MarketAxess (MKTX) Q1 Earnings Preview: What You Should Know Beyond the Headline Estimates

Core Viewpoint - MarketAxess (MKTX) is expected to report quarterly earnings of $1.82 per share, reflecting a year-over-year decline of 5.2%, with revenues projected at $210.63 million, a slight increase of 0.2% from the previous year [1] Earnings Estimates - Analysts have revised the consensus EPS estimate 0.2% higher over the last 30 days, indicating a collective reevaluation of initial estimates [1][2] Revenue Projections - 'Revenues- Information services' are projected to reach $12.99 million, indicating a year-over-year increase of 9.3% [4] - 'Revenues- Commissions' are expected to be $185.39 million, reflecting a 0.3% increase from the year-ago quarter [4] - 'Revenues- Post-trade services' are forecasted at $11.14 million, showing a year-over-year change of 3.8% [4] Commission Revenue - Total commission revenue from variable transaction fees for rates is estimated at $6.71 million, representing a significant year-over-year increase of 29.9% [5] - The estimated 'Average Variable Transaction Fee Per Million - Credit' is $143.75, down from $154.15 in the previous year [5] Trading Volume Estimates - The 'Average Daily Volume - Total' is expected to be $40.74 billion, compared to $32.63 billion from the same quarter last year [6] - 'Average Daily Volume - Total credit trading' is projected at $16.04 billion, up from $14.98 billion year-over-year [6] - 'Average Daily Volume - Total rates trading' is anticipated to reach $24.70 billion, an increase from $17.65 billion in the previous year [7] Emerging Markets and High-Grade Trading - 'Average Daily Volume - Total credit trading - Emerging markets' is estimated at $4.03 billion, compared to $3.63 billion last year [8] - 'Average Daily Volume - Total credit trading - High-grade' is expected to be $7.55 billion, slightly up from $7.48 billion in the same quarter last year [8] Eurobonds Trading Volume - The consensus estimate for 'Average Daily Volume - Total credit trading - Eurobonds' is $2.38 billion, compared to $2.05 billion in the same quarter last year [9] Stock Performance - MarketAxess shares have returned +9.1% over the past month, while the Zacks S&P 500 composite has changed by +11.5% [10]