MarketAxess Reports First Quarter 2026 Financial Results

May 07 2026 11:30 BST

12% Increase in Total Revenue to Record $233 Million Driven by 20% Growth in Revenue Outside U.S. Credit Products
Strong Results Reflect Heightened Demand for Our Differentiated Liquidity by Our Global Client Network
35% Increase in Block Trading ADV With Record U.S. High-Grade, U.S. High-Yield, EM and Eurobonds Block ADV
51% Increase in Portfolio Trading ADV to Record $1.9 Billion with Record U.S. Credit and EM ADV
EPS of $2.20; $2.25 Excluding Notable Items¹

NEW YORK--(BUSINESS WIRE)--May 7, 2026-- MarketAxess Holdings Inc. (Nasdaq: MKTX), the operator of a leading electronic trading platform for fixed-income securities, today announced financial results for the first quarter ended March 31, 2026.

1Q26 select financial and operational highlights*

Record total revenues of $233.4 millionincreased 12%, and included an increase of approximately$3.4 million from the impact of foreign currency fluctuations.
— 12% growth in total commission revenue to record$203 milliondriven by record total credit (+9%) and record total rates (+29%) commission revenue.
— 10% growth in services revenue² to record$30 million.
— 20% growth in revenue outside U.S. credit, including 21% growth in combined emerging markets (record) and eurobonds (record) variable transaction revenue, reflecting the strong contribution from our international products.
Strong progress with our new initiatives across our three strategic channels:
— Client-Initiated Channel - 35% increase in block trading average daily volume (“ADV”) toa record $6.6 billion, including record U.S. credit (+27%), record emerging markets (+47%) and record eurobonds (+45%).
— Portfolio Trading Channel-51% increase in total portfolio trading ADV toa record $1.9 billionwith record U.S. high-grade (+36%), recordU.S. high-yield (+78%) and record emerging markets (+69%) portfolio trading ADV.
— Dealer-Initiated Channel - 3% increase in dealer-initiated ADV to a record$1.9 billion, including 168% increase in Mid-X ADV to record levels.
Total expenses of$132.5 million increased 10%, and included an increase of approximately$2.2 million from the impact of foreign currency fluctuations. Total expenses, excluding notable items,¹ of$130.3million increased 8%.
Operating margin of 43.2%, representing an increase of approximately 80 basis points; Operating margin, excluding notable items,¹ of 44.2%, representing an increase of approximately 180 basis points.
Diluted earnings-per-share (“EPS”) of$2.20on net income of $78.1million, compared to $0.40 and $15.1 million in the prior year,respectively; EPS of $2.25 on net income of $79.7 million, each excluding notable items,¹ increased 20% and 14%, respectively.
Completed$300 million accelerated stock repurchase ("ASR") agreement, which was the main driver of an approximately 6% reduction in share countcompared to the prior year,enhancing EPS growth.

*All comparisons versus 1Q25

Chris Concannon, CEO of MarketAxess, commented:

“We delivered record levels of trading volume, commission revenue and services revenue, driven by increased volatility and heightened demand for our differentiated liquidity from our global client network. Our strong results were broad-based and included 20% growth in revenue outside of U.S. credit, including record levels of commission revenue in emerging markets and eurobonds. Our new initiatives are also continuing to gain traction across our three strategic channels with record levels of ADV across block trading, portfolio trading and dealer-initiated activity.

Our MarketAxess advantage continued to strengthen in the first quarter by expanding our global network, deepening our differentiated liquidity and widening the competitive moat of our proprietary data and analytics. Our accelerating use of AI will help us deliver new trading and unique data solutions to our clients."

Table 1: 1Q26 select financial results

	Quarter									% Change
$ in millions, except per share data (unaudited)	1Q 2026			4Q 2025			1Q 2025			QoQ				YoY
Selected GAAP-basis financial results
Revenues	$	233		$	209		$	209			11		%		12	%
Expenses		132			133			120			(1	)			10
Operating margin		43.2	%		36.3	%		42.4	%		+690		bps		+80	bps
Net Income		78			92			15			(15	)			418
Diluted EPS		2.20			2.51			0.40			(12	)			450
Net Income Margin		33.5	%		44.1	%		7.2	%	NM				NM
Selected GAAP-basis financial results ex-notable items (non-GAAP)¹
Revenues		233			209			209			11				12
Expenses		130			132			120			(2	)			8
Operating margin		44.2	%		36.8	%		42.4	%		+740		bps		+180	bps
Net Income		80			62			70			29				14
Diluted EPS		2.25			1.68			1.87			34				20
Other Non-GAAP financial measures
EBITDA³		122			95			107			28				13
EBITDA Margin³		52.1	%		45.3	%		51.5	%		+680		bps		+60	bps

