Marketaxess Holdings, Inc. · NASDAQ:MKTX
Marketaxess — Q4 2025 Earnings Presentation
31 slides from Marketaxess's earnings presentation, Feb 6, 2026
Slide 1: 4Q & FY 2025 Earnings Conference Call
4Q & FY 2025 Earnings Conference Call February 6, 2026
Slide 2: Update on our strategy & business
Update on our strategy & business ❖ Chris Concannon, CEO 2
Slide 3: What we delivered in 2025
What we delivered in 2025¹ • Record revenue of $846 million; 10% growth in revenue outside U.S. credit FINANCIAL • Record total ADV, record commission revenue and record services revenue2 PERFORMANCE • $6.64 earnings per share; $7.39 per share, or 2% increase, excluding notable items3 • Record $347
Slide 4: What we delivered in 2025: Key performance indicators
What we delivered in 2025: Continued strong growth across most of our key performance indicators (“KPIs”) Key Performance Indicators FY 2025 FY 2024 YoY Growth Client-Initiated1 Record U.S. Credit ADV $8.7B $8.2B +6% Notional Trading / ADV Record Intl. Product Trading ADV (EM & Eurobonds) $6.3B $5.4
Slide 5: What we delivered in 2025: Record levels of credit and rates ADV
What we delivered in 2025: Record levels of credit and rates ADV (in $ millions) RECORD MKTX TOTAL CREDIT ADV RECORD MKTX U.S. GOVERNMENT BONDS ADV U.S. High-Grade U.S. High-Yield Emerging Markets Eurobonds Municipals +15% $25,390 +10% $22,044 $15,643 $14,173 +15% +20% +14% 13% +5% 2024 2025 2024 20
Slide 6: Driving growth: Enhanced functionality, differentiated data and innovative client solutions
Driving 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 focus on au
Slide 7: What we delivered in 2025: Record levels of ADV / trading volume with our new initiatives
What we delivered in 2025: 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 GROWTH $4,91
Slide 8: Our top-25 clients increasingly leveraging our new protocols and workflow tools
Our top-25 clients1: Increasingly leveraging our new protocols and workflow tools % INCREASE IN TOP-25 CLIENT ACTIVITY¹ FY 2025 vs. FY 2024 Over 50% of all trade Blocks Block Trading Volume +25% tickets executed by our top-25 clients are Automation Automation Trading Volume +18% through automation A
Slide 9: 2025 U.S. high-yield portfolio trading estimated market share
2025 U.S. high-yield portfolio trading estimated market share1 — responding to client needs 1H 2025 2H 2025 ESTIMATED MARKET SHARE1 +800 bps ESTIMATED MARKET SHARE1 15% 23% 22.6% 22.8% 23% 18.2% 15% 13.1% 1Q25 2Q25 3Q25 4Q25 1. Includes impact of single-dealer portfolio trades. 9
Slide 10: The long-term e-trading opportunity continues to expand
The long-term e-trading opportunity continues to expand ESTIMATED TOTAL ADDRESSABLE MARKET – 2022 vs. 2025¹ 2022 MarketAxess ADV 2022 Total Estimated Addressable Market ADV 2025 MarketAxess ADV 2025 Total Estimated Addressable Market ADV $5.5B $25.7B U.S. High-Grade $7.2B $39.0B $1.7B $9.5B U.S. Hig
Slide 11: Review of financial results
Review of financial results ❖ Ilene Fiszel Bieler, CFO 11
Slide 12: 4Q25 financial summary
4Q25 financial summary1 (in $ thousands, except EPS data) Financial results 4Q25 3Q25 4Q24 YoY % Δ Notable items3 4Q25 3Q25 4Q24 Total revenues $ 209,409 $ 208,821 $ 202,404 3% Repositioning charges $ 1.1 $ — $ — Commissions 181,339 180,171 174,766 4% Acquisition-related charge/(credit) — — — 2 Serv
Slide 13: 4Q25 commission revenue detail
4Q25 commission revenue detail COMMISSION REVENUE DETAIL 4Q25 PERFORMANCE 1 (in $ thousands, except transaction fees per million data) Commission Revenue 4Q25 3Q25 4Q24 YoY % Δ Credit Variable Transaction Fees $ 148,435 $ 145,949 $ 141,848 5% Credit 132,358 130,811 129,351 2% • Total credit commissi
Slide 14: 4Q25 expense detail
4Q25 expense detail1 (in $ thousands, ex-notable items, non-GAAP2) +8% 4Q25 PERFORMANCE 1 +7% (EX-NOTABLE ITEMS, NON GAAP 2 ) $132,312 $4,003 $9,370 $123,242 $122,428 • 8% increase in total expenses to $132 million. $3,842 $6,099 $3,948 $7,242 $4,443 $3,804 $10,505 $2,349 $3,859 $3,972 • Employee co
Slide 15: 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 $679 million as of December 3
Slide 16: FY 2026 guidance
FY 2026 guidance1 (in $ millions) Metric Full-Year 2026 Guidance1 Services Revenue2 Expect revenue growth in the mid-single digits (%) Total Expenses (ex-notable items) $530 million to $545 million, up ~8% to the midpoint of the 2026 guidance range Effective Tax Rate 24.0% to 26.0% Capital Expenditu
