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MarketAxess Q2 Sneak Peek: A Trillion-Dollar Quarter, But ADV Slips
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Key Takeaways
MKTX handled more than $1.04T in Q2 credit trading volume, even as total ADV declined 11% year over year.
MKTX saw growth in Emerging Markets, portfolio trading and record Mid-X volume offset weaker U.S. rates.
MarketAxess' U.S. credit portfolio trading market share rose to 20.6% as Q2 EPS is projected to decline.
MarketAxess Holdings Inc. (MKTX - Free Report) recently announced that in the second quarter of 2026, it recorded a total trading average daily volume (ADV) of $43.6 billion, an 11% year-over-year decrease. Nevertheless, its electronic trading platform facilitated more than $1.04 trillion in total credit trading volume in the quarter, increasing 1% year over year.
Growth in Emerging markets (+12%) and Agencies and Other Government Bond Rates (+84%) supported the total volume, offset by declines in U.S. Government Bond Rates (-22%), High-grade (-4%) and High-yield (-8%). Eurobonds markets saw a 1% increase in ADV from the year-ago period.
Total credit average variable transaction fees per million (“FPM”) declined 7% year over year in the quarter due to product and protocol mix and lower duration in U.S. high-grade, while the same for total rates jumped 24% year over year due to protocol mix. The number of trading days in the United States and the U.K. were 62 and 61, respectively, in the second quarter. Its estimated market share of U.S. credit portfolio trading came at 20.6%, rising from 17.5% a year ago.
The second quarter figures indicate 33% rise in total portfolio trading ADV to $2 billion, but Dealer-initiated ADV of $1.7 billion fell 3% year over year. It also announced that total Mid-X trading volume surged 156% to a record $23.6 billion.
Where Do Q2 Estimates Stand?
The Zacks Consensus Estimate for MarketAxess’ second-quarter earnings is pegged at $1.90 per share, which indicates a 5% year-over-year decrease. The consensus mark for revenues stands at $220.43 million, suggesting a 0.4% year-over-year increase. Notably, the company has surpassed earnings estimates in each of the past four quarters, with an average surprise of 4.5%.
MarketAxess Holdings Inc. Price, Consensus and EPS Surprise
The Zacks Consensus Estimate for Cboe Global’s current-year earnings is pegged at $13.36 per share, signaling 25.2% year-over-year increase. CBOE beat earnings estimates in each of the past four quarters, with an average surprise of 5.4%. The consensus mark for its current-year revenues is pegged at $2.75 billion, a 13.1% jump from a year ago.
The Zacks Consensus Estimate for Nasdaq’s 2026 earnings indicates 11.2% year-over-year growth. During the past month, NDAQ has witnessed one upward estimate revision against none in the opposite direction. It beat earnings estimates in each of the past four quarters, with an average surprise of 4.9%.
The Zacks Consensus Estimate for Chime Financial’s current-year earnings suggests a 107% year-over-year improvement. During the past 60 days, CHYM has witnessed two upward estimate revisions against none in the opposite direction. The consensus mark for current-year revenues suggests a 22.6% jump from a year ago.
View the Zacks #1 Rank List
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MarketAxess Q2 Sneak Peek: A Trillion-Dollar Quarter, But ADV Slips
Key Takeaways
MarketAxess Holdings Inc. (MKTX - Free Report) recently announced that in the second quarter of 2026, it recorded a total trading average daily volume (ADV) of $43.6 billion, an 11% year-over-year decrease. Nevertheless, its electronic trading platform facilitated more than $1.04 trillion in total credit trading volume in the quarter, increasing 1% year over year.
Growth in Emerging markets (+12%) and Agencies and Other Government Bond Rates (+84%) supported the total volume, offset by declines in U.S. Government Bond Rates (-22%), High-grade (-4%) and High-yield (-8%). Eurobonds markets saw a 1% increase in ADV from the year-ago period.
Total credit average variable transaction fees per million (“FPM”) declined 7% year over year in the quarter due to product and protocol mix and lower duration in U.S. high-grade, while the same for total rates jumped 24% year over year due to protocol mix. The number of trading days in the United States and the U.K. were 62 and 61, respectively, in the second quarter. Its estimated market share of U.S. credit portfolio trading came at 20.6%, rising from 17.5% a year ago.
The second quarter figures indicate 33% rise in total portfolio trading ADV to $2 billion, but Dealer-initiated ADV of $1.7 billion fell 3% year over year. It also announced that total Mid-X trading volume surged 156% to a record $23.6 billion.
Where Do Q2 Estimates Stand?
The Zacks Consensus Estimate for MarketAxess’ second-quarter earnings is pegged at $1.90 per share, which indicates a 5% year-over-year decrease. The consensus mark for revenues stands at $220.43 million, suggesting a 0.4% year-over-year increase. Notably, the company has surpassed earnings estimates in each of the past four quarters, with an average surprise of 4.5%.
MarketAxess Holdings Inc. Price, Consensus and EPS Surprise
MarketAxess Holdings Inc. price-consensus-eps-surprise-chart | MarketAxess Holdings Inc. Quote
Zacks Rank & Key Picks
MarketAxess currently has a Zacks Rank #4 (Sell).
Some better-ranked stocks in the broader Finance space are Cboe Global Markets, Inc. (CBOE - Free Report) , Nasdaq, Inc. (NDAQ - Free Report) and Chime Financial, Inc. (CHYM - Free Report) , each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The Zacks Consensus Estimate for Cboe Global’s current-year earnings is pegged at $13.36 per share, signaling 25.2% year-over-year increase. CBOE beat earnings estimates in each of the past four quarters, with an average surprise of 5.4%. The consensus mark for its current-year revenues is pegged at $2.75 billion, a 13.1% jump from a year ago.
The Zacks Consensus Estimate for Nasdaq’s 2026 earnings indicates 11.2% year-over-year growth. During the past month, NDAQ has witnessed one upward estimate revision against none in the opposite direction. It beat earnings estimates in each of the past four quarters, with an average surprise of 4.9%.
The Zacks Consensus Estimate for Chime Financial’s current-year earnings suggests a 107% year-over-year improvement. During the past 60 days, CHYM has witnessed two upward estimate revisions against none in the opposite direction. The consensus mark for current-year revenues suggests a 22.6% jump from a year ago.