NM - not meaningful

1Q26 overview of results

Table 1A: Notable items¹

	Quarter
	1Q 2026			4Q 2025			1Q 2025
$ in millions, except per share data (unaudited)
Repositioning charges	$	1.5		$	1.1		$	—
Other notable items		0.7			—			—
Notable items (pre-tax)		2.2			1.1			—
Income tax impact from notable items		(0.5	)		(0.3	)		—
Reserve for uncertain tax positions related to prior periods		—			(31.3	)		54.9
Total notable items	$	1.7		$	(30.5	)	$	54.9
EPS impact	$	0.05		$	(0.83	)	$	1.47

Notable items ¹

Notable items in 1Q26 include repositioning charges of $1.5 million, which consisted of severance costs related to changes in management structure, and $0.7 million of other legal expenses.

Revenue

Record total revenues of $233.4 million increased 12% compared to the prior year andincluded RFQ-hub revenues of approximately $4.7 millionand a$3.4 million increasefrom the impact of foreign currency fluctuations.

Commission revenue

Table 1B: 1Q26 variable transaction fees per million (FPM)

	Quarter						% Change
	1Q 2026		4Q 2025		1Q 2025		QoQ				YoY
AVG. VARIABLE TRANS. FEE PER MILLION (FPM)
Total Credit	$	132	$	138	$	139		(4	)	%		(5	)	%
Total Rates		4.68		4.79		4.20		(2	)			11

Credit

Record total credit commission revenue of $183.8million (including $33.4 million in fixed-distribution fees) increased $14.6 million, or 9%, compared to$169.1 million (including $33.3 million in fixed-distribution fees) in the prior year, and was up 11% from 4Q25 levels. A 17% increase in total credit ADV compared to the prior year, driven by growth in market volumes, was partially offset by a 5% decrease in total credit variable transaction fee per million (“FPM”). The 9% increase in total credit commission revenue was driven by a 21% increase in emerging markets and eurobonds commission revenue, reflecting continued product and geographic diversification. The decline in 1Q26 total credit FPM year-over-year was driven by protocol and product mix, partially offset by the higher duration of bonds traded in U.S. high-grade. The quarter-over-quarter decline was due principally to product mix.

Rates

Record total rates commission revenue of $9.0 millionincreased$2.0 million, or 29%,compared to the prior year, and increased 33% from 4Q25 levels. The increase compared to the prior year was driven by a 16% increase in total rates ADVand an 11% increase in FPM.

Other

Record total other commission revenue of $10.7million increased $5.5 million, or 104%,compared to the prior year, driven by the inclusion of approximately $4.3million from RFQ-hub, majority control of which was acquired in 2Q25.

Services revenue

Record services revenue² of$29.9 million increased $2.7 million, or 10%, compared to the prior year.

Information services

— Information services revenue of $14.4 million increased $1.5 million, or 12%, compared to the prior year. The increase was principally driven by net new contract revenue and an increase of $0.5 million from the impact of foreign currency fluctuations.

Post-trade services

— Post-trade services revenue of$11.6 million increased $0.5 million, or 5%, compared to the prior year principally due to an increase of $1.0 million from the impact of foreign currency fluctuations.

Technology services

— Total technology services revenue of $3.9 million increased $0.6 million, or 19%, compared to the prior year.The increase was driven by connectivity feesfrom RFQ-hub, majority control of which was acquired in 2Q25.

Expenses

Total expenses of $132.5 million increased 10% from the prior year, including approximately $3.4 million of RFQ-hub expenses and an increase of$2.2 million from the impact of foreign currency fluctuations. Total expenses, excluding notable items,¹of $130.3 million increased 8% from the prior year.

