Filing Flows › MarketAxess Holdings (MKTX) › Q1 2026
MarketAxess Holdings (MKTX) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 7, 2026
MarketAxess Holdings (MKTX) reported revenue of $233M for the first quarter 2026 (Q1 2026), +12% from a year earlier and +11% from the quarter before. Operating margin was 43.2%, net earnings $78.1M (33.5% of revenue).
MarketAxess Holdings, Q1 2026: revenue $233M (+12% year over year), operating margin 43.2%, net earnings $78.1M, operating cash flow −$75.3M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $233M | +11% | +12% |
| Operating profit | $101M | +33% | +14% |
| Net earnings | $78.1M | -15% | +418% |
| Operating cash flow | −$75.3M | -147% | -354% |
What changed
Revenue was $233.4M in Q1 2026, up 12% year over year and up 11% from the previous quarter. Commission Revenue was the largest line at 87% of revenue. Commission Revenue added $22.1M year over year (up 12%), 89% of the total change.
Operating profit was $100.9M, a 43.2% margin (up 0.9 points year over year). Of the extra revenue versus Q1 2025, 51% reached operating profit, above the 42% margin then. Total costs grew 10% against revenue growth of 12%. The fastest-growing cost line was Sales & marketing (+13%). Net earnings were $77.9M, up 417% year over year. The effective tax rate was 24.8%.
Operating cash flow was −$75.3M. Non-cash charges added back $19.2M of depreciation and amortization and $9.2M of share-based compensation. Working capital and other items used $181.8M. Capital expenditures of $259K exceeded it, leaving free cash flow of −$75.6M.
Questions
What was MarketAxess Holdings' revenue in the first quarter 2026?
MarketAxess Holdings (MKTX) reported revenue of $233M for the first quarter 2026 (Q1 2026), +12% from a year earlier and +11% from the quarter before.
Was MarketAxess Holdings profitable in the first quarter 2026?
Operating profit was $101M (43.2% of revenue) and net earnings $78.1M.