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MarketAxess Holdings cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$247M in Q3 2026 · $352M over twelve months

Operating cash flow$247M
Capital spending−$589K
Free cash flow+$247M
Cash / net income4.6×

Analysis

In Q3 2026, MarketAxess Holdings generated $247M of operating cash flow and spent $589K on capital projects, leaving free cash flow of $247M. That is $158M more than in Q3 2025 ($88.7M).

Over the twelve months to Sep 30, 2026, operating cash flow was $357M; the largest uses were buybacks ($300M), dividends ($111M), other investing ($55.5M); besides operations, cash came from net borrowing (+) / repaid (−) ($92.0M); the cash balance fell by $36.9M.

Operating cash flow was $247M against net income of $54.0M — 4.6× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$19.0M, income taxes payable −$17.9M, payables +$15.4M.

Free cash flow

MarketAxess Holdings: free cash flow by quarterMarketAxess Holdings: free cash flow by quarter$176MQ4 2024$27.7MQ1 2025$103MQ2 2025$88.7MQ3 2025$155MQ4 2025−$75.6MQ1 2026$26.2MQ2 2026$247MQ3 2026
Operating cash flow less capital spending.
MarketAxess Holdings: operating cash flow against capital spendingMarketAxess Holdings: operating cash flow against capital spendingOperating cash flowCapital spending$176M$215KQ4 2024$29.6M$1.9MQ1 2025$104M$1.2MQ2 2025$90.2M$1.5MQ3 2025$159M$3.6MQ4 2025−$75.3M$259KQ1 2026$26.8M$649KQ2 2026$247M$589KQ3 2026
Latest (Q3 2026): Operating cash flow $247M, Capital spending $589K.

Capital allocation, year by year

MarketAxess Holdings: where the cash came from (up) and went (down), by fiscal yearMarketAxess Holdings: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $282MFY2021: Shares issued $7.1MFY2021: Capital spending −$17.5MFY2021: Buybacks −$63.2MFY2021: Dividends −$99.8M$289MFY2021FY2022: Operating cash flow $289MFY2022: Shares issued $672KFY2022: Capital spending −$13.1MFY2022: Buybacks −$87.5MFY2022: Dividends −$106M$290MFY2022FY2023: Operating cash flow $334MFY2023: Shares issued $940KFY2023: Capital spending −$9.3MFY2023: Acquisitions −$78.5MFY2023: Dividends −$110M$335MFY2023FY2024: Operating cash flow $385MFY2024: Shares issued $3.0MFY2024: Capital spending −$9.9MFY2024: Buybacks −$75.5MFY2024: Dividends −$113M$388MFY2024FY2025: Operating cash flow $382MFY2025: Net borrowing $220MFY2025: Capital spending −$8.2MFY2025: Acquisitions −$36.5MFY2025: Buybacks −$420MFY2025: Dividends −$115M$602MFY2025
Over these 5 years operating cash flow totalled $1.7B; the largest uses were buybacks ($646M) and dividends ($543M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$381M
Debt$92.0M
Net cash$289M

MarketAxess Holdings funds itself: free cash flow was $352M over the last twelve months, and $381M of cash and investments stands against $92.0M of debt.

Where the cash came from and went

MarketAxess Holdings: sources (+) and uses (−) of cash, Q3 2026MarketAxess Holdings: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$247MCash drawn (+) / kept (−)−$186MDividends−$27.5MNet borrowing (+) / repaid (−)−$20.0MOther investing−$12.3MCapital spending−$589KOther financing−$553KExchange rates−$174KTaxes on employees’ shares−$116K
MarketAxess Holdings: sources (+) and uses (−) of cash, TTM to Q3 2026MarketAxess Holdings: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$357MBuybacks−$300MDividends−$111MNet borrowing (+) / repaid (−)$92.0MOther investing−$55.5MCash drawn (+) / kept (−)$36.9MTaxes on employees’ shares−$9.4MCapital spending−$5.1MExchange rates−$4.9M

From profit to cash

MarketAxess Holdings: net income to operating cash flow, Q3 2026MarketAxess Holdings: net income to operating cash flow, Q3 2026Net income$54.0MDepreciation & amortization$19.0MStock-based pay$8.4MDeferred taxes−$449KOther non-cash$1.6MReceivables$12.5MPayables$15.4MEmployee-related liabilities$14.4MPrepaid and other assets−$14.2MIncome taxes payable−$17.9MOperating cash flow$247M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$247M−$589K—−$27.5M−$20.0M—−$186M$247M
Q2 2026$26.8M−$649K—−$27.5M−$116M—$129M$26.2M
Q1 2026−$75.3M−$259K—−$28.4M$8.2M—$128M−$75.6M
Q4 2025$159M−$3.6M−$300M−$28.0M$220M—−$33.1M$155M
Q3 2025$90.2M−$1.5M−$45.3M−$29.4M——$7.7M$88.7M
Q2 2025$104M−$1.2M−$36.7M−$28.2M——−$6.0M$103M
Q1 2025$29.6M−$1.9M−$38.1M−$29.5M——$56.0M$27.7M
Q4 2024$176M−$215K−$16.8M−$27.7M—$567K−$100M$176M

MarketAxess Holdings: income statement and cash flow

MarketAxess Holdings, Q3 2026: revenue $210M (+0.8% year over year), operating margin 35.4%. The chart follows the revenue to costs, profit and cash.

MarketAxess Holdings: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.