MarketAxess Q1 2026 revenue rises 12%

MarketAxess Holdings Inc. reported strong first-quarter 2026 results, with total revenue rising 12% year over year to $233.4 million, driven by higher trading activity and growth outside U.S. credit products.

Rhea-AI Filing Summary

MarketAxess Holdings Inc. reported strong first-quarter 2026 results, with total revenue rising 12% year over year to $233.4 million, driven by higher trading activity and growth outside U.S. credit products. GAAP net income increased to $78.1 million, and diluted EPS reached $2.20, or $2.25 excluding notable items.

Credit commission revenue grew 9% to $183.8 million on a 17% increase in total credit trading volume, while rates commission revenue rose 29% to $9.0 million. EBITDA was $121.7 million with a 52.1% margin. The Board declared a quarterly cash dividend of $0.78 per share, payable June 3, 2026.

Insights

Equity research analyst

MarketAxess delivered double‑digit revenue growth, higher margins and robust trading volumes in Q1 2026.

MarketAxess generated total revenue of $233.4 million, up 12% year over year, as both credit and rates trading volumes expanded. Operating income rose 14% to $100.9 million, and GAAP net income climbed to $78.1 million, helped by a much lower effective tax rate versus the prior year.

On a non‑GAAP basis excluding notable items, diluted EPS increased 20% to $2.25, with EBITDA of $121.7 million and an EBITDA margin of 52.1%. Credit commission revenue grew 9% to $183.8 million, supported by a 17% increase in total credit average daily volume, while rates commission revenue rose 29% to $9.0 million.

Capital returns remained meaningful: the company completed final settlement of a $300.0 million accelerated share repurchase and ended March 31, 2026 with $205.0 million remaining under repurchase authorizations. The Board declared a quarterly dividend of $0.78 per share, modestly higher than the prior year. Overall, the filing reflects solid operating momentum without fundamentally changing the investment thesis.

8-K Event Classification

3 items: 2.02, 8.01, 9.01

3 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 8.01 Other Events Other

Voluntary disclosure of events the company deems important to shareholders but not covered by other items.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

Key Figures

Total revenues: $233.4 million GAAP net income: $78.1 million Diluted EPS (GAAP): $2.20 +5 more

8 metrics

Total revenues $233.4 million Quarter ended March 31, 2026, up 12% year over year

GAAP net income $78.1 million Quarter ended March 31, 2026, vs. $15.1 million in 1Q 2025

Diluted EPS (GAAP) $2.20 Quarter ended March 31, 2026; $0.40 in prior-year quarter

Diluted EPS ex-notable items $2.25 Non-GAAP, Q1 2026, up 20% year over year

EBITDA $121.7 million Q1 2026 EBITDA with 52.1% EBITDA margin

Total trading volume $3.05 trillion Q1 2026 total trading volume, up 16% year over year

Quarterly dividend per share $0.78 Declared for payment on June 3, 2026

Cash and investments $537.4 million Cash, cash equivalents, corporate bond and U.S. Treasury investments as of March 31, 2026

Key Terms

EBITDA, accelerated share repurchase, average daily volume, variable transaction fee per million, +2 more

6 terms

EBITDA financial

"EBITDA 3 | | | 122 | | | 95 | | | 107 | | | 28"

EBITDA stands for earnings before interest, taxes, depreciation, and amortization. It measures a company's profitability by focusing on the money it makes from its core operations, ignoring expenses like taxes and accounting adjustments. Investors use EBITDA to compare how well different companies are performing financially, as it provides a clearer picture of operational success without the influence of financial structure or accounting choices.

accelerated share repurchase financial

"Final settlement of the previously disclosed $300.0 million ASR occurred on February 4, 2026"

An accelerated share repurchase is a deal where a company hires a bank to buy back a large block of its own stock immediately on the open market, with the bank later settling the exact number of shares over time. For investors it matters because the immediate reduction in shares outstanding can raise per‑share earnings and often supports the stock price, but it also uses company cash or borrowing and can change liquidity and future growth funding.

average daily volume financial

"Total credit ADV compared to the prior year, driven by growth in market volumes"

Average daily volume is the typical number of shares or contracts of a security traded each day, calculated by averaging daily trading amounts over a recent period. It matters to investors because it indicates how easy it is to buy or sell without moving the price—like traffic on a road: high volume is a busy freeway that lets many cars pass smoothly, while low volume can make large orders cause big price changes and higher costs.

variable transaction fee per million financial

"total credit variable transaction fee per million (“FPM”)"

A variable transaction fee per million is a charge that changes with the size or frequency of trades or transfers and is expressed as an amount for each one million units of currency handled. Think of it like a delivery charge that rises or falls depending on how much you ship: larger volumes may lower the fee per million, while smaller or riskier activity can raise it. Investors care because this fee directly affects trading costs, net returns and the profitability of high-volume strategies.

non-GAAP financial measures financial

"Results excluding notable items are non-GAAP financial measures."

Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.

effective tax rate financial

"The effective tax rate was 24.8%, compared to 84.3% in the prior year."

The effective tax rate is the percentage of a company's profits that it pays in taxes. It shows how much of its earnings go to taxes after all deductions and credits are considered. For investors, it indicates how much of the company's income is taken by taxes, impacting overall profitability and financial health.

Earnings Snapshot

Total revenues: $233.4 million

Q1 2026

Total revenues $233.4 million +12% YoY

GAAP diluted EPS $2.20 +417% YoY

Diluted EPS ex-notable items $2.25 +20% YoY

EBITDA $121.7 million +13% YoY

FAQ

How did MarketAxess (MKTX) perform financially in Q1 2026?

MarketAxess delivered strong Q1 2026 results, with total revenue rising 12% to $233.4 million. GAAP net income increased to $78.1 million, and diluted EPS reached $2.20, or $2.25 excluding notable items, reflecting higher trading activity and improved margins.

What drove MarketAxess (MKTX) revenue growth in Q1 2026?

Revenue growth came mainly from higher trading volumes and product diversification. Total credit commission revenue rose 9% to $183.8 million on a 17% increase in credit trading volume, while rates commission revenue increased 29% to $9.0 million, and services revenue grew 10% to $29.9 million.

What were MarketAxess (MKTX) non-GAAP earnings and margins in Q1 2026?

Excluding notable items, MarketAxess reported diluted EPS of $2.25, up 20% year over year. Net income excluding notable items was $79.7 million. EBITDA reached $121.7 million, and the EBITDA margin improved to 52.1%, indicating strong underlying profitability and cost control.

What dividend did MarketAxess (MKTX) declare with its Q1 2026 results?

The Board declared a regular quarterly cash dividend of $0.78 per share. The dividend will be paid on June 3, 2026 to stockholders of record as of the close of business on May 20, 2026, continuing the company’s pattern of shareholder returns.

How did MarketAxess (MKTX) trading volumes trend in Q1 2026?

Total trading volume increased 16% year over year to $3.05 trillion, with credit trading volume up 17% and rates trading volume up 16%. Average daily volume rose to $49.8 billion, with notable growth in emerging markets, eurobonds, U.S. high-grade and high-yield credit products.

What is MarketAxess (MKTX) cash and debt position after Q1 2026?

As of March 31, 2026, MarketAxess held $537.4 million in cash, cash equivalents, corporate bond and U.S. Treasury investments. Borrowings under its credit facility totaled $157.0 million then, declining further to $137.0 million as of April 30, 2026, reflecting partial repayment.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 05/07/2026 - 06:30 AM Learn about SEC filing dates

false0001278021MARKETAXESS HOLDINGS INC00012780212026-05-072026-05-07

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 07, 2026

MARKETAXESS HOLDINGS INC.

(Exact name of Registrant as Specified in Its Charter)

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)

Registrant’s Telephone Number, Including Area Code: (212) 813-6000

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On May 7, 2026, MarketAxess Holdings Inc. (the “Company”) issued a press release announcing the Company’s financial results for its first quarter ended March 31, 2026. A copy of this press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

The information included in this Current Report on Form 8-K (including Exhibit 99.1 hereto) that is furnished pursuant to this Item 2.02 shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended. In addition, the information included in this Current Report on Form 8-K (including Exhibit 99.1 hereto) that is furnished pursuant to this Item 2.02 shall not be incorporated by reference into any filing of the Registrant, whether made before or after the date hereof, regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference into such filing.

Item 8.01 Other Events.

