{"success":true,"data":{"pressRelease":{"id":"178217","rtpr_id":"nBw6cg9V1a-20261023","ticker":"MKTX","exchange":"NASDAQ","all_tickers":["MKTX"],"title":"MarketAxess Reports Third Quarter 2026 Financial Results","author":"Business Wire","published_at":"2026-10-23T10:30:00.578Z","article_body":"MarketAxess Reports Third Quarter 2026 Financial Results\n\nEPS of $1.53; $1.86 Excluding Notable Items(1)\n\n1% Revenue Growth Reflects Strong Information Services Revenue Growth of 10%\n\n21% Increase in Block Trading ADV and 37% Increase in Portfolio Trading ADV\nwith Broad-Based Growth\n\nAcross U.S. Credit, Emerging Markets and Eurobond Block ADVs\n\nContinued Focus on Expense Discipline\n\nMarketAxess Holdings Inc. (Nasdaq: MKTX), the operator of a leading electronic\ntrading platform for fixed-income securities, today announced financial\nresults for the third quarter ended September 30, 2026.\n 3Q26 Select Financial and Operational Highlights (All comparisons vs 3Q25)     Chris Concannon, CEO of MarketAxess, commented:   \n \n \n \n \n \n\"In the third quarter, we continued to execute on our product roadmap across \n *Total revenues of $210.4 million increased 1%. major trading protocols. We launched our enhanced X-Pro RFQ experience to U.S. \n \n credit clients, bringing price and spread trading, targeted and direct block \n * Total commission revenue of $179.9 million was flat compared to the prior workflows and AI-powered dealer selection into a single modern interface. We \n year. also delivered the new issue workflow in X-Pro, so clients can access primary \n \n*6% growth in services revenue(2) to $30.5 million. and secondary markets side-by-side. Within portfolio trading, we rolled out \n \n*6% growth in revenue outside U.S. credit. further enhancements, including CP+ pricing and pre-trade analytics, enabling \n \n clients to make faster and more informed decisions. \n \n \n \n *Total trading average daily volume (\"ADV\") increased 13%, with growth across \nOverall, we continue to make great progress across our strategic priorities \n both credit and rates products, and market share gains in high yield and and remain committed to delivering innovative solutions that enhance the \n municipal bonds. trading experience for our clients.\" \n \n*Continued progress across key strategic initiative channels: \n \n \n * Client-Initiated Channel: 21% increase in block trading ADV to $5.4 billion, \n including U.S. credit up 24%, Eurobonds up 16% and emerging markets up 15%. \n \n*Portfolio Trading Channel: 37% increase in total portfolio trading ADV to $1.9 \n billion with 39% growth in U.S. credit and 41% growth in emerging markets. \n \n*Dealer-Initiated Channel: 2% increase in dealer-initiated ADV to $1.5 billion, \n which includes a 196% increase in Mid-X ADV. \n \n \n \n \n *Total expenses of $136.0 million increased 10%; total expenses, excluding \n notable items,(1) of $122.9 million were flat, reflecting continued expense \n discipline. \n \n*Operating margin of 35.4% decreased 560bps; operating margin, excluding \n notable items, of 41.6% increased 60bps. Operating leverage of (960)bps, or \n +100bps, excluding notable items.(1) \n \n*Diluted earnings per share (“EPS”) of $1.53 on net income of $54.0 \n million, compared to $1.84 and $68.3 million in the prior year, respectively; \n EPS of $1.86 on net income of $65.7 million, each excluding notable items.(1) \n\n\nTable 1: 3Q26 Select Financial Results\n     Quarter   % Change Year-to-date   % Change \n $ in millions, except per share data (unaudited)   3Q 2026   2Q 2026   3Q 2025   QoQ YoY YTD 2026   YTD 2025   YoY \n Selected GAAP-basis financial results                                         \n Revenues   $ 210   $ 218   $ 209     (4 ) %   1   % $ 662   $ 637     4   % \n Expenses     136     129     123     6       10       397     371     7     \n Operating margin     35.4 %   41.1 %   41.0 %   (570 ) bps   (560 ) bps   40.0 %   41.7 %   (170 ) bps \n Net income     54     68     68     (21 )     (21 )     200     155     30     \n Diluted EPS     1.53     1.93     1.84     (21 )     (17 )     5.66     4.14     37     \n Net income margin     25.7 %   31.3 %   32.7 %   (560 ) bps   (700 ) bps   30.3 %   24.3 %   +600   bps \n Selected GAAP-basis financial results ex-notable items (non-GAAP)(1)                                         \n Revenues     210     218     209     (4 )     1       662     637     4     \n Expenses     123     127     123     (3 )     —       380     367     4     \n Operating margin     41.6 %   41.9 %   41.0 %   (30 ) bps   +60   bps   42.6 %   42.4 %   +20   bps \n Net income     66     69     68     (5 )     (4 )     214     213     1     \n Diluted EPS     1.86     1.95     1.84     (5 )     1       6.05     5.70     6     \n Other Non-GAAP financial measures                                         \n EBITDA(3)     91     106     108     (15 )     (16 )     319     326     (2 )   \n EBITDA Margin(3)     43.1 %   48.6 %   51.5 %   (550 ) bps   (840 ) bps   48.1 %   51.2 %   (310 ) bps \n\n\n3Q26 Overview of Results\n\nTable 1A: Notable Items(1)\n     Quarter   Year-to-date \n     3Q 2026   2Q 2026   3Q 2025   YTD 2026 YTD 2025 \n $ in millions, except per share data (unaudited)                 \n Repositioning charges((a))   $ —   $ —   $ —   $ 1.5     $ 4.0     \n Merger & acquisition-related((b))     13.1     1.6     —     15.3       0.6     \n Notable items (pre-tax)     13.1     1.6     —     16.8       4.6     \n Income tax impact from notable items     (1.5 )   (0.9 )   —     (2.9 )     53.7     \n Total notable items   $ 11.6   $ 0.7   $ —   $ 13.9     $ 58.3     \n EPS impact   $ 0.33   $ 0.02   $ —   $ 0.39     $ 1.56     \n\n ((a)) Repositioning charges consist of severance included in employee \n compensation and benefits. \n ((b) )Merger & acquisition-related items consist of merger-related \n expenses (previously classified as Other notable items in Q2 2026 and Q1 2026) \n included in employee compensation and benefits, professional and consulting \n fees, and general and administrative expenses for the pending merger with \n Intercontinental Exchange, Inc for Q3 2026, Q2 2026, and YTD 2026, as well as \n acquisition-related activity included in other income (expense) associated \n with our acquisition of RFQ-hub for YTD 2025. Refer to Table 8A for further \n details. \n\n\nNotable Items(1)\n\n\n * Notable items (pre-tax) in 3Q26 include merger-related expenses of $13.1\nmillion associated with the pending merger with Intercontinental Exchange,\nInc.\n\nRevenue\n\n\n * Total revenues of $210.4 million increased 1% compared to the prior year,\nprimarily driven by growth in services revenue.(2)\n\nTable 1B: 3Q26 Variable Transaction Fee Per Million (FPM)\n     Quarter   % Change Year-to-date   % Change \n     3Q 2026   2Q 2026   3Q 2025   QoQ YoY YTD 2026   YTD 2025   YoY \n AVG. VARIABLE TRANS. FEE PER MILLION (FPM)                                     \n Total Credit   $ 127   $ 129   $ 140     (2 ) %   (9 ) % $ 129   $ 139     (7 ) % \n Total Rates     4.89     4.96     4.21     (1 )     16       4.83     4.14     17     \n\n\nCommissions Revenue\n\n\n * Commissions revenue of $179.9 million was flat compared to the prior year.\n\nCredit\n\n— Total credit commission revenue of $161.2 million (including $34.8 million\nin fixed distribution fees) decreased $3.8 million, or 2%, compared to $164.9\nmillion (including $34.1 million in fixed distribution fees) in the prior\nyear. The decrease was primarily driven by a 4% decrease in U.S. credit\ncommission revenue reflecting lower variable transaction fee per million\n(\"FPM\"), partially offset by higher market volumes and fixed distribution\nfees. Total credit ADV increased 7% compared to the prior year, mainly due to\nmarket share gains in high yield and municipal bonds, volume growth in\nemerging markets, and higher market activity. Total credit FPM decreased 9%\ncompared to the prior year, largely due to protocol and product mix, as well\nas lower duration of bonds traded in U.S. high-grade.\n\nRates\n\n— Total rates commission revenue of $8.9 million increased $2.3 million, or\n34%, compared to the prior year, primarily driven by higher U.S. Treasury\nvolumes and improved FPM.\n\nOther\n\n— Total other commission revenue of $9.8 million increased $1.2 million, or\n14%, compared to the prior year, primarily driven by higher trading volumes.\n\nServices Revenue\n\n\n * Services revenue(2) of $30.5 million increased $1.8 million, or 6%, compared\nto the prior year.\n\nInformation Services\n\n— Information services revenue of $15.2 million increased $1.4 million, or\n10%, compared to the prior year. The increase was principally driven by net\nnew contract revenue.\n\nPost-trade Services\n\n— Post-trade services revenue of $11.4 million increased $0.2 million, or\n1%, compared to the prior year, mainly due to net new contract revenue.\n\nTechnology Services\n\n— Total technology services revenue of $3.9 million increased $0.3 million,\nor 8%, compared to the prior year, largely reflecting higher broker execution\nand port fees.\n\nExpenses\n\n\n * Total expenses of $136.0 million increased 10% from the prior year. Total\nexpenses, excluding notable items,(1 )of $122.9 million were flat compared to\nthe prior year.\n\nNon-operating\n\n\n * Other income (expense): Other income was $0.4 million, down from $8.1 million\nin the prior year. The decrease was largely driven by receipt of a tax credit\nin the prior year, lower interest income resulting from lower average cash\nbalances, higher interest expense mainly due to borrowings on the Company’s\ncredit facility, which, along with cash on hand, were used to fund the\naccelerated stock repurchase agreement that settled in 1Q26, and higher\nforeign currency transaction losses.\n\n * Tax rate: The effective tax rate was 27.8%, compared to 27.1% in the prior\nyear. The effective tax rate excluding notable items(1) was 25.4%, compared to\n27.1% in the prior year.\n\nCapital\n\n\n * The Company had $539.6 million in cash, cash equivalents, corporate bond\ninvestments and U.S. Treasury investments as of September 30, 2026, down from\n$678.9 million as of December 31, 2025. The decline from year-end 2025\nprimarily reflects capital allocation activity during the first nine months of\n2026, including share repurchases, repayment of $128.0 million of borrowings\nunder the revolving credit facility and quarterly dividends, as well as an\nincrease in net receivables from broker-dealers, clearing organizations and\ncustomers, partially offset by cash generated from operating activities. The\nCompany had $92.0 million in borrowings outstanding under the Company’s\ncredit facility as of September 30, 2026, as compared to $220.0 million in\nborrowings outstanding as of December 31, 2025.\n\n * The Board declared a quarterly cash dividend of $0.78 per share, payable on\nNovember 25, 2026 to stockholders of record as of the close of business on\nNovember 11, 2026.\n\nOther\n\n\n * Employee headcount was 858 as of September 30, 2026, compared to 896 as of\nSeptember 30, 2025, and 863 as of June 30, 2026.\n (1 )See Table 1A in this release for a listing of notable items. Results \n excluding notable items are non-GAAP financial measures. Refer to “Non-GAAP \n financial measures and other items” for a discussion of these non-GAAP \n financial measures and Tables 8A and 8B for a reconciliation of these non-GAAP \n financial measures to their most directly comparable GAAP measures. \n (2) Services revenue is defined as combined information, post-trade and \n technology services revenue. \n (3 )EBITDA and EBITDA margin are non-GAAP financial measures. Refer to \n “Non-GAAP financial measures and other items” for a discussion of these \n non-GAAP financial measures and Table 9 for a reconciliation of these non-GAAP \n financial measures to their most directly comparable GAAP measures. \n\n\nNon-GAAP Financial Measures and Other Items\n\nTo supplement the Company’s unaudited financial statements presented in\naccordance with generally accepted accounting principles (“GAAP”), the\nCompany uses certain non-GAAP financial measures, including earnings before\ninterest, taxes, depreciation and amortization (“EBITDA”), EBITDA margin\nand free cash flow. From time to time, we present selected GAAP-basis\nfinancial results, excluding notable items. Notable items are revenues,\nexpenses, other income (expense) and tax related items that are not indicative\nof ongoing operating performance and outside of the Company’s normal course\nof business, including merger, acquisition and restructuring charges or\ngains/losses on sales or other notables (collectively, “notable items”).\nWe define Operating leverage, excluding notable items, as the year-over-year\npercentage change in revenues less the year-over-year percentage change in\nexpenses, excluding notable items, for the respective period. We define EBITDA\nmargin as EBITDA divided by revenues. We define free cash flow as net cash\nprovided by/(used in) operating activities excluding the net change in trading\ninvestments and net change in securities failed-to-deliver and securities\nfailed-to-receive from broker-dealers, clearing organizations and customers,\nless expenditures for furniture, equipment and leasehold improvements and\ncapitalized software development costs. Non-GAAP financial measures should be\nconsidered in addition to, not as a substitute for or superior to, financial\nmeasures determined in conformity with GAAP. The Company believes that these\nnon-GAAP financial measures, when taken into consideration with the\ncorresponding GAAP financial measures, provide additional information\nregarding the Company’s operating results because they assist both investors\nand management in analyzing and evaluating the performance of our business.