Filing Flows › MarketAxess Holdings (MKTX) › Q2 2026
MarketAxess Holdings (MKTX) Q2 2026 earnings results (second quarter 2026)
10-Q filed Aug 7, 2026
MarketAxess Holdings (MKTX) reported revenue of $218M for the second quarter 2026 (Q2 2026), -0.5% from a year earlier and -6% from the quarter before. Operating margin was 41.1%, net earnings $68.3M (31.3% of revenue).
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 follows the revenue to costs, profit and cash.
| Q2 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $218M | -6% | -0.5% |
| Operating profit | $89.9M | -11% | -2% |
| Net earnings | $68.3M | -13% | -4% |
| Operating cash flow | $26.8M | — | -74% |
| Free cash flow | $26.2M | — | -74% |
What changed
Revenue was $218.4M in Q2 2026, roughly flat year over year and down 6% from the previous quarter. Commission Revenue was the largest line at 86% of revenue. Commission Revenue lost $4.9M year over year (down 3%), 466% of the total change.
Operating profit was $89.9M, a 41.1% margin (down 0.7 points year over year). Total costs grew 1% against flat revenue. The fastest-growing cost line was Sales & marketing (+17%). Net earnings were $68.1M, down 4% year over year. The effective tax rate was 23.9%.
Operating cash flow was $26.8M (down 74% year over year), 39% of net earnings. Non-cash charges added back $19.3M of depreciation and amortization and $8.7M of share-based compensation. Working capital and other items used $69.5M. Capital expenditures of $649K left free cash flow of $26.2M.
Questions
What was MarketAxess Holdings' revenue in the second quarter 2026?
MarketAxess Holdings (MKTX) reported revenue of $218M for the second quarter 2026 (Q2 2026), -0.5% from a year earlier and -6% from the quarter before.
Was MarketAxess Holdings profitable in the second quarter 2026?
Operating profit was $89.9M (41.1% of revenue) and net earnings $68.3M.