | $3.9M | $4.4M |
| General and administrative | $5.8M | $5.7M | $6.1M | $5.4M |
| Total expenses | $128.5M | $132.5M | $123.2M | $127.6M |
| Operating income | $89.9M | $100.9M | $85.6M | $91.9M |
| Interest income | $4.7M | $4.3M | $5.8M | $5.9M |
| Interest expense | ($1.9M) | ($2.9M) | ($171.0K) | ($139.0K) |
| Equity in earnings of unconsolidated affiliate | $0 | $0 | $0 | $168.0K |
| Other, net | ($2.9M) | $1.5M | $2.4M | ($407.0K) |
| Total other income (expense) | ($115.0K) | $3.0M | $8.1M | $5.6M |
| Income before income taxes | $89.8M | $103.9M | $93.6M | $97.4M |
| Provision for income taxes | $21.4M | $25.8M | $25.4M | $26.2M |
| Net income | $68.3M | $78.1M | $68.3M | $71.2M |
| Less: income attributable to redeemable noncontrolling interest | ($218.0K) | ($225.0K) | ($97.0K) | $31.0K |
| Net income available for common stockholders | $68.1M | $77.9M | $68.2M | $71.1M |
| Basic | $1.93 | $2.21 | $1.84 | $1.91 |
| Diluted | $1.93 | $2.20 | $1.84 | $1.91 |
| Cash dividends declared per common share | $0.78 | $0.78 | $0.76 | $0.76 |
| Basic | 35.2M | 35.3M | 37.0M | 37.2M |
| Diluted | 35.2M | 35.4M | 37.1M | 37.3M |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Cash and cash equivalents | $519.7M | $544.5M | $451.3M | $430.7M |
| Cash segregated under federal regulations | $48.7M | $47.1M | $45.1M | $50.9M |
| Investments, at fair value | $170.7M | $165.3M | $134.9M | $83.8M |
| Accounts receivable, net of allowance of $743 and $982 as of December 31, 2025 and 2024, respectively | $101.0M | $91.8M | $89.8M | $78.5M |
| Receivables from broker-dealers, clearing organizations and customers | $489.2M | $357.7M | $687.9M | $476.3M |
| Goodwill | $283.7M | $236.7M | $236.7M | $154.8M |
| Intangible assets, net of accumulated amortization | $110.6M | $98.1M | $119.1M | $98.1M |
| Furniture, equipment, leasehold improvements and capitalized software, net of accumulated depreciation and amortization | $112.4M | $107.3M | $102.7M | $100.3M |
| Operating lease right-of-use assets | $51.9M | $58.1M | $63.0M | $66.1M |
| Prepaid expenses and other assets | $47.0M | $82.6M | $84.5M | $68.3M |
| Total assets | $1.9B | $1.8B | $2.0B | $1.6B |
| Accrued employee compensation | $73.9M | $68.1M | $60.1M | $56.3M |
| Payables to broker-dealers, clearing organizations and customers | $326.0M | $218.8M | $537.4M | $304.0M |
| Borrowings | $220.0M | — | — | — |
| Income and other tax liabilities | $49.3M | $3.7M | $7.9M | $28.4M |
| Accounts payable, accrued expenses and other liabilities | $42.6M | $37.3M | $37.0M | $55.3M |
| Operating lease liabilities | $64.9M | $72.7M | $79.7M | $82.7M |
| Total liabilities | $776.6M | $400.6M | $722.1M | $526.7M |
| Redeemable noncontrolling interest | $12.6M | — | — | — |
| Preferred stock | $0 | $0 | $0 | $0 |
| Common stock | $123.0K | $123.0K | $123.0K | $123.0K |
| Additional paid-in capital | $305.9M | $350.7M | $333.3M | $345.5M |
| Treasury stock - Common stock voting, at cost, 5,344,419 shares and 3,374,047 shares as of December 31, 2025 and 2024, respectively | -694.8M | -333.4M | -260.3M | -328.3M |
| Retained earnings | $1.5B | $1.4B | $1.2B | $1.1B |
| Accumulated other comprehensive income/(loss) | ($4.4M) | ($34.7M) | ($24.4M) | ($37.7M) |
| Total stockholders' equity | $1.1B | $1.4B | $1.3B | $1.1B |
| Total liabilities, redeemable noncontrolling interest and stockholders' equity | $1.9B | $1.8B | $2.0B | $1.6B |