\nPlease refer to Tables 8A, 8B, 9 and 10 for a reconciliation of: (i) selected\nGAAP-basis financial results, each excluding notable items, to their most\ndirectly comparable GAAP measure; (ii) GAAP net income to EBITDA and GAAP net\nincome margin to EBITDA margin; and (iii) GAAP net cash provided by/(used in)\noperating activities to free cash flow, in each case, the most directly\ncomparable GAAP measure.\n\nICE Transaction\n\nOn July 29, 2026, MarketAxess entered into an Agreement and Plan of Merger\n(the “Merger Agreement”) with Intercontinental Exchange, Inc. (“ICE”)\nand Igloo Merger Sub II, Inc., a wholly owned subsidiary of ICE. Under the\nMerger Agreement, the ICE subsidiary will merge with and into MarketAxess (the\n“Merger”), and MarketAxess will survive as a wholly owned subsidiary of\nICE. At the effective time of the Merger, each outstanding share of\nMarketAxess common stock will be converted into the right to receive $167.00\nin cash, without interest, other than certain excluded shares, including\nshares held by stockholders who properly exercise appraisal rights under\nDelaware law. On October 21, 2026, the Department of Justice and the Federal\nTrade Commission granted early termination of the waiting period under the\nHart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, applicable\nto the Merger. Completion of the Merger remains subject to MarketAxess\nstockholder approval, the receipt of required regulatory approvals and the\nsatisfaction or waiver of the other closing conditions in the Merger\nAgreement. A copy of the press release announcing the Merger can be found on\nthe Investor Relations section of the MarketAxess corporate website at\nhttp://investor.marketaxess.com\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Finvestor.marketaxess.com&esheet=54627655&newsitemid=20261022207701&lan=en-US&anchor=http%3A%2F%2Finvestor.marketaxess.com&index=1&md5=9ba95fd46191204b1d97201f4c871589)\n.\n\nIn light of the Merger, MarketAxess has suspended the practice of hosting an\nearnings conference call. Further, MarketAxess has suspended the practice of\nissuing guidance and has withdrawn its previously announced 2026 annual\nguidance, as well as its medium-term financial targets. Finally, MarketAxess\nhas suspended its practice of issuing monthly volumes press releases.\n\nGeneral Notes Regarding the Data Presented\n\nReported MarketAxess volume in all product categories includes only fully\nelectronic trading volume. MarketAxess trading volumes and the Financial\nIndustry Regulatory Authority (“FINRA”) Trade Reporting and Compliance\nEngine (“TRACE”) reported volumes are available on the Company’s website\nat investor.marketaxess.com/volume\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Finvestor.marketaxess.com%2Fvolume&esheet=54627655&newsitemid=20261022207701&lan=en-US&anchor=investor.marketaxess.com%2Fvolume&index=2&md5=fcbd8a0bb3c8ebecfb25b844a2964dcd)\n.\n\nCautionary Note Regarding Forward-Looking Statements\n\nThis press release contains forward-looking statements within the meaning of\nSection 27A of the Securities Act of 1933, as amended (“Section 27A”), and\nSection 21E of the Securities Exchange Act of 1934, as amended (“Section\n21E”). We intend such forward-looking statements to be covered by the safe\nharbor provisions for forward-looking statements contained in Section 27A and\nSection 21E. Such forward-looking statements relate to, without limitation,\nthe proposed transaction, our future economic performance, plans and\nobjectives for future operations, and projections of revenue and other\nfinancial items. Forward-looking statements can be identified by the use of\nwords such as “may,” “will,” “assume,” “believe,”\n“contemplate,” “could,” “intend,” “predict,” “would,”\n“plan,” “potential,” “projected,” “should,” “expect,”\n“anticipate,” “estimate,” “target,” “continue,” “trend,”\n“objective,” “might” or comparable terminology, although not all\nforward-looking statements contain these identifying words.\n\nForward-looking statements are inherently subject to certain risks, trends,\nchanges in circumstances and uncertainties, many of which we cannot predict\nwith accuracy and some of which we may not anticipate, including, but not\nlimited to: historical financial information may not be representative of\nfuture results; the completion of the proposed transaction on the anticipated\nterms and timing, or at all, including obtaining the requisite approval by the\nstockholders of the Company, the receipt of the remaining required regulatory\napprovals, and the satisfaction of other conditions to the completion of the\nproposed transaction as well as the failure to realize anticipated benefits of\nthe proposed transaction; there may be significant transaction costs in\nconnection with the proposed transaction and the proposed transaction may be\nmore expensive to complete than anticipated, including as a result of\nunexpected factors or events; there may be liabilities that are not known,\nprobable or estimable at this time or unexpected costs, charges or expenses;\nthe occurrence of any event, change or other circumstance that could give rise\nto the termination of the proposed transaction, including in circumstances\nrequiring the Company to pay a termination fee pursuant to the terms of the\nMerger Agreement; any effect of the announcement of the proposed transaction\non the Company’s ability to operate its business and retain and hire key\npersonnel and to maintain favorable business relationships; the proposed\ntransaction may result in the diversion of management’s time and attention\nfrom ordinary course business operations to issues relating to the proposed\ntransaction; certain restrictions during the pendency of the proposed\ntransaction that may impact the Company’s ability to pursue certain business\nopportunities or strategic transactions; unfavorable outcome of legal\nproceedings related to the proposed transaction; the risk that the Company’s\nshare price may decline significantly if the proposed transaction is not\nconsummated; legislative, regulatory and economic developments;\nunpredictability and severity of catastrophic events, including, but not\nlimited to, acts of terrorism, outbreaks of war or hostilities or public\nhealth issues, as well as management’s response to any of the aforementioned\nfactors; other risks and uncertainties detailed in periodic reports that the\nCompany files with the SEC; actions by third parties, including government\nagencies; reputational risk and potential adverse reactions of the Company’s\nor ICE’s customers, employees or other business partners, including those\nresulting from the announcement or completion of the proposed transaction; the\nability to promptly and effectively integrate the Company’s business with\nICE’s business and realize the anticipated cost savings, synergies, and\nother financial benefits of the proposed transaction within the expected time\nperiod or at all; ICE’s ability to obtain the contemplated debt financing on\na timely basis, on favorable terms or at all; global economic, political and\nmarket factors; the level of trading volume transacted on the MarketAxess\nplatform; the rapidly evolving nature of the electronic financial services\nindustry; the level and intensity of competition in the fixed-income\nelectronic trading industry and the pricing pressures that may result; the\nvariability of our growth rate; our ability to introduce new fee plans and our\nclients’ response; our ability to attract clients or adapt our technology\nand marketing strategy to new markets; risks related to our growing\ninternational operations; our dependence on our broker-dealer clients; the\nloss of any of our significant institutional investor clients; our exposure to\nrisks resulting from non-performance by counterparties to transactions\nexecuted between our clients in which we act as an intermediary in matched\nprincipal trades; risks related to self-clearing; our dependence on\nthird-party suppliers for key products and services; our ability to enter into\nstrategic alliances and to acquire other businesses and successfully integrate\nthem with our business; our dependence on our management team and our ability\nto attract and retain talent; risks related to sanctions levied against states\nor individuals that could expose us to operational or regulatory risks; the\neffects of climate change or other sustainability risks that could affect our\noperations or reputation; the effect of rapid market or technological changes\non us and the users of our technology; issues related to the development and\nuse of artificial intelligence; our ability to successfully maintain the\nintegrity of our trading platform and our response to system failures,\ncapacity constraints and business interruptions; the occurrence of design\ndefects, errors, failures or delays with our platforms, products or services;\nour vulnerability to malicious cyber-attacks and attempted cybersecurity\nbreaches; our actual or perceived failure to comply with privacy and data\nprotection laws; our ability to protect our intellectual property rights or\ntechnology and defend against intellectual property infringement or other\nclaims; our use of open-source software; limitations on our flexibility\nbecause we operate in a highly regulated industry; the increasing government\nregulation of us and our clients; our exposure to costs and penalties related\nto our extensive regulation; our risks of litigation and securities laws\nliability; our tax filing positions; our future capital needs and our ability\nto obtain capital when needed; limitations on our operating flexibility\ncontained in our credit agreement; our exposure to financial institutions by\nholding cash in excess of federally insured limits; and other factors.\n\nThere can be no assurance that the proposed transaction will be completed, or\nif it is completed, that it will close within the anticipated time period.\nWhile the list of factors presented here is considered representative, no such\nlist should be considered to be a complete statement of all potential risks\nand uncertainties and should be read in conjunction with the other\nforward-looking statements. Unlisted factors may present significant\nadditional obstacles to the realization of forward-looking statements. The\nforward-looking statements relate only to events as of the date on which the\nstatements are made and we undertake no obligation to update, and expressly\ndisclaim any obligation to update, any forward-looking statements, or any\nother information in this communication, whether resulting from developments,\ncircumstances or events that arise after the date the statements are made, new\ninformation, or otherwise. If one or more of these or other risks or\nuncertainties materialize, or if our underlying assumptions prove to be\nincorrect, actual results may vary materially from what we may have expressed\nor implied by these forward-looking statements. All forward-looking statements\nin this communication are qualified in their entirety by this cautionary\nstatement. You should specifically consider the factors identified in this\ncommunication that could cause actual results to differ. Furthermore, new\nrisks and uncertainties arise from time to time, and it is impossible for us\nto predict those events or how they may affect us.\n\nAlthough we believe that the expectations reflected in such forward-looking\nstatements are based upon reasonable assumptions at the time made, we can give\nno assurance that such expectations will be achieved as anticipated or that\nour results, estimates or assumptions will be correct. Future events and\nactual results, financial and otherwise, may differ materially from the\nresults discussed in the forward-looking statements, many of which are beyond\nthe Company’s control. Readers are cautioned not to place undue reliance on\nthese forward-looking statements and are advised to consider the factors\nlisted above together with the additional factors under the heading\n“Disclosure Regarding Forward-Looking Statements” and “Risk Factors”\nin the Company’s Annual Report on Form 10-K, as may be supplemented or\namended by the Company’s Quarterly Reports on Form 10-Q. The Company assumes\nno obligation to update or supplement forward-looking statements that become\nuntrue because of subsequent events, new information or otherwise, except as\nrequired under applicable law. More information about these and other factors\naffecting MarketAxess’ business and prospects is contained in MarketAxess’\nperiodic filings with the Securities and Exchange Commission and can be\naccessed at www.marketaxess.com\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.marketaxess.com&esheet=54627655&newsitemid=20261022207701&lan=en-US&anchor=www.marketaxess.com&index=3&md5=1ffe6c9e86ac2555f37944bf820adde2)\n.\n\nAbout MarketAxess\n\nMarketAxess (Nasdaq: MKTX) operates a leading electronic trading platform that\ndelivers greater trading efficiency, a diversified pool of liquidity and\nsignificant cost savings to institutional investors and broker-dealers across\nthe global fixed-income and other markets. Approximately 2,100 firms leverage\nMarketAxess’ patented technology to efficiently trade fixed-income\nsecurities. Our automated and algorithmic trading solutions, combined with our\nintegrated and actionable data offerings, help our clients make faster,\nbetter-informed decisions on when and how to trade on our platform.\nMarketAxess’ award-winning Open Trading® marketplace is widely regarded as\nthe preferred all-to-all trading solution in the global credit markets.\nFounded in 2000, MarketAxess connects a robust network of market participants\nthrough an advanced full trading lifecycle solution that includes automated\ntrading solutions, intelligent data and index products and a range of\npost-trade services. Learn more at www.marketaxess.com\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.marketaxess.com&esheet=54627655&newsitemid=20261022207701&lan=en-US&anchor=www.marketaxess.com&index=4&md5=7dc7a7f246c0c26d211b853d50c49b64)\nand on X @MarketAxess\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Ftwitter.com%2Fmarketaxess%3Flang%3Den&esheet=54627655&newsitemid=20261022207701&lan=en-US&anchor=%40MarketAxess&index=5&md5=4d56b7d47df7b12db05a853794e685a3)\n.