Machine learning predictions based on historical earnings data and price patterns
1-Day Prediction
+0.25%
$165.07
99% positive prob.
5-Day Prediction
+3.07%
$169.71
99% positive prob.
20-Day Prediction
+1.56%
$167.22
94% positive prob.
| Quarter | Signal | 1D Return | 5D Return | 20D Return | Confidence | Actual 5D |
|---|---|---|---|---|---|---|
| Q3 2026 | BUY | +0.25% | +3.07% | +1.56% | 97.7% | Pending |
| Q2 2026 | BUY | +0.25% | +3.10% | +1.57% | 100.0% | Pending |
| Q1 2026 | SELL | +0.22% | -3.75% | -3.30% | 100.0% | -7.96% |
| Q4 2025 | SELL | +0.22% | -3.75% | -3.30% | 100.0% | +10.49% |
SEC 8-K filings with transcript text
Oct 23, 2026 · 98% conf.
1D
+0.25%
$165.07
5D
+3.07%
$169.71
20D
+1.56%
$167.22
2 mktx-ex99_1.htm
Exhibit 99.1
+
MarketAxess Reports Third Quarter 2026 Financial Results
EPS of $1.53; $1.86 Excluding Notable Items1
1% Revenue Growth Reflects Strong Information Services Revenue Growth of 10%
21% Increase in Block Trading ADV and 37% Increase in Portfolio Trading ADV with Broad-Based Growth
Across U.S. Credit, Emerging Markets and Eurobond Block ADVs
Continued Focus on Expense Discipline
NEW YORK | October 23, 2026 - MarketAxess Holdings Inc. (Nasdaq: MKTX), the operator of a leading electronic trading platform for fixed-income securities, today announced financial results for the third quarter ended September 30, 2026.
3Q26 Select Financial and Operational Highlights (All comparisons vs 3Q25)
• Total revenues of $210.4 million increased 1%.
— Total commission revenue of $179.9 million was flat compared to the prior year.
— 6% growth in services revenue2 to $30.5 million.
— 6% growth in revenue outside U.S. credit.
• Total trading average daily volume ("ADV") increased 13%, with growth across both credit and rates products, and market share gains in high yield and municipal bonds.
• Continued progress across key strategic initiative channels:
— Client-Initiated Channel: 21% increase in block trading ADV to $5.4 billion, including U.S. credit up 24%, Eurobonds up 16% and emerging markets up 15%.
— Portfolio Trading Channel: 37% increase in total portfolio trading ADV to $1.9 billion with 39% growth in U.S. credit and 41% growth in emerging markets.
— Dealer-Initiated Channel: 2% increase in dealer-initiated ADV to $1.5 billion, which includes a 196% increase in Mid-X ADV.
• Total expenses of $136.0 million increased 10%; total expenses, excluding notable items,1 of $122.9 million were flat, reflecting continued expense discipline.
• Operating margin of 35.4% decreased 560bps; operating margin, excluding notable items, of 41.6% increased 60bps. Operating leverage of (960)bps, or +100bps, excluding notable items.1
• Diluted earnings per share (“EPS”) of $1.53 on net income of $54.0 million, compared to $1.84 and $68.3 million in the prior year, respectively; EPS of $1.86 on net income of $65.7 million, each excluding notable items.1
Chris Concannon, CEO of MarketAxess, commented:
"In the third quarter, we continued to execute on our product roadmap across major trading protocols. We launched our enhanced X-Pro RFQ experience to U.S. credit clients, bringing price and spread trading, targeted and direct block workflows and AI-powered dealer selection into a single modern interface. We also delivered the new issue workflow in X-Pro, so clients can access primary and secondary markets side-by-side. Within portfolio trading, we rolled out further enhancements, including CP+ pricing and pre-trade analytics, enabling clients to make faster and more informed decisions.
Overall, we continue to make great progress across our strategic priorities and remain committed to delivering innovative solutions that enhance the trading experience for our clients."
