MarketAxess Holdings Inc 2025年季度报告

(Mark One) or TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF1934For the transition period fromtoCommission File Number001-34091 MARKETAXESS HOLDINGS INC. (Exact name of registrant as specified in its charter) Delaware(State or other jurisdiction ofincorporation or organization) Registrant’s telephone number, including area code: (212)813-6000 Name of each exchange on which registered Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) hasbeen subject to such filing requirements for the past 90 days.Yes☑No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant toRule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was requiredto submit such files).Yes☑No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reportingcompany, or an emerging growth company. See definition of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and“emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer☒Non-accelerated filer☐Emerging growth company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complyingwith any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).Yes☐No☑ As of November 5, 2025, the number of shares of the Registrant’s voting common stock outstanding was37,171,508. MARKETAXESS HOLDINGS INC.FORM 10-Q FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2025TABLE OF CONTENTS Item 1.Financial Statements (Unaudited)Consolidated Statements of Financial Condition as of September 30, 2025 and December 31, 20243Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2025 and 20244Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2025and 20245Consolidated Statements of Changes in Stockholders’ Equity for the Three and Nine Months Ended September 30,2025 and 20246Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2025 and 20248Notes to Consolidated Financial Statements10Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations30Item 3.Quantitative and Qualitative Disclosures About Market Risk50Item 4.Controls and Procedures52 PART II — Other InformationItem 1.Legal ProceedingsItem 1A.Risk FactorsItem 2.Unregistered Sales of Equity Securities and Use of ProceedsItem 3.Defaults Upon Senior SecuritiesItem 4.Mine Safety DisclosuresItem 5.Other InformationItem 6.Exhibits 53535354545455 MARKETAXESS HOLDINGS INC.CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME(Unaudited) MARKETAXESS HOLDINGS INC.CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY(Unaudited) MARKETAXESS HOLDINGS INC.CONSOLIDATED STATEMENTS OF CASH FLOWS(Unaudited) MARKETAXESS HOLDINGS INC.CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)(Unaudited) Nine Months Ended September 30,20252024(In thousands)Supplemental cash flow informationCash paid for income taxes$28,764$76,044Cash paid for interest5411,399Non-cash investing and financing activityOperating lease right-of-use assets obtained in exchange for operating lease liabilities3721,647Furniture, equipment, software and leasehold improvement additionsincluded in accounts payable2,473646Stock-based and accrued incentive compensation relating to capitalizedsoftware development costs5,6133,885Exercise of stock options - cashless—1,735Liabilities assumed in connection with acquisition of business:Fair value of assets acquired82,568—Cash paid for acquisition, net of cash and cash equivalents acquired(36,515)—Non-cash consideration:—Fair value of previously held interest on acquisition date(33,866)—Fair value of remaining noncontrolling interests on acquisition date(10,365)—Liabilities assumed$1,822$— MARKETAXESS HOLDINGS INC.NOTES TO CONSOLIDATED FINANCIAL STATEMENTS(Unaudited) 1. Organization and Principal Business Activity MarketAxess Holdings Inc. (the “Company” or “MarketAxess”) was incorporated in the State of Delaware onApril 11, 2000.Through its subsidiaries, MarketAxess operates leading electronic trading platforms delivering expanded liquidity opportunities,improved execution quality and significant cost savings across global fixed-income markets.Approximately2,100institutionalinvestor and broker-dealer firms use MarketAxess’ patented trading technology to ac