Filing Flows › MarketAxess Holdings (MKTX) › Q4 2025
MarketAxess Holdings (MKTX) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 24, 2026
MarketAxess Holdings (MKTX) reported revenue of $209M for the fourth quarter 2025 (Q4 2025), +3% from a year earlier and +0.3% from the quarter before. Operating margin was 36.3%, net earnings $92.4M (44.1% of revenue).
MarketAxess Holdings, Q4 2025: revenue $209M (+4% year over year), operating margin 36.3%, net earnings $92.4M, operating cash flow $159M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $209M | +0.3% | +3% |
| Operating profit | $76.0M | -11% | -5% |
| Net earnings | $92.4M | +35% | +42% |
| Operating cash flow | $159M | +76% | -10% |
| Free cash flow | $155M | +75% | -12% |
What changed
Revenue was $209.4M in Q4 2025, up 3% year over year and roughly flat from the previous quarter. Commission Revenue was the largest line at 87% of revenue.
Operating profit was $76.0M, a 36.3% margin (down 3.2 points year over year). Operating profit fell $4.0M even though revenue rose $7.0M versus a year earlier, so costs grew faster than sales. Total costs grew 9% against revenue growth of 3%. The fastest-growing cost line was General & admin (+29%). Net earnings were $92.2M, up 42% year over year. The effective tax rate was -15.8%.
Operating cash flow was $158.6M (down 10% year over year), 172% of net earnings. Non-cash charges added back $19.6M of depreciation and amortization and $7.2M of share-based compensation. Working capital and other items added $39.4M. Capital expenditures of $3.6M left free cash flow of $155.1M.
Questions
What was MarketAxess Holdings' revenue in the fourth quarter 2025?
MarketAxess Holdings (MKTX) reported revenue of $209M for the fourth quarter 2025 (Q4 2025), +3% from a year earlier and +0.3% from the quarter before.
Was MarketAxess Holdings profitable in the fourth quarter 2025?
Operating profit was $76.0M (36.3% of revenue) and net earnings $92.4M.