MarketAxess Holdings Inc. (MKTX) Income Statement
MKTX 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsMKTX revenue and net income
Where MKTX's revenue goes
2025Each bar shows an amount and its share of revenue. MKTX kept 29.0% of revenue as net income.
MKTX profit margins
MKTX growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +3.8% | +5.7% | +4.3% | +10.9% |
| Gross profit | +3.5% | +4.5% | +1.3% | +9.0% |
| Operating income | +3.3% | +2.3% | −1.4% | +9.0% |
| Net income | −10.0% | −0.5% | −3.8% | +9.9% |
| EPS (diluted) | +1.7% | +3.6% | −1.4% | +11.3% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
MKTX quarterly EPS vs estimates
MarketAxess beat the analyst EPS estimate in 8 of the last 8 quarters. Next report: November 6, 2026 (estimate $1.95).
MKTX income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $849.2M | $817.9M | $750.9M | $718.7M | $701.0M | $689.1M | $511.4M | $435.6M | $397.5M | $369.9M |
| Cost of revenue | $255.8M | $244.3M | $226.8M | $199.2M | $172.2M | $134.0M | $97.6M | $77.8M | $64.4M | $53.0M |
| Gross profit | $593.4M | $573.6M | $524.1M | $519.5M | $528.8M | $555.1M | $413.7M | $357.8M | $333.1M | $317.0M |
| Research & development | — | — | $0 | $6.7M | $0 | $1 | $0 | $0 | $1 | $1 |
| Sales, general & admin | $69.3M | $76.5M | $80.2M | $130.2M | $121.3M | $100.5M | $91.2M | $83.0M | $66.4M | $57.2M |
| Total operating expenses | $243.4M | $234.7M | $205.4M | $192.7M | $191.5M | $180.4M | $162.9M | $145.2M | $131.3M | $125.4M |
| Operating income | $350.0M | $338.9M | $318.7M | $326.8M | $337.3M | $374.7M | $250.9M | $212.6M | $201.8M | $191.6M |
| Interest income | $24.4M | $26.0M | $19.4M | $5.0M | $401,000 | — | $8.1M | $6.1M | $3.6M | — |
| Interest expense | $1.5M | $1.6M | $2.0M | $700,000 | $842,000 | $1.1M | $14.6M | $0 | $0 | $0 |
| Income before taxes | $367.0M | $360.5M | $332.7M | $338.3M | $333.9M | $374.4M | $257.4M | $218.1M | $201.8M | $191.6M |
| Income taxes | $120.1M | $86.4M | $74.6M | $88.1M | $76.0M | $75.0M | $52.5M | $45.2M | $53.7M | $65.4M |
| Net income | $246.6M | $274.2M | $258.1M | $250.2M | $257.9M | $299.4M | $204.9M | $172.9M | $148.1M | $126.2M |
| EBITDA | $452.7M | $442.6M | $411.1M | $406.1M | $395.0M | $418.3M | $290.1M | $241.2M | $221.0M | $209.4M |
| EPS (diluted) | $7.39 | $7.27 | $6.85 | $6.65 | $6.83 | $7.91 | $5.41 | $4.72 | $4.20 | $3.35 |
| Gross margin | 69.9% | 70.1% | 69.8% | 72.3% | 75.4% | 80.6% | 80.9% | 82.1% | 83.8% | 85.7% |
| Operating margin | 41.2% | 41.4% | 42.4% | 45.5% | 48.1% | 54.4% | 49.1% | 48.8% | 50.8% | 51.8% |
| Net margin | 29.0% | 33.5% | 34.4% | 34.8% | 36.8% | 43.4% | 40.1% | 39.7% | 37.3% | 34.1% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $218.4M | $233.4M | $207.4M | $210.6M | $224.3M | $206.9M | $201.8M | $207.9M | $197.2M | $211.7M | $194.6M | $173.0M |
| Cost of revenue | $88.0M | $63.2M | $66.1M | $65.2M | $64.1M | $60.5M | $61.9M | $62.2M | $60.2M | $60.0M | $62.5M | $55.6M |
| Gross profit | $130.4M | $170.2M | $141.3M | $145.4M | $160.2M | $146.5M | $139.8M | $145.8M | $137.0M | $151.7M | $132.0M | $117.4M |
| Sales, general & admin | $21.2M | $18.3M | $32.7M | $19.7M | $38.7M | $35.9M | $21.3M | $19.6M | $19.3M | $33.4M | $21.5M | $35.3M |
