MarketAxess (MKTX) financial statements
MarketAxess reported revenue of $846M in fiscal 2025, up 9.7% a year over 9 years.
Net income was $247M and the operating margin 40.4%, against 51.7% in 2016.
Free cash flow was $324M, and the company returned $420M in net buybacks.
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from MarketAxess's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $368M | $393M | $436M | $511M | $689M | $699M | $718M | $753M | $817M | $846M |
| Selling, general and admin | $9M | $11M | $11M | $16M | $13M | $15M | $19M | $23M | $23M | $27M |
| Operating income | $190M | $200M | $213M | $251M | $375M | $337M | $327M | $315M | $341M | $342M |
| Interest expense | — | — | — | — | $1M | $842,000 | $700,000 | $2M | $2M | $1M |
| Pre-tax income | $192M | $202M | $218M | $257M | $374M | $334M | $338M | $333M | $361M | $367M |
| Income tax | $65M | $54M | $45M | $53M | $75M | $76M | $88M | $75M | $86M | $120M |
| Net income | $126M | $148M | $173M | $205M | $299M | $258M | $250M | $258M | $274M | $247M |
| EPS (diluted) | $3.34 | $3.89 | $4.57 | $5.40 | $7.85 | $6.77 | $6.65 | $6.85 | $7.28 | $6.64 |
| Diluted shares | 38M | 38M | 38M | 38M | 38M | 38M | 38M | 38M | 38M | 37M |
| 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% |
Balance sheet
Fiscal years, from MarketAxess's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $168M | $167M | $246M | $270M | $461M | $507M | $431M | $451M | $544M | $520M |
| Property, plant and equipment | $31M | $39M | $63M | $72M | $85M | $96M | $100M | $103M | $107M | $112M |
| Goodwill | — | — | $60M | $147M | $147M | $155M | $155M | $237M | $237M | $284M |
| Total assets | $528M | $581M | $696M | $955M | $1.3B | $1.5B | $1.6B | $2.0B | $1.8B | $1.9B |
| Long-term debt | $900,000 | $900,000 | $2M | $1M | — | — | — | — | — | — |
| Total liabilities | $60M | $66M | $88M | $185M | $376M | $489M | $527M | $722M | $401M | $777M |
| Shareholders' equity | $468M | $515M | $608M | $770M | $955M | $1.0B | $1.1B | $1.3B | $1.4B | $1.1B |
| Net debt | -$167M | -$166M | -$245M | -$269M | -$461M | -$507M | -$431M | -$451M | -$544M | -$520M |
Cash flow
Fiscal years, from MarketAxess's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $90M | $168M | $224M | $266M | $404M | $282M | $289M | $334M | $385M | $382M |
| Capital spending | $19M | $26M | $48M | $35M | $46M | $51M | $52M | $52M | $57M | $58M |
| Free cash flow | $71M | $142M | $176M | $231M | $359M | $231M | $237M | $281M | $329M | $324M |
| Stock-based compensation | $15M | $14M | $16M | $25M | $26M | $27M | $30M | $29M | $30M | $31M |
| Share buybacks (net) | -$24M | -$42M | -$25M | -$17M | -$16M | -$63M | -$88M | $0 | -$75M | -$420M |
| Free cash flow margin | 19.4% | 36.2% | 40.5% | 45.2% | 52.1% | 33.1% | 33.0% | 37.4% | 40.2% | 38.3% |
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Open MKTX in InvestinglyQuestions
What was MarketAxess's revenue in 2025?
$846M in fiscal 2025, from its 10-K filing.
How much free cash flow does MarketAxess generate?
$324M in fiscal 2025 (operating cash flow minus capital spending).
From MarketAxess's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.