MarketAxess(US:MKTX)2025-11-07 16:00Financial Performance - Revenue increased by 1% to $209 million in 3Q25, with 10% growth outside U S credit[3] - Services revenue increased by 9% to a record $29 million[3] - Earnings per share declined by 3% to $1 84[3] - TTM free cash flow generation was $385 million[3] Operational Updates - ADV across credit products (ex U S credit) increased by 14%[3] - Client-Initiated Channel: Block trading ADV grew by 10%, including 20% growth in emerging markets and 58% growth in eurobonds[3] - Portfolio Trading Channel: Total portfolio trading ADV increased by 20% to $1 4 billion, with U S credit portfolio trading ADV reaching a record $1 1 billion, representing a 16% increase, with U S high-yield estimated market share of 22 6%[3] - Dealer-Initiated Channel: Dealer-initiated ADV increased by 18%[3] Expense & Capital Management - Expenses increased by 3%[5] - Total cash, cash equivalents, corporate bond and U S Treasury investments amounted to $631 million as of September 30, 2025[5] - The company repurchased 595K shares for $120 million year-to-date through October 2025, including 239K shares repurchased in 3Q25 for $45 million[5] Global Credit Trading - Growth in global credit trading volume by client location shows a 4% increase in U S Credit Products and a 14% increase in Other Credit Products[14] - North America accounts for 64% and Rest of World for 36% of global credit trading volume by client location YTD 3Q 2025[15] New Initiatives Driving Growth - Client-Initiated Channel: Block Trading ADV grew by 23% to $332 billion[22] - Portfolio Trading Channel: Trading ADV increased by 50% to $1 719 billion[22] - Dealer-Initiated Channel: Trading ADV grew by 34% to $1 379 billion[22] - Automation: Total Credit Trading Volume increased by 19% to $1 090 billion[22]