Filing Flows › MarketAxess Holdings (MKTX) › Q2 2026 › vs Q2 2025
MarketAxess Holdings (MKTX) Q2 2026 vs Q2 2025 (year over year)
MarketAxess Holdings's revenue fell $1.0M (-0.5%) from $219M in Q2 2025 to $218M in Q2 2026. The biggest changes: Commission Revenue −$4.9M (-3%); Information Services +$3.0M (+23%); Post Trade Services +$522K (+5%). Operating margin 41.1% against 41.9% (-0.7 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 Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Operating margin | 41.1% | 41.9% | -0.7 pts |
| Net margin | 31.3% | 32.4% | -1.2 pts |
| Free cash flow margin | 12.0% | 46.7% | -34.7 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Commission Revenue | $187M | $192M | −$4.9M | -3% |
| Information Services | $16.1M | $13.1M | $3.0M | +23% |
| Post Trade Services | $11.6M | $11.1M | $522K | +5% |
| Technology Services | $3.8M | $3.5M | $299K | +8% |
| Revenue | $218M | $219M | −$1.0M | -0.5% |
| Operating profit | $89.9M | $91.9M | −$2.0M | -2% |
| Costs & expenses | $129M | $128M | $940K | +0.7% |
| Pre-tax earnings | $89.8M | $97.4M | −$7.7M | -8% |
| Sales & marketing | $3.4M | $3.0M | $490K | +17% |
| General & admin | $5.8M | $5.4M | $380K | +7% |
| Other operating costs | $119M | $119M | $70K | +0.1% |
| Net earnings | $68.3M | $71.2M | −$2.9M | -4% |
| Income tax | $21.4M | $26.2M | −$4.8M | -18% |
| Operating cash sources | $96.3M | $98.4M | −$2.1M | -2% |
| Depreciation & amortization | $19.3M | $19.2M | $114K | +0.6% |
| Share-based compensation | $8.7M | $8.0M | $665K | +8% |
| Working capital & other | $69.5M | −$5.3M | $74.8M | — |
| Operating cash flow | $26.8M | $104M | −$76.9M | -74% |
| Free cash flow (OCF − capex) | $26.2M | $103M | −$76.3M | -74% |
| Capital expenditures | $649K | $1.2M | −$557K | -46% |
Questions
How much did MarketAxess Holdings's revenue grow year over year in Q2 2026?
MarketAxess Holdings's revenue fell $1.0M (-0.5%) from $219M in Q2 2025 to $218M in Q2 2026.
What drove MarketAxess Holdings's revenue change in Q2 2026?
Commission Revenue −$4.9M (-3%); Information Services +$3.0M (+23%); Post Trade Services +$522K (+5%).