Earnings summaries and quarterly performance for MARKETAXESS HOLDINGS.
Executive leadership at MARKETAXESS HOLDINGS.
Christopher Concannon
Detailed
Chief Executive Officer
CEO
CR
Christophe Roupie
Detailed
Head of EMEA and APAC
DB
Dean Berry
Detailed
Group Chief Operating Officer and Chief Executive Officer, EMEA & APAC
IF
Ilene Fiszel Bieler
Detailed
Chief Financial Officer
KM
Kevin McPherson
Detailed
Chief Revenue Officer
NP
Naineshkumar Panchal
Detailed
Chief Information Officer
SP
Scott Pintoff
Detailed
General Counsel and Corporate Secretary
Board of directors at MARKETAXESS HOLDINGS.
CH
Carlos Hernandez
Detailed
Chairman of the Board
EP
Emily Portney
Detailed
Director
JC
Jane Chwick
Detailed
Director
KG
Kourtney Gibson
Detailed
Director
NA
Nancy Altobello
Detailed
Director
RK
Richard Ketchum
Detailed
Director
RH
Roberto Hoornweg
Detailed
Director
SC
Stephen Casper
Detailed
Director
SB
Steven Begleiter
Detailed
Director
WC
William Cruger
Detailed
Director
Research analysts who have asked questions during MARKETAXESS HOLDINGS earnings calls.
AK
Alex Kramm
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EA
Eli Abboud
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5 questions for MKTX
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PM
Patrick Moley
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5 questions for MKTX
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CA
Christopher Allen
Citigroup
4 questions for MKTX
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Kyle Voigt
Keefe, Bruyette & Woods
4 questions for MKTX
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Michael Cyprys
Morgan Stanley
4 questions for MKTX
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SC
Simon Clinch
Redburn Atlantic
4 questions for MKTX
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Alexander Blostein
Goldman Sachs
3 questions for MKTX
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JS
Jeffrey Schmitt
William Blair
3 questions for MKTX
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Benjamin Budish
Barclays PLC
2 questions for MKTX
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Brian Bedell
Deutsche Bank
2 questions for MKTX
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Chris Allen
Citi
2 questions for MKTX
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Chris O'Brien
Barclays
2 questions for MKTX
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DF
Daniel Fannon
Jefferies Financial Group Inc.
2 questions for MKTX
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PO
Patrick O'Shaughnessy
Raymond James
2 questions for MKTX
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RR
Rit Roy
Jefferies Financial Group Inc.
2 questions for MKTX
Aditya Sharma
Goldman Sachs
1 question for MKTX
Ben Budish
Barclays PLC
1 question for MKTX
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CB
Christopher Bryan
Barclays PLC
1 question for MKTX
DF
Dan Fannon
Jefferies & Company Inc.
1 question for MKTX
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JS
Josh Smith
William Blair
1 question for MKTX
SA
Simon Alistair Clinch
Redburn Atlantic
1 question for MKTX
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Recent press releases and 8-K filings for MKTX.
MarketAxess surpasses $1 trillion in emerging markets trading volume
MKTX
- MarketAxess achieved $1 trillion in year-to-date Emerging Markets debt trading volume through November 2025.
- Average daily volume in EM trading reached ~$5 billion, up 16%, supported by +18% local currency and +11% hard currency growth.
- Request for Market (RFM) activity in local markets rose 34% and dealer RFQ increased 36% year-to-date.
- EM block trading volume expanded 25% globally after enhancements to the Targeted RFQ workflow.
- The platform now covers 100% of the J.P. Morgan GBI-EM Index across 30 local and 100 hard currency markets, serving over 1,500 institutional clients.
6 days ago
MarketAxess outlines growth targets and innovation roadmap at 2025 Goldman Sachs Conference
MKTX
Guidance Update
Revenue Acceleration/Inflection
Product Launch
- MarketAxess achieved a 15% non-U.S. credit revenue CAGR and 4% total revenue CAGR from 2020–2024, with a 42% operating margin in 2024.
