MarketAxess
Runs an electronic marketplace and workflow network for institutional fixed-income trading.
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Profile
Operates an electronic fixed-income marketplace for institutional investors and broker-dealers. Trading, automation, data and post-trade services span corporate, municipal and U.S. government bonds.
Connects institutional investors and broker-dealers to electronic fixed-income trading across corporate, municipal, U.S. government and other bond markets. It supports U.S. high-grade and high-yield bonds, emerging-market debt and eurobonds. The Open Trading marketplace lets participants interact anonymously in an all-to-all corporate-bond environment, alongside automated and algorithmic execution.
Trax provides data, trade matching and regulatory reporting, while technology and post-trade services extend the workflow beyond execution. It also offers trading protocols for different transaction needs. The platform serves a global network, and its operating model depends on participation by institutional investors, broker-dealers and other liquidity providers.
Company facts
Key statistics
Year to date −8.9% · Average volume (30d) 1.3M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 11, 2026 | Keefe, Bruyette & Woods | Downgrade | Outperform | Market Perform | ||
| Aug 10, 2026 | Barclays | Reiterate | Equal Weight | $132 | $167 | |
| Jul 31, 2026 | UBS | Downgrade | Buy | Neutral | $200 | $167 |
| Jul 30, 2026 | William Blair | Downgrade | Outperform | Market Perform | ||
| Jul 15, 2026 | Piper Sandler | Reiterate | Neutral | $175 | $128 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 30, 2026Q2 FY26 | $1.85 | $1.95 | +5.4% | $216.7M | $218.0M | +0.6% | +29.45% |
| May 7, 2026Q1 FY26 | $2.15 | $2.25 | +4.7% | $231.9M | $233.0M | +0.5% | −3.36% |
| Feb 6, 2026Q4 FY25 | $1.65 | $1.68 | +1.8% | $211.7M | $209.0M | −1.3% | +5.48% |
| Nov 7, 2025Q3 FY25 | $1.70 | $1.84 | +8.2% | $207.4M | $208.8M | +0.7% | +1.15% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $206.9M | $224.3M | $210.6M | $207.4M | $233.4M | $218.4M | |
| Gross profit | $146.5M | $160.2M | $145.4M | $141.3M | $170.2M | $130.4M | |
| Operating income | $91.2M | $97.3M | $84.6M | $76.9M | $100.9M | $89.9M | |
| Net income | $15.1M | $71.1M | $68.2M | $92.2M | $77.9M | $68.1M | |
| Diluted EPS | $0.40 | $1.91 | $1.84 | $2.51 | $2.20 | $1.93 | |
| Gross margin | 70.8% | 71.4% | 69.1% | 68.1% | 72.9% | 59.7% | |
| Operating margin | 44.1% | 43.4% | 40.2% | 37.1% | 43.2% | 41.1% |
Fiscal years (4-quarter sums)FY21 $700.5M · FY22 $717.7M · FY23 $750.6M · FY24 $818.6M · FY25 $849.2M
Revenue by product · Q2 FY26
Revenue by geography · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $245.8M · Total debt $178.9M · Total assets $2.42B · Shareholders' equity $1.24B
Dividends
Raised for 15 straight years — most recently to $0.78 from $0.76 in Feb 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Aug 19, 2026 | Aug 19 | Sep 2 | $0.78 | |
| May 20, 2026 | May 20 | Jun 3 | $0.78 | |
| Feb 18, 2026 | Feb 18 | Mar 4 | $0.78 | raised from $0.76 |
| Nov 19, 2025 | Nov 19 | Dec 3 | $0.76 | |
| Aug 20, 2025 | Aug 20 | Sep 3 | $0.76 | |
| May 21, 2025 | May 21 | Jun 4 | $0.76 | |
| Feb 19, 2025 | Feb 19 | Mar 5 | $0.76 | raised from $0.74 |
| Nov 20, 2024 | Nov 20 | Dec 4 | $0.74 |
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 35.19M · Float 34.86M · 99.1% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 4.00M | 11.37% | 13F | Aug 7, 2026 |
| Primecap Management Co/CA/ | 3.50M | 9.96% | 13F | Aug 14, 2026 |
| North Reef Capital Management LP | 3.40M | 9.65% | 13F | Aug 14, 2026 |
| Vanguard Portfolio Management LLC | 2.10M | 5.97% | 13F | Aug 13, 2026 |
| AQR Capital Management LLC | 1.99M | 5.65% | 13F | Aug 14, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 10, 2026 | Scott Pintoff | officer: General Counsel and Secretary | −100 | $162.60 |
| Jul 10, 2026 | Scott Pintoff | officer: General Counsel and Secretary | −100 | $115.12 |
| Jun 10, 2026 | Scott Pintoff | officer: General Counsel and Secretary | −100 | $116.03 |
| May 11, 2026 | Scott Pintoff | officer: General Counsel and Secretary | −100 | $146.99 |
| Apr 10, 2026 | Scott Pintoff | officer: General Counsel and Secretary | −100 | $171.96 |
Peers
- Tradeweb
Electronic fixed-income marketplace across credit, rates, and data
- Intercontinental Exchange
Fixed-income execution, data, analytics, and market infrastructure
- CME Group
BrokerTec electronic venues for cash Treasuries, repo, and data
- BGC Group
Electronic rates markets, U.S. Treasury venue, and post-trade services
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| MarketAxess | $162.72 | 0.00% | $5.73B | 19.2 | 19.7 | 6.6 | −2.8% |
| Tradeweb | $108.87 | 0.00% | $23.18B | 26.0 | 25.6 | 10.5 | +9.0% |
| Intercontinental Exchange | $162.37 | +0.02% | $91.13B | 22.9 | 19.7 | 6.8 | −18.3% |
| CME Group | $269.56 | −5.68% | $102.77B | 24.2 | 23.0 | 15.2 | +0.8% |
| BGC Group | $12.12 | 0.00% | $5.75B | 29.1 | 8.2 | 1.7 | +7.9% |
| Median | 25.1 | 21.3 | 8.6 | +4.3% |