| Total operating expenses | $40.5M | $69.3M | $64.4M | $60.8M | $62.9M | $55.3M | $67.1M | $53.5M | $55.2M | $59.6M | $51.3M | $53.6M |
| Operating income | $89.9M | $100.9M | $76.9M | $84.6M | $97.3M | $91.2M | $72.7M | $92.2M | $81.8M | $92.1M | $80.7M | $63.8M |
| Interest income | $4.7M | $4.3M | $5.4M | $5.8M | $5.9M | $7.2M | $6.7M | $7.0M | $6.4M | $6.0M | $6.3M | $6.6M |
| Interest expense | $1.9M | $2.9M | $964,000 | $171,000 | $139,000 | $213,000 | $318,000 | $346,000 | $621,000 | $316,000 | $1.6M | $164,000 |
| Income before taxes | $89.8M | $103.9M | $79.8M | $93.6M | $97.4M | $96.2M | $84.6M | $92.9M | $86.3M | $96.7M | $83.8M | $71.7M |
| Income taxes | $21.4M | $25.8M | −$12.6M | $25.4M | $26.2M | $81.1M | $19.5M | $21.4M | $21.4M | $24.1M | $14.2M | $16.8M |
| Net income | $68.1M | $77.9M | $92.2M | $68.2M | $71.1M | $15.1M | $65.1M | $71.5M | $64.9M | $72.6M | $69.6M | $54.9M |
| EBITDA | $108.2M | $127.9M | $102.3M | $115.4M | $118.6M | $116.4M | $105.1M | $113.8M | $107.0M | $116.8M | $106.6M | $91.0M |
| EPS (diluted) | $1.95 | $2.25 | $1.68 | $1.84 | $2.00 | $1.87 | $1.73 | $1.90 | $1.72 | $1.92 | $1.84 | $1.46 |
| Gross margin | 59.7% | 72.9% | 68.1% | 69.1% | 71.4% | 70.8% | 69.3% | 70.1% | 69.5% | 71.7% | 67.9% | 67.9% |
| Operating margin | 41.1% | 43.2% | 37.1% | 40.2% | 43.4% | 44.1% | 36.0% | 44.4% | 41.5% | 43.5% | 41.5% | 36.9% |
| Net margin | 31.2% | 33.4% | 44.5% | 32.4% | 31.7% | 7.3% | 32.3% | 34.4% | 32.9% | 34.3% | 35.8% | 31.8% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in MKTX's financial statements (latest annual report filed February 24, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
MKTX financial results
In fiscal year 2025 (ended December 31, 2025), MarketAxess reported revenue of $849.2 million, up 3.8% from the year before. It had net income of $246.6 million (down 10.0%), a net profit margin of 29.0%. Diluted earnings per share came to $7.39. Over five years revenue grew at an average rate of 4.3% a year.
See the MKTX stock overview for the latest quote and news, or the MKTX chart for price history and technical indicators.
MKTX income statement FAQ
What is MarketAxess's annual revenue?
MarketAxess reported total revenue of $849.2 million for fiscal year 2025, which ended on December 31, 2025. That was up 3.8% from $817.9 million the previous year.
Is MarketAxess profitable?
Yes. MarketAxess reported net income of $246.6 million in fiscal 2025, a net profit margin of 29.0%; its operating margin was 41.2%.
What is MarketAxess's gross margin?
MarketAxess's gross margin was 69.9% in fiscal 2025: for every $100 of revenue, MarketAxess kept $70 after the direct cost of its products and services.
How fast is MarketAxess growing?
Revenue grew 4.3% a year on average over the last five fiscal years, from $689.1 million to $849.2 million.
What are MarketAxess's earnings per share?
MarketAxess earned $7.39 per diluted share in fiscal 2025, compared with $7.27 a year earlier.
When will MarketAxess report its next earnings?
MarketAxess is expected to report results for the quarter ending September 30, 2026 on November 6, 2026.
When does MarketAxess's fiscal year end?
MarketAxess's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 24, 2026.