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MarketAxess
MarketAxess (MKTX) investor relations material
MarketAxess Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary6 Feb, 2026
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.
Explain 4Q25 credit FPM decline by protocol mix
How do strategic channel ADV gains convert to revenue
Rationale for ASR funding via credit facility
US credit block market strategy and impact
Fee per million trends: revenue growth implications
AI strategy: leveraging proprietary data for growth
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Next MarketAxess earnings date
UBS Financial Services Conference 20269 Feb, 2026
MarketAxess
Next MarketAxess earnings date
UBS Financial Services Conference 20269 Feb, 2026
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Frequently asked questions
MarketAxess Holdings Inc. operates an electronic trading platform for institutional investor and broker-dealer companies. The company's online platform, known as MTS, enables buy-side institutions and their investment managers to trade fixed income, credit derivative, equity derivative, foreign exchange, and global market products. MarketAxess Holdings Inc. was founded in July 2000 and is based in New York, New York.
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