XML 57 R47.htm IDEA: XBRL DOCUMENT
v3.25.4

Parent Company Information (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2025
Condensed Financial Information Disclosure [Abstract] |
Condensed Statements of Financial Condition | 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 |
Condensed Statements of Operations |
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 |
Condensed Statements of Cash Flows |
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 |

X
- Definition Schedule of condensed statements of operations and comprehensive income. + References No definition available. + Details
Name: | mktx_ScheduleOfCondensedStatementsOfOperationsAndComprehensiveIncomeTableTextBlock
Namespace Prefix: | mktx_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | srt_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract
Namespace Prefix: | srt_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of condensed balance sheet, including, but not limited to, balance sheets of consolidated entities and consolidation eliminations. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name Regulation S-X (SX) -Number 210 -Section 12 -Subsection 04 -Paragraph a -Publisher SEC Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -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 3: http://www.xbrl.org/2009/role/commonPracticeRef -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 4: http://www.xbrl.org/2009/role/commonPracticeRef -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 + Details
Name: | srt_ScheduleOfCondensedBalanceSheetTableTextBlock
Namespace Prefix: | srt_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of condensed cash flow statement, including, but not limited to, cash flow statements of consolidated entities and consolidation eliminations. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name Regulation S-X (SX) -Number 210 -Section 12 -Subsection 04 -Paragraph a -Publisher SEC Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -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 3: http://www.xbrl.org/2009/role/commonPracticeRef -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 4: http://www.xbrl.org/2009/role/commonPracticeRef -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 + Details
Name: | srt_ScheduleOfCondensedCashFlowStatementTableTextBlock
Namespace Prefix: | srt_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration