Filing Flows › MarketAxess Holdings (MKTX) › How it makes money
How MarketAxess Holdings (MKTX) makes money
MarketAxess Holdings (MKTX) made $210M of revenue in the third quarter 2026 (Q3 2026), +0.8% from a year earlier. Commission Revenue brought in $180M (86%); Information Services brought in $15.2M (7%); Post Trade Services brought in $11.4M (5%). Of every dollar of revenue, 35¢ was left as operating profit, 26¢ was left as net earnings.
Drawing the Sankey…
Revenue by segment, Q3 2026
| Segment | Revenue | Share | Q/Q | Y/Y |
|---|---|---|---|---|
| Commission Revenue | $180M | 85.5% | -4% | -0.1% |
| Information Services | $15.2M | 7.2% | -6% | +10% |
| Post Trade Services | $11.4M | 5.4% | -1% | +1% |
| Technology Services | $3.9M | 1.8% | +1% | +8% |
Where each dollar of revenue goes
| Line | Q3 2026 | % of revenue |
|---|---|---|
| Revenue | $210M | 100.0% |
| Operating profit | $74.4M | 35.4% |
| Income tax | $20.8M | 9.9% |
| Net earnings | $54.0M | 25.7% |
| Operating cash flow | $247M | 117.5% |
| Free cash flow | $85.7M | 40.7% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q3 2026 | $210M | +0.8% |
| Q2 2026 | $218M | -0.5% |
| Q1 2026 | $233M | +12% |
| Q4 2025 | $209M | +4% |
| Q3 2025 | $209M | +1% |
| Q2 2025 | $219M | +11% |
| Q1 2025 | $209M | -0.8% |
From MarketAxess Holdings' 10-Q filed Nov 6, 2026 (on EDGAR).
Questions
How does MarketAxess Holdings make money?
MarketAxess Holdings (MKTX) made $210M of revenue in the third quarter 2026 (Q3 2026), +0.8% from a year earlier. Commission Revenue brought in $180M (86%); Information Services brought in $15.2M (7%); Post Trade Services brought in $11.4M (5%). Of every dollar of revenue, 35¢ was left as operating profit, 26¢ was left as net earnings.
What is MarketAxess Holdings' biggest business?
Commission Revenue: $180M in the third quarter 2026, 86% of revenue, -0.1% from a year earlier.
What is MarketAxess Holdings' profit margin?
Net earnings were $54.0M, 25.7% of revenue, in the third quarter 2026; the operating margin was 35.4%.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.