On May 7, 2026, the Company also announced that its Board of Directors has declared a regular quarterly dividend to be paid to the holders of the outstanding shares of capital stock. A cash dividend of $0.78 per share of common stock outstanding will be paid on June 3, 2026 to stockholders of record as of the close of business on May 20, 2026.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits:

	99.1			Press Release issued by MarketAxess Holdings Inc. on May 7, 2026
	104			Cover Page Interactive File (the cover page tags are embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

			MARKETAXESS HOLDINGS INC.
Date:	May 7, 2026	By:	/s/ Ilene Fiszel Bieler
			Name: Ilene Fiszel Bieler Title: Chief Financial Officer

Exhibit 99.1

MarketAxess Reports First Quarter 2026 Financial Results

12% Increase in Total Revenue to Record $233 Million Driven by 20% Growth in Revenue Outside U.S. Credit Products

Strong Results Reflect Heightened Demand for Our Differentiated Liquidity by Our Global Client Network

35% Increase in Block Trading ADV With Record U.S. High-Grade, U.S. High-Yield, EM and Eurobonds Block ADV

51% Increase in Portfolio Trading ADV to Record $1.9 Billion with Record U.S. Credit and EM ADV

EPS of $2.20; $2.25 Excluding Notable Items1

NEW YORK | May 7, 2026 - MarketAxess Holdings Inc. (Nasdaq: MKTX), the operator of a leading electronic trading platform for fixed-income securities, today announced financial results for the first quarter ended March 31, 2026.

1Q26 select financial and operational highlights* •Record total revenues of $233.4 million increased 12%, and included an increase of approximately $3.4 million from the impact of foreign currency fluctuations. — 12% growth in total commission revenue to record $203 million driven by record total credit (+9%) and record total rates (+29%) commission revenue. — 10% growth in services revenue2 to record $30 million. — 20% growth in revenue outside U.S. credit, including 21% growth in combined emerging markets (record) and eurobonds (record) variable transaction revenue, reflecting the strong contribution from our international products. •Strong progress with our new initiatives across our three strategic channels: — Client-Initiated Channel - 35% increase in block trading average daily volume (“ADV”) to a record $6.6 billion, including record U.S. credit (+27%), record emerging markets (+47%) and record eurobonds (+45%). — Portfolio Trading Channel - 51% increase in total portfolio trading ADV to a record $1.9 billion with record U.S. high-grade (+36%), record U.S. high-yield (+78%) and record emerging markets (+69%) portfolio trading ADV. — Dealer-Initiated Channel - 3% increase in dealer-initiated ADV to a record $1.9 billion, including 168% increase in Mid-X ADV to record levels. •Total expenses of $132.5 million increased 10%, and included an increase of approximately $2.2 million from the impact of foreign currency fluctuations. Total expenses, excluding notable items,1 of $130.3 million increased 8%. •Operating margin of 43.2%, representing an increase of approximately 80 basis points; Operating margin, excluding notable items,1 of 44.2%, representing an increase of approximately 180 basis points. •Diluted earnings-per-share (“EPS”) of $2.20 on net income of $78.1 million, compared to $0.40 and $15.1 million in the prior year, respectively; EPS of $2.25 on net income of $79.7 million, each excluding notable items,1 increased 20% and 14%, respectively. •Completed $300 million accelerated stock repurchase ("ASR") agreement, which was the main driver of an approximately 6% reduction in share count compared to the prior year, enhancing EPS growth. *All comparisons versus 1Q25 Chris Concannon, CEO of MarketAxess, commented: “We delivered record levels of trading volume, commission revenue and services revenue, driven by increased volatility and heightened demand for our differentiated liquidity from our global client network. Our strong results were broad-based and included 20% growth in revenue outside of U.S. credit, including record levels of commission revenue in emerging markets and eurobonds. Our new initiatives are also continuing to gain traction across our three strategic channels with record levels of ADV across block trading, portfolio trading and dealer-initiated activity. Our MarketAxess advantage continued to strengthen in the first quarter by expanding our global network, deepening our differentiated liquidity and widening the competitive moat of our proprietary data and analytics. Our accelerating use of AI will help us deliver new trading and unique data solutions to our clients."

