Filing Flows › MarketAxess Holdings (MKTX) › Q3 2025
MarketAxess Holdings (MKTX) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 7, 2025
MarketAxess Holdings (MKTX) reported revenue of $209M for the third quarter 2025 (Q3 2025), +1% from a year earlier and -5% from the quarter before. Operating margin was 41.0%, net earnings $68.3M (32.7% of revenue).
MarketAxess Holdings, Q3 2025: revenue $209M (+1% year over year), operating margin 41.0%, net earnings $68.3M, operating cash flow $90.2M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $209M | -5% | +1% |
| Operating profit | $85.6M | -7% | -2% |
| Net earnings | $68.3M | -4% | -4% |
| Operating cash flow | $90.2M | -13% | -5% |
| Free cash flow | $88.7M | -14% | -6% |
What changed
Revenue was $208.8M in Q3 2025, up 1% year over year and down 5% from the previous quarter. Commission Revenue was the largest line at 86% of revenue. Post Trade Services added $911K year over year (up 9%), 43% of the total change.
Operating profit was $85.6M, a 41.0% margin (down 1.1 points year over year). Operating profit fell $1.5M even though revenue rose $2.1M versus a year earlier, so costs grew faster than sales. Total costs grew 3% against revenue growth of 1%. Net earnings were $68.2M, down 5% year over year. The effective tax rate was 27.1%.
Operating cash flow was $90.2M (down 5% year over year), 132% of net earnings. Non-cash charges added back $19.7M of depreciation and amortization and $8.4M of share-based compensation. Working capital and other items used $6.1M. Capital expenditures of $1.5M left free cash flow of $88.7M.
Questions
What was MarketAxess Holdings' revenue in the third quarter 2025?
MarketAxess Holdings (MKTX) reported revenue of $209M for the third quarter 2025 (Q3 2025), +1% from a year earlier and -5% from the quarter before.
Was MarketAxess Holdings profitable in the third quarter 2025?
Operating profit was $85.6M (41.0% of revenue) and net earnings $68.3M.