MarketAxess (MKTX) Q3 2026 earnings summary

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and guidance practices were suspended; previously announced FY2026 guidance and medium-term financial targets were withdrawn in light of the proposed merger.