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.
EA
Eli Abboud
Bank of America
7 questions for MKTX
Also covers: BGC, CBOE, CME +2 more
PM
Patrick Moley
Piper Sandler & Co.
7 questions for MKTX
Also covers: BGC, CBOE, CME +17 more
Michael Cyprys
Morgan Stanley
6 questions for MKTX
Also covers: AAMI, AMP, AMTD +30 more
AK
Alex Kramm
UBS Group AG
5 questions for MKTX
Also covers: BR, CBOE, CBRE +15 more
Chris O'Brien
Barclays
4 questions for MKTX
Also covers: LPLA
CA
Christopher Allen
Citigroup
4 questions for MKTX
Also covers: CBOE, CME, ETOR +9 more
Kyle Voigt
Keefe, Bruyette & Woods
4 questions for MKTX
Also covers: AMTD, APO, ARES +17 more
SC
Simon Clinch
Redburn Atlantic
4 questions for MKTX
Also covers: CME, EFX, FICO +4 more
Alexander Blostein
Goldman Sachs
3 questions for MKTX
Also covers: AB, AMG, AMP +31 more
DF
Dan Fannon
Jefferies & Company Inc.
3 questions for MKTX
Also covers: AB, AMG, AMTD +26 more
JS
Jeffrey Schmitt
William Blair
3 questions for MKTX
Also covers: AIZ, AMP, CBOE +8 more
AB
Alex Blostein
Goldman Sachs Group, Inc.
2 questions for MKTX
Also covers: ARES, BX, CBOE +7 more
Benjamin Budish
Barclays PLC
2 questions for MKTX
Also covers: AB, APO, ARES +24 more
Brian Bedell
Deutsche Bank
2 questions for MKTX
Also covers: AMG, AMTD, APO +23 more
Chris Allen
Citi
2 questions for MKTX
Also covers: CME, VIRT
DF
Daniel Fannon
Jefferies Financial Group Inc.
2 questions for MKTX
Also covers: AB, AMG, AMTD +27 more
JS
Jeff Schmitt
William Blair & Company, L.L.C.
2 questions for MKTX
Also covers: AIZ, AMP, CBOE +11 more
PO
Patrick O'Shaughnessy
Raymond James
2 questions for MKTX
Also covers: AMTD, BR, CBRE +7 more
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
Also covers: AB, APO, ARES +23 more
CO
Chris O’Brien
Barclays PLC
1 question for MKTX
CB
Christopher Bryan
Barclays PLC
1 question for MKTX
JS
Josh Smith
William Blair
1 question for MKTX
SA
Simon Alistair Clinch
Redburn Atlantic
1 question for MKTX
Also covers: CME, EFX, FICO +3 more
Recent press releases and 8-K filings for MKTX.
MarketAxess reports Q4 2025 results
MKTX
Earnings
Guidance Update
Share Buyback
- Q4 revenue of $209 million (+3.5% YoY) and non-GAAP EPS of $1.68; full-year 2025 revenue of $846 million and record free cash flow of $347 million.
- Record trading activity in 2025: block trading ADV up 24% to $5 billion, global portfolio trading ADV up 48% to $1.4 billion, and dealer-initiated ADV up 33%.
- Returned $474 million to investors in 2025 via $360 million of share repurchases and $114 million in dividends.
- 2026 guidance: services revenue growth in the mid-single digits; total expenses (ex-notables) of $530–545 million; effective tax rate of 24–26%; capital expenditures of $65–75 million.
22 hours ago
MarketAxess reports Q4 and full-year 2025 results
MKTX
Earnings
Share Buyback
Guidance Update
- MarketAxess delivered record full-year revenue of $846 million (+10% growth outside US credit) and $209 million in Q4 revenue (+3.5% YoY), with non-GAAP EPS of $1.68 in Q4.
- Full-year free cash flow reached $347 million, and the company held $679 million in cash and investments as of December 31, 2025.
- Returned $474 million to shareholders in 2025 via $360 million in share repurchases (including a completed $300 million ASR retiring 1.7 million shares) and $114 million in dividends; $205 million remains on repurchase authorization.
- 2026 guidance calls for mid-single-digit growth in services revenue, non-GAAP expenses of $530 million–$545 million, an effective tax rate of 24%–26%, and $65 million–$75 million in capital expenditures.
- Continued product momentum with 29% growth in block trading ADV, record portfolio trading ADV of $1.4 billion (+48%), and over $3 billion in December MIDX volume.
22 hours ago
MarketAxess reports Q4 2025 results
MKTX
Earnings
Share Buyback
Dividends
- Full-year 2025 revenue reached $846 million (+10% in non-US credit), underpinning record free cash flow of $347 million and reflecting strong ADV and commission growth.
- Q4 revenue totaled $209 million (+3.5% YoY), with non-GAAP EPS of $1.68 per share.
- Trading volumes in 2025 showed major gains: block trading ADV +24% to $5 billion, portfolio trading ADV +48% to $1.4 billion, and dealer-initiated ADV +33%.