Table 1: 1Q26 select financial results

		Quarter									% Change
$ in millions, except per share data (unaudited)		1Q 2026			4Q 2025			1Q 2025			QoQ				YoY
Selected GAAP-basis financial results
Revenues		$	233		$	209		$	209			11		%		12		%
Expenses			132			133			120			(1	)			10
Operating margin			43.2	%		36.3	%		42.4	%		+690		bps		+80		bps
Net Income			78			92			15			(15	)			418
Diluted EPS			2.20			2.51			0.40			(12	)			450
Net Income Margin			33.5	%		44.1	%		7.2	%	NM				NM
Selected GAAP-basis financial results ex-notable    items (non-GAAP)1
Revenues			233			209			209			11				12
Expenses			130			132			120			(2	)			8
Operating margin			44.2	%		36.8	%		42.4	%		+740		bps		+180		bps
Net Income			80			62			70			29				14
Diluted EPS			2.25			1.68			1.87			34				20
Other Non-GAAP financial measures
EBITDA3			122			95			107			28				13
EBITDA Margin3			52.1	%		45.3	%		51.5	%		+680		bps		+60		bps

NM - not meaningful

1Q26 overview of results

Table 1A: Notable items1

		Quarter
		1Q 2026			4Q 2025			1Q 2025
$ in millions, except per share data (unaudited)
Repositioning charges		$	1.5		$	1.1		$	—
Other notable items			0.7			—			—
Notable items (pre-tax)			2.2			1.1			—
Income tax impact from notable items			(0.5	)		(0.3	)		—
Reserve for uncertain tax positions related to    prior periods			—			(31.3	)		54.9
Total notable items		$	1.7		$	(30.5	)	$	54.9
EPS impact		$	0.05		$	(0.83	)	$	1.47

Notable items1

•Notable items in 1Q26 include repositioning charges of $1.5 million, which consisted of severance costs related to changes in management structure, and $0.7 million of other legal expenses.

Revenue

•Record total revenues of $233.4 million increased 12% compared to the prior year and included RFQ-hub revenues of approximately $4.7 million and a $3.4 million increase from the impact of foreign currency fluctuations.

Commission revenue

Table 1B: 1Q26 variable transaction fees per million (FPM)

		Quarter									% Change
		1Q 2026			4Q 2025			1Q 2025			QoQ				YoY
AVG. VARIABLE TRANS. FEE PER MILLION (FPM)
Total Credit		$	132		$	138		$	139			(4	)	%		(5	)	%
Total Rates			4.68			4.79			4.20			(2	)			11

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Credit

•Record total credit commission revenue of $183.8 million (including $33.4 million in fixed-distribution fees) increased $14.6 million, or 9%, compared to $169.1 million (including $33.3 million in fixed-distribution fees) in the prior year, and was up 11% from 4Q25 levels. A 17% increase in total credit ADV compared to the prior year, driven by growth in market volumes, was partially offset by a 5% decrease in total credit variable transaction fee per million (“FPM”). The 9% increase in total credit commission revenue was driven by a 21% increase in emerging markets and eurobonds commission revenue, reflecting continued product and geographic diversification. The decline in 1Q26 total credit FPM year-over-year was driven by protocol and product mix, partially offset by the higher duration of bonds traded in U.S. high-grade. The quarter-over-quarter decline was due principally to product mix.

Rates

•Record total rates commission revenue of $9.0 million increased $2.0 million, or 29%, compared to the prior year, and increased 33% from 4Q25 levels. The increase compared to the prior year was driven by a 16% increase in total rates ADV and an 11% increase in FPM.

Other

•Record total other commission revenue of $10.7 million increased $5.5 million, or 104%, compared to the prior year, driven by the inclusion of approximately $4.3 million from RFQ-hub, majority control of which was acquired in 2Q25.

Services revenue

•Record services revenue2 of $29.9 million increased $2.7 million, or 10%, compared to the prior year.

Information services

—Information services revenue of $14.4 million increased $1.5 million, or 12%, compared to the prior year. The increase was principally driven by net new contract revenue and an increase of $0.5 million from the impact of foreign currency fluctuations.

Post-trade services

—Post-trade services revenue of $11.6 million increased $0.5 million, or 5%, compared to the prior year principally due to an increase of $1.0 million from the impact of foreign currency fluctuations.

Technology services

—Total technology services revenue of $3.9 million increased $0.6 million, or 19%, compared to the prior year. The increase was driven by connectivity fees from RFQ-hub, majority control of which was acquired in 2Q25.

Expenses

•Total expenses of $132.5 million increased 10% from the prior year, including approximately $3.4 million of RFQ-hub expenses and an increase of $2.2 million from the impact of foreign currency fluctuations. Total expenses, excluding notable items,1 of $130.3 million increased 8% from the prior year.

