Trading platform MarketAxess narrowly misses Q3 revenue estimates

MarketAxess Holdings

07/11/2025 11:40

Overview

MarketAxess Q3 revenue rises 1% to $208.8 mln, slightly missing analyst expectations

Diluted EPS for Q3 falls 3% yr/yr to $1.84

Company sees 10% growth in block trading ADV, strong non-U.S. credit revenue

Outlook

MarketAxess aims to grow U.S. credit market share with new trading solutions

Company enhances block trading and portfolio trading solutions for growth

MarketAxess launches Mid-X solution to boost dealer-initiated trading

Result Drivers

NON-U.S. CREDIT GROWTH - Co reports 10% revenue growth outside U.S. credit, supported by RFQ-hub addition

PORTFOLIO TRADING ADV - Record U.S. credit portfolio trading ADV of $1.1 bln, up 16%

DEALER-INITIATED ADV - 18% increase in dealer-initiated ADV to $1.5 bln

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q3 Revenue
Slight Miss*
$209 mln
$209.01 mln (11 Analysts)
Q3 EPS
$1.84
Q3 Net Income
$68 mln
Q3 EBITDA
$108 mln
Q3 Operating Income
$85.58 mln
Q3 Pretax Profit
$93.64 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 "buy" and the breakdown of recommendations is 7 "strong buy" or "buy", 7 "hold" and 1 "sell" or "strong sell"

The average consensus recommendation for the financial & commodity market operators & service providers peer group is "buy"

Wall Street's median 12-month price target for Marketaxess Holdings Inc is $190.00, about 12.8% above its November 6 closing price of $165.75

The stock recently traded at 21 times the next 12-month earnings vs. a P/E of 26 three months ago

Press Release: ID:nBw6pTFYha

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(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.)