At a glance
MarketAxess Holdings Inc is worth $5.80B, about 25 times its fiscal 2025 earnings. Revenue grew 3.6% to $846.3M in fiscal 2025, with 29.1% kept as profit; over 5 years it has grown 4.2% a year. It pays a 1.88% dividend yield, raised every year for at least 9 years, and returned $1.19B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +2.9% over the past year with dividends reinvested and −15.3% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 25.5% in the 2020 crash (S&P 500: 33.7%) and 44.4% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high within a month and 6 months after the lows.
The business in plain English
MarketAxess runs electronic marketplaces for trading bonds. Its roughly 2,100 clients are institutional investors, such as fund managers, and broker-dealers, the firms that trade bonds for customers and for themselves. Much bond trading still happens by phone, and the company aims to move it onto screens. Its main feature, Open Trading, is an all-to-all market. Instead of asking a few dealers for a price, any of about 1,800 participating firms can trade anonymously with any other. The company estimates this gave clients $496.4 million in better prices in 2025.
Most of its money comes from a commission on each trade. Commissions made up 86.8% of its $846.3 million revenue in 2025. The rest came from data and analytics (6.3%), post-trade services that help settle and report trades (5.3%) and technology services (1.6%). As a result, its results rise and fall with bond trading volumes on its platforms.
The US produced 67.2% of 2025 revenue, the UK 20.9% and other countries 11.9%. Eurobonds (bonds sold across borders) and emerging-market debt made up 40.5% of its credit trading volume in 2025, up from 32.7% in 2020. In US investment-grade and high-yield (lower-rated) bonds, its average daily volume of about $8.7 billion was 17.0% of an estimated $51.2 billion market. Most of that trading still happens elsewhere.
Price history
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MKTX +2.9% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Commission Revenue | $734.6M | 86.8% |
| Information Services | $53.2M | 6.3% |
| Post Trade Services | $44.5M | 5.3% |
| Technology Services | $13.9M | 1.6% |
By geography
| US | $568.4M | 67.2% |
| GB | $177.3M | 20.9% |
| Other | $100.6M | 11.9% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $218.4M, down 0.5% from a year earlier, and net income was $68.1M (-4.3%).
- For fiscal 2025, revenue was $846.3M (+3.6% year over year; +4.2% a year from FY2020 to FY2025) with a 29.1% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +4.2% watch |
|---|---|
| Return on equity | 21.5% good |
| Net income / revenue | 29.1% good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $689.1M | $299.4M | — |
| FY2021 | $699.0M | $257.9M | — |
| FY2022 | $718.3M | $250.2M | — |
| FY2023 | $752.5M | $258.1M | — |
| FY2024 | $817.1M | $274.2M | — |
| FY2025 | $846.3M | $246.6M | — |
Valuation snapshot
| Market value | $5.80B |
|---|---|
| P/E ratio | 24.8 |
| Dividend yield | 1.88% |
Rank among 1514 US companies
Market value at each year end
MarketAxess Holdings’s market value went from $5.52B at the end of 2016 to $5.80B on Oct 28, 2026, up 5%; since the end of 2025 it is down 14%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $5.80B | -13.9% |
| 2025 | $6.74B | -20.9% |
| 2024 | $8.52B | -23.2% |
| 2023 | $11.10B | +5.8% |
| 2022 | $10.50B | -32.9% |
| 2021 | $15.64B | -27.8% |
| 2020 | $21.66B | +51.2% |
| 2019 | $14.32B | +80.3% |
| 2018 | $7.94B | +4.9% |
| 2017 | $7.57B | +37.2% |
| 2016 | $5.52B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| MKTX price data to Oct 28, 2026 | -7.7% | +2.9% | -5.6% | -15.3% | +2.0% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -7.7% |
| 2025 | -18.5% |
| 2024 | -21.6% |
| 2023 | +6.1% |
| 2022 | -31.5% |
| 2021 | -27.5% |
| 2020 | +51.3% |
| 2019 | +80.7% |
| 2018 | +5.6% |
| 2017 | +38.3% |
| 2016 | +32.7% |
| 2015 | +57.0% |
| 2014 | +8.3% |
| 2013 | +91.7% |
| 2012 | +23.6% |
| 2011 | +46.9% |
| 2010 | +52.4% |
| 2009 | +71.3% |
| 2008 | -36.4% |
| 2007 | -5.5% |
| 2006 | +18.7% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 57.7% over that stretch · deepest drop along the way 72.8%, back to its old high 17 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 17.7% over that stretch · deepest drop along the way 25.5%, back to its old high 0.4 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 39.8% over that stretch · deepest drop along the way 44.4%, back to its old high 6.2 months after the low |
Insider activity
Form 4 filings from 2025-10-30 to 2026-10-30 (25 read): 0 open-market purchases and 8 sales ($1.1M), 7 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Sep 10, 2026 | William Frank Jr. Cruger Director | sell | $1.0M |
| Apr 10, 2026 | Scott Pintoff General Counsel and Secretary | sell (plan) | $17K |
| Oct 12, 2026 | Scott Pintoff General Counsel and Secretary | sell (plan) | $16K |
| Sep 10, 2026 | Scott Pintoff General Counsel and Secretary | sell (plan) | $16K |
| Aug 10, 2026 | Scott Pintoff General Counsel and Secretary | sell (plan) | $16K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 10.9% | Jan 31, 2026 |
| PRIMECAP MANAGEMENT CO/CA/ | 9.86% | Jun 30, 2026 |
| North Reef Capital Management LP | 9.55% | Jun 30, 2026 |
| Vanguard Portfolio Management | 6.09% | Mar 31, 2026 |
| AQR Capital Management, LLC | 5.59% | Jun 30, 2026 |
| Vanguard Capital Management | 5.32% | Mar 31, 2026 |
| Guardian Capital LP | 4.7464% | Dec 31, 2024 |
| FMR LLC | 4.2% | Mar 31, 2026 |
| T. Rowe Price Investment Management, Inc. | 3.7% | Sep 30, 2025 |
ETFs with the most weight in MKTX
| MGRO VanEck Morningstar Wide Moat Growth ETF | 5.42% |
| CVAR Cultivar ETF | 4.93% |
| KONG Formidable Fortress ETF | 3.41% |
| MDPL Monarch Dividend Plus ETF | 3.14% |
| MOAT VanEck Morningstar Wide Moat ETF | 2.83% |
| BCDF Horizon Kinetics Blockchain Development ETF | 2.44% |
| FRTY Alger Mid Cap 40 ETF | 2.01% |
| SMOT VanEck Morningstar SMID Moat ETF | 1.53% |
What could go wrong
- Revenue rises and falls with trading volumes. Commissions were 86.8% of 2025 revenue. When bond trading slows across markets or on its platforms, for example because of economic or political shocks, revenue drops with it.
