Parent Company Information

12 Months Ended

Dec. 31, 2025

Condensed Financial Information Disclosure [Abstract]

Parent Company Information

19. Parent Company Information

The following tables present Parent Company-only financial information that should be read in conjunction with the consolidated financial statements of the Company.

MarketAxess Holdings Inc.
(Parent Company Only)
Condensed Statements of Financial Condition
	As of
	December 31, 2025			December 31, 2024
	(In thousands)
ASSETS
Cash and cash equivalents	$	9,254		$	94,332
Investments, at fair value		64,298			60,735
Accounts receivable		1,267			1,397
Receivable from subsidiaries		13,754			22,606
Intangible assets, net of accumulated amortization		16			18
Furniture, equipment, leasehold improvements and capitalized    software, net of accumulated depreciation and amortization		13,464			15,617
Operating lease right-of-use assets		47,430			51,416
Investments in subsidiaries		1,300,111			1,179,524
Prepaid expenses and other assets		7,294			40,903
Income and other tax receivable		9,779			8,253
Total assets	$	1,466,667		$	1,474,801
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities
Accrued employee compensation		9,178		$	9,707
Income and other tax liabilities		3,142			722
Borrowings		220,000			—
Accounts payable, accrued expenses and other liabilities		16,037			10,646
Operating lease liabilities		60,051			65,066
Total liabilities		308,408			86,141
Redeemable noncontrolling interest		12,592			—
Stockholders’ equity
Preferred stock		—			—
Series A Preferred Stock		—			—
Common stock voting		123			123
Common stock non-voting		—			—
Additional paid-in capital		305,923			350,701
Treasury stock		(694,764	)		(333,369	)
Retained earnings		1,538,746			1,405,904
Accumulated other comprehensive loss		(4,361	)		(34,699	)
Total stockholders’ equity		1,145,667			1,388,660
Total liabilities, redeemable noncontrolling interest and stockholders’ equity	$	1,466,667		$	1,474,801

MarketAxess Holdings Inc.
(Parent Company Only)
Condensed Statements of Operations
		Year Ended December 31,
		2025				2024				2023
		(In thousands)
Revenues	$		258,450		$		246,600		$		270,700
Expenses
Employee compensation and benefits			10,388				12,091				13,938
Depreciation and amortization			2,200				2,186				2,153
Professional and consulting fees			6,341				6,149				5,828
General and administrative			4,154				1,660				2,301
Total expenses			23,083				22,086				24,220
Operating income			235,367				224,514				246,480
Other income (expense)
Interest income			5,202				4,615				3,557
Interest expense			(769	)			(167	)			(155	)
Equity in earnings of unconsolidated affiliate			457				1,395				735
Other, net			2,249				(5,088	)			(369	)
Total other income (expense)			7,139				755				3,768
Income before income taxes and equity in undistributed earnings of subsidiaries			242,506				225,269				250,248
Benefit from income taxes			(4,122	)			(6,550	)			(5,586	)
Income before equity in undistributed income of subsidiaries			246,628				231,819				255,834
Equity in undistributed income of subsidiaries			284				42,362				2,221
Net income			246,912				274,181				258,055
Other comprehensive income (loss), net			30,338				(10,329	)			13,327
Comprehensive income	$		277,250		$		263,852		$		271,382

MarketAxess Holdings Inc.
(Parent Company Only)
Condensed Statements of Cash Flows
	Year Ended December 31,
	2025			2024			2023
	(In thousands)
Cash flows from operating activities
Net income	$	246,912		$	274,181		$	258,055
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		2,200			2,186			2,153
Amortization of operating lease right-of-use assets		3,986			3,697			3,361
Stock-based compensation expense		7,042			7,130			9,725
Deferred taxes		(625	)		397			101
Equity in undistributed income of subsidiaries		(284	)		(42,362	)		(2,221	)
Other		(550	)		4,304			(4,675	)
Changes in operating assets and liabilities:
(Increase)/decrease in accounts receivable		130			526			(1,154	)
Decrease in receivable from subsidiaries		26,332			12,694			5,474
Decrease in prepaid expenses and other assets		2,057			304			1,296
(Increase) in mutual funds held in rabbi trust		(232	)		(94	)		(189	)
(Decrease)/increase in accrued employee compensation		(529	)		1,118			(1,104	)
(Increase)/decrease in income and other tax receivables		(1,526	)		(579	)		3,800
Increase/(decrease) increase in income and other tax liabilities		(941	)		(2,278	)		2,287
(Decrease)/increase in accounts payable, accrued expenses and other liabilities		8,495			4,809			(861	)
(Decrease) in operating lease liabilities		(5,015	)		(4,669	)		(3,624	)
Net cash provided by operating activities		287,452			261,364			272,424
Cash flows from investing activities
Acquisition of business		(38,069	)		—			(81,161	)
Investments in subsidiaries		(700	)		(30	)		(10,058	)
Available-for-sale investments
Proceeds from maturities and sales		10,570			12,440			4,454
Purchases		(12,968	)		(42,810	)		(28,818	)
Purchases of furniture, equipment and leasehold improvements		(44	)		(156	)		(239	)
Net cash (used in) investing activities		(41,211	)		(30,556	)		(115,822	)
Cash flows from financing activities
Cash dividend on common stock		(115,199	)		(112,697	)		(109,658	)
Exercise of stock options		—			2,988			940
Withholding tax payments on Full Value Awards vesting and stock option exercises		(17,155	)		(16,194	)		(25,839	)
Repurchases of common stock		(420,015	)		(75,474	)		—
Proceeds from borrowings		220,000			100,000			100,000
Repayments of borrowings		—			(100,000	)		(100,000	)
Net cash (used in) financing activities		(332,369	)		(201,377	)		(134,557	)
Effect of exchange rate changes on cash and cash equivalents		—			—			(3	)
Cash and cash equivalents including restricted cash
Net increase (decrease) for the period		(86,128	)		29,431			22,042
Beginning of period		95,382			65,951			43,909
End of period	$	9,254		$	95,382		$	65,951

MarketAxess Holdings Inc.
(Parent Company Only)
Condensed Statements of Cash Flows (Continued)
	Year Ended December 31,
	2025		2024		2023
	(In thousands)
Supplemental cash flow information:
Cash paid for income taxes	$	44,179	$	53,999	$	55,784
Cash paid for interest		—		167		35
Non-cash investing and financing activity:
Exercise of stock options - cashless	$	—	$	1,735	$	—
Excise tax on repurchases of common stock		3,361		—		—
Right-of-use assets obtained in exchange for operating lease liabilities		—		—		1,072
Treasury stock used for acquisition of business		—		—		43,841