\n| \n 1Q26 select financial and operational highlights*<\/b><\/p>\n\n- Record<\/b> total revenues of $233.4 million <\/b>increased 12%<\/b>, and included an increase of approximately $3.4 million<\/b> from the impact of foreign currency fluctuations.
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\u2014 12%<\/b> growth in total commission revenue to record<\/b>$203 million <\/b>driven by record <\/b>total credit (+9%) <\/b>and record <\/b>total rates (+29%)<\/b> commission revenue.
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\u2014 10%<\/b> growth in services revenue2<\/sup> to record<\/b>$30 million<\/b>.
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\u2014 20%<\/b> growth in revenue outside U.S. credit, including 21%<\/b> growth in combined emerging markets (record)<\/b> and eurobonds (record)<\/b> variable transaction revenue, reflecting the strong contribution from our international products.\u00a0
\n<\/li>\n- \nStrong progress with our new initiatives across our three strategic channels<\/b>:
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\u2014 Client-Initiated Channel<\/i><\/b> – 35%<\/b> increase in block trading average daily volume (\u201cADV\u201d) toa record $6.6 billion<\/b>, including record <\/b>U.S. credit (+27%)<\/b>, record<\/b> emerging markets (+47%) <\/b>and record <\/b>eurobonds (+45%)<\/b>.
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\u2014 Portfolio Trading Channel<\/i><\/b>–51%<\/b> increase in total portfolio trading ADV toa record $1.9 billion <\/b>with record <\/b>U.S. high-grade (+36%)<\/b>, record<\/b> U.S. high-yield (+78%)<\/b> and record <\/b>emerging markets (+69%)<\/b> portfolio trading ADV.
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\u2014 Dealer-Initiated Channel<\/i><\/b> – 3%<\/b> increase in dealer-initiated ADV to a record<\/b>$1.9 billion<\/b>, including 168%<\/b> increase in Mid-X ADV to record<\/b> levels.
\n<\/li>\n- \nTotal expenses of $132.5 million<\/b> increased 10%<\/b>, and included an increase of approximately $2.2 million<\/b> from the impact of foreign currency fluctuations. Total expenses, excluding notable items,1<\/sup> of $130.3<\/b>million<\/b> increased 8%<\/b>.<\/p>\n<\/li>\n
- \nOperating margin of 43.2%<\/b>, representing an increase of approximately 80 basis points<\/b>; Operating margin, excluding notable items,1<\/sup> of 44.2%<\/b>, representing an increase of approximately 180 basis points<\/b>.<\/p>\n<\/li>\n
- \nDiluted earnings-per-share (\u201cEPS\u201d) of $2.20 <\/b>on net income of $78.1<\/b>million<\/b>, compared to $0.40<\/b> and $15.1 million<\/b> in the prior year,respectively; EPS of $2.25<\/b> on net income of $79.7 million<\/b>, each excluding notable items,1<\/sup> increased 20%<\/b> and 14%<\/b>, respectively.<\/p>\n<\/li>\n
- \nCompleted $300 million<\/b> accelerated stock repurchase (“ASR”) agreement, which was the main driver of an approximately 6% <\/b>reduction in share countcompared to the prior year,enhancing EPS growth.<\/p>\n<\/li>\n<\/ul>\n
*All comparisons versus 1Q25<\/i><\/p>\n<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Chris Concannon, CEO of MarketAxess, commented<\/b>:<\/p>\n \n\u00a0<\/p>\n \u201cWe delivered record levels of trading volume, commission revenue and services revenue, driven by increased volatility and heightened demand for our differentiated liquidity from our global client network. Our strong results were broad-based and included 20% growth in revenue outside of U.S. credit, including record levels of commission revenue in emerging markets and eurobonds. Our new initiatives are also continuing to gain traction across our three strategic channels with record levels of ADV across block trading, portfolio trading and dealer-initiated activity.<\/b><\/p>\n Our MarketAxess advantage continued to strengthen in the first quarter by expanding our global network, deepening our differentiated liquidity and widening the competitive moat of our proprietary data and analytics. Our accelerating use of AI will help us deliver new trading and unique data solutions to our clients.”<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Table 1: 1Q26 select financial results<\/b><\/p>\n\n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Quarter<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n % Change<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n $ in millions, except per share data (unaudited)<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 1Q 2026<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 4Q 2025<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 1Q 2025<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n QoQ<\/b><\/p>\n<\/td>\n | \n YoY<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n Selected GAAP-basis financial results<\/i><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nRevenues<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n233<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n209<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n209<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n11<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n12<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nExpenses<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n132<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n133<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n120<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(1<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n10<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOperating margin<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n43.2<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n36.3<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n42.4<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n+690<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \nbps<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n+80<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \nbps<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNet