MarketAxess (Nasdaq: MKTX) posts Q2 EPS $1.93, agrees to ICE buyout

Rhea-AI Filing Summary

MarketAxess Holdings Inc. reported second‑quarter 2026 revenue of $218 million, approximately unchanged from a year earlier, with net income of $68 million and diluted EPS of $1.93. Operating margin was 41.1% and EBITDA was $106 million with a 48.6% margin. Year‑to‑date revenue rose to $452 million and net income to $146 million, 6% and 70% above the prior‑year period, respectively. The company highlighted record services revenue and a 33% increase in portfolio trading average daily volume to a record $2.0 billion.

The board declared a regular quarterly cash dividend of $0.78 per share, payable September 2, 2026 to shareholders of record on August 19, 2026. MarketAxess also entered into a definitive agreement to be acquired by Intercontinental Exchange, Inc. and, in light of this proposed transaction, canceled its planned August 7 earnings call, withdrew its 2026 annual guidance and medium‑term financial targets, and suspended its monthly volume press releases.

Filing Explained

The proposed ICE acquisition still depends on stockholder approval and other closing conditions.

The company reports a definitive agreement for Intercontinental Exchange to acquire it, but the transaction remains proposed rather than completed: stockholder approval and other closing conditions are still outstanding, so no completed ownership transfer is disclosed.

Separately, the earnings release is furnished under Item 2.02 and is not treated as filed for Section 18 purposes or incorporated into other company filings unless specifically referenced.

8-K Event Classification

9 items: 0.6, 0.7, 1.6, 2.02, 2.2, 8.01, 9.01, 24.5, 41.9

9 items

Item 0.6 Item 0.6

Item 0.7 Item 0.7

Item 1.6 Item 1.6

Item 2.02 Results of Operations and Financial Condition Financial

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

Item 2.2 Item 2.2

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, and exhibit attachments filed with this report.

Item 24.5 Item 24.5

Item 41.9 Item 41.9

Key Figures

Q2 2026 Revenue: $218 million Q2 2026 Net Income: $68 million Q2 2026 Diluted EPS: 1.93 +5 more

8 metrics

Q2 2026 Revenue $218 million Total revenues for the quarter ended June 30, 2026 (in millions)

Q2 2026 Net Income $68 million Net income for the quarter ended June 30, 2026 (in millions)

Q2 2026 Diluted EPS 1.93 Diluted earnings per share for the quarter ended June 30, 2026

Q2 2026 Operating Margin 41.1% GAAP operating margin for the quarter ended June 30, 2026

Q2 2026 EBITDA $106 million EBITDA for the quarter ended June 30, 2026 (in millions)

Q2 2026 Free Cash Flow $88,935 thousand Free cash flow for the quarter ended June 30, 2026

Quarterly dividend per share $0.78 Regular quarterly cash dividend payable September 2, 2026

Total assets $2,422,213 thousand Total assets as of June 30, 2026 on the consolidated balance sheet

Key Terms

EBITDA, free cash flow, notable items, Portfolio Trading ADV, +1 more

5 terms

EBITDA financial

"including earnings before interest, taxes, depreciation and amortization (“EBITDA”), EBITDA margin"

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.

free cash flow financial

"We define free cash flow as net cash provided by/(used in) operating activities"

Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.

notable items financial

"Notable items are revenues, expenses, other income (expense) and tax related items"

Portfolio Trading ADV financial

"33% Increase in Portfolio Trading ADV to Record $2.0 Billion"

redeemable noncontrolling interest financial

"Redeemable noncontrolling interest | | | 14,441"

A redeemable noncontrolling interest is a minority ownership stake in a business that the minority owner can require to be bought back for cash or that must be redeemed under set conditions. Investors care because it is not permanent equity: it represents a foreseeable cash obligation and can reduce the parent company’s reported equity and available cash, much like a loan from a roommate you must repay on request rather than shared ownership of the house.

Earnings Snapshot

Revenue: $218 million · Guidance included

Quarter ended June 30, 2026

Revenue $218 million approximately unchanged vs Q2 2025

Net income $68 million -4% YoY

Diluted EPS 1.93 up 1% YoY from $1.91

Operating margin 41.1% down 80 bps YoY

EBITDA $106 million -4% YoY

Guidance

2026 annual guidance and medium-term financial targets withdrawn; future guidance suspended following the ICE merger agreement.

