MKTX Nasdaq Russell 1000 Earnings call
MarketAxess (MKTX) · Q1 2026 results and valuation
Share price: $165.31 · 2026-11-11
Results Q1 2026 vs Q4 2025 · previous quarter · published 7 May 2026 and 6 Feb 2026
Net income down 15.8% on the previous quarter. Management sounded upbeat, in its script and in answers to analysts.
Only a basic analysis is available for this company at the moment.
1 · Numbers
−15.8%
Net income vs Q4 2025
Net income 77.9M vs 92.5M
Revenue +11.4%
Against the same quarter last year (Q1 2025) it is +417.0%; the dip on last quarter is small next to the change on last year.
2 · How management spoke
Upbeat
More upbeat than 78% of company calls
Answers to analysts: typical, in line with the script.
Last call it was different: the answers were less upbeat than the script.
3 · What stood out
Figure
High yield increased to 47% in the quarter, the highest level since 2023, reflecting increased demand for differentiated liquidity.
Valuation
Is MarketAxess undervalued?
Reverse DCF. Free cash flow from the last full fiscal year (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
At 5.6% growth a year (3-year revenue growth), the model's fair value is $190.78 a share — the stock trades 13% below it. Today's price assumes 3.6% growth a year.
Current price
$165.31
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+3.6% for 10 yrs
Fair value / share
$190.78
Buy below
$143.08
Price vs fair value
Undervalued 13%
Price vs buy-below price
Overvalued 16%
Read between the lines
No major shifts flagged this period.
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q1 2026. Ring: Q4 2025.
Script and answers carried a similar tone, so the script's message held up under questioning.
Sentences that drove the tone
“We grew total revenue by 12% to a record $233 million including very strong 20% growth in product areas outside U.S.”
“high yield increased to 47% in the quarter, the highest level since 2023, reflecting increased demand for differentiated liquidity.”
“And underlying these strong results was the strong progress we made in innovating and growing our franchise.”
Full figures
USD · SEC EDGAR XBRL (10-Q, period end 2026-03-31)
| Metric | Q1 2026period end 2026-03-31 | Q4 2025period end 2025-12-31 | Change | Q1 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 233.4M | 209.4M | +11.4% | 208.6M | +11.9% |
| Operating income | 100.9M | 76.0M | +32.8% | 88.4M | +14.2% |
| Net income | 77.9M | 92.5M | −15.8% | 15.1M | +417.0% |
| EPS | 2.20 | 2.50 | −12.0% | 0.40 | +450.0% |
| P/E today 19.4 | 19.5 | 27.3 | −7.8 | 37.6 | −18.1 |
Topics
Most discussed now
- These statements represent the company's belief regarding future events that, by their nature, are uncertain.
- MarketAxess grew total revenue by 12% to a record $233 million including very strong 20% growth in product areas outside...
- Strength on the trading side was complemented by 10% growth in services revenue, helping to drive trailing 12-month free cash...
- The benefit of MarketAxess' enhanced capital return program with the completed $300 million ASR flowed through in the quarter and...
- MarketAxess is continuing to focus on expense discipline and optimizing capital deployment to maximize long-term shareholder value creation.
Faded since Q4 2025
- Fading MarketAxess has a number of protocols that are seeing block volume pass through it.
- Fading MarketAxess reported diluted earnings per share of $2.51 or $1.68 per share excluding notable items.
- Fading As I have stated previously, MarketAxess' three-year average annual targets of 8% to 9% revenue growth and operating margin expansion...
- Fading Before I move to guidance for 2026, please note that for 2025, total revenue outside of US credit grew 10%...
Latest announcements
Official filings, newest first.
- Other events · SEC 8-K
- Results of operations; Other events · SEC 8-K
- Material agreement; Director or officer change; Regulation FD disclosure · SEC 8-K
- Shareholder vote results · SEC 8-K
- Results of operations; Other events · SEC 8-K
- Director or officer change · SEC 8-K
- Material agreement; Results of operations; New financial obligation; Other events · SEC 8-K
- Director or officer change; Regulation FD disclosure · SEC 8-K