Filing Flows › MarketAxess Holdings (MKTX) › Q1 2025
MarketAxess Holdings (MKTX) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 7, 2025
MarketAxess Holdings (MKTX) reported revenue of $209M for the first quarter 2025 (Q1 2025), -0.8% from a year earlier and +3% from the quarter before. Operating margin was 42.4%, net earnings $15.1M (7.2% of revenue).
MarketAxess Holdings, Q1 2025: revenue $209M (-0.8% year over year), operating margin 42.4%, net earnings $15.1M, operating cash flow $29.6M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $209M | +3% | -0.8% |
| Operating profit | $88.4M | +11% | -4% |
| Net earnings | $15.1M | -77% | -79% |
| Operating cash flow | $29.6M | -83% | — |
| Free cash flow | $27.7M | -84% | — |
What changed
Revenue was $208.6M in Q1 2025, down 1% year over year and up 3% from the previous quarter. Commission Revenue was the largest line at 87% of revenue. Commission Revenue lost $3.5M year over year (down 2%), 203% of the total change.
Operating profit was $88.4M, a 42.4% margin (down 1.6 points year over year). Total costs grew 2% against a revenue fall of 1%. The fastest-growing cost line was General & admin (+21%). Net earnings were $15.1M, down 79% year over year. The effective tax rate was 84.3%.
Operating cash flow was $29.6M, 197% of net earnings. Non-cash charges added back $18.2M of depreciation and amortization and $7.3M of share-based compensation. Working capital and other items used $11.0M. Capital expenditures of $1.9M left free cash flow of $27.7M.
Questions
What was MarketAxess Holdings' revenue in the first quarter 2025?
MarketAxess Holdings (MKTX) reported revenue of $209M for the first quarter 2025 (Q1 2025), -0.8% from a year earlier and +3% from the quarter before.
Was MarketAxess Holdings profitable in the first quarter 2025?
Operating profit was $88.4M (42.4% of revenue) and net earnings $15.1M.