Slide 17: Key Themes for 2025
Key Themes for 2025 • We made significant strides in enhancing the MarketAxess advantage in 2025. • The growth profile of the Company outside of U.S. credit is strong and we have a strategy in place to drive higher levels of market share and revenue growth in U.S. credit. • Our three-year financial
Slide 18: Appendix
Appendix 18
Slide 19: 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 ost pro PROPRIETARY TRADING DATA & ANA
Slide 20: Modernization is driving innovation and setting the foundation for our targets
Modernization is driving innovation and setting the foundation for our targets1 & ASR 2020 - 2024 2023 - 2025 2025 - 2027 2026 - 2028¹ Accelerated Investments/ Recent financial innovation driving Increased investment to fortify incremental 8% – 9% performance capital return our strengths revenue gen
Slide 21: FY 2025 expense bridge – self-funded ~$16 million in investments
FY 2025 expense bridge – self-funded ~$16 million in investments (in $ millions) +5% Self-Funded Investment ~+$5 ~$504 ~+$14 ~$499 ~+$10 ~+$16 ~$476 ~$(17) Net Carryover/ Timing / Cost Tech, Software Acquisitions Repositioning Inflationary Efficiencies & Product and FX Impact Charges Investments/ St
Slide 22: Macro conditions
Macro conditions U.S. HIGH-GRADE AND U.S.HIGH-YIELD SPREAD RANGES RANKING OF HIGHEST U.S. HIGH-GRADE AND U.S. HIGH-YIELD NEW ISSUE MONTHS U.S. High-Grade Spread Range U.S. High-Yield Spread Range U.S. High-Yield U.S. High-Yield U.S. High-Grade Spread Range Avg. U.S. High-Yield Spread Range Avg. Rank
Slide 23: Our global client network continues to expand
Our global client network continues to expand # OF ACTIVE CLIENT FIRMS CREDIT TRADE VOLUME FROM HEDGE FUND AND PRIVATE BANK CLIENTS 2,300 225 Trade Volume (in $ billions) 2,108 2,115 2,123 2,065 # Active Client Firms 2,100 150 1,900 75 1,700 -- 1,500 -- 4Q22 4Q23 4Q24 4Q25 4Q22 4Q23 4Q24 4Q25 # OF A
Slide 24: Continued strong contribution from our emerging markets franchise
Continued strong contribution from our emerging markets franchise 4Q25 COMMENTARY¹ EMERGING MARKETS TRADE VOLUME BY REGION North America EMEA APAC LATAM • Record 1,541 active client firms. 275 Q4 YoY Growth: 15% Trade Volume (in $ billions) • 6% growth in commission revenue. 3-Year CAGR: 15% 200 • S
Slide 25: Integrating our full ecosystem through automation
Integrating our full ecosystem through automation 4Q25 COMMENTARY¹ RECORD ACTIVE AUTO-X CLIENT FIRMS • Record 261 active automation client firms. 300 Q4 YoY Growth: 7 % 3-Year CAGR: 24% # Active Client Firms 225 • Automation volume of ~$103 billion, up 4%, and trade count of ~623 thousand, down (4)%
Slide 26: Reconciliation of certain GAAP-basis financial results, excluding notable items
Reconciliation of certain GAAP-basis financial results, excluding notable items Reconciliation of certain GAAP-basis financial results, excluding notable items 4Q25 3Q25 4Q24 FY 2025 FY 2024 Total expenses, GAAP-basis $ 133,396 $ 123,242 $ 122,428 $ 504,430 $ 476,227 Exclude: Notable items Repositio
Slide 27: Constant currency FX impacts
Constant currency FX impacts %Δ %Δ Constant currency FX impacts 4Q25 4Q24 FX Impact FY 2025 FY 2024 FX Impact Ex. FX Ex. FX GAAP basis Revenue $ 209,409 $ 202,404 $ 1,637 3% $ 846,268 $ 817,097 $ 4,580 3% Expenses 133,396 122,428 1,307 8 504,430 476,227 4,522 5 Operating income 76,013 79,976 331 (5)
Slide 28: 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 Reconciliation of net income to EBITDA and net Income margin to EBITDA margin 4Q25 3Q25 4Q24 FY 2025 FY 2024 Net income $ 92,394 $ 68,273 $ 65,139 $ 246,912 $ 274,181 Add back: Interest income (5,448) (5,850) (6,719) (24,3
Slide 29: Reconciliation of FY net cash provided by operating activities to FY free cash flow
Reconciliation of FY net cash provided by operating activities to FY free cash flow Reconciliation of FY net cash provided by operating activities to FY free cash flow 1 FY 2025 FY 2024 Net cash provided by operating activities $ 382,139 $ 385,237 Exclude: Net change in trading investments (206) 629
Slide 30: 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 31: Now you're in the market
\Y, NX Now you're in the market”