3Q26 Select Financial and Operational Highlights (All comparisons vs 3Q25)

• Total revenues of $210.4 million increased 1%.
  • Total commission revenue of $179.9 million was flat compared to the prior year.
  • 6% growth in services revenue ² to $30.5 million.
  • 6% growth in revenue outside U.S. credit.
• Total trading average daily volume (“ADV”) increased 13%, with growth across both credit and rates products, and market share gains in high yield and municipal bonds.
• Continued progress across key strategic initiative channels:
  • Client-Initiated Channel: 21%increase in block trading ADV to $5.4 billion, including U.S. credit up 24%, Eurobonds up 16% and emerging markets up 15%.
  • Portfolio Trading Channel: 37%increase in total portfolio trading ADV to $1.9 billion with 39% growth in U.S. credit and 41% growth in emerging markets.
  • Dealer-Initiated Channel: 2%increase in dealer-initiated ADV to $1.5 billion, which includes a 196% increase in Mid-X ADV.
• Total expenses of $136.0 million increased 10%; total expenses, excluding notable items, ¹ of $122.9million were flat, reflecting continued expense discipline.
• Operating margin of 35.4% decreased 560bps; operating margin, excluding notable items, of 41.6% increased 60bps. Operating leverage of (960)bps, or +100bps, excluding notable items. ¹
• Diluted earnings per share (“EPS”) of $1.53 on net income of $54.0million, compared to $1.84 and $68.3 million in the prior year, respectively; EPS of $1.86 on net income of $65.7 million, each excluding notable items. ¹

Chris Concannon, CEO of MarketAxess, commented:

“In the third quarter, we continued to execute on our product roadmap across major trading protocols. We launched our enhanced X-Pro RFQ experience to U.S. credit clients, bringing price and spread trading, targeted and direct block workflows and AI-powered dealer selection into a single modern interface. We also delivered the new issue workflow in X-Pro, so clients can access primary and secondary markets side-by-side. Within portfolio trading, we rolled out further enhancements, including CP+ pricing and pre-trade analytics, enabling clients to make faster and more informed decisions.

Overall, we continue to make great progress across our strategic priorities and remain committed to delivering innovative solutions that enhance the trading experience for our clients.”

Read full results here. 

Source: MarketAxess