MKTX News & Events

Reports Q4 revenue $209.4M, consensus $211.35M. 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 $406M, 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 $3B in trading volume in December 2025."

Sees FY26 expenses, excluding notable items, $530.0M-$545.0M. Based on the midpoint of the stated guidance range, total expenses are expected to increase by 8%; effective tax rate 24.0%-26.0%; and capital expenditures to support new protocols, products and trading platform enhancements $65.0M-$75.0M.

MarketAxess increased stock repurchase authorizations to $505.0M, including a $300.0M accelerated stock repurchase agreement that commenced in December 2025.

MarketAxess announced trading volume and preliminary variable transaction fees per million for January 2026.