Q4 2025 Marketaxess Holdings Inc Earnings Call Transcript
Key Points
- MarketAxess Holdings Inc (MKTX) achieved record revenue of $846 million in 2025, with a 10% growth in product areas outside US credit.
- The company reported a 29% increase in block trading ADV, including record block trading ADV in emerging markets.
- MarketAxess Holdings Inc (MKTX) returned $474 million to investors through share repurchases and dividends in 2025.
- The company has a clear technology and product roadmap to achieve its 3-year targets, focusing on execution and building momentum in 2026.
- MarketAxess Holdings Inc (MKTX) generated a record $347 million in free cash flow in 2025, demonstrating strong financial health.
- US high-grade market share was lower than expected, impacted by a 92% increase in new issue block activity.
- Total credit fee capture declined due to protocol mix and lower fee capture products, impacting overall revenue.
- The company's US credit revenue decreased by 2% in 2025, indicating challenges in this segment.
- Operating expenses increased by 8% in 2025, driven by higher consulting, technology, and employee compensation costs.
- The electronification of US credit markets plateaued, with growth in electronification slowing down.
Ladies and gentlemen, thank you for standing by, and welcome to the MarketAxess fourth quarter and full year 2025 earnings conference call. (Operator Instructions)
As a reminder, this conference call is being recorded on February 6, 2026. I would now like to turn the call over to Steve Davidson, Head of Investor Relations at MarketAxess. Please go ahead, sir.
Good morning, and welcome to the MarketAxess fourth quarter and full year 2025 earnings conference call. For the call, Chris Concannon, Chief Executive Officer, will provide you with an update on our strategy and our business; and Ilene Fiszel Bieler, Chief Financial Officer, will review our financial results.
Before I turn the call over to Chris, let me remind you that today's call may include forward-looking statements. These statements represent the company's belief regarding future events that, by their nature, are uncertain. The company's actual results and financial condition may differ materially from what is
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