MarketAxess

Q2 FY2026 EarningsQ2 FY26 performance was mixed compared to consensus: revenue of $218.4M slightly beat the $216.7M expectation (+0.79%), while GAAP EPS of $1.93 significantly exceeded the $1.84 mean estimate (+4.89%). Operating income of $89.9M also outperformed the $84.9M consensus (+5.89%), driven by a $3.1M YoY reduction in compensation and benefits. Despite the top-line beat, a 6.5% YoY decline in credit fees per million remains a headwind. Notably, the company entered into a definitive merger agreement with Intercontinental Exchange (ICE) at $167.00 per share on July 29, 2026.