Business
MarketAxess Reports Third Quarter 2025 Financial Results
10% Revenue Growth Outside U.S. Credit; Continued Progress with New Initiatives Record U.S. Credit Portfolio Trading ADV; Record U.S. High-Yield Portfolio
About this update from Marketaxess Holdings, Inc.
[{"type":"text","content":"\n10% Revenue Growth Outside U.S. Credit; Continued Progress with New Initiatives\n\nRecord U.S. Credit Portfolio Trading ADV; Record U.S. High-Yield Portfolio Trading Estimated Market Share of 22.6%\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 third quarter ended September 30, 2025.\n\n3Q25 select financial and operational highlights*\n\n\nTotal revenues of $208.8 million increased 1%, and included an increase of approximately $1.3 million from the impact of foreign currency fluctuations.\n\n\nTotal commission revenue of $180.2 million was in line with the prior year, including the impact of RFQ-hub.\n\n\nRecord services revenue (combined information, post-trade and technology services revenue) of $28.7 million increased 9%.\n\n\n\n\nStrong progress with our new initiatives across our three strategic channels:\n\n\nClient-Initiated Channel - 10% growth in block trading average daily volume (“ADV”), including 20% growth in emerging markets and 58% growth in eurobonds.\n\n\nPortfolio Trading Channel - 20% increase in total portfolio trading ADV to $1.4 billion with record U.S. credit portfolio trading ADV of $1.1 billion, representing an increase of 16%.\n\n\nDealer-Initiated Channel - 18% increase in dealer-initiated ADV to $1.5 billion.\n\n\n\n\nTotal expenses of $123.2 million increased 3%, and included an increase of approximately $1.0 million from the impact of foreign currency fluctuations.\n\n\nDiluted earnings-per-share (“EPS”) of $1.84 decreased 3%.\n\n\n*All comparisons versus 3Q24\n\nChris Concannon, CEO of MarketAxess, commented:\n\n“A return to lower levels of volatility and tighter credit spreads in the third quarter, combined with historic levels of new issuance in September, dampened our market share and revenue growth in U.S. credit. Outside of U.S. credit, our revenue growth profile is strong, and we delivered 10% growth including the addition of RFQ-hub.\n\nTo address our challenges in U.S. credit, we are focused on growing our targeted block trading solution in the client-initiated channel. Year-to-date, block trading ADV in U.S. credit is already 19% above full-year 2024 levels. We are also continuing to enhance our portfolio trading solution for clients, a...