Non-operating

Other income (expense): Other income was $3.0million, down from$7.8 million in the prior year. The decrease was driven by lower interest income due to a decrease in interest rates and higher interest expense due to borrowings on the Company’s credit facility that were used, along with cash on hand, to fund the ASR, partially offset by receipt of a tax credit.
Tax rate: The effective tax rate was 24.8%, compared to 84.3% in the prior year. The effective tax rate excluding notable items¹ in the prior yearwas 27.2%.

Capital

The Company had$537.4 million in cash, cash equivalents, corporate bond investments and U.S.Treasury investments as of March 31, 2026, down from $678.9 million as of December 31, 2025.The Company had $157.0 millionin borrowings outstanding under the Company’s credit facility as of March 31, 2026, as compared to $220.0 million in borrowings outstanding as of December 31, 2025. As of April 30, 2026, the Company had $137.0 million in borrowings outstanding under the Company’s credit facility.
Final settlement of the previously disclosed $300.0 million ASR occurred on February 4, 2026, with the delivery of 359,782 additional shares. As of April 30, 2026, $205.0 million remained under the Board of Directors’ share repurchase authorizations.
The Board declared a quarterly cash dividend of $0.78 per share, payable onJune 3, 2026 to stockholders of record as of the close of business on May 20, 2026.

Other

Employee headcount was 859 as of March 31, 2026, down from 869 as ofDecember 31,2025 and 870 as of March 31, 2025.

¹		See Table 1A in this release for a listing of notable items. Results excluding notable items are non-GAAP financial measures. Refer to “Non-GAAP financial measures and other items” for a discussion of these non-GAAP financial measures and Table 6 for a reconciliation of these non-GAAP financial measures to their most directly comparable GAAP measures.
²		Services revenue is defined as combined information, post-trade and technology services revenue.
³		EBITDA and EBITDA margin are non-GAAP financial measures. Refer to “Non-GAAP financial measures and other items” for a discussion of these non-GAAP financial measures and Table 7 for a reconciliation of these non-GAAP financial measures to their most directly comparable GAAP measures.

Non-GAAP financial measures and other items

To supplement the Company’s unaudited financial statements presented in accordance with generally accepted accounting principles (“GAAP”), the Company uses certain non-GAAP financial measures, including earnings before interest, taxes, depreciation and amortization (“EBITDA”), EBITDA margin and free cash flow. From time to time, we present selected GAAP-basis financial results, excluding notable items. Notable items are revenues, expenses, other income (expense) and tax related items that are non-recurring and outside of the Company’s normal course of business or other notables, such as acquisition and restructuring charges or gains/losses on sales (collectively, “notable items”). We define EBITDA margin as EBITDA divided by revenues. We define free cash flow as net cash provided by/(used in) operating activities excluding the net change in trading investments and net change in securities failed-to-deliver and securities failed-to-receive from broker-dealers, clearing organizations and customers, less expenditures for furniture, equipment and leasehold improvements and capitalized software development costs. Non-GAAP financial measures should be considered in addition to, not as a substitute for or superior to, financial measures determined in conformity with GAAP. The Company believes that these non-GAAP financial measures, when taken into consideration with the corresponding GAAP financial measures, provide additional information regarding the Company’s operating results because they assist both investors and management in analyzing and evaluating the performance of our business. Please refer to Tables 6, 7 & 8 for a reconciliation of: (i) selected GAAP-basis financial results, each excluding notable items, to their most directly comparable GAAP measure; (ii) GAAP net income to EBITDA and GAAP net income margin to EBITDA margin; and (iii) GAAP net cash provided by/(used in) operating activities to free cash flow, in each case, the most directly comparable GAAP measure.

Webcast and conference call information

Chris Concannon, Chief Executive Officer and Ilene Fiszel Bieler, Chief Financial Officer, will host a conference call to discuss the Company’s financial results and outlook on Thursday, May 7, 2026 at 10:00 a.m. ET. To access the conference call, please dial +1-800-715-9871 (U.S.) or +1-646-307-1963 (International) and use the ID 1832176. The Company will also host a live audio Webcast of the conference call on the Investor Relations section of the Company's website at http://investor.marketaxess.com. The Webcast will be archived on http://investor.marketaxess.com for 90 days following the announcement.