Income<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n78<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n92<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n15<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(15<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n418<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nDiluted EPS<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2.20<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2.51<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n0.40<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(12<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n450<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNet Income Margin<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n33.5<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n44.1<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n7.2<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \nNM<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \nNM<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n Selected GAAP-basis financial results ex-notable
\n
items (non-GAAP)1<\/sup><\/i><\/p>\n<\/td>\n\n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nRevenues<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n233<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n209<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n209<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n11<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n12<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nExpenses<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n130<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n132<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n120<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(2<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n8<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOperating margin<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n44.2<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n36.8<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n42.4<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n+740<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \nbps<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n+180<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \nbps<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNet Income<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n80<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n62<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n70<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n29<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n14<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nDiluted EPS<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2.25<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n1.68<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n1.87<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n34<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n20<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n Other Non-GAAP financial measures<\/i><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nEBITDA3<\/sup><\/p>\n<\/td>\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n122<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n95<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n107<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n28<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n13<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nEBITDA Margin3<\/sup><\/p>\n<\/td>\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n52.1<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n45.3<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n51.5<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n+680<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \nbps<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n+60<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \nbps<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\n| \n NM – not meaningful<\/i><\/p>\n<\/td>\n<\/tr>\n<\/table>\n 1Q26 overview of results<\/b><\/p>\n Table 1A: Notable items1<\/sup><\/b><\/p>\n\n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Quarter<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 1Q 2026<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 4Q 2025<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 1Q 2025<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n $ in millions, except per share data (unaudited)<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nRepositioning charges<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n1.5<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n1.1<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOther notable items<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n0.7<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNotable items (pre-tax)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2.2<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n1.1<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nIncome tax impact from notable items<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(0.5<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(0.3<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nReserve for uncertain tax positions related to
\n
