# EDGAR Filing Document

**Accession Number:** 0001278021
**File Stem:** 0001193125-25-311939
**Filing Date:** 2025-12
**Character Count:** 20401
**Document Hash:** 720078c67073fd781678ae823796e288
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-311939.hdr.sgml**: 20251209

**ACCESSION NUMBER**: 0001193125-25-311939

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 12

**CONFORMED PERIOD OF REPORT**: 20251209

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251209

**DATE AS OF CHANGE**: 20251209

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MARKETAXESS HOLDINGS INC
- **CENTRAL INDEX KEY:** 0001278021
- **STANDARD INDUSTRIAL CLASSIFICATION:** SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211]
- **ORGANIZATION NAME:** 09 Crypto Assets
- **EIN:** 522230784
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-34091
- **FILM NUMBER:** 251557627

**BUSINESS ADDRESS:**
- **STREET 1:** 55 HUDSON YARDS, 15TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10001
- **BUSINESS PHONE:** 212-831-6000

**MAIL ADDRESS:**
- **STREET 1:** 55 HUDSON YARDS, 15TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10001

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MARKETAXESS HOLDING INC
- **DATE OF NAME CHANGE:** 20040129

?xml version='1.0' encoding='ASCII'? 8-K

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549**

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## FORM 8-K

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**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported):** December 09, 2025<br>

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MARKETAXESS HOLDINGS INC.

**(Exact name of Registrant as Specified in Its Charter)**

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| | | |
|:---|:---|:---|
| Delaware | 001-34091 | 52-2230784 |
| **(State or Other Jurisdiction<br>of Incorporation)** | **(Commission File Number)** | **(IRS Employer<br>Identification No.)** |
| 55 Hudson Yards<br>15th Floor |  |  |
| New York**,** New York |  | 10001 |
| **(Address of Principal Executive Offices)** |  | **(Zip Code)** |

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**Registrant's Telephone Number, Including Area Code:** (212) 813-6000<br>

**(Former Name or Former Address, if Changed Since Last Report)**

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

**Securities registered pursuant to Section 12(b) of the Act:**

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| | | |
|:---|:---|:---|
| **<br>Title of each class** | **Trading<br>Symbol(s)** | **<br>Name of each exchange on which registered** |
| Common Stock, $0.003 par value | MKTX | Nasdaq Global Select Market |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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## Item 7.01 Regulation FD Disclosure.
On December 9, 2025, MarketAxess Holdings Inc. (the "Company") issued a press release announcing the Company's medium-term financial targets, an increase in its share repurchase authorization and its intention to enter into an accelerated stock repurchase. A copy of this press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

The information included in this Current Report on Form 8-K (including Exhibit 99.1 hereto) that is furnished pursuant to this Item 7.01 shall not be deemed to be "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended. In addition, the information included in this Current Report on Form 8-K (including Exhibit 99.1 hereto) that is furnished pursuant to this Item 7.01 shall not be incorporated by reference into any filing of the Registrant, whether made before or after the date hereof, regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference into such filing.

## Item 9.01 Financial Statements and Exhibits.
(d) Exhibits:

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| | |
|:---|:---|
| 99.1 | [<u>Press Release issued by MarketAxess Holdings Inc. on December 9, 2025</u>](mktx-ex99_1.htm). |
| 104 | Cover Page Interactive File (the cover page tags are embedded within the Inline XBRL document). |

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | | |
|:---|:---|:---|:---|
|  |  |  | MARKETAXESS HOLDINGS INC. |
| Date: | December 9, 2025 | By:  | /s/ Ilene Fiszel Bieler |
|  |  |  | Name: Ilene Fiszel Bieler<br>Title: Chief Financial Officer |

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## Exhibit 99.1

![img55615363_0.jpg](img55615363_0.jpg)

**Exhibit 99.1**

**MarketAxess Announces Medium-Term Financial Targets**<sup>1</sup>

**Increases Stock Repurchase Authorization to $505 million**

**Intends to Effect an Accelerated Stock Repurchase**

***Actions Reflect Board's Confidence in Long-Term Strategy*** 

***and Commitment to Drive Stockholder Value Creation***

NEW YORK \| December 9, 2025 - MarketAxess Holdings Inc. (Nasdaq: MKTX), the operator of a leading electronic trading platform for fixed-income securities, today announced medium-term financial targets for the Company.

