Exhibit 99.1 MarketAxess Reports First Quarter 2025 Financial Results EPS of $0.40; $1.87 Excluding Notable Items 1 Record Total ADV Driven by Record Credit ADV with Record Open Trading ADV of $4.8 billion Record Total Portfolio Trading ADV and Record Levels of Block Trading in Emerging Markets and Eurobonds NEW YORK | May 7, 2025 - MarketAxess Holdings Inc. (Nasdaq: MKTX), the operator of a leading electronic trading platform for fixed-income securities, today announced financial results for the first quar ...

Electronic trading platform MarketAxess Holdings Inc. (MKTX) is set to report first-quarter 2025 results on May 7, 2025, before the opening bell. The Zacks Consensus Estimate for the to-be-reported quarter’s earnings is currently pegged at $1.82 per share on revenues of $210.6 million. (See the Zacks Earnings Calendar to stay ahead of market-making news.)First-quarter earnings estimates have been revised downward over the past 60 days. The bottom-line projection indicates a decrease of 5.2% from the year-ag ...

Wall Street analysts expect MarketAxess (MKTX) to post quarterly earnings of $1.82 per share in its upcoming report, which indicates a year-over-year decline of 5.2%. Revenues are expected to be $210.63 million, up 0.2% from the year-ago quarter.The consensus EPS estimate for the quarter has been revised 0.2% higher over the last 30 days to the current level. This reflects how the analysts covering the stock have collectively reevaluated their initial estimates during this timeframe.Before a company announc ...

MarketAxess Holdings Inc. (NASDAQ: MKTX ) has finally reached the long-time coming point of inflection. My conviction on these centers on the long-awaited catalyst of returning market volatility which fuels revenue growth for this leading fixed-income electronic tradingEx-hedge fund analyst with a strong interest in finding winners and losers in industries where corporate strategy matters most. I focus on analysing the market structure, competitive positioning and strategic catalysts that lead to money-maki ...

MarketAxess Holdings Inc. (MKTX) announced impressive growth in its trading volumes for the first quarter of 2025. The total credit average daily trading volume (ADV) reached nearly $15.9 billion, marking a year-over-year increase of 6%. This growth was driven by notable gains across various segments, including a 9% boost in emerging markets ADV, and 15% growth in Eurobonds ADV. Total ADV rose 31% to $42.9 billion in the March quarter. One of the standout performers was the Municipal bonds segment (42%), wi ...

Core Insights - MarketAxess Holdings Inc. (MKTX) is experiencing growth due to rising commissions, strategic acquisitions, collaborations, and a strong financial position that supports expansion and shareholder returns [1] Financial Performance - MKTX has a Zacks Rank of 3 (Hold) and has gained 12.9% in the past month, outperforming the industry which declined by 4.4% [2] - The Zacks Consensus Estimate for MKTX's 2025 earnings is $7.70 per share, reflecting a year-over-year improvement of 5.8%, with revenues estimated at $876.3 million, indicating a 7.2% increase [3] - For 2026, earnings are projected at $8.63 per share, a 12.1% increase from 2025, with revenues expected to reach $969 million, a 10.6% improvement [4] - MKTX has consistently beaten earnings estimates in the last four quarters, with an average surprise of 2.93% [5] Operational Efficiency - The return on equity for MKTX stands at 20.2%, significantly higher than the industry average of 12%, demonstrating effective utilization of shareholders' funds [7] Market Position and Growth Drivers - MKTX benefits from rising trading volumes, which are a key driver of commission-based revenues, reporting an average daily trading volume of $37.1 billion in 2024, a 19% increase year-over-year [8] - The company has captured significant market share across various products, including U.S. High Grade, U.S. High Yield, Eurobonds, Emerging Markets, and Municipal Bonds [9] - MKTX actively pursues strategic acquisitions and partnerships to enhance its offerings and expand its presence in the fixed-income market [10] - The company serves over 1,000 active clients globally, with ongoing investments in international markets expected to drive sustained revenue growth [11] Financial Strength - MKTX's robust financial position is supported by strong liquidity and operating cash flows, with net cash generated from operations totaling $385.2 million in 2024, a 15.4% increase year-over-year [12]

