MarketAxess (MKTX) Q4 Earnings: How Key Metrics Compare to Wall Street Estimates

Core Insights - MarketAxess reported revenue of $209.41 million for the quarter ended December 2025, a year-over-year increase of 3.5% [1] - The EPS for the same period was $1.68, down from $1.73 a year ago, with a surprise of +1.45% compared to the consensus estimate of $1.66 [1] Financial Performance - The reported revenue fell short of the Zacks Consensus Estimate of $212.7 million, resulting in a surprise of -1.55% [1] - Average Variable Transaction Fee Per Million for Credit was $138.00, slightly below the average estimate of $138.67 [4] - Total Average Daily Volume was $37.89 billion, compared to the average estimate of $39.35 billion [4] Revenue Breakdown - Commissions revenue was $181.34 million, compared to the average estimate of $183 million, reflecting a year-over-year change of +3.8% [4] - Post-trade services revenue was $11.03 million, slightly below the average estimate of $11.36 million, with a year-over-year change of +0.5% [4] - Information services revenue was $13.45 million, compared to the average estimate of $13.95 million, representing a year-over-year change of +2.3% [4] Commission Revenue Details - Total variable transaction fees for Rates were $6.7 million, below the average estimate of $6.84 million, showing a year-over-year decline of -7.8% [4] - Total variable transaction fees for Credit were $132.36 million, compared to the average estimate of $134.06 million, reflecting a year-over-year increase of +2.3% [4] - Total fixed distribution fees were $32.9 million, slightly below the average estimate of $33.97 million, with no year-over-year change [4] Stock Performance - MarketAxess shares returned -5.2% over the past month, while the Zacks S&P 500 composite changed by -1.5% [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]