Marex Group (MRX) Q4 2025 earnings summary

Executive summary

• Achieved record financial performance in 2025, with revenue reaching $2,024.1 million and Adjusted Profit Before Tax up 30% to $418.1 million, driven by broad-based growth and successful acquisitions, especially in Prime Services, Middle East, and Brazil.

• Diversified and resilient earnings model, supported by organic expansion, disciplined M&A, and strong client engagement, with larger clients generating significant revenue.

• Platform expansion and client diversification led to increased engagement with sophisticated clients, with the top 50 clients generating $14 million each on average.

• Maintained high barriers to entry and capital efficiency, supporting continued growth and resilience.

Financial highlights

• Q4 2025 revenue rose 38% year-over-year to $572.1 million; Adjusted Profit Before Tax up 41% to $114.9 million; EPS up 50% to $1.14.

• FY 2025 revenue increased 27% to $2,024.1 million; Adjusted Profit Before Tax up 30% to $418.1 million; EPS up 39% to $4.12.

• Return on Equity improved to 27.6% for FY 2025; Adjusted Return on Equity reached 30.8% in Q4.

• Regulatory capital at $927 million, 230% of requirements; liquidity headroom at $2.4 billion at year-end.

• Total expenses increased in line with revenue, driven by higher compensation and investment in growth.

Outlook and guidance

• Confident in delivering sustainable growth in 2026, targeting 10% organic and 5–10% inorganic profit growth, supported by a robust M&A pipeline and ongoing investment in digital assets and AI.

• Management remains optimistic despite market volatility, citing strong demand and a diversified business model.