financial statements

The full income statement, balance sheet, and cash-flow statement for MarketAxess (MKTX), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

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PeriodRangeOrderChangeYoYQoQAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	846M YoY+3.6%	817M YoY+8.6%	753M YoY+4.8%	718M YoY+2.8%	699M YoY+1.4%
	504M YoY+5.9%	476M YoY+8.8%	438M YoY+11.8%	391M YoY+8.2%	362M YoY+15.1%
Selling, general & administrative	26.6M YoY+17.1%	22.7M YoY-1.4%	23.0M YoY+20.0%	19.2M YoY+32.4%	14.5M YoY+14.2%
General & administrative	26.6M YoY+17.1%	22.7M YoY-1.4%	23.0M YoY+20.0%	19.2M YoY+32.4%	14.5M YoY+14.2%
Amortization of intangibles	19.9M YoY+0.5%	19.8M YoY+6.5%	18.6M YoY+13.4%	16.4M YoY+22.4%	13.4M YoY+243.6%
Provision for credit losses	900K YoY+12.5%	800K YoY+100.0%	400K YoY-33.3%	600K YoY+200.0%	200K YoY-60.0%
Operating income	342M YoY+0.3%	341M YoY+8.2%	315M YoY-3.6%	327M YoY-3.1%	337M YoY-10.0%
Interest expense	1.49M YoY-7.1%	1.60M YoY-19.3%	1.98M YoY+183.3%	700K YoY-16.9%	842K YoY-26.3%
Interest & investment income	—	—	22.4M YoY+344.9%	5.04M YoY+1156.9%	401K YoY-83.6%
Other non-operating income	1.79M YoY+129.0%	-6.16M YoY-76.3%	-3.50M YoY-158.8%	5.95M YoY+307.1%	-2.87M YoY-71.6%
Equity-method income	457K YoY-67.2%	1.40M YoY+89.8%	735K YoY-34.7%	1.13M	0.00
Pre-tax income	367M YoY+1.8%	361M YoY+8.4%	333M YoY-1.7%	338M YoY+1.3%	334M YoY-10.8%
Income tax	120M YoY+39.0%	86.4M YoY+15.7%	74.6M YoY-15.2%	88.1M YoY+15.8%	76.0M YoY+1.4%
	247M YoY-10.0%	274M YoY+6.2%	258M YoY+3.2%	250M YoY-3.0%	258M YoY-13.9%
Net income to non-controlling interest	285K	0.00	0.00	—	—
	$6.64 YoY-8.8%	$7.28 YoY+6.3%	$6.85 YoY+3.0%	$6.65 YoY-1.8%	$6.77 YoY-13.8%
EPS (basic)	$6.66 YoY-8.6%	$7.29 YoY+6.1%	$6.87 YoY+2.8%	$6.68 YoY-2.9%	$6.88 YoY-14.1%
Weighted-avg shares (basic)	37.1M YoY-1.4%	37.6M YoY+0.1%	37.5M YoY+0.2%	37.5M YoY-0.1%	37.5M YoY+0.4%
Weighted-avg shares (diluted)	37.1M YoY-1.4%	37.7M YoY+0.0%	37.7M YoY+0.0%	37.6M YoY-1.2%	38.1M YoY-0.1%
Dividends per share	$3.04 YoY+2.7%	$2.96 YoY+2.8%	$2.88 YoY+2.9%	$2.80 YoY+6.1%	$2.64 YoY+10.0%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Cash & equivalents	520M YoY-4.5%	544M YoY+20.7%	451M YoY+4.8%	431M YoY-15.0%	507M YoY+10.0%
Short-term investments	171M YoY+0.0%	171M YoY+0.0%	171M YoY+0.0%	171M YoY+0.0%	171M YoY+0.0%
	1.93B YoY+8.1%	1.79B YoY-11.2%	2.02B YoY+25.3%	1.61B YoY+5.1%	1.53B YoY+14.9%
Property, plant & equipment	112M YoY+4.8%	107M YoY+4.5%	103M YoY+2.4%	100M YoY+4.4%	96.1M YoY+12.7%
Operating lease right-of-use	51.9M YoY-10.8%	58.1M YoY-7.8%	63.0M YoY-4.6%	66.1M YoY-6.8%	71.0M YoY-6.5%
Goodwill	284M YoY+19.8%	237M YoY+0.0%	237M YoY+52.9%	155M YoY+0.0%	155M YoY+5.0%
Intangible assets	111M YoY+12.8%	98.1M YoY-17.7%	119M YoY+21.5%	98.1M YoY-15.7%	116M YoY+22.0%
Deferred tax assets	52.0K YoY+0.0%	52.0K YoY+0.0%	52.0K YoY+0.0%	52.0K YoY+0.0%	52.0K YoY+0.0%
Short-term & current debt	220M	0.00	—	—	—
Total liabilities	777M YoY+93.9%	401M YoY-44.5%	722M YoY+37.1%	527M YoY+7.7%	489M YoY+30.0%
	1.15B YoY-17.5%	1.39B YoY+7.4%	1.29B YoY+19.6%	1.08B YoY+3.8%	1.04B YoY+9.0%
Preferred stock	0.00	0.00	0.00	0.00	0.00
Common stock	123K YoY+0.0%	123K YoY+0.0%	123K YoY+0.0%	123K YoY+0.0%	123K YoY+0.0%
