MarketAxess Holdings Inc. Earnings Recaps
Q1 2026
May 8, 2026
Shares declined 0.9% following earnings, reflecting investor caution despite record revenues and volume growth, likely due to concerns over softer April trading volumes, market share pressure from new issuance, and cautious outlook on near-term trading trends.
Key takeaways
- Total revenue rose 12% to a record $233 million, driven by strong growth (20%) outside U.S. credit and sustained momentum in new initiatives contributing roughly half of incremental revenue.
- Trading ADV reached record highs, supporting record commission revenue and double-digit growth in variable transaction revenue across credit products and U.S. treasuries.
- Emerging markets franchise expanded significantly, with 30% volume growth and increased client participation, contributing 68% of credit incremental commission revenue over the trailing 12 months.
- U.S. high-grade market share declined in April, impacted by historically high new issuance activity and inflated TRACE volumes from duplicate reports; adjustments suggest share erosion was partially artificial.
- Management highlighted a challenging April with declining trading volumes due to lower volatility and tighter credit spreads, signaling potential near-term deceleration despite longer-term strategic investments and technology advancements.
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.