MarketAxess reported third quarter 2026 revenue of $210.4 million, up 1% year-over-year, as record trading volumes were largely offset by lower fee capture in credit products. GAAP diluted EPS decreased to $1.53, primarily reflecting $13.1 million in pre-tax expenses related to the pending merger with Intercontinental Exchange.

Key Highlights

  • Total trading average daily volume (ADV) increased 13% YoY, with portfolio trading ADV surging 37% to $1.9 billion.
  • Total credit Fee Per Million (FPM) declined 9% to $127, driven by product mix and lower duration in U.S. high-grade bonds.
  • Information Services revenue grew 10% to $15.2 million, supported by net new contract revenue and strong distribution gains.
  • The company suspended financial guidance and monthly volume reports following the announcement of its pending acquisition by ICE.