MKTX · 10-Q · 2026Q2 · Full report

Operating Income and Margins

MARKETAXESS HOLDINGS INC · 2026-08-07 · Importance 42 · Surprise 14 · In source text

Six-month operating income increased 5.9% to $190.8 million from $180.2 million, while second-quarter operating income decreased 2.2% to $89.9 million from $91.9 million. The six-month operating margin was approximately 42.2%, compared with approximately 42.1% in the prior year, as revenue growth slightly exceeded expense growth. The second-quarter operating margin was approximately 41.2%, compared with approximately 41.9% in the prior year, because revenue declined 0.5% while expenses increased 0.7%. Second-quarter technology and communications costs rose $2.1 million and marketing costs rose $0.5 million, partially offsetting the $3.1 million reduction in employee compensation and benefits.

Key facts

• 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. source
• Operating income for the six months ended June 30, 2026: $190,798 (thousands), a 5.9% increase versus $180,246 for the prior year period. source
• EBITDA for six months ended June 30, 2026: $227,916 (thousands) source
• EBITDA for six months ended June 30, 2025: $218,254 (thousands) source
• EBITDA margin for six months ended June 30, 2026: 50.4% source
• EBITDA margin for six months ended June 30, 2025: 51.0% source

Impact estimates