\n\nTable 2: Consolidated Statements of Operations\n       Three Months Ended       Nine Months Ended     \n       September 30,       September 30,     \n In thousands, except per share data (unaudited)     2026     2025     % Change   2026     2025     % Change \n Revenues                   \n Commissions     $ 179,923     $ 180,171       —   %   $ 570,289     $ 553,284       3   % \n Information services       15,172       13,785       10         45,711       39,776       15     \n Post-trade services       11,444       11,293       1         34,649       33,457       4     \n Technology services       3,868       3,572       8         11,553       10,342       12     \n Total revenues       210,407       208,821       1         662,202       636,859       4     \n                                             \n Expenses                                           \n Employee compensation and benefits       63,425       59,982       6         195,802       187,135       5     \n Depreciation and amortization       19,041       19,662       (3 )       57,560       57,093       1     \n Technology and communications       22,056       19,961       10         63,924       57,430       11     \n Professional and consulting fees       14,699       7,382       99         29,048       20,982       38     \n Occupancy       3,919       3,859       2         11,720       11,234       4     \n Marketing and advertising       2,145       2,349       (9 )       7,921       7,362       8     \n Clearing costs       4,240       3,948       7         13,025       12,580       4     \n General and administrative       6,487       6,099       6         18,009       17,218       5     \n Total expenses       136,012       123,242       10         397,009       371,034       7     \n Operating income       74,395       85,579       (13 )       265,193       265,825       —     \n Other income (expense)                                           \n Interest income       4,632       5,850       (21 )       13,632       18,949       (28 )   \n Interest expense       (1,449 )     (171 )   NM         (6,199 )     (523 )   NM     \n Equity in earnings of unconsolidated affiliate       —       —     NM         —       457     NM     \n Other, net       (2,753 )     2,381     NM         (4,154 )     2,501     NM     \n Total other income (expense)       430       8,060       (95 )       3,279       21,384       (85 )   \n Income before income taxes       74,825       93,639       (20 )       268,472       287,209       (7 )   \n Provision for income taxes       20,797       25,366       (18 )       68,014       132,691       (49 )   \n Net income     $ 54,028     $ 68,273       (21 )     $ 200,458     $ 154,518       30     \n Less: income attributable to noncontrolling interest       (170 )     (97 )   NM         (613 )     (128 )   NM     \n Net income available for common stockholders     $ 53,858     $ 68,176       (21 )     $ 199,845     $ 154,390       29     \n Per Share Data:                                           \n Net income per common share                                           \n Basic     $ 1.53     $ 1.84             $ 5.67     $ 4.15           \n Diluted     $ 1.53     $ 1.84             $ 5.66     $ 4.14           \n Cash dividends declared per common share     $ 0.78     $ 0.76             $ 2.34     $ 2.28           \n Weighted-average common shares:                                           \n Basic       35,216       37,023               35,240       37,207           \n Diluted       35,278       37,109               35,302       37,288           \n\n NM - not meaningful \n\n\nTable 3: Commission Revenue\n   \n In thousands, except fee per million data     Three Months Ended September 30,       Nine Months Ended September 30,     \n (unaudited)     2026     2025     % Change       2026     2025       % Change     \n Variable transaction fees                                             \n Credit     $ 126,391     $ 130,811       (3 ) %   $ 411,078     $ 409,628         -   % \n Rates       8,827       6,549       35         25,798       21,503         20     \n Other       9,816       8,589       14         30,822       20,882         48     \n Total variable transaction fees       145,034       145,949       (1 )       467,698       452,013         3     \n Fixed distribution fees                                             \n Credit       34,801       34,137       2         102,310       101,018         1     \n Rates       88       85       4         281       253         11     \n Total fixed distribution fees       34,889       34,222       2         102,591       101,271         1     \n Total commission revenue     $ 179,923     $ 180,171       —       $ 570,289     $ 553,284         3     \n Average variable transaction fee per million                                             \n Credit     $ 127     $ 140       (9 ) %   $ 129     $ 139         (7 ) % \n Rates       4.89       4.21       16         4.83       4.14         17     \n\n\nTable 4: Trading Volume*\n       Three Months Ended September 30,     \n In millions (unaudited)     2026     2025     % Change     \n       Volume     ADV     Volume       ADV     Volume       ADV     \n Credit                                             \n High-grade (excl. SD PT)(1)     $ 455,718     $ 7,121     $ 419,703       $ 6,558       9   %     9   % \n High-grade (incl. SD PT)(1)       481,445       7,523       434,126         6,783       11         11     \n High-yield (excl. SD PT)(1)       93,988       1,469       86,228         1,347       9         9     \n High-yield (incl. SD PT)(1)       108,286       1,692       99,623         1,557       9         9     \n Emerging markets       255,299       3,989       243,387         3,803       5         5     \n Eurobonds       144,938       2,230       142,772         2,196       2         2     \n Other credit(2)       47,689       745       40,336         631       18         18     \n Municipal bonds       47,679       745       40,293         630       18         18     \n Total credit trading (excl. SD PT)(1)       997,632       15,554       932,426         14,535       7         7     \n Rates                                             \n U.S. government bonds       1,703,289       26,614       1,480,317         23,130       15         15     \n Agency and other government bonds       103,388       1,591       75,714         1,166       37         36     \n Total rates trading       1,806,677       28,205       1,556,031         24,296       16         16     \n Total trading (excl. SD PT)(1)     $ 2,804,309     $ 43,759     $ 2,488,457       $ 38,831       13         13     \n Number of U.S. Trading Days(3)             64               64                   \n Number of U.K. Trading Days(4)             65               65                   \n\n       Nine Months Ended September 30,     \n In millions (unaudited)     2026     2025     % Change     \n       Volume     ADV     Volume       ADV     Volume       ADV     \n Credit                                             \n High-grade (excl. SD PT)(1)     $ 1,428,297     $ 7,638     $ 1,362,101       $ 7,284       5   %     5   % \n High-grade (incl. SD PT)(1)       1,505,750       8,052       1,401,866         7,497       7         7     \n High-yield (excl. SD PT)(1)       291,098       1,557       281,122         1,503       4         4     \n High-yield (incl. SD PT)(1)       334,734       1,790       302,458         1,617       11         11     \n Emerging markets       846,215       4,525       732,763         3,919       15         15     \n Eurobonds       487,700       2,580       451,562         2,402       8         7     \n Other credit(2)       128,591       688       116,783         625       10         10     \n Municipal bonds       128,564       688       116,423         623       10         10     \n Total credit trading (excl. SD PT)(1)       3,181,901       16,988       2,944,331         15,733       8         8     \n Rates                                             \n U.S. government bonds       4,998,152       26,728       4,969,290         26,574       1         1     \n Agency and other government bonds       337,808       1,787       229,164         1,218       47         47     \n Total rates trading       5,335,960       28,515       5,198,454         27,792       3         3     \n Total trading (excl. SD PT)(1)     $ 8,517,861     $ 45,503     $ 8,142,785       $ 43,525       5         5     \n Number of U.S. Trading Days(3)             187               187                   \n Number of U.K. Trading Days(4)             189               188                   \n\n (1) Effective with the release of our January 2026 trading volume statistics, \n the Company revised certain aspects of its reporting methodology for estimated \n market share to provide a more comprehensive view of platform activity and \n enhance comparability with industry peers. The Company now highlights \n estimated market share for U.S. high-grade and U.S. high-yield on an all-in \n basis, which includes single-dealer portfolio trading activity, and the \n Company no longer reports estimated market share on an \"excluding \n single-dealer portfolio trading\" basis. Single-dealer portfolio trading \n activity continues to be excluded from the “Total credit trading (excl. SD \n PT)” and \"Total trading (excl. SD PT)\" lines in Table 4 and the “Total \n Credit” FPM calculation in Table 1B. As used in Table 4 to highlight the \n effect of single-dealer portfolio trading on U.S. high-grade and U.S. \n high-yield ADVs, “SD PT” means single-dealer portfolio trades. \n (2) “Other credit” includes municipal bonds, leveraged loans, convertible \n bonds and structured products. \n (3) The number of U.S. trading days is based on the SIFMA holiday \n recommendation calendar. \n (4) The number of U.K. trading days is based on the U.K. Bank holiday \n schedule. \n * Consistent with FINRA TRACE reporting standards, both sides of trades are \n included in the Company's reported volumes when the Company executes trades on \n a matched principal basis between two counterparties. Consistent with industry \n standards, U.S. government bond trades are single-counted. \n\n\nTable 5: Estimated Market Share\n     Quarter   Bps Change \n     3Q 2026   2Q 2026   3Q 2025   QoQ YoY \n                         \n U.S. High-Grade                       \n % of U.S. High-Grade TRACE(1,2)   17.4 % 17.5 % 18.3 % (10) bps (90) bps \n U.S. High-Yield                       \n % of U.S. High-Yield TRACE(1)   14.6   14.1   13.7   +50   +90   \n Other Credit Products                       \n % of Municipal Bonds MSRB   6.0   6.6   5.8   (60)   +20   \n Rates                       \n % of U.S. Government Bonds TRACE   2.2   2.1   2.3   +10   (10)   \n                         \n\n (1) Effective with the release of our January 2026 trading volume statistics, \n the Company revised certain aspects of its reporting methodology for estimated \n market share to provide a more comprehensive view of platform activity and \n enhance comparability with industry peers. The Company now highlights \n estimated market share for U.S. high-grade and U.S. high-yield on an all-in \n basis, which includes single-dealer portfolio trading activity, and the \n Company no longer reports estimated market share on an \"excluding \n single-dealer portfolio trading\" basis. Single-dealer portfolio trading \n activity continues to be excluded from the “Total credit trading (excl. SD \n PT)” and \"Total trading (excl. SD PT)\" lines in Table 4 and the “Total \n Credit” FPM calculation in Table 1B. As used in Table 4 to highlight the \n effect of single-dealer portfolio trading on U.S. high-grade and U.S. \n high-yield ADVs, “SD PT” means single-dealer portfolio trades. \n (2) The Company estimates that duplicative affiliate trade reports accounted \n for up to 6% of reported U.S. high-grade TRACE volume in 3Q26. In July 2026, \n the SEC approved a FINRA rule change that will suppress public dissemination \n of these duplicative reports, with mandatory compliance beginning in August \n 2027. Adjusting for these duplicates, the Company believes its estimated U.S. \n high-grade market share would have been up to approximately 100bps higher in \n 3Q26. \n\n\nTable 6: Strategic Priorities ADV Detail*\n     Quarter   % Change \n     3Q 2026   2Q 2026   3Q 2025   QoQ YoY \n $ In millions                       \n Client-Initiated Channel                       \n U.S. Credit Block Trading $ 3,219 $ 3,412 $ 2,589   (6) % 24 % \n Emerging Markets Block Trading   1,793   2,019   1,553   (11)   15   \n Eurobonds Block Trading   421   503   364   (16)   16   \n Portfolio Trading Channel                       \n Total MKTX Portfolio Trading   1,879   1,970   1,375   (5) % 37 % \n Total MKTX U.S. Credit Portfolio Trading   1,579   1,692   1,140   (7)   39   \n Total U.S. Credit TRACE Portfolio Trading   8,029   8,218   5,962   (2)   35   \n Dealer-Initiated Channel                       \n Total Dealer Initiated (DRFQ & Mid-X)   1,539   1,742   1,516   (12) % 2 % \n Other                       \n Open Trading   4,867   5,135   4,349   (5) % 12 % \n AxessIQ   186   183   163   2   14   \n                         \n U.S. Trading Days(1)   64   62   64           \n U.K. Trading Days(2)   65   61   65           \n                         \n\n (1) The number of U.S. trading days is based on the SIFMA holiday \n recommendation calendar. \n (2) The number of U.K. trading days is based on the U.K. Bank holiday \n schedule. \n *Client-initiated channel activity may include some portfolio trading channel \n activity. \n\n\nTable 