MarketAxess : Q4 2025 Earnings slides

4Q & FY 2025 Earnings Conference Call

February 6, 2026

Update on our strategy & business

• Chris Concannon, CEO

2

What we delivered in 2025¹

FINANCIAL PERFORMANCE OPERATIONAL UPDATE DISCIPLINED EXPENSE & CAPITAL MANAGEMENT

• Record revenue of $846 million; 10% growth in revenue outside U.S. credit

• Record total ADV, record commission revenue and record services revenue2

• $6.64 earnings per share; $7.39 per share, or 2% increase, excluding notable items3

• Record $347 million in free cash flow4generation

• 10% increase in total credit ADV, 16% growth in credit ADV outside U.S. credit; 15% growth in total rates ADV

• Strong progress with our new initiatives across our three strategic channels:

  ‒ Client-Initiated Channel: 24% growth in block trading ADV to a record $5 billion, including 18% growth in U.S. credit

  (record), 27% growth in emerging markets5 (record) and 66% growth in eurobonds6

  ‒ Portfolio Trading Channel: 48% increase in total portfolio trading ADV to record $1.4 billion with record U.S. credit portfolio trading ADV of $1.1 billion, representing an increase of 43%; Record U.S. credit portfolio trading market share of 19%7represented an increase of 270 basis points

  ‒ Dealer-Initiated Channel: 33% increase in dealer-initiated ADV to $1.7 billion, including 29% increase in dealer RFQ ADV

  and a 102% increase in Mid-X ADV with the launch of the Mid-X protocol in the U.S. in September 2025

  • 6% increase in expenses; 5% growth excluding notable items3

  • Total cash, cash equivalents, corporate bond and U.S. Treasury investments of $679 million as of December 31, 2025

  • $474 million returned to investors in 2025 through share repurchases ($360 million) and dividends ($114 million)

  • Repurchased approximately 2.0 million shares for $360 million in 2025, consisting of 595K shares in open market repurchases for $120 million, and approximately 1.4 million shares for $240 million with the commencement of our $300 million accelerated stock repurchase program ("ASR").

  • ASR completed in early February 2026, with final delivery of 360K shares, bringing total shares retired to 1.7 million.

1. All period comparisons are FY 2025 vs. FY 2024 unless otherwise noted. FY 2025 revenues include a $5 million increase and FY 2025 expenses include a $4 million increase, both due to foreign currency fluctuations compared to FY 2024. Refer to "Non-GAAP financial measures and other

   items" for a discussion of these non-GAAP financial measures as well as "Constant currency FX impacts" in the appendix of this presentation.

2. Services revenue consists of information services revenue, post-trade revenue and technology services revenue, combined.

3. From time to time, we present certain GAAP-basis financial results, excluding notable items. These measures are non-GAAP financial measures. Refer to "Non-GAAP financial measures and other items" for a discussion of these non-GAAP financial measures as well as "Reconciliation of certain

   
   
   

   GAAP-basis financial results, excluding notable items" in the appendix of this presentation.

   3

4. FY 2025 free cash flow is a non-GAAP metric; FY 2025 net cash provided by operating activities of ~$382 million represents the closest comparable GAAP metric. Please refer to "Non-GAAP financial measures and other items" for a discussion of these non-GAAP financial measures as well as

   "Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow" in the appendix of this presentation.

5. Emerging markets block trading consists of hard currency block trades defined as notional trade sizes ≥ $3M and local markets block trades defined as notional trade sizes ≥ $5M.

6. Eurobonds block trading defined as notional trade sizes ≥ $5M.

7. Includes impact of single-dealer portfolio trades.

   Continued strong growth across most of our key performance indicators ("KPIs")

   Key Performance Indicators		FY 2025		FY 2024	YoY Growth
   Client-Initiated1
   Notional Trading / ADV	Record U.S. Credit ADV		$8.7B	$8.2B	+6%
   	Record Intl. Product Trading ADV (EM & Eurobonds) Record EM Local Markets ADV Record Municipal Bond ADV		$6.3B $2.2B $616M	$5.4B $1.9B $535M	+16% +17% +15%
   	Record Auto-X Trading Volume		$436B	$378B	+15%
   	Record Open Trading ADV		$4.8B	$4.2B	+15%
   	U.S. Credit Estimated Market Share (U.S. High-Grade and U.S. High-Yield)2		17.7%	18.1%	(40) Bps
   	U.S. High-Grade Estimated Block Market Share (defined as trade sizes ≥ $5 million)		11.3%	10.9%	+40 Bps
   Client #	Record Auto-X Active Client Firms		261	245	+6%
   	Record Client Firms Enabled for Algos		153	75	~2x Growth
   Portfolio Trading2
   	Record Total Portfolio Trading ADV		$1.4B	$953M	+48%
   	Record U.S. Credit Portfolio Trading ADV		$1.1B	$781M	+43%
   	Record U.S. Credit Portfolio Trading Market Share3		19.0%	16.3%	+270 Bps
   Dealer-Initiated
   	Record Dealer-Initiated ADV (DRFQ & Mid-X)		$1.7B	$1.3B	+33%

   
   
   

   Share

   1. Client-initiated KPIs may include some portfolio trading and dealer-initiated activity. Client-initiated volumes account for ~90% of MKTX's platform credit activity.

