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MarketAxess (MKTX) investor relations material
MarketAxess Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved record annual revenue of $846.3 million in 2025, with 10% growth outside U.S. credit and strong performance in new trading protocols and automation initiatives.
Block trading ADV increased 24%–29% year-over-year, with record activity in emerging markets and significant gains in U.S. high-yield and portfolio trading.
EPS reached $6.64; adjusted EPS excluding notable items was $7.39, up 2% year-over-year.
Free cash flow hit a record $347 million, with $474 million returned to investors via share repurchases and dividends, including a $300 million ASR.
Investments in technology, automation, and multi-protocol solutions are positioning the company to meet three-year growth targets.
Financial highlights
Fourth quarter revenue grew 3.5% to $209.4 million, with a $2 million FX benefit.
Diluted EPS was $2.51, or $1.68 excluding notable items; net income for 2025 was $246.9 million.
Total commissions revenue increased 4% to $181 million; services revenue rose 2% to $28 million in Q4 and reached $111.6 million for the year.
FY 2025 EBITDA margin was 49.7%; net income margin was 29.2%–41.4%.
Free cash flow for 2025 was $346.9 million, with capital expenditures of $61 million.
Outlook and guidance
2026 services revenue expected to grow mid-single digits; total expenses (ex-notables) guided to $530–$545 million, up ~8% at midpoint.
Capital expenditures projected at $65–$75 million, with 80% for software development.
Effective tax rate expected between 24% and 26%.
Three-year targets reaffirmed: 8–9% average annual revenue growth and 75–125 bps operating margin expansion.
- TimeTickerHeadlineOpen
- 6 FebSCW
73% revenue growth and record backlog driven by new space contracts and strategic investments. - 6 FebCDP
2025 FFO/share rose 5.8% with strong leasing and retention; 2026 guidance signals further growth. - 6 FebSCW
Revenue at 15.86 mln PLN, backlog 17.14 mln PLN, and major space contracts drive 2025 outlook. - 6 FebPENG
All proposals passed, with no questions raised during the Q&A session. - 6 FebSCW
Q2 2024 revenue up 115% y/y, backlog nearly doubled, Space segment leads growth. - 6 FebPECO
2026 FFO per share growth guided at 5.5% with record occupancy and strong acquisitions. - 6 FebISCTR
Net profit up 90% in 2025, with strong NIM, fee growth, and positive 2026 outlook. - 6 FebSCW
Q2 2025 revenue surged 120% y/y, driven by a record Asian contract and a tripled backlog. - 6 FebSCW
Q1 2025 revenue jumped 97% year-over-year, with strong backlog and major new contracts secured. - 6 FebSCW
Q3 revenue up 39% y/y, backlog at 58.3 mln PLN, Space leads growth with global contracts.
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