Table 1: 3Q26 Select Financial Results
Quarter
% Change
Year-to-date
% Change
$ in millions, except per share data (unaudited)
QoQ
YoY
YoY
Selected GAAP-basis financial results
Revenues
$
210
$
218
$
209
(4
)
%
1
%
$
662
$
637
4
%
Expenses
136
129
123
6
10
397
371
7
Operating margin
35.4
%
41.1
%
41.0
%
(570
)
bps
(560
)
bps
40.0
%
41.7
%
(170
)
bps
Net income
54
68
68
(21
)
(21
)
200
155
30
Diluted EPS
1.53
1.93
1.84
(21
)
(17
)
5.66
4.14
37
Net income margin
25.7
%
31.3
%
32.7
%
(560
)
bps
(700
)
bps
30.3
%
24.3
%
+600
bps
Selected GAAP-basis financial results ex-notable
items (non-GAAP)1
Revenues
210
218
209
(4
)
1
662
637
4
Expenses
123
127
123
(3
)
—
380
367
4
Operating margin
41.6
%
41.9
%
41.0
%
(30
)
bps
+60
bps
42.6
%
42.4
%
+20
bps
Net income
66
69
68
(5
)
(4
)
214
213
1
Diluted EPS
1.86
1.95
1.84
(5
)
1
6.05
5.70
6
Other Non-GAAP financial measures
91
106
108
(15
)
(16
)
319
326
(2
)
EBITDA Margin3
43.1
%
48.6
%
51.5
%
(550
)
bps
(840
)
bps
48.1
%
51.2
%
(310
)
bps
3Q26 Overview of Results Table 1A: Notable Items1
Quarter
Year-to-date
$ in millions, except per share data (unaudited)
Repositioning charges(a)
$
—
$
—
$
—
$
1.5
$
4.0
Merger & acquisition-related(b)
13.1
1.6
—
15.3
0.6
Notable items (pre-tax)
13.1
1.6
—
16.8
4.6
Income tax impact from notable items
(1.5
)
(0.9
)
—
(2.9
)
53.7
Total notable items
$
11.6
$
0.7
$
—
$
13.9
$
58.3
EPS impact
$
0.33
$
0.02
$
—
$
0.39
$
1.56
(a) Repositioning charges consist of severance included in employee compensation and benefits.
(b) Merger & acquisition-related items consist of merger-related
Jul 30, 2026 · 100% conf.
1D
+0.25%
$163.17
Act: -0.28%
5D
+3.10%
$167.81
20D
+1.57%
$165.32
2 d121662dex991.htm
Exhibit 99.1
MarketAxess Reports Second Quarter 2026 Financial Results
EPS of $1.93; $1.95 Excluding Notable Items1
Record Services Revenue2 and 9% Revenue Growth Outside U.S. Credit Underscore Progress in Strategic Channels
11% Increase in Block Trading ADV with Strong Growth in Emerging Markets and U.S. Credit Block ADVs
33% Increase in Portfolio Trading ADV to Record $2.0 Billion with Records in U.S. Credit and Municipal Bonds
NEW YORK | July 30, 2026 - MarketAxess Holdings Inc. (Nasdaq: MKTX), the operator of a leading electronic trading platform for fixed-income securities, today announced financial results for the second quarter ended June 30, 2026.
2Q26 Select Financial and Operational Highlights*
•
Total revenues of $218.4 million were relatively flat compared to the prior year, which benefited from elevated levels of event-driven market volatility.
— 3% decline in total commission revenue to $186.9 million, driven by a 9% decline in U.S. credit, partially offset by a 6% increase in emerging markets commission revenue.
— 14% growth in services revenue2 to record $31.5 million.
— 9% growth in revenue outside U.S. credit.
•
Continued progress with our key initiatives across our strategic channels:
— Client-Initiated Channel - 11% increase in block trading average daily volume (“ADV”) to $5.9 billion, including U.S. credit (+8%) and emerging markets (+24%).
— Portfolio Trading Channel - 33% increase in total portfolio trading ADV to a record $2.0 billion with record U.S. high-grade (+41%), record U.S. high-yield (+93%), record municipal bonds (+154%), and emerging markets (+44%).
— Dealer-Initiated Channel - 3% decrease in dealer-initiated ADV to $1.7 billion, partially offset by a 151% increase in Mid-X ADV to record levels.
•
Total expenses of $128.5 million increased 1%; total expenses, excluding notable items,1 of $127.0 million increased 3%, reflecting continued expense discipline.
