Marketaxess Holdings (MKTX) Operating Margin (2017 - 2026)
Marketaxess Holdings' Operating Margin was 41.15% in Q2 2026, down 0.71 percentage points from 41.86% a year earlier and down 2.09 percentage points from the prior quarter.
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Analysis
Marketaxess Holdings (MKTX) Operating Margin (2017 - 2026) Analysis & Trends
On a trailing twelve-month basis, Marketaxess Holdings' Operating Margin was 40.50% through Jun 30, 2026, down 0.98 percentage points year-over-year; for FY2025, it was 40.39%, down 1.32 percentage points from FY2024.
- Operating Margin has now declined for five consecutive years, with a five-year change of -13.98 percentage points (FY2020 to FY2025).
- In earlier years, Operating Margin was 41.72% in FY2024 (-0.14 pp), 41.86% in FY2023 (-3.65 pp), 45.51% in FY2022 (-2.74 pp) and 48.25% in FY2021 (-6.13 pp).
- Quarterly Operating Margin has moved between 36.30% (Q4 2025) and 47.35% (Q1 2022) over five years.
- Compared with a year earlier, Operating Margin was higher in four of the last eight quarters, with an average year-over-year change of -0.17 percentage points.
- The best year-over-year quarter for Operating Margin over five years was Q3 2024 (a gain of 3.28 percentage points); the worst was Q4 2021 (a drop of 9.54 percentage points).
- Per Business Quant data, MKTX's Operating Margin in the three quarters before Q2 2026 was 43.24% (Q1 2026), 36.30% (Q4 2025) and 40.98% (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Robinhood Markets | 104.70 Bn | 85.79 Bn | - | - |
| 2 | Bank of New York Mellon | 100.72 Bn | 40.09 Bn | - | - |
| 3 | Cme | 94.58 Bn | 94.58 Bn | - | 64.89% |
| 4 | Intercontinental Exchange | 85.83 Bn | 79.63 Bn | - | 38.52% |
| 5 | Nasdaq | 52.05 Bn | 49.49 Bn | 1.50 Bn | 28.12% |
| 6 | State Street | 49.39 Bn | 49.39 Bn | - | - |
| 7 | Interactive Brokers | 39.24 Bn | 32.69 Bn | - | - |
| 8 | Northern Trust | 31.94 Bn | 31.94 Bn | - | - |
| 9 | Cboe Global Markets | 26.47 Bn | 18.13 Bn | 731.60 Mn | 32.99% |
| 10 | Marketaxess Holdings | 5.77 Bn | 4.17 Bn | - | 41.15% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 41.15% |
| Mar 31, 2026 | 43.24% |
| Dec 31, 2025 | 36.30% |
| Sep 30, 2025 | 40.98% |
| Jun 30, 2025 | 41.86% |
| Mar 31, 2025 | 42.37% |
| Dec 31, 2024 | 39.51% |
| Sep 30, 2024 | 42.11% |
| Jun 30, 2024 | 41.15% |
| Mar 31, 2024 | 43.98% |
| Dec 31, 2023 | 39.05% |
| Sep 30, 2023 | 38.84% |
| Jun 30, 2023 | 42.11% |
| Mar 31, 2023 | 46.93% |
| Dec 31, 2022 | 43.66% |
| Sep 30, 2022 | 44.34% |
| Jun 30, 2022 | 46.53% |
| Mar 31, 2022 | 47.35% |
| Dec 31, 2021 | 43.97% |
| Sep 30, 2021 | 45.65% |
API Access
Marketaxess Holdings Operating Margin API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=operating-margin&ticker=MKTX&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-margin", "ticker": "MKTX", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=operating-margin&ticker=MKTX&period=max&api_key=YOUR_API_KEY");
const data = await res.json();