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Sep 30
MarketAxess Q3 2025 Earnings Report
MarketAxess reported Q3 2025 results with modest revenue growth, stable margins, and strength in portfolio and dealer-initiated trading.
Key Takeaways
MarketAxess posted total revenue of $208.8 million and net income of $68.2 million in Q3 2025. Trading volumes improved across most credit products, with record portfolio and high-yield volumes. Despite macro pressures in U.S. credit, the company saw continued growth in emerging markets and eurobonds, driven by client adoption of new trading protocols.
Revenue reached $208.8 million, up 1% YoY.
Net income was $68.2 million with a diluted EPS of $1.84.
U.S. credit portfolio trading ADV hit a record $1.1 billion, up 16%.
Free cash flow rose to $111.8 million for the quarter.
MarketAxess
MarketAxess
MarketAxess Revenue by Segment
MarketAxess Revenue by Geographic Location
Revenue by Segment
Commission Revenue
CapyFin.comInformation Services Revenue
CapyFin.comPost-Trade Services Revenue
CapyFin.comTechnology Services Revenue
CapyFin.comRevenue by Geographic Location
United States Revenue
CapyFin.comInternational Revenue
CapyFin.com Forward Guidance
MarketAxess expects ongoing momentum in international markets, continued adoption of new trading protocols, and expanding usage of RFQ-hub and Mid-X in U.S. credit markets.
Positive Outlook
- Continued growth in portfolio trading adoption across client base.
- Emerging markets and eurobonds trading volumes up double digits.
- RFQ-hub contributed $3.5M in revenue during Q3.
- Dealer-initiated trading supported by new Mid-X solution.
- Increased focus on high-growth trading protocols to drive future gains.
Challenges Ahead
- Lower variable fees per million due to protocol mix shift.
- U.S. high-grade trading volume declined 7% YoY.
- Gross margin details not disclosed; cost pressure uncertain.
- International rates trading volumes declined.
- Market share in U.S. credit affected by tighter spreads and low volatility.