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Jun 30, 2025
MarketAxess Q2 2025 Earnings Report
MarketAxess reported an 11% increase in revenue to a record $219.5 million, driven by strong growth in commission and services revenue, alongside record trading volumes in several key areas.
Key Takeaways
MarketAxess delivered a strong second quarter in 2025, achieving record total revenues of $219.5 million, an 11% increase year-over-year. This growth was primarily fueled by a 12% rise in total commission revenue and a 7% increase in services revenue. The company also saw significant operational achievements, including record average daily volumes in portfolio trading, U.S. credit block trading, emerging markets, and eurobonds, demonstrating successful progress with new strategic initiatives.
Total revenues increased by 11% to a record $219.5 million, including a $2.1 million positive impact from foreign currency fluctuations.
Diluted EPS rose by 11% to $1.91, with non-GAAP EPS increasing by 16% to $2.00 excluding notable items.
Total commission revenue reached a record $191.8 million, up 12%, driven by strong performance in credit and rates commissions.
Record average daily volumes were achieved in total portfolio trading ($1.5 billion, up 69%), U.S. credit block trading (up 37%), emerging markets (up 27%), and eurobonds (up 100%).
Revenue by Segment
Forward Guidance
MarketAxess is focused on executing its long-term strategy to drive growth in the latter half of 2025, emphasizing new initiatives and strategic hires.
Positive Outlook
- Focused on growing targeted block trading solution in the client-initiated channel.
- Continuing to enhance portfolio trading solution for clients.
- Launching new Mid-X solution in the dealer-initiated channel.
- Made several strategic hires in key roles to enhance growth capabilities.
- Key leaders are now in place to help drive growth in 2025 and beyond.
Challenges Ahead
- No specific negative forward guidance was provided in the report.
- No specific negative forward guidance was provided in the report.
- No specific negative forward guidance was provided in the report.
- No specific negative forward guidance was provided in the report.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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