MarketAxess发布2026年二季度业绩，收入基本持平且佣金收入下滑

EPS of $1.93; $1.95 Excluding Notable Items
1
Record Services Revenue
2
and 9% Revenue Growth Outside U.S. Credit Underscore Progress in Strategic Channels
11% Increase in Block Trading ADV with Strong Growth in Emerging Markets and U.S. Credit Block ADVs
33% Increase in Portfolio Trading ADV to Record $2.0 Billion with Records in U.S. Credit and Municipal Bonds
NEW YORK--(BUSINESS WIRE)--
MarketAxess Holdings Inc. (Nasdaq: MKTX), the operator of a leading electronic trading platform for fixed-income securities, today announced financial results for the second quarter ended June 30, 2026.
2Q26 Select Financial and Operational Highlights*
Total revenues of
$218.4 million
were
relatively flat
compared to the prior year, which benefited from elevated levels of event-driven market volatility.
3%
decline in total commission revenue to
$186.9 million
,
driven by a
9%
decline in U.S. credit,
partially offset by a
6%
increase in emerging markets commission revenue.
14%
growth in services revenue
2
to
record
$31.5 million
.
9%
growth in revenue outside U.S. credit.
Continued progress with our key initiatives across our
strategic channels
:
Client-Initiated Channel
-
11%
increase in block trading average daily volume (“ADV”) to
$5.9 billion
, including
U.S. credit
(+8%)
and emerging markets
(+24%)
.
Portfolio Trading Channel
-
33%
increase in total portfolio trading ADV to
a
record $2.0 billion
with
record
U.S. high-grade
(+41%)
,
record
U.S. high-yield
(+93%)
,
record
municipal bonds
(+154%)
, and emerging markets
(+44%)
.
Dealer-Initiated Channel
-
3%
decrease in dealer-initiated ADV to
$1.7 billion
, partially offset by a
151%
increase in Mid-X ADV to
record
levels.
Total expenses of
$128.5 million
increased
1%;
total expenses, excluding notable items,
1
of
$127.0
million
increased
3%
,
reflecting continued expense discipline.
Operating margin of
41.1%
decreased
80 basis points
; operating margin, excluding notable items,
1
of
41.9%
decreased
180 basis points
.
Diluted earnings-per-share (“EPS”) of
$1.93
on net income of
$68.3
million
, compared to
$1.91
and
$71.2 million
in the prior year,
respectively; EPS of
$1.95
on net income of
$68.9 million
, each excluding notable items.
1
*All comparisons versus 2Q25
Chris Concannon, CEO of MarketAxess, commented
:
"Following this morning's announcement that MarketAxess and Intercontinental Exchange (NYSE: ICE) have entered into a definitive agreement for ICE to acquire MarketAxess, we have elected to release our second quarter 2026 financial results today.
In a quarter marked by lower market volatility and elevated levels of new issuance, we delivered solid results that demonstrate the growing client adoption of our new solutions across each of our strategic channels. We continue to expand our block trading footprint in the client-initiated channel, enhance portfolio trading for clients and build on the early success in Mid-X.
I
n the first half of 2026, our continued investments, expense discipline and capital management contributed to 6% revenue growth and solid earnings growth year-over-year, while supporting healthy operating margins."
