MarketAxess (NASDAQ:MKTX) Misses Revenue Outlook, EPS Beats Estimate

MarketAxess (NASDAQ:MKTX) reported Q4 CY2025 revenue of $209.4 million, 3.5% higher than the prior-year period, but below Wall Street’s revenue forecast. Non-GAAP profit of $1.68 per share exceeded analysts’ estimate by 2.4%. Sales growth of 3.5% YoY contrasts with a 4.2% CAGR over the past five years and 6% over the past two, both below the firm’s financials-sector benchmark. The stock closed flat at $162.82 following the earnings release. The company, a leader in electronic bond trading since 2000, posted an outlier in the most recent quarter due to outsized investment gains/losses, not indicative of recurring operations.