Zacks Investment Research·Jun 19, 2026
MarketAxess Expands Bond Market Transparency With New TraX TapeMKTX launches TraX Tape, a new bond market data feed that combines trading activity, analytics and AI-powered pricing insights in one view.
MarketAxess Holdings Inc.(MKTX)Earnings, Financials & Key Ratios
MKTX•NASDAQ
$116.44
17.5× P/E·Price updated Jul 6, 2026
AboutMarketAxess Holdings Inc., together with its subsidiaries, operates an electronic trading platform for institutional investor and broker-dealer companies worldwide. It offers the access to liquidity in the U.S. investment-grade bonds, U.S. high-yield bonds, and U.S. Treasuries, as well as municipal bonds, emerging market debts, Eurobonds, and other fixed income securities. The company, through its Open Trading protocols, executes bond trades between and among institutional investor and broker-dealer clients in an all-to-all anonymous trading environment for corporate bonds. It also offers trading-related products and services, including composite+ pricing and other market data products to assist clients with trading decisions; auto-execution and other execution services for clients requiring specialized workflow solutions; connectivity solutions that facilitate straight-through processing; and technology services to optimize trading environments. In addition, the company provides various pre-and post-trade services, such as trade matching, trade publication, regulatory transaction reporting, and market and reference data across a range of fixed-income and other products. MarketAxess Holdings Inc. was incorporated in 2000 and is headquartered in New York, New York.Show more
- EBITDA$434M+3.5%
- Net Income$247M-10.0%
- EPS (Diluted)6.66-8.5%
- Gross Margin69.88%-0.4%
- EBITDA Margin51.13%-0.3%
- Operating Margin41.21%-0.5%
- Net Margin29.04%-13.4%
- ROE19.37%-5.3%
MKTX Price & Volume
MarketAxess Holdings Inc. (MKTX) stock price & volume — 10-year historical chart
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Competitive Headwinds Challenge MarketAxess Margin Durability
Investment Thesis • Updated 2026Q1
VerdictNeutral
Growth:Mixed
Profitability:Strong
Financial:Healthy
Cash Flow:Deteriorating
Primary Risk:Competitive Market Share Erosion
Key Thesis Takeaways
- MarketAxess faces a critical inflection point as structural shifts in fixed-income trading, such as the rise of portfolio trading, threaten its historical dominance in the U.S.
- Investment Grade credit market.
- While the firm maintains a robust 43.2% operating margin as of 2026Q1, the recent volatility in free cash flow and a negative OCF/NI ratio of -0.97 suggest that the company's core earnings quality is under pressure.
- Investors should monitor whether the firm can successfully pivot its technology-heavy infrastructure to capture new volume in Treasury and emerging markets to offset the stagnation in top-line growth.
Verdict Logic
while the forward P/E of 14.04 suggests a more attractive valuation, the significant disconnect between net income and operating cash flow warrants caution until working capital volatility stabilizes.
