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Dec 31, 2025
MarketAxess Q4 2025 Earnings Report
MarketAxess reported modest revenue growth with strong profitability and higher trading volumes.
Key Takeaways
MarketAxess delivered higher Q4 revenue and net income driven by growth in credit trading volumes, portfolio trading, and dealer-initiated activity, partially offset by lower rates trading.
Q4 revenue increased year over year supported by higher credit trading activity.
Net income and diluted EPS grew strongly compared to the prior year quarter.
Portfolio and dealer-initiated trading volumes posted significant growth.
Expenses increased modestly, resulting in slightly lower operating income.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Management guided for continued growth in 2026 supported by portfolio trading expansion and new protocol adoption.
Positive Outlook
- Continued expansion of portfolio trading protocols.
- Strong momentum in dealer-initiated trading.
- Growing international participation.
- Ongoing product innovation including Mid-X.
- Healthy balance sheet and capital return capacity.
Challenges Ahead
- Lower rates trading volumes amid market conditions.
- Rising operating expenses.
- Sensitivity to market volatility.
- Dependence on credit market activity.
- Foreign exchange headwinds.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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