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

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Available on EDGAR 07/30/2026 - 07:50 AM Accepted by SEC EDGAR 07/30/2026 - 07:50 AM Learn about SEC filing dates

FAQ

What were MarketAxess (MKTX) Q2 2026 revenues and earnings?

MarketAxess reported Q2 2026 revenue of $218 million and net income of $68 million, resulting in diluted EPS of $1.93. The company generated a 41.1% operating margin and EBITDA of $106 million with a 48.6% EBITDA margin.

How did MarketAxess (MKTX) performance change versus the prior year?

Second‑quarter revenue was approximately unchanged year over year, while net income declined 4%. For the first half of 2026, revenue grew 6% to $452 million and net income increased 70% to $146 million compared with the first half of 2025.

What dividend did MarketAxess (MKTX) declare for shareholders?

The board declared a regular quarterly cash dividend of $0.78 per common share. It will be paid on September 2, 2026 to stockholders of record as of the close of business on August 19, 2026.

What merger agreement did MarketAxess (MKTX) enter into with ICE?

MarketAxess entered into a definitive merger agreement to be acquired by Intercontinental Exchange, Inc. (ICE). Forward‑looking disclosures note the transaction is subject to stockholder approval and other customary closing conditions and may not be completed as anticipated.

How did the ICE transaction affect MarketAxess (MKTX) guidance and disclosures?

In connection with the ICE agreement, MarketAxess canceled its planned August 7, 2026 earnings call, withdrew its previously announced 2026 annual guidance and medium‑term financial targets, and suspended its practice of issuing monthly trading volume press releases.

How did MarketAxess (MKTX) services and trading volumes perform in Q2 2026?

The company reported record services revenue, with growth in information and technology services. Portfolio trading average daily volume rose 33% to a record $2.0 billion, and emerging markets credit volumes increased, contributing to its strategic channel expansion.

MARKETAXESS HOLDINGS INC false 0001278021 0001278021 2026-07-30 2026-07-30

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): July 30, 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 July 30, 2026, MarketAxess Holdings Inc. (the “Company”) issued a press release announcing the Company’s financial results for its second quarter ended June 30, 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 July 30, 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 September 2, 2026 to stockholders of record as of the close of business on August 19, 2026.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits:

99.1		Press Release issued by MarketAxess Holdings Inc. on July 30, 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: July 30, 2026				By:		/s/ Ilene Fiszel Bieler
						Name: Ilene Fiszel Bieler Title:  Chief Financial Officer

Exhibit 99.1

MarketAxess Reports Second Quarter 2026 Financial Results

EPS of $1.93; $1.95 Excluding Notable Items¹

Record Services Revenue² 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 | July 30, 2026 - 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 revenue² 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.   In 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
EBITDA3			106				122				111				(13	)							(4	)							228				218				4
EBITDA Margin3			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 Items¹

		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 Items¹

• 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

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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 revenue² 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 effective tax rate was 23.9%, compared to 26.9% in the prior year. The effective tax rate excluding notable items¹ was 24.5%, compared to 26.9% in the prior year.

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Capital

• The Company had $404.8 million in cash, cash equivalents, corporate bond investments and U.S. Treasury investments as of June 30, 2026, down from $678.9 million as of December 31, 2025. The decline from year-end 2025 primarily reflects capital allocation activity during the first half of 2026, including cash used to pay down borrowings under the revolving credit facility, and quarterly dividend payments, in addition to an increase in net receivables from broker-dealers, clearing organizations and customers, partially offset by cash generated from operating activities. The Company had $112.0 million in borrowings outstanding under the Company’s credit facility as of June 30, 2026, as compared to $220.0 million in borrowings outstanding as of December 31, 2025. As of July 29, 2026, the Company had $92.0 million in borrowings outstanding under the Company’s credit facility.

• As of July 29, 2026, $205 million remained under the Board of Directors’ share repurchase authorizations.

• The Board declared a quarterly cash dividend of $0.78 per share, payable on September 2, 2026 to stockholders of record as of the close of business on August 19, 2026.

Other

• Employee headcount was 863 as of June 30, 2026, compared to 881 as of June 30, 2025, and 859 as of March 31, 2026.

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.

