MKTX MarketAxess Holdings Inc.

Four shareholder votes Thursday: $MKTX, $DV, and $TCBK and $FHB voting on the same deal from opposite sides. Vote days cluster because proxy timelines do, not because anyone planned it that way.

$MKTX is ranked #16 in financial services balanced. I used Stock Meadow’s scoring model to review the scores. What do you think?

$MKTX Q3 revenue was 210.4 million dollars, up just 1%, even though total trading ADV rose 13%. Block ADV was up 21% and portfolio trading ADV up 37%, but total credit fee per million fell 9%, so commission revenue stayed flat at 179.9 million dollars. GAAP EPS was 1.53 dollars, 1.86 dollars excluding notable items. The gap is mostly 13.1 million dollars of ICE merger costs, and operating margin excluding items actually ticked up 60 basis points to 41.6%. DOJ and FTC granted early HSR termination on October 21 for the 167 dollar a share ICE cash deal. Stockholder approval and the remaining regulatory approvals are still pending.

$MKTX Q3 '26 Earnings Results & Recap • Reported GAAP EPS of $1.86 up 1.09% YoY • Reported revenue of $210.41M up 0.76% YoY