General Notes Regarding the Data Presented

Reported MarketAxess volume in all product categories includes only fully electronic trading volume. MarketAxess trading volumes and the Financial Industry Regulatory Authority (“FINRA”) Trade Reporting and Compliance Engine (“TRACE”) reported volumes are available on the Company’s website at investor.marketaxess.com/volume.

Cautionary Note Regarding Forward-Looking Statements

This press release may contain forward-looking statements, including statements about the outlook and prospects for the Company, market conditions and industry growth, as well as statements about the Company’s future financial and operating performance. These and other statements that relate to future results and events are based on MarketAxess’ current expectations. The Company’s actual results in future periods may differ materially from those currently expected or desired because of a number of risks and uncertainties, including: global economic, political and market factors; the level of trading volume transacted on the MarketAxess platform; the rapidly evolving nature of the electronic financial services industry; the level and intensity of competition in the fixed-income electronic trading industry and the pricing pressures that may result; the variability of our growth rate; our ability to introduce new fee plans and our clients’ response; our ability to attract clients or adapt our technology and marketing strategy to new markets; risks related to our growing international operations; our dependence on our broker-dealer clients; the loss of any of our significant institutional investor clients; our exposure to risks resulting from non-performance by counterparties to transactions executed between our clients in which we act as an intermediary in matched principal trades; risks related to self-clearing; our dependence on third-party suppliers for key products and services; our ability to enter into strategic alliances and to acquire other businesses and successfully integrate them with our business; our dependence on our management team and our ability to attract and retain talent; risks related to sanctions levied against states or individuals that could expose us to operational or regulatory risks; the effects of climate change or other sustainability risks that could affect our operations or reputation; the effect of rapid market or technological changes on us and the users of our technology; issues related to the development and use of artificial intelligence; our ability to successfully maintain the integrity of our trading platform and our response to system failures, capacity constraints and business interruptions; the occurrence of design defects, errors, failures or delays with our platforms, products or services; our vulnerability to malicious cyber-attacks and attempted cybersecurity breaches; our actual or perceived failure to comply with privacy and data protection laws; our ability to protect our intellectual property rights or technology and defend against intellectual property infringement or other claims; our use of open-source software; limitations on our flexibility because we operate in a highly regulated industry; the increasing government regulation of us and our clients; our exposure to costs and penalties related to our extensive regulation; our risks of litigation and securities laws liability; our tax filing positions; our future capital needs and our ability to obtain capital when needed; limitations on our operating flexibility contained in our credit agreement; our exposure to financial institutions by holding cash in excess of federally insured limits; and other factors. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. More information about these and other factors affecting MarketAxess’ business and prospects is contained in MarketAxess’ periodic filings with the Securities and Exchange Commission and can be accessed at www.marketaxess.com.

About MarketAxess

MarketAxess (Nasdaq: MKTX) operates a leading electronic trading platform that delivers greater trading efficiency, a diversified pool of liquidity and significant cost savings to institutional investors and broker-dealers across the global fixed-income and other markets. Approximately 2,100 firms leverage MarketAxess’ patented technology to efficiently trade fixed-income securities. Our automated and algorithmic trading solutions, combined with our integrated and actionable data offerings, help our clients make faster, better-informed decisions on when and how to trade on our platform. MarketAxess’ award-winning Open Trading® marketplace is widely regarded as the preferred all-to-all trading solution in the global credit markets. Founded in 2000, MarketAxess connects a robust network of market participants through an advanced full trading lifecycle solution that includes automated trading solutions, intelligent data and index products and a range of post-trade services. Learn more at www.marketaxess.com and on X @MarketAxess.

Table 2: Consolidated Statements of Operations

	Three Months Ended
	March 31,
In thousands, except per share data (unaudited)	2026			2025			% Change
Revenues
Commissions	$	203,471		$	181,343			12		%
Information services		14,445			12,904			12
Post-trade services		11,607			11,088			5
Technology services		3,857			3,241			19
Total revenues		233,380			208,576			12

