MarketAxess Q2 2022 Earnings Report
Key Takeaways
MarketAxess reported a 3% increase in revenues to $182.2 million, driven by record levels of estimated market share and strong growth in trading volume. Diluted EPS was $1.78, and total trading average daily volume reached $35.4 billion, up 43%. The company saw record estimated market share across various sectors, including U.S. high-yield, emerging markets, Eurobonds, and U.S. Treasuries.
Achieved record levels of estimated market share, leading to strong growth in trading volume.
Composite corporate bond estimated market share reached a record 20.2%, up from 17.8%.
Combined U.S. high-grade and U.S. high-yield market share hit a record 20.9%, up from 19.1% in the prior year.
Total trading average daily volume increased by 43% to $35.4 billion, driven by U.S. Treasury and total credit ADV growth.
MarketAxess
MarketAxess
MarketAxess Revenue by Segment
Forward Guidance
The Company is re-confirming its full year 2022 expense guidance range of $385.0 million to $415.0 million and capital expenditure guidance range of $58.0 million to $62.0 million. The Company expects the full year effective tax rate to be at the upper-end of the previously stated range of 24.0% to 26.0%.
Revenue & Expenses
Visualization of income flow from segment revenue to net income