MKTX Growth Metrics
MarketAxess Holdings Inc. (MKTX) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years10.85%
5 Years4.27%
3 Years5.72%
TTM-
Profit CAGR
10 Years9.89%
5 Years-3.8%
3 Years-0.48%
TTM42.84%
EPS CAGR
10 Years10.08%
5 Years-3.23%
3 Years0.05%
TTM47.13%
Return on Capital
10 Years31.32%
5 Years25.76%
3 Years24.11%
Last Year25.43%
MKTX Recent Earnings
MarketAxess Holdings Inc. (MKTX) EPS & revenue vs analyst estimates — last 4 quarters
●Beat EPS 11/12 qtrs (92%)●Beat Revenue 5/12 qtrs (42%)
Q2 2026Latest
May 7, 2026Metric
Actual
Est
EPS
$2.25+4.7%
$2.15
Rev
$233M+0.5%
$232M
Q1 2026
Feb 6, 2026Metric
Actual
Est
EPS
$1.68+1.8%
$1.65
Rev
$209M-1.3%
$212M
Q4 2025
Nov 7, 2025Metric
Actual
Est
EPS
$1.84+8.2%
$1.70
Rev
$209M+0.7%
$207M
Q3 2025
Aug 6, 2025Metric
Actual
Est
EPS
$2.00+3.1%
$1.94
Rev
$224M+3.1%
$218M
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q2 2026Latest | May 7, 2026 | $2.25vs $2.15+4.7% | $233Mvs $232M+0.5% |
| Q1 2026 | Feb 6, 2026 | $1.68vs $1.65+1.8% | $209Mvs $212M-1.3% |
| Q4 2025 | Nov 7, 2025 | $1.84vs $1.70+8.2% | $209Mvs $207M+0.7% |
| Q3 2025 | Aug 6, 2025 | $2.00vs $1.94+3.1% | $224Mvs $218M+3.1% |
Based on last 12 quarters of dataView full earnings history →
Latest MKTX News
Recent stock market news and headlines for MarketAxess Holdings Inc. (MKTX)
Business Wire·Jun 18, 2026
MarketAxess Introduces TraX Tape, Delivering an Enriched View of Bond Market ActivityLONDON--(BUSINESS WIRE)-- #consolidatedtape--MarketAxess Holdings Inc. (Nasdaq: MKTX) today announced the launch of TraX® Tape, a data solution that delivers a clean, consolidated view of bond market activity, enriched with additional context and real-time insights. The launch comes as UK and EU transparency reforms increase the availability of bond trading data while adding complexity to how that data is reported and interpreted. TraX Tape addresses these challenges by providing a single, standardised feed that c.
Peers Comparison
Key metrics vs top competitors for MarketAxess Holdings Inc. (MKTX)
| Company | Price | Market Cap | P/E Ratio | Rev Growth (1Y) | Net Margin | ROE | Div Yield |
|---|---|---|---|---|---|---|---|
| $116.44 | $4.14B | 17.48 | 3.82% | 29.04% | 19.37% | 2.69% | |
| $102.41 | $21.82B | 27.09 | 18.92% | 40.25% | 12.35% | — | |
| $134.91 | $76.29B | 23.38 | 7.46% | 29.98% | 13.54% | — | |
| $234.76 | $85.17B | 21.04 | 6.37% | 62.77% | 15.25% | — | |
| $245.08 | $25.65B | 23.52 | 15.13% | 25.77% | 24.63% | — | |
| $84.47 | $48.02B | 27.34 | 11.05% | 23.15% | 15.9% | — |
Compare MKTX vs Peers
MarketAxess Holdings Inc. (MKTX) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
MKTX SEC Filings & Documents
MarketAxess Holdings Inc. (MKTX) SEC filings — annual & quarterly reports (10-K, 10-Q)
8-K Announcements
6Material company update
May 7, 2026·SEC
Material company update
Feb 17, 2026·SEC
Material company update
Feb 6, 2026·SEC
10-K Annual Reports
410-Q Quarterly Reports
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MKTX Frequently Asked Questions
MarketAxess Holdings Inc. (MKTX) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
What is MarketAxess Holdings Inc.'s revenue?
MarketAxess Holdings Inc. (MKTX) reported $875.6M in revenue for fiscal year 2025.
How fast is MarketAxess Holdings Inc. growing?
MarketAxess Holdings Inc. (MKTX) grew revenue by 3.8% over the past year. Growth has been modest.
Is MKTX profitable?
Yes, MarketAxess Holdings Inc. (MKTX) is profitable, generating $309.4M in net income for fiscal year 2025 (29.0% net margin).
Dividend & Returns
Does MKTX pay dividends?
Yes, MarketAxess Holdings Inc. (MKTX) pays a dividend with a yield of 2.69%. This makes it attractive for income-focused investors.
What is MKTX's return on equity?
MarketAxess Holdings Inc. (MKTX) has a return on equity (ROE) of 19.4%. This is reasonable for most industries.
What is MarketAxess Holdings Inc.'s free cash flow?
MarketAxess Holdings Inc. (MKTX) generated $236.1M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.