Record-breaking MarketAxess generates highest-ever income figures
MarketAxess, a leading electronic trading platform for fixed-income securities, reported a significant 11% increase in total revenues to a record $219.5 million in Q2 2025. This growth was primarily driven by a surge in trading volumes, diversified commission revenue streams, and successful strategic initiatives across regions and products.
Record Commission Revenue Fueled by Growth in Multiple Segments
The record total commission revenue of $191.8 million, up 12% year-over-year, was a key factor in MarketAxess's revenue growth. This increase was driven by a 10% growth in credit commission revenue and a 40% growth in rates commission revenue.
Strong Growth in Average Daily Volume (ADV)
MarketAxess also observed strong growth in ADV across multiple trading segments. U.S. credit block trading ADV increased by 37%, emerging markets ADV by 27%, and eurobonds ADV by 100%. Total portfolio trading ADV increased by 69% to a record $1.5 billion, and dealer-initiated ADV increased by 40% to $1.8 billion, with record levels of eurobonds activity.
Positive Impact from Foreign Currency Fluctuations
An estimated $2.1 million positive impact from foreign currency fluctuations also contributed to MarketAxess's strong performance.
Expansion in Trading Solutions and Enhanced Client Engagement
The company's growth was further driven by the expansion in trading solutions and enhanced client engagement, which led to volume and revenue gains. MarketAxess is focused on growing the targeted block trading solution in the client-initiated channel, and a new Mid-X solution is set to launch in the dealer-initiated channel.
Growth in Services Revenue
Growth in services revenue, including post-trade and technology services, reached $27.7 million, up 7%.
Diluted Earnings-per-Share (EPS) Increase
Diluted earnings-per-share (EPS) increased 11% to $1.91, and EPS excluding notable items increased 16%.
Strategic Hires and Progress with New Initiatives
Several strategic hires have been made in key roles to drive growth, and significant progress was made with X-Pro and new initiatives across client-initiated, portfolio trading, and dealer-initiated channels.
Long-term Strategy and Continued Enhancement of Portfolio Trading Solution
MarketAxess is executing a long-term strategy to drive growth and is continuing to enhance its portfolio trading solution for clients. Chris Concannon, CEO of MarketAxess, discussed enhancing the client franchise and delivering on new initiatives. Key leaders have been put in place to drive growth in 2025 and beyond.
[1] MarketAxess Reports Q2 2025 Results, MarketAxess Press Release, link
[2] MarketAxess Q2 2025 Results: Key Takeaways, The Bond Buyer, link
[3] MarketAxess Q2 2025 Earnings: What to Watch, Seeking Alpha, link
[4] MarketAxess Q2 2025 Earnings Preview, Zacks Investment Research, link
The growth in services revenue, including post-trade and technology services, contributes to the overall technology-driven expansion of MarketAxess. The company's focus on growing its trading solutions, such as the targeted block trading solution and the new Mid-X solution, further underscores the role of technology in its business strategy.
The significant increase in total revenues to $219.5 million in Q2 2025, driven by a surge in trading volumes and a 12% growth in total commission revenue, highlights the inextricable link between technology, finance, and business success for MarketAxess.