Cancelation of Earnings Conference Call & Suspension of Guidance and Volumes Releases

MarketAxess also announced today that it has entered into a definitive merger agreement to be acquired by Intercontinental Exchange, Inc. (“ICE”). A copy of the press release can be found by visiting the Investor Relations section of the MarketAxess corporate website at http://investor.marketaxess.com. In light of the announced transaction with ICE, MarketAxess has suspended the practice of hosting an earnings conference call, including the conference call previously announced to take place on Friday, August 7, 2026. Further, MarketAxess has suspended the practice of issuing guidance and is withdrawing its previously announced 2026 annual guidance as well as its medium-term financial targets. Finally, MarketAxess is suspending its practice of issuing monthly volumes press releases.

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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 contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (“Section 27A”), and Section 21E of the Securities Exchange Act of 1934, as amended (“Section 21E”). We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A and Section 21E. Such forward-looking statements relate to, without limitation, the proposed transaction, our future economic performance, plans and objectives for future operations, and projections of revenue and other financial items. Forward-looking statements can be identified by the use of words such as “may,” “will,” “assume,” “believe,” “contemplate,” “could,” “intend,” “predict,” “would,” “plan,” “potential,” “projected,” “should,” “expect,” “anticipate,” “estimate,” “target,” “continue”, “trend”, “objective”, “might” or comparable terminology, although not all forward-looking statements contain these identifying words.

Forward-looking statements are inherently subject to certain risks, trends, changes in circumstances and uncertainties, many of which we cannot predict with accuracy and some of which we may not anticipate, including, but not limited to: historical financial information may not be representative of future results; the completion of the proposed transaction on the anticipated terms and timing, or at all, including obtaining the requisite approval by the stockholders of the Company, and the satisfaction of other conditions to the completion of the proposed transaction as well as the failure to realize anticipated benefits of the proposed transaction; there may be significant transaction costs in connection with the proposed transaction and the proposed transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events; there may be liabilities that are not known, probable or estimable at this time or unexpected costs, charges or expenses; the occurrence of any event, change or other circumstance that could give rise to the termination of the proposed transaction, including in circumstances requiring the Company to pay a termination fee pursuant to the terms of the merger agreement; any effect of the announcement of the proposed transaction on the Company’s ability to operate its business and retain and hire key personnel and to maintain favorable business relationships; the proposed transaction may result in the diversion of management’s time and attention from ordinary course business operations to issues relating to the proposed transaction; certain restrictions during the pendency of the proposed transaction that may impact the Company’s ability to pursue certain business opportunities or strategic transactions; unfavorable outcome of legal proceedings related to the proposed transaction; the risk that the Company’s share price may decline significantly if the proposed transaction is not consummated; legislative, regulatory and economic developments; unpredictability and severity of catastrophic events, including, but not limited to, acts of terrorism, outbreaks of war or hostilities or public health issues, as well as management’s response to any of the aforementioned factors; other risks and uncertainties detailed in periodic reports that the Company files with the SEC; actions by third parties, including government agencies; reputational risk and potential adverse reactions of the Company’s or ICE’s customers, employees or other business partners, including those resulting from the announcement or completion of the proposed transaction; the ability to promptly and effectively integrate the Company’s business with ICE’s business and realize the anticipated cost savings, synergies, and other financial benefits of the proposed transaction within the expected time period or at all; ICE’s ability to obtain the contemplated debt financing on a timely basis, on favorable terms or at all; 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

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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.

There can be no assurance that the proposed transaction will be completed, or if it is completed, that it will close within the anticipated time period. While the list of factors presented here is considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties and should be read in conjunction with the other forward-looking statements. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements. The forward-looking statements relate only to events as of the date on which the statements are made and we undertake no obligation to update, and expressly disclaim any obligation to update, any forward-looking statements, or any other information in this communication, whether resulting from developments, circumstances or events that arise after the date the statements are made, new information, or otherwise. If one or more of these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, actual results may vary materially from what we may have expressed or implied by these forward-looking statements. All forward-looking statements in this communication are qualified in their entirety by this cautionary statement. You should specifically consider the factors identified in this communication that could cause actual results to differ. Furthermore, new risks and uncertainties arise from time to time, and it is impossible for us to predict those events or how they may affect us.