prior periods<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(31.3<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n54.9<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTotal notable items<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n1.7<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n(30.5<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n54.9<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n EPS impact<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n $<\/b><\/p>\n<\/td>\n | \n 0.05<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n $<\/b><\/p>\n<\/td>\n | \n (0.83<\/b><\/p>\n<\/td>\n | \n )<\/b><\/p>\n<\/td>\n | \n $<\/b><\/p>\n<\/td>\n | \n 1.47<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Notable items<\/span>1<\/sup><\/b><\/p>\n\n- \nNotable items in 1Q26 include repositioning charges of $1.5 million<\/b>, which consisted of severance costs related to changes in management structure, and $0.7 million<\/b> of other legal expenses.<\/p>\n<\/li>\n<\/ul>\n
Revenue<\/span><\/b><\/p>\n\n- Record <\/b>total revenues of $233.4 million<\/b> increased 12%<\/b> compared to the prior year andincluded RFQ-hub revenues of approximately $4.7 million <\/b>and a $3.4 million<\/b> increasefrom the impact of foreign currency fluctuations.\n<\/li>\n<\/ul>\n
Commission revenue<\/span><\/b><\/p>\nTable 1B: 1Q26 variable transaction fees per million (FPM)<\/b><\/p>\n\n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Quarter<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n % Change<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 1Q 2026<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 4Q 2025<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 1Q 2025<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n QoQ<\/b><\/p>\n<\/td>\n | \n YoY<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n AVG. VARIABLE TRANS. FEE PER MILLION (FPM)<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTotal Credit<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n132<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n138<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n139<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(4<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(5<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTotal Rates<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n4.68<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n4.79<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n4.20<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(2<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n11<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Credit<\/i><\/b><\/p>\n\n- Record<\/b> total credit commission revenue of $183.8<\/b>million<\/b> (including $33.4 million<\/b> in fixed-distribution fees) increased $14.6 million<\/b>, or 9%<\/b>, compared to $169.1 million<\/b> (including $33.3 million<\/b> in fixed-distribution fees) in the prior year, and was up 11%<\/b> from 4Q25 levels. A 17%<\/b> increase in total credit ADV compared to the prior year, driven by growth in market volumes, was partially offset by a 5%<\/b> decrease in total credit variable transaction fee per million (\u201cFPM\u201d). The 9%<\/b> increase in total credit commission revenue was driven by a 21%<\/b> increase in emerging markets and eurobonds commission revenue, reflecting continued product and geographic diversification. The decline in 1Q26 total credit FPM year-over-year was driven by protocol <\/b>and product mix<\/b>, partially offset by the higher duration of bonds traded in U.S. high-grade. The quarter-over-quarter decline was due principally to product mix<\/b>.\n<\/li>\n<\/ul>\n
Rates<\/i><\/b><\/p>\n\n- Record<\/b> total rates commission revenue of $9.0 million <\/b>increased $2.0 million<\/b>, or 29%<\/b>,compared to the prior year, and increased 33%<\/b> from 4Q25 levels. The increase compared to the prior year was driven by a 16% <\/b>increase in total rates ADVand an 11%<\/b> increase in FPM.\n<\/li>\n<\/ul>\n
Other<\/i><\/b><\/p>\n\n- Record<\/b> total other commission revenue of $10.7<\/b>million<\/b> increased $5.5 million<\/b>, or 104%<\/b>,compared to the prior year, driven by the inclusion of approximately $4.3<\/b>million<\/b> from RFQ-hub, majority control of which was acquired in 2Q25.\n<\/li>\n<\/ul>\n
Services revenue<\/span><\/b><\/p>\n\n- Record<\/b> services revenue2<\/sup> of $29.9 million<\/b> increased $2.7 million<\/b>, or 10%<\/b>, compared to the prior year.\n<\/li>\n<\/ul>\n
Information services<\/i><\/b><\/p>\n \n\u2014 Information services revenue of $14.4 million<\/b> increased $1.5 million<\/b>, or 12%<\/b>, compared to the prior year. The increase was principally driven by net new contract revenue and an increase of $0.5 million<\/b> from the impact of foreign currency fluctuations.<\/p>\n Post-trade services<\/i><\/b><\/p>\n \n\u2014 Post-trade services revenue of $11.6 million<\/b> increased $0.5 million<\/b>, or 5%<\/b>, compared to the prior year principally due to an increase of $1.0 million<\/b> from the impact of foreign currency fluctuations.<\/p>\n Technology services<\/i><\/b><\/p>\n \n\u2014 Total technology services revenue of $3.9 million<\/b> increased $0.6 million<\/b>, or 19%<\/b>, compared to the prior year.The increase was driven by connectivity feesfrom RFQ-hub, majority control of which was acquired in 2Q25.<\/p>\n Expenses<\/span><\/b><\/p>\n\n- \nTotal expenses of $132.5 million<\/b> increased 10% <\/b>from the prior year, including approximately $3.4 million<\/b> of RFQ-hub expenses and an increase of $2.2 million<\/b> from the impact of foreign currency fluctuations. Total expenses, excluding notable items,1 <\/sup>of $130.3 million<\/b> increased 8%<\/b> from the prior year.<\/p>\n<\/li>\n<\/ul>\n
Non-operating<\/span><\/b><\/p>\n\n- Other income (expense): <\/b>Other income was $3.0<\/b>million<\/b>, down from $7.8 million<\/b> in the prior year. The decrease was driven by lower interest income due to a decrease in interest rates and higher interest expense due to borrowings on the Company\u2019s credit facility that were used, along with cash on hand, to fund the ASR, partially offset by receipt of a tax credit.\n<\/li>\n
