Compared to Estimates, MarketAxess (MKTX) Q3 Earnings: A Look at Key Metrics

MarketAxess (MKTX) reported $208.82 million in revenue for the quarter ended September 2025, representing a year-over-year increase of 1%. EPS of $1.84 for the same period compares to $1.90 a year ago.

The reported revenue compares to the Zacks Consensus Estimate of $206.42 million, representing a surprise of +1.17%. The company delivered an EPS surprise of +8.88%, with the consensus EPS estimate being $1.69.

While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.

Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.

Here is how MarketAxess performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

• Average Variable Transaction Fee Per Million - Credit: $140.00 compared to the $138.60 average estimate based on five analysts.
• Average Daily Volume - Total: $38.83 billion versus $39.88 billion estimated by five analysts on average.
• Average Daily Volume - Total credit trading: $14.54 billion versus $14.72 billion estimated by five analysts on average.
• Average Daily Volume - Total rates trading: $24.3 billion compared to the $25.15 billion average estimate based on five analysts.
• Revenues- Commissions: $180.17 million compared to the $178.56 million average estimate based on five analysts. The reported number represents a change of -0.1% year over year.
• Revenues- Post-trade services: $11.29 million versus the five-analyst average estimate of $11.2 million. The reported number represents a year-over-year change of +8.8%.
• Revenues- Information services: $13.79 million compared to the $13.42 million average estimate based on five analysts. The reported number represents a change of +6.4% year over year.
• Revenues- Technology services: $3.57 million compared to the $3.52 million average estimate based on five analysts. The reported number represents a change of +19.8% year over year.
• Commissions- Variable transaction fees- Other: $8.59 million compared to the $8.04 million average estimate based on four analysts.
• Total commission revenue- Total variable transaction fees- Rates: $6.55 million compared to the $6.57 million average estimate based on four analysts. The reported number represents a change of -6.7% year over year.
• Total commission revenue- Total variable transaction fees- Credit: $130.81 million compared to the $130.02 million average estimate based on four analysts. The reported number represents a change of -3% year over year.
• Total commission revenue- Total fixed distribution fees: $34.22 million compared to the $33.82 million average estimate based on four analysts. The reported number represents a change of +1.7% year over year.

View all Key Company Metrics for MarketAxess here>>>

Shares of MarketAxess have returned -3.8% over the past month versus the Zacks S&P 500 composite's -0.2% change. The stock currently has a Zacks Rank #5 (Strong Sell), indicating that it could underperform the broader market in the near term.

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This article originally published on Zacks Investment Research (zacks.com).

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