MarketAxess posted FY 2025 revenue of USD 846.3 million (+3.6%), with commission revenue of USD 734.6 million (+3.2%), information services revenue of USD 53.2 million (+5.3%), post-trade services revenue of USD 44.5 million (+4.7%) and technology services revenue of USD 13.9 million (+12.7%). FY 2025 operating income was USD 341.8 million (+0.3%) and other income (expense) was USD 25.2 million (+27.9%). FY 2025 net income was USD 246.9 million (-9.9%), with diluted EPS of USD 6.64 (-8.8%); the effective tax rate was 32.7% (up from 24.0%), with the increase attributed to a reserve for unrecognized tax benefits established in 2025. FY 2025 EBITDA was USD 420.8 million and free cash flow was USD 346.9 million. Total trading volume in FY 2025 was USD 10.5 trillion (+13.0%), including total credit volume of USD 3.9 trillion (+10.0%) and total rates volume of USD 6.6 trillion (+14.9%). MarketAxess said its credit average variable transaction fee per million decreased 7.6% to USD 138.87, mainly due to protocol mix-shift reflecting increased portfolio trading; rates average variable transaction fee per million was USD 4.28 (-2.5%). The company reported estimated FY 2025 U.S. high-grade market share of 18.4% (down from 19.0%) and U.S. high-yield market share of 12.5% (down from 13.2%). Business and product updates cited for 2025 included continued rollout of Targeted RFQ (an AI-driven dealer selection tool), expansion of its sessions-based Mid-X offering to emerging market bonds, and continued growth in automated and algorithmic trading solutions. MarketAxess also noted the May 2025 RFQ-hub acquisition, which began contributing derivative and ETF commissions from that point. On capital returns, MarketAxess entered a USD 300.0 million accelerated share repurchase in December 2025 and said it had USD 205.0 million remaining repurchase capacity as of December 31, 2025.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. MarketAxess Holdings Inc. published the original content used to generate this news brief via EDGAR, the Electronic Data Gathering, Analysis, and Retrieval system operated by the U.S. Securities and Exchange Commission (Ref. ID: 0001193125-26-067009), on February 24, 2026, and is solely responsible for the information contained therein.