Company / Operating Margin
MarketAxess Operating Margin History
FY2016-FY2025 · Annual data · Source: SEC filings
At a glance
Latest annual filing availableLatest Operating Margin
40.4%
FY2025
5-year range
40.4% / 54.4%
FY2021-FY2025
Trend
-3.2%
vs FY2024
Sector context
#19 of 105
Financials
What the data says
MarketAxess's operating margin of 40.4% is higher than 82% of companies in the Financials sector (FY2025). Operating Margin has declined for 3 consecutive years, from 54.4% in FY2022 to 40.4% in FY2025.
Based on SEC 10-K filings.
40.4% in FY2025 with a 5-year CAGR of -8.4%. Top quartile in the Financials sector.
Declined from 41.9% to 40.4% over the past 2 years.
Financials sector context is included.
Operating Margin over time
Growth rates
- 3-Year Change
- -14.0pp
- 5-Year Change
- -8.4pp
- 10-Year Change
- -
Sector benchmark
Top 18% in FinancialsTop 18% of 105This company 40.4% Sector average -49.0%
▼
+182.5% above sector average
Key checks
Key Insights
- MarketAxess's operating margin has declined for 3 consecutive years.
- In FY2025, operating margin decreased 3.2% year-over-year.
- Currently 89.4pp above the Financials sector average.
- Peak operating margin was recorded in FY2022.
Company context
Key Data Points
- Strong profit margin: 26.2%
- High earnings quality (cash-backed earnings)
Data sourced from SEC EDGAR filings. Not investment advice.
Annual data
| Year | Operating MarginValue | YoY GrowthYoY |
|---|---|---|
| FY2025 | 40.4% | -3.2% |
| FY2024 | 41.7% | -0.3% |
| FY2023 | 41.9% | -23.0% |
| FY2022 | 54.4% | +10.8% |
| FY2021 | 49.1% | +0.5% |
| FY2020 | 48.8% | -3.8% |
| FY2019 | 50.7% | +4.0% |
| FY2018 | 48.8% | -2.8% |
| FY2017 | 50.2% | -2.2% |
| FY2016 | 51.4% | - |
As of FY2025 · SEC 10-K · Updated Jun 30, 2026