AI-extracted from the 10-Q filed 2026-08-07 — Q2 FY2026 (quarter ended June 30, 2026). Every figure is machine-verified against the filing text on SEC EDGAR.
MarketAxess Q2 2026 revenue was $218.4M, down 0.5% YoY, as lower credit fee-per-million and a 12.0% volume decline offset gains in information services, with an agreed merger to be acquired by Intercontinental Exchange at $167.00 per share in cash.
Biggest Revenue Drivers
Commissions$186.9M-2.5% YoY
Credit variable transaction fees decreased $8.6M, driven by a 6.5% decrease in average credit fee per million, partially offset by a 0.6% increase in trading volume.
Information services$16.1M+23.0% YoY
Primarily due to net new contract revenue.
Biggest Revenue Drivers
Total revenue: $218.4M-0.5% YoY
Commissions$186.9M-2.5% YoY
Credit variable transaction fees decreased $8.6M, driven by a 6.5% decrease in average credit fee per million, partially offset by a 0.6% increase in trading volume.
Information services$16.1M+23.0% YoY
Primarily due to net new contract revenue.
Post-trade services$11.6M+4.7% YoY
Mainly due to net new contract revenue.
Technology services$3.8M+8.5% YoY
Largely driven by higher license and connectivity fees reflecting the inclusion of RFQ-hub.
Largest Expense Items
Employee compensation and benefits$62.2M-4.7% YoY
Primarily due to lower severance costs and bonus accruals.
Technology and communications$21.5M+10.7% YoY
Primarily due to investments in software and cloud hosting costs.
Depreciation and amortization$19.3M+0.6% YoY
Primarily due to higher amortization of internally-developed software costs and higher amortization of intangibles.
Professional and consulting fees$8.0M+10.9% YoY
Primarily due to higher legal expenses, partially offset by cost-savings initiatives.
Margins: Operating margin was 41.1% versus 41.9% a year earlier, with operating income of $89.9M down 2.2%. Management attributes the pressure to lower credit fee per million from protocol and product mix, partly offset by lower compensation costs.
Watch Items from the Filing
Pending merger with Intercontinental Exchange at $167.00 per share in cash; a $148.8M termination fee applies in specified circumstances.
Estimated U.S. high-grade market share fell to 17.5% from 19.8% year over year, and rates volume declined 18.6%.
Credit average variable transaction fee per million fell 6.5% to $129, reflecting portfolio trading mix and lower bond duration.
Borrowings reduced to $115.9M from $220.0M at year-end, with $637.9M of available capacity under the credit facility at quarter end.
AI-extracted and verified against SEC EDGAR filing text. Not investment advice.
Portney Emily HopeReporting ownerGift · Aug 12, 2026
Chwick JaneReporting ownerGift · Aug 7, 2026
Hernandez Carlos MauricioReporting ownerGift · Jun 18, 2026
Hoornweg RobertoReporting ownerGrant or award · Jun 10, 2026
Gibson KourtneyReporting ownerGrant or award · Jun 10, 2026
Begleiter Steven LReporting ownerGrant or award · Jun 10, 2026
Schiciano Kenneth TReporting ownerGrant or award · Jun 10, 2026
Ketchum Richard GReporting ownerGrant or award · Jun 10, 2026
Congress trading in MKTX
6 transactions in MKTX reported by 4 members of Congress under the STOCK Act, most recent trade Apr 9, 2026. Reported transactions, not recommendations.
About MARKETAXESS HOLDINGS INC (MKTX): stock profile, AI score and financials
MARKETAXESS HOLDINGS INC (MKTX) stock profile, AI quality score, and SEC EDGAR financial data, a Financials sector company. 13F Pro's AI-powered ranking engine scores MKTX at 60.5/100 on a composite quality score built from its SEC filings, placing it at rank #859 of 2,925 stocks — the top half of the AI-ranked universe. MKTX scores in the top quartile across profitability (95.2), balance sheet strength (91.8), free cash flow (76.4). Areas of concern include earnings quality (20.5), which score below median versus the broader universe. Shareholder dilution risk is elevated at 28.6/100, reflecting ongoing share issuance or stock-based compensation. Based on the latest XBRL financial filings (Q2 2026), MARKETAXESS HOLDINGS INC reports quarterly revenue of $218.4M, net income of $68.1M, an operating margin of 41.1%. Top institutional holders of MKTX by reported 13-F value include BlackRock, PRIMECAP MANAGEMENT, North Reef Capital Management, based on the most recent SEC filings. MKTX trades on the Nasdaq exchange and files with the SEC under CIK 1278021. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate MKTX daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for MARKETAXESS HOLDINGS INC directly from SEC EDGAR.