MARKETAXESS HOLDINGS INC (MKTX) Form 8-K — Oct 23, 2026
MarketAxess reported 3Q26 revenue of $210.4 million, up just 1% year over year, with diluted EPS of $1.53 ($1.86 excluding notable items) versus $1.84 a year ago. GAAP net income fell 21% to $54.0 million, driven largely by $13.1 million of merger-related expenses and a 9% decline in credit fee per million; expenses ex-notables were flat. Trading activity was strong despite soft monetization: total ADV rose 13%, block trading ADV jumped 21% to $5.4 billion, and portfolio trading ADV grew 37% to $1.9 billion, with share gains in high yield and municipals offset by a 90bps drop in U.S. high-grade market share.
Key figures
- Eps
- 1.53
- Revenue
- 210400000
- Guidance
- 2026 annual guidance and medium-term targets withdrawn in light of the pending ICE merger; earnings calls, guidance, and monthly volumes releases suspended
- Net Income
- 54000000
- Total Debt
- 92000000
- Revenue Yoy
- 1%
- Total Assets
- 2275990000
- Cash Position
- 539600000
- Ebitda
- 90683000
- Ebitda margin
- 43.1%
- Credit fpm yoy
- -9%
- Total expenses
- 136012000
- Operating margin
- 35.4%
- Services revenue
- 30500000
- Total credit fpm
- 127
- Block trading adv
- 5400000000
- Free cash flow q3
- 85716000
- Commission revenue
- 179923000
- Dividend per share
- 0.78
- Employee headcount
- 858
- Expense growth yoy
- 10%
- Dividend record date
- 2026-11-11
- Eps ex notable items
- 1.86
- Dividend payable date
- 2026-11-25
- Portfolio trading adv
- 1900000000
- Merger price per share
- 167
- Merger related expenses
- 13100000
- Block trading adv growth
- 21%
- Total trading adv growth
- 13%
- Net income ex notable items
- 65700000
- Operating margin ex notables
- 41.6%
- Portfolio trading adv growth
- 37%
- Information services revenue growth
- 10%
AI analysis
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