MarketAxess Appoints William Quan As Chief Technology Officer MarketAxess Holdings Inc. (Nasdaq: MKTX), the operator of a leading electronic trading platform for fixed income securities, has announced that William Quan will join the company as Chief Technology Officer. The appointment underscores MarketAxess’ strategic focus on platform modernization, AI integration and enterprise-wide technology execution as fixed-income markets continue their structural shift toward electronic trading. In his new role, Q ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K (Mark One) ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-34091 MARKETAXESS HOLDINGS INC. (Exact name of registrant as specified in its charter) Delaware 52-2230784 (State of incorporation) (IRS ...

Core Viewpoint - Nomura Holdings (NMR) is currently viewed as a better value opportunity compared to MarketAxess (MKTX) based on various financial metrics and earnings outlook [1]. Valuation Metrics - NMR has a forward P/E ratio of 11.59, significantly lower than MKTX's forward P/E of 21.72, indicating that NMR may be undervalued [5]. - The PEG ratio for NMR is 2.23, while MKTX has a PEG ratio of 3.84, suggesting that NMR offers a more favorable valuation relative to its expected earnings growth [5]. - NMR's P/B ratio stands at 1.12, compared to MKTX's P/B of 5.71, further supporting the notion that NMR is undervalued [6]. Earnings Outlook - NMR is currently exhibiting an improving earnings outlook, which is a positive indicator in the Zacks Rank model, contributing to its higher ranking [3][7].

Investment Strategy - The investment strategy focuses on bullish positions in 4-5 industries, particularly in IT (hardware and software) [1] - The approach is termed "Fundamental Options," combining fundamental analysis with options trading [1] - Various investment strategies are employed, including income-oriented investments in BDCs and utilities, growth at a reasonable price in tech, deep value based on discounted cash flow, and dividend aristocrats [1] Options Trading - The company utilizes 20-25 different options strategies for purposes such as hedging stocks, bullish substitutes, neutral trades, trading volatility, and earnings-related trades [1] Teaching and Education - There is a passion for teaching, with experience in formal and informal education, including authoring a free local investing newsletter [1]

What happened According to an SEC filing dated Feb. 10, 2026, Robertson Opportunity Capital, LLC disclosed a new stake in MarketAxess (NASDAQ:MKTX), reporting the purchase of 28,830 shares. The estimated transaction value was approximately $5.23 million, calculated using the average quarterly closing price. The quarter-end value of the position increased by $5.23 million, reflecting the new purchase. What else to know This was a new position, representing 1.9% of the fund’s 13F reportable assets under m ...

Group 1 - The article does not provide any relevant content regarding company or industry insights [1]

MarketAxess 2026 Conference Summary Company Overview - **Company**: MarketAxess (NasdaqGS: MKTX) - **Industry**: Financial Services, specifically focused on electronic trading in fixed income markets Key Points and Arguments Growth Initiatives - MarketAxess has set three-year revenue growth targets of **8%-9%** annually, with margin targets also established [5][71] - The company is focusing on regaining market share in U.S. credit and expanding its global presence across various channels, including High-Grade, High-Yield, and Emerging Markets (EM) [4][6] Blocks Protocol - The Blocks protocol is a significant focus, with a **24% increase** in average daily volume (ADV) in 2025, including an **18% increase** in the U.S. and **66% in Eurobonds** [12][38] - The U.S. market is seen as having substantial untapped potential, particularly in electronic trading of Blocks [7][12] Portfolio Trading (PT) - MarketAxess reported a **19% share** in U.S. PT, a **270 basis point increase** year-over-year, with notable growth in High-Yield PT [18][19] - The company acknowledges that while PT is important for client relationships, it is not a significant revenue driver [20] Dealer-Initiated Trades - The Mid-X solution was launched at the end of the previous year, with **$3.2 billion** in volume recorded in January [21][22] - Positive feedback from dealers indicates that the protocol helps contain information leakage and streamlines the trading process [22] Emerging Markets (EM) - EM is expected to contribute significantly to growth, with **20% of incremental growth** in year one projected to come from the U.S. and **35% by year three** [36][37] - ADV in EM Blocks increased by **27%**, with a **172% increase** in portfolio trading [38][39] Eurobonds - MarketAxess has seen success in Eurobonds, leveraging its protocols to navigate the fragmented liquidity market across different jurisdictions [44] Automation and AI - Automation initiatives, such as the Auto-X protocol, have shown strong adoption, with **54%** of trades above $2 million processed through automation [48] - MarketAxess is also focusing on AI-driven products, such as CP+, which utilizes proprietary data for pricing algorithms [58][59] Pricing Strategy - The company maintains steady pricing in traditional RFQ, while acknowledging competitive pressures in dealer pricing and the need for a diverse protocol mix [63][64] - Blocks pricing is positioned between RFQ and PT, with automation being a premium-priced service [66] Expense Guidance and Investment - MarketAxess has provided expense guidance of **$530-$545 million** for 2026, with a focus on self-funding investments through efficiency measures [71][72] - Investments will continue in protocols, algo suites, and enhancements to the X-Pro front end [73] Capital Allocation - The company has increased its capital return profile, including a **$300 million ASR** and **$120 million** in buybacks, alongside a **$0.78 per share** dividend increase [76][77] - M&A opportunities are considered but are subject to a high bar for accretion and alignment with business strategy [78][79] Additional Important Insights - The market structure in fixed income has shifted, with a decrease in client-initiated trades from **80% to 58%**, indicating a need for MarketAxess to adapt its strategies [32][33] - The company emphasizes the importance of maintaining strong client relationships and adapting to market changes to sustain its competitive edge [41][42]