7: Consolidated Condensed Balance Sheet\n     As of     \n In thousands (unaudited)   September 30, 2026     December 31, 2025     \n                 \n Assets               \n Cash and cash equivalents   $ 381,054     $ 519,734     \n Cash segregated under federal regulations     49,738       48,722     \n Investments, at fair value     169,373       170,677     \n Accounts receivable, net     121,653       100,989     \n Receivables from broker-dealers, clearing organizations and customers     951,461       489,211     \n Goodwill     283,667       283,667     \n Intangible assets, net of accumulated amortization     95,259       110,629     \n Furniture, equipment, leasehold improvements and capitalized software, net     111,056       112,431     \n Operating lease right-of-use assets     49,018       51,854     \n Prepaid expenses and other assets     63,711       46,972     \n Total assets   $ 2,275,990     $ 1,934,886     \n                 \n Liabilities and stockholders' equity               \n Liabilities               \n Accrued employee compensation   $ 62,627     $ 73,879     \n Payables to broker-dealers, clearing organizations and customers     690,058       325,959     \n Borrowings     92,000       220,000     \n Income and other tax liabilities     22,571       49,267     \n Accounts payable, accrued expenses and other liabilities     57,475       42,584     \n Operating lease liabilities     61,089       64,938     \n Total liabilities     985,820       776,627     \n                 \n Redeemable noncontrolling interest     15,227       12,592     \n                 \n Stockholders' equity               \n Common stock     123       123     \n Additional paid-in capital     382,942       305,923     \n Treasury stock     (751,634 )     (694,764 )   \n Retained earnings     1,655,296       1,538,746     \n Accumulated other comprehensive income/(loss)     (11,784 )     (4,361 )   \n Total stockholders' equity     1,274,943       1,145,667     \n Total liabilities, redeemable noncontrolling interest and stockholders' equity   $ 2,275,990     $ 1,934,886     \n                 \n\n\nTable 8A: Reconciliation of Notable Items\n   Quarter     Year-to-date     \n $ in thousands, except per share data (unaudited)   3Q 2026     2Q 2026     3Q 2025     YTD 2026     YTD 2025     \n                                   \n Total Expenses, GAAP-basis   $ 136,012     $ 128,538     $ 123,242     $ 397,009     $ 371,034     \n Exclude: Notable items                                 \n Repositioning charges(1)     —       —       —       (1,484 )     (3,970 )   \n Merger-related expenses(2)     (13,066 )     (1,555 )     —       (15,277 )     —     \n Total Expenses, excluding notable items   $ 122,946     $ 126,983     $ 123,242     $ 380,248     $ 367,064     \n                                   \n                                   \n Other income (expense), GAAP-basis   $ 430     $ (115 )   $ 8,060     $ 3,279     $ 21,384     \n Exclude: Notable items                                 \n Acquisition-related charge/(credit)(3)     —       —       —       —       557     \n Other income (expense), excluding notable items   $ 430     $ (115 )   $ 8,060     $ 3,279     $ 21,941     \n                                   \n                                   \n Net income, GAAP-basis   $ 54,028     $ 68,323     $ 68,273     $ 200,458     $ 154,518     \n Exclude: Notable items                                 \n Total Expense notable items     13,066       1,555       —       16,761       3,970     \n Total Other income (expense) notable items     —       —       —       —       557     \n Income tax impact from notable items     (1,444 )     (945 )     —       (2,920 )     53,721     \n Net income, excluding notable items   $ 65,650     $ 68,933     $ 68,273     $ 214,299     $ 212,766     \n                                   \n                                   \n Operating margin, GAAP-basis     35.4 %     41.1 %     41.0 %     40.0 %     41.7 %   \n Notable items as reconciled above     6.2       0.8       —       2.6       0.7     \n Operating margin, excluding notable items     41.6 %     41.9 %     41.0 %     42.6 %     42.4 %   \n                                   \n                                   \n Diluted EPS, GAAP-basis   $ 1.53     $ 1.93     $ 1.84     $ 5.66     $ 4.14     \n Notable items as reconciled above     0.33       0.02       —       0.39       1.56     \n Diluted EPS, excluding notable items   $ 1.86     $ 1.95     $ 1.84     $ 6.05     $ 5.70     \n                                   \n                                   \n Effective tax rate, GAAP-basis     27.8 %     23.9 %     27.1 %     25.3 %     46.2 %   \n Notable items as reconciled above     (2.4 )     0.6       —       (0.4 )     (19.1 )   \n Effective tax rate, excluding notable items     25.4 %     24.5 %     27.1 %     24.9 %     27.1 %   \n\n (1) Repositioning charges consist of severance included in employee \n compensation and benefits. \n (2) Merger-related expenses (previously classified as Other notable items in \n Q2 2026 and Q1 2026) included in employee compensation and benefits, \n professional and consulting fees, and general and administrative expenses for \n the pending merger with Intercontinental Exchange, Inc. for Q3 2026, Q2 2026, \n and YTD 2026. \n (3) Acquisition-related activity included in other income (expense) associated \n with our acquisition of RFQ-hub. \n\n\nTable 8B: Reconciliation of Operating Leverage, Excluding Notable Items\n   Quarter   Year-to-date \n $ in thousands, except percentages (unaudited)   3Q 2026   2Q 2026   3Q 2025   YTD 2026   YTD 2025   \n YoY change in Total revenue, GAAP-basis   0.8%   -0.5%   1.0%   4.0%   3.6%   \n YoY change in Total expenses, GAAP-basis   10.4%   0.7%   3.0%   7.0%   4.9%   \n Operating Leverage, GAAP-basis   (960) bps (120) bps (200) bps (300) bps (130) bps \n YoY change in Total expenses, excluding notable items   -0.2%   2.7%   3.0%   3.6%   3.7%   \n Operating Leverage, excluding notable items   +100 bps (320) bps (200) bps +40 bps (10) bps \n\n\nTable 9: Reconciliation of Net Income to EBITDA and Net Income Margin to\nEBITDA Margin\n     Quarter   Year-to-date     \n In thousands (unaudited)     3Q 2026     2Q 2026     3Q 2025       YTD 2026     YTD 2025     \n                                       \n Net income     $ 54,028     $ 68,323     $ 68,273       $ 200,458     $ 154,518     \n Add back:                                     \n Interest income       (4,632 )     (4,692 )     (5,850 )       (13,632 )     (18,949 )   \n Interest expense       1,449       1,862       171         6,199       523     \n Provision for income taxes       20,797       21,439       25,366         68,014       132,691     \n Depreciation and amortization       19,041       19,309       19,662         57,560       57,093     \n EBITDA     $ 90,683     $ 106,241     $ 107,622       $ 318,599     $ 325,876     \n                                       \n Net income margin(1)       25.7 %     31.3 %     32.7 %       30.3 %     24.3 %   \n Add back:                                     \n Interest income       (2.2 )     (2.2 )     (2.8 )       (2.1 )     (3.0 )   \n Interest expense       0.7       0.9       0.1         0.9       0.1     \n Provision for income taxes       9.9       9.8       12.1         10.3       20.8     \n Depreciation and amortization       9.0       8.8       9.4         8.7       9.0     \n EBITDA margin(2)       43.1 %     48.6 %     51.5 %       48.1 %     51.2 %   \n                                       \n\n (1) Net income margin is derived by dividing net income by total revenues for \n the applicable period. \n (2) EBITDA margin is derived by dividing EBITDA by total revenues for the \n applicable period. \n\n\nTable 10: Reconciliation of Net Cash Provided by Operating Activities to Free\nCash Flow\n     Quarter   Year-to-date     \n In thousands (unaudited)     3Q 2026     2Q 2026     3Q 2025       YTD 2026     YTD 2025     \n                                       \n Net cash provided by/(used in) operating activities     $ 247,327     $ 26,812     $ 90,164       $ 198,810     $ 223,507     \n Exclude: Net change in trading investments       —       —       264         -       198     \n Exclude: Net change in fail-to-deliver/receive from broker-dealers, clearing       (149,874 )     74,132       34,338         32,787       90,790     \n organizations and customers \n Less: Purchases of furniture, equipment and leasehold improvements       (589 )     (649 )     (1,496 )       (1,497 )     (4,632 )   \n Less: Capitalization of software development costs       (11,148 )     (11,360 )     (11,494 )       (39,597 )     (38,035 )   \n Free cash flow     $ 85,716     $ 88,935     $ 111,776       $ 190,503     $ 271,828     \n                                       \n\n\n \n\n\n\nView source version on businesswire.com:\nhttps://www.businesswire.com/news/home/20261022207701/en/\n(https://www.businesswire.com/news/home/20261022207701/en/)\n\nINVESTOR RELATIONS \n\nHannah Hendricks \n\nMarketAxess Holdings Inc.\n\n+1 212 813 6011\n\nhhendricks@marketaxess.com (mailto:hhendricks@marketaxess.com)\n\nMEDIA RELATIONS \n\nMarisha Mistry \n\nMarketAxess Holdings Inc.\n\n+1 917 267 1232\n\nmmistry@marketaxess.com (mailto:mmistry@marketaxess.com)\n\n\nCopyright Business Wire 2026","article_body_html":"","raw_payload":{"data":{"id":"nBw6cg9V1a-20261023","title":"MarketAxess Reports Third Quarter 2026 Financial Results","author":"Business Wire","ticker":"MKTX","created":"2026-10-23T10:30:00.578Z","tickers":["MKTX"],"exchange":"NASDAQ","article_body":"MarketAxess Reports Third Quarter 2026 Financial Results\n\nEPS of $1.53; $1.86 Excluding Notable Items(1)\n\n1% Revenue Growth Reflects Strong Information Services Revenue Growth of 10%\n\n21% Increase in Block Trading ADV and 37% Increase in Portfolio Trading ADV\nwith Broad-Based Growth\n\nAcross U.S. Credit, Emerging Markets and Eurobond Block ADVs\n\nContinued Focus on Expense Discipline\n\nMarketAxess Holdings Inc. (Nasdaq: MKTX), the operator of a leading electronic\ntrading platform for fixed-income securities, today announced financial\nresults for the third quarter ended September 30, 2026.\n 3Q26 Select Financial and Operational Highlights (All comparisons vs 3Q25)     Chris Concannon, CEO of MarketAxess, commented:   \n \n \n \n \n \n\"In the third quarter, we continued to execute on our product roadmap across \n *Total revenues of $210.4 million increased 1%. major trading protocols. We launched our enhanced X-Pro RFQ experience to U.S. \n \n credit clients, bringing price and spread trading, targeted and direct block \n * Total commission revenue of $179.9 million was flat compared to the prior workflows and AI-powered dealer selection into a single modern interface. We \n year. also delivered the new issue workflow in X-Pro, so clients can access primary \n \n*6% growth in services revenue(2) to $30.5 million. and secondary markets side-by-side. Within portfolio trading, we rolled out \n \n*6% growth in revenue outside U.S. credit. further enhancements, including CP+ pricing and pre-trade analytics, enabling \n \n clients to make faster and more informed decisions. \n \n \n \n *Total trading average daily volume (\"ADV\") increased 13%, with growth across \nOverall, we continue to make great progress across our strategic priorities \n both credit and rates products, and market share gains in high yield and and remain committed to delivering innovative solutions that enhance the \n municipal bonds. trading experience for our clients.\" \n \n*Continued progress across key strategic initiative channels: \n \n \n * Client-Initiated Channel: 21% increase in block trading ADV to $5.4 billion, \n including U.S. credit up 24%, Eurobonds up 16% and emerging markets up 15%. \n \n*Portfolio Trading Channel: 37% increase in total portfolio trading ADV to $1.9 \n billion with 39% growth in U.S. credit and 41% growth in emerging markets. \n \n*Dealer-Initiated Channel: 2% increase in dealer-initiated ADV to $1.5 billion, \n which includes a 196% increase in Mid-X ADV. \n \n \n \n \n *Total expenses of $136.0 million increased 10%; total expenses, excluding \n notable items,(1) of $122.9 million were flat, reflecting continued expense \n discipline. \n \n*Operating margin of 35.4% decreased 560bps; operating margin, excluding \n notable items, of 41.6% increased 60bps. Operating leverage of (960)bps, or \n +100bps, excluding notable items.(1) \n \n*Diluted earnings per share (“EPS”) of $1.53 on net income of $54.0 \n million, compared to $1.84 and $68.3 million in the prior year, respectively; \n EPS of $1.86 on net income of $65.7 million, each excluding notable items.