Non-operating

•Other income (expense): Other income was $3.0 million, down from $7.8 million in the prior year. The decrease was driven by lower interest income due to a decrease in interest rates and higher interest expense due to borrowings on the Company’s credit facility that were used, along with cash on hand, to fund the ASR, partially offset by receipt of a tax credit.

•Tax rate: The effective tax rate was 24.8%, compared to 84.3% in the prior year. The effective tax rate excluding notable items1 in the prior year was 27.2%.

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Capital

•The Company had $537.4 million in cash, cash equivalents, corporate bond investments and U.S. Treasury investments as of March 31, 2026, down from $678.9 million as of December 31, 2025. The Company had $157.0 million in borrowings outstanding under the Company’s credit facility as of March 31, 2026, as compared to $220.0 million in borrowings outstanding as of December 31, 2025. As of April 30, 2026, the Company had $137.0 million in borrowings outstanding under the Company’s credit facility.

•Final settlement of the previously disclosed $300.0 million ASR occurred on February 4, 2026, with the delivery of 359,782 additional shares. As of April 30, 2026, $205.0 million remained under the Board of Directors’ share repurchase authorizations.

•The Board declared a quarterly cash dividend of $0.78 per share, payable on June 3, 2026 to stockholders of record as of the close of business on May 20, 2026.

Other

•Employee headcount was 859 as of March 31, 2026, down from 869 as of December 31, 2025 and 870 as of March 31, 2025.

1 See Table 1A in this release for a listing of notable items. Results excluding notable items are non-GAAP financial measures. Refer to “Non-GAAP financial measures and other items” for a discussion of these non-GAAP financial measures and Table 6 for a reconciliation of these non-GAAP financial measures to their most directly comparable GAAP measures.

2 Services revenue is defined as combined information, post-trade and technology services revenue.

3 EBITDA and EBITDA margin are non-GAAP financial measures. Refer to “Non-GAAP financial measures and other items” for a discussion of these non-GAAP financial measures and Table 7 for a reconciliation of these non-GAAP financial measures to their most directly comparable GAAP measures.

Non-GAAP financial measures and other items

To supplement the Company’s unaudited financial statements presented in accordance with generally accepted accounting principles (“GAAP”), the Company uses certain non-GAAP financial measures, including earnings before interest, taxes, depreciation and amortization (“EBITDA”), EBITDA margin and free cash flow. From time to time, we present selected GAAP-basis financial results, excluding notable items. Notable items are revenues, expenses, other income (expense) and tax related items that are non-recurring and outside of the Company’s normal course of business or other notables, such as acquisition and restructuring charges or gains/losses on sales (collectively, “notable items”). We define EBITDA margin as EBITDA divided by revenues. We define free cash flow as net cash provided by/(used in) operating activities excluding the net change in trading investments and net change in securities failed-to-deliver and securities failed-to-receive from broker-dealers, clearing organizations and customers, less expenditures for furniture, equipment and leasehold improvements and capitalized software development costs. Non-GAAP financial measures should be considered in addition to, not as a substitute for or superior to, financial measures determined in conformity with GAAP. The Company believes that these non-GAAP financial measures, when taken into consideration with the corresponding GAAP financial measures, provide additional information regarding the Company’s operating results because they assist both investors and management in analyzing and evaluating the performance of our business. Please refer to Tables 6, 7 & 8 for a reconciliation of: (i) selected GAAP-basis financial results, each excluding notable items, to their most directly comparable GAAP measure; (ii) GAAP net income to EBITDA and GAAP net income margin to EBITDA margin; and (iii) GAAP net cash provided by/(used in) operating activities to free cash flow, in each case, the most directly comparable GAAP measure.

Webcast and conference call information

Chris Concannon, Chief Executive Officer and Ilene Fiszel Bieler, Chief Financial Officer, will host a conference call to discuss the Company’s financial results and outlook on Thursday, May 7, 2026 at 10:00 a.m. ET. To access the conference call, please dial +1-800-715-9871 (U.S.) or +1-646-307-1963 (International) and use the ID 1832176. The Company will also host a live audio Webcast of the conference call on the Investor Relations section of the Company's website at http://investor.marketaxess.com. The Webcast will be archived on http://investor.marketaxess.com for 90 days following the announcement.

