MarketAxess Q1 revenue slightly beats estimates on global demand

MarketAxess Holdings

07/05/2026 11:49

Overview

Electronic bond trading platform's Q1 revenue rose 12%, slightly beating analyst expectations

Adjusted EPS for Q1 rose 20% and beat analyst expectations

Company completed $300 mln accelerated share repurchase, reducing share count by about 6%

Outlook

Company did not provide specific financial guidance or outlook for the current or future periods

Result Drivers

GLOBAL DEMAND - Co said heightened demand for its liquidity from a global client network drove record trading volume and revenue

INTERNATIONAL GROWTH - Revenue outside U.S. credit products grew 20%, with record commission revenue in emerging markets and eurobonds

STRATEGIC CHANNELS - Record block and portfolio trading activity contributed to broad-based revenue gains

Company press release: ID:nBw3F9GQ9a

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Revenue
Slight Beat*
$233 mln
$231.16 mln (10 Analysts)
Q1 Adjusted EPS
Beat
$2.25
$2.15 (11 Analysts)
Q1 EPS
$2.20
Q1 Net Income
$78 mln
Q1 EBITDA
$122 mln
Q1 Operating Income
$100.92 mln
Q1 Operating Margin
43.20%
Q1 Pretax Profit
$103.89 mln


*Applies to a deviation of less than 1%; not applicable for per-share numbers.

Analyst Coverage

The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 5 "strong buy" or "buy", 8 "hold" and 1 "sell" or "strong sell"

Wall Street's median 12-month price target for Marketaxess Holdings Inc is $189.00, about 27% above its May 6 closing price of $148.84

The stock recently traded at 18 times the next 12-month earnings vs. a P/E of 21 three months ago

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)