(1) \n\n\nTable 1: 3Q26 Select Financial Results\n     Quarter   % Change Year-to-date   % Change \n $ in millions, except per share data (unaudited)   3Q 2026   2Q 2026   3Q 2025   QoQ YoY YTD 2026   YTD 2025   YoY \n Selected GAAP-basis financial results                                         \n Revenues   $ 210   $ 218   $ 209     (4 ) %   1   % $ 662   $ 637     4   % \n Expenses     136     129     123     6       10       397     371     7     \n Operating margin     35.4 %   41.1 %   41.0 %   (570 ) bps   (560 ) bps   40.0 %   41.7 %   (170 ) bps \n Net income     54     68     68     (21 )     (21 )     200     155     30     \n Diluted EPS     1.53     1.93     1.84     (21 )     (17 )     5.66     4.14     37     \n Net income margin     25.7 %   31.3 %   32.7 %   (560 ) bps   (700 ) bps   30.3 %   24.3 %   +600   bps \n Selected GAAP-basis financial results ex-notable items (non-GAAP)(1)                                         \n Revenues     210     218     209     (4 )     1       662     637     4     \n Expenses     123     127     123     (3 )     —       380     367     4     \n Operating margin     41.6 %   41.9 %   41.0 %   (30 ) bps   +60   bps   42.6 %   42.4 %   +20   bps \n Net income     66     69     68     (5 )     (4 )     214     213     1     \n Diluted EPS     1.86     1.95     1.84     (5 )     1       6.05     5.70     6     \n Other Non-GAAP financial measures                                         \n EBITDA(3)     91     106     108     (15 )     (16 )     319     326     (2 )   \n EBITDA Margin(3)     43.1 %   48.6 %   51.5 %   (550 ) bps   (840 ) bps   48.1 %   51.2 %   (310 ) bps \n\n\n3Q26 Overview of Results\n\nTable 1A: Notable Items(1)\n     Quarter   Year-to-date \n     3Q 2026   2Q 2026   3Q 2025   YTD 2026 YTD 2025 \n $ in millions, except per share data (unaudited)                 \n Repositioning charges((a))   $ —   $ —   $ —   $ 1.5     $ 4.0     \n Merger & acquisition-related((b))     13.1     1.6     —     15.3       0.6     \n Notable items (pre-tax)     13.1     1.6     —     16.8       4.6     \n Income tax impact from notable items     (1.5 )   (0.9 )   —     (2.9 )     53.7     \n Total notable items   $ 11.6   $ 0.7   $ —   $ 13.9     $ 58.3     \n EPS impact   $ 0.33   $ 0.02   $ —   $ 0.39     $ 1.56     \n\n ((a)) Repositioning charges consist of severance included in employee \n compensation and benefits. \n ((b) )Merger & acquisition-related items consist of merger-related \n expenses (previously classified as Other notable items in Q2 2026 and Q1 2026) \n included in employee compensation and benefits, professional and consulting \n fees, and general and administrative expenses for the pending merger with \n Intercontinental Exchange, Inc for Q3 2026, Q2 2026, and YTD 2026, as well as \n acquisition-related activity included in other income (expense) associated \n with our acquisition of RFQ-hub for YTD 2025. Refer to Table 8A for further \n details. \n\n\nNotable Items(1)\n\n\n * Notable items (pre-tax) in 3Q26 include merger-related expenses of $13.1\nmillion associated with the pending merger with Intercontinental Exchange,\nInc.\n\nRevenue\n\n\n * Total revenues of $210.4 million increased 1% compared to the prior year,\nprimarily driven by growth in services revenue.(2)\n\nTable 1B: 3Q26 Variable Transaction Fee Per Million (FPM)\n     Quarter   % Change Year-to-date   % Change \n     3Q 2026   2Q 2026   3Q 2025   QoQ YoY YTD 2026   YTD 2025   YoY \n AVG. VARIABLE TRANS. FEE PER MILLION (FPM)                                     \n Total Credit   $ 127   $ 129   $ 140     (2 ) %   (9 ) % $ 129   $ 139     (7 ) % \n Total Rates     4.89     4.96     4.21     (1 )     16       4.83     4.14     17     \n\n\nCommissions Revenue\n\n\n * Commissions revenue of $179.9 million was flat compared to the prior year.\n\nCredit\n\n— Total credit commission revenue of $161.2 million (including $34.8 million\nin fixed distribution fees) decreased $3.8 million, or 2%, compared to $164.9\nmillion (including $34.1 million in fixed distribution fees) in the prior\nyear. The decrease was primarily driven by a 4% decrease in U.S. credit\ncommission revenue reflecting lower variable transaction fee per million\n(\"FPM\"), partially offset by higher market volumes and fixed distribution\nfees. Total credit ADV increased 7% compared to the prior year, mainly due to\nmarket share gains in high yield and municipal bonds, volume growth in\nemerging markets, and higher market activity. Total credit FPM decreased 9%\ncompared to the prior year, largely due to protocol and product mix, as well\nas lower duration of bonds traded in U.S. high-grade.\n\nRates\n\n— Total rates commission revenue of $8.9 million increased $2.3 million, or\n34%, compared to the prior year, primarily driven by higher U.S. Treasury\nvolumes and improved FPM.\n\nOther\n\n— Total other commission revenue of $9.8 million increased $1.2 million, or\n14%, compared to the prior year, primarily driven by higher trading volumes.\n\nServices Revenue\n\n\n * Services revenue(2) of $30.5 million increased $1.8 million, or 6%, compared\nto the prior year.\n\nInformation Services\n\n— Information services revenue of $15.2 million increased $1.4 million, or\n10%, compared to the prior year. The increase was principally driven by net\nnew contract revenue.\n\nPost-trade Services\n\n— Post-trade services revenue of $11.4 million increased $0.2 million, or\n1%, compared to the prior year, mainly due to net new contract revenue.\n\nTechnology Services\n\n— Total technology services revenue of $3.9 million increased $0.3 million,\nor 8%, compared to the prior year, largely reflecting higher broker execution\nand port fees.\n\nExpenses\n\n\n * Total expenses of $136.0 million increased 10% from the prior year. Total\nexpenses, excluding notable items,(1 )of $122.9 million were flat compared to\nthe prior year.\n\nNon-operating\n\n\n * Other income (expense): Other income was $0.4 million, down from $8.1 million\nin the prior year. The decrease was largely driven by receipt of a tax credit\nin the prior year, lower interest income resulting from lower average cash\nbalances, higher interest expense mainly due to borrowings on the Company’s\ncredit facility, which, along with cash on hand, were used to fund the\naccelerated stock repurchase agreement that settled in 1Q26, and higher\nforeign currency transaction losses.\n\n * Tax rate: The effective tax rate was 27.8%, compared to 27.1% in the prior\nyear. The effective tax rate excluding notable items(1) was 25.4%, compared to\n27.1% in the prior year.\n\nCapital\n\n\n * The Company had $539.6 million in cash, cash equivalents, corporate bond\ninvestments and U.S. Treasury investments as of September 30, 2026, down from\n$678.9 million as of December 31, 2025. The decline from year-end 2025\nprimarily reflects capital allocation activity during the first nine months of\n2026, including share repurchases, repayment of $128.0 million of borrowings\nunder the revolving credit facility and quarterly dividends, as well as an\nincrease in net receivables from broker-dealers, clearing organizations and\ncustomers, partially offset by cash generated from operating activities. The\nCompany had $92.0 million in borrowings outstanding under the Company’s\ncredit facility as of September 30, 2026, as compared to $220.0 million in\nborrowings outstanding as of December 31, 2025.\n\n * The Board declared a quarterly cash dividend of $0.78 per share, payable on\nNovember 25, 2026 to stockholders of record as of the close of business on\nNovember 11, 2026.\n\nOther\n\n\n * Employee headcount was 858 as of September 30, 2026, compared to 896 as of\nSeptember 30, 2025, and 863 as of June 30, 2026.\n (1 )See Table 1A in this release for a listing of notable items. Results \n excluding notable items are non-GAAP financial measures. Refer to “Non-GAAP \n financial measures and other items” for a discussion of these non-GAAP \n financial measures and Tables 8A and 8B for a reconciliation of these non-GAAP \n financial measures to their most directly comparable GAAP measures. \n (2) Services revenue is defined as combined information, post-trade and \n technology services revenue. \n (3 )EBITDA and EBITDA margin are non-GAAP financial measures. Refer to \n “Non-GAAP financial measures and other items” for a discussion of these \n non-GAAP financial measures and Table 9 for a reconciliation of these non-GAAP \n financial measures to their most directly comparable GAAP measures. \n\n\nNon-GAAP Financial Measures and Other Items\n\nTo supplement the Company’s unaudited financial statements presented in\naccordance with generally accepted accounting principles (“GAAP”), the\nCompany uses certain non-GAAP financial measures, including earnings before\ninterest, taxes, depreciation and amortization (“EBITDA”), EBITDA margin\nand free cash flow. From time to time, we present selected GAAP-basis\nfinancial results, excluding notable items. Notable items are revenues,\nexpenses, other income (expense) and tax related items that are not indicative\nof ongoing operating performance and outside of the Company’s normal course\nof business, including merger, acquisition and restructuring charges or\ngains/losses on sales or other notables (collectively, “notable items”).\nWe define Operating leverage, excluding notable items, as the year-over-year\npercentage change in revenues less the year-over-year percentage change in\nexpenses, excluding notable items, for the respective period. We define EBITDA\nmargin as EBITDA divided by revenues. We define free cash flow as net cash\nprovided by/(used in) operating activities excluding the net change in trading\ninvestments and net change in securities failed-to-deliver and securities\nfailed-to-receive from broker-dealers, clearing organizations and customers,\nless expenditures for furniture, equipment and leasehold improvements and\ncapitalized software development costs. Non-GAAP financial measures should be\nconsidered in addition to, not as a substitute for or superior to, financial\nmeasures determined in conformity with GAAP. The Company believes that these\nnon-GAAP financial measures, when taken into consideration with the\ncorresponding GAAP financial measures, provide additional information\nregarding the Company’s operating results because they assist both investors\nand management in analyzing and evaluating the performance of our business.\nPlease refer to Tables 8A, 8B, 9 and 10 for a reconciliation of: (i) selected\nGAAP-basis financial results, each excluding notable items, to their most\ndirectly comparable GAAP measure; (ii) GAAP net income to EBITDA and GAAP net\nincome margin to EBITDA margin; and (iii) GAAP net cash provided by/(used in)\noperating activities to free cash flow, in each case, the most directly\ncomparable GAAP measure.\n\nICE Transaction\n\nOn July 29, 2026, MarketAxess entered into an Agreement and Plan of Merger\n(the “Merger Agreement”) with Intercontinental Exchange, Inc. (“ICE”)\nand Igloo Merger Sub II, Inc., a wholly owned subsidiary of ICE. Under the\nMerger Agreement, the ICE subsidiary will merge with and into MarketAxess (the\n“Merger”), and MarketAxess will survive as a wholly owned subsidiary of\nICE. At the effective time of the Merger, each outstanding share of\nMarketAxess common stock will be converted into the right to receive $167.00\nin cash, without interest, other than certain excluded shares, including\nshares held by stockholders who properly exercise appraisal rights under\nDelaware law. On October 21, 2026, the Department of Justice and the Federal\nTrade Commission granted early termination of the waiting period under the\nHart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, applicable\nto the Merger. Completion of the Merger remains subject to MarketAxess\nstockholder approval, the receipt of required regulatory approvals and the\nsatisfaction or waiver of the other closing conditions in the Merger\nAgreement. A copy of the press release announcing the Merger can be found on\nthe Investor Relations section of the MarketAxess corporate website at\nhttp://investor.marketaxess.com\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Finvestor.marketaxess.com&esheet=54627655&newsitemid=20261022207701&lan=en-US&anchor=http%3A%2F%2Finvestor.marketaxess.com&index=1&md5=9ba95fd46191204b1d97201f4c871589)\n.\n\nIn light of the Merger, MarketAxess has suspended the practice of hosting an\nearnings conference call. Further, MarketAxess has suspended the practice of\nissuing guidance and has withdrawn its previously announced 2026 annual\nguidance, as well as its medium-term financial targets. Finally, MarketAxess\nhas suspended its practice of issuing monthly volumes press releases.\n\nGeneral Notes Regarding the Data Presented\n\nReported MarketAxess volume in all product categories includes only fully\nelectronic trading volume. MarketAxess trading volumes and the Financial\nIndustry Regulatory Authority (“FINRA”) Trade Reporting and Compliance\nEngine (“TRACE”) reported volumes are available on the Company’s website\nat investor.marketaxess.com/volume\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Finvestor.marketaxess.com%2Fvolume&esheet=54627655&newsitemid=20261022207701&lan=en-US&anchor=investor.marketaxess.com%2Fvolume&index=2&md5=fcbd8a0bb3c8ebecfb25b844a2964dcd)\n.\n\nCautionary Note Regarding Forward-Looking Statements\n\nThis press release contains forward-looking statements within the meaning of\nSection 27A of the Securities Act of 1933, as amended (“Section 27A”), and\nSection 21E of the Securities Exchange Act of 1934, as amended (“Section\n21E”). We intend such forward-looking statements to be covered by the safe\nharbor provisions for forward-looking statements contained in Section 27A and\nSection 21E. Such forward-looking statements relate to, without limitation,\nthe proposed transaction, our future economic performance, plans and\nobjectives for future operations, and projections of revenue and other\nfinancial items. Forward-looking statements can be identified by the use of\nwords such as “may,” “will,” “assume,” “believe,”\n“contemplate,” “could,” “intend,” “predict,” “would,”\n“plan,” “potential,” “projected,” “should,” “expect,”\n“anticipate,” “estimate,” “target,” “continue,” “trend,”\n“objective,” “might” or comparable terminology, although not all\nforward-looking statements contain these identifying words.