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General Notes Regarding the Data Presented

Reported MarketAxess volume in all product categories includes only fully electronic trading volume. MarketAxess trading volumes and the Financial Industry Regulatory Authority (“FINRA”) Trade Reporting and Compliance Engine (“TRACE”) reported volumes are available on the Company’s website at investor.marketaxess.com/volume.

Cautionary Note Regarding Forward-Looking Statements

This press release may contain forward-looking statements, including statements about the outlook and prospects for the Company, market conditions and industry growth, as well as statements about the Company’s future financial and operating performance. These and other statements that relate to future results and events are based on MarketAxess’ current expectations. The Company’s actual results in future periods may differ materially from those currently expected or desired because of a number of risks and uncertainties, including: global economic, political and market factors; the level of trading volume transacted on the MarketAxess platform; the rapidly evolving nature of the electronic financial services industry; the level and intensity of competition in the fixed-income electronic trading industry and the pricing pressures that may result; the variability of our growth rate; our ability to introduce new fee plans and our clients’ response; our ability to attract clients or adapt our technology and marketing strategy to new markets; risks related to our growing international operations; our dependence on our broker-dealer clients; the loss of any of our significant institutional investor clients; our exposure to risks resulting from non-performance by counterparties to transactions executed between our clients in which we act as an intermediary in matched principal trades; risks related to self-clearing; our dependence on third-party suppliers for key products and services; our ability to enter into strategic alliances and to acquire other businesses and successfully integrate them with our business; our dependence on our management team and our ability to attract and retain talent; risks related to sanctions levied against states or individuals that could expose us to operational or regulatory risks; the effects of climate change or other sustainability risks that could affect our operations or reputation; the effect of rapid market or technological changes on us and the users of our technology; issues related to the development and use of artificial intelligence; our ability to successfully maintain the integrity of our trading platform and our response to system failures, capacity constraints and business interruptions; the occurrence of design defects, errors, failures or delays with our platforms, products or services; our vulnerability to malicious cyber-attacks and attempted cybersecurity breaches; our actual or perceived failure to comply with privacy and data protection laws; our ability to protect our intellectual property rights or technology and defend against intellectual property infringement or other claims; our use of open-source software; limitations on our flexibility because we operate in a highly regulated industry; the increasing government regulation of us and our clients; our exposure to costs and penalties related to our extensive regulation; our risks of litigation and securities laws liability; our tax filing positions; our future capital needs and our ability to obtain capital when needed; limitations on our operating flexibility contained in our credit agreement; our exposure to financial institutions by holding cash in excess of federally insured limits; and other factors. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. More information about these and other factors affecting MarketAxess’ business and prospects is contained in MarketAxess’ periodic filings with the Securities and Exchange Commission and can be accessed at www.marketaxess.com.

About MarketAxess

MarketAxess (Nasdaq: MKTX) operates a leading electronic trading platform that delivers greater trading efficiency, a diversified pool of liquidity and significant cost savings to institutional investors and broker-dealers across the global fixed-income and other markets. Approximately 2,100 firms leverage MarketAxess’ patented technology to efficiently trade fixed-income securities. Our automated and algorithmic trading solutions, combined with our integrated and actionable data offerings, help our clients make faster, better-informed decisions on when and how to trade on our platform. MarketAxess’ award-winning Open Trading® marketplace is widely regarded as the preferred all-to-all trading solution in the global credit markets. Founded in 2000, MarketAxess connects a robust network of market participants through an advanced full trading lifecycle solution that includes automated trading solutions, intelligent data and index products and a range of post-trade services. Learn more at www.marketaxess.com and on X @MarketAxess.

# # #

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Contacts
INVESTOR RELATIONS	MEDIA RELATIONS
Stephen Davidson MarketAxess Holdings Inc. +1 212 813 6313 sdavidson2@marketaxess.com	Marisha Mistry MarketAxess Holdings Inc. +1 917 267 1232 mmistry@marketaxess.com

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Table 2: Consolidated Statements of Operations