In conjunction with the new medium-term financial targets, the Company also announced that its Board of Directors has authorized the repurchase of up to **$400 million** of additional shares of MarketAxess common stock. The new authorization, combined with the **$105 million** remaining capacity under the Company's previously announced authorization, brings the total aggregate outstanding authorizations to **$505 million**.

With the new authorization, the Company plans to enter into an Accelerated Stock Repurchase ("ASR") Agreement with JPMorgan Chase Bank, National Association, to repurchase, in aggregate, **$300 million** of MarketAxess common stock. Following the completion of the ASR, it is expected that **$205 million** in the aggregate will remain on the Company's stock repurchase authorizations.

As previously announced, the Company will participate in the Goldman Sachs 2025 U.S. Financial Services Conference, including a fireside chat that is scheduled for today at 10 a.m. ET. The Company plans to discuss the medium-term targets, the stock repurchase authorization and the expected ASR during the fireside chat. The live webcast and replay for the fireside chat will be available on the events and presentations section of the MarketAxess Investor Relations homepage, https://investor.marketaxess.com/events-and-presentations. The presenters' slides for the fireside chat will be posted on the events and presentations section of the MarketAxess Investor Relations homepage.

**Medium-Term Financial Targets**

With our ongoing technology modernization and after a recent comprehensive review of the Company's strategic outlook by management and the Board of Directors, the Company is introducing the medium-term financial targets below. These targets represent average annual growth rates for the period 2026-2028 on a constant currency basis and assume a constant business portfolio. These targets are also based on minimum average annual composite credit<sup>2</sup> market ADV growth of approximately **6%**, and minimum average annual U.S. government bond TRACE market ADV growth of approximately **5%**.

&nbsp;&nbsp;**8% – 9% avg. annual total revenue growth**<sup>3</sup> <br>**Avg. 75 – 125 bps / year increase in operating margin**<sup>3</sup><br>

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**Stock Repurchase Authorization and ASR**

MarketAxess expects to enter into a **$300 million** ASR agreement with JPMorgan Chase Bank, National Association, in the near term. It is expected that approximately **$240 million** worth of shares will be delivered to the Company at the onset of the transaction and any remaining purchased shares will be delivered to the Company upon the final settlement of the transaction in the first quarter of 2026. The remaining **$205 million** stock repurchase authorization will be available at the Company's discretion to repurchase MarketAxess common stock in the open market or in privately negotiated transactions from time to time based on market and other conditions.

The ASR will be funded by **$80 million** in cash on hand and **$220 million** in borrowings under the Company's revolving credit facility. As of September 30, 2025, and on a trailing twelve-month basis, MarketAxess generated **$400 million** in net cash provided by operating activities and **$385 million** of free cash flow.<sup>4</sup>

Year-to-date 2025, the Company has returned to stockholders approximately **$120 million** in stock repurchases and **$86 million** in dividends.

<sup>1</sup>Medium-term defined as 3-years. Targets are average annual growth rates for the period 2026-2028.

<sup>2</sup>Composite credit products include U.S. high-grade, U.S. high-yield, emerging markets and eurobonds.

<sup>3</sup> Assumes constant currency, excluding the impact of business portfolio changes and excluding impact of notable items. From time to time, we present certain GAAP-basis financial results, excluding notable items. These measures are non-GAAP financial measures. Refer to "Non-GAAP financial measures and other items" for a discussion of these non-GAAP financial measures.

