NASDAQ$MKTX

Marketaxess Holdings Inc · Q3 2025 earnings

Q3 2025 earnings · · Before market open · Investor relations

Briefing

MKTX reported Q3 2025, revenue of $208.8M, net income of $68.2M.

For Q3 2025, MKTX reported revenue of $208.8M, net income of $68.2M. Management discusses operating trends, liquidity, and strategic priorities as disclosed in the quarterly filing.

  • Revenue $208.8M.
  • Net income $68.2M.
  • MKTX updated clinical, capital, or portfolio priorities in the filing.

Headline financials

Total Revenue

$209M

Previous: $207M+1.0%
EPS (adj)

$1.84

Previous: $1.90-3.2%
Total Credit Volume

$932M

Previous: $905M+3.0%
Rates Trading Volume

$1.56B

Previous: $1.69B-8.0%
Total Trading ADV

$38.8B

Previous: $40.5B-4.2%
Portfolio Trading ADV

$1.4B

No prior period
Dealer-Initiated ADV

$1.5B

No prior period
Capital Expenditures

-$4.63M

Previous: -$9.73M+52.4%
Net Income

$68.2M

Previous: $71.5M-4.6%
Operating Income

$85.6M

Previous: $87.1M-1.7%

Revenue & EPS history

MarketAxess · Revenue · Quarterly

$209M

Q3 2025+1%vs Q3 2024
Beat estimate in 7 of 15 quarters(47%)
ActualEstimate

Revenue by segment

MarketAxess · $172M total across 3 segments · Q3 2023

  • Commission
    $150M-1.7%
  • Information Services
    $11.8M+21.5%
  • Post-Trade Services
    $9.83M+9.3%

Forward guidance

Management discusses MKTX's outlook, capital deployment, and key risks as disclosed in the earnings materials and periodic report.

Tailwinds

  • MKTX cited progress on strategic priorities in the quarterly filing.
  • Liquidity and balance sheet support continued operations and investment.

Headwinds

  • Macro, competitive, and regulatory factors may affect near-term results.
  • R&D, credit, or project timing can create quarter-to-quarter volatility.

Historical earnings impact

How earnings announcements have historically affected this stock's price.

Avg. return before/after earnings

Based on 20 quarterly earnings reports · overlaid with Q3 2025

Historical avgQ3 2025

+0.8%

Avg return

Earnings day

+0.3%

Avg return

5 days after

+1.5%

Avg return

30 days after

55%

36 / 65 earnings

Positive

+13.9%

Q4 2016

Best reaction

-20.2%

Q4 2023

Worst reaction

Earnings price reactions
QuarterReport dateReaction (Day 0)+5 days+30 days
Q1 2026+0.2%-5.6%-21.5%
Q4 2025-0.3%+9.8%+14.3%
Q3 2025+0.8%+2.4%+0.9%
Q1 2025-0.3%-4.7%-2.9%
Q4 2024+1.6%-1.4%+5.5%
Q3 2024-1.7%-1.8%-14.0%
Q2 2024+2.9%+5.9%+15.8%
Q1 2024-1.7%+0.2%+0.1%
Q4 2023-20.2%-19.3%-20.5%
Q3 2023-9.9%-9.2%-1.9%
Q2 2023+3.6%+3.2%-5.0%
Q1 2023-0.8%+0.5%-11.6%
Q4 2022+12.1%+11.4%+5.2%
Q3 2022-4.0%+0.3%+7.7%
Q2 2022-1.5%-3.7%-4.5%
Q1 2022+3.5%+1.6%+5.9%
Q4 2021-6.2%-2.1%+7.8%
Q3 2021-0.1%-1.0%-12.5%
Q2 2021+0.9%+1.4%+3.3%
Q1 2021-3.0%-5.3%-12.9%
Q4 2020+5.2%+11.6%+9.0%
Q3 2020+1.8%-1.5%-6.0%
Q2 2020-4.5%-2.3%-6.3%
Q1 2020+3.1%+3.5%+15.2%
Q4 2019-0.5%-1.2%-9.9%
Q3 2019+2.6%+2.4%+15.2%
Q2 2019-6.5%-8.4%+5.7%
Q1 2019+1.1%+5.3%+9.8%
Q4 2018+0.6%+1.4%+13.9%
Q3 2018+9.2%+8.4%+10.7%
Q2 2018-4.4%-8.3%-10.6%
Q1 2018-0.7%-1.1%+4.8%
Q4 2017+2.0%+2.8%+5.7%
Q3 2017-5.6%-9.0%-0.8%
Q2 2017+3.0%+1.7%-4.5%
Q1 2017+6.1%+4.0%+5.1%
Q4 2016+13.9%+14.5%+23.9%
Q3 2016-1.0%-1.0%+11.4%
Q2 2016+5.1%+5.2%+8.0%
Q1 2016-4.4%
Q4 2015+7.3%
Q3 2015-6.8%
Q2 2015-2.3%
Q1 2015-1.5%
Q4 2014+2.4%
Q3 2014-6.7%
Q2 2014+12.0%
Q1 2014-2.9%
Q4 2013+2.9%
Q3 2013+0.6%
Q2 2013+1.0%
Q1 2013+6.4%
Q4 2012-0.5%
Q3 2012-0.9%
Q2 2012+3.3%
Q1 2011+2.5%
Q1 2012+1.0%
Q4 2009-1.8%
Q4 2011-1.8%
Q3 2011+13.3%
Q3 2010+13.3%
Q2 2011+3.5%
Q2 2010+3.5%
Q4 2010+3.5%
Q1 2010+1.0%

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