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Capital markets · Financial Services · Fiscal year ends Dec 31
Marketaxess reported revenue of $846M in the fiscal year ended Dec 2025, up 3.6% from the year before. Operating income was $342M, an operating margin of 40.4%, and net income was $247M. Operating cash flow of $382M less capital expenditure of $8M left free cash flow of $374M.
Ranks among the 33 capital markets companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 699 | 718 | 753 | 817 | 846 |
| Operating incomederived: pre-tax income + interest | 337 | 327 | 315 | 341 | 342 |
| Interest expense | 0.8 | 0.7 | 2.0 | 1.6 | 1.5 |
| Pre-tax income | 334 | 338 | 333 | 361 | 367 |
| Income tax | 76.0 | 88.1 | 74.6 | 86.4 | 120 |
| Net income | 258 | 250 | 258 | 274 | 247 |
| Diluted EPS | 6.77 | 6.65 | 6.85 | 7.28 | 6.64 |
| Diluted shares | 38.1 | 37.6 | 37.7 | 37.7 | 37.1 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 507 | 431 | 451 | 544 | 520 |
| Net PP&E | 96.1 | 100 | 103 | 107 | 112 |
| Goodwill | 155 | 155 | 237 | 237 | 284 |
| Total assets | 1,530 | 1,608 | 2,015 | 1,789 | 1,935 |
| Deferred revenue | 4.2 | 4.0 | 4.5 | 5.0 | 5.0 |
| Short-term debt | – | – | – | 0.0 | 220 |
| Total liabilities | 489 | 527 | 722 | 401 | 777 |
| Shareholders' equity | 1,041 | 1,081 | 1,293 | 1,389 | 1,146 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 282 | 289 | 334 | 385 | 382 |
| Capital expenditure | 17.5 | 13.1 | 9.3 | 9.9 | 8.2 |
| Free cash flow | 265 | 276 | 324 | 375 | 374 |
| Depreciation & amortisation | 53.4 | 61.4 | 70.6 | 73.8 | 76.7 |
| Stock-based compensation | 27.3 | 29.9 | 29.2 | 29.7 | 30.9 |
| Acquisitions | – | – | 78.5 | 0.0 | 36.5 |
| Share buybacks | 63.2 | 87.5 | 0.0 | 75.5 | 420 |
| Dividend per share | 2.64 | 2.80 | 2.88 | 2.96 | 3.04 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 2.8% | 4.8% | 8.6% | 3.6% |
| Operating income growth (YoY) | – | −3.1% | −3.6% | 8.2% | 0.3% |
| EPS growth (YoY) | – | −1.8% | 3.0% | 6.3% | −8.8% |
| Operating margin | 48.2% | 45.5% | 41.9% | 41.7% | 40.4% |
| Net margin | 36.9% | 34.8% | 34.3% | 33.6% | 29.1% |
| Return on equityBlank when equity is negative | 24.8% | 23.1% | 20.0% | 19.7% | 21.5% |
| Free cash flow margin | 37.9% | 38.4% | 43.1% | 45.9% | 44.2% |
| Cash conversion (CFO ÷ net income) | 1.09x | 1.16x | 1.29x | 1.41x | 1.55x |
| Interest cover | 401x | 467x | 159x | 213x | 230x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.