MarketAxess Holdings (