Expenses
Employee compensation and benefits		70,195			61,916			13
Depreciation and amortization		19,210			18,236			5
Technology and communications		20,360			18,048			13
Professional and consulting fees		6,376			6,410			(1	)
Occupancy		3,819			3,622			5
Marketing and advertising		2,334			2,061			13
Clearing costs		4,426			4,185			6
General and administrative		5,739			5,716			—
Total expenses		132,459			120,194			10
Operating income		100,921			88,382			14
Other income (expense)
Interest income		4,308			7,169			(40	)
Interest expense		(2,888	)		(213	)	NM
Equity in earnings of unconsolidated affiliate		—			289			(100	)
Other, net		1,544			527			193
Total other income (expense)		2,964			7,772			(62	)
Income before income taxes		103,885			96,154			8
Provision for income taxes		25,778			81,089			(68	)
Net income	$	78,107		$	15,065			418
Less: income attributable to noncontrolling interest		(225	)		—		NM
Net income available for common stockholders	$	77,882		$	15,065			417
Per Share Data:
Net income per common share
Basic	$	2.21		$	0.40
Diluted	$	2.20		$	0.40
Cash dividends declared per common share	$	0.78		$	0.76
Weighted-average common shares:
Basic		35,301			37,388
Diluted		35,386			37,456

NM - not meaningful

Table 3: Commission Revenue Detail

Table 3: Commission Revenue Detail
In thousands, except fee per million data	Three Months Ended March 31,
(unaudited)	2026		2025		% Change
Variable transaction fees
Credit	$	150,347	$	135,840		11		%
Rates		8,922		6,919		29
Other		10,697		5,232		104
Total variable transaction fees		169,966		147,991		15
Fixed distribution fees
Credit		33,403		33,265		—
Rates		102		87		17
Total fixed distribution fees		33,505		33,352		—
Total commission revenue	$	203,471	$	181,343		12
Average variable transaction fee per million
Credit	$	132	$	139		(5	)	%
Rates		4.68		4.20		11

Table 4: Trading Volume Detail*

	Three Months Ended March 31,
In millions (unaudited)	2026				2025				% Change
	Volume		ADV		Volume		ADV		Volume			ADV
Credit
High-grade	$	511,492	$	8,385	$	461,308	$	7,562		11	%		11	%
High-yield		100,409		1,646		89,997		1,475		12			12
Emerging markets		311,925		5,114		240,285		3,939		30			30
Eurobonds		178,162		2,828		147,917		2,348		20			20
Other credit		40,186		659		36,482		598		10			10
Total credit trading		1,142,174		18,632		975,989		15,922		17			17
Rates
U.S. government bonds		1,800,150		29,511		1,582,081		25,936		14			14
Agency and other government bonds		104,376		1,659		65,825		1,047		59			58
Total rates trading		1,904,526		31,170		1,647,906		26,983		16			16
Total trading	$	3,046,700	$	49,802	$	2,623,895	$	42,905		16			16
Number of U.S. Trading Days¹				61				61
Number of U.K. Trading Days²				63				63

¹ The number of U.S. trading days is based on the SIFMA holiday recommendation calendar.

² The number of U.K. trading days is based on the U.K. Bank holiday schedule.

* Consistent with FINRA TRACE reporting standards, both sides of trades are included in the Company's reported volumes when the Company executes trades on a matched principal basis between two counterparties. Consistent with industry standards, U.S. government bond trades are single-counted.

Table 5: Consolidated Condensed Balance Sheet Data

	As of
In thousands (unaudited)	March 31, 2026			December 31, 2025

Assets
Cash and cash equivalents	$	377,302		$	519,734
Cash segregated under federal regulations		49,053			48,722
Investments, at fair value		170,808			170,677
Accounts receivable, net		128,171			100,989
Receivables from broker-dealers, clearing organizations and customers, including $75,072 pledged as collateral as of March 31, 2026		977,049			489,211
Goodwill		283,667			283,667
Intangible assets, net of accumulated amortization		105,281			110,629
Furniture, equipment, leasehold improvements and capitalized software, net		111,642			112,431
Operating lease right-of-use assets		50,986			51,854
Prepaid expenses and other assets		47,577			46,972
Total assets	$	2,301,536		$	1,934,886

Liabilities and stockholders' equity
Liabilities
Accrued employee compensation	$	34,738		$	73,879
Payables to broker-dealers, clearing organizations and customers		696,302			325,959
Borrowings		228,250			220,000
Income and other tax liabilities		35,503			49,267
Accounts payable, accrued expenses and other liabilities		39,115			42,584
Operating lease liabilities		63,711			64,938
Total liabilities		1,097,619			776,627

