MarketAxess Holdings Inc. Earnings Recaps
Q3 2025
Nov 8, 2025
MarketAxess reported a slight year-over-year revenue increase to $209 million in Q3 2025, driven by a 10% growth outside of U.S. credit amid challenging market conditions.
Key takeaways
- Block trading ADV increased by 10% in Q3, with October seeing a further 21% rise, showcasing strong demand in key markets.
- Total portfolio trading ADV surged by 50% year-to-date, boosted by a 360 basis point market share increase in U.S. high yield.
- New protocol launches, including closing auctions, aim to enhance liquidity and organization in fixed income trading.
- International client volume has grown significantly, now representing 36% of global credit trading, up from 29% in 2020.
- The dealer-initiated channel achieved a 34% increase in ADV year-to-date, driven by the successful rollout of the Mid-X solution.