Filing Flows › MarketAxess Holdings (MKTX) › Q2 2026 › vs Q1 2026
MarketAxess Holdings (MKTX) Q2 2026 vs Q1 2026 (quarter over quarter)
MarketAxess Holdings's revenue fell $15.0M (-6%) from $233M in Q1 2026 to $218M in Q2 2026. The biggest changes: Commission Revenue −$16.6M (-8%); Information Services +$1.6M (+11%); Technology Services −$29K (-0.8%). Operating margin 41.1% against 43.2% (-2.1 pts).
MarketAxess Holdings, Q2 2026: revenue $218M (-0.5% year over year), operating margin 41.1%, net earnings $68.3M, operating cash flow $26.8M. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Operating margin | 41.1% | 43.2% | -2.1 pts |
| Net margin | 31.3% | 33.5% | -2.2 pts |
| Free cash flow margin | 12.0% | -32.4% | +44.4 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Commission Revenue | $187M | $203M | −$16.6M | -8% |
| Information Services | $16.1M | $14.4M | $1.6M | +11% |
| Post Trade Services | $11.6M | $11.6M | −$9K | -0.1% |
| Technology Services | $3.8M | $3.9M | −$29K | -0.8% |
| Revenue | $218M | $233M | −$15.0M | -6% |
| Operating profit | $89.9M | $101M | −$11.0M | -11% |
| Costs & expenses | $129M | $132M | −$3.9M | -3% |
| Pre-tax earnings | $89.8M | $104M | −$14.1M | -14% |
| Sales & marketing | $3.4M | $2.3M | $1.1M | +47% |
| General & admin | $5.8M | $5.7M | $44K | +0.8% |
| Other operating costs | $119M | $124M | −$5.1M | -4% |
| Net earnings | $68.3M | $78.1M | −$9.8M | -13% |
| Income tax | $21.4M | $25.8M | −$4.3M | -17% |
| Operating cash sources | $96.3M | $106M | −$10.2M | -10% |
| Depreciation & amortization | $19.3M | $19.2M | $99K | +0.5% |
| Share-based compensation | $8.7M | $9.2M | −$476K | -5% |
| Working capital & other | $69.5M | $182M | −$112M | -62% |
| Operating cash flow | $26.8M | −$75.3M | $102M | — |
| Free cash flow (OCF − capex) | $26.2M | −$75.6M | $102M | — |
| Capital expenditures | $649K | $259K | $390K | +151% |
Questions
How much did MarketAxess Holdings's revenue grow quarter over quarter in Q2 2026?
MarketAxess Holdings's revenue fell $15.0M (-6%) from $233M in Q1 2026 to $218M in Q2 2026.
What drove MarketAxess Holdings's revenue change in Q2 2026?
Commission Revenue −$16.6M (-8%); Information Services +$1.6M (+11%); Technology Services −$29K (-0.8%).