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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.
Rule-based from financial data. Not advice.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 5 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 | 2025 |
|---|---|
| Total Revenue | 846.27 |
| Operating Revenue | 846.27 |
| Cost Of Revenue | 343.41 |
| Gross Profit | 502.85 |
| Operating Expense | 161.02 |
| Selling General And Administration | 84.32 |
| Total Expenses | 504.43 |
| Operating Income | 341.84 |
| Total Operating Income As Reported | 341.84 |
| EBITDA | 452.70 |
| Normalized EBITDA | 452.70 |
| EBIT | 368.48 |
| Interest Income | 24.40 |
| Interest Expense | 1.49 |
| Net Interest Income | 22.91 |
| Other Non Operating Income Expenses | 1.79 |
| Other Income Expense | 2.25 |
| Interest Income Non Operating | 24.40 |
| Interest Expense Non Operating | 1.49 |
| Net Non Operating Interest Income Expense | 22.91 |
| Pretax Income | 367 |
| Tax Provision | 120.08 |
| Tax Rate For Calcs | 0 |
| Tax Effect Of Unusual Items | 0 |
| Net Income Continuous Operations | 246.91 |
| Net Income From Continuing And Discontinued Operation | 246.63 |
| Net Income From Continuing Operation Net Minority Interest | 246.63 |
| Net Income | 246.63 |
| Net Income Common Stockholders | 246.63 |
| Net Income Including Noncontrolling Interests | 246.91 |
| Normalized Income | 246.63 |
| Diluted NI Availto Com Stockholders | 246.63 |
| Basic Average Shares | 37.06 |
| Diluted Average Shares | 37.14 |
| Reconciled Depreciation | 84.22 |
| Reconciled Cost Of Revenue | 335.89 |
| Total Unusual Items | - |
| Total Unusual Items Excluding Goodwill | - |
| Minority Interests | -0.28 |
| Gain On Sale Of Security | - |
| Depreciation Amortization Depletion Income Statement | 76.70 |
| Depreciation And Amortization In Income Statement | 76.70 |
| General And Administrative Expense | 73.11 |
| Other Gand A | 58.08 |
| Rent Expense Supplemental | 15.04 |
| Other Operating Expenses | - |
| Selling And Marketing Expense | 11.20 |
| Rent And Landing Fees | 15.04 |
| Earnings From Equity Interest | 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 | |