\n\nForward-looking statements are inherently subject to certain risks, trends,\nchanges in circumstances and uncertainties, many of which we cannot predict\nwith accuracy and some of which we may not anticipate, including, but not\nlimited to: historical financial information may not be representative of\nfuture results; the completion of the proposed transaction on the anticipated\nterms and timing, or at all, including obtaining the requisite approval by the\nstockholders of the Company, the receipt of the remaining required regulatory\napprovals, and the satisfaction of other conditions to the completion of the\nproposed transaction as well as the failure to realize anticipated benefits of\nthe proposed transaction; there may be significant transaction costs in\nconnection with the proposed transaction and the proposed transaction may be\nmore expensive to complete than anticipated, including as a result of\nunexpected factors or events; there may be liabilities that are not known,\nprobable or estimable at this time or unexpected costs, charges or expenses;\nthe occurrence of any event, change or other circumstance that could give rise\nto the termination of the proposed transaction, including in circumstances\nrequiring the Company to pay a termination fee pursuant to the terms of the\nMerger Agreement; any effect of the announcement of the proposed transaction\non the Company’s ability to operate its business and retain and hire key\npersonnel and to maintain favorable business relationships; the proposed\ntransaction may result in the diversion of management’s time and attention\nfrom ordinary course business operations to issues relating to the proposed\ntransaction; certain restrictions during the pendency of the proposed\ntransaction that may impact the Company’s ability to pursue certain business\nopportunities or strategic transactions; unfavorable outcome of legal\nproceedings related to the proposed transaction; the risk that the Company’s\nshare price may decline significantly if the proposed transaction is not\nconsummated; legislative, regulatory and economic developments;\nunpredictability and severity of catastrophic events, including, but not\nlimited to, acts of terrorism, outbreaks of war or hostilities or public\nhealth issues, as well as management’s response to any of the aforementioned\nfactors; other risks and uncertainties detailed in periodic reports that the\nCompany files with the SEC; actions by third parties, including government\nagencies; reputational risk and potential adverse reactions of the Company’s\nor ICE’s customers, employees or other business partners, including those\nresulting from the announcement or completion of the proposed transaction; the\nability to promptly and effectively integrate the Company’s business with\nICE’s business and realize the anticipated cost savings, synergies, and\nother financial benefits of the proposed transaction within the expected time\nperiod or at all; ICE’s ability to obtain the contemplated debt financing on\na timely basis, on favorable terms or at all; global economic, political and\nmarket factors; the level of trading volume transacted on the MarketAxess\nplatform; the rapidly evolving nature of the electronic financial services\nindustry; the level and intensity of competition in the fixed-income\nelectronic trading industry and the pricing pressures that may result; the\nvariability of our growth rate; our ability to introduce new fee plans and our\nclients’ response; our ability to attract clients or adapt our technology\nand marketing strategy to new markets; risks related to our growing\ninternational operations; our dependence on our broker-dealer clients; the\nloss of any of our significant institutional investor clients; our exposure to\nrisks resulting from non-performance by counterparties to transactions\nexecuted between our clients in which we act as an intermediary in matched\nprincipal trades; risks related to self-clearing; our dependence on\nthird-party suppliers for key products and services; our ability to enter into\nstrategic alliances and to acquire other businesses and successfully integrate\nthem with our business; our dependence on our management team and our ability\nto attract and retain talent; risks related to sanctions levied against states\nor individuals that could expose us to operational or regulatory risks; the\neffects of climate change or other sustainability risks that could affect our\noperations or reputation; the effect of rapid market or technological changes\non us and the users of our technology; issues related to the development and\nuse of artificial intelligence; our ability to successfully maintain the\nintegrity of our trading platform and our response to system failures,\ncapacity constraints and business interruptions; the occurrence of design\ndefects, errors, failures or delays with our platforms, products or services;\nour vulnerability to malicious cyber-attacks and attempted cybersecurity\nbreaches; our actual or perceived failure to comply with privacy and data\nprotection laws; our ability to protect our intellectual property rights or\ntechnology and defend against intellectual property infringement or other\nclaims; our use of open-source software; limitations on our flexibility\nbecause we operate in a highly regulated industry; the increasing government\nregulation of us and our clients; our exposure to costs and penalties related\nto our extensive regulation; our risks of litigation and securities laws\nliability; our tax filing positions; our future capital needs and our ability\nto obtain capital when needed; limitations on our operating flexibility\ncontained in our credit agreement; our exposure to financial institutions by\nholding cash in excess of federally insured limits; and other factors.\n\nThere can be no assurance that the proposed transaction will be completed, or\nif it is completed, that it will close within the anticipated time period.\nWhile the list of factors presented here is considered representative, no such\nlist should be considered to be a complete statement of all potential risks\nand uncertainties and should be read in conjunction with the other\nforward-looking statements. Unlisted factors may present significant\nadditional obstacles to the realization of forward-looking statements. The\nforward-looking statements relate only to events as of the date on which the\nstatements are made and we undertake no obligation to update, and expressly\ndisclaim any obligation to update, any forward-looking statements, or any\nother information in this communication, whether resulting from developments,\ncircumstances or events that arise after the date the statements are made, new\ninformation, or otherwise. If one or more of these or other risks or\nuncertainties materialize, or if our underlying assumptions prove to be\nincorrect, actual results may vary materially from what we may have expressed\nor implied by these forward-looking statements. All forward-looking statements\nin this communication are qualified in their entirety by this cautionary\nstatement. You should specifically consider the factors identified in this\ncommunication that could cause actual results to differ. Furthermore, new\nrisks and uncertainties arise from time to time, and it is impossible for us\nto predict those events or how they may affect us.\n\nAlthough we believe that the expectations reflected in such forward-looking\nstatements are based upon reasonable assumptions at the time made, we can give\nno assurance that such expectations will be achieved as anticipated or that\nour results, estimates or assumptions will be correct. Future events and\nactual results, financial and otherwise, may differ materially from the\nresults discussed in the forward-looking statements, many of which are beyond\nthe Company’s control. Readers are cautioned not to place undue reliance on\nthese forward-looking statements and are advised to consider the factors\nlisted above together with the additional factors under the heading\n“Disclosure Regarding Forward-Looking Statements” and “Risk Factors”\nin the Company’s Annual Report on Form 10-K, as may be supplemented or\namended by the Company’s Quarterly Reports on Form 10-Q. The Company assumes\nno obligation to update or supplement forward-looking statements that become\nuntrue because of subsequent events, new information or otherwise, except as\nrequired under applicable law. More information about these and other factors\naffecting MarketAxess’ business and prospects is contained in MarketAxess’\nperiodic filings with the Securities and Exchange Commission and can be\naccessed at www.marketaxess.com\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.marketaxess.com&esheet=54627655&newsitemid=20261022207701&lan=en-US&anchor=www.marketaxess.com&index=3&md5=1ffe6c9e86ac2555f37944bf820adde2)\n.\n\nAbout MarketAxess\n\nMarketAxess (Nasdaq: MKTX) operates a leading electronic trading platform that\ndelivers greater trading efficiency, a diversified pool of liquidity and\nsignificant cost savings to institutional investors and broker-dealers across\nthe global fixed-income and other markets. Approximately 2,100 firms leverage\nMarketAxess’ patented technology to efficiently trade fixed-income\nsecurities. Our automated and algorithmic trading solutions, combined with our\nintegrated and actionable data offerings, help our clients make faster,\nbetter-informed decisions on when and how to trade on our platform.\nMarketAxess’ award-winning Open Trading® marketplace is widely regarded as\nthe preferred all-to-all trading solution in the global credit markets.\nFounded in 2000, MarketAxess connects a robust network of market participants\nthrough an advanced full trading lifecycle solution that includes automated\ntrading solutions, intelligent data and index products and a range of\npost-trade services. Learn more at www.marketaxess.com\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.marketaxess.com&esheet=54627655&newsitemid=20261022207701&lan=en-US&anchor=www.marketaxess.com&index=4&md5=7dc7a7f246c0c26d211b853d50c49b64)\nand on X @MarketAxess\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Ftwitter.com%2Fmarketaxess%3Flang%3Den&esheet=54627655&newsitemid=20261022207701&lan=en-US&anchor=%40MarketAxess&index=5&md5=4d56b7d47df7b12db05a853794e685a3)\n.\n\nTable 2: Consolidated Statements of Operations\n       Three Months Ended       Nine Months Ended     \n       September 30,       September 30,     \n In thousands, except per share data (unaudited)     2026     2025     % Change   2026     2025     % Change \n Revenues                   \n Commissions     $ 179,923     $ 180,171       —   %   $ 570,289     $ 553,284       3   % \n Information services       15,172       13,785       10         45,711       39,776       15     \n Post-trade services       11,444       11,293       1         34,649       33,457       4     \n Technology services       3,868       3,572       8         11,553       10,342       12     \n Total revenues       210,407       208,821       1         662,202       636,859       4     \n                                             \n Expenses                                           \n Employee compensation and benefits       63,425       59,982       6         195,802       187,135       5     \n Depreciation and amortization       19,041       19,662       (3 )       57,560       57,093       1     \n Technology and communications       22,056       19,961       10         63,924       57,430       11     \n Professional and consulting fees       14,699       7,382       99         29,048       20,982       38     \n Occupancy       3,919       3,859       2         11,720       11,234       4     \n Marketing and advertising       2,145       2,349       (9 )       7,921       7,362       8     \n Clearing costs       4,240       3,948       7         13,025       12,580       4     \n General and administrative       6,487       6,099       6         18,009       17,218       5     \n Total expenses       136,012       123,242       10         397,009       371,034       7     \n Operating income       74,395       85,579       (13 )       265,193       265,825       —     \n Other income (expense)                                           \n Interest income       4,632       5,850       (21 )       13,632       18,949       (28 )   \n Interest expense       (1,449 )     (171 )   NM         (6,199 )     (523 )   NM     \n Equity in earnings of unconsolidated affiliate       —       —     NM         —       457     NM     \n Other, net       (2,753 )     2,381     NM         (4,154 )     2,501     NM     \n Total other income (expense)       430       8,060       (95 )       3,279       21,384       (85 )   \n Income before income taxes       74,825       93,639       (20 )       268,472       287,209       (7 )   \n Provision for income taxes       20,797       25,366       (18 )       68,014       132,691       (49 )   \n Net income     $ 54,028     $ 68,273       (21 )     $ 200,458     $ 154,518       30     \n Less: income attributable to noncontrolling interest       (170 )     (97 )   NM         (613 )     (128 )   NM     \n Net income available for common stockholders     $ 53,858     $ 68,176       (21 )     $ 199,845     $ 154,390       29     \n Per Share Data:                                           \n Net income per common share                                           \n Basic     $ 1.53     $ 1.84             $ 5.67     $ 4.15           \n Diluted     $ 1.53     $ 1.84             $ 5.66     $ 4.14           \n Cash dividends declared per common share     $ 0.78     $ 0.76             $ 2.34     $ 2.28           \n Weighted-average common shares:                                           \n Basic       35,216       37,023               35,240       37,207           \n Diluted       35,278       37,109               35,302       37,288           \n\n NM - not meaningful \n\n\nTable 3: Commission Revenue\n   \n In thousands, except fee per million data     Three Months Ended September 30,       Nine Months Ended September 30,     \n (unaudited)     2026     2025     % Change       2026     2025       % Change     \n Variable transaction fees                                             \n Credit     $ 126,391     $ 130,811       (3 ) %   $ 411,078     $ 409,628         -   % \n Rates       8,827       6,549       35         25,798       21,503         20     \n Other       9,816       8,589       14         30,822       20,882         48     \n Total variable transaction fees       145,034       145,949       (1 )       467,698       452,013         3     \n Fixed