Education
About Us
Working with TipRanks
Follow Us
Marketaxess (MKTX)
NASDAQ:MKTX
Earnings Data
Report Date
May 13, 2026Before Open (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
2.05Last Year’s EPS
1.87Same Quarter Last Year
Based on 8 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call highlighted multiple record metrics (revenue, ADV, free cash flow), strong growth across new initiatives (blocks, portfolio trading, MIDEX, automation), successful capital returns and accretive acquisition integration, and a clear three-year plan. Offsetting these positives are near-term pressures in US credit revenue and fee capture due to mix shifts, higher operating investments that increase expenses, some product-specific declines (municipals, US high grade), and temporary balance sheet leverage from the ASR. Management presented actionable plans and reiterated targets, signaling confidence in execution despite short-term headwinds.Company Guidance
Record Full-Year Revenue and Free Cash Flow
Generated record total revenue of $846 million in 2025 and record annual free cash flow of $347 million.
Strong Growth Outside US Credit
Revenue outside US credit grew 10% in 2025, driving diversification of the revenue base.
Record and Expanding Trading Activity (ADV / Volume)
Record total ADV and record credit ADV exiting 2025; January 2026 showed record total credit ADV and strong month-over-month momentum (e.g., emerging markets ADV up 50% in January).
Block Trading Acceleration
Block activity ADV grew 24% in 2025 to a record $5 billion; block trading ADD rose 29% exiting 2025 and was up 56% year-over-year in January 2026. Block trading now represents ~1/3 of credit ADV; notable increases: US hybrid block ADD > $2 billion (+18%), US high yield block ADV > $800 million (+19%).
Portfolio Trading and Market Share Gains
Total global portfolio trading ADV increased 48% to a record $1.4 billion in 2025; US credit portfolio trading market share rose ~270 basis points in 2025 and another ~620 basis points in January 2026 (portfolio trading ADD +126% in January).
Dealer-Initiated Momentum and MIDEX Traction
Dealer-initiated ADV increased 33% in 2025; MIDEX recorded over $3 billion in December and total MIDEX trading volume reached a record $7 billion (+383%).
Pragma Acquisition and Automation Success
Pragma acquisition is fully accretive and contributing to algo/automation growth — Adaptive Auto Ex algo volume exceeded $8 billion in Q4; automated block trading from top clients up >125%.
Capital Return and Balance Sheet Strength
Returned $474 million to investors in 2025 ($360 million share repurchases, $114 million dividends); completed $300 million ASR (final delivery completed) and retired ~1.7 million shares; cash and investments totaled $679 million as of Dec 31, 2025.
Product and Data Momentum / AI Positioning
Launched multiple new protocols (closing auction, axe trading, MIDEX, targeted RFQ) with positive client feedback; proprietary data footprint is large (e.g., $5.3 trillion inquiry volume in 2025) and being reserved for strategic AI-driven products and services.
Guidance and Three-Year Targets
Provided 2026 guidance: services revenue expected to grow mid-single-digits, non-GAAP expenses $530–$545 million (implying ~8% growth), effective tax rate 24–26%, capex $65–$75 million; reiterated three-year average annual revenue growth target of 8–9% with operating margin expansion goals.
MKTX Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
MKTX Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Nov 07, 2025 | $165.02 | $166.53 | +0.92% |
Aug 06, 2025 | $206.06 | $185.22 | -10.11% |
May 07, 2025 | $226.17 | $225.44 | -0.32% |
Feb 06, 2025 | $194.96 | $198.15 | +1.64% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Marketaxess (MKTX) report earnings?
Marketaxess (MKTX) is schdueled to report earning on May 13, 2026, Before Open (Confirmed).
What is Marketaxess (MKTX) earnings time?
Marketaxess (MKTX) earnings time is at May 13, 2026, Before Open (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is MKTX EPS forecast?
MKTX EPS forecast for the fiscal quarter 2026 (Q1) is 2.05.