MarketAxess's Q3 revenue misses on lower variable fees
MKTX•MKTX•MKTX•MKTX•MarketAxess reported Q3 revenue of $210 million, below the $219.51 million consensus, and adjusted EPS of $1.86, below the $1.99 estimate. It suspended guidance and withdrew its 2026 annual guidance because of its pending merger with Intercontinental Exchange.
Revenue grew 1% year over year to $210 million, missing the $219.51 million analyst estimate. Adjusted EPS was $1.86, below the $1.99 estimate; net income was $54 million.
Information services revenue rose 10%, while total trading average daily volume increased 13%, with growth across credit and rates products. Commission revenue was flat, as a 9% decline in U.S. credit variable transaction fees per million offset higher volumes and fixed fees.
MarketAxess suspended its practice of issuing guidance and withdrew its 2026 annual guidance, citing its pending merger with Intercontinental Exchange.