<sup>4</sup> Free cash flow is a non-GAAP financial measure. Refer to "Non-GAAP financial measures and other items" for a discussion of these non-GAAP financial measures and Table 1 for a reconciliation of these non-GAAP financial measures to their most directly comparable GAAP measures.

**Access Details for Webcast & Presenters' Slides**

As previously announced, Mr. Concannon and Ms. Fiszel Bieler will participate in the fireside chat at 10:00 a.m. ET at the Goldman Sachs 2025 U.S. Financial Services Conference. The Company plans to discuss the medium-term targets, the stock repurchase authorization and the expected ASR during the fireside chat. The live webcast and replay for the fireside chat will be available on the events and presentations section of the MarketAxess Investor Relations homepage, https://investor.marketaxess.com/events-and-presentations. The presenters' slides for the fireside chat will be posted on the events and presentations section of the MarketAxess Investor Relations homepage.

**Non-GAAP financial measures and other items**

To supplement the Company's unaudited financial statements presented in accordance with generally accepted accounting principles ("GAAP"), from time-to-time, the Company uses certain non-GAAP financial measures, including earnings before interest, taxes, depreciation and amortization ("EBITDA"), EBITDA margin and free cash flow. From time to time, we present selected GAAP-basis financial results, excluding notable items. Notable items are revenues, expenses, other income (expense) and tax related items that are non-recurring and outside of the Company's normal course of business or other notables, such as acquisition and restructuring charges or gains/losses on sales (collectively, "notable items"). We define EBITDA margin as EBITDA divided by revenues. We define free cash flow as net cash provided by/(used in) operating activities excluding the net change in trading investments and net change in securities failed-to-deliver and securities failed-to-receive from broker-dealers, clearing organizations and customers, less expenditures for furniture, equipment and leasehold improvements and capitalized software development costs. Non-GAAP financial measures should be considered in addition to, not as a substitute for or superior to, financial measures determined in conformity with GAAP. The Company believes that these non-GAAP financial measures, when taken into consideration with the corresponding GAAP financial measures, provide additional information regarding the Company's operating results because they assist both investors and management in analyzing and evaluating the performance of our business. Please refer to Table 1 for a reconciliation of GAAP net cash provided by operating activities to free cash flow. The Company does not reconcile its forward-looking non-GAAP financial measures, including the medium term financial targets, to the corresponding U.S. GAAP measures, due to variability and difficulty in making accurate forecasts and projections and/or certain information not being ascertainable or accessible; and because not all of the information, such as foreign currency impacts necessary for a quantitative reconciliation of these forward-looking non-GAAP financial measures to the most directly comparable U.S. GAAP financial measure, is available to the Company without unreasonable efforts. For the same reasons, the Company is unable to address the probable significance of the unavailable information. The Company provides non-GAAP financial measures that it believes will be achieved, however it cannot accurately predict all of the components of the adjusted calculations and the U.S. GAAP measures may be materially different than the non-GAAP measures.

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**Cautionary Note Regarding Forward-Looking Statements**