Redeemable noncontrolling interest		13,520			12,592

Stockholders' equity
Common stock		124			123
Additional paid-in capital		365,428			305,923
Treasury stock		(752,333	)		(694,764	)
Retained earnings		1,588,852			1,538,746
Accumulated other comprehensive income/(loss)		(11,674	)		(4,361	)
Total stockholders' equity		1,190,397			1,145,667
Total liabilities, redeemable noncontrolling interest and stockholders' equity	$	2,301,536		$	1,934,886

Table 6: Reconciliation of Notable Items

	Quarter
$ in thousands, except per share data (unaudited)		1Q 2026			4Q 2025			1Q 2025

Total Expenses, GAAP-basis		$	132,459		$	133,396		$	120,194
Exclude: Notable items
Repositioning charges¹			(1,484	)		(1,084	)		—
Other notable items²			(656	)		—			—
Total Expenses, excluding notable items		$	130,319		$	132,312		$	120,194


Net income, GAAP-basis		$	78,107		$	92,394		$	15,065
Exclude: Notable items
Repositioning charges¹			1,484			1,084			—
Other notable items²			656			—			—
Income tax impact from notable items			(531	)		(254	)		—
Reserve for uncertain tax positions related to prior periods			—			(31,308	)		54,939
Net income, excluding notable items		$	79,716		$	61,916		$	70,004


Operating margin, GAAP-basis			43.2	%		36.3	%		42.4	%
Notable items as reconciled above			1.0			0.5			—
Operating margin, excluding notable items			44.2	%		36.8	%		42.4	%


Diluted EPS, GAAP-basis		$	2.20		$	2.51		$	0.40
Notable items as reconciled above			0.05			(0.83	)		1.47
Diluted EPS, excluding notable items		$	2.25		$	1.68		$	1.87


Effective tax rate, GAAP-basis			24.8	%		-15.8	%		84.3	%
Notable items as reconciled above			—			39.2			(57.1	)
Effective tax rate, excluding notable items			24.8	%		23.4	%		27.2	%

¹		Repositioning charges consist of severance included in employee compensation and benefits
²		Consists of legal expenses included in professional and consulting

Table 7: Reconciliation of Net Income to EBITDA and Net Income Margin to EBITDA Margin

	Quarter
In thousands (unaudited)		1Q 2026			4Q 2025			1Q 2025

Net income		$	78,107		$	92,394		$	15,065
Add back:
Interest income			(4,308	)		(5,448	)		(7,169	)
Interest expense			2,888			964			213
Provision for income taxes			25,778			(12,608	)		81,089
Depreciation and amortization			19,210			19,606			18,236
EBITDA		$	121,675		$	94,908		$	107,434

Net income margin¹			33.5	%		44.1	%		7.2	%
Add back:
Interest income			(1.8	)		(2.6	)		(3.4	)
Interest expense			1.2			0.5			0.1
Provision for income taxes			11.0			(6.1	)		38.9
Depreciation and amortization			8.2			9.4			8.7
EBITDA margin²			52.1	%		45.3	%		51.5	%

¹		Net income margin is derived by dividing net income by total revenues for the applicable period.
²		EBITDA margin is derived by dividing EBITDA by total revenues for the applicable period.

Table 8: Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow

	Quarter
In thousands (unaudited)		1Q 2026			4Q 2025			1Q 2025

Net cash (used in)/provided by operating activities		$	(75,329	)	$	158,632		$	29,629
Exclude: Net change in trading investments			—			(404	)		—
Exclude: Net change in fail-to-deliver/receive from broker-dealers, clearing organizations and customers			108,529			(67,825	)		34,399
Less: Purchases of furniture, equipment and leasehold improvements			(259	)		(3,572	)		(1,930	)
Less: Capitalization of software development costs			(17,089	)		(11,775	)		(15,031	)
Free cash flow		$	15,852		$	75,056		$	47,067

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INVESTOR RELATIONS
Stephen Davidson
MarketAxess Holdings Inc.
+1 212 813 6313
sdavidson2@marketaxess.com

MEDIA RELATIONS
Marisha Mistry
MarketAxess Holdings Inc.
+1 917 267 1232
mmistry@marketaxess.com

Source: MarketAxess Holdings Inc.

Company Announcements

MarketAxess Reports First Quarter 2026 Financial Results