MKTX
MarketAxess Holdings Inc.
Price as of Jul 20, 2026
MKTX earnings
MarketAxess Holdings Inc. earnings
Reported EPS and revenue history, upcoming estimates and available earnings-call summaries.
| 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% |
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
Earnings history is derived from company filings and calendar data. Call summaries are grouped by reporting period. Latest covered event: 2026-08-07.