| Line item | Jun 30, 2026 | Mar 31, 2026 | Sep 30, 2025 | Jun 30, 2025 |
|---|---|---|---|---|
| Cash and cash equivalents | $245.8M | $377.3M | $473.3M | $462.8M |
| Cash segregated under federal regulations | $49.4M | $49.1M | $48.4M | $47.9M |
| Investments, at fair value | $171.1M | $170.8M | $168.5M | $169.3M |
| Accounts receivable, net of allowance of $984 and $743 as of June 30, 2026 and December 31, 2025, respectively | $133.8M | $128.2M | $110.5M | $113.2M |
| Receivables from broker-dealers, clearing organizations and customers. | $1.2B | $977.0M | $606.7M | $559.1M |
| Goodwill | $283.7M | $283.7M | $283.7M | $286.0M |
| Intangible assets, net of accumulated amortization | $100.2M | $105.3M | $115.9M | $121.4M |
| Furniture, equipment, leasehold improvements and capitalized software, net of accumulated depreciation and amortization | $111.4M | $111.6M | $111.6M | $109.2M |
| Operating lease right-of-use assets | $50.6M | $51.0M | $53.4M | $55.4M |
| Prepaid expenses and other assets | $47.8M | $47.6M | $42.0M | $50.5M |
| Total assets | $2.4B | $2.3B | $2.0B | $2.0B |
| Accrued employee compensation | $46.7M | $34.7M | $60.4M | $48.2M |
| Payables to broker-dealers, clearing organizations and customers | $863.5M | $696.3M | $365.8M | $329.8M |
| Borrowings | $115.9M | $228.3M | — | — |
| Income and other tax liabilities | $37.4M | $35.5M | $98.7M | $95.2M |
| Accounts payable, accrued expenses and other liabilities | $42.2M | $39.1M | $31.9M | $31.6M |
| Operating lease liabilities | $63.0M | $63.7M | $66.9M | $69.2M |
| Total liabilities | $1.2B | $1.1B | $623.7M | $574.0M |
| Redeemable noncontrolling interest | $14.4M | $13.5M | $11.7M | $14.7M |
| Preferred stock | $0 | $0 | $0 | $0 |
| Common stock | $123.0K | $124.0K | $123.0K | $123.0K |
| Additional paid-in capital | $374.2M | $365.4M | $358.6M | $356.8M |
| Treasury stock - Common stock voting, at cost, 5,698,972 shares and 5,344,419 shares as of June 30, 2026 and December 31, 2025, respectively | -752.3M | -752.3M | -451.4M | -407.0M |
| Retained earnings | $1.6B | $1.6B | $1.5B | $1.4B |
| Accumulated other comprehensive income/(loss) | ($12.3M) | ($11.7M) | ($3.6M) | $1.3M |
| Total stockholders' equity | $1.2B | $1.2B | $1.4B | $1.4B |
| Total liabilities, redeemable noncontrolling interest and stockholders' equity | $2.4B | $2.3B | $2.0B | $2.0B |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Net income | $246.9M | $274.2M | $258.1M | $250.2M |
| Depreciation and amortization | $76.7M | $73.8M | $70.6M | $61.4M |
| Amortization of operating lease right-of-use assets | $7.5M | $6.6M | $5.9M | $5.7M |
| Stock-based compensation expense | $30.9M | $29.7M | $29.2M | $29.9M |
| Deferred taxes | $22.0M | ($3.9M) | ($5.8M) | ($6.5M) |
| Foreign currency transaction losses | $3.6M | $1.3M | $4.7M | — |
| Other | ($1.6M) | $7.0M | ($3.1M) | $555.0K |
| (Increase) in accounts receivable | ($2.4M) | ($3.7M) | ($7.1M) | ($15.1M) |
| (Increase)/decrease in receivables from broker-dealers, clearing organizations and customers | ($123.0M) | $320.1M | ($181.0M) | ($47.6M) |
| Decrease in prepaid expenses and other assets | $819.0K | $1.0M | ($11.9M) | ($4.2M) |
| (Increase)/decrease in trading investments | ($153.0K) | ($1.3M) | ($26.4M) | ($47.7M) |
| (Decrease) in accrued employee compensation | $3.2M | $7.0M | $1.5M | ($3.4M) |
| Increase/(decrease) in payables to broker-dealers, clearing organizations and customers | $99.2M | ($318.2M) | $227.9M | $74.7M |
