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MarketAxess Holdings (MKTX) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 6, 2026 · MarketAxess Holdings (MKTX) Q3 2026 earnings results →
Q3 2026 Revenue up 1% year over year to $210M · 26¢ of every $1 of revenue kept as net profit · operating margin 35.4%
MarketAxess Holdings made $210M in Q3 2026 (+0.8% Y/Y): Commission Revenue $180M, Information Services $15.2M, Post Trade Services $11.4M. Operating margin 35.4%, net earnings $54.0M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 6, 2026.
Drawing the Sankey…
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What changed this quarter
Revenue was $210.4M in Q3 2026, up 1% year over year and down 4% from the previous quarter. Commission Revenue was the largest line at 86% of revenue. Information Services added $1.4M year over year (up 10%), 87% of the total change.
Operating profit was $74.4M, a 35.4% margin (down 5.6 points year over year). Operating profit fell $11.2M even though revenue rose $1.6M versus Q3 2025, so costs grew faster than sales. Total costs grew 10% against revenue growth of 1%. The fastest-growing cost line was Other operating costs (+11%). Net earnings were $53.9M, down 21% year over year. The effective tax rate was 27.8%.
Operating cash flow was $247.3M (up 174% year over year), 458% of net earnings. Non-cash charges added back $19.0M of depreciation and amortization and $8.4M of share-based compensation. Working capital and other items added $165.9M. After exclude: Net change in fail-to-deliver/receive from broker-dealers, clearing organizations and customers ($149.9M) and capitalization of software development costs ($11.1M) and purchases of furniture, equipment and leasehold improvements ($589K), free cash flow as the company reports it was $85.7M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 6, 2026 | $210M | +0.8% | 35.4% | $54.0M | $247M |
| Q2 2026 | 10-Q | Aug 7, 2026 | $218M | -0.5% | 41.1% | $68.3M | $26.8M |
| Q1 2026 | 10-Q | May 7, 2026 | $233M | +12% | 43.2% | $78.1M | −$75.3M |
| Q4 2025 | 10-K | Feb 24, 2026 | $209M | +4% | 36.3% | $92.4M | $159M |
| Q3 2025 | 10-Q | Nov 7, 2025 | $209M | +1% | 41.0% | $68.3M | $90.2M |
| Q2 2025 | 10-Q | Aug 6, 2025 | $219M | +11% | 41.9% | $71.2M | $104M |
| Q1 2025 | 10-Q | May 7, 2025 | $209M | -0.8% | 42.4% | $15.1M | $29.6M |
Charts
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About MarketAxess Holdings
MarketAxess (Nasdaq: MKTX) operates a leading electronic trading platform that delivers greater trading efficiency, a diversified pool of liquidity and significant cost savings to institutional investors and broker-dealers across the global fixed-income and other markets. Approximately 2,100 firms leverage MarketAxess’ patented technology to efficiently trade fixed-income securities. Our automated and algorithmic trading solutions, combined with our integrated and actionable data offerings, help our clients make faster, better-informed decisions on when and how to trade on our platform. MarketAxess’ award-winning Open Trading ® marketplace is widely regarded as the preferred all-to-all trading solution in the global credit markets.
In its own words, from its 8-K, filed Jul 30, 2026.
MarketAxess Holdings against its Security Brokers, Dealers & Flotation Companies peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +0.8% against the peers' median +13%. Operating margin: 35.4% against the peers' median 30.0%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| MKTX MarketAxess Holdings | Q3 2026 | $210M | +0.8% | 35.4% |
| MS Morgan Stanley | Q3 2026 | $20.3B | +12% | 31.9% |
| GS Goldman Sachs Group | Q3 2026 | $18.7B | +23% | 37.5% |
| GLXY Galaxy Digital | Q3 2026 | $8.1B | -72% | 4.3% |
| BLK BlackRock | Q3 2026 | $7.8B | +19% | 30.0% |
| SCHW Schwab Charles | Q3 2026 | $7.2B | +17% | 52.7% |
| Jones Financial Companies Lllp | Q3 2026 | $5.2B | +13% | 0.0% |
| RJF Raymond James Financial | Q4 FY26 | $4.7B | +13% | 18.2% |
| JEF Jefferies Financial Group | Q3 FY26 | $3.2B | +11% | 10.9% |
Source: MarketAxess Holdings 10-Q on SEC EDGAR · CIK 1278021 · Security Brokers, Dealers & Flotation Companies
13F: who owns MKTX and who is buying
More on MKTX
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results
- MarketAxess Holdings operating margin by quarter
- MarketAxess Holdings net income by quarter
- MarketAxess Holdings free cash flow by quarter
- MarketAxess Holdings capital expenditures by quarter
- MarketAxess Holdings Commission Revenue revenue by quarter
- MarketAxess Holdings Information Services revenue by quarter
- MarketAxess Holdings Post Trade Services revenue by quarter