MarketAxess Q1 GAAP EPS $0.40 on $54.9M tax reserve; adjusted EPS $1.87

MARKETAXESS HOLDINGS INC

2025-Q1 EPS reported $0.40 revenue$208,576,000

GAAP net income $15.1M ($0.40 EPS) vs $73M a year ago; adjusted EPS $1.87 excluding $54.9M tax reserve.
Total revenues $208.6M (-1% YoY); credit commissions $169.1M (-3%); record services revenue $27.2M (+7%).
Record total ADV: Open Trading $4.8B (+8%), portfolio trading $1.3B (+78%), EM/eurobond block trading +22%/+68%.
Effective tax rate 84.3% due to reserve; FY2025 GAAP tax rate guided to 41-42% (prior 23.5-24.5%).
Board declared $0.76/share quarterly dividend payable June 4, 2025 to holders of record May 21, 2025.

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