MarketAxess posts all-time high revenue figures
MarketAxess, the operator of a leading electronic trading platform for fixed-income securities, has announced its second-quarter financial results for the year 2025. The company has made significant strides in enhancing their client franchise and driving growth through several strategic hires in key roles.
Revenue Growth
Total revenue reached a record $219.5 million, marking an 11% increase year-over-year, or 10% growth excluding foreign exchange effects. This growth was driven by a 10% increase in credit commission revenue and a 40% increase in rates commission revenue.
Commission Revenue
Commission revenue hit a record $191.8 million, up 12% year-over-year. This growth was supported by a favorable market backdrop, which contributed to record levels of revenue and Average Daily Volume (ADV).
Services Revenue
Combined services revenue (post-trade and technology services) was a record $27.7 million, up 7% year-over-year. Breaking it down, post-trade services revenue increased 7% and technology services revenue rose 16% year-over-year.
Average Daily Volume (ADV) across Channels
Total trading ADV increased 43% to a record $49.0 billion. Total credit ADV rose 22% to $16.8 billion. Emerging markets and eurobonds ADV both reached record levels, with eurobonds ADV increasing 100% and emerging markets ADV up 27%.
Strong growth was recorded in the Client-Initiated Channel, with U.S. credit block trading rising 37%, emerging markets up 27%, and eurobonds 100%. The Portfolio Trading Channel ADV grew 69% to $1.5 billion, a record. Dealer-Initiated Channel ADV increased 40% to $1.8 billion, including record eurobonds ADV.
Earnings per Share (EPS)
GAAP EPS was $1.91, with non-GAAP EPS at $2.00, a 16% rise excluding notable items.
Expenses
Total expenses increased about 10%, including repositioning and acquisition charges.
These results reflect strong growth in trading volumes and commission revenues across MarketAxess's strategic channels, supported by market volatility and expanded trading solutions.
New Initiatives
New initiatives were delivered across client-initiated, portfolio trading, and dealer-initiated channels. MarketAxess is focused on growing their targeted block trading solution in the client-initiated channel, and they are launching their new Mid-X solution in the dealer-initiated channel.
Moreover, client engagement with X-Pro was increased, and significant strides were made in enhancing the portfolio trading solution for clients.
Chris Concannon, CEO of MarketAxess, commented on the second quarter's progress, stating, "We are pleased with the strong progress we made in the second quarter, as we continue to expand our offerings and deepen our relationships with clients."
[1]: MarketAxess Press Release, Q2 2025 Financial Results. [2]: MarketAxess Investor Presentation, Q2 2025 Financial Results. [3]: MarketAxess Earnings Call Transcript, Q2 2025. [4]: MarketAxess Financial Highlights, Q2 2025. [5]: MarketAxess Trading Volume Statistics, Q2 2025.
Technology played a significant role in MarketAxess's growth, as the company recorded a 16% rise in technology services revenue. This growth was driven by the launch of their new Mid-X solution in the dealer-initiated channel, aiming to expand their targeted block trading solution.
Moreover, the company's strategic hires in key roles have contributed to the enhancement of their technology offerings, which in turn supported the growth in commission revenues and trading volumes.
