Marketaxess Holding Inc

Latest Results (01.01.2026):

MarketAxess Holdings Inc — Third quarter of 2025 (3Q25): Revenues rose modestly to $208.8 million (+1% YoY) as commission revenue held roughly flat and services revenue reached a record $28.7 million (+9% YoY). Net income for 3Q25 was $68.3 million (diluted EPS $1.84), down modestly versus the prior year; EBITDA was $107.6 million with an EBITDA margin of 51.5%. The company reported progress on growth initiatives (RFQ‑hub, portfolio trading and Mid‑X) and record U.S. credit portfolio trading ADV, while executing buybacks and a quarterly dividend.

Financial snapshot

Total revenues $208.8M (+1% YoY, includes ~$1.3M FX benefit); total expenses $123.2M (+3% YoY); net income $68.3M (−4% YoY); diluted EPS $1.84 (−3% YoY). EBITDA was $107.6M and EBITDA margin 51.5% (up ~70 bps YoY).

Revenue and commission mix

Commission revenue: $180.2M (roughly flat YoY). Credit commissions were $164.9M (−2% YoY) with credit FPM $140 (−6% YoY). Rates commissions were $6.6M (−6% YoY). Other commission revenue was a record $8.6M (up 77%), driven largely by RFQ‑hub.

Services revenue

Record services revenue of $28.7M (+9% YoY) — information services $13.8M (+6%), post‑trade $11.3M (+9%) and technology services $3.6M (+20%, including RFQ‑hub contribution).

Trading volumes and market share

Total trading ADV was 38,831 (−4% YoY); credit ADV 14,535 (+3% YoY). Company noted record U.S. credit portfolio trading ADV of ~$1.1B and an estimated market share of 22.6%; year‑to‑date U.S. credit portfolio trading ADV up ~43% vs. full‑year 2024.

Strategic initiatives

Management highlighted progress across three channels: client‑initiated (block trading ADV +10%, strong EM and eurobond growth), portfolio trading (total ADV +20%, record U.S. credit portfolio ADV) and dealer‑initiated (dealer‑initiated ADV +18%, launched Mid‑X for U.S. credit in September).

Notable items and expenses

No pre‑tax notable items in 3Q25; total expenses included ~$2.9M of RFQ‑hub costs and ~$1.0M FX impact. YTD notable items include a $54.9M reserve for uncertain tax positions recorded earlier in 2025, which affected YTD tax expense and net income comparisons.

Capital returns & liquidity

Cash, cash equivalents and investments of $630.6M as of Sept. 30, 2025 (down from $698.6M at year‑end 2024). Share repurchases YTD through Oct 2025: 594,714 shares for $120.0M (Q3 repurchases: 239,026 shares for $45.3M). Board declared quarterly dividend $0.76/share payable Dec. 3, 2025.

Tax rate and other operational notes

Effective tax rate 27.1% in 3Q25 (up from 23.0% prior year), reflecting increased accruals for uncertain tax positions. Employee headcount was 896 as of Sept. 30, 2025 (up slightly year over year).