MarketAxess Reports Fourth Quarter and Full Year 2025 Financial Results

Record Revenue of $846 Million in 2025 Driven by 10% Growth in Revenue Outside U.S. Credit Products

24% Increase in Block Trading ADV to Record $5 Billion in 2025

48% Increase in Portfolio Trading ADV to Record $1.4 Billion in 2025 with Record U.S. Credit ADV & Market Share

33% Increase in Dealer-Initiated ADV in 2025

NEW YORK: MarketAxess Holdings Inc. (Nasdaq: MKTX), the operator of a leading electronic trading platform for fixed-income securities, today announced financial results for the fourth quarter and full year ended December 31, 2025.

4Q25 select financial and operational highlights*

• Total revenues of $209.4 million increased 3.5%, and included an increase of approximately $1.6 million from the impact of foreign currency fluctuations.
• Strong progress with our new initiatives across our three strategic channels:
  • Client-Initiated Channel - 29% increase in block trading average daily volume (“ADV”), including 21% growth in U.S. credit, 41% growth in emerging markets (record) and 43% growth in eurobonds.
  • Portfolio Trading Channel - 41% increase in total portfolio trading ADV to record $1.5 billion with record U.S. high-yield and record emerging markets portfolio trading ADV of $368 million and $118 million, respectively. Record U.S. credit portfolio trading market share of 21%, an increase of 440 basis points.
  • Dealer-Initiated Channel - 32% increase in dealer-initiated ADV to $1.8 billion, including 20% increase in dealer request for quote ("RFQ") ADV and a 185% increase in Mid-X ADV. Our Mid-X protocol in U.S. credit surpassed $3.0 billion in trading volume in December 2025.
• Total expenses of $133.4 million increased 9%, and included an increase of approximately $1.3 million from the impact of foreign currency fluctuations. Total expenses, excluding notable items,1 of $132.3 million increased 8%.
• Effective tax rate of (15.8%); effective tax rate excluding notable items1 of 23.4%.
• Diluted earnings-per-share (“EPS”) of $2.51 on net income of $92.4 million; Diluted EPS of $1.68 on net income of $61.9 million, each excluding notable items.1
• Announced 3-year financial targets and increased stock repurchase authorizations to $505.0 million, including a $300.0 million accelerated stock repurchase ("ASR") agreement that commenced in December 2025.

Full Year 2025 select financial and operational highlights**

• Record total revenues of $846.3 million increased 4% (10% outside U.S. credit), and included an increase of approximately $4.6 million from the impact of foreign currency fluctuations.
• Record commission revenue, including record emerging markets (+10%), record eurobonds (+10%) and record U.S. Government bonds (+13%).
• Record services revenue3 of $111.6 million, up 6%.
• Strong progress with our new initiatives across our three strategic channels:
  • Client-Initiated Channel - 24% increase in block trading ADV to a record $5 billion, including 18% growth in U.S. credit (record), 27% growth in emerging markets (record) and 66% growth in eurobonds (record).
  • Portfolio Trading Channel - 48% increase in total portfolio trading ADV to record $1.4 billion with record U.S. credit portfolio trading ADV of $1.1 billion, an increase of 43%. Record U.S. credit portfolio trading market share of 19%, an increase of 270 basis points.
  • Dealer-Initiated Channel - 33% increase in dealer-initiated ADV to $1.7 billion, including a 29% increase in dealer RFQ ADV and a 102% increase in Mid-X ADV with the launch of the Mid-X protocol in September 2025.
• Total expenses of $504.4 million increased 6%, and included an increase of approximately $4.5 million from the impact of foreign currency fluctuations. Total expenses, excluding notable items,1 of $499.4 million increased 5%.
• Diluted EPS of $6.64 on net income of $246.9 million; Diluted EPS of $7.39 on net income of $274.7 million, each excluding notable items.1

*All comparisons versus 4Q24

**All comparisons versus full year 2024

Chris Concannon, CEO of MarketAxess, commented:

“In 2025, we made significant strides in enhancing the MarketAxess advantage by expanding our global network, deepening our differentiated liquidity. We also accelerated our use of AI in enhancing the proprietary data and analytics that underpin our protocols and workflow tools for clients, helping them to be more efficient and gain deeper insights into their trading activity.

We delivered record volumes in U.S. credit and record revenue outside of U.S. credit of $406 million, a 10% increase, reflecting the strong returns generated from our investments in these areas. We also made strong progress across our three U.S. credit strategic channels: block trading ADV increased 24%, total portfolio trading ADV increased 48%, and dealer‑initiated ADV increased 33%. Additionally, the Mid‑X solution launched in the second half of 2025 continues to gain momentum, delivering over $3 billion in trading volume in December 2025.

The client initiatives that we expect to deliver in 2026 and beyond include enhancements to our X-Pro platform and our automation suite, as well as the launch of new solutions that allow dealers to send axes directly to investor clients. These enhancements are progressing well and we expect them to drive market share and revenue growth consistent with our medium-term financial targets."

Table 1: 4Q25 and full year 2025 select financial results

4Q25 overview of results

Table 1A: Notable items1