InsiderClue
Stocks · Financials · Security Brokers, Dealers & Flotation Companies

MARKETAXESS HOLDINGS INC

MKTX Clue Score49
United States Fiscal year ends December CIK 0001278021
$164.58 +0.16% Close, 9 Oct 2026
Alert on the numbers Alert on insider trades
Price $164.58 −59.16% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue367.7Operating income190.0Net income126.2EPS, diluted3.34Fiscal year 2017Revenue393.4 +7.0%Operating income199.6Net income148.1 +17.4%EPS, diluted3.89 +16.5%Fiscal year 2018Revenue435.6 +10.7%Operating income212.6Net income172.9 +16.7%EPS, diluted4.57 +17.5%Fiscal year 2019Revenue511.4 +17.4%Operating income250.9Net income204.9 +18.5%EPS, diluted5.40 +18.2%Fiscal year 2020Revenue689.1 +34.8%Operating income374.7Net income299.4 +46.1%EPS, diluted7.85 +45.4%Fiscal year 2021Revenue699.0 +1.4%Operating income337.2Net income257.9 −13.9%EPS, diluted6.77 −13.8%Fiscal year 2022Revenue718.3 +2.8%Operating income326.9Net income250.2 −3.0%EPS, diluted6.65 −1.8%Fiscal year 2023Revenue752.5 +4.8%Operating income315.0Net income258.1 +3.1%EPS, diluted6.85 +3.0%Fiscal year 2024Revenue817.1 +8.6%Operating income340.9Net income274.2 +6.2%EPS, diluted7.28 +6.3%Fiscal year 2025Revenue846.3 +3.6%Operating income341.8Net income246.6 −10.0%EPS, diluted6.64 −8.8%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 367.7 393.4 435.6 511.4 689.1 699.0 718.3 752.5 817.1 846.3
Growth +7.0% +10.7% +17.4% +34.8% +1.4% +2.8% +4.8% +8.6% +3.6%
Operating income 190.0 199.6 212.6 250.9 374.7 337.2 326.9 315.0 340.9 341.8
Net income 126.2 148.1 172.9 204.9 299.4 257.9 250.2 258.1 274.2 246.6
Growth +17.4% +16.7% +18.5% +46.1% −13.9% −3.0% +3.1% +6.2% −10.0%
EPS, diluted 3.34 3.89 4.57 5.40 7.85 6.77 6.65 6.85 7.28 6.64
Growth +16.5% +17.5% +18.2% +45.4% −13.8% −1.8% +3.0% +6.3% −8.8%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Operating marginNet margin
Fiscal year 2016Operating margin51.7%Net margin34.3%Free cash flow margin22.7%Fiscal year 2017Operating margin50.7%Net margin37.6%Free cash flow margin39.6%Fiscal year 2018Operating margin48.8%Net margin39.7%Free cash flow margin43.2%Fiscal year 2019Operating margin49.1%Net margin40.1%Free cash flow margin49.6%Fiscal year 2020Operating margin54.4%Net margin43.4%Free cash flow margin56.5%Fiscal year 2021Operating margin48.2%Net margin36.9%Free cash flow margin37.9%Fiscal year 2022Operating margin45.5%Net margin34.8%Free cash flow margin38.4%Fiscal year 2023Operating margin41.9%Net margin34.3%Free cash flow margin43.1%Fiscal year 2024Operating margin41.7%Net margin33.6%Free cash flow margin45.9%Fiscal year 2025Operating margin40.4%Net margin29.1%Free cash flow margin44.2%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating margin 51.7% 50.7% 48.8% 49.1% 54.4% 48.2% 45.5% 41.9% 41.7% 40.4%
Net margin 34.3% 37.6% 39.7% 40.1% 43.4% 36.9% 34.8% 34.3% 33.6% 29.1%
Free cash flow margin 22.7% 39.6% 43.2% 49.6% 56.5% 37.9% 38.4% 43.1% 45.9% 44.2%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow89.7Capital expenditure−6.4Free cash flow83.4Buybacks−23.9Fiscal year 2017Operating cash flow168.0Capital expenditure−12.1Free cash flow155.9 +87.1%Buybacks−42.5Fiscal year 2018Operating cash flow223.9Capital expenditure−35.9Free cash flow188.0 +20.6%Buybacks−25.2Fiscal year 2019Operating cash flow265.9Capital expenditure−12.3Free cash flow253.6 +34.9%Buybacks−17.3Fiscal year 2020Operating cash flow404.5Capital expenditure−15.0Free cash flow389.5 +53.6%Buybacks−16.1Fiscal year 2021Operating cash flow282.1Capital expenditure−17.5Free cash flow264.6 −32.1%Buybacks−63.2Fiscal year 2022Operating cash flow289.2Capital expenditure−13.1Free cash flow276.1 +4.3%Buybacks−87.5Fiscal year 2023Operating cash flow333.8Capital expenditure−9.3Free cash flow324.4 +17.5%Buybacks0.0Fiscal year 2024Operating cash flow385.2Capital expenditure−9.9Free cash flow375.3 +15.7%Buybacks−75.5Fiscal year 2025Operating cash flow382.1Capital expenditure−8.2Free cash flow373.9 −0.4%Buybacks−420.0
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 89.7 168.0 223.9 265.9 404.5 282.1 289.2 333.8 385.2 382.1
Capital expenditure −6.4 −12.1 −35.9 −12.3 −15.0 −17.5 −13.1 −9.3 −9.9 −8.2
Free cash flow 83.4 155.9 188.0 253.6 389.5 264.6 276.1 324.4 375.3 373.9
Growth +87.1% +20.6% +34.9% +53.6% −32.1% +4.3% +17.5% +15.7% −0.4%
Buybacks −23.9 −42.5 −25.2 −17.3 −16.1 −63.2 −87.5 0.0 −75.5 −420.0

