MKTX MarketAxess Holdings margins

Relative Growth: Rel. Growth:

Relative Strength: Rel. Strength:

Relative Valuation: Rel. Valuation:

Relative Profitability: Rel. Profitability: 98

Gross margin

100%

Operating margin

39.1%

EBITDA margin

50.5%

Net margin

33.5%

Using the latest TTM figures, MarketAxess Holdings shows a gross margin of 100%, an operating margin of 39.1%, an EBITDA margin of 50.5%, and a net margin of 33.5%. Net margin showed the largest year-over-year gain at 7.3 percentage points, whereas EBITDA margin showed the largest decline at 3.8 percentage points.

MKTX margin history

Gross, operating, EBITDA and net margin trends

Looking back over the last 3 years, MarketAxess Holdings recorded average margins of 100% gross, 40.99% operating, 53.7% EBITDA, and 31.87% net. The current figures show net margin is above its three-year average, while operating and EBITDA margins are below their three-year averages.

MKTX margin expansion

Year-over-year margin changes in percentage points

The largest positive change was in net margin, up 7.3 percentage points. The expansion was limited to net margin, while operating margin contracted by 2.1 percentage points and EBITDA margin by 3.8 percentage points.

Gross margin expansion

0pp

Operating margin expansion

-2.1pp

EBITDA margin expansion

-3.8pp

Net margin expansion

7.3pp

MKTX Gross margin

MarketAxess Holdings recorded an average gross margin of 100% across the last 3 years. MarketAxess Holdings's current gross margin is 100% and is in line with its three-year average. The highest gross margin for MarketAxess Holdings was 100% in Sep 2026, while the lowest was 100% in Dec 2023.

MKTX Operating margin

MarketAxess Holdings recorded an average operating margin of 40.99% across the last 3 years. The current operating margin stands at 39.1%, 1.9 percentage points below its three-year average. Operating margin was highest at 41.9% in Dec 2023 and lowest at 39.1% in Sep 2026.

MKTX EBITDA margin

MarketAxess Holdings's EBITDA margin averaged 53.7% across the past 3 years. Compared with its three-year average, MarketAxess Holdings's current EBITDA margin is 50.5% and is 3.2 percentage points below its three-year average. Over the last 3 years, MarketAxess Holdings's EBITDA margin peaked at 54.7% in Sep 2024 and reached a low of 50.5% in Sep 2026.

MKTX Net margin

Over the last 3 years, the average net margin for MarketAxess Holdings was 31.87%. The latest net margin for MarketAxess Holdings is 33.5%, 1.6 percentage points above its three-year average. MarketAxess Holdings's net margin ranged from a low of 26.2% in Sep 2025 to a high of 35.5% in Mar 2026.

MKTX margin group comparison

Margins compared with peer-group, industry and sector averages

With a gross margin of 100%, MKTX stands above the Financial Services sector, the industry and its peers average. In comparison with its Financial Services sector average of 83.5%, MarketAxess Holdings's gross margin is 20% higher.

MKTX margin peer comparison

Compare margins with selected peers

Frequently asked questions

What is MarketAxess Holdings's gross margin?

As of Sep 30, 2026, MKTX has a gross margin of 100%.

What is MarketAxess Holdings's operating margin?

As of Sep 30, 2026, MKTX has an operating margin of 39.1%.

What is MarketAxess Holdings's EBITDA margin?

The current EBITDA margin for MKTX is 50.5% as of Sep 30, 2026.

What is MarketAxess Holdings's net margin?

As of Sep 30, 2026, MKTX has a net margin of 33.5%.

What are the average margins of MKTX?

Over the past 3 years, MKTX reported average margins of 100.0% gross, 41.0% operating, 53.7% EBITDA, and 31.9% net.

What are the highest historical margins of MKTX?

Over the last 5 years, MarketAxess Holdings's highest margins were 100% gross in Sep 2026, 48.2% operating in Dec 2021, 56.5% EBITDA in Dec 2022, and 36.9% net in Dec 2021.

What are the lowest historical margins of MKTX?

Looking back across 5 years, MKTX reached its lowest margins at 100% gross in Dec 2021, 39.1% operating in Sep 2026, 50.5% EBITDA in Sep 2026, and 26.2% net in Sep 2025.