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Parent Company Information | 12 Months Ended
--- | ---
Dec. 31, 2025
Condensed Financial Information Disclosure [Abstract] |
Parent Company Information | 19. Parent Company Information The following tables present Parent Company-only financial information that should be read in conjunction with the consolidated financial statements of the Company.
MarketAxess Holdings Inc. |
(Parent Company Only) |
Condensed Statements of Financial Condition |
| As of |
| December 31, 2025 |  |  | December 31, 2024 |
| (In thousands) |
ASSETS |  |  |  |  |  |  |
Cash and cash equivalents | $ |  | 9,254 |  |  | $ |  | 94,332 |
Investments, at fair value |  |  | 64,298 |  |  |  |  | 60,735 |
Accounts receivable |  |  | 1,267 |  |  |  |  | 1,397 |
Receivable from subsidiaries |  |  | 13,754 |  |  |  |  | 22,606 |
Intangible assets, net of accumulated amortization |  |  | 16 |  |  |  |  | 18 |
Furniture, equipment, leasehold improvements and capitalized software, net of accumulated depreciation and amortization |  |  | 13,464 |  |  |  |  | 15,617 |
Operating lease right-of-use assets |  |  | 47,430 |  |  |  |  | 51,416 |
Investments in subsidiaries |  |  | 1,300,111 |  |  |  |  | 1,179,524 |
Prepaid expenses and other assets |  |  | 7,294 |  |  |  |  | 40,903 |
Income and other tax receivable |  |  | 9,779 |  |  |  |  | 8,253 |
Total assets | $ |  | 1,466,667 |  |  | $ |  | 1,474,801 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |
Accrued employee compensation |  |  | 9,178 |  |  | $ |  | 9,707 |
Income and other tax liabilities |  |  | 3,142 |  |  |  |  | 722 |
Borrowings |  |  | 220,000 |  |  |  |  | — |
Accounts payable, accrued expenses and other liabilities |  |  | 16,037 |  |  |  |  | 10,646 |
Operating lease liabilities |  |  | 60,051 |  |  |  |  | 65,066 |
Total liabilities |  |  | 308,408 |  |  |  |  | 86,141 |
Redeemable noncontrolling interest |  |  | 12,592 |  |  |  |  | — |
Stockholders’ equity |  |  |  |  |  |  |
Preferred stock |  |  | — |  |  |  |  | — |
Series A Preferred Stock |  |  | — |  |  |  |  | — |
Common stock voting |  |  | 123 |  |  |  |  | 123 |
Common stock non-voting |  |  | — |  |  |  |  | — |
Additional paid-in capital |  |  | 305,923 |  |  |  |  | 350,701 |
Treasury stock |  |  | (694,764 | ) |  |  |  | (333,369 | )
Retained earnings |  |  | 1,538,746 |  |  |  |  | 1,405,904 |
Accumulated other comprehensive loss |  |  | (4,361 | ) |  |  |  | (34,699 | )
Total stockholders’ equity |  |  | 1,145,667 |  |  |  |  | 1,388,660 |
Total liabilities, redeemable noncontrolling interest and stockholders’ equity | $ |  | 1,466,667 |  |  | $ |  | 1,474,801 |
MarketAxess Holdings Inc. |
(Parent Company Only) |
Condensed Statements of Operations |
|  | Year Ended December 31, |
|  | 2025 |  |  |  | 2024 |  |  |  | 2023 |
|  | (In thousands) |
Revenues | $ |  | 258,450 |  |  | $ |  | 246,600 |  |  | $ |  | 270,700 |
Expenses |  |  |  |  |  |  |  |  |  |  |
Employee compensation and benefits |  |  | 10,388 |  |  |  |  | 12,091 |  |  |  |  | 13,938 |
Depreciation and amortization |  |  | 2,200 |  |  |  |  | 2,186 |  |  |  |  | 2,153 |
