Filing Flows › MarketAxess Holdings (MKTX) › Q3 2026 › vs Q3 2025
MarketAxess Holdings (MKTX) Q3 2026 vs Q3 2025 (year over year)
MarketAxess Holdings's revenue rose $1.6M (+0.8%) from $209M in Q3 2025 to $210M in Q3 2026. The biggest changes: Information Services +$1.4M (+10%); Technology Services +$296K (+8%); Commission Revenue −$248K (-0.1%). Operating margin 35.4% against 41.0% (-5.6 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 Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Operating margin | 35.4% | 41.0% | -5.6 pts |
| Net margin | 25.7% | 32.7% | -7.0 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Commission Revenue | $180M | $180M | −$248K | -0.1% |
| Information Services | $15.2M | $13.8M | $1.4M | +10% |
| Post Trade Services | $11.4M | $11.3M | $151K | +1% |
| Technology Services | $3.9M | $3.6M | $296K | +8% |
| Revenue | $210M | $209M | $1.6M | +0.8% |
| Operating profit | $74.4M | $85.6M | −$11.2M | -13% |
| Costs & expenses | $136M | $123M | $12.8M | +10% |
| Pre-tax earnings | $74.8M | $93.6M | −$18.8M | -20% |
| Sales & marketing | $2.1M | $2.3M | −$204K | -9% |
| General & admin | $6.5M | $6.1M | $388K | +6% |
| Other operating costs | $127M | $115M | $12.6M | +11% |
| Net earnings | $54.0M | $68.3M | −$14.2M | -21% |
| Income tax | $20.8M | $25.4M | −$4.6M | -18% |
| Depreciation & amortization | $19.0M | $19.7M | −$621K | -3% |
| Share-based compensation | $8.4M | $8.4M | −$10K | -0.1% |
| Working capital & other | $166M | −$6.1M | $172M | — |
| Operating cash flow | $247M | $90.2M | $157M | +174% |
Questions
How much did MarketAxess Holdings's revenue grow year over year in Q3 2026?
MarketAxess Holdings's revenue rose $1.6M (+0.8%) from $209M in Q3 2025 to $210M in Q3 2026.
What drove MarketAxess Holdings's revenue change in Q3 2026?
Information Services +$1.4M (+10%); Technology Services +$296K (+8%); Commission Revenue −$248K (-0.1%).