- Dealers can take trades elsewhere. Its marketplace depends on broker-dealers supplying prices. Nothing stops those dealers from trading with the same investor clients on their own systems or rival platforms, which could pull volume away.
- Competition and pressure on fees. It faces substantial competition, including from the phone and messaging trades it hopes to replace. It also warns that new fee plans are hard to evaluate and past commission trends may not continue.
- Extra risk from settling trades itself. On some trades it stands in the middle, trading with both sides at once, and it settles some trades itself. A client failing to pay or deliver could cause losses or funding strains.
- Outages, software errors or cyber-attacks. Clients rely on its platforms working smoothly. System failures, defects in its automated trading tools or pricing algorithms, or cyber-attacks could halt trading, damage its reputation and bring regulatory penalties.
- Heavy and growing regulation. It works in a highly regulated industry, and rules covering its clients' trading keep expanding. New rules could cut trading volumes or raise costs, and compliance failures could bring significant penalties.
Recent events
- Shareholder vote results
- Other company announcement
- Quarterly results released; Other company announcement
- Other company announcement
- Quarterly results released; Other company announcement
- Major agreement signed; Executive or board change; Investor presentation or announcement
- Shareholder vote results
- Quarterly results released; Other company announcement
- Executive or board change
- Major agreement signed; Quarterly results released; New debt or financial obligation; Other company announcement
For income and retirement investors
MarketAxess has raised its dividend for at least nine straight years, through fiscal 2025. Dividends per share grew from $2.40 in 2020 to $3.04 in 2025, about 4.8% a year, and took 46.7% of 2025 earnings. The yield was 1.88% as of October 28, 2026. Buybacks jumped to $420.0 million in 2025, far above the $115.2 million paid in dividends, and the share count fell 7.5% between October 2021 and August 2026. Earnings per share were lower in 2025 ($6.64) than in 2020 ($7.85).
The shares have dropped sharply in past downturns. They fell 72.8% from November 2007 to October 2008 and recovered by March 2010. They fell 25.5% in March 2020 and recovered within weeks. They fell 44.4% from January to September 2022, recovered by April 2023, then fell again. The price was down 56% over the five years to October 28, 2026. A single stock carries more risk than a diversified fund.
Questions investors ask
How does MarketAxess make money?
Mostly from commissions on bond trades. In 2025, commissions on trades made on its platforms were 86.8% of its $846.3 million revenue. The rest came from data and analytics (6.3%), post-trade services (5.3%) and technology services (1.6%). About 2,100 institutional investors and broker-dealers use its platforms. Because commissions make up most of revenue, sales largely track how much bond trading happens there. That depends on market conditions and competition.
Does MarketAxess raise its dividend every year?
Yes, so far. MarketAxess has raised its dividend for at least nine years in a row through fiscal 2025, and the streak may be longer. Dividends per share rose from $2.40 in 2020 to $3.04 in 2025, about 4.8% a year. The 2025 dividend equaled 46.7% of earnings, and the yield was 1.88% as of October 28, 2026. Past increases do not guarantee future ones, and earnings per share were lower in 2025 than in 2020.
How has MarketAxess stock performed?
Weakly over five years. As of October 28, 2026, the share price was down 56% over five years and 7.7% since the start of 2026. That followed drops of 31.5% in 2022, 21.6% in 2024 and 18.5% in 2025. Over one year it was up 2.9%. Revenue grew about 4.2% a year from 2020 to 2025, but net income fell 10% in 2025. These figures count price changes only, not dividends.
What is MarketAxess's P/E ratio?
About 24.8 as of October 28, 2026, based on 2025 diluted earnings of $6.64 per share. The price-to-earnings (P/E) ratio shows how much investors pay for each dollar of a company's yearly profit. At that price the company was worth about $5.8 billion on the stock market. The ratio is worth weighing against growth. Revenue rose about 4.2% a year from 2020 to 2025, while earnings per share fell from $7.85 to $6.64.
Does MarketAxess have a lot of debt?
No, not much. As of June 30, 2026, it reported total debt of $115.9 million, less than its $245.8 million in cash and investments, and shareholders' equity of $1.24 billion. Its credit agreement includes covenants, which are rules that can limit how the company borrows and operates. The company says it may take on more debt in the future. It also notes that the cash it keeps at banks often exceeds federally insured limits.