Additional paid-in capital	306M YoY-12.8%	351M YoY+5.2%	333M YoY-3.5%	345M YoY+4.6%	330M YoY+0.2%
Retained earnings	1.54B YoY+9.4%	1.41B YoY+13.0%	1.24B YoY+13.0%	1.10B YoY+15.1%	957M YoY+19.7%
Treasury stock	695M YoY+108.4%	333M YoY+28.1%	260M YoY-20.7%	328M YoY+41.1%	233M YoY+37.3%
Accumulated other comprehensive income	-4.36M YoY+87.4%	-34.7M YoY-42.4%	-24.4M YoY+35.4%	-37.7M YoY-182.8%	-13.3M YoY-186.7%
Total liabilities & equity	1.93B YoY+8.1%	1.79B YoY-11.2%	2.02B YoY+25.3%	1.61B YoY+5.1%	1.53B YoY+14.9%
Common shares issued	41.1M YoY+0.2%	41.0M YoY+0.2%	40.9M YoY+0.1%	40.9M YoY+0.0%	40.9M YoY+0.1%
Common shares outstanding	35.8M YoY-5.0%	37.6M YoY-0.7%	37.9M YoY+0.7%	37.6M YoY-0.7%	37.9M YoY-0.2%
Shares outstanding (cover)	37.2M YoY-1.4%	37.7M YoY-0.5%	37.9M YoY+0.7%	37.6M YoY-1.0%	38.0M YoY+0.2%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	382M YoY-0.8%	385M YoY+15.4%	334M YoY+15.4%	289M YoY+2.5%	282M YoY-30.3%
Depreciation & amortization	76.7M YoY+3.9%	73.8M YoY+4.6%	70.6M YoY+14.8%	61.4M YoY+15.0%	53.4M YoY+48.5%
Share-based compensation	30.9M YoY+4.2%	29.7M YoY+1.7%	29.2M YoY-2.3%	29.9M YoY+9.3%	27.3M YoY+6.6%
Deferred income taxes	22.0M YoY+667.8%	-3.88M YoY+33.3%	-5.82M YoY+11.2%	-6.55M YoY-310.0%	3.12M YoY-69.1%
Change in receivables	2.38M YoY-36.2%	3.73M YoY-47.6%	7.12M YoY-53.0%	15.1M YoY+197.0%	-15.6M YoY-186.6%
	-96.9M YoY-11.5%	-86.9M YoY+44.0%	-155M YoY-80.0%	-86.3M YoY-27.4%	-67.7M YoY-198.3%
Capital expenditure	8.20M YoY-17.5%	9.94M YoY+6.6%	9.33M YoY-29.0%	13.1M YoY-24.9%	17.5M YoY+16.5%
Acquisitions	36.5M	0.00 YoY-100.0%	78.5M	—	—
Purchases of investments	87.8M YoY-6.0%	93.4M YoY+18.8%	78.6M YoY+56.9%	50.1M YoY+100.4%	25.0M
Sales/maturities of investments	10.6M YoY-15.0%	12.4M YoY+179.4%	4.45M	0.00	0.00 YoY-100.0%
Other investing activities	—	—	—	—	0.00
	-332M YoY-65.0%	-201M YoY-36.9%	-147M YoY+39.3%	-242M YoY-27.7%	-190M YoY-30.8%
Common stock repurchased	420M YoY+456.5%	75.5M	0.00 YoY-100.0%	87.5M YoY+38.5%	63.2M YoY+291.6%
Net change in cash	-24.6M YoY-127.7%	88.8M YoY+127.6%	39.0M YoY+173.7%	-52.9M YoY-402.0%	17.5M YoY-94.8%
Interest paid	721K YoY-58.0%	1.72M YoY-8.2%	1.87M YoY+186.8%	652K YoY-21.4%	830K YoY-27.3%
Income taxes paid	62.8M YoY-35.2%	96.9M YoY+2.2%	94.8M YoY+6.9%	88.7M YoY+26.7%	70.0M YoY+55.4%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	6.74B YoY-20.9%	8.52B YoY-23.2%	11.1B YoY+5.8%	10.5B YoY-32.9%	15.6B YoY-27.8%
P/E	27.3× YoY-12.2%	31.1× YoY-30.2%	44.6× YoY+3.2%	43.2× YoY-28.8%	60.6× YoY-16.2%
P/S	8.0× YoY-23.7%	10.4× YoY-30.7%	15.0× YoY+1.1%	14.9× YoY-33.5%	22.4× YoY-28.8%
P/B	5.9× YoY-4.2%	6.1× YoY-33.8%	9.3× YoY-10.1%	10.3× YoY-31.4%	15.0× YoY-33.8%
P/FCF	18.0× YoY-20.7%	22.7× YoY-35.7%	35.3× YoY-2.1%	36.1× YoY-39.0%	59.1× YoY+6.3%
Earnings yield	3.7% YoY+13.9%	3.2% YoY+43.4%	2.2% YoY-3.1%	2.3% YoY+40.5%	1.6% YoY+19.3%
FCF yield	5.6% YoY+26.0%	4.4% YoY+55.5%	2.8% YoY+2.1%	2.8% YoY+63.9%	1.7% YoY-5.9%
Dividend yield	1.7% YoY+28.1%	1.3% YoY+33.2%	1.0% YoY-2.0%	1.0% YoY+56.4%	0.6% YoY+52.6%
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: MKTX's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all MKTX filings on SEC EDGAR → Not investment advice.

MKTX▼ financial statements

About this data

financial statements