MKTX · 10-Q · 2026Q2 · Full report
Liquidity and Capital Outlook
MARKETAXESS HOLDINGS INC · 2026-08-07 · Importance 56 · Surprise 24 · No source text
Management expects current cash and investment balances, operating cash flows and borrowing capacity under the Credit Agreement to cover liquidity needs and planned capital expenditures for at least the next twelve months. MarketAxess ended the quarter with $637.9 million of available borrowing capacity. The company also reported capital significantly in excess of its regulatory requirements.
Key facts
- 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%) source
- Total future contractual rent payments on leases: $78.7 million, with $11.9 million due within next 12 months and $66.8 million due beyond 12 months source
- The $181.9 million decrease in net cash provided by operating activities was primarily due to unfavorable changes in net receivables from broker-dealers, clearing organizations and customers, income and other tax liabilities and accounts receivable source
- The $37.4 million decrease in net cash used in investing activities was primarily due to net cash outflows for the 2025 RFQ-hub Acquisition in the 2025 period source
- The $30.0 million increase in net cash used in financing activities was principally due to net repayments of outstanding borrowings and payment of excise tax on repurchases of common stock, partially offset by lower repurchases source
- The Company stated that current cash and investment balances, together with cash flows from operations and ability to borrow under the Credit Agreement, will be sufficient to meet liquidity needs and planned capital expenditures for at least the next twelve months. source
- Net cash (used in)/provided by operating activities for six months ended June 30, 2026: $(48,517) (thousands) source
- Net cash provided by operating activities for six months ended June 30, 2025: $133,343 (thousands) source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| cash | negative | realized | -8.5% | Net decrease in cash for period (six months ended June 30, 2026): $(256,130) (thousands) versus $(50,005) prior year; change $206,125… |
| cash | negative | realized | -7.5% | Net cash (used in)/provided by operating activities for six months ended June 30, 2026: $(48,517) (thousands) |
| liability | negative | committed | -2.4% | Total future contractual rent payments on leases: $78.7 million, with $11.9 million due within next 12 months and $66.8 million due beyond… |
| cash | positive | realized | +1.6% | Net cash used in investing activities for six months ended June 30, 2026: $(30,752) (thousands) |
| cash | negative | realized | -1.2% | The $30.0 million increase in net cash used in financing activities was principally due to net repayments of outstanding borrowings and… |
| liability | negative | committed | -0.4% | Total future contractual rent payments on leases: $78.7 million, with $11.9 million due within next 12 months and $66.8 million due beyond… |