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MarketAxess (MKTX) investor relations material
MarketAxess Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary7 Nov, 2025
Executive summary
Q3 2025 revenue was $209 million, up 1% year-over-year, with strong growth outside U.S. credit and record services revenue of $29 million, while U.S. credit revenue faced challenges from tight spreads and protocol mix.
Diluted EPS declined 3% to $1.84, and net income fell 4% to $68.3 million; EBITDA margin was 51.5%.
New initiatives in block, portfolio, and dealer-initiated trading drove double-digit ADV growth, with automation and international business expanding.
The RFQ-hub acquisition expanded derivatives and ETF commission streams, contributing to record other commission revenue.
Free cash flow for the trailing twelve months was $385 million; $120 million in share repurchases year-to-date.
Financial highlights
Q3 revenue grew 1% to $209 million, with services revenue up 9% to $29 million and technology services up 20%.
Commission revenue was flat at $180 million; credit commission revenue declined 2%, while emerging markets and eurobonds grew 11% and 9%.
Total expenses rose 3% to $123.2 million, mainly due to higher compensation, technology investments, and RFQ-hub costs.
EBITDA for Q3 2025 was $107.6 million, with a margin of 51.5%.
Free cash flow for Q3 2025 was $111.8 million, up from $86.3 million in Q3 2024.
Outlook and guidance
Full-year 2025 expense guidance reaffirmed at the low end of $501M–$521M (ex-notable, non-GAAP) and $505M–$525M (GAAP).
Management expects higher Q4 expenses due to depreciation, technology, new hires, and timing-related items.
Focus remains on technology modernization, strategic hiring, and driving growth in U.S. credit and international markets.
Confident in ability to accelerate revenue growth as new technology and protocols are rolled out.
Management is focused on growing U.S. credit market share through block trading, portfolio trading, and new dealer-initiated solutions.
How do US credit initiatives offset market share decline?
Impact of uncertain tax position reserve on YTD EPS?
What protocol mix changes impacted credit FPM?
Quantify revenue impact of lower fee protocols
Closing auction: expected market share and data value
U.S. credit: strategy to overcome growth challenges
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Next MarketAxess earnings date
Goldman Sachs U.S. Financial Services Conference9 Dec, 2025
Next MarketAxess earnings date
Goldman Sachs U.S. Financial Services Conference9 Dec, 2025
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Frequently asked questions
MarketAxess Holdings Inc. operates an electronic trading platform for institutional investor and broker-dealer companies. The company's online platform, known as MTS, enables buy-side institutions and their investment managers to trade fixed income, credit derivative, equity derivative, foreign exchange, and global market products. MarketAxess Holdings Inc. was founded in July 2000 and is based in New York, New York.
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