Strong Revenue Growth:
Results show record full‑year 2025 revenue and a double‑digit year‑over‑year increase in Q1 2026 revenue, with operating income also higher in the quarter. Commissions and services rose across data, post‑trade, and technology services, supporting the top line.
Diversified Revenue Streams:
Disclosures indicate growth across commissions, data/information services, post‑trade, and technology services, with 2026 services revenue guided to mid‑single‑digit growth. Revenue outside U.S. credit and in rates, emerging markets, and eurobonds is increasing, reducing reliance on any single category.
Product Line Growth:
Trading protocols such as block and portfolio trading posted record average daily volumes and strong year‑over‑year gains. Dealer‑initiated activity and variable transaction fees increased alongside broader product adoption across credit and rates.