Core Insights - MarketAxess Holdings Inc. reported fourth-quarter 2025 adjusted earnings per share of $1.68, exceeding the Zacks Consensus Estimate by 1.2%, although it represented a 2.9% decline year over year [1][9] - Total revenues reached $209 million, reflecting a 3.5% year-over-year increase, but fell short of the consensus estimate by 1.6% [1][2] Revenue Breakdown - The growth in total revenues was driven by increased trading volumes in high-grade, high-yield, emerging markets, and Eurobonds [2] - Commission revenues rose 4% year over year to $181.3 million, but missed the Zacks Consensus Estimate of $183 million [3] - Information services revenues grew 2% year over year to $13.4 million, falling short of the consensus mark of $14 million [3] - Post-trade services revenues increased by 1% year over year to $11 million, while technology services revenues rose 2% year over year to $3.6 million [3] Expense Analysis - Total expenses amounted to $133.4 million, a 9% increase year over year, primarily due to higher employee compensation, technology, and general administrative costs [4] - The total expenses were lower than the estimate of $137 million [4] Profitability Metrics - MarketAxess' net income surged 42% year over year to $92.4 million, surpassing the estimate of $61 million [4] - The net income margin improved by 1,190 basis points year over year to 44.1% [4] Trading Volumes - High-grade trading volume was $424.6 billion, a 6% increase year over year, but below the consensus estimate of $430.3 billion [5] - High-yield trading volume climbed 15% year over year to $95.7 billion, with an average daily volume (ADV) also rising 15% to $1.5 billion [6] - Emerging markets trading volume increased by 15% year over year to $247.1 billion, with ADV also rising 15% to $4 billion [6] - Total credit trading volume reached $958.5 billion, an 11% year-over-year increase, with total credit ADV also rising 11% to $15.4 billion [7] Balance Sheet Overview - As of December 31, 2025, MarketAxess had cash and cash equivalents of $519.7 million, down 4.5% from the end of 2024 [8] - Total assets increased by 1.1% to $1.8 billion compared to the end of 2024 [8] - Outstanding borrowings under the credit facility were $220 million at the end of the fourth quarter [10] Cash Flow and Capital Deployment - Net cash from operations was $158.6 million, a 10% decline year over year, while free cash flow dropped 33.8% to $75.1 million [11] - MarketAxess repurchased shares worth $360 million in 2025 and authorized an additional $400 million in buybacks [12] - The quarterly cash dividend was increased by 2.6% to 78 cents per share, payable on March 4, 2026 [13] Full Year and Future Outlook - For the full year, revenues totaled $846.3 million, a 4% increase from 2024, with adjusted earnings per share rising 2% to $7.39 [14] - The company anticipates service revenues to grow at a mid-single-digit percentage in 2026, with total expenses projected between $530 million and $545 million [15] - MarketAxess targets average annual total revenue growth of 8-9% and an improvement in operating margin of 75-125 basis points over the medium term [16]

Core Insights - MarketAxess reported record annual revenue of $846 million for 2025, driven by record average daily volume (ADV) and significant growth in trading protocols [2][5] - The company achieved record free cash flow of $347 million, with notable growth in product areas outside U.S. credit, which saw a 10% increase [2][5] - U.S. credit revenue, however, experienced a decline of 2% for the year [2] Financial Performance - Fourth-quarter revenue reached $209 million, marking a 3.5% year-over-year increase, with diluted EPS reported at $2.51 [1] - Total credit commission revenue rose 2% year-over-year to $165 million, supported by growth in U.S. high-yield (4%), emerging markets (6%), and Eurobonds (9%) [7] - Fourth-quarter commissions increased by 4% to $181 million, while services revenue grew by 2% to $28 million [6] Capital Management - The company returned $474 million to shareholders in 2025, which included $360 million in share repurchases and a dividend increase to $0.78 per share [4][13] - MarketAxess ended 2025 with $679 million in cash and equivalents, with $205 million remaining on the repurchase authorization as of January 31, 2026 [13] Growth Initiatives - Significant growth in block trading ADV, which reached about $5 billion, and portfolio trading ADV increased by 48% to $1.4 billion [15] - The company plans to enhance its dealer-initiated protocols, with Mid-X trading volume reaching a record $7 billion in January, up 383% [15] - Management emphasized the importance of technology modernization and automation in driving future growth [11][12] 2026 Guidance - For 2026, MarketAxess guided expenses to be between $530 million and $545 million, with mid-single-digit services revenue growth anticipated [4][20] - Capital expenditures are projected to be between $65 million and $75 million, primarily focused on software development for new protocols [20]

Core Insights - MarketAxess Holdings Inc. is a significant player in the electronic trading platform sector, focusing on fixed-income securities and known for its innovative trading approach [1] Financial Performance - On February 6, 2026, MarketAxess reported an earnings per share (EPS) of $2.52, surpassing the estimated EPS of $1.65, indicating strong performance [2] - The actual revenue reported was $209.4 million, slightly below the estimated $211.7 million, reflecting a minor revenue miss [2] - In the previous quarter, the company achieved an EPS of $1.68, exceeding the Zacks Consensus Estimate of $1.66, but showed a decline from the $1.73 EPS reported in the same quarter the previous year [3] Valuation Metrics - MarketAxess has a price-to-earnings (P/E) ratio of 27.55, indicating that investors are willing to pay a premium for its earnings [4] - The price-to-sales ratio stands at 7.27, and the enterprise value to sales ratio is 6.79, reflecting a strong market valuation relative to revenue and sales [4] Financial Health - The company maintains a low debt-to-equity ratio of 0.05, indicating minimal reliance on debt [5] - A current ratio of 2.50 suggests that MarketAxess is well-positioned to meet its short-term liabilities [5] - The earnings yield is reported at 3.63%, demonstrating robust financial standing and potential for shareholder returns [5]