MarketAxess Holdings (MKTX) Tops Q2 EPS by 8c, Revenues Beat

MarketAxess Holdings (NASDAQ: MKTX) reported Q2 EPS of $2.20, $0.08 better than the analyst estimate of $2.12. Revenue for the quarter came in at $184.8 million versus the consensus estimate of $181.29 million.

Second Quarter Financial Highlights*

• Record revenues of $184.8 million, up 47%
• Record operating income of $104.1 million, up 71%
• Record operating margin of 56.4%, up from 48.5%
• Record diluted EPS of $2.20, up 73% from $1.27
• Record estimated U.S. high-grade and high-yield market share of 21.5% and 14.0%, respectively
• Record credit trading volume of $741.8 billion, up 44%
• Record Open TradingTM volume of $243.8 billion, up 87%

“Record corporate bond new issuance and elevated credit spread volatility led to record corporate bond market volumes in the second quarter,” said Rick McVey, Chairman and CEO of MarketAxess. “Institutional investors and dealers both leaned into our Open Trading marketplace to meet their trading and liquidity needs, driving record estimated market share for both high-grade and high-yield bonds on the system. Estimated transaction cost savings delivered back to our clients reached an all-time high, with client savings exceeding company revenue for the second quarter in a row. We are encouraged by the breadth of volume and market share gains across all credit products and geographic regions, leading to robust revenue and earnings growth. Accelerating market share gains, record active clients, and growing product diversification all position the company well for future growth.”

For earnings history and earnings-related data on MarketAxess Holdings (MKTX) click here.

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