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
Cash
Fiscal year 2016Cash168.2Shareholders’ equity468.0Fiscal year 2017Cash167.0Shareholders’ equity514.8Fiscal year 2018Cash246.3Shareholders’ equity607.9Fiscal year 2019Cash270.1Shareholders’ equity770.1Fiscal year 2020Cash460.9Shareholders’ equity955.1Fiscal year 2021Cash506.7Shareholders’ equity1,041.3Fiscal year 2022Cash430.7Shareholders’ equity1,081.1Fiscal year 2023Cash451.3Shareholders’ equity1,293.0Fiscal year 2024Cash544.5Shareholders’ equity1,388.7Fiscal year 2025Cash519.7Shareholders’ equity1,145.7
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 168.2 167.0 246.3 270.1 460.9 506.7 430.7 451.3 544.5 519.7
Shareholders’ equity 468.0 514.8 607.9 770.1 955.1 1,041.3 1,081.1 1,293.0 1,388.7 1,145.7

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Income statement

In millions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Revenue and profit
367.7 393.4 435.6 511.4 689.1 699.0 718.3 752.5 817.1 846.3
Growth +7.0% +10.7% +17.4% +34.8% +1.4% +2.8% +4.8% +8.6% +3.6%
9.2 11.1 11.4 15.7 12.7 14.5 19.2 23.0 22.7 26.6
190.0 199.6 212.6 250.9 374.7 337.2 326.9 315.0 340.9 341.8
Growth +5.1% +6.5% +18.0% +49.4% −10.0% −3.1% −3.6% +8.2% +0.3%
191.6 201.8 218.1 257.4 374.4 333.9 338.3 332.7 360.5 367.0
65.4 53.7 45.2 52.5 75.0 76.0 88.1 74.6 86.4 120.1
126.2 148.1 172.9 204.9 299.4 257.9 250.2 258.1 274.2 246.6
Growth +17.4% +16.7% +18.5% +46.1% −13.9% −3.0% +3.1% +6.2% −10.0%
Per share
3.42 4.02 4.68 5.53 8.01 6.88 6.68 6.87 7.29 6.66
3.34 3.89 4.57 5.40 7.85 6.77 6.65 6.85 7.28 6.64
Growth +16.5% +17.5% +18.2% +45.4% −13.8% −1.8% +3.0% +6.3% −8.8%
36.8 36.9 37.0 37.1 37.4 37.5 37.5 37.5 37.6 37.1
37.7 38.0 37.9 38.0 38.1 38.1 37.6 37.7 37.7 37.1
Growth +0.8% −0.5% +0.3% +0.5% −0.1% −1.2% +0.0% +0.0% −1.4%

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue grew 4.2% a year over five years, and earnings per share fell 3.3% a year.
  • The diluted share count fell 2.6% in five years, so buybacks did some of the work per share.
  • Operating margin is down 14.0 points on five years ago, at 40.4%.
  • Profitable in every one of the 10 years on file.