MarketAxess Holdings Inc. (MKTX) Earnings
MarketAxess Holdings Inc. is expected to report next earnings on August 5, 2026 (in NaN days), with a consensus EPS estimate of $1.91. MKTX has beaten EPS estimates in 11 of its last 12 reported quarters (average surprise +4.4% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 7, 2026 | $2.15 | $2.25 | +4.7% | $233M | +0.5% |
| Feb 6, 2026 | $1.65 | $1.68 | +1.8% | $209M | -1.1% |
| Nov 7, 2025 | $1.70 | $1.84 | +8.2% | $209M | +0.7% |
| Aug 6, 2025 | $1.94 | $2.00 | +3.1% | $224M | +3.1% |
| May 7, 2025 | $1.81 | $1.87 | +3.3% | $209M | -0.7% |
| Feb 6, 2025 | $1.70 | $1.73 | +1.8% | $202M | -5.0% |
| Jan 31, 2024 | $1.73 | $2.09 | +20.8% | $197M | +0.3% |
| Oct 25, 2023 | $1.48 | $1.46 | -1.4% | $172M | -0.0% |
| Jul 20, 2023 | $1.57 | $1.59 | +1.3% | $180M | +0.2% |
| Jan 25, 2023 | $1.56 | $1.58 | +1.3% | $178M | +0.6% |
| Oct 19, 2022 | $1.50 | $1.58 | +5.3% | $172M | -0.2% |
| Jul 20, 2022 | $1.70 | $1.78 | +4.7% | $182M | -0.8% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · May 7, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- Execution of long-term strategy in Q1 with strong financial results. - Enhanced market access advantage by expanding global network, enhancing liquidity, and using AI on proprietary data and analytics. - Rollout of new enhanced X-Pro front end changing client experience. - Continued investment in technology modernization, including hiring Chief Technology Officer Will Kwan. - Strong progress in new initiatives across three strategic channels, including record credit automation trading volume, growth in block trading, portfolio trading, and dealer-initiated trading.
Segment performance
Total revenue grew by 12% to a record $233 million. Product areas outside U.S. credit had very strong 20% growth. Services revenue grew 10%. Emerging markets franchise generated $20 million in incremental revenue over the trailing 12 months, representing 68% of total credit incremental variable commission revenue. In the first quarter, EM franchise expanded its global client network to a record 1,547 active client firms and 3,410 international active client traders, with total trading volumes up 30% to record levels, hard currency revenue up 15%, local markets revenue up 56%.
Analyst Q&A
Q: Talked about competition in non-U.S. business and momentum.
A: International business driven by emerging market and Euro bond business, block volume up in EM and Eurobond, portfolio trading up in Eurobond, dealer business up in Eurobond; EM has little competition on electronic trading side except Bloomberg, Eurobond has Bloomberg and TradeWeb as competition.
Q: Digged into April commentary.
A: April saw slowdown due to holidays, geopolitical activity leading to volatility drop, return to new issue market with high new issuance; saw return of high activity at month end, broke high yield PT records, and launching new issue solution pilot in May.
Q: Elaborated on new issue trading solution.
A: Partnered with Directbooks, pilot in late May, provides access to new issue calendar, pricing info, allows clients to submit indications of interest, and will have streamlined single two-way pricing in second half; closing auction launched late 2025, saw over $11B in auction orders, 12 active buy-side clients and 4 active dealers.
Q: Expanded on success of new initiatives in European and international markets and U.S. application.
A: International markets still early in electronification, block trading in EM smashed records, dealer business up in EM; in U.S., block trading and PT volume growing, Mid-X dealer solution launched earlier in Europe and EM, seeing growth in U.S.
Q: Expanded on leveraging AI.
A: Have best source data in fixed income, not selling good data, investing in AI for real-time data, product and execution solutions, portfolio optimization, protocol suggestion, and tech modernization, with CTO bringing cloud and AI experience