MKTX · Full Picture

MARKETAXESS HOLDINGS INC — the full picture

Earnings window · 2026-07-17 to 2026-08-10 · anchored on the 10-Q report

One earnings window, everything merged: the filing, the call, press releases and news digests, folded into ranked threads.

What to look at first

  1. Income Tax Rate Changes · TaxPriority 76
    -19.4% net_income (realized); structured_verified
    Provision for income taxes for the six months ended June 30, 2026: $47,217 (thousands), a decrease of $60,108 (56.0%) versus $107,325 for the prior year period.
  2. Liquidity and Capital Outlook · Liquidity & cash positionPriority 76
    -2.8% liability; 2 forward row(s); structured_verified
    Net decrease in cash for period (six months ended June 30, 2026): $(256,130) (thousands) versus $(50,005) prior year; change $206,125 (412.2%)
  3. Net Income and Profitability · Operating income & profitabilityPriority 74
    +26.2% net_income (realized); quote_verified
    Net income for the six months ended June 30, 2026: $146,430 (thousands), a 69.8% increase versus $86,245 for the prior year period.
  4. ICE Acquisition and Merger Litigation · M&A and divestituresPriority 65
    quote_verified
    Intercontinental Exchange made a US$6 billion acquisition bid for MarketAxess at a 33% premium.
  5. Liquidity and Debt Position · Debt, leverage & refinancingPriority 63
    quote_verified
    As of July 29, 2026 borrowings under Credit Agreement: $92.0 million and letters of credit outstanding: $0.1 million; available borrowing capacity: $657.9 million
  6. Self-Clearing Liquidity Requirements · Liquidity & cash positionPriority 63
    quote_verified
    Certain operating subsidiaries may borrow up to $500.0 million on an uncommitted basis from a settlement bank, collateralized by eligible securities
  7. Market Demand Trends · Demand, orders & backlogPriority 61
    1 forward row(s); quote_verified
    Estimated U.S. high-grade market volume as reported by TRACE increased 15.2% to $5.8 trillion for the six months ended June 30, 2026 versus the six months ended June 30, 2025.
  8. Capital Return Program · Buybacks & dividendsPriority 60
    quote_verified
    Board authorized 2024 Repurchase Program for up to $200.0 million in August 2024 and 2025 Repurchase Program for additional $400.0 million in December 2025; Repurchase Programs do not have an expiration date
  9. Operating Income and Margins · Operating income & profitabilityPriority 60
    +8.3% operating_income (realized); structured_verified
    Operating income for the three months ended June 30, 2026: $89,877 (thousands), a 2.2% decrease versus $91,864 for the prior year period.
  10. Regulatory Capital Requirements · UnclassifiedPriority 60
    quote_verified
    As of June 30, 2026 each regulated subsidiary had net capital or financial resources in excess of minimum requirements and aggregate net capital and financial resources were $600.5 million in excess of required levels of $47.4 million
  11. Revenue Performance and Mix · Revenue growth & mixPriority 60
    2 sources (news, sec_filing); 1 forward row(s); quote_verified
    Marketaxess has an expected revenue for the next quarter of $219.68 million and an anticipated EPS of $1.97 based on forecasts referenced by TradingKey.
  12. Trading Volume and Fees · Demand, orders & backlogPriority 57
    quote_verified
    For the six months ended June 30, 2026, total trading volume was $5,713,552 (millions), an increase of $59,224 (1.0%) versus $5,654,328 for the prior year period.

Threads by pillar

Revenue & Demand Priority 78 · 4 threads

Costs & Margins Priority 81 · 3 threads

Capital & Balance Sheet Priority 92 · 7 threads

Strategy & Portfolio Priority 66 · 2 threads

Legal, Regulatory & Policy Priority 38 · 2 threads

Macro & Market Conditions Priority 50 · 3 threads

Management & Governance Priority 33 · 1 thread

Unclassified Priority 79 · 5 threads

Expected impact by metric

metricforward netforward grossrealized
liability-2.8%+2.8%—
cash——-17.0%
operating_income——+7.9%
net_income——+1.4%