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MarketAxess Holdings Inc., together with its subsidiaries, operates an electronic trading platform for institutional investor and broker-dealer firms in the United States, the United Kingdom, and internationally. The company offers trading technology to access liquidity on its platforms in U.S. high-grade bonds, U.S. high-yield bonds, emerging market debt, eurobonds, municipal bonds, U.S. government bonds, and other fixed-income securities; and executes bond trades between and among institutional investor and broker-dealer clients in an all-to-all anonymous trading environment for corporate bonds through its Open Trading protocols. It also provides automated and algorithmic trading solutions, such as X-Pro, a trading platform to combine trading protocols with its proprietary data and pre-trade analytics; and integrated and actionable data offerings, including CP+ and Axess All, a real-time pricing engine, including Auto-X and portfolio trading. In addition, the company offers various pre-and post-trade services, such as processing, trade matching, trade publication, regulatory transaction reporting, and market and reference data across a range of fixed-income and other products. The company was incorporated in 2000 and is headquartered in New York, New York.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $846M | $453M | $247M | $324M | 21.5% | 3.6% | -10.0% |
| 2024 | $817M | $443M | $274M | $329M | 19.7% | 8.6% | 6.2% |
| 2023 | $753M | $411M | $258M | $281M | 20.0% | 4.8% | 3.1% |
| 2022 | $718M | $406M | $250M | $237M | 23.1% | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 718.30 | 752.55 | 817.10 | 846.27 |
| Operating Revenue | - | 718.30 | 752.55 | 817.10 | 846.27 |
| Cost Of Revenue | - | 252.73 | 286.73 | 325.91 | 343.41 |
| Gross Profit | - | 465.57 | 465.82 | 491.19 | 502.85 |
| Operating Expense | - | 138.69 | 150.80 | 150.32 | 161.02 |
| Selling General And Administration | - | 77.25 | 80.24 | 76.49 | 84.32 |
| Total Expenses | - | 391.42 | 437.53 | 476.23 | 504.43 |
| Operating Income | - | 326.88 | 315.02 | 340.87 | 341.84 |
| Total Operating Income As Reported | - | 326.88 | 315.02 | 340.87 | 341.84 |
| EBITDA | - | 406.14 | 411.09 | 442.61 | 452.70 |
| Normalized EBITDA | - | 406.14 | 411.09 | 442.61 | 452.70 |
| EBIT | - | 338.99 | 334.68 | 362.15 | 368.48 |
| Interest Income | - | 5.04 | 22.42 | 26.05 | 24.40 |
| Interest Expense | - | 0.70 | 1.98 | 1.60 | 1.49 |
| Net Interest Income | - | 4.34 | 20.44 | 24.44 | 22.91 |
| Other Non Operating Income Expenses | - | 5.95 | -3.50 | -6.16 | 1.79 |
| Other Income Expense | - | 7.07 | -2.76 | -4.77 | 2.25 |
| Interest Income Non Operating | - | 5.04 | 22.42 | 26.05 | 24.40 |
| Interest Expense Non Operating | - | 0.70 | 1.98 | 1.60 | 1.49 |
| Net Non Operating Interest Income Expense | - | 4.34 | 20.44 | 24.44 | 22.91 |
| Pretax Income | - | 338.29 | 332.70 | 360.55 | 367 |
| Tax Provision | - | 88.06 | 74.64 | 86.36 | 120.08 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0 | 0 | 0 |
| Net Income Continuous Operations | - | 250.22 | 258.06 | 274.18 | 246.91 |
| Net Income From Continuing And Discontinued Operation | - | 250.22 | 258.06 | 274.18 | 246.63 |
| Net Income From Continuing Operation Net Minority Interest | - | 250.22 | 258.06 | 274.18 | 246.63 |
| Net Income | - | 250.22 | 258.06 | 274.18 | 246.63 |
| Net Income Common Stockholders | - | 250.22 | 258.06 | 274.18 | 246.63 |
| Net Income Including Noncontrolling Interests | - | 250.22 | 258.06 | 274.18 | 246.91 |
| Normalized Income | - | 250.22 | 258.06 | 274.18 | 246.63 |
| Diluted NI Availto Com Stockholders | - | 250.22 | 258.06 | 274.18 | 246.63 |
| Basic Average Shares | - | 37.47 | 37.55 | 37.60 | 37.06 |
| Diluted Average Shares | - | 37.64 | 37.65 | 37.67 | 37.14 |
| Reconciled Depreciation | - | 67.15 | 76.41 | 80.46 | 84.22 |
| Reconciled Cost Of Revenue | - | 247.02 | 280.88 | 319.27 | 335.89 |
| Total Unusual Items | 0.40 | - | - | - | - |
| Total Unusual Items Excluding Goodwill | 0.40 | - | - | - | - |
| Minority Interests | - | - | 0 | 0 | -0.28 |
| Gain On Sale Of Security | 0.40 | - | - | - | - |
| Depreciation Amortization Depletion Income Statement | - | 61.45 | 70.56 | 73.82 | 76.70 |
| Depreciation And Amortization In Income Statement | - | 61.45 | 70.56 | 73.82 | 76.70 |
| General And Administrative Expense | - | 67.27 | 69.19 | 64.78 | 73.11 |
| Other Gand A | - | 53.15 | 54.98 | 50.09 | 58.08 |
| Rent Expense Supplemental | - | 14.12 | 14.22 | 14.69 | 15.04 |
| Other Operating Expenses | 42.47 | 52.96 | 62.80 | 72.17 | - |
| Selling And Marketing Expense | - | 9.98 | 11.05 | 11.71 | 11.20 |
| Rent And Landing Fees | - | 14.12 | 14.22 | 14.69 | 15.04 |
| Earnings From Equity Interest | - | 1.13 | 0.74 | 1.40 | 0.46 |
Financial Services sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| MarketAxess Holdings Inc.this co. | MKTX | $4.3B | 17.38↑ premium | 3.74 | 21.5% | 8.95 |
| Radian Group Inc. | RDN | $4.5B | 7.67 | 0.93 | 12.2% | - |
| CleanSpark, Inc. | CLSK | $4.3B | 11.81 | 1.98 | 16.8% | 6.67 |
| ServisFirst Bancshares, Inc. | SFBS | $4.3B | 15.41 | 2.30 | 15.0% | - |
| Fulton Financial Corporation | FULT | $4.2B |
| - |
| - |
| - |
| - |
| - |
| - |
| 10.70 |
| 1.27 |
| 11.9% |
| - |
| Enova International, Inc. | ENVA | $4.2B | 13.55 | 3.12 | 23.1% | 19.25 |
| Sezzle Inc. | SEZL | $4.1B | 30.56 | 23.96 | 78.4% | 25.25 |
| United Community Banks, Inc. | UCB | $4.0B | 12.12 | 1.09 | 9.0% | - |
| Cathay General Bancorp | CATY | $3.9B | 12.38 | 1.33 | 10.8% | - |
| Peer Median | - | 12.25 | 1.66 | 13.6% | 19.25 | |