- The company forecasts 8–9% average annual revenue growth and 75–125 bps operating margin expansion for 2026–2028, backed by a $300 million accelerated share repurchase and $505 million in board authorizations.
- About 50% of revenue is non-U.S. credit, which grew ~15% over four years, led by emerging markets (+10%), eurobonds (+14%), and portfolio trading (+48%).
- Introduced the industry’s first credit closing auction, leveraging next-generation X-Pro and Pragma technology to enhance end-of-day liquidity and support fixed income indexation.
Dec 9, 2025, 3:00 PM
MarketAxess announces 8-9% growth targets and expands share repurchase
MKTX
Guidance Update
Share Buyback
Product Launch
- MarketAxess commits to 8–9% average annual revenue growth through 2026–2028, targeting double-digit growth by end-2028, and 75–125 bps of annual margin expansion, excluding volatility assumptions.
- Company ups authorized share repurchase to $505 million and initiates a $300 million accelerated buyback, leveraging its strong balance sheet.
- 50% of revenue (especially EM and Eurobonds) is growing at a 15% CAGR, driven by global portfolio trading (48% growth) and dealer-to-dealer channels (38% growth).
- Outlines U.S. credit growth roadmap with H1 2026 XPro enhancements, expanded automation, Targeted RFQ, Mid-X, and Targeted Axess, addressing a $19 billion ADV block-trading opportunity.
- Launches a closing auction protocol to enable true clearing-price block trades at market close, supporting fixed-income indexation trends.
Dec 9, 2025, 3:00 PM
MarketAxess unveils 2026–2028 financial targets and launches Closing Auction
MKTX
Guidance Update
Share Buyback
Product Launch
- Committed to average annual revenue growth of 8%–9% and operating margin expansion of 75–125 bps through 2026–2028, aiming to exit 2028 with double-digit growth.
- Increased authorized share repurchase plan to $505 million and initiated a $300 million accelerated share repurchase to enhance shareholder returns.
- Non-U.S. credit businesses driving top-line growth: EM and Eurobonds revenue up at 10%–14% CAGR, with global portfolio trading +48% and dealer-to-dealer trading +38%.
- Introduced a near-close Closing Auction protocol to enable predictable fixed-income closing prices and deepen liquidity, with a broader rollout planned for Q1 2026.
Dec 9, 2025, 3:00 PM
MarketAxess announces 2026–2028 financial targets and share buyback increase
MKTX
Guidance Update
Share Buyback
Product Launch
- Committed to 8–9% average annual revenue growth and 75–125 bps annual margin expansion through 2026–2028, targeting double-digit growth by end-2028.
- Increased share repurchase authorization to $505 million and initiated a $300 million accelerated share repurchase, backed by a strong balance sheet.
- Non-U.S. credit businesses now represent 50% of revenue, with EM and Eurobond segments growing at 10% and 14% CAGRs respectively; EM/Eurobond portfolio trading up 48% and dealer business up 38%.
- U.S. credit revival driven by XPro enhancements, expanded automation, new RFQ/block solutions (Targeted Axess, Mid-X); U.S. block trading volume up 34%, PT market share up 410 bps, dealer-initiated share up 40 bps YTD.
- Launched a differentiated fixed-income closing auction protocol to capture end-of-day liquidity amid rising indexation; pilot expands to all clients in Q1 2026.
Dec 9, 2025, 3:00 PM
MarketAxess announces medium-term financial targets and share repurchase plan
MKTX
Guidance Update
Share Buyback
- Introduced 8 – 9% average annual revenue growth and 75 – 125 bps annual operating margin expansion targets for 2026–2028 on a constant currency basis, assuming minimum credit ADV growth of 6% and U.S. government bond TRACE ADV growth of 5%.
- Board authorized up to $505 million in total share repurchase capacity (new $400 million plus existing $105 million).
