Marketaxess Holdings, Inc. · NASDAQ:MKTX
Marketaxess — Q1 2026 Earnings Presentation
28 slides from Marketaxess's earnings presentation, May 7, 2026
Slide 1: 1Q26 Earnings Conference Call
1Q26 Earnings Conference Call May 7, 2026
Slide 2: Update on our strategy & business
Update on our strategy & business ❖ Chris Concannon, CEO 2
Slide 3: What we delivered in 1Q26
What we delivered in 1Q26¹ • +12% increase in total revenue to record $233 million • +20% growth in revenue outside U.S. credit; +4% growth in U.S. credit commission revenue FINANCIAL • +12% growth in total commission revenue to record $203 million, driven principally by record total credit (+9%) an
Slide 4: The MarketAxess advantage
The MarketAxess advantage DEEP & DIFFERENTIATED LIQUIDITY1 1,000+ unique liquidity providers on Open Trading® (“OT”) 22% of OT trading volume responded to by non-dealers; 33% of OT trading volume initiated by dealers Liquidity -income l e fixed iqu tiv id c a ity st pro The mo PROPRIETARY TRADING DA
Slide 5: 1Q & April 2026 macro backdrop
1Q & April 2026 macro backdrop U.S. HIGH-GRADE AND U.S. HIGH-YIELD SPREAD RANGES HISTORIC LEVELS OF U.S. HIGH-GRADE NEW ISSUANCE U.S. High-Grade Spread Range U.S. High-Yield Spread Range U.S. High-Grade U.S. High-Grade U.S. High-Grade Spread Range Avg. U.S. High-Yield Spread Range Avg. Rank Quarter
Slide 6: The U.S. high-grade market in April 2026
The U.S. high-grade market in April 2026: Strong new issue calendar reducing client focus on secondary activity in lower vol environment (in $ billions) U.S. High-Grade TRACE1 Market ADV April 2026 vs. April 2025 $44.6 (4%) $42.9 $2.6 New Issue $3.7 +42%2 $17.6 Dealer Initiated / Portfolio Trading $
Slide 7: What we delivered in 1Q26
What we delivered in 1Q26: Record levels of credit ADV and strong growth in U.S. Government Bonds ADV (in $ millions) RECORD MKTX TOTAL CREDIT ADV STRONG MKTX U.S. GOVERNMENT BONDS ADV U.S. High-Grade U.S. High-Yield Emerging Markets GROWTH Eurobonds Municipals +14% $29,511 +17% $18,632 $25,936 +11%
Slide 8: What we delivered in 1Q26
What we delivered in 1Q26: EM strength enhanced by revenue growth from faster growing local currency markets (in $ millions, except trading volume data) 1Q25 Mix of Total 1Q26 Mix of Total Revenue1 EM Revenue (%) Revenue EM Revenue (%) Record 1Q26 EM Trading Volumes Hard Currency $26 75% $174B +18%
Slide 9: Driving future growth
Driving future growth: Enhanced functionality, differentiated data and innovative client solutions Optimizing trade execution and client workflow in key products & protocols • High-touch: block trading solutions for larger trades across U.S. credit, EM, eurobonds. Client- • Low-touch: continued focu
Slide 10: What we delivered in 1Q26
What we delivered in 1Q26: Record levels of ADV / trading volume with our new initiatives CLIENT-INITIATED CHANNEL – Record Block Trading1 ADV PORTFOLIO TRADING CHANNEL2 – Record Trading ADV U.S. Credit Emerging Markets Eurobonds U.S. Credit Other Credit Est. U.S. Credit PT Market Share 19.8% GROWTH
Slide 11: What we delivered in 1Q26
What we delivered in 1Q26: Expanding our toolkit to address the block market in U.S. credit (in $ billions) Record Q1 U.S. credit platform block trading volume highlights the opportunity… …with an expanding suite of block protocols MKTX Traditional RFQ Blocks 1 MKTX Automated Blocks 2 LIVE +27% 5-Yr
Slide 12: Review of financial results
Review of financial results ❖ Ilene Fiszel Bieler, CFO 12
Slide 13: 1Q26 financial summary
1Q26 financial summary1 (in $ thousands, except EPS data) Financial results 1Q26 4Q25 1Q25 YoY % Δ Notable items3 1Q26 4Q25 1Q25 Total revenues $ 233,380 $ 209,409 $ 208,576 12 % Repositioning charges $ 1.5 $ 1.1 $ — Commissions 203,471 181,339 181,343 12 % Other notable items 0.7 — — 2 Services 29,
Slide 14: What we delivered in 1Q26
What we delivered in 1Q26: Continued strong growth across most of our key performance indicators (“KPIs”) Key Performance Indicators 1Q26 1Q25 YoY Growth Client-Initiated1 Record U.S. Credit ADV $10.0B $9.0B +11% Notional Trading / ADV Record Intl. Product Trading ADV (EM & Eurobonds) $7.9B $6.3B +2
Slide 15: 1Q26 commission revenue detail
