MarketAxess Q1 2025 EPS falls to $0.40 on $54.9 million tax reserve; revenue down 1%
MarketAxess reported first-quarter 2025 revenue of $208.6 million, down 1% from a year earlier, and GAAP diluted EPS of $0.40, down from $1.92. The drop reflects a $54.9 million reserve for uncertain tax positions tied to prior periods, and the company raised its full-year 2025 GAAP effective tax rate guidance to 41.0% to 42.0%, which lowers expected earnings for shareholders. The company also declared a $0.76 quarterly dividend.
Key points
- Total revenues of $208.6 million, down 1% from $210.3 million in 1Q24; total credit commission revenue fell 3%.
- GAAP diluted EPS of $0.40 on net income of $15.1 million; EPS was $1.87 excluding the $54.9 million tax reserve, per the company's non-GAAP measure.
- Full-year 2025 GAAP effective tax rate guidance raised to 41.0% to 42.0% from 23.5% to 24.5%.
- Quarterly dividend of $0.76 per share, payable June 4, 2025 to holders of record on May 21, 2025.
The filing
Written by AI on Nov 8, 2026, 12:58 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on May 07, 2025.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.