)
Visual
test
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
How to reaccelerate US credit electronification?
How to grow revenue with declining fee capture?
Key commercial AI applications for trading?
Partial view of Summaries dataset, powered by Quartr API
Research faster. Power your platform.
Latest summaries
- TimeTickerHeadlineOpen
- 7 FebGICRE
Net profit for the nine months surged to ₹6,62,217 lakhs, with a robust solvency ratio of 3.87. - 7 Feb517271
Strong revenue and profit growth, interim dividend, and major investments approved. - 7 Feb514167
Quarterly and nine-month results reflect solid revenue, profit, and compliance with new labour codes. - 7 FebMGL
Strong revenue growth offset by lower margins and profit; interim dividend declared. - 7 FebPGIL
Strong revenue and margin growth, with India set for further expansion and upgraded ratings. - 7 Feb504614
Strong revenue and profit growth in Q3 FY26, led by power and steel segments. - 7 FebCHEMPLASTS
Net losses widened and revenue fell year-over-year amid regulatory and market headwinds. - 7 FebSBIN
Q3 FY26 net profit reached ₹21,028.15 crore, driven by robust income and strategic divestments. - 6 FebHTOO
Resale registration for 71,429 shares via warrant, with proceeds only on exercise; financial risks persist. - 6 FebVSAT
Q3 revenue up 3% to $1.16B, net income $25M, strong cash flow, Ligado boost, satellite focus.
Next MarketAxess earnings date
UBS Financial Services Conference 20269 Feb, 2026
MarketAxess
Next MarketAxess earnings date
UBS Financial Services Conference 20269 Feb, 2026
The essential earnings season companion
The #1 app for qualitative research. Live earnings calls, AI chat, transcripts, and more. All for free.
Live calls and transcripts
Listen to earnings calls, CMDs, investor conferences, and more – with a podcast-like experience.
Find what you need faster
Search for any keyword across all transcripts simultaneously.
Easily store key findings
Capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Your watchlist. Your dashboard.
Follow the companies that matter to you. Get a personalized feed with real-time updates.
Be the first to know
Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned.
Consensus estimates
Access analyst consensus estimates, valuation multiples, and revenue segments splits.
All IR material in one place
The easiest way to stay updated during earnings season.
Global coverage
All events from public companies. Live and recorded.
Just click and listen
No webcast links. No manual registrations.
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
)
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
)
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
I can't remember the last time an app had such a positive impact on my investment process.
)
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
I can't remember the last time an app had such a positive impact on my investment process.
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
)
)
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.
Quartr provides global coverage of all investor relation material from public companies.
Mobile app: Research anytime, anywhere with the #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Desktop (Quartr Pro): The leading platform for qualitative research, used daily by top firms and financial institutions.
Quartr API: Build custom solutions powered by live earnings calls, live transcripts, filings and reports, slide presentations, and more.
Yes, the Quartr mobile app is free on both iOS and Android.
Yes. Quartr provides global, industry-leading live coverage of company events such as regular earnings calls, capital markets days, M&A announcements, and investor conferences. Live with zero delays. Just click and listen.
Yes, capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Yes. Follow the companies that matter to you. Get a personalized feed with real-time updates, a tailored earnings calendar, and instant alerts when earnings calls go live.
Yes. Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned, regardless of who's talking.
Explore our global coverage