- Total credit commission revenue was $165 million (+2%), with US high-yield +4%, emerging markets +6%, eurobonds +9%; meanwhile, non-GAAP expenses rose 8% and headcount fell to 869.
- Returned $474 million to shareholders via $360 million of buybacks and $114 million of dividends; ended Q4 with $679 million in cash and investments and increased the quarterly dividend to $0.78 per share.
23 hours ago
MarketAxess reports Q4 2025 earnings and FY 2026 outlook
MKTX
Earnings
Guidance Update
Share Buyback
- MarketAxess delivered record FY 2025 revenue of $846 million (up 3% YoY) and GAAP EPS of $6.64
- In Q4 2025, total revenue rose 3.5% to $209 million, with commissions of $181 million (+4%) and services revenue of $28 million (+2%), driving net income of $92 million and EPS of $2.51
- Generated record free cash flow of $347 million in 2025 and returned $474 million to investors through $360 million in share repurchases and $114 million in dividends, ending with $679 million in cash and investments
- Issued FY 2026 guidance for mid-single digit services revenue growth, total expenses (ex-notable) of $530–545 million (~8% increase), effective tax rate of 24–26% and capex of $65–75 million
1 day ago
MarketAxess extends credit facility and reports Q4 and FY 2025 results
MKTX
Earnings
Debt Issuance
Share Buyback
- Entered into an Amended & Restated Credit Agreement extending its revolving credit facility maturity to February 2, 2029 with $750 million in commitments (plus a $375 million upsizing option), eliminated the 0.10% SOFR spread adjustment, and increased the cash netting limit to $200 million.
- Q4 2025 revenues of $209.4 million (+3.5% YoY) and net income of $92.4 million (EPS $2.51); full-year 2025 revenues of $846.3 million (+4% YoY) and net income of $246.9 million (EPS $6.64).
- Achieved record trading volumes in 2025: block trading ADV up 24% to $5 billion, portfolio trading ADV up 48% to $1.4 billion, and dealer-initiated ADV up 33% to $1.7 billion.
- Board authorized an additional $400 million share repurchase, commenced a $300 million accelerated share repurchase in December 2025 (1.98 million shares for $360 million), and declared a quarterly dividend of $0.78 per share.
1 day ago
MarketAxess reports Q4 and FY2025 financial results
MKTX
Earnings
Share Buyback
Guidance Update
- Record total revenues of $209.4 million in Q4 (+3.5%) and $846.3 million in FY2025 (+4%), including $406 million from growth outside U.S. credit.
- Diluted EPS of $2.51 in Q4 on net income of $92.4 million and $6.64 for FY2025 on net income of $246.9 million.
- Strong volume growth across strategic channels in Q4: block trading ADV +29%, portfolio trading ADV +41% to a record $1.5 billion, and dealer-initiated ADV +32% to $1.8 billion.
- Expanded shareholder returns with a $505 million buyback authorization (including a $300 million ASR commenced) and a quarterly dividend of $0.78 per share declared.
- 2026 outlook includes mid-single digit services revenue growth, non-GAAP expenses of $530–545 million, an effective tax rate of 24–26%, and capital expenditures of $65–75 million.
1 day ago
MarketAxess announces January 2026 trading volume statistics
MKTX
- Achieved 28% YoY growth in total credit ADV to $18.6 B and 19% YoY growth in total rates ADV to $29.1 B in January 2026.
- Emerging markets credit ADV rose 50% YoY to a record $5.5 B, driven by record hard currency (+28%) and local markets (+94%) ADV.
- Strategic channel momentum: block trading ADV up 56% to $3.7 B, portfolio trading ADV up 126% to $2.0 B, and dealer-initiated ADV up 13% to $1.8 B.
2 days ago
MarketAxess reports December and Q4 2025 trading volumes
MKTX
- In the client-initiated channel, block trading ADV grew 29% YoY in Q4 2025, with U.S. credit up 21%, emerging markets up 41% and eurobonds up 43%.
- Total portfolio trading ADV reached a record $1.5 billion in Q4 2025, up 41% YoY, including U.S. high-yield at $368 million and emerging markets at $118 million.
- Dealer-initiated ADV rose 32% YoY to $1.8 billion in Q4 2025, driven by a 20% increase in RFQ ADV and a 185% surge in Mid-X ADV; December Mid-X U.S. credit volume exceeded $3.0 billion.
- Total trading ADV in Q4 2025 was $37,886 million (–2% QoQ, –8% YoY), comprising $15,381 million in credit and $22,505 million in rates ADV.
- Average variable transaction fees per million in Q4 2025 were $138 for credit (–8% YoY) and $4.72 for rates (+10% YoY).
Jan 7, 2026, 11:30 AM
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.
Dec 17, 2025, 9:15 PM
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
Quarterly earnings call transcripts for MARKETAXESS HOLDINGS.
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