MarketAxess (MKTX) Q2 2026 earnings summary

Executive summary

• Operates leading electronic trading platforms for global fixed-income markets, serving approximately 2,100 institutional and broker-dealer clients, with a focus on technology innovation and expanding electronic trading adoption.

• Revenue streams include commissions, information services, post-trade services, and technology services, with Open Trading® as a core differentiator.

• Second quarter 2026 revenues were $218.4 million, flat year-over-year, with record services revenue and 9% growth outside U.S. credit, despite lower market volatility and new issuance levels.

• Net income was $68.3 million, down 4% year-over-year; diluted EPS was $1.93, or $1.95 excluding notable items.

• Announced definitive agreement to be acquired by Intercontinental Exchange (ICE) for $167.00 per share in cash, pending regulatory and shareholder approval; guidance and volume releases have been suspended.

Financial highlights

• Q2 2026 revenues were $218.4M, down 0.5% year-over-year; net income available to common stockholders was $68.1M, down 4.3%.

• Six months ended June 30, 2026: revenues $451.8M (up 5.6%), net income $146.4M (up 69.8%), diluted EPS $4.13 (up 78.8%).

• EBITDA for the first half of 2026 was $227.9M, with an EBITDA margin of 50.4%.

• Operating margin for Q2 2026 was 41.1% GAAP, 41.9% excluding notable items; down 80 bps and 180 bps year-over-year, respectively.

• Cash and cash equivalents plus investments totaled $404.8M as of June 30, 2026.

Outlook and guidance

• Management expects continued growth opportunities as fixed-income markets transition to electronic trading, but notes competitive and regulatory headwinds.

• Guidance and medium-term financial targets have been withdrawn due to the pending ICE acquisition.

• Sufficient liquidity and capital resources are expected to meet operational and capital expenditure needs for at least the next 12 months.