1Q26 commission revenue detail 1Q26 PERFORMANCE 1 COMMISSION REVENUE DETAIL (in $ thousands, except transaction fees per million data) Credit Commission Revenue 1Q26 4Q25 1Q25 YoY % Δ • Record total credit commission revenue of $184 million Variable Transaction Fees $ 169,966 $ 148,435 $ 147,991 15
Slide 16: 1Q26 expense detail
1Q26 expense detail1 (in $ thousands, ex-notable items, non-GAAP2) +8% 1Q26 PERFORMANCE 1 (2%) (EX-NOTABLE ITEMS, NON GAAP 2 ) $130,319 $132,312 $4,426 $5,739 $9,370 $4,003 $120,194 • 8% increase in total expenses to $130 million. $2,334 $3,842 $5,716 $4,185 $3,819 $5,720 $10,505 $3,804 $2,061 • Emp
Slide 17: Capital management and cash flow
Capital management and cash flow (in $ millions, except shares repurchased and cash dividend data ) TTM QUARTERLY DIVIDENDS CAPITAL MANAGEMENT TTM Quarterly Dividends (in $ millions) 115 • Total cash, cash equivalents, corporate bond and U.S. Treasury 100 investments of $537 million as of March 31,
Slide 18: 1Q26 key takeaways
1Q26 key takeaways • We continued to strengthen the MarketAxess advantage in 1Q 2026. • The growth profile of the Company outside of U.S. credit is strong, and we delivered improved levels of revenue growth in U.S. credit. • Strong revenue growth was driven by increases in market volumes and strong
Slide 19: Appendix
Appendix 19
Slide 20: Our global client network continues to expand
Our global client network continues to expand # OF ACTIVE CLIENT FIRMS RECORD CREDIT TRADE VOLUME FROM HEDGE FUND AND PRIVATE BANK CLIENTS 2,300 225 Trade Volume (in $ billions) 2,118 2,117 2,129 2,065 # Active Client Firms 2,100 150 1,900 75 1,700 -- 1,500 -- 1Q23 1Q24 1Q25 1Q26 1Q23 1Q24 1Q25 1Q26
Slide 21: Record levels of emerging markets trading volumes and revenue
Record levels of emerging markets trading volumes and revenue 1Q26 COMMENTARY¹ RECORD EMERGING MARKETS TRADE VOLUME BY REGION North America EMEA APAC LATAM • Record 1,547 active client firms. 350 Q1 YoY Growth: 30% Trade Volume (in $ billions) • 24% growth in commission revenue to record $44 million
Slide 22: Integrating our full ecosystem through automation
Integrating our full ecosystem through automation 1Q26 COMMENTARY¹ ACTIVE AUTO-X CLIENT FIRMS • 258 active automation client firms. 300 Q1 YoY Growth: 4 % 3-Year CAGR: 21% # Active Client Firms 225 • Record automation volume of ~$144 billion, up 12%, and trade count of ~735 thousand, up 1%. 150 • Au
Slide 23: Reconciliation of certain GAAP-basis financial results
Reconciliation of certain GAAP-basis financial results, excluding notable items Reconciliation of certain GAAP-basis financial results, excluding notable items 1Q26 4Q25 1Q25 Total expenses, GAAP-basis $ 132,459 $ 133,396 $ 120,194 Exclude: Notable items Repositioning charges 1 (1,484) (1,084) — 2 O
Slide 24: Constant currency FX impacts
Constant currency FX impacts %Δ Constant currency FX impacts 1Q26 1Q25 FX Impact Ex. FX GAAP basis Revenue $ 233,380 $ 208,576 $ 3,425 10 % Expenses 132,459 120,194 2,195 8 Operating income 100,921 88,382 1,230 13 Non-GAAP basis, excluding notable items1 Revenue $ 233,380 $ 208,576 $ 3,425 10 % Expe
Slide 25: Reconciliation of net income to EBITDA
Reconciliation of net income to EBITDA and net income margin to EBITDA margin Reconciliation of net income to EBITDA and net income margin to EBITDA margin 1Q26 4Q25 1Q25 Net income $ 78,107 $ 92,394 $ 15,065 Add back: Interest income (4,308) (5,448) (7,169) Interest expense 2,888 964 213 Provision
Slide 26: Reconciliation of TTM net cash provided by operating activities
Reconciliation of TTM net cash provided by operating activities to TTM free cash flow Reconciliation of TTM net cash provided by operating activities to TTM free cash flow 1 1Q26 4Q25 1Q25 Net cash provided by operating activities $ 277,181 $ 382,139 $ 419,815 Exclude: Net change in trading investme
Slide 27: Disclosures
Disclosures ©2026 MarketAxess Holding Inc. (the "Company"). MarketAxess Corporation is registered as a broker-dealer with the SEC and as an introducing broker with the CFTC. It is a member of FINRA, the MSRB, the NFA and SIPC. MarketAxess Canada Company is registered as an Alternative Trading System
Slide 28: Now you're in the market
\Y, NX Now you're in the market”