Record Revenue of $846 Million in 2025 Driven by 10% Growth in Revenue Outside U.S. Credit Products

24% Increase in Block Trading ADV to Record $5 Billion in 2025

48% Increase in Portfolio Trading ADV to Record $1.4 Billion in 2025 with Record U.S. Credit ADV & Market Share

33% Increase in Dealer-Initiated ADV in 2025

MarketAxess Holdings Inc., the operator of a leading electronic trading platform for fixed-income securities, announced financial results for the fourth quarter and full year ended December 31, 2025.

4Q25 select financial and operational highlights*

• Total revenues of $209.4 million increased 3.5%, and included an increase of approximately $1.6 million from the impact of foreign currency fluctuations.
• Strong progress with our new initiatives across our three strategic channels:
  • Client-Initiated Channel – 29% increase in block trading average daily volume (“ADV”), including 21% growth in U.S. credit, 41% growth in emerging markets (record) and 43% growth in eurobonds.
  • Portfolio Trading Channel – 41% increase in total portfolio trading ADV to record $1.5 billion with record U.S. high-yield and record emerging markets portfolio trading ADV of $368 million and $118 million, respectively. Record U.S. credit portfolio trading market share of 21%, an increase of 440 basis points.
  • Dealer-Initiated Channel – 32% increase in dealer-initiated ADV to $1.8 billion, including 20% increase in dealer request for quote (“RFQ”) ADV and a 185% increase in Mid-X ADV. Our Mid-X protocol in U.S. credit surpassed $3.0 billion in trading volume in December 2025.
• Total expenses of $133.4 million increased 9%, and included an increase of approximately $1.3 million from the impact of foreign currency fluctuations. Total expenses, excluding notable items, ¹ of $132.3million increased 8%.
• Effective tax rate of (15.8%); effective tax rate excluding notable items ¹ of 23.4%.
• Diluted earnings-per-share (“EPS”) of $2.51 on net income of $92.4million; Diluted EPS of $1.68 on net income of $61.9 million, each excluding notable items. ¹
• Announced 3-year financial targets and increased stock repurchase authorizations to $505.0 million, including a $300.0 million accelerated stock repurchase (“ASR”) agreement that commenced in December 2025.

Full Year 2025 select financial and operational highlights**

• Record total revenues of $846.3 million increased 4%( 10% outside U.S. credit), and included an increase of approximately $4.6 million from the impact of foreign currency fluctuations.
• Record commission revenue, including record emerging markets (+10%), record eurobonds (+10%) and record U.S. Government bonds (+13%).
• Record services revenue ³ of $111.6 million, up 6%.
• Strong progress with our new initiatives across our three strategic channels:
  • Client-Initiated Channel – 24% increase in block trading ADV to a record$5 billion, including 18% growth in U.S. credit (record), 27% growth in emerging markets (record) and 66% growth in eurobonds (record).
  • Portfolio Trading Channel – 48% increase in total portfolio trading ADV to record $1.4 billion with record U.S. credit portfolio trading ADV of $1.1 billion, an increase of 43%. Record U.S. credit portfolio trading market share of 19%, an increase of 270 basis points.
  • Dealer-Initiated Channel – 33% increase in dealer-initiated ADV to $1.7 billion, including a 29% increase in dealer RFQ ADV and a 102% increase in Mid-X ADV with the launch of the Mid-X protocol in September 2025.
• Total expenses of $504.4 million increased 6%, and included an increase of approximately $4.5 million from the impact of foreign currency fluctuations. Total expenses, excluding notable items, ¹ of $499.4million increased 5%.
• Diluted EPS of $6.64 on net income of $246.9 million; Diluted EPS of $7.39 on net income of $274.7 million, each excluding notable items. ¹

*All comparisons versus 4Q24

**All comparisons versus full year 2024

Chris Concannon, CEO of MarketAxess, commented:

“In 2025, we made significant strides in enhancing the MarketAxess advantage by expanding our global network, deepening our differentiated liquidity. We also accelerated our use of AI in enhancing the proprietary data and analytics that underpin our protocols and workflow tools for clients, helping them to be more efficient and gain deeper insights into their trading activity.

We delivered record volumes in U.S. credit and record revenue outside of U.S. credit of $406 million, a 10% increase, reflecting the strong returns generated from our investments in these areas. We also made strong progress across our three U.S. credit strategic channels: block trading ADV increased 24%, total portfolio trading ADV increased 48%, and dealer‑initiated ADV increased 33%. Additionally, the Mid‑X solution launched in the second half of 2025 continues to gain momentum, delivering over $3 billion in trading volume in December 2025.

The client initiatives that we expect to deliver in 2026 and beyond include enhancements to our X-Pro platform and our automation suite, as well as the launch of new solutions that allow dealers to send axes directly to investor clients. These enhancements are progressing well and we expect them to drive market share and revenue growth consistent with our medium-term financial targets.”

Source: MarketAxess

January Volumes

MarketAxess Holdings Inc., the operator of a leading electronic trading platform for fixed-income securities, announced trading volume and preliminary variable transaction fees per million (“FPM”) for January 2026.¹

Chris Concannon, CEO of MarketAxess, commented:

“In January, we delivered 28% growth year-over-year in total credit on record ADV of $18.6 billion,and 19% growth in total rates. In credit, our emerging markets ADV increased 50% to a record $5.5 billion, almost 30% above the previous monthly record set last year, driven by record hard currency ADV (+28%) and record local markets ADV (+94%).

These results were driven by strong market volumes, as well as continued momentum in our new initiatives, with 56% growth in block trading ADV, 126% growth in portfolio trading ADV and 13% growth in dealer-initiated ADV.

While our estimated market share in U.S. high-grade was dampened by a 92% increase in new issue block trading activity, annualized market turnover jumped to 95% in January and we generated strong preliminary total credit variable commission revenue growth, reflecting solid underlying revenue generation.”

Select January 2026 Highlights*

Our new initiatives continued to show strong year-over-year progress across the client-initiated, portfolio trading and dealer-initiated channels.

Client-Initiated Channel

• 56% growth in block trading average daily volume (“ADV”), with strong growth across U.S. credit (+35%), including record U.S. high-grade ADV of $2.8 billion (+33%),as well as record emerging markets ADV of $2.5 billion(+92%) and eurobonds ADV of $633 million(+89%).

Portfolio Trading Channel

• 126% increase in total portfolio trading ADV to a record$2.0 billion,with record U.S. high-grade portfolio trading ADV of $1.2 billion.
• Our estimated market share of U.S. credit portfolio trading was a 20.9%, compared to 14.7% in the prior year.

Dealer-Initiated Channel

• 13% increase in dealer-initiated ADV to $1.8 billion.Total Mid-X trading volume was a record $6.9 billion, representing an increase of 383%. Our Mid-X protocol for U.S. credit surpassed $3.0 billion in trading volume in January 2026 for the second consecutive month.

January 2026 Variable Transaction Fees Per Million¹ (See table 1D)

• The decline in total credit FPM year-over-year was driven principally by protocol mix, partially offset by the higher duration of bonds traded in U.S. high-grade. The decline month-over-month was driven by protocol and product mix. Both periods reflect the impact of an increase in block trading, which is generally a lower FPM activity.
• The increase in total rates FPM both year-over-year and month-over-month was driven by the impact of client and protocol mix.

*All comparisons versus January 2025 unless noted.

Source: MarketAxess