Business
MarketAxess Reports First Quarter 2025 Financial Results
EPS of $0.40; $1.87 Excluding Notable Items1 Record Total ADV Driven by Record Credit ADV with Record Open Trading ADV of $4.8 billion Record Total Portfolio
About this update from Marketaxess Holdings, Inc.
[{"type":"text","content":"\nEPS of $0.40; $1.87 Excluding Notable Items1\n\nRecord Total ADV Driven by Record Credit ADV with Record Open Trading ADV of $4.8 billion\n\nRecord Total Portfolio Trading ADV and Record Levels of Block Trading in Emerging Markets and Eurobonds\n\n NEW YORK--(BUSINESS WIRE)--\nMarketAxess Holdings Inc. (Nasdaq: MKTX), the operator of a leading electronic trading platform for fixed-income securities, today announced financial results for the first quarter ended March 31, 2025.\n\n1Q25 select financial and operational highlights*\n\n\nTotal revenues of $208.6 million, including a decrease of approximately $0.3 million from the impact of foreign currency fluctuations, decreased 1% compared to the prior year.\n\n\n2% decline in total commission revenue driven by 3% decline in total credit commissions, partially offset by 34% increase in total rates commission revenue.\n\n\nRecord emerging markets (+6%) and record eurobonds (+5%) commission revenue helped to partially offset 7% decline in U.S. credit commission revenue.\n\n\nRecord services revenue (combined information, post-trade and technology services revenue) of $27 million, up 7%.\n\n\n\n\nRecord ADV achieved across strategic priority related protocols and workflow tools, including:\n\n\nEmerging markets and eurobonds block trading ADV, up 22% and 68%, respectively.\n\n\nTotal portfolio trading ADV of $1.3 billion, up 78%.\n\n\nDealer RFQ ADV of $1.8 billion, up 40%.\n\n\nOpen Trading ADV of $4.8 billion, up 8%.\n\n\n\n\nTotal expenses of $120.2 million, up 2%, including a decrease of approximately $0.3 million from the impact of foreign currency fluctuations.\n\n\nEffective tax rate of 84.3%.1 The effective tax rate excluding notable items1 was 27.2%.\n\n\nDiluted earnings-per-share (“EPS”) of $0.40 on net income of $15.1 million; EPS of $1.87 on net income of $70.0 million, each excluding notable items.1\n\n\n*All comparisons versus 1Q24\n\nChris Concannon, CEO of MarketAxess, commented:\n\n“We generated record daily volumes across most of our product areas in the first quarter, including record portfolio trading ADV and record block trading ADV across both emerging markets and eurobonds.\n\nDuring 1Q25 and continuing in early 2Q25, we have been encouraged by the performance of our platform and protocols as our clients have navigated the ongoing credit market volatility. Op...