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 ...

Investors interested in Financial - Investment Bank stocks are likely familiar with Nomura Holdings (NMR) and MarketAxess (MKTX) . But which of these two stocks presents investors with the better value opportunity right now? Let's take a closer look.The best way to find great value stocks is to pair a strong Zacks Rank with an impressive grade in the Value category of our Style Scores system. The Zacks Rank is a proven strategy that targets companies with positive earnings estimate revision trends, while ou ...

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]

Core Insights - The company returned a total of $474 million to investors through share repurchases and dividends, with a new capital return plan of $400 million announced, including a $300 million accelerated share repurchase (ASR) [1][22] - Record total revenue of $846 million was achieved in 2025, driven by significant growth in trading volumes and new initiatives, with a notable 29% increase in block trading average daily dollar volume (ADD) [2][3][10] - The company is focused on enhancing its technology and product roadmap to achieve its three-year targets, with a strong emphasis on execution in 2026 [3][26] Financial Performance - The company generated record free cash flow of $347 million in 2025, with total revenue outside of US credit growing by 10% while US credit revenue decreased by 2% [2][24] - Total commissions revenue increased by 4% to $181 million, with notable growth in US high yield and emerging markets [17][20] - Operating expenses increased by 8%, driven by higher consulting, technology, and employee compensation costs [21] Trading and Market Dynamics - Block trading in US credit, emerging markets, and Eurobonds now constitutes about one-third of total credit ADV, with significant growth observed in January 2026 [9][10] - The company reported a 33% increase in dealer-initiated ADV for the year, with a record $7 billion in total MIDEX trading volume [11] - Emerging markets showed strong growth, with a 50% year-over-year increase in January trading volume, indicating a substantial opportunity for further penetration [5][50] Strategic Initiatives - The company is enhancing its product offerings across multiple channels, including portfolio trading, block trading, and automation protocols, to capture market share and drive revenue growth [4][8][10] - The introduction of new trading solutions, such as the closing auction protocol, is aimed at increasing participation and liquidity in the market [72] - Investments in AI and data analytics are expected to enhance trading efficiency and client engagement, leveraging proprietary data for improved market insights [76][79] Future Outlook - The company anticipates mid-single-digit growth in total services revenue for 2026, with a focus on maintaining expense discipline while investing in technology and talent [24][25] - The effective tax rate is expected to be in the range of 24% to 26%, with capital expenditures projected between $65 million and $75 million [25] - The company remains confident in its ability to return to higher levels of revenue growth in US credit, supported by its three-year financial targets [26]