AI Earnings Predictions for MarketAxess Holdings Inc. (MKTX)

EX-99.1

2 d121662dex991.htm

EX-99.1

EX-99.1

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)

2Q 2026

1Q 2026

2Q 2025

QoQ

YoY

YTD 2026

YTD 2025

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

EBITDA3

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

2Q 2026

1Q 2026

2Q 2025

YTD 2026

YTD 2025

$ 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

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8-K

0001278021falseMARKETAXESS HOLDINGS INC00012780212026-02-042026-02-04

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 04, 2026

MARKETAXESS HOLDINGS INC.

(Exact name of Registrant as Specified in Its Charter)

Delaware

001-34091

52-2230784

(State or Other Jurisdiction of Incorporation)

(Commission File Number)

(IRS Employer Identification No.)

55 Hudson Yards 15th Floor

New York, New York

10001

(Address of Principal Executive Offices)

(Zip Code)

Registrant’s Telephone Number, Including Area Code: (212) 813-6000

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: ☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) ☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) ☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) ☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $0.003 par value

MKTX

Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter). Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 1.01 Entry into a Material Definitive Agreement. On February 4, 2026, MarketAxess Holdings Inc. (the “Company”), as borrower, entered into an Amended and Restated Credit Agreement (the “A&R Credit Agreement”) with a syndicate of lenders and JPMorgan Chase Bank, N.A. (“JPMorgan”), as administrative agent. The A&R Credit Agreement amends and restates in its entirety that certain Credit Agreement, dated August 9, 2023, among the Company, as borrower, a syndicate of lenders and JPMorgan, as administrative agent (the “Existing Credit Agreement”). Pursuant to the A&R Credit Agreement, the lenders will continue to provide aggregate commitments totaling $750.0 million, consisting of a revolving credit facility (the “Credit Facility”), a $5.0 million letter of credit sub-limit for standby letters of credit and a $380.0 million sub-limit for swingline loans. Subject to satisfaction of certain specified conditions, the Company continues to be permitted to upsize the Credit Facility by up to $375.0 million in total. The incremental facility continues to be uncommitted, and it is possible that the Company may not be successful in obtaining such commitments from existing or new lenders in the amount desired or at all.

The A&R Credit Agreement amends and restates the Existing Credit Agreement to, among other things: (1) extend the maturity of the Credit Facility from August 9, 2026 to February 2, 2029, with the Company’s option to request up to two additional 364-day extensions at the discretion of each lender and subject to customary conditions; (2) eliminate the 0.10% credit spread adjustment previously added to the interest rate on Secured Overnight Financing Rate (“SOFR”) based borrowings; and (3) increase the maximum amount of cash that may be net against debt for the purposes of calculating the Company’s Consolidated Total Leverage Ratio (as defined in the A&R Credit Agreement) from $30,000,000 to $200,000,000.

As of the date hereof, the Company has $220.0 million in borrowings outstanding under the Credit Facility and one standby letter of credit, which borrowings were outstanding under the Existing Credit Agreement and remain outstanding under the A&R Credit Agreement. No additional funds are being borrowed by, and no additional letters of credit will be issued to, the Company at this time. Any future credit extensions under the Credit Agreement are subject to customary conditions precedent. The proceeds of any additional loans incurred under the Credit Facility are expected to be used for general corporate purposes.

The foregoing description of the A&R Credit Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of such agreement, which is attached hereto as Exhibit 10.1 and is incorporated by reference herein. Item 2.02 Results of Operations and Financial Condition. On February 6, 2026, the Company issued a press release announc