Table 1: 2Q26 Select Financial Results
Quarter
% Change
Year-to-date
% Change
$ in millions, except per share data (unaudited)
2Q 2026
1Q 2026
2Q 2025
QoQ
YoY
YTD 2026
YTD 2025
YoY
Selected GAAP-basis financial results
Revenues
$
218
$
233
$
219
(6
)
%
-
%
$
452
$
428
6
%
Expenses
129
132
128
(3
)
1
261
248
5
Operating margin
41.1
%
43.2
%
41.9
%
(210
)
bps
(80
)
bps
42.2
%
42.1
%
+10
bps
Net Income
68
78
71
(13
)
(4
)
146
86
70
Diluted EPS
1.93
2.20
1.91
(12
)
1
4.13
2.31
79
Net Income Margin
31.3
%
33.5
%
32.4
%
(220
)
bps
(110
)
bps
32.4
%
20.1
%
+1230
bps
Selected GAAP-basis financial results ex-notable items (non-GAAP)
1
Revenues
218
233
219
(6
)
-
452
428
6
Expenses
127
130
124
(3
)
3
257
244
6
Operating margin
41.9
%
44.2
%
43.7
%
(230
)
bps
(180
)
bps
43.0
%
43.0
%
—
bps
Net Income
69
80
74
(14
)
(7
)
149
144
3
Diluted EPS
1.95
2.25
2.00
(13
)
(3
)
4.19
3.87
8
Other Non-GAAP financial measures
EBITDA
3
106
122
111
(13
)
(4
)
228
218
4
EBITDA Margin
3
48.6
%
52.1
%
50.5
%
(350
)
bps
(190
)
bps
50.4
%
51.0
%
(60
)
bps
NM - not meaningful
2Q26 Overview of Results
Table 1A: Notable Items
1
Quarter
Year-to-date
2Q 2026
1Q 2026
2Q 2025
YTD 2026
YTD 2025
$ in millions, except per share data (unaudited)
Repositioning charges
$
—
$
1.5
$
4.0
$
1.5
$
4.0
Other notable items
1.6
0.7
—
2.2
—
Acquisition-related charge/(credit)
—
—
0.6
-
0.6
Notable items (pre-tax)
1.6
2.2
4.6
3.7
4.6
Income tax impact from notable items
(0.4
)
(0.5
)
(1.2
)
(0.9
)
(1.2
)
Non-deductible income tax from notable items
0.6
—
—
0.6
—
Reserve for uncertain tax positions related to prior periods
(1.1
)
—
—
(1.1
)
54.9
Total notable items
$
0.7
$
1.7
$
3.4
$
2.3
$
58.3
EPS impact
$
0.02
$
0.05
$
0.09
$
0.06
$
1.56
Notable Items
1
Notable items in 2Q26 include
$1.6 million
of legal-related expenses and a benefit to the reserve for uncertain tax positions of
$1.1 million
related to prior periods.
Revenue
Total revenues of
$218.4 million
was relatively flat compared to the prior year, which benefited from elevated levels of event-driven market volatility.
Commission Revenue
Table 1B: 2Q26 Variable Transaction Fees Per Million (FPM)
Quarter
% Change
Year-to-date
% Change
2Q 2026
1Q 2026
2Q 2025
QoQ
YoY
YTD 2026
YTD 2025
YoY
AVG. VARIABLE TRANS. FEE PER MILLION (FPM)
Total Credit
$
129
$
132
$
138
(2
)
%
(7
)
%
$
130
$
139
(6
)
%
Total Rates
4.96
4.68
4.03
6
23
4.81
4.11
17
Credit
Total credit commission revenue of
$168.4
million
(including
$34.1 million
in fixed-distribution fees) decreased
$8.1 million
, or
5%
, compared to
$176.6 million
(including
$33.6 million
in fixed-distribution fees) in the prior year. Total credit ADV remained relatively flat compared with the prior year. The
5%
decrease in total credit commission revenue was primarily driven by a
9%
decrease in U.S. credit commission revenue, partially offset by growth in emerging markets and higher fixed distribution fees. The decline in 2Q26 total credit FPM year-over-year was driven by protocol and product mix, as well as lower duration of bonds traded in U.S. high-grade.
Rates
Total rates commission revenue of
$8.1 million
was relatively flat compared to the prior year.
Other
Total other commission revenue of
$10.3
million
increased
$3.2 million
, or
46%
,
compared to the prior year, primarily driven by the inclusion of RFQ-hub beginning in May 2025.
Services Revenue
Record
services revenue
2
of
$31.5 million
increased
$3.8 million
, or
14%
, compared to the prior year.
Information Services
— Information services revenue of
$16.1 million
increased
$3.0 million
, or
23%
, compared to the prior year. The increase was principally driven by net new contract revenue.
Post-trade Services
— Post-trade services revenue of
$11.6 million
increased
$0.5 million
, or
5%
, compared to the prior year principally driven by net new contract revenue.
Technology Services
— Total technology services revenue of
$3.8 million
increased
$0.3 million
, or
8%
, compared to the prior year principally driven by higher connectivity and licensing fees reflecting the inclusion of RFQ-hub.
Expenses
Total expenses of
$128.5 million
increased
1%
from the prior year. Total expenses, excluding notable items,
1
of
$127.0 million
increased
3%
from the prior year.
Non-Operating
Other Income (Expense):
Other income was
$(0.1)
million
, down from
$5.6 million
in the prior year. The decrease was largely driven by lower interest income resulting from lower average cash balances and lower yields driven by central bank rate cuts, higher interest expense mainly due to borrowings on the Company’s credit facility, along with cash on hand, to fund the accelerated stock repurchase agreement (the "ASR") that settled in the first quarter of 2026, as well as foreign currency transaction losses in the current year as compared to foreign currency transaction gains in the prior year.
Tax rate:
The e