| Increase/(decrease) in income and other tax liabilities | $23.5M | ($3.3M) | ($14.7M) | ($4.8M) |
| Increase in accounts payable, accrued expenses and other liabilities | $4.0M | $3.5M | ($7.2M) | $11.4M |
| (Decrease) in operating lease liabilities | ($9.0M) | ($8.7M) | ($6.7M) | ($6.4M) |
| Net cash provided by operating activities | $382.1M | $385.2M | $333.8M | $289.2M |
| Proceeds from maturities and sales | $10.6M | $12.4M | $4.5M | $0 |
| Purchases | ($13.0M) | ($42.8M) | ($28.8M) | $0 |
| Acquisition, net of cash acquired | ($36.5M) | — | — | — |
| Purchases of furniture, equipment and leasehold improvements | ($8.2M) | ($9.9M) | ($9.3M) | ($13.1M) |
| Capitalization of software development costs | ($49.8M) | ($46.6M) | ($43.1M) | ($38.7M) |
| Net cash (used in) investing activities | ($96.9M) | ($86.9M) | ($155.3M) | ($86.3M) |
| Cash dividends on common stock | ($115.2M) | ($112.7M) | ($109.7M) | ($105.9M) |
| Exercise of stock options | $0 | $3.0M | $940.0K | $672.0K |
| Withholding tax payments on Full Value Awards vesting and stock option exercises | ($17.2M) | ($16.2M) | ($25.8M) | ($23.4M) |
| Repurchases of common stock | ($420.0M) | ($75.5M) | $0 | ($87.5M) |
| Payment of contingent consideration | $0 | $0 | ($12.5M) | ($26.2M) |
| Proceeds from short-term borrowings | $220.0M | $344.9M | $124.0M | $100.0M |
| Repayments of short-term borrowings | $0 | ($344.9M) | ($124.0M) | ($100.0M) |
| Net cash (used in) financing activities | ($332.4M) | ($201.4M) | ($147.1M) | ($242.4M) |
| Effect of exchange rate changes on cash and cash equivalents | $22.5M | ($8.1M) | $7.6M | ($13.5M) |
| Net increase/(decrease) for the period | ($24.6M) | $88.8M | $39.0M | ($52.9M) |
| Beginning of period | $700.5M | $611.7M | $572.7M | $625.6M |
| End of period | $675.9M | $700.5M | $611.7M | $572.7M |
| Cash paid for income taxes | $62.8M | $96.9M | $94.8M | $88.7M |
| Cash paid for interest | $721.0K | $1.7M | $1.9M | $652.0K |
| Operating lease right-of-use assets obtained in exchange for operating lease liabilities | $783.0K | $1.8M | $1.2M | $1.9M |
| Furniture, equipment, software and leasehold improvement additions included in accounts payable | $415.0K | $693.0K | — | — |
| Stock-based and accrued incentive compensation relating to capitalized software development costs | $7.5M | $5.5M | — | — |
| Excise tax on repurchases of common stock | $3.4M | — | — | — |
| Exercise of stock options - cashless | $0 | $1.7M | $0 | $3.8M |
| Fair value of assets acquired | $82.6M | $0 | $127.6M | — |
| Cash paid for acquisition, net of cash and cash equivalents acquired | ($36.5M) | $0 | ($78.5M) | — |
| Fair value of previously held interest on acquisition date | ($33.9M) | — | — | — |
| Line item | Jun 30, 2026 · YTD | Mar 31, 2026 · Q1 | Sep 30, 2025 · YTD | Jun 30, 2025 · YTD |
|---|---|---|---|---|
| Net income | $146.4M | $78.1M | $154.5M | $86.2M |
| Depreciation and amortization | $38.5M | $19.2M | $57.1M | $37.4M |
| Amortization of operating lease right-of-use assets | $3.9M | $1.9M | $5.5M | $3.6M |
| Stock-based compensation expense | $17.8M | $9.2M | $23.7M | $15.3M |
| Deferred taxes | ($638.0K) | $211.0K | $16.2M | ($706.0K) |
| Foreign currency transaction losses | ($634.0K) | ($1.6M) | $2.9M | $4.1M |
| Other | $5.3M | $4.5M | ($288.0K) | ($2.8M) |
| (Increase) in accounts receivable | ($34.5M) | ($28.8M) | ($11.1M) | ($13.1M) |
