MKTX · 10-Q · 2026Q2 · Full report

Liquidity and Debt Position

MARKETAXESS HOLDINGS INC · 2026-08-07 · Importance 81 · Surprise 64 · In source text

Cash, cash equivalents, corporate bonds and U.S. Treasury investments totaled $404.8 million as of June 30, 2026, with investments generally consisting of investment-grade, short- to intermediate-term securities. Operating cash flow changed from $133.3 million provided in the first six months of 2025 to $48.5 million used in 2026, a $181.9 million deterioration caused mainly by unfavorable changes in receivables from broker-dealers, clearing organizations and customers, tax liabilities and accounts receivable. Total cash decreased $256.1 million during the six months ended June 30, 2026, compared with a $50.0 million decrease in 2025. Self-clearing and settlement activities required $412.6 million of financed positions, restricted cash deposits and customer reserve balances as of June 30, 2026.

Key facts

• 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 source
• As of June 30, 2026 borrowings under Credit Agreement: $112.0 million and letters of credit outstanding: $0.1 million; available borrowing capacity: $637.9 million source
• As of quarter end, the Company had $637.9 million in available borrowing capacity under its Credit Agreement. source
• Cash and cash equivalents and corporate bond and U.S. Treasury investments totaled $404.8 million as of June 30, 2026 source
• As of June 30, 2026 overdrafts payable outstanding: $3.9 million source

Impact estimates