Professional and consulting fees |  |  | 6,341 |  |  |  |  | 6,149 |  |  |  |  | 5,828 |
General and administrative |  |  | 4,154 |  |  |  |  | 1,660 |  |  |  |  | 2,301 |
Total expenses |  |  | 23,083 |  |  |  |  | 22,086 |  |  |  |  | 24,220 |
Operating income |  |  | 235,367 |  |  |  |  | 224,514 |  |  |  |  | 246,480 |
Other income (expense) |  |  |  |  |  |  |  |  |  |  |
Interest income |  |  | 5,202 |  |  |  |  | 4,615 |  |  |  |  | 3,557 |
Interest expense |  |  | (769 | ) |  |  |  | (167 | ) |  |  |  | (155 | )
Equity in earnings of unconsolidated affiliate |  |  | 457 |  |  |  |  | 1,395 |  |  |  |  | 735 |
Other, net |  |  | 2,249 |  |  |  |  | (5,088 | ) |  |  |  | (369 | )
Total other income (expense) |  |  | 7,139 |  |  |  |  | 755 |  |  |  |  | 3,768 |
Income before income taxes and equity in undistributed earnings of subsidiaries |  |  | 242,506 |  |  |  |  | 225,269 |  |  |  |  | 250,248 |
Benefit from income taxes |  |  | (4,122 | ) |  |  |  | (6,550 | ) |  |  |  | (5,586 | )
Income before equity in undistributed income of subsidiaries |  |  | 246,628 |  |  |  |  | 231,819 |  |  |  |  | 255,834 |
Equity in undistributed income of subsidiaries |  |  | 284 |  |  |  |  | 42,362 |  |  |  |  | 2,221 |
Net income |  |  | 246,912 |  |  |  |  | 274,181 |  |  |  |  | 258,055 |
Other comprehensive income (loss), net |  |  | 30,338 |  |  |  |  | (10,329 | ) |  |  |  | 13,327 |
Comprehensive income | $ |  | 277,250 |  |  | $ |  | 263,852 |  |  | $ |  | 271,382 |
MarketAxess Holdings Inc. |
(Parent Company Only) |
Condensed Statements of Cash Flows |
| Year Ended December 31, |
| 2025 |  |  | 2024 |  |  | 2023 |
| (In thousands) |
Cash flows from operating activities |  |  |  |  |  |  |  |
Net income | $ | 246,912 |  |  | $ | 274,181 |  |  | $ | 258,055 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |  |  |
Depreciation and amortization |  | 2,200 |  |  |  | 2,186 |  |  |  | 2,153 |
Amortization of operating lease right-of-use assets |  | 3,986 |  |  |  | 3,697 |  |  |  | 3,361 |
Stock-based compensation expense |  | 7,042 |  |  |  | 7,130 |  |  |  | 9,725 |
Deferred taxes |  | (625 | ) |  |  | 397 |  |  |  | 101 |
Equity in undistributed income of subsidiaries |  | (284 | ) |  |  | (42,362 | ) |  |  | (2,221 | )
Other |  | (550 | ) |  |  | 4,304 |  |  |  | (4,675 | )
Changes in operating assets and liabilities: |  |  |  |  |  |  |  |
(Increase)/decrease in accounts receivable |  | 130 |  |  |  | 526 |  |  |  | (1,154 | )
Decrease in receivable from subsidiaries |  | 26,332 |  |  |  | 12,694 |  |  |  | 5,474 |
Decrease in prepaid expenses and other assets |  | 2,057 |  |  |  | 304 |  |  |  | 1,296 |
(Increase) in mutual funds held in rabbi trust |  | (232 | ) |  |  | (94 | ) |  |  | (189 | )
(Decrease)/increase in accrued employee compensation |  | (529 | ) |  |  | 1,118 |  |  |  | (1,104 | )
(Increase)/decrease in income and other tax receivables |  | (1,526 | ) |  |  | (579 | ) |  |  | 3,800 |
Increase/(decrease) increase in income and other tax liabilities |  | (941 | ) |  |  | (2,278 | ) |  |  | 2,287 |
