MKTX 8-K

Marketaxess Holdings Inc (MKTX)

8-K 2025-11-07 For: 2025-11-07

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Delaware	001-34091	52-2230784
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

55 Hudson Yards 15th Floor
New York, New York		10001
(Address of Principal Executive Offices)		(Zip Code)


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.003 par value	MKTX	Nasdaq Global Select Market


	99.1			Press Release issued by MarketAxess Holdings Inc. on November 7, 2025.

	104			Cover Page Interactive File (the cover page tags are embedded within the Inline XBRL document).


			MARKETAXESS HOLDINGS INC.

Date:	November 7, 2025	By:	/s/ Ilene Fiszel Bieler
			Name: Ilene Fiszel Bieler Title: Chief Financial Officer


	Quarter									% Change								YTD						% Change
$ in millions, except per share data (unaudited)	3Q 2025			2Q 2025			3Q 2024			QoQ				YoY				YTD 2025			YTD 2024			YoY
Selected GAAP-basis financial results
Revenues	$	209		$	219		$	207			(5	)	%		1		%	$	637		$	615			4		%
Expenses		123			128			120			(3	)			3				371			354			5
Net Income		68			71			71			(4	)			(4	)			155			209			(26	)
Diluted EPS		1.84			1.91			1.90			(4	)			(3	)			4.14			5.55			(25	)
Net Income Margin		32.7	%		32.4	%		34.6	%	+30			bps		(190	)	bps		24.3	%		34.0	%	NM
Selected GAAP-basis financial results ex-notable items (non-GAAP)1
Revenues		209			219			207			(5	)			1				637			615			4
Expenses		123			124			120			—				3				367			354			4
Net Income		68			74			71			(8	)			(4	)			213			209			2
Diluted EPS		1.84			2.00			1.90			(8	)			(3	)			5.70			5.55			3
Other Non-GAAP financial measures
EBITDA2		108			111			105			(3	)			2				326			313			4
EBITDA Margin2		51.5	%		50.5	%		50.8	%	+100			bps	+70			bps		51.2	%		51.0	%	+20			bps

MKTX 8-K

FORM 8-K

Item 2.02 Results of Operations and Financial Condition.

Item 8.01 Other Events.

Item 9.01 Financial Statements and Exhibits.

3Q25 overview of results

Table 1A: Notable items1

Revenue

Commission revenue

Table 1B: 3Q25 variable transaction fees per million (FPM)

Credit

Rates

Other

Services revenue

Information services

Post-trade services

Technology services

Expenses

Non-operating

Capital

Other

Non-GAAP financial measures and other items

Webcast and conference call information

General Notes Regarding the Data Presented

Cautionary Note Regarding Forward-Looking Statements

About MarketAxess

Contacts


Contacts
INVESTOR RELATIONS	MEDIA RELATIONS
Stephen Davidson MarketAxess Holdings Inc. +1 212 813 6313 [email protected]	Marisha Mistry MarketAxess Holdings Inc. +1 917 267 1232 [email protected]


	Three Months Ended										Nine Months Ended
	September 30,										September 30,
In thousands, except per share data (unaudited)	2025			2024			% Change				2025			2024			% Change
Revenues
Commissions	$	180,171		$	180,392			—		%	$	553,284		$	536,944			3		%
Information services		13,785			12,960			6				39,776			37,385			6
Post-trade services		11,293			10,382			9				33,457			31,512			6
Technology services		3,572			2,981			20				10,342			8,852			17
Total revenues		208,821			206,715			1				636,859			614,693			4

