11% Increase in Revenue to Record $219.5 Million; Strong Progress with New Initiatives to Drive Growth

Record Block Trading ADV, Record Total Portfolio Trading ADV and Strong Growth in Dealer-Initiated ADV

EPS of $1.91; $2.00 Excluding Notable Items¹

MarketAxess, the operator of a leading electronic trading platform for fixed-income securities, announced financial results for the second quarter ended June 30, 2025.

2Q25 select financial and operational highlights*

• 11% increase in total revenues to a record$219.5 million, including an approximately $2.1 million increase from the impact of foreign currency fluctuations.
  • Record total commission revenue of $191.8 million increased 12%, driven by record total credit commission revenue, up 10%, and record total rates commission revenue, up 40%.
    • Record emerging markets (+16%), record eurobonds (+22%) and record U.S. government bond (+49%) commission revenue.
  • Record services revenue (combined information, post-trade and technology services revenue) of $27.7 million, up 7%.
• Strong progress with our new initiatives across our three strategic channels:
  • Client-Initiated Channel – strong growth in block trading average daily volume (“ADV”) with record ADV across U.S. credit block trading (+37%), emerging markets (+27%), and eurobonds (+100%).
  • Portfolio Trading Channel – 69% increase in total portfolio trading ADV to record $1.5 billion.
  • Dealer-Initiated Channel – dealer-initiated ADV increased 40% to $1.8 billion, including record levels of eurobonds activity.
• Total expenses of $127.6 million increased 10%, including an approximately $1.7 million increase from the impact of foreign currency fluctuations. Total expenses excluding notable items ¹ of $123.6 million increased 6%.
• Diluted earnings-per-share (“EPS”) of $1.91 increased 11%; EPS excluding notable items ¹ of $2.00 increased 16%.

*All comparisons versus 2Q24

Chris Concannon, CEO of MarketAxess, commented:

“In the second quarter, we made significant strides in enhancing our client franchise, increasing client engagement with X-Pro, and delivering on our new initiatives across our client-initiated, portfolio trading and dealer-initiated channels. Strong progress with our new initiatives, combined with a favorable market backdrop, helped drive record levels of revenue and ADV across most product areas and regions in the quarter.

As we move through the back-half of 2025, we are focused on growing our targeted block trading solution in the client-initiated channel, continuing to enhance our portfolio trading solution for clients, and launching our new Mid-X solution in the dealer-initiated channel. Additionally, over the last several months, we have made several strategic hires in key roles that we believe will enhance our ability to drive growth.

We are executing our long-term strategy to drive growth, we are showing strong progress with our new initiatives, and we now have key leaders in place to help drive growth in 2025 and beyond.”

Source: MarketAxess