(Decrease)/increase in accounts payable, accrued expenses and other liabilities |  | 8,495 |  |  |  | 4,809 |  |  |  | (861 | )
(Decrease) in operating lease liabilities |  | (5,015 | ) |  |  | (4,669 | ) |  |  | (3,624 | )
Net cash provided by operating activities |  | 287,452 |  |  |  | 261,364 |  |  |  | 272,424 |
Cash flows from investing activities |  |  |  |  |  |  |  |
Acquisition of business |  | (38,069 | ) |  |  | — |  |  |  | (81,161 | )
Investments in subsidiaries |  | (700 | ) |  |  | (30 | ) |  |  | (10,058 | )
Available-for-sale investments |  |  |  |  |  |  |  |
Proceeds from maturities and sales |  | 10,570 |  |  |  | 12,440 |  |  |  | 4,454 |
Purchases |  | (12,968 | ) |  |  | (42,810 | ) |  |  | (28,818 | )
Purchases of furniture, equipment and leasehold improvements |  | (44 | ) |  |  | (156 | ) |  |  | (239 | )
Net cash (used in) investing activities |  | (41,211 | ) |  |  | (30,556 | ) |  |  | (115,822 | )
Cash flows from financing activities |  |  |  |  |  |  |  |
Cash dividend on common stock |  | (115,199 | ) |  |  | (112,697 | ) |  |  | (109,658 | )
Exercise of stock options |  | — |  |  |  | 2,988 |  |  |  | 940 |
Withholding tax payments on Full Value Awards vesting and stock option exercises |  | (17,155 | ) |  |  | (16,194 | ) |  |  | (25,839 | )
Repurchases of common stock |  | (420,015 | ) |  |  | (75,474 | ) |  |  | — |
Proceeds from borrowings |  | 220,000 |  |  |  | 100,000 |  |  |  | 100,000 |
Repayments of borrowings |  | — |  |  |  | (100,000 | ) |  |  | (100,000 | )
Net cash (used in) financing activities |  | (332,369 | ) |  |  | (201,377 | ) |  |  | (134,557 | )
Effect of exchange rate changes on cash and cash equivalents |  | — |  |  |  | — |  |  |  | (3 | )
Cash and cash equivalents including restricted cash |  |  |  |  |  |  |  |
Net increase (decrease) for the period |  | (86,128 | ) |  |  | 29,431 |  |  |  | 22,042 |
Beginning of period |  | 95,382 |  |  |  | 65,951 |  |  |  | 43,909 |
End of period | $ | 9,254 |  |  | $ | 95,382 |  |  | $ | 65,951 |
MarketAxess Holdings Inc. |
(Parent Company Only) |
Condensed Statements of Cash Flows (Continued) |
| Year Ended December 31, |
| 2025 |  |  | 2024 |  |  | 2023 |
| (In thousands) |
Supplemental cash flow information: |  |  |  |  |  |  |  |
Cash paid for income taxes | $ | 44,179 |  |  | $ | 53,999 |  |  | $ | 55,784 |
Cash paid for interest |  | — |  |  |  | 167 |  |  |  | 35 |
Non-cash investing and financing activity: |  |  |  |  |  |  |  |
Exercise of stock options - cashless | $ | — |  |  | $ | 1,735 |  |  | $ | — |
Excise tax on repurchases of common stock |  | 3,361 |  |  |  | — |  |  |  | — |
Right-of-use assets obtained in exchange for operating lease liabilities |  | — |  |  |  | — |  |  |  | 1,072 |
Treasury stock used for acquisition of business |  | — |  |  |  | — |  |  |  | 43,841 |

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 942 -SubTopic 235 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3 Reference 4: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481231/810-10-45-11 + Details
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