Filing Flows › MarketAxess Holdings (MKTX) › Q3 2026 › vs Q2 2026
MarketAxess Holdings (MKTX) Q3 2026 vs Q2 2026 (quarter over quarter)
MarketAxess Holdings's revenue fell $8.0M (-4%) from $218M in Q2 2026 to $210M in Q3 2026. The biggest changes: Commission Revenue −$7.0M (-4%); Information Services −$922K (-6%); Post Trade Services −$154K (-1%). Operating margin 35.4% against 41.1% (-5.8 pts).
MarketAxess Holdings, Q3 2026: revenue $210M (+0.8% year over year), operating margin 35.4%, net earnings $54.0M, operating cash flow $247M. The chart draws each line against Q2 2026, the increases inside each band.
Margins
| Q3 2026 | Q2 2026 | Change | |
|---|---|---|---|
| Operating margin | 35.4% | 41.1% | -5.8 pts |
| Net margin | 25.7% | 31.3% | -5.6 pts |
Every line
| Line | Q3 2026 | Q2 2026 | Change | % |
|---|---|---|---|---|
| Commission Revenue | $180M | $187M | −$7.0M | -4% |
| Information Services | $15.2M | $16.1M | −$922K | -6% |
| Post Trade Services | $11.4M | $11.6M | −$154K | -1% |
| Technology Services | $3.9M | $3.8M | $40K | +1% |
| Revenue | $210M | $218M | −$8.0M | -4% |
| Operating profit | $74.4M | $89.9M | −$15.5M | -17% |
| Costs & expenses | $136M | $129M | $7.5M | +6% |
| Pre-tax earnings | $74.8M | $89.8M | −$14.9M | -17% |
| Sales & marketing | $2.1M | $3.4M | −$1.3M | -38% |
| General & admin | $6.5M | $5.8M | $704K | +12% |
| Other operating costs | $127M | $119M | $8.1M | +7% |
| Net earnings | $54.0M | $68.3M | −$14.3M | -21% |
| Income tax | $20.8M | $21.4M | −$642K | -3% |
| Depreciation & amortization | $19.0M | $19.3M | −$268K | -1% |
| Share-based compensation | $8.4M | $8.7M | −$315K | -4% |
| Working capital & other | $166M | −$69.5M | $235M | — |
| Operating cash flow | $247M | $26.8M | $221M | +822% |
Questions
How much did MarketAxess Holdings's revenue grow quarter over quarter in Q3 2026?
MarketAxess Holdings's revenue fell $8.0M (-4%) from $218M in Q2 2026 to $210M in Q3 2026.
What drove MarketAxess Holdings's revenue change in Q3 2026?
Commission Revenue −$7.0M (-4%); Information Services −$922K (-6%); Post Trade Services −$154K (-1%).