Although we believe that the expectations reflected in such forward-looking statements are based upon reasonable assumptions at the time made, we can give no assurance that such expectations will be achieved as anticipated or that our results, estimates or assumptions will be correct. Future events and actual results, financial and otherwise, may differ materially from the results discussed in the forward-looking statements, many of which are beyond the Company’s control. Readers are cautioned not to place undue reliance on these forward-looking statements and are advised to consider the factors listed above together with the additional factors under the heading “Disclosure Regarding Forward-Looking Statements” and “Risk Factors” in the Company’s Annual Report on Form 10-K, as may be supplemented or amended by the Company’s Quarterly Reports on Form 10-Q. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events, new information or otherwise, except as required under applicable law. 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
Hannah Hendricks MarketAxess Holdings Inc. +1 212 813 6011 hhendricks@marketaxess.com		Marisha Mistry MarketAxess Holdings Inc. +1 917 267 1232 mmistry@marketaxess.com

Page 7

Table 2: Consolidated Statements of Operations

		Three Months Ended June 30,												Six Months Ended June 30,
In thousands, except per share data (unaudited)		2026				2025				% Change				2026				2025				% Change
Revenues
Commissions		$	186,895			$	191,770				(3	)%		$	390,366			$	373,113				5	%
Information services			16,094				13,087				23				30,539				25,991				17
Post-trade services			11,598				11,076				5				23,205				22,164				5
Technology services			3,828				3,529				8				7,685				6,770				14
Total revenues			218,415				219,462				—				451,795				428,038				6
Expenses
Employee compensation and benefits			62,182				65,237				(5	)			132,377				127,153				4
Depreciation and amortization			19,309				19,195				1				38,519				37,431				3
Technology and communications			21,508				19,421				11				41,868				37,469				12
Professional and consulting fees			7,973				7,190				11				14,349				13,600				6
Occupancy			3,982				3,753				6				7,801				7,375				6
Marketing and advertising			3,442				2,952				17				5,776				5,013				15
Clearing costs			4,359				4,447				(2	)			8,785				8,632				2
General and administrative			5,783				5,403				7				11,522				11,119				4
Total expenses			128,538				127,598				1				260,997				247,792				5
Operating income			89,877				91,864				(2	)			190,798				180,246				6
Other income (expense)
Interest income			4,692				5,930				(21	)			9,000				13,099				(31	)
Interest expense			(1,862	)			(139	)			NM				(4,750	)			(352	)			NM
Equity in earnings of unconsolidated affiliate			—				168				(100	)			—				457				(100	)
Other, net			(2,945	)			(407	)			NM				(1,401	)			120				NM
Total other income (expense)			(115	)			5,552				(102	)			2,849				13,324				(79	)
Income before income taxes			89,762				97,416				(8	)			193,647				193,570				—
Provision for income taxes			21,439				26,236				(18	)			47,217				107,325				(56	)
Net income		$	68,323			$	71,180				(4	)		$	146,430			$	86,245				70
Less: income attributable to noncontrolling interest			(218	)			(31	)			NM				(443	)			(31	)			NM
Net income available for common stockholders		$	68,105			$	71,149				(4	)		$	145,987			$	86,214				69
Per Share Data:
Net income per common share
Basic		$	1.93			$	1.91							$	4.14			$	2.31
Diluted		$	1.93			$	1.91							$	4.13			$	2.31
Cash dividends declared per common share		$	0.78			$	0.76							$	1.56			$	1.52
Weighted-average common shares:
Basic			35,203				37,210								35,252				37,299
Diluted			35,242				37,298								35,314				37,377

NM - not meaningful

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Table 3: Commission Revenue Detail

		Three Months Ended June 30,												Six Months Ended June 30,
In thousands, except fee per million data (unaudited)		2026				2025				% Change				2026				2025				% Change
Variable transaction fees
Credit		$	134,340			$	142,977				(6	)%		$	284,687			$	278,817				2	%
Rates			8,049				8,035				—				16,971				14,954				13
Other			10,309				7,061				46				21,006				12,293				71
Total variable transaction fees			152,698				158,073				(3	)			322,664				306,064				5
Fixed distribution fees
Credit			34,106				33,616				1				67,509				66,881				1
Rates			91				81				12				193				168				15
Total fixed distribution fees			34,197				33,697				1				67,702				67,049				1
Total commission revenue		$	186,895			$	191,770				(3	)		$	390,366			$	373,113				5
Average variable transaction fee per million
Credit		$	129			$	138				(7	)%		$	130			$	139				(6	)%
Rates			4.96				4.03				23				4.81				4.11				17