			Three Months Ended
			March 31,
In thousands, except per share data (unaudited)			2026				2025				% Change
Revenues
Commissions			$	203,471			$	181,343				12		%
Information services				14,445				12,904				12
Post-trade services				11,607				11,088				5
Technology services				3,857				3,241				19
Total revenues				233,380				208,576				12
Expenses
Employee compensation and benefits				70,195				61,916				13
Depreciation and amortization				19,210				18,236				5
Technology and communications				20,360				18,048				13
Professional and consulting fees				6,376				6,410				(1	)
Occupancy				3,819				3,622				5
Marketing and advertising				2,334				2,061				13
Clearing costs				4,426				4,185				6
General and administrative				5,739				5,716				—
Total expenses				132,459				120,194				10
Operating income				100,921				88,382				14
Other income (expense)
Interest income				4,308				7,169				(40	)
Interest expense				(2,888	)			(213	)		NM
Equity in earnings of    unconsolidated affiliate				—				289				(100	)
Other, net				1,544				527				193
Total other income (expense)				2,964				7,772				(62	)
Income before income taxes				103,885				96,154				8
Provision for income taxes				25,778				81,089				(68	)
Net income			$	78,107			$	15,065				418
Less: income attributable to    noncontrolling interest				(225	)			—			NM
Net income available for common    stockholders			$	77,882			$	15,065				417
Per Share Data:
Net income per common share
Basic			$	2.21			$	0.40
Diluted			$	2.20			$	0.40
Cash dividends declared per    common share			$	0.78			$	0.76
Weighted-average common shares:
Basic				35,301				37,388
Diluted				35,386				37,456

NM - not meaningful

Page 7

Table 3: Commission Revenue Detail

Table 3: Commission Revenue Detail
In thousands, except fee per million data			Three Months Ended March 31,
(unaudited)			2026				2025				% Change
Variable transaction fees
Credit			$	150,347			$	135,840				11		%
Rates				8,922				6,919				29
Other				10,697				5,232				104
Total variable transaction fees				169,966				147,991				15
Fixed distribution fees
Credit				33,403				33,265				—
Rates				102				87				17
Total fixed distribution fees				33,505				33,352				—
Total commission revenue			$	203,471			$	181,343				12
Average variable transaction fee    per million
Credit			$	132			$	139				(5	)	%
Rates				4.68				4.20				11

Table 4: Trading Volume Detail*

			Three Months Ended March 31,
In millions (unaudited)			2026								2025									% Change
			Volume				ADV				Volume					ADV				Volume					ADV
Credit
High-grade			$	511,492			$	8,385			$	461,308				$	7,562				11		%			11		%
High-yield				100,409				1,646				89,997					1,475				12					12
Emerging markets				311,925				5,114				240,285					3,939				30					30
Eurobonds				178,162				2,828				147,917					2,348				20					20
Other credit				40,186				659				36,482					598				10					10
Total credit trading				1,142,174				18,632				975,989					15,922				17					17
Rates
U.S. government bonds				1,800,150				29,511				1,582,081					25,936				14					14
Agency and other government bonds				104,376				1,659				65,825					1,047				59					58
Total rates trading				1,904,526				31,170				1,647,906					26,983				16					16
Total trading			$	3,046,700			$	49,802			$	2,623,895				$	42,905				16					16
Number of U.S. Trading Days1								61									61
Number of U.K. Trading Days2								63									63

1 The number of U.S. trading days is based on the SIFMA holiday recommendation calendar.

2 The number of U.K. trading days is based on the U.K. Bank holiday schedule.

* Consistent with FINRA TRACE reporting standards, both sides of trades are included in the Company's reported volumes when the Company executes trades on a matched principal basis between two counterparties. Consistent with industry standards, U.S. government bond trades are single-counted.