Market Performance and Trading Volume - In 2024, MarketAxess generated approximately $3.5 trillion in total credit trading volume, up from $2.6 trillion in 2020, with a market share of 19.0% in U.S. high-grade corporate bonds and 13.2% in high-yield corporate bonds[20]. - The average daily volume (ADV) for U.S. high-grade and U.S. high-yield bonds on MarketAxess's platforms was approximately $8.2 billion in 2024, representing 17.7% of the estimated addressable market of $46.2 billion[32]. - In 2024, the company executed approximately $1.0 trillion in credit trading volume using Open Trading, representing 35.0% of total eligible credit trading volume on its platforms[34]. - In 2024, over 60.0% of all credit volume on the MarketAxess platform was executed via the disclosed RFQ protocol[51]. - The ADV for U.S. high-grade bonds increased by 16.9% from 2023 to 2024, reaching $6.8 billion, while U.S. high-yield bonds saw a decrease of 16.3% to $1.3 billion[40]. - In 2024, $64.0 billion in green bond trading volume was executed globally on the platforms[75]. Revenue Sources and Financial Performance - 87.1% of MarketAxess's revenues in 2024 were derived from commissions for transactions executed on its platforms[16]. - The company reported that 87.1% of its revenues in 2024 were derived from transaction commissions, with 6.2% from data products and 5.2% from post-trade services[48]. - Approximately 40.0% of the company's revenues are derived from secondary trading in U.S. high-grade corporate bonds, indicating a reliance on this segment for financial performance[149]. - Revenues from international clients increased from 25.0% of total revenues in 2020 to 30.4% in 2024, with ADV in EMEA, Latin America, and APAC growing from $3.0 billion in 2019 to $4.8 billion in 2024[35]. Technology and Platform Development - The company introduced its new trading platform, MarketAxess X-Pro, in 2024, aimed at improving trading efficiency and integrating proprietary data and pre-trade analytics[13]. - MarketAxess's acquisition of Pragma in 2023 accelerated the development of AI-driven execution algorithms across key product areas, enhancing trading capabilities[13]. - The technology team delivered approximately 1,000 unique new business and technical features to clients in 2024[78]. - Significant upgrades to electronic trading platforms and infrastructure are necessary to accommodate increases in order message volume and trading volume, which require substantial financial and operational resources[179]. Regulatory Environment and Compliance - The company is subject to extensive regulation from various authorities, including the SEC in the U.S. and the FCA in the U.K., which oversee its operations and compliance[90][100]. - Regulatory changes, such as the SEC's proposed rules for fixed-income electronic trading platforms, may require the company to adapt its trading protocols to comply with new regulations[97]. - The central clearing mandate for U.S. Treasury securities transactions is set to take effect on December 31, 2025, impacting participants who do not currently centrally clear trades[98]. - The first stage of the MiFIR Review became effective in 2024, with full effectiveness expected in 2026, introducing significant changes to trading data publication and regulatory requirements[105]. - The company may incur substantial costs related to compliance with new regulations, which could materially affect its financial condition and results of operations[211]. Competition and Market Dynamics - The competitive landscape is intensifying, with competition arising from various market participants, including electronic trading platforms and traditional broker-dealers[81][86]. - The company competes based on client network, liquidity provided by broker-dealer clients, and the unique liquidity offered by its Open Trading protocols[82]. - Future growth may be hindered by intense competition, particularly from larger and more established firms that can offer a wider range of services and lower costs[145]. - The company faces substantial competition and market dynamics that could impact its profitability and growth prospects[128]. Employee and Talent Management - MarketAxess experienced a 1.1% increase in employee count in fiscal year 2024, totaling 891 employees, compared to an 18.4% increase in 2023[120]. - The company is committed to ongoing talent management and succession planning to support future growth and leadership development[122]. - The competitive market for qualified personnel, especially software developers, poses challenges in attracting and retaining skilled employees necessary for business support[205]. Risks and Challenges - The company faces risks related to regulatory changes and compliance costs, which could impact operational flexibility and financial performance[135]. - Loss of major institutional investor clients could significantly reduce trading volume and revenue, as a limited number of clients account for a substantial portion of trading[160]. - The company may experience reduced market liquidity if bank-affiliated broker-dealers decrease trading activity, impacting operating results[158]. - Economic sanctions, such as those imposed during the Russia-Ukraine conflict, could negatively impact financial markets and the company's operations[167]. - Cybersecurity threats and incidents have not materially affected the company in the last three years, but the risk of breaches remains a concern[187]. Acquisitions and Strategic Growth - The company has made acquisitions in the past, including the regulatory reporting business of Deutsche Börse in 2020, MuniBrokers in 2021, and Pragma in 2023, with a controlling stake in RFQ-hub agreed for 2024[199]. - The company routinely evaluates potential acquisition and divestiture candidates, but there is no assurance that transactions will be completed or beneficial[199]. - The company has entered new markets, including algorithmic trading and quantitative execution solutions in equities and foreign exchange, following the acquisition of Pragma in 2023[152].

MarketAxess (MKTX) Conference February 10, 2025 02:40 PM ET Company Participants Alex Kramm - Managing Director - Equity ResearchIlene Bieler - Chief Financial OfficerChris Concannon - CEO Alex Kramm looks like we're live. All right, everyone. Next up, MarketAxess. Excited to have, for the first time here, at least since I've run this conference, Chris Kirkhannon, CEO and new addition to the team, Arlene Dibele Beeler. Ilene Bieler You got it right. Alex Kramm I was like, wait a minute, I know our name is n ...

