Marketaxess Inc announces Q3 2026 results

Item 2.02 Results of Operations and Financial Condition.

On October 23, 2026, MarketAxess Holdings Inc. (the "Company") issued a press release announcing the Company's financial results for its third quarter ended September 30, 2026.¹ A copy of this press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.²

The information included in this Current Report on Form 8-K (including Exhibit 99.1 hereto) that is furnished pursuant to this Item 2.02 shall not be deemed to be "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended³, or otherwise subject to the liabilities of that Section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended. In addition, the information included in this Current Report on Form 8-K (including Exhibit 99.1 hereto) that is furnished pursuant to this Item 2.02 shall not be incorporated by reference into any filing of the Registrant, whether made before or after the date hereof, regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference into such filing.

Item 8.01 Other Events.

On October 23, 2026, the Company also announced that its Board of Directors has declared a regular quarterly dividend to be paid to the holders of the outstanding shares of capital stock.^{9 9}A cash dividend of $0.78 per share of common stock outstanding will be paid⁹ on November 25, 2026 to stockholders of record as of the close of business on November 11, 2026.¹⁰

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits:

99.1

Press Release issued by MarketAxess Holdings Inc. on October 23, 2026

104

Cover Page Interactive File (the cover page tags are embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

MARKETAXESS HOLDINGS INC.

Date:

October 23, 2026

By:

/s/ CHRISTOPHER R. CONCANNON

Name: Christopher R. Concannon

Title: Chief Executive Officer

+

MarketAxess Reports Third Quarter 2026 Financial Results

EPS of $1.53; $1.86 Excluding Notable Items 1

1% Revenue Growth Reflects Strong Information Services Revenue Growth of 10%

21% Increase in Block Trading ADV and 37% Increase in Portfolio Trading ADV with Broad-Based Growth

Across U.S. Credit, Emerging Markets and Eurobond Block ADVs

Continued Focus on Expense Discipline

NEW YORK | October 23, 2026 - MarketAxess Holdings Inc. (Nasdaq: MKTX), the operator of a leading electronic trading platform for fixed-income securities, today announced financial results for the third quarter ended September 30, 2026.

3Q26 Select Financial and Operational Highlights (All comparisons vs 3Q25)

• Total revenues of $210.4 million increased 1% .⁴

— Total commission revenue of $179.9 million was flat compared to the prior year.

— 6% growth in services revenue 2 to $30.5 million .

— 6% growth in revenue outside U.S. credit.

• Total trading average daily volume ("ADV") increased 13% , with growth across both credit and rates products, and market share gains in high yield and municipal bonds.

• Continued progress across key strategic initiative channels :

— Client-Initiated Channel : 21% increase in block trading ADV to $5.4 billion , including U.S. credit up 24% , Eurobonds up 16% and emerging markets up 15% .

— Portfolio Trading Channel : 37% increase in total portfolio trading ADV to $1.9 billion with 39% growth in U.S. credit and 41% growth in emerging markets.

— Dealer-Initiated Channel : 2% increase in dealer-initiated ADV to $1.5 billion , which includes a 196% increase in Mid-X ADV.

• Total expenses of $136.0 million increased 10%⁴ ; total expenses, excluding notable items, 1 of $122.9 million were flat, reflecting continued expense discipline.

Chris Concannon, CEO of MarketAxess, commented :

"In the third quarter, we continued to execute on our product roadmap across major trading protocols. We launched our enhanced X-Pro RFQ experience to U.S. credit clients, bringing price and spread trading, targeted and direct block workflows and AI-powered dealer selection into a single modern interface. We also delivered the new issue workflow in X-Pro, so clients can access primary and secondary markets side-by-side. Within portfolio trading, we rolled out further enhancements, including CP+ pricing and pre-trade analytics, enabling clients to make faster and more informed decisions.

Overall, we continue to make great progress across our strategic priorities and remain committed to delivering innovative solutions that enhance the trading experience for our clients."

Table 1: 3Q26 Select Financial Results

Quarter

% Change

Year-to-date

% Change

$ in millions, except per share data (unaudited)

QoQ

YoY

YTD 2026 YTD 2025

YoY

Selected GAAP-basis financial results

Revenues

$

210

$

218

$

209

(4

)

%

1

%

$

662

$

637

4

%

Expenses

136

129

123

6

10

397

371

7

Operating margin

35.4

%

41.1

%

41.0

%

(570

) bps

(560

) bps

40.0

%

41.7

%

(170

) bps

Net income

54

68

68

(21

)

(21

)

200

155

30

Diluted EPS

1.53

1.93

1.84

(21

)

(17

)

5.66

4.14

37

Net income margin

25.7

%

31.3

%

32.7

%

(560

) bps

(700

) bps

30.3

%

24.3

%

+600 bps

Selected GAAP-basis financial results ex-notable items (non-GAAP) 1

Revenues

210

218

209

(4

)

1

662

637

4

Expenses

123

127

123

(3

)

—

380

367

4

Operating margin

41.6

%

41.9

%

41.0

%

(30

) bps

+60 bps

42.6

%

42.4

%

+20 bps

Net income

66

69

68

(5

)

(4

)

214

213

1

Diluted EPS

1.86

1.95

1.84

(5

)

1

6.05

5.70

6

Other Non-GAAP financial measures

EBITDA 3

91

106

108

(15

)

(16

)

319

326

(2

)

EBITDA Margin 3

43.1

%

48.6

%

51.5

%

(550

) bps

(840

) bps

48.1

%

51.2

%

(310

) bps

Quarter

Year-to-date

$ in millions, except per share data (unaudited)

Repositioning charges (a) $

—

$

—

$

—

$

1.5

$

4.0

Merger & acquisition-related (b)

13.1

1.6

—

15.3

0.6

Notable items (pre-tax)

13.1

1.6

—

16.8

4.6

Income tax impact from notable items

(1.5

)

(0.9

)

—

(2.9

)

53.7

Total notable items

$

11.6

$

0.7

$

—

$

13.9

$

58.3

EPS impact

$

0.33

$

0.02

$

—

$

0.39

$

1.56

(a) Repositioning charges consist of severance included in employee compensation and benefits.

(b) Merger & acquisition-related items consist of merger-related expenses (previously classified as Other notable items in Q2 2026 and Q1 2026) included in employee compensation and benefits, professional and consulting fees, and general and administrative expenses for the pending merger with Intercontinental Exchange, Inc for Q3 2026, Q2 2026, and YTD 2026, as well as acquisition-related activity included in other income (expense) associated with our acquisition of RFQ-hub for YTD 2025. Refer to Table 8A for further details.

Notable Items 1

• Notable items (pre-tax) in 3Q26 include merger-related expenses of $13.1 million associated with the pending merger with Intercontinental Exchange, Inc.⁸

Revenue

• Total revenues of $210.4 million increased 1% com