MarketAxess Holdings, the operator of a leading electronic trading platform for fixed-income securities, today announced medium-term financial targets for the Company.

In conjunction with the new medium-term financial targets, the Company also announced that its Board of Directors has authorized the repurchase of up to $400 million of additional shares of MarketAxess common stock. The new authorization, combined with the $105 million remaining capacity under the Company’s previously announced authorization, brings the total aggregate outstanding authorizations to $505 million.

With the new authorization, the Company plans to enter into an Accelerated Stock Repurchase (“ASR”) Agreement with JPMorgan Chase Bank, National Association, to repurchase, in aggregate, $300 million of MarketAxess common stock. Following the completion of the ASR, it is expected that $205 million in the aggregate will remain on the Company’s stock repurchase authorizations.

“Our announcements reflect the Board’s confidence in our long-term strategy and our commitment to driving stockholder value creation. We expect that our continued investment in technology modernization positions us to deliver innovative protocols and workflow tools powered by unique data, enhancing the client experience and driving increased revenue growth rates,” said Chris Concannon, Chief Executive Officer.

As previously announced, the Company will participate in the Goldman Sachs 2025 U.S. Financial Services Conference, including a fireside chat that is scheduled for 9 December at 10 a.m. ET. The Company plans to discuss the medium-term targets, the stock repurchase authorization and the expected ASR during the fireside chat. The live webcast and replay for the fireside chat will be available on the events and presentations section of the MarketAxess Investor Relations homepage, https://investor.marketaxess.com/events-and-presentations. The presenters’ slides for the fireside chat will be posted on the events and presentations section of the MarketAxess Investor Relations homepage.

Medium-Term Financial Targets

With our ongoing technology modernization and after a recent comprehensive review of the Company’s strategic outlook by management and the Board of Directors, the Company is introducing the medium-term financial targets below. These targets represent average annual growth rates for the period 2026-2028 on a constant currency basis and assume a constant business portfolio. These targets are also based on minimum average annual composite credit² market ADV growth of approximately 6%, and minimum average annual U.S. government bond TRACE market ADV growth of approximately 5%.

8% – 9% avg. annual total revenue growth3 Avg. 75 – 125 bps / year increase in operating margin3

Stock Repurchase Authorization and ASR

MarketAxess expects to enter into a $300 million ASR agreement with JPMorgan Chase Bank, National Association, in the near term. It is expected that approximately $240 million worth of shares will be delivered to the Company at the onset of the transaction and any remaining purchased shares will be delivered to the Company upon the final settlement of the transaction in the first quarter of 2026. The remaining $205 million stock repurchase authorization will be available at the Company’s discretion to repurchase MarketAxess common stock in the open market or in privately negotiated transactions from time to time based on market and other conditions.

The ASR will be funded by $80 million in cash on hand and $220 million in borrowings under the Company’s revolving credit facility. As of September 30, 2025, and on a trailing twelve-month basis, MarketAxess generated $400 million in net cash provided by operating activities and $385 million of free cash flow.⁴

Year-to-date 2025, the Company has returned to stockholders approximately $120 million in stock repurchases and $86 million in dividends.

Source: MarketAxess