Financial Data and Key Metrics Changes - The company reported a 9% growth in revenue for 2024, marking the strongest annual revenue growth rate since 2020, with record commission and services revenue [8][11] - Total revenue for Q4 2024 was $202 million, compared to $197 million in the prior year, with commission revenue increasing by 2% [35][36] - The effective tax rate was 23%, and diluted earnings per share were reported at $1.73 [38] Business Line Data and Key Metrics Changes - In the credit business, the company generated a record $712 million in commission revenue, with strong growth in emerging markets and Eurobonds [11][39] - The rates business saw trading ADV increase significantly from $2.9 billion per day in Q1 2024 to $11.4 billion in Q4 2024 [13] - Portfolio trading ADV reached over $900 million, with U.S. credit portfolio trading ADV at $800 million and a market share of 16% [33] Market Data and Key Metrics Changes - U.S. credit ADV was up 10% to $8 billion, while international product ADV reached a record $5 billion, up 17% [28] - The company reported record local markets ADV of over $1.4 billion, up 18% [29] - Open Trading ADV was a record $4 billion in 2024, an increase of 8% [31] Company Strategy and Development Direction - The company plans to focus on growing market share across client-initiated, portfolio trading, and dealer-initiated channels in 2025 [10][20] - A new block trading solution was launched in emerging markets and Eurobonds, with plans for a full rollout in U.S. credit by Q2 2025 [10][60] - The company aims to enhance its dealer solutions and expand its automation suite to support global product offerings [21][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the favorable macro environment for fixed income markets, with positive inflows into fixed income funds [66] - The company acknowledged challenges in U.S. credit market share but emphasized a clear strategy to return to growth [19][75] - Management highlighted the importance of data and analytics in driving client engagement and trading efficiency [88][90] Other Important Information - The company announced the appointment of Roberto Hoornweg to the Board of Directors, effective March 1, 2025 [7] - The balance sheet remains strong, with cash and equivalents totaling $699 million as of December 31, 2024 [42] Q&A Session Summary Question: Why was the block trading launch led with emerging markets and Eurobonds? - Management explained that the decision was based on strong pre-trade analytics and client demand in those markets, with a successful increase in EM block market share [52][54] Question: What gives confidence in growing market share in high grade? - Management cited favorable market conditions, robust new issue markets, and the introduction of multiple trading protocols as key drivers for growth [66][70] Question: What are the key areas for electronification in the market? - Management identified the block market and retail space as significant opportunities for electronification, particularly in emerging markets [84][88] Question: Can you discuss the motivation behind acquiring the rest of RFQ hub? - The acquisition aims to enhance cross-asset trading capabilities and provide clients with access to fixed income ETFs alongside traditional products [146][150] Question: What initiatives are planned for the rates platform? - Management highlighted the launch of algorithmic solutions and a hybrid offering that combines electronic and traditional RFQ solutions as key initiatives for growth in the rates market [161][163]

Core Viewpoint - MarketAxess Holdings Inc. reported mixed financial results for the fourth quarter of 2024, with earnings per share exceeding estimates but total revenues falling short of expectations [1][2]. Financial Performance - Earnings per share for Q4 2024 were $1.73, surpassing the Zacks Consensus Estimate by 1.8%, although this represented a 6% decline year over year [1]. - Total revenues increased by 3% year over year to $202 million, but missed the consensus mark by 0.5% [2]. - Commission revenues reached $174.8 million, a 2% year-over-year growth, but fell short of the Zacks Consensus Estimate of $176.7 million [3]. - Information services revenues improved by 10% year over year to $13.2 million, exceeding the consensus mark of $13.1 million [4]. - Total expenses rose by 2% year over year to $122.4 million, primarily due to increased employee compensation and technology costs, but were below the estimate of $125.8 million [5]. - Operating income increased by 4% year over year to $80 million, although it missed the estimate of $82 million [5]. - EBITDA decreased by 2% year over year to $97 million, with the EBITDA margin declining by 220 basis points to 47.8% [5]. Trading Volumes - High-grade trading volume was $400.1 billion, a 4% increase year over year, but below the consensus estimate of $441.8 billion [6]. - High-yield trading volume fell by 19% year over year, reflecting reduced credit spread volatility [6]. - Other credit trading volume rose by 14% year over year to $38.7 billion, with total credit trading volume growing by 6% to $864.7 billion [7]. Balance Sheet and Cash Flow - As of December 31, 2024, cash and cash equivalents were $544.5 million, a 20.7% increase from the end of 2023 [10]. - Total assets decreased by 11.2% to $1.8 billion, while total stockholders' equity improved by 7.4% to $1.4 billion [10]. - Net cash from operations for Q4 was $176.2 million, a 24.4% year-over-year increase, with free cash flow advancing by 19.5% to $113.4 million [11]. Capital Deployment - MarketAxess repurchased shares worth $16.4 million during the quarter, with a remaining capacity of $220 million under its repurchase program [12]. - The quarterly cash dividend was increased by 2.7% to 76 cents per share, payable on March 5, 2024 [12]. Full Year Update - For the full year 2024, revenues totaled $817.1 million, a 9% increase from 2023, with earnings per share rising by 6.3% to $7.28 [13]. 2025 Outlook - Services revenues are expected to grow in the mid-single digits, with total expenses projected between $505 million and $525 million [14].