MARKETAXESS HOLDINGS (MKTX) Company Report

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

Transcript

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

Presentation

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

Press Release

MarketAxess reports October 2025 trading volumes

MKTX

MarketAxess’ Client-Initiated Channel ADV grew 21% YoY, led by U.S. credit +20%, emerging markets +22% and eurobonds +16%, with cumulative targeted block trading volumes reaching $12 billion.
Portfolio Trading ADV rose 25% YoY to $1.5 billion, including a 35% increase in U.S. credit portfolio trading ADV to $1.2 billion, and U.S. credit portfolio trading market share increased to 20.9% from 17.9%.
Dealer-Initiated Channel ADV increased 22% YoY to $1.8 billion, driven by strong growth in Mid-X Eurobonds and the addition of Mid-X for U.S. credit.
Preliminary average variable transaction fees declined YoY, with total credit FPM at $140 (down 9%) and total rates FPM at 4.28 (down 5%).

Nov 6, 2025, 11:30 AM

Press Release

MarketAxess unveils fixed income opening and closing auctions

MKTX

Product Launch

MarketAxess has introduced the first standardized market-wide Opening & Closing Auctions for U.S. credit to improve price discovery and liquidity.
The auction protocol was developed with input from AllianceBernstein, BlackRock, DWS, and State Street Investment Management.
Scheduled to launch in the coming weeks, the auctions will run at the opening and closing of the trading day for U.S. high-grade and high-yield bonds on the X-Pro Trading platform.

Nov 5, 2025, 1:15 PM

Press Release

MarketAxess Reports September and Q3 2025 Trading Volume Highlights

MKTX

Record U.S. credit portfolio trading ADV and market share in September, with 9% YoY growth in combined emerging markets and eurobonds ADV and a 13% increase in emerging markets hard-currency ADV
Client-initiated block trading ADV up 10% in Q3 2025, including 20% growth in emerging markets and 58% in eurobonds, driving cumulative block trading volume to $10.1 billion
Portfolio trading ADV rose 20% to $1.4 billion, including a record U.S. high-yield portfolio trading ADV of $341 million; Q3 estimated U.S. credit portfolio market share was 19.1% (up from 17.5% in Q2), with September hitting a monthly record of 22.5% (high-yield share of 25.9%, +730 bps YoY)
Dealer-initiated ADV increased 18% to $1.5 billion in Q3 2025

Oct 6, 2025, 10:30 AM

Press Release

MarketAxess announces July 2025 trading volume statistics

MKTX

Total Credit ADV rose 12% year-over-year to $14.342 billion, while Total Trading ADV increased 5% to $36.988 billion in July 2025.
Client-Initiated block trading ADV grew 9% YoY (3% U.S. credit, 11% emerging markets, 54% eurobonds) and cumulative targeted block trading volume reached $7.9 billion.
Portfolio Trading ADV surged 32% YoY to $1.3 billion, with record emerging markets portfolio trading of $2.6 billion.
Dealer-Initiated ADV climbed 33% YoY to $1.5 billion.
Average variable transaction fee per million was $140 for credit (–2% YoY) and $4.31 for rates (+1% YoY) in July 2025.

Aug 6, 2025, 10:30 AM

Press Release

MarketAxess launches Mid-X in US Credit

MKTX

Product Launch

MarketAxess to launch Mid-X in US investment-grade and high-yield bonds in September, enhancing its dealer-initiated protocols.
Q2 2025 volumes from Mid-X sessions in emerging markets and eurobonds rose 70% year-over-year.
Mid-X sessions leverage CP+™, the AI-powered real-time predictive pricing engine, and introduce a one-step submit-and-trade protocol.
The enhancements aim to improve liquidity access, workflow efficiency and risk recycling for dealers.

Aug 5, 2025, 12:30 PM

Press Release

MarketAxess reports Q2 2025 record trading volumes

MKTX

Total trading ADV reached $49.0 billion in 2Q25, up 43% year-over-year, driven by $16.8 billion in credit ADV (+22%) and $32.2 billion in rates ADV (+58%).
MarketAxess surpassed $1 trillion in total credit volume and a record $2 trillion in total rates volume for the quarter.
Client-initiated block trading set records with U.S. credit ADV up 37%, emerging markets up 27%, and eurobonds up 100% versus 2Q24.
Dealer-initiated ADV rose 40% to $1.8 billion, while U.S. credit portfolio trading market share increased to 17.5% from 15.1% in 2Q24.

Jul 7, 2025, 10:30 AM

Press Release

Marketaxess Holdings Conference Update 2025

MKTX

Share Buyback

Product Launch

Hiring

CFO Eileen Fazelle Bieler outlined key strategic initiatives, emphasizing improved execution through refined data analytics, enhanced capital deployment practices, and tighter expense management.
The discussion highlighted share buyback activities, noting approximately $60 million repurchased in 2025 compared to $75 million last year, with a remaining repurchase authorization of $160 million to return capital to shareholders.
Innovative trading solutions were a focal point, including the adoption of automation tools (AutoX, ADX) and a targeted block trading protocol, with a planned Q3 relaunch of the revamped MIDEX platform in the U.S. using Pragma technology.
Emerging markets expansion was discussed, with Marketaxess actively trading across over 30 local currencies and experiencing notable volume increases in both high grade and high yield segments.

Jun 10, 2025, 9:51 PM

Earnings Transcripts

Quarterly earnings call transcripts for MARKETAXESS HOLDINGS.

Ask Fintool AI Agent

Get instant answers from SEC filings, earnings calls & more

What did Christopher Concannon say about margins?What are MARKETAXESS HOLDINGS's strategic priorities?How is MARKETAXESS HOLDINGS positioned vs competitors?How did MARKETAXESS HOLDINGS do last quarter?

Let Fintool AI Agent track MARKETAXESS HOLDINGS's earnings for you

Get instant analysis when filings drop