Page 8

Table 5: Consolidated Condensed Balance Sheet Data

		As of
In thousands (unaudited)		March 31, 2026				December 31, 2025
Assets
Cash and cash equivalents		$	377,302			$	519,734
Cash segregated under federal regulations			49,053				48,722
Investments, at fair value			170,808				170,677
Accounts receivable, net			128,171				100,989
Receivables from broker-dealers, clearing organizations and customers, including    $75,072 pledged as collateral as of March 31, 2026			977,049				489,211
Goodwill			283,667				283,667
Intangible assets, net of accumulated amortization			105,281				110,629
Furniture, equipment, leasehold improvements and    capitalized software, net			111,642				112,431
Operating lease right-of-use assets			50,986				51,854
Prepaid expenses and other assets			47,577				46,972
Total assets		$	2,301,536			$	1,934,886
Liabilities and stockholders' equity
Liabilities
Accrued employee compensation		$	34,738			$	73,879
Payables to broker-dealers, clearing organizations and customers			696,302				325,959
Borrowings			228,250				220,000
Income and other tax liabilities			35,503				49,267
Accounts payable, accrued expenses and other liabilities			39,115				42,584
Operating lease liabilities			63,711				64,938
Total liabilities			1,097,619				776,627
Redeemable noncontrolling interest			13,520				12,592
Stockholders' equity
Common stock			124				123
Additional paid-in capital			365,428				305,923
Treasury stock			(752,333	)			(694,764	)
Retained earnings			1,588,852				1,538,746
Accumulated other comprehensive income/(loss)			(11,674	)			(4,361	)
Total stockholders' equity			1,190,397				1,145,667
Total liabilities, redeemable noncontrolling interest    and stockholders' equity		$	2,301,536			$	1,934,886

Page 9

Table 6: Reconciliation of Notable Items

	Quarter
$ in thousands, except per share data (unaudited)		1Q 2026				4Q 2025				1Q 2025
Total Expenses, GAAP-basis		$	132,459			$	133,396			$	120,194
Exclude: Notable items
Repositioning charges1			(1,484	)			(1,084	)			—
Other notable items2			(656	)			—				—
Total Expenses, excluding notable items		$	130,319			$	132,312			$	120,194
Net income, GAAP-basis		$	78,107			$	92,394			$	15,065
Exclude: Notable items
Repositioning charges1			1,484				1,084				—
Other notable items2			656				—				—
Income tax impact from notable items			(531	)			(254	)			—
Reserve for uncertain tax positions    related to prior periods			—				(31,308	)			54,939
Net income, excluding notable items		$	79,716			$	61,916			$	70,004
Operating margin, GAAP-basis			43.2	%			36.3	%			42.4	%
Notable items as reconciled above			1.0				0.5				—
Operating margin, excluding notable items			44.2	%			36.8	%			42.4	%
Diluted EPS, GAAP-basis		$	2.20			$	2.51			$	0.40
Notable items as reconciled above			0.05				(0.83	)			1.47
Diluted EPS, excluding notable items		$	2.25			$	1.68			$	1.87
Effective tax rate, GAAP-basis			24.8	%			-15.8	%			84.3	%
Notable items as reconciled above			—				39.2				(57.1	)
Effective tax rate, excluding notable    items			24.8	%			23.4	%			27.2	%

1 Repositioning charges consist of severance included in employee compensation and benefits

2 Consists of legal expenses included in professional and consulting

Page 10

Table 7: Reconciliation of Net Income to EBITDA and Net Income Margin to EBITDA Margin

		Quarter
In thousands (unaudited)			1Q 2026				4Q 2025				1Q 2025
Net income			$	78,107			$	92,394			$	15,065
Add back:
Interest income				(4,308	)			(5,448	)			(7,169	)
Interest expense				2,888				964				213
Provision for income taxes				25,778				(12,608	)			81,089
Depreciation and amortization				19,210				19,606				18,236
EBITDA			$	121,675			$	94,908			$	107,434
Net income margin1				33.5	%			44.1	%			7.2	%
Add back:
Interest income				(1.8	)			(2.6	)			(3.4	)
Interest expense				1.2				0.5				0.1
Provision for income taxes				11.0				(6.1	)			38.9
Depreciation and amortization				8.2				9.4				8.7
EBITDA margin2				52.1	%			45.3	%			51.5	%

1 Net income margin is derived by dividing net income by total revenues for the applicable period.

2 EBITDA margin is derived by dividing EBITDA by total revenues for the applicable period.

Table 8: Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow

		Quarter
In thousands (unaudited)			1Q 2026				4Q 2025				1Q 2025
Net cash (used in)/provided by operating activities			$	(75,329	)		$	158,632			$	29,629
Exclude: Net change in trading    investments				—				(404	)			—
Exclude: Net change in fail-to-deliver/receive    from broker-dealers, clearing organizations    and customers				108,529				(67,825	)			34,399
Less: Purchases of furniture, equipment    and leasehold improvements				(259	)			(3,572	)			(1,930	)
Less: Capitalization of software    development costs				(17,089	)			(11,775	)			(15,031	)
Free cash flow			$	15,852			$	75,056			$	47,067

Page 11

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