MarketAxess Holdings Inc. Q3 2025 Earnings Recap

MKTX Q3 2025 November 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.

Earnings Per Share Beat

$1.84 vs $1.70 est.

+8.2% surprise

Revenue Beat

208821000 vs 207390458 est.

+0.7% surprise

Market Reaction

1-Day +0.0%

5-Day +4.02%

30-Day -4.52%

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.

This summary was generated by AI from the official earnings call transcript and is provided for informational purposes only. It does not constitute financial advice. For the complete transcript and financial data, visit MKTX on AllInvestView.