| (Increase) in receivables from broker-dealers, clearing organizations and customers | ($728.2M) | ($479.3M) | ($226.7M) | ($159.7M) |
| (Increase)/decrease in prepaid expenses and other assets | ($1.8M) | ($2.6M) | $4.4M | $2.8M |
| (Increase)/decrease in trading investments | ($580.0K) | $740.0K | $83.0K | ($249.0K) |
| (Decrease) in accrued employee compensation | ($24.3M) | ($34.9M) | ($8.8M) | ($19.7M) |
| Increase in payables to broker-dealers, clearing organizations and customers | $541.2M | $376.0M | $139.1M | $100.0M |
| (Decrease)/increase in income and other tax liabilities | ($8.0M) | ($14.0M) | $82.2M | $91.4M |
| Increase/(decrease) in accounts payable, accrued expenses and other liabilities | $1.6M | ($1.7M) | ($8.6M) | ($6.9M) |
| (Decrease) in operating lease liabilities | ($4.6M) | ($2.3M) | ($6.7M) | ($4.4M) |
| Net cash (used in)/provided by operating activities | ($48.5M) | ($75.3M) | $223.5M | $133.3M |
| Proceeds from maturities and sales | $6.9M | $4.3M | $8.4M | $7.2M |
| Purchases | ($8.3M) | ($6.2M) | ($9.2M) | ($9.2M) |
| Acquisition, net of cash acquired | $0 | — | ($36.5M) | ($36.5M) |
| Purchases of furniture, equipment and leasehold improvements | ($908.0K) | ($259.0K) | ($4.6M) | ($3.1M) |
| Capitalization of software development costs | ($28.4M) | ($17.1M) | ($38.0M) | ($26.5M) |
| Net cash (used in) investing activities | ($30.8M) | ($19.3M) | ($80.0M) | ($68.2M) |
| Payment of the excise tax on repurchases | ($3.4M) | — | — | — |
| Cash dividends on common stock | ($55.9M) | ($28.4M) | ($87.2M) | ($57.7M) |
| Withholding tax payments on Full Value Awards vesting and stock option exercises | ($8.9M) | ($8.5M) | ($16.8M) | ($9.8M) |
| Repurchases of common stock | $0 | $0 | ($120.0M) | ($74.8M) |
| Proceeds from borrowings | $130.2M | $126.3M | $0 | $0 |
| Repayments of borrowings | ($234.3M) | ($118.0M) | $0 | $0 |
| Net cash (used in) financing activities | ($172.3M) | ($28.7M) | ($223.9M) | ($142.3M) |
| Effect of exchange rate changes on cash and cash equivalents | ($4.6M) | ($4.4M) | $22.7M | $27.1M |
| Net decrease for the period | ($256.1M) | ($127.6M) | ($57.7M) | ($50.0M) |
| Beginning of period | $675.9M | $675.9M | $700.5M | $700.5M |
| End of period | $419.7M | $548.2M | $642.8M | $650.5M |
| Cash paid/(refunded) for income taxes | $51.6M | $35.3M | $28.8M | $9.9M |
| Cash paid for interest | $4.9M | $3.0M | $541.0K | $342.0K |
| Operating lease right-of-use assets obtained in exchange for operating lease liabilities | $2.9M | $1.1M | $372.0K | $407.0K |
| Furniture, equipment, software and leasehold improvement additions included in accounts payable | $563.0K | $513.0K | $2.5M | $664.0K |
| Stock-based and accrued incentive compensation relating to capitalized software development costs | $4.0M | $2.0M | $5.6M | $3.6M |
| Fair value of assets acquired | $0 | — | $82.6M | $86.4M |
| Cash paid for acquisition, net of cash and cash equivalents acquired | $0 | — | ($36.5M) | ($36.5M) |
| Fair value of previously held interest on acquisition date | $0 | — | ($33.9M) | ($34.3M) |
| Fair value of remaining noncontrolling interests on acquisition date | $0 | — | ($10.4M) | ($13.8M) |
| Liabilities assumed | $0 | — | $1.8M | $1.8M |
MARKETAXESS HOLDINGS INC score and earnings-call analysis · All covered companies
Figures as reported in SEC filings. General information, not investment advice.