Expenses
Employee compensation and benefits		59,982			58,431			3				187,135			176,485			6
Depreciation and amortization		19,662			18,728			5				57,093			55,284			3
Technology and communications		19,961			18,553			8				57,430			53,375			8
Professional and consulting fees		7,382			6,989			6				20,982			21,053			-
Occupancy		3,859			3,835			1				11,234			10,974			2
Marketing and advertising		2,349			2,898			(19	)			7,362			7,741			(5	)
Clearing costs		3,948			4,387			(10	)			12,580			13,420			(6	)
General and administrative		6,099			5,839			4				17,218			15,467			11
Total expenses		123,242			119,660			3				371,034			353,799			5
Operating income		85,579			87,055			(2	)			265,825			260,894			2
Other income (expense)
Interest income		5,850			6,953			(16	)			18,949			19,327			(2	)
Interest expense		(171	)		(346	)		(51	)			(523	)		(1,283	)		(59	)
Equity in earnings of unconsolidated affiliate		—			340			(100	)			457			1,064			(57	)
Other, net		2,381			(1,105	)	NM					2,501			(4,051	)	NM
Total other income (expense)		8,060			5,842			38				21,384			15,057			42
Income before income taxes		93,639			92,897			1				287,209			275,951			4
Provision for income taxes		25,366			21,408			18				132,691			66,909			98
Net income	$	68,273		$	71,489			(4	)		$	154,518		$	209,042			(26	)
Less: income attributable to noncontrolling interest		(97	)		—		NM					(128	)		—		NM
Net income available for common stockholders	$	68,176		$	71,489			(5	)		$	154,390		$	209,042			(26	)
Per Share Data:
Net income per common share
Basic	$	1.84		$	1.90						$	4.15		$	5.55
Diluted	$	1.84		$	1.90						$	4.14		$	5.55
Cash dividends declared per common share	$	0.76		$	0.74						$	2.28		$	2.22
Weighted-average common shares:
Basic		37,023			37,527							37,207			37,641
Diluted		37,109			37,608							37,288			37,696


In thousands, except fee per million data	Three Months Ended September 30,								Nine Months Ended September 30,
(unaudited)	2025		2024		% Change				2025		2024		% Change
Variable transaction fees
Credit	$	130,811	$	134,863		(3	)	%	$	409,628	$	404,012		1		%
Rates		6,549		7,018		(7	)			21,503		17,903		20
Other		8,589		4,856		77				20,882		14,781		41
Total variable transaction fees		145,949		146,737		(1	)			452,013		436,696		4
Fixed distribution fees
Credit		34,137		33,584		2				101,018		100,049		1
Rates		85		71		20				253		199		27
Total fixed distribution fees		34,222		33,655		2				101,271		100,248		1
Total commission revenue	$	180,171	$	180,392		—			$	553,284	$	536,944		3
Average variable transaction fee per million
Credit	$	140	$	149		(6	)	%	$	139	$	150		(7	)	%
Rates		4.21		4.15		1				4.14		4.42		(6	)


	Three Months Ended September 30,
In millions (unaudited)	2025				2024				% Change
	Volume		ADV		Volume		ADV		Volume				ADV
Credit
High-grade	$	419,703	$	6,558	$	449,708	$	7,027		(7	)	%		(7	)	%
High-yield		86,228		1,347		81,761		1,278		5				5
Emerging markets		243,387		3,803		213,341		3,333		14				14
Eurobonds		142,772		2,196		122,914		1,891		16				16
Other credit		40,336		631		37,566		587		7				7
Total credit trading		932,426		14,535		905,290		14,116		3				3
Rates
U.S. government bonds		1,480,317		23,130		1,619,337		25,302		(9	)			(9	)
Agency and other government bonds		75,714		1,166		71,261		1,098		6				6
Total rates trading		1,556,031		24,296		1,690,598		26,400		(8	)			(8	)
Total trading	$	2,488,457	$	38,831	$	2,595,888	$	40,516		(4	)			(4	)
Number of U.S. Trading Days1				64				64
Number of U.K. Trading Days2				65				65


