---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-25-114350"
form_type: "8-K"
ticker: "MKTX"
cik: "0001278021"
company_name: "MARKETAXESS HOLDINGS INC"
filed_at: "2025-05-07T23:59:59+00:00"
generated_at: "2026-05-22T07:13:31.656490+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001193125-25-114350
- form_type: 8-K
- ticker: MKTX
- cik: 0001278021
- company_name: MARKETAXESS HOLDINGS INC
- filed_at: 2025-05-07T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1278021/000119312525114350/0001193125-25-114350-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1278021/000119312525114350/d783694d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-25-114350
- JSON: https://secwatch.observer/filing/0001193125-25-114350.json
- Plain text: https://secwatch.observer/filing/0001193125-25-114350.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.