      4

   2. Includes impact of single-dealer portfolio trades. Single-dealer activity is excluded from reported total credit trade volumes and FPM.

   3. Due to variances in how portfolio trading market participants utilized the portfolio trading TRACE "flag," the Company previously used its own internal methodology for calculating portfolio trading as an estimated percentage of TRACE volume and the Company's estimated market share. Starting in June 2024, the Company utilized the portfolio trading TRACE "flag" in its reported portfolio trading TRACE volume and the Company's portfolio trading estimated market share.

Record levels of credit and rates ADV

(in $ millions)

RECORD MKTX TOTAL CREDIT ADV U.S. High-Grade U.S. High-Yield Emerging Markets

Eurobonds Municipals

RECORD MKTX U.S. GOVERNMENT BONDS ADV

+10%

$15,643

$14,173

+15%

+20%

+14%

13%

+5%

+15%

$25,390

$22,044

2024 2025

2024 2025

Optimizing trade execution and client workflow in key products & protocols

Focusing on three (3) strategic channels,

we are targeting growth across:

Client-Initiated

• High-touch: block trading solutions for larger trades across U.S. credit, EM, eurobonds.

• Low-touch: continued focus on automation targeting smaller/rule-based trades.

• Differentiated data: leverage enhanced PT analytics in RFQ.

• UI: optimization of X-Pro interface for U.S. credit market; pilot for RFQ in Europe ongoing.

  • Global portfolio trading/UI: continued integration of global PT offering (for EM and

• Core U.S. credit

• EM & eurobonds

• Municipal bonds

Portfolio Trading

eurobonds) into X-Pro.

• Differentiated data: continued focus on pre-trade analytics enhancements.

  • Rates

Dealer- Initiated

• Dealer RFQ/UI: enhancement of Dealer RFQ protocol via integration of automation solutions & continued X-Pro workflow developments.

• Matching sessions: build momentum in new Mid-X matching protocol in U.S. credit.

CLIENT-INITIATED CHANNEL - Record Block Trading1ADV

PORTFOLIO TRADING CHANNEL2- Record Trading ADV

U.S. Credit Emerging Markets Eurobonds U.S. Credit Other Credit Est. U.S. Credit PT Market Share

$3,953M

$259M

$1,264M

GROWTH

24%

66%

$2,430M

27%

18%

$4,912M

$1,607M

$430M

$953M

GROWTH

48%

16.3%

$781

$172

68%

43%

$1,406M

$289

19.0%

$1,117

$2,876M

FY 2024 FY 2025

FY 2024 FY 2025

DEALER-INITIATED CHANNEL3- Record Trading ADV

AUTOMATION4- Record Total Credit Trading Volume

U.S. Credit Other Credit

$1,084

$644

$1,728M

$436B

$1,294M

GROWTH

33%

$842

$452

42%

29%

$378B

GROWTH

19%

FY 2024 FY 2025

FY 2024 FY 2025

1. Block trading ADV includes U.S. credit, defined as U.S. high-grade and U.S. high-yield, emerging markets and eurobonds. U.S. high-grade block trading defined as notional trade sizes ≥ $5M, U.S. high yield block trading defined as notional trade sizes ≥ $1M, emerging markets block

   trading consists of hard currency block trades defined as notional trade, sizes ≥ $3M and local markets block trades defined as notional trade sizes ≥ $5M, and eurobonds block trading defined as notional trade sizes ≥ $5M.

2. Total Portfolio trading ADV includes single-dealer (liquidity taker directs the request for price to only one dealer) and in-competition (liquidity taker directs the request for price to multiple dealers) trading volume. U.S. credit portfolio trading ADV includes U.S. high-grade and U.S. 7

Over 50% of all trade tickets executed by our top-25 clients are through automation

% INCREASE IN TOP-25 CLIENT ACTIVITY¹ FY 2025 vs. FY 2024

Block Trading Volume

Blocks

+25%

+18%

Automation Block Trading Volume

Portfolio Trading Volume

+85%

+47%

Trading Volume Through X-Pro

+79%

+26%

Automation Trading Volume

Trade Count Through X-Pro

Average Size of Portfolio Trades

X-Pro

Portfolio Trading

Automation

+126%

1H 2025

ESTIMATED MARKET SHARE1

15%

+800 bps

2H 2025

ESTIMATED MARKET SHARE1

23%

23%

22.6% 22.8%

18.2%

15%

13.1%

1Q25 2Q25 3Q25 4Q25

ESTIMATED TOTAL ADDRESSABLE MARKET - 2022 vs. 2025¹

2022 MarketAxess ADV

2022 Total Estimated Addressable Market ADV

2025 MarketAxess ADV

2025 Total Estimated Addressable Market ADV

$25.7B

$39.0B

$1.7B $9.5B

$1.5B $12.2B

$2.8B

$3.9B

$1.5B

$2.4B

$379M $8.8B

$10.5B

$691.0B

$25.4B

$116B

$163B

$396M

$233M

$21.5B

$616M

$7.2B

$5.5B

U.S. High-Grade

U.S. High-Yield

Emerging Markets

Eurobonds

Municipals

U.S. Treasuries

European Gov't Bonds

$1,044B

1. Source: Market ADV calculated using the most recently available market data for TRACE, Emerging Markets Trade Association, Municipal Securities Rulemaking Board, Loan Syndications and Trading Association, JPMorgan