MARKETS / NASDAQ / Financials / Brokerage and capital markets / MKTX

NASDAQ · SECURITY BROKERS, DEALERS & FLOTATION COMPANIES · LARGE CAP

Marketaxess Holdings Inc. MKTX

17 fiscal years on record · USD · FY2025 reported · SEC filings only

12 YEARS OF DIVIDEND GROWTH

Revenue

$846.3M

▲ 3.6% YoY

Net income

$246.6M

▼ 10.0% YoY

Free cash flow

$373.9M

▼ 0.4% YoY

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

In brief

What this company does

MarketAxess Holdings Inc. operates electronic trading platforms for approximately 2,100 institutional investor and broker-dealer clients across the global fixed-income and other markets. As of December 31, 2025, it had 868 employees, 554 of whom were based in the U.S. and 314 of whom were based outside of the U.S., principally in the U.K. Its Open Trading marketplace creates an anonymous liquidity pool that connects market participants across a broad range of fixed-income products. In 2025, 86.8% of its revenues were derived from commissions for transactions executed on its platforms, and it also derived revenues from information services, post-trade services and technology services. In 2013, it launched Open Trading, which provides a liquidity pool for approximately 1,800 global market participants to trade fixed-income securities with each other. MarketAxess was incorporated in Delaware in April 2000.

Written from the business description in MarketAxess Holdings Inc.'s annual report to the U.S. Securities and Exchange Commission, filed 24 February 2026. Every sentence was checked against that document before publication.

Growth

USD 846.3M

Revenue, FY2025 · full 17-year series below

Revenue $M Net income $M

FY2025 · Revenue 846.3 · Net income 246.6

300M600M

2009201220152018202120242025

Compound annual growth

Revenue

+5.6%

+4.2%

+10.8%

+12.4%

Net income

−0.5%

−3.8%

+9.9%

+14.7%

EPS, diluted

−0.1%

−3.3%

+10.0%

+15.2%

Dividend / share

+2.8%

+4.8%

+14.3%

+17.2%

3 yrs

5 yrs

10 yrs

15 yrs

Revenue compounded at +4.2% a year over the five years to FY2025.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability

ROE

FY2025 · ROE 19.5%

10%20%30%

200920172025

Three returns, three denominators.

Return on equity19.5%

Return on assets13.3%

Return on capital employedNot available: we don't have total assets or current liabilities for this period.

Gross margin·

Operating margin·

Net margin·

EBITDAUSD 418.5M

Each USD of equity produced 19 cents of profit this year.

Cash & shareholders

USD 420.0M

returned in FY2025 · dividends + net buybacks

Free cash flow $M

FY2025 · FCF 373.9

150M300M

200920172025

Net buybacks $M Dividends $M

FY2025 · Dividends · · Net buybacks 420.0

150M300M

20102012201520172019202120232025

Dividends paid·

Net buybacksUSD 420.0M

Share of profit170.3%

Consecutive raises12 years

USD 420.0M in buybacks — 170% of the year's profit, so the payout drew on cash built up earlier.

Total assetsUSD 1.9B

EquityUSD 1.1B

CashUSD 519.7M

Gross debtUSD 220.0M

Net debtUSD -299.7M

The company holds more cash than debt.

The 17-year record

17 fiscal years

Every figure from documents filed with the SEC · USD

row low → row highnegative—not applicable◌not available in our data

MKTX, 17-year financial record
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009
Revenue $B	0.8	0.8	0.8	0.7	0.7	0.7	0.5	0.4	0.4	0.4	0.3	0.3	0.2	0.2	0.2	0.1	0.1
Operating income $B	0.3	0.3	0.3	0.3	0.3	0.4	0.3	0.2	0.2	0.2	0.1	0.1	0.1	0.1	0.1	◌	◌
EBITDA $B	0.4	0.4	0.4	0.4	0.4	0.4	0.3	0.2	0.2	0.2	0.2	0.1	0.1	0.1	0.1	◌	◌
Income tax $B	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.0	0.1	0.1	0.1	0.0	0.0	0.0	0.0	0.0	0.0
Net income $B	0.2	0.3	0.3	0.3	0.3	0.3	0.2	0.2	0.1	0.1	0.1	0.1	0.1	0.1	0.0	0.0	0.0
Free cash flow $B	0.4	0.4	0.3	0.3	0.3	0.4	0.3	0.2	0.2	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.0
EPS, diluted $	6.64	7.28	6.85	6.65	6.77	7.85	5.40	4.57	3.89	3.34	2.55	1.97	2.01	1.59	1.20	0.80	0.42
Dividend / sh $	3.04	2.96	2.88	2.80	2.64	2.40	2.04	1.68	1.32	1.04	0.80	0.64	0.52	1.74	0.36	0.28	0.07
Payout % — not applicable: no dividend	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
ROE %	19.5	20.4	21.7	23.6	25.8	34.7	29.7	30.8	30.1	29.4	26.5	23.2	27.5	21.6	17.4	13.9	7.8
Shares out B	0.04	0.04	0.04	0.04	0.04	0.04	0.04	0.04	0.04	0.04	0.04	0.04	0.04	0.04	◌	◌	◌

Slide the table for earlier years. "—" not applicable · "◌" not available in our data.

Other companies filing in the same sector

UNH · BRK-A · BRK-B · CI · ELV · CNC

Provenance

Company facts, as filed

How we verify · 0 failures in 51 reconciliationsAUDITED

Reconciled in 17 of the 17 fiscal years we could check. Three checks were skipped: the balance sheet is not tagged before 2010. Two checks were skipped: EPS is not tagged before 2009.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquidityCurrency consistency0 failures

ActivitySecurity Brokers, Dealers & Flotation Companies

Listed onNASDAQ

Incorporated innot stated in the filings

Fiscal year endsDecember 31

Data on record since2008