- Plans an accelerated stock repurchase (ASR) agreement to repurchase $300 million of common stock with JPMorgan Chase, funded by $80 million cash and $220 million borrowings; expects delivery of ~$240 million of shares at ASR onset and final settlement in Q1 2026, leaving $205 million remaining authorization.
- Actions underscore the board’s confidence in long-term strategy and commitment to driving shareholder value through technology modernization.
Dec 9, 2025, 12:30 PM
MarketAxess sets 2026–2028 financial targets and expands share buyback
MKTX
Guidance Update
Share Buyback
- Introduced 8–9% avg. annual revenue growth and 75–125 bps per year operating margin expansion targets for 2026–2028, assuming 6% composite credit ADV and 5% U.S. government TRACE ADV growth.
- Board increased stock repurchase authorization by $400 million, bringing total capacity to $505 million.
- Plans a $300 million Accelerated Stock Repurchase with JPMorgan Chase, with $240 million of shares delivered at onset and balance upon final settlement in Q1 2026; funded by $80 million cash and $220 million borrowings, leaving $205 million available thereafter.
- Generated $400 million in net cash from operations and $385 million of free cash flow on a trailing twelve-month basis as of September 30, 2025.
- Year-to-date 2025 share returns total $206 million ($120 million repurchases and $86 million dividends).
Dec 9, 2025, 12:30 PM
MarketAxess reports Q3 2025 results
MKTX
Earnings
New Projects/Investments
- Global credit trading volume continues to expand, with U.S. credit up a 4% CAGR in North America, double-digit growth in other credit products, and 36% of volume sourced outside North America, supported by over 6,000 international traders on the platform.
- Block trading ADV is approximately $5 billion year-to-date (up 23%), with cumulative block volume of $12 billion through October 2025; portfolio trading ADV is up 50% year-to-date, with U.S. credit market share exceeding 18% (up 210 bps) and high-yield up 360 bps; dealer-initiated ADV reached $1.7 billion (up 34%); the new MIDEX matching solution executed $1.3 billion in its first ten days.
- Q3 revenue was $209 million (up 1%, including a $1 million FX benefit), diluted EPS of $1.84, with services revenue rising 9% to $29 million.
- Continued tech transformation via Expro and Pragma platforms and targeted investments in portfolio trading, dealer-to-dealer, automation, block trading, and closing auctions aim to drive future revenue growth.
Nov 7, 2025, 4:00 PM
Market Axess reports Q3 2025 earnings
MKTX
Earnings
Dividends
Share Buyback
- Revenue rose 1% to $209 million, with EPS declining 3% to $1.84 in 3Q 2025.
- Non-U.S. credit revenue grew 10% and services revenue climbed 9% to a record $29 million.
- ADV (excluding U.S. credit) increased 14%; portfolio trading ADV jumped 20% to $1.4 billion, and dealer-initiated ADV was up 18% year-over-year.
- TTM free cash flow reached $385 million; the company repurchased 595 K shares for $120 million YTD (with $105 million authorization remaining) and declared a $0.76 per-share quarterly dividend.
Nov 7, 2025, 4:00 PM
MarketAxess reports Q3 2025 results
MKTX
Earnings
Share Buyback
Dividends
- Total revenues of $208.8 million (up 1% YoY) and record services revenue of $28.7 million (up 9%); foreign currency contributed $1.3 million to revenue growth.
- Achieved record portfolio trading ADV, including $1.1 billion in U.S. credit portfolio trading ADV (up 16%) and a 22.6% market share in U.S. high-yield portfolio trading.
- Total expenses of $123.2 million (up 3%) and diluted EPS of $1.84 (down 3%) versus prior year.
- Ended the quarter with $630.6 million in liquidity, repurchased 594,714 shares for $120.0 million YTD, and declared a quarterly dividend of $0.76 per share.
Nov 7, 2025, 11:30 AM
Quarterly earnings call transcripts for MARKETAXESS HOLDINGS.
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