Filing Flows › MarketAxess Holdings (MKTX) › Q3 2026
MarketAxess Holdings (MKTX) Q3 2026 earnings results (third quarter 2026)
10-Q filed Nov 6, 2026
MarketAxess Holdings (MKTX) reported revenue of $210M for the third quarter 2026 (Q3 2026), +0.8% from a year earlier and -4% from the quarter before. Operating margin was 35.4%, net earnings $54.0M (25.7% of revenue).
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 follows the revenue to costs, profit and cash.
| Q3 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $210M | -4% | +0.8% |
| Operating profit | $74.4M | -17% | -13% |
| Net earnings | $54.0M | -21% | -21% |
| Operating cash flow | $247M | +822% | +174% |
| Free cash flow | $85.7M | — | — |
What changed
Revenue was $210.4M in Q3 2026, up 1% year over year and down 4% from the previous quarter. Commission Revenue was the largest line at 86% of revenue. Information Services added $1.4M year over year (up 10%), 87% of the total change.
Operating profit was $74.4M, a 35.4% margin (down 5.6 points year over year). Operating profit fell $11.2M even though revenue rose $1.6M versus Q3 2025, so costs grew faster than sales. Total costs grew 10% against revenue growth of 1%. The fastest-growing cost line was Other operating costs (+11%). Net earnings were $53.9M, down 21% year over year. The effective tax rate was 27.8%.
Operating cash flow was $247.3M (up 174% year over year), 458% of net earnings. Non-cash charges added back $19.0M of depreciation and amortization and $8.4M of share-based compensation. Working capital and other items added $165.9M. After exclude: Net change in fail-to-deliver/receive from broker-dealers, clearing organizations and customers ($149.9M) and capitalization of software development costs ($11.1M) and purchases of furniture, equipment and leasehold improvements ($589K), free cash flow as the company reports it was $85.7M.
Questions
What was MarketAxess Holdings' revenue in the third quarter 2026?
MarketAxess Holdings (MKTX) reported revenue of $210M for the third quarter 2026 (Q3 2026), +0.8% from a year earlier and -4% from the quarter before.
Was MarketAxess Holdings profitable in the third quarter 2026?
Operating profit was $74.4M (35.4% of revenue) and net earnings $54.0M.