Table 4: Trading Volume Detail*

		Three Months Ended June 30,
In millions (unaudited)		2026								2025								% Change
		Volume				ADV				Volume				ADV				Volume				ADV
Credit
High-grade		$	461,087			$	7,437			$	481,090			$	7,760				(4	)%			(4	)%
High-yield			96,701				1,560				104,897				1,692				(8	)			(8	)
Emerging markets			278,991				4,500				249,091				4,018				12				12
Eurobonds			164,600				2,698				160,873				2,681				2				1
Other credit			40,716				657				39,965				644				2				2
Total credit trading			1,042,095				16,852				1,035,916				16,795				1				—
Rates
U.S. government bonds			1,494,713				24,108				1,906,892				30,756				(22	)			(22	)
Agency and other government bonds 3			128,907				2,113				87,625				1,458				47				45
Total rates trading			1,623,620				26,221				1,994,517				32,214				(19	)			(19	)
Total trading		$	2,665,715			$	43,073			$	3,030,433			$	49,009				(12	)			(12	)
Number of U.S. Trading Days1							62								62
Number of U.K. Trading Days2							61								60

		Six Months Ended June 30,
In millions (unaudited)		2026								2025								% Change
		Volume				ADV				Volume				ADV				Volume				ADV
Credit
High-grade		$	972,579			$	7,907			$	942,398			$	7,662				3	%			3	%
High-yield			197,110				1,603				194,894				1,585				1				1
Emerging markets			590,916				4,804				489,376				3,979				21				21
Eurobonds			342,762				2,764				308,790				2,510				11				10
Other credit			80,902				658				76,447				621				6				6
Total credit trading			2,184,269				17,736				2,011,905				16,357				9				8
Rates
U.S. government bonds			3,294,863				26,788				3,488,973				28,366				(6	)			(6	)
Agency and other government bonds 3			234,420				1,892				153,450				1,248				53				52
Total rates trading			3,529,283				28,680				3,642,423				29,614				(3	)			(3	)
Total trading		$	5,713,552			$	46,416			$	5,654,328			$	45,971				1				1
Number of U.S. Trading Days1							123								123
Number of U.K. Trading Days2							124								123

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.

³  Agency and other government bonds volume and ADV reported for the three and six months ended June 30, 2026 in this earnings release reflect the correction of amounts previously reported most recently in the June 2026 trading volume statistics reported on July 7, 2026.

* 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 9

Table 5: Consolidated Condensed Balance Sheet Data

		As of
In thousands (unaudited)		June 30, 2026				December 31, 2025
Assets
Cash and cash equivalents		$	245,794			$	519,734
Cash segregated under federal regulations			49,390				48,722
Investments, at fair value			171,067				170,677
Accounts receivable, net			133,786				100,989
Receivables from broker-dealers, clearing organizations and customers			1,228,453				489,211
Goodwill			283,667				283,667
Intangible assets, net of accumulated amortization			100,245				110,629
Furniture, equipment, leasehold improvements and capitalized software, net			111,362				112,431
Operating lease right-of-use assets			50,620				51,854
Prepaid expenses and other assets			47,829				46,972
Total assets		$	2,422,213			$	1,934,886
Liabilities and stockholders’ equity
Liabilities
Accrued employee compensation		$	46,747			$	73,879
Payables to broker-dealers, clearing organizations and customers			863,546				325,959
Borrowings			115,914				220,000
Income and other tax liabilities			37,418				49,267
Accounts payable, accrued expenses and other liabilities			42,232				42,584
Operating lease liabilities			62,999				64,938
Total liabilities			1,168,856				776,627
Redeemable noncontrolling interest			14,441				12,592
Stockholders’ equity
Common stock			123				123
Additional paid-in capital			374,229				305,923
Treasury stock			(752,333	)			(694,764	)
Retained earnings			1,629,214				1,538,746
Accumulated other comprehensive income/(loss)			(12,317	)			(4,361	)
Total stockholders’ equity			1,238,916				1,145,667
Total liabilities, redeemable noncontrolling interest and stockholders’ equity		$	2,422,213			$	1,934,886

