NASDAQ$MKTX
Marketaxess Holdings Inc · Q4 2023 earnings
Q4 2023 earnings · · Investor relations
Briefing
MarketAxess reported solid growth in ADV across new product areas and regions, enhanced its client franchise, and increased client engagement with MarketAxess X-Pro.
MarketAxess reported a 10.9% increase in total revenues, reaching $197.2 million, driven by strong growth in information services and post-trade revenue. Diluted EPS increased by 16.5% to $1.84. The company saw record automated and algorithmic trading volume and expanded its client base.
- Total revenues increased by 10.9% to $197.2 million, including Pragma revenues of $7.6 million.
- Diluted EPS increased by 16.5% to $1.84, driven by a net income of $69.6 million.
- Record information services revenue of $11.9 million, up 14.6%, and record post-trade revenue of $11.0 million, up 24.1%.
- Record automated and algorithmic trading volume (+40.3%), trade count (+41.3%) and active client firms (+36.0%).
Headline financials
Revenue & EPS history
MarketAxess · Revenue · Quarterly
$197M
Revenue by segment
MarketAxess · $172M total across 3 segments · Q3 2023
- Commission$150M-1.7%87.4%
- Information Services$11.8M+21.5%6.9%
- Post-Trade Services$9.83M+9.3%5.7%
Forward guidance
MarketAxess provided guidance for the full year 2024, based on foreign exchange rates as of December 31, 2023.
Tailwinds
- Revenue from Pragma is expected to grow in the mid-single digits (percent).
- Expenses are expected to be in the range of $480.0 million to $500.0 million and includes a full year of Pragma expenses estimated to range between $33.0 million to $35.0 million.
- Pragma expenses are expected to include amortization expense on acquired intangible assets of $4.8 million.
- Based on the midpoint of the stated guidance range, total expenses are expected to increase by approximately 12%, 6% excluding the impact of Pragma expenses.
- Capital expenditures to support new protocols, products and trading platform enhancements are expected to be in the range of $60.0 million to $65.0 million.
Headwinds
- The effective tax rate is expected to be between 24.0% and 25.0%.
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 Q4 2023
+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
| Quarter | Report date | Reaction (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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