In the fourth quarter, adjusted earnings per share reached $1.68, beating estimates by 1.2% but down 2.9% year over year, while total revenues grew 3.5% to $209 million, missing consensus by 1.6%. Revenue growth was driven by higher trading volumes in high-grade, high-yield, emerging markets and Eurobonds, offset partly by a 9% increase in expenses to $133.4 million due to compensation and G&A costs.

The board approved a 2.6% quarterly dividend increase to $0.78 per share, payable March 4, and authorized an additional $400 million for share repurchases. During the year, the company completed $360 million in buybacks and entered a $300 million accelerated share repurchase, leaving $205 million in repurchase capacity.

For 2026, service revenues are expected to grow in the mid-single digits, total expenses to range between $530 million and $545 million, and capital expenditures to be $65 million–$75 million. Medium-term targets include 8–9% annual revenue growth, 75–125 basis points of operating margin expansion and at least 6% average annual credit market ADV growth.