Page 10

Table 6: Reconciliation of Notable Items

		Quarter												Year-to-date
$ in thousands, except per share data (unaudited)		2Q 2026				1Q 2026				2Q 2025				YTD 2026				YTD 2025
Total Expenses, GAAP-basis		$	128,538			$	132,459			$	127,598			$	260,997			$	247,792
Exclude: Notable items
Repositioning charges1			—				(1,484	)			(3,970	)			(1,484	)			(3,970	)
Other notable items2			(1,555	)			(656	)			—				(2,211	)			—
Total Expenses, excluding notable items		$	126,983			$	130,319			$	123,628			$	257,302			$	243,822
Other income (expense), GAAP-basis		$	(115	)		$	2,964			$	5,552			$	2,849			$	13,324
Exclude: Notable items
Acquisition-related charge/(credit)2			—				—				557				—				557
Other income (expense), excluding notable items		$	(115	)		$	2,964			$	6,109			$	2,849			$	13,881
Net income, GAAP-basis		$	68,323			$	78,107			$	71,180			$	146,430			$	86,245
Exclude: Notable items
Repositioning charges1			—				1,484				3,970				1,484				3,970
Other notable items2			1,555				656				—				2,211				—
Acquisition-related charge/(credit)2			—				—				557				—				557
Income tax impact from notable items			(389	)			(531	)			(1,218	)			(920	)			(1,218	)
Reserve for uncertain tax positions related to prior periods			(1,109	)			—				—				(1,109	)			54,939
Non-deductible income tax from notable items			553				—				—				553				—
Net income, excluding notable items		$	68,933			$	79,716			$	74,489			$	148,649			$	144,493
Operating margin, GAAP-basis			41.1	%			43.2	%			41.9	%			42.2	%			42.1	%
Notable items as reconciled above			0.8				1.0				1.8				0.8				0.9
Operating margin, excluding notable items			41.9	%			44.2	%			43.7	%			43.0	%			43.0	%
Diluted EPS, GAAP-basis		$	1.93			$	2.20			$	1.91			$	4.13			$	2.31
Notable items as reconciled above			0.02				0.05				0.09				0.06				1.56
Diluted EPS, excluding notable items		$	1.95			$	2.25			$	2.00			$	4.19			$	3.87
Effective tax rate, GAAP-basis			23.9	%			24.8	%			26.9	%			24.4	%			55.4	%
Notable items as reconciled above			0.6				—				—				0.3				(28.3	)
Effective tax rate, excluding notable items			24.5	%			24.8	%			26.9	%			24.7	%			27.1	%

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

²  Consists of legal expenses included in professional and consulting

Page 11

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

		Quarter												Year-to-date
In thousands (unaudited)		2Q 2026				1Q 2026				2Q 2025				YTD 2026				YTD 2025
Net income		$	68,323			$	78,107			$	71,180			$	146,430			$	86,245
Add back:
Interest income			(4,692	)			(4,308	)			(5,930	)			(9,000	)			(13,099	)
Interest expense			1,862				2,888				139				4,750				352
Provision for income taxes			21,439				25,778				26,236				47,217				107,325
Depreciation and amortization			19,309				19,210				19,195				38,519				37,431
EBITDA		$	106,241			$	121,675			$	110,820			$	227,916			$	218,254
Net income margin1			31.3	%			33.5	%			32.4	%			32.4	%			20.1	%
Add back:
Interest income			(2.2	)			(1.8	)			(2.7	)			(2.0	)			(3.1	)
Interest expense			0.9				1.2				0.1				1.0				0.1
Provision for income taxes			9.8				11.0				12.0				10.5				25.1
Depreciation and amortization			8.8				8.2				8.7				8.5				8.8
EBITDA margin2			48.6	%			52.1	%			50.5	%			50.4	%			51.0	%

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												Year-to-date
In thousands (unaudited)		2Q 2026				1Q 2026				2Q 2025				YTD 2026				YTD 2025
Net cash (used in)/provided by operating activities		$	26,812			$	(75,329	)		$	103,714			$	(48,517	)		$	133,343
Exclude: Net change in trading investments			—				—				(66	)			—				(66	)
Exclude: Net change in fail-to-deliver/receive from broker-dealers, clearing organizations and customers			74,132				108,529				22,053				182,661				56,452
Less: Purchases of furniture, equipment and leasehold improvements			(649	)			(259	)			(1,206	)			(908	)			(3,136	)
Less: Capitalization of software development costs			(11,360	)			(17,089	)			(11,510	)			(28,449	)			(26,541	)
Free cash flow		$	88,935			$	15,852			$	112,985			$	104,787			$	160,052

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