•
Operating margin of 41.1% decreased 80 basis points; operating margin, excluding notable items,1 of 41.9% decreased 180 basis points.
•
Diluted earnings-per-share (“EPS”) of $1.93 on net
income of $68.3 million, compared to $1.91 and $71.2 million in the prior year, respectively; EPS of $1.95 on net income of $68.9 million, each excluding notable items.1
* All comparisons versus 2Q25
Chris Concannon, CEO of MarketAxess, commented:
“Following this morning’s announcement that MarketAxess and Intercontinental Exchange (NYSE: ICE) have entered into a definitive agreement for ICE to acquire MarketAxess, we have elected to release our second quarter 2026 financial results today.
In a quarter marked by lower market volatility and elevated levels of new issuance, we delivered solid results that demonstrate the growing client adoption of our new solutions across each of our strategic channels. We continue to expand our block trading footprint in the client-initiated channel, enhance portfolio trading for clients and build on the early success in Mid-X.
In the first half of 2026, our continued investments, expense discipline and capital management contributed to 6% revenue growth and solid earnings growth year-over-year, while supporting healthy operating margins.”
Table 1: 2Q26 Select Financial Results
Quarter
% Change
Year-to-date
% Change
$ in millions, except per share data (unaudited)
QoQ
YoY
YoY
Selected GAAP-basis financial results
Revenues
$ 218
$ 233
$ 219
(6 )
%
—
%
$ 452
$ 428
6
%
Expenses
129
132
128
(3 )
1
261
248
5
Operating margin
41.1 %
43.2 %
41.9 %
(210 )
bps
(80 )
bps
42.2 %
42.1 %
+10
bps
Net Income
68
78
71
(13 )
(4 )
146
86
70
Diluted EPS
1.93
2.20
1.91
(12 )
1
4.13
2.31
79
Net Income Margin
31.3 %
33.5 %
32.4 %
(220 )
bps
(110 )
bps
32.4 %
20.1 %
+1230
bps
Selected GAAP-basis financial results ex-notable items (non-GAAP)1
Revenues
218
233
219
(6 )
—
452
428
6
Expenses
127
130
124
(3 )
3
257
244
6
Operating margin
41.9 %
44.2 %
43.7 %
(230 )
bps
(180 )
bps
43.0 %
43.0 %
—
bps
Net Income
69
80
74
(14 )
(7 )
149
144
3
Diluted EPS
1.95
2.25
2.00
(13 )
(3 )
4.19
3.87
8
Other Non-GAAP financial measures
106
122
111
(13 )
(4 )
228
218
4
EBITDA Margin3
48.6 %
52.1 %
50.5 %
(350 )
bps
(190 )
bps
50.4 %
51.0 %
(60 )
bps
NM - not meaningful
2Q26 Overview of Results
Table 1A: Notable Items1
Quarter
Year-to-date
$ in millions, except per share data (unaudited)
Repositioning charges
$ —
$ 1.5
$ 4.0
$ 1.5
$ 4.0
Other notable items
1.6
0.7
—
2.2
—
Acquisition-related charge/(credit)
—
—
0.6
—
0.6
Notable items (pre-tax)
1.6
2.2
4.6
3.7
4.6
Income tax impact from notable items
(0.4 )
(0.5 )
(1.2 )
(0.9 )
(1.2 )
Non-deductible income tax from notable items
0.6
—
—
0.6
May 7, 2026 · 100% conf.
1D
+0.22%
$153.00
Act: -3.53%
5D
-3.75%
$146.94
Act: -7.96%
20D
-3.30%
$147.62
Act: -23.40%
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This page provides MarketAxess Holdings Inc. (MKTX) earnings call transcripts from SEC 8-K filings along with AI-powered predictions for post-earnings price movements. Our machine learning models analyze historical earnings data, pre-earnings price patterns, volume changes, and volatility to predict 1-day, 5-day, and 20-day returns after each earnings release.
Earnings transcripts are sourced directly from SEC EDGAR filings. Predictions are generated using gradient boosting models trained on MKTX's historical earnings reactions. All predicted returns are shown as percentages, and predicted prices are calculated from the closing price at the time of prediction. Past performance does not guarantee future results.