distribution fees                                             \n Credit       34,801       34,137       2         102,310       101,018         1     \n Rates       88       85       4         281       253         11     \n Total fixed distribution fees       34,889       34,222       2         102,591       101,271         1     \n Total commission revenue     $ 179,923     $ 180,171       —       $ 570,289     $ 553,284         3     \n Average variable transaction fee per million                                             \n Credit     $ 127     $ 140       (9 ) %   $ 129     $ 139         (7 ) % \n Rates       4.89       4.21       16         4.83       4.14         17     \n\n\nTable 4: Trading Volume*\n       Three Months Ended September 30,     \n In millions (unaudited)     2026     2025     % Change     \n       Volume     ADV     Volume       ADV     Volume       ADV     \n Credit                                             \n High-grade (excl. SD PT)(1)     $ 455,718     $ 7,121     $ 419,703       $ 6,558       9   %     9   % \n High-grade (incl. SD PT)(1)       481,445       7,523       434,126         6,783       11         11     \n High-yield (excl. SD PT)(1)       93,988       1,469       86,228         1,347       9         9     \n High-yield (incl. SD PT)(1)       108,286       1,692       99,623         1,557       9         9     \n Emerging markets       255,299       3,989       243,387         3,803       5         5     \n Eurobonds       144,938       2,230       142,772         2,196       2         2     \n Other credit(2)       47,689       745       40,336         631       18         18     \n Municipal bonds       47,679       745       40,293         630       18         18     \n Total credit trading (excl. SD PT)(1)       997,632       15,554       932,426         14,535       7         7     \n Rates                                             \n U.S. government bonds       1,703,289       26,614       1,480,317         23,130       15         15     \n Agency and other government bonds       103,388       1,591       75,714         1,166       37         36     \n Total rates trading       1,806,677       28,205       1,556,031         24,296       16         16     \n Total trading (excl. SD PT)(1)     $ 2,804,309     $ 43,759     $ 2,488,457       $ 38,831       13         13     \n Number of U.S. Trading Days(3)             64               64                   \n Number of U.K. Trading Days(4)             65               65                   \n\n       Nine Months Ended September 30,     \n In millions (unaudited)     2026     2025     % Change     \n       Volume     ADV     Volume       ADV     Volume       ADV     \n Credit                                             \n High-grade (excl. SD PT)(1)     $ 1,428,297     $ 7,638     $ 1,362,101       $ 7,284       5   %     5   % \n High-grade (incl. SD PT)(1)       1,505,750       8,052       1,401,866         7,497       7         7     \n High-yield (excl. SD PT)(1)       291,098       1,557       281,122         1,503       4         4     \n High-yield (incl. SD PT)(1)       334,734       1,790       302,458         1,617       11         11     \n Emerging markets       846,215       4,525       732,763         3,919       15         15     \n Eurobonds       487,700       2,580       451,562         2,402       8         7     \n Other credit(2)       128,591       688       116,783         625       10         10     \n Municipal bonds       128,564       688       116,423         623       10         10     \n Total credit trading (excl. SD PT)(1)       3,181,901       16,988       2,944,331         15,733       8         8     \n Rates                                             \n U.S. government bonds       4,998,152       26,728       4,969,290         26,574       1         1     \n Agency and other government bonds       337,808       1,787       229,164         1,218       47         47     \n Total rates trading       5,335,960       28,515       5,198,454         27,792       3         3     \n Total trading (excl. SD PT)(1)     $ 8,517,861     $ 45,503     $ 8,142,785       $ 43,525       5         5     \n Number of U.S. Trading Days(3)             187               187                   \n Number of U.K. Trading Days(4)             189               188                   \n\n (1) Effective with the release of our January 2026 trading volume statistics, \n the Company revised certain aspects of its reporting methodology for estimated \n market share to provide a more comprehensive view of platform activity and \n enhance comparability with industry peers. The Company now highlights \n estimated market share for U.S. high-grade and U.S. high-yield on an all-in \n basis, which includes single-dealer portfolio trading activity, and the \n Company no longer reports estimated market share on an \"excluding \n single-dealer portfolio trading\" basis. Single-dealer portfolio trading \n activity continues to be excluded from the “Total credit trading (excl. SD \n PT)” and \"Total trading (excl. SD PT)\" lines in Table 4 and the “Total \n Credit” FPM calculation in Table 1B. As used in Table 4 to highlight the \n effect of single-dealer portfolio trading on U.S. high-grade and U.S. \n high-yield ADVs, “SD PT” means single-dealer portfolio trades. \n (2) “Other credit” includes municipal bonds, leveraged loans, convertible \n bonds and structured products. \n (3) The number of U.S. trading days is based on the SIFMA holiday \n recommendation calendar. \n (4) The number of U.K. trading days is based on the U.K. Bank holiday \n schedule. \n * Consistent with FINRA TRACE reporting standards, both sides of trades are \n included in the Company's reported volumes when the Company executes trades on \n a matched principal basis between two counterparties. Consistent with industry \n standards, U.S. government bond trades are single-counted. \n\n\nTable 5: Estimated Market Share\n     Quarter   Bps Change \n     3Q 2026   2Q 2026   3Q 2025   QoQ YoY \n                         \n U.S. High-Grade                       \n % of U.S. High-Grade TRACE(1,2)   17.4 % 17.5 % 18.3 % (10) bps (90) bps \n U.S. High-Yield                       \n % of U.S. High-Yield TRACE(1)   14.6   14.1   13.7   +50   +90   \n Other Credit Products                       \n % of Municipal Bonds MSRB   6.0   6.6   5.8   (60)   +20   \n Rates                       \n % of U.S. Government Bonds TRACE   2.2   2.1   2.3   +10   (10)   \n                         \n\n (1) Effective with the release of our January 2026 trading volume statistics, \n the Company revised certain aspects of its reporting methodology for estimated \n market share to provide a more comprehensive view of platform activity and \n enhance comparability with industry peers. The Company now highlights \n estimated market share for U.S. high-grade and U.S. high-yield on an all-in \n basis, which includes single-dealer portfolio trading activity, and the \n Company no longer reports estimated market share on an \"excluding \n single-dealer portfolio trading\" basis. Single-dealer portfolio trading \n activity continues to be excluded from the “Total credit trading (excl. SD \n PT)” and \"Total trading (excl. SD PT)\" lines in Table 4 and the “Total \n Credit” FPM calculation in Table 1B. As used in Table 4 to highlight the \n effect of single-dealer portfolio trading on U.S. high-grade and U.S. \n high-yield ADVs, “SD PT” means single-dealer portfolio trades. \n (2) The Company estimates that duplicative affiliate trade reports accounted \n for up to 6% of reported U.S. high-grade TRACE volume in 3Q26. In July 2026, \n the SEC approved a FINRA rule change that will suppress public dissemination \n of these duplicative reports, with mandatory compliance beginning in August \n 2027. Adjusting for these duplicates, the Company believes its estimated U.S. \n high-grade market share would have been up to approximately 100bps higher in \n 3Q26. \n\n\nTable 6: Strategic Priorities ADV Detail*\n     Quarter   % Change \n     3Q 2026   2Q 2026   3Q 2025   QoQ YoY \n $ In millions                       \n Client-Initiated Channel                       \n U.S. Credit Block Trading $ 3,219 $ 3,412 $ 2,589   (6) % 24 % \n Emerging Markets Block Trading   1,793   2,019   1,553   (11)   15   \n Eurobonds Block Trading   421   503   364   (16)   16   \n Portfolio Trading Channel                       \n Total MKTX Portfolio Trading   1,879   1,970   1,375   (5) % 37 % \n Total MKTX U.S. Credit Portfolio Trading   1,579   1,692   1,140   (7)   39   \n Total U.S. Credit TRACE Portfolio Trading   8,029   8,218   5,962   (2)   35   \n Dealer-Initiated Channel                       \n Total Dealer Initiated (DRFQ & Mid-X)   1,539   1,742   1,516   (12) % 2 % \n Other                       \n Open Trading   4,867   5,135   4,349   (5) % 12 % \n AxessIQ   186   183   163   2   14   \n                         \n U.S. Trading Days(1)   64   62   64           \n U.K. Trading Days(2)   65   61   65           \n                         \n\n (1) The number of U.S. trading days is based on the SIFMA holiday \n recommendation calendar. \n (2) The number of U.K. trading days is based on the U.K. Bank holiday \n schedule. \n *Client-initiated channel activity may include some portfolio trading channel \n activity. \n\n\nTable 7: Consolidated Condensed Balance Sheet\n     As of     \n In thousands (unaudited)   September 30, 2026     December 31, 2025     \n                 \n Assets               \n Cash and cash equivalents   $ 381,054     $ 519,734     \n Cash segregated under federal regulations     49,738       48,722     \n Investments, at fair value     169,373       170,677     \n Accounts receivable, net     121,653       100,989     \n Receivables from broker-dealers, clearing organizations and customers     951,461       489,211     \n Goodwill     283,667       283,667     \n Intangible assets, net of accumulated amortization     95,259       110,629     \n Furniture, equipment, leasehold improvements and capitalized software, net     111,056       112,431     \n Operating lease right-of-use assets     49,018       51,854     \n Prepaid expenses and other assets     63,711       46,972     \n Total assets   $ 2,275,990     $ 1,934,886     \n                 \n Liabilities and stockholders' equity               \n Liabilities               \n Accrued employee compensation   $ 62,627     $ 73,879     \n Payables to broker-dealers, clearing organizations and customers     690,058       325,959     \n Borrowings     92,000       220,000     \n Income and other tax liabilities     22,571       49,267     \n Accounts payable, accrued expenses and other liabilities     57,475       42,584     \n Operating lease liabilities     61,089       64,938     \n Total liabilities     985,820       776,627     \n                 \n Redeemable noncontrolling interest     15,227       12,592     \n                 \n Stockholders' equity               \n Common stock     123       123     \n Additional paid-in capital     382,942       305,923     \n Treasury stock     (751,634 )     (694,764 )   \n Retained earnings     1,655,296       1,538,746     \n Accumulated other comprehensive income/(loss)     (11,784 )     (4,361 )   \n Total stockholders' equity     1,274,943       1,145,667     \n Total liabilities, redeemable noncontrolling interest and stockholders' equity   $ 2,275,990     $ 1,934,886     \n                 \n\n\nTable 8A: Reconciliation of Notable Items\n   Quarter     Year-to-date     \n $ in thousands, except per share data (unaudited)   3Q 2026     2Q 2026     3Q 2025     YTD 2026     YTD 2025     \n                                   \n Total Expenses, GAAP-basis   $ 136,012     $ 128,538     $ 123,242     $ 397,009     $ 371,034     \n Exclude: Notable items                                 \n Repositioning charges(1)     —       —       —       (1,484 )     (3,970 )   \n Merger-related expenses(2)     (13,066 )     (1,555 )     —       (15,277 )     —     \n Total Expenses, excluding notable items   $ 122,946     $ 126,983     $ 123,242     $ 380,248     $ 367,064     \n                                   \n                                   \n Other income (expense), GAAP-basis   $ 430     $ (115 )   $ 8,060     $ 3,279     $ 21,384     \n Exclude: Notable items                                 \n Acquisition-related charge/(credit)(3)     —       —       —       —       557     \n Other income (expense), excluding notable items   $ 430     $ (115 )   $ 8,060     $ 3,279     $ 21,941     \n                                   \n                                   \n Net income, GAAP-basis   $ 54,028     $ 68,323     $ 68,273     $ 200,458     $ 154,518     \n Exclude: Notable items                                 \n Total Expense notable items     13,066       1,555       —       16,761       3,970     \n Total Other income (expense) notable items     —       —       —       —       557     \n Income tax impact from notable items     (1,444 )     (945 )     —       (2,920 )     53,721     \n Net income, excluding notable items   $ 65,650     $ 68,933     $ 68,273     $ 214,299     $ 212,766     \n                                   \n                                   \n Operating margin, GAAP-basis     35.4 %     41.1 %     41.0 %     40.0 %     41.7 %   \n Notable items as reconciled above     6.2       0.8       —       2.6       0.7     \n Operating margin, excluding notable items     41.6 %     41.9 %     41.0 %     42.6 %     42.4 %   \n                                   \n                                   \n Diluted EPS, GAAP-basis   $ 1.53     $ 1.93     $ 1.84     $ 5.66     $ 4.14     \n Notable items as reconciled above     0.33       0.02       —       0.39       1.56     \n Diluted EPS, excluding notable items   $ 1.86     $ 1.95     $ 1.84     $ 6.05     $ 5.70     \n                                   \n                                   \n Effective tax