MarketAxess sets 8-9% annual revenue growth target, boosts buyback to $505M, plans $300M ASR

MARKETAXESS HOLDINGS INC

Medium-term targets (2026-2028): avg annual total revenue growth 8-9%; operating margin +75-125 bps/year.
Board authorized $400M new stock repurchase; total outstanding authorization now $505M.
Plans $300M accelerated stock repurchase (ASR) with JPMorgan; ~$240M shares at onset, final settlement Q1 2026.
ASR funded by $80M cash and $220M revolver borrowings; trailing 12-month free cash flow $385M.
YTD 2025 returned ~$120M in buybacks and $86M in dividends.

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