MarketAxess Holdings Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	274.18	258.06	250.22	257.89
Depreciation & Amortization	80.46	76.41	67.15	60.25
Stock-Based Compensation	29.68	29.19	29.86	27.31
Other Operating Activities	4.44	-4.21	-14.78	2.65
Change in Accounts Receivable	316.36	-188.16	-62.77	-141.31
Change in Accounts Payable	-314.69	220.69	86.05	96.21
Change in Income Taxes	-3.28	-14.69	-4.77	-5.64
Change in Other Net Operating Assets	-1.29	-18.27	-12.23	-7.39
Operating Cash Flow	385.24	333.77	289.23	282.09
Operating Cash Flow Growth	15.42%	15.40%	2.53%	-30.26%
Capital Expenditures	-9.94	-9.33	-13.14	-17.49
Cash Acquisitions	-	-78.48	-	-17.08
Sale (Purchase) of Intangibles	-46.62	-43.12	-38.73	-33.12
Investment in Securities	-30.37	-24.37	-34.4	-
Investing Cash Flow	-86.94	-155.29	-86.27	-67.69
Short-Term Debt Issued	344.93	124	100	70.35
Total Debt Issued	344.93	124	100	70.35
Short-Term Debt Repaid	-344.93	-124	-100	-70.35
Total Debt Repaid	-344.93	-124	-100	-70.35
Issuance of Common Stock	2.99	0.94	0.67	7.1
Repurchase of Common Stock	-91.67	-25.84	-110.94	-97.08
Common Dividends Paid	-112.7	-109.66	-105.94	-99.79
Other Financing Activities	-	-12.5	-26.16	-
Financing Cash Flow	-201.38	-147.06	-242.38	-189.78
Foreign Exchange Rate Adjustments	-8.14	7.59	-13.48	-7.11
Net Cash Flow	88.79	39.01	-52.9	17.52
Free Cash Flow	375.3	324.44	276.09	264.6
Free Cash Flow Growth	15.67%	17.51%	4.34%	-32.06%
Free Cash Flow Margin	45.93%	43.11%	38.44%	37.86%
Free Cash Flow Per Share	9.96	8.62	7.33	6.95
Cash Interest Paid	1.72	1.87	0.65	0.83
Cash Income Tax Paid	96.93	94.81	88.68	70
Levered Free Cash Flow	632.18	-21.21	113.34	133.5
Unlevered Free Cash Flow	633.18	-19.97	113.78	134.03
Change in Working Capital	-3.53	-25.68	-43.24	-66.01

Updated Feb 6, 2026. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q