MarketAxess Reports Third Quarter 2026 Financial Results
MarketAxess reported 3Q26 revenue of $210.4 million, up just 1% YoY, with GAAP diluted EPS of $1.53 down 17% from $1.84 a year ago. Excluding notable items, EPS was $1.86 (+1% YoY) with net income of $65.7 million; GAAP expenses rose 10% largely on $13.1 million of merger-related costs tied to the pending ICE deal. Volumes were strong — total trading ADV up 13%, block trading ADV up 21% to $5.4B, portfolio trading ADV up 37% — but credit FPM fell 9%, weighing on commission revenue, which was flat at $179.9 million.
Key figures
- Eps
- 1.53
- Revenue
- 210400000
- Guidance
- 2026 annual guidance and medium-term financial targets withdrawn in light of pending ICE merger; guidance practice suspended
- Revenue Yoy
- 1%
- Ebitda
- 90683000
- Credit fpm
- 127
- Net income
- 54028000
- Expenses yoy
- 10%
- Ebitda margin
- 43.1%
- Credit fpm yoy
- -9%
- Free cash flow
- 85716000
- Net income yoy
- -21%
- Total expenses
- 136000000
- Eps ex notables
- 1.86
- Operating margin
- 35.4%
- Services revenue
- 30500000
- Block trading adv
- 5400000000
- Commission revenue
- 179900000
- Employee headcount
- 858
- Cash and investments
- 539600000
- Services revenue yoy
- 6%
- Block trading adv yoy
- 21%
- Portfolio trading adv
- 1900000000
- Total trading adv yoy
- 13%
- Merger related expenses
- 13100000
- Portfolio trading adv yoy
- 37%
- Credit facility borrowings
- 92000000
- Ice merger price per share
- 167
- Information services revenue
- 15200000
- Operating margin ex notables
- 41.6%
- Quarterly dividend per share
- 0.78
- Information services revenue yoy
- 10%
AI analysis
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