MarketAxess (MKTX) Q4 2025 Earnings Transcript

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Friday, February 6, 2026 astatine 10:00 a.m. ET

• Chief Executive Officer — Christopher Concannon

• Chief Financial Officer — Ilene Bieler

• Head of Investor Relations — Stephen Davidson

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Christopher Concannon: Good morning, and convey you for joining america to reappraisal our 4th fourth and afloat twelvemonth 2025 fiscal results. We are pleased with the advancement we achieved successful delivering caller protocols and functionality successful 2025, and excited astir our prospects and plans for 2026. First, we enhanced the MarketAxess Holdings Inc. vantage successful 2025 by expanding our planetary network, enhancing our differentiated liquidity, and strengthening our heavy proprietary information and analytics. These cardinal components of the MarketAxess Holdings Inc. vantage are further complemented by our concern successful multi-protocol solutions for the bargain broadside and for the merchantability side.

We person made important advancement successful 2025 delivering and increasing protocols crossed our 3 channels: portfolio trading protocols, artifact trading protocols, trader matching protocols, automation protocols, and our closing auction protocol. Next, we person a wide and achievable exertion and merchandise roadmap that positions america to execute our three-year targets that we announced successful December. In 2025, we delivered captious protocols and workflow tools that volition assistance execute the archetypal year's milestones. Now 2026 is astir execution and gathering connected the momentum we had arsenic we exited 2025. Turning to our fiscal results connected Slide three. In 2025, we generated grounds gross of $846 million, including beardown 10% maturation successful merchandise areas extracurricular US credit.

Record full gross was underpinned by grounds full ADV, driving grounds committee gross combined with grounds services revenue, helping to thrust grounds yearly escaped currency travel procreation of $347 million. Momentum continued to physique with our caller initiatives past year. We exited 2025 with a 29% summation successful artifact trading ADD, including grounds artifact trading ADD successful emerging markets, 28% estimated marketplace stock successful US precocious output portfolio trading, and implicit $3 cardinal successful trading measurement successful our caller trader inaugural protocol MIDEX. We proceed to beryllium disciplined with our disbursal management, with 5% maturation successful non-GAAP expenses successful 2025.

We person returned a full of $474 cardinal to investors, done $360 cardinal of stock repurchases, and $114 cardinal successful dividends. In summation to establishing our three-year plan, we announced an enhanced superior instrumentality program of $400 million, including a $300 cardinal ASR. We conscionable completed the ASR earlier this week with the last transportation of 360,000 shares. Through the completion of the ASR, we person present retired 1.7 cardinal shares to date. In summary, I'm encouraged by the important merchandise deliveries that we made successful 2025 and the advancement we achieved crossed our strategical channels, portfolio trading, trader initiated, and artifact trading.