This press release may contain forward-looking statements, including statements about the outlook and prospects for the Company, market conditions and industry growth, as well as statements about the Company's future financial and operating performance, medium term financial targets, our confidence in our long-term strategy and stockholder value creation and our plan to enter into the ASR, including the timing, manner and benefits of the ASR. These and other statements that relate to future results and events are based on MarketAxess' current expectations. The Company's actual results in future periods may differ materially from those currently expected or desired because of a number of risks and uncertainties, including: global economic, political and market factors; the level of trading volume transacted on the MarketAxess platform; the rapidly evolving nature of the electronic financial services industry; the level and intensity of competition in the fixed-income electronic trading industry and the pricing pressures that may result; the variability of our growth rate; our ability to introduce new fee plans and our clients' response; our ability to attract clients or adapt our technology and marketing strategy to new markets; risks related to our growing international operations; our dependence on our broker-dealer clients; the loss of any of our significant institutional investor clients; our exposure to risks resulting from non-performance by counterparties to transactions executed between our clients in which we act as an intermediary in matched principal trades; risks related to self-clearing; risks related to sanctions levied against states or individuals that could expose us to operational or regulatory risks; the effect of rapid market or technological changes on us and the users of our technology; issues related to the development and use of artificial intelligence; our dependence on third-party suppliers for key products and services; our ability to successfully maintain the integrity of our trading platform and our response to system failures, capacity constraints and business interruptions; the occurrence of design defects, errors, failures or delays with our platforms, products or services; our vulnerability to malicious cyber-attacks and attempted cybersecurity breaches; our actual or perceived failure to comply with privacy and data protection laws; our ability to protect our intellectual property rights or technology and defend against intellectual property infringement or other claims; our use of open-source software; our ability to enter into strategic alliances and to acquire other businesses and successfully integrate them with our business; our dependence on our management team and our ability to attract and retain talent; limitations on our flexibility because we operate in a highly regulated industry; the increasing government regulation of us and our clients; risks related to the divergence of U.K. and European Union legal and regulatory requirements following the U.K.'s exit from the European Union; our exposure to costs and penalties related to our extensive regulation; our risks of litigation and securities laws liability; our tax filing positions; the effects of climate change or other sustainability risks that could affect our operations or reputation; our future capital needs and our ability to obtain capital when needed; limitations on our operating flexibility contained in our credit agreement; our exposure to financial institutions by holding cash in excess of federally insured limits; and other factors. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. More information about these and other factors affecting MarketAxess' business and prospects is contained in MarketAxess' periodic filings with the Securities and Exchange Commission and can be accessed at <u>www.marketaxess.com</u>.

**About MarketAxess**

MarketAxess (Nasdaq: MKTX) operates a leading electronic trading platform that delivers greater trading efficiency, a diversified pool of liquidity and significant cost savings to institutional investors and broker-dealers across the global fixed-income markets. Approximately 2,100 firms leverage MarketAxess' patented technology to efficiently trade fixed-income securities. Our automated and algorithmic trading solutions, combined with our integrated and actionable data offerings, help our clients make faster, better-informed decisions on when and how to trade on our platform. MarketAxess' award-winning Open Trading® marketplace is widely regarded as the preferred all-to-all trading solution in the global credit markets. Founded in 2000, MarketAxess connects a robust network of market participants through an advanced full trading lifecycle solution that includes automated trading solutions, intelligent data and index products and a range of post-trade services. Learn more at <u>www.marketaxess.com</u> and on X <u>@MarketAxess</u>.

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| | |
|:---|:---|
| **Contacts** |  |
| <br>**INVESTOR RELATIONS** | <br>**MEDIA RELATIONS** |
| **Stephen Davidson**<br>MarketAxess Holdings Inc.<br>+1 212 813 6313<br><u>sdavidson2@marketaxess.com</u>  | **Marisha Mistry**<br>MarketAxess Holdings Inc.<br>+1 917 267 1232<br><u>mmistry@marketaxess.com</u>  |

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**Table 1: Reconciliation of Trailing Twelve-Month Net Cash Provided by Operating Activities to Free Cash Flow**

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| | | | |
|:---|:---|:---|:---|
|  | **3Q25** | **2Q25** | **3Q24** |
|  | **(in thousands)** | **(in thousands)** | **(in thousands)** |
| **Net cash provided by operating activities** | $**399755** | $**404680** | $**350674** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exclude: Net change in trading investments | 198 | 718 | 1577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exclude: Net change in fail-to-deliver/receive from broker-<br> dealers, clearing organizations and customers | 38957 | 7197 | 16361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Purchases of furniture, equipment and leasehold <br> improvements | (4847) | (4186) | (11798) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Capitalization of software development costs | (48868) | (48705) | (47110) |
| **Free cash flow** | $**385195** | $**359704** | $**309704** |

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