- Tax rate:<\/b> The effective tax rate was 24.8%<\/b>, compared to 84.3%<\/b> in the prior year. The effective tax rate excluding notable items1<\/sup> in the prior yearwas 27.2%<\/b>.\n<\/li>\n<\/ul>\n
Capital<\/span><\/b><\/p>\n\n- \nThe Company had $537.4 million<\/b> in cash, cash equivalents, corporate bond investments and U.S. Treasury investments as of March 31, 2026<\/b>, down from $678.9 million<\/b> as of December 31, 2025<\/b>.The Company had $157.0 million <\/b>in borrowings outstanding under the Company\u2019s credit facility as of March 31, 2026<\/b>, as compared to $220.0 million<\/b> in borrowings outstanding as of December 31, 2025<\/b>. As of April 30, 2026<\/b>, the Company had $137.0 million<\/b> in borrowings outstanding under the Company\u2019s credit facility.<\/p>\n<\/li>\n
- \nFinal settlement of the previously disclosed $300.0 million<\/b> ASR occurred on February 4, 2026<\/b>, with the delivery of 359,782<\/b> additional shares. As of April 30, 2026<\/b>, $205.0 million<\/b> remained under the Board of Directors\u2019 share repurchase authorizations.<\/p>\n<\/li>\n
- \nThe Board declared a quarterly cash dividend of $0.78<\/b> per share, payable on June 3, 2026<\/b> to stockholders of record as of the close of business on May 20, 2026<\/b>.<\/p>\n<\/li>\n<\/ul>\n
Other<\/span><\/b><\/p>\n\n- \nEmployee headcount was 859<\/b> as of March 31, 2026<\/b>, down from 869<\/b> as of December 31,<\/b>2025<\/b> and 870<\/b> as of March 31, 2025.<\/b><\/li>\n<\/ul>\n
\n\n| \n 1<\/sup><\/p>\n<\/td>\n| \u00a0<\/td>\n | \n \nSee Table 1A in this release for a listing of notable items. Results excluding notable items are non-GAAP financial measures. Refer to \u201cNon-GAAP financial measures and other items\u201d for a discussion of these non-GAAP financial measures and Table 6 for a reconciliation of these non-GAAP financial measures to their most directly comparable GAAP measures.<\/p>\n<\/td>\n<\/tr>\n | \n| \n 2<\/sup><\/p>\n<\/td>\n| \u00a0<\/td>\n | \n \nServices revenue is defined as combined information, post-trade and technology services revenue.<\/p>\n<\/td>\n<\/tr>\n | \n| \n 3<\/sup><\/p>\n<\/td>\n| \u00a0<\/td>\n | \n \nEBITDA and EBITDA margin are non-GAAP financial measures. Refer to \u201cNon-GAAP financial measures and other items\u201d for a discussion of these non-GAAP financial measures and Table 7 for a reconciliation of these non-GAAP financial measures to their most directly comparable GAAP measures.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Non-GAAP financial measures and other items<\/b><\/p>\n \nTo supplement the Company\u2019s unaudited financial statements presented in accordance with generally accepted accounting principles (\u201cGAAP\u201d), the Company uses certain non-GAAP financial measures, including earnings before interest, taxes, depreciation and amortization (\u201cEBITDA\u201d), EBITDA margin and free cash flow. From time to time, we present selected GAAP-basis financial results, excluding notable items. Notable items are revenues, expenses, other income (expense) and tax related items that are non-recurring and outside of the Company\u2019s normal course of business or other notables, such as acquisition and restructuring charges or gains\/losses on sales (collectively, \u201cnotable items\u201d). We define EBITDA margin as EBITDA divided by revenues. We define free cash flow as net cash provided by\/(used in) operating activities excluding the net change in trading investments and net change in securities failed-to-deliver and securities failed-to-receive from broker-dealers, clearing organizations and customers, less expenditures for furniture, equipment and leasehold improvements and capitalized software development costs. Non-GAAP financial measures should be considered in addition to, not as a substitute for or superior to, financial measures determined in conformity with GAAP. The Company believes that these non-GAAP financial measures, when taken into consideration with the corresponding GAAP financial measures, provide additional information regarding the Company\u2019s operating results because they assist both investors and management in analyzing and evaluating the performance of our business. Please refer to Tables 6, 7 & 8 for a reconciliation of: (i) selected GAAP-basis financial results, each excluding notable items, to their most directly comparable GAAP measure; (ii) GAAP net income to EBITDA and GAAP net income margin to EBITDA margin; and (iii) GAAP net cash provided by\/(used in) operating activities to free cash flow, in each case, the most directly comparable GAAP measure.<\/p>\n Webcast and conference call information<\/b><\/p>\n \nChris Concannon, Chief Executive Officer and Ilene Fiszel Bieler, Chief Financial Officer, will host a conference call to discuss the Company\u2019s financial results and outlook on Thursday, May 7, 2026 at 10:00 a.m. ET. To access the conference call, please dial +1-800-715-9871 (U.S.) or +1-646-307-1963 (International) and use the ID 1832176. The Company will also host a live audio Webcast of the conference call on the Investor Relations section of the Company’s website at http:\/\/investor.marketaxess.com<\/a>. The Webcast will be archived on http:\/\/investor.marketaxess.com<\/a> for 90 days following the announcement.<\/p>\nGeneral Notes Regarding the Data Presented<\/b><\/p>\n \nReported MarketAxess volume in all product categories includes only fully electronic trading volume. MarketAxess trading volumes and the Financial Industry Regulatory Authority (\u201cFINRA\u201d) Trade Reporting and Compliance Engine (\u201cTRACE\u201d) reported volumes are available on the Company\u2019s website at investor.marketaxess.com\/volume<\/a>.<\/p>\n | | | | | | | | | | | | | | | | |