MarketAxess Holdings Inc. (NASDAQ:MKTX) reported fourth-quarter adjusted earnings that edged past Wall Street expectations, while revenue narrowly missed forecasts, prompting a muted market reaction. Shares of the electronic fixed-income trading platform slipped about 0.02% in after-hours trading following the release.
The company posted adjusted earnings of $1.68 per share for the quarter, slightly ahead of the analyst consensus of $1.67. Total revenue increased 3.5% year over year to $209.4 million, but fell just short of expectations of $211.56 million. Revenue included a $1.6 million benefit from favorable foreign exchange movements.
Credit commission revenue rose 2% from a year earlier to $165.2 million, supported by an 11% increase in average daily trading volumes. This growth was partly offset by an 8% decline in transaction fees per million. Activity was particularly strong in emerging markets and eurobonds, with both segments recording 7% growth.
“In 2025, we made significant strides in enhancing the MarketAxess advantage by expanding our global network, deepening our differentiated liquidity,” said Chris Concannon, CEO of MarketAxess Holdings Inc.. “We delivered record volumes in U.S. credit and record revenue outside of U.S. credit of $406 million, a 10% increase, reflecting the strong returns generated from our investments in these areas.”
For the full year 2025, MarketAxess reported record total revenue of $846.3 million, up 4% from the prior year, with revenue outside U.S. credit products rising 10%. Trading activity also reached new highs, as block trading average daily volume jumped 24% to a record $5 billion, while portfolio trading average daily volume surged 48% to a record $1.4 billion.
Looking ahead, the company said it expects services revenue to grow at a mid-single-digit rate in 2026. It also forecast expenses, excluding notable items, in the range of $530.0 million to $545.0 million for the year.