Filing Flows › MarketAxess Holdings (MKTX) › Q2 2025
MarketAxess Holdings (MKTX) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 6, 2025
MarketAxess Holdings (MKTX) reported revenue of $219M for the second quarter 2025 (Q2 2025), +11% from a year earlier and +5% from the quarter before. Operating margin was 41.9%, net earnings $71.2M (32.4% of revenue).
MarketAxess Holdings, Q2 2025: revenue $219M (+11% year over year), operating margin 41.9%, net earnings $71.2M, operating cash flow $104M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $219M | +5% | +11% |
| Operating profit | $91.9M | +4% | +13% |
| Net earnings | $71.2M | +372% | +10% |
| Operating cash flow | $104M | +250% | -13% |
| Free cash flow | $103M | +270% | -8% |
What changed
Revenue was $219.5M in Q2 2025, up 11% year over year and up 5% from the previous quarter. Commission Revenue was the largest line at 87% of revenue. Commission Revenue added $20.1M year over year (up 12%), 92% of the total change.
Operating profit was $91.9M, a 41.9% margin (up 0.7 points year over year). Of the extra revenue versus a year earlier, 48% reached operating profit, above the 41% margin then. Total costs grew 10% against revenue growth of 11%. The fastest-growing cost line was General & admin (+11%). Net earnings were $71.1M, up 10% year over year. The effective tax rate was 26.9%.
Operating cash flow was $103.7M (down 13% year over year), 146% of net earnings. Non-cash charges added back $19.2M of depreciation and amortization and $8.0M of share-based compensation. Working capital and other items added $5.3M. Capital expenditures of $1.2M left free cash flow of $102.5M.
Questions
What was MarketAxess Holdings' revenue in the second quarter 2025?
MarketAxess Holdings (MKTX) reported revenue of $219M for the second quarter 2025 (Q2 2025), +11% from a year earlier and +5% from the quarter before.
Was MarketAxess Holdings profitable in the second quarter 2025?
Operating profit was $91.9M (41.9% of revenue) and net earnings $71.2M.