	As of
In thousands (unaudited)	September 30, 2025			December 31, 2024

Assets
Cash and cash equivalents	$	473,299		$	544,478
Cash segregated under federal regulations		48,351			47,107
Investments, at fair value		168,472			165,260
Accounts receivable, net		110,519			91,845
Receivables from broker-dealers, clearing organizations and customers		606,667			357,728
Goodwill		283,667			236,706
Intangible assets, net of accumulated amortization		115,880			98,078
Furniture, equipment, leasehold improvements and capitalized software, net		111,622			107,298
Operating lease right-of-use assets		53,412			58,132
Prepaid expenses and other assets		42,019			82,584
Total assets	$	2,013,908		$	1,789,216

Liabilities and stockholders' equity
Liabilities
Accrued employee compensation	$	60,374		$	68,054
Payables to broker-dealers, clearing organizations and customers		365,828			218,845
Income and other tax liabilities		98,744			3,683
Accounts payable, accrued expenses and other liabilities		31,907			37,320
Operating lease liabilities		66,872			72,654
Total liabilities		623,725			400,556

Redeemable noncontrolling interest		11,733			—

Stockholders' equity
Common stock		123			123
Additional paid-in capital		358,607			350,701
Treasury stock		(451,403	)		(333,369	)
Retained earnings		1,474,752			1,405,904
Accumulated other comprehensive income/(loss)		(3,629	)		(34,699	)
Total stockholders' equity		1,378,450			1,388,660
Total liabilities, redeemable noncontrolling interest and stockholders' equity	$	2,013,908		$	1,789,216



$ in thousands, except per share data (unaudited)	3Q 2025			2Q 2025			3Q 2024			YTD 2025			YTD 2024

Total Expenses, GAAP-basis	$	123,242		$	127,598		$	119,660		$	371,034		$	353,799
Exclude: Notable items
Repositioning charges1		—			(3,970	)		—			(3,970	)		—
Total Expenses, excluding notable items	$	123,242		$	123,628		$	119,660		$	367,064		$	353,799


Other income (expense), GAAP-basis	$	8,060		$	5,552		$	5,842		$	21,384		$	15,057
Exclude: Notable items
Acquisition-related charge/(credit)2		—			557			—			557			—
Other income (expense), excluding notable items	$	8,060		$	6,109		$	5,842		$	21,941		$	15,057


Net income, GAAP-basis	$	68,273		$	71,180		$	71,489		$	154,518		$	209,042
Exclude: Notable items
Repositioning charges1		—			3,970			—			3,970			—
Acquisition-related charge/(credit)2		—			557			—			557			—
Income tax impact from notable items		—			(1,218	)		—			(1,218	)		—
Reserve for uncertain tax positions related to prior periods		—			—			—			54,939			—
Net income, excluding notable items	$	68,273		$	74,489		$	71,489		$	212,766		$	209,042


Diluted EPS, GAAP-basis	$	1.84		$	1.91		$	1.90		$	4.14		$	5.55
Notable items as reconciled above		—			0.09			—			1.56			—
Diluted EPS, excluding notable items	$	1.84		$	2.00		$	1.90		$	5.70		$	5.55


Effective tax rate, GAAP-basis		27.1	%		26.9	%		23.0	%		46.2	%		24.2	%
Notable items as reconciled above		—			—			—			(19.1	)		—
Effective tax rate, excluding notable items		27.1	%		26.9	%		23.0	%		27.1	%		24.2	%



In thousands (unaudited)	3Q 2025			2Q 2025			3Q 2024			YTD 2025			YTD 2024

Net cash (used in)/provided by operating activities	$	90,164		$	103,714		$	95,089		$	223,507		$	208,989
Exclude: Net change in trading investments		264			(66	)		784			198			629
Exclude: Net change in fail-to-deliver/receive from broker-dealers, clearing organizations and customers		34,338			22,053			2,578			90,790			50,715
Less: Purchases of furniture, equipment and leasehold improvements		(1,496	)		(1,206	)		(835	)		(4,632	)		(9,727	)
Less: Capitalization of software development costs		(11,494	)		(11,510	)		(11,331	)		(38,035	)		(35,790	)
Free cash flow	$	111,776		$	112,985		$	86,285		$	271,828		$	214,816