rate, GAAP-basis     27.8 %     23.9 %     27.1 %     25.3 %     46.2 %   \n Notable items as reconciled above     (2.4 )     0.6       —       (0.4 )     (19.1 )   \n Effective tax rate, excluding notable items     25.4 %     24.5 %     27.1 %     24.9 %     27.1 %   \n\n (1) Repositioning charges consist of severance included in employee \n compensation and benefits. \n (2) Merger-related expenses (previously classified as Other notable items in \n Q2 2026 and Q1 2026) included in employee compensation and benefits, \n professional and consulting fees, and general and administrative expenses for \n the pending merger with Intercontinental Exchange, Inc. for Q3 2026, Q2 2026, \n and YTD 2026. \n (3) Acquisition-related activity included in other income (expense) associated \n with our acquisition of RFQ-hub. \n\n\nTable 8B: Reconciliation of Operating Leverage, Excluding Notable Items\n   Quarter   Year-to-date \n $ in thousands, except percentages (unaudited)   3Q 2026   2Q 2026   3Q 2025   YTD 2026   YTD 2025   \n YoY change in Total revenue, GAAP-basis   0.8%   -0.5%   1.0%   4.0%   3.6%   \n YoY change in Total expenses, GAAP-basis   10.4%   0.7%   3.0%   7.0%   4.9%   \n Operating Leverage, GAAP-basis   (960) bps (120) bps (200) bps (300) bps (130) bps \n YoY change in Total expenses, excluding notable items   -0.2%   2.7%   3.0%   3.6%   3.7%   \n Operating Leverage, excluding notable items   +100 bps (320) bps (200) bps +40 bps (10) bps \n\n\nTable 9: Reconciliation of Net Income to EBITDA and Net Income Margin to\nEBITDA Margin\n     Quarter   Year-to-date     \n In thousands (unaudited)     3Q 2026     2Q 2026     3Q 2025       YTD 2026     YTD 2025     \n                                       \n Net income     $ 54,028     $ 68,323     $ 68,273       $ 200,458     $ 154,518     \n Add back:                                     \n Interest income       (4,632 )     (4,692 )     (5,850 )       (13,632 )     (18,949 )   \n Interest expense       1,449       1,862       171         6,199       523     \n Provision for income taxes       20,797       21,439       25,366         68,014       132,691     \n Depreciation and amortization       19,041       19,309       19,662         57,560       57,093     \n EBITDA     $ 90,683     $ 106,241     $ 107,622       $ 318,599     $ 325,876     \n                                       \n Net income margin(1)       25.7 %     31.3 %     32.7 %       30.3 %     24.3 %   \n Add back:                                     \n Interest income       (2.2 )     (2.2 )     (2.8 )       (2.1 )     (3.0 )   \n Interest expense       0.7       0.9       0.1         0.9       0.1     \n Provision for income taxes       9.9       9.8       12.1         10.3       20.8     \n Depreciation and amortization       9.0       8.8       9.4         8.7       9.0     \n EBITDA margin(2)       43.1 %     48.6 %     51.5 %       48.1 %     51.2 %   \n                                       \n\n (1) Net income margin is derived by dividing net income by total revenues for \n the applicable period. \n (2) EBITDA margin is derived by dividing EBITDA by total revenues for the \n applicable period. \n\n\nTable 10: Reconciliation of Net Cash Provided by Operating Activities to Free\nCash Flow\n     Quarter   Year-to-date     \n In thousands (unaudited)     3Q 2026     2Q 2026     3Q 2025       YTD 2026     YTD 2025     \n                                       \n Net cash provided by/(used in) operating activities     $ 247,327     $ 26,812     $ 90,164       $ 198,810     $ 223,507     \n Exclude: Net change in trading investments       —       —       264         -       198     \n Exclude: Net change in fail-to-deliver/receive from broker-dealers, clearing       (149,874 )     74,132       34,338         32,787       90,790     \n organizations and customers \n Less: Purchases of furniture, equipment and leasehold improvements       (589 )     (649 )     (1,496 )       (1,497 )     (4,632 )   \n Less: Capitalization of software development costs       (11,148 )     (11,360 )     (11,494 )       (39,597 )     (38,035 )   \n Free cash flow     $ 85,716     $ 88,935     $ 111,776       $ 190,503     $ 271,828     \n                                       \n\n\n \n\n\n\nView source version on businesswire.com:\nhttps://www.businesswire.com/news/home/20261022207701/en/\n(https://www.businesswire.com/news/home/20261022207701/en/)\n\nINVESTOR RELATIONS \n\nHannah Hendricks \n\nMarketAxess Holdings Inc.\n\n+1 212 813 6011\n\nhhendricks@marketaxess.com (mailto:hhendricks@marketaxess.com)\n\nMEDIA RELATIONS \n\nMarisha Mistry \n\nMarketAxess Holdings Inc.\n\n+1 917 267 1232\n\nmmistry@marketaxess.com (mailto:mmistry@marketaxess.com)\n\n\nCopyright Business Wire 2026"},"type":"article","timestamp":"2026-10-23T10:30:00.661706206Z","server_sent_at_ms":1792751400661},"received_at":"2026-10-23T10:30:00.724Z","source_url":"https://www.businesswire.com/news/home/20261022207701/en/"},"analysis":{"id":"166138","press_release_id":"178217","analysis_json":{"industry":{"label":"Financial Exchanges & Data","sector":"Financials"},"redFlags":["GAAP EPS down 17% YoY and net income down 21% on merger-related expense load","Credit FPM down 9% YoY and U.S. high-grade market share down 90bps YoY to 17.4%","2026 guidance and medium-term targets withdrawn; earnings calls and monthly volume releases suspended pending ICE merger","Merger completion still contingent on stockholder approval and remaining regulatory approvals"],"eventType":"earnings","narrative":"MarketAxess reported 3Q26 revenue of $210.4 million, up just 1% YoY, with GAAP diluted EPS of $1.53 down 17% from $1.84 a year ago.\n\nExcluding notable items, EPS was $1.86 (+1% YoY) with net income of $65.7 million; GAAP expenses rose 10% largely on $13.1 million of merger-related costs tied to the pending ICE deal.\n\nVolumes were strong — total trading ADV up 13%, block trading ADV up 21% to $5.4B, portfolio trading ADV up 37% — but credit FPM fell 9%, weighing on commission revenue, which was flat at $179.9 million.\n\nIn merger news, DOJ and FTC granted early termination of the HSR waiting period on October 21; the $167.00/share cash merger still needs stockholder approval and remaining regulatory clearances, and MarketAxess has withdrawn its 2026 guidance, suspended earnings calls, monthly volume releases and — despite that — declared a $0.78 quarterly dividend.","sentiment":"mixed","agentHooks":{"shouldPost":true,"suggestedAngle":"Merger-override quarter: soft GAAP results and fee compression are secondary to ICE deal progress (HSR cleared) and the $167 cash floor."},"keyFigures":{"eps":1.53,"revenue":210400000,"guidance":"2026 annual guidance and medium-term financial targets withdrawn in light of pending ICE merger; guidance practice suspended","revenueYoy":"1%","customDimensions":{"ebitda":90683000,"credit_fpm":127,"net_income":54028000,"expenses_yoy":"10%","ebitda_margin":"43.1%","credit_fpm_yoy":"-9%","free_cash_flow":85716000,"net_income_yoy":"-21%","total_expenses":136000000,"eps_ex_notables":1.86,"operating_margin":"35.4%","services_revenue":30500000,"block_trading_adv":5400000000,"commission_revenue":179900000,"employee_headcount":858,"cash_and_investments":539600000,"services_revenue_yoy":"6%","block_trading_adv_yoy":"21%","portfolio_trading_adv":1900000000,"total_trading_adv_yoy":"13%","merger_related_expenses":13100000,"portfolio_trading_adv_yoy":"37%","credit_facility_borrowings":92000000,"ice_merger_price_per_share":167,"information_services_revenue":15200000,"operating_margin_ex_notables":"41.6%","quarterly_dividend_per_share":0.78,"information_services_revenue_yoy":"10%"}},"quotedText":"In the third quarter, we continued to execute on our product roadmap across major trading protocols.","namedEntities":{"people":[{"name":"Chris Concannon","role":"CEO"},{"name":"Hannah Hendricks","role":"Investor Relations"},{"name":"Marisha Mistry","role":"Media Relations"}],"products":["X-Pro","Open Trading","Mid-X","AxessIQ","RFQ-hub","CP+ pricing"],"companies":[{"name":"MarketAxess Holdings Inc.","ticker":"MKTX","relationship":"filer"},{"name":"Intercontinental Exchange, Inc.","ticker":"ICE","relationship":"acquirer"},{"name":"Igloo Merger Sub II, Inc.","relationship":"merger subsidiary of ICE"},{"name":"Department of Justice","relationship":"regulator"},{"name":"Federal Trade Commission","relationship":"regulator"}],"dollarAmounts":[{"amount":"$210.4 million","context":"3Q26 total revenues"},{"amount":"$179.9 million","context":"3Q26 commission revenue"},{"amount":"$30.5 million","context":"3Q26 services revenue"},{"amount":"$136.0 million","context":"3Q26 total expenses"},{"amount":"$54.0 million","context":"3Q26 GAAP net income"},{"amount":"$5.4 billion","context":"3Q26 block trading ADV"},{"amount":"$1.9 billion","context":"3Q26 portfolio trading ADV"},{"amount":"$13.1 million","context":"3Q26 merger-related expenses for pending ICE merger"},{"amount":"$167.00","context":"per-share cash consideration in ICE merger"},{"amount":"$0.78","context":"quarterly dividend per share"},{"amount":"$539.6 million","context":"cash, equivalents and investments as of Sept 30, 2026"}]},"materialImpact":{"score":4,"reasoning":"S&P 500-class earnings release with flattish revenue (+1%) and a GAAP EPS decline of 17% YoY ($1.53 vs $1.84), though ex-notables EPS of $1.86 was up 1%. The release also discloses regulatory progress (HSR early termination) on the pending $167.00/share cash merger with ICE and the withdrawal of 2026 guidance, materially shaping the investment case."},"tickerRelevance":{"others":[{"ticker":"ICE","relevance":"acquirer"}],"primary":"MKTX"},"globalImportance":55,"audienceRelevance":45,"eventTypeSecondary":["m_and_a","dividend"],"importanceComponents":{"tickerTier":"mid/large-cap S&P 500 financial","eventGravity":"earnings + merger regulatory milestone","mergerOverhang":"acquisition arb story dominates fundamentals","householdBrandBoost":"moderate — known fintech/exchange name","retailFavoriteBoost":"low"}},"event_type":"earnings","event_type_secondary":["m_and_a","dividend"],"sentiment":"mixed","material_impact_score":4,"narrative":"MarketAxess reported 3Q26 revenue of $210.4 million, up just 1% YoY, with GAAP diluted EPS of $1.53 down 17% from $1.84 a year ago.\n\nExcluding notable items, EPS was $1.86 (+1% YoY) with net income of $65.7 million; GAAP expenses rose 10% largely on $13.1 million of merger-related costs tied to the pending ICE deal.\n\nVolumes were strong — total trading ADV up 13%, block trading ADV up 21% to $5.4B, portfolio trading ADV up 37% — but credit FPM fell 9%, weighing on commission revenue, which was flat at $179.9 million.\n\nIn merger news, DOJ and FTC granted early termination of the HSR waiting period on October 21; the $167.00/share cash merger still needs stockholder approval and remaining regulatory clearances, and MarketAxess has withdrawn its 2026 guidance, suspended earnings calls, monthly volume releases and — despite that — declared a $0.78 quarterly dividend.","key_figures":{"eps":1.53,"revenue":210400000,"guidance":"2026 annual guidance and medium-term financial targets withdrawn in light of pending ICE merger; guidance practice suspended","revenueYoy":"1%","customDimensions":{"ebitda":90683000,"credit_fpm":127,"net_income":54028000,"expenses_yoy":"10%","ebitda_margin":"43.1%","credit_fpm_yoy":"-9%","free_cash_flow":85716000,"net_income_yoy":"-21%","total_expenses":136000000,"eps_ex_notables":1.86,"operating_margin":"35.4%","services_revenue":30500000,"block_trading_adv":5400000000,"commission_revenue":179900000,"employee_headcount":858,"cash_and_investments":539600000,"services_revenue_yoy":"6%","block_trading_adv_yoy":"21%","portfolio_trading_adv":1900000000,"total_trading_adv_yoy":"13%","merger_related_expenses":13100000,"portfolio_trading_adv_yoy":"37%","credit_facility_borrowings":92000000,"ice_merger_price_per_share":167,"information_services_revenue":15200000,"operating_margin_ex_notables":"41.6%","quarterly_dividend_per_share":0.78,"information_services_revenue_yoy":"10%"}},"named_entities":{"people":[{"name":"Chris Concannon","role":"CEO"},{"name":"Hannah Hendricks","role":"Investor Relations"},{"name":"Marisha Mistry","role":"Media Relations"}],"products":["X-Pro","Open Trading","Mid-X","AxessIQ","RFQ-hub","CP+ pricing"],"companies":[{"name":"MarketAxess Holdings Inc.","ticker":"MKTX","relationship":"filer"},{"name":"Intercontinental Exchange, Inc.","ticker":"ICE","relationship":"acquirer"},{"name":"Igloo Merger Sub II, Inc.","relationship":"merger subsidiary of ICE"},{"name":"Department of Justice","relationship":"regulator"},{"name":"Federal Trade Commission","relationship":"regulator"}],"dollarAmounts":[{"amount":"$210.4 million","context":"3Q26 total revenues"},{"amount":"$179.9 million","context":"3Q26 commission revenue"},{"amount":"$30.5 million","context":"3Q26 services revenue"},{"amount":"$136.0 million","context":"3Q26 total expenses"},{"amount":"$54.0 million","context":"3Q26 GAAP net income"},{"amount":"$5.4 billion","context":"3Q26 block trading ADV"},{"amount":"$1.9 billion","context":"3Q26 portfolio trading ADV"},{"amount":"$13.1 million","context":"3Q26 merger-related expenses for pending ICE merger"},{"amount":"$167.00","context":"per-share cash consideration in ICE merger"},{"amount":"$0.78","context":"quarterly dividend per share"},{"amount":"$539.6 million","context":"cash, equivalents and investments as of Sept 30, 2026"}]},"model_name":"glm-5.3-flashx","prompt_hash":"sha256:5c812bd9e28b810d","schema_hash":"sha256:05005c02d9cffac9","created_at":"2026-10-23T10:30:11.137Z","global_importance":55,"audience_relevance":45,"importance_components":{"tickerTier":"mid/large-cap S&P 500 financial","eventGravity":"earnings + merger regulatory milestone","mergerOverhang":"acquisition arb story dominates fundamentals","householdBrandBoost":"moderate — known fintech/exchange name","retailFavoriteBoost":"low"}},"durationMs":10366,"modelName":"glm-5.3-flashx"}}