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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
MarketAxess
MarketAxess (MKTX) investor relations material
MarketAxess Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary23 Oct, 2026
Executive summary
Q3 revenue rose 1% YoY to $210.4M, while reported diluted EPS fell to $1.53 from $1.84; excluding notable items, EPS was $1.86.
Trading ADV increased 13% YoY, supported by growth across credit and rates and higher block and portfolio trading; services revenue rose 6%.
Adjusted operating margin increased 60 bps to 41.6%; reported margin declined 560 bps to 35.4%, reflecting merger-related expenses.
Financial highlights
Total revenue was $210.4M, up 1% YoY; commission revenue was flat at $179.9M and services revenue grew 6% to $30.5M.
GAAP operating income was $74.4M versus $85.6M; net income was $54.0M versus $68.3M, and diluted EPS was $1.53 versus $1.84.
Excluding notable items, net income was $65.7M and diluted EPS was $1.86; expenses were $122.9M, flat YoY.
YTD revenue increased 4% to $662.2M; net income rose 30% to $200.5M and diluted EPS increased to $5.66 from $4.14.
Outlook and guidance
Earnings calls and guidance practices were suspended; previously announced FY2026 guidance and medium-term financial targets were withdrawn in light of the proposed merger.
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Latest events from MarketAxess
- Shareholders will vote on a major merger proposal with completion targeted for early 2027.MKTX
Proxy filing - Shareholders are asked to approve a $167/share all-cash merger, unanimously backed by the board.MKTXProxy filing
- Shareholders will vote on a $167/share all-cash merger with ICE, unanimously backed by the board.MKTXProxy filing
- Definitive agreement for ICE acquisition announced, pending shareholder and regulatory approval.MKTXProxy filing
- ICE to acquire MarketAxess for $167/share, forming a leading fixed income platform.MKTXProxy filing
- ICE acquisition, flat Q2 revenue, and 69.8% H1 net income growth define 2026 results.MKTXQ2 2026
- All board proposals passed, including director elections and special meeting rights; no questions raised.MKTXAGM 2024
- AI-driven innovation and global expansion underpin strong growth and ambitious financial targets.MKTXGoldman Sachs U.S. Financial Services Conference
- Record trading volumes and new protocols offset by a $54.9M tax reserve in Q1 2025.MKTXQ1 2025
Next MarketAxess earnings date
Q4 20265 Feb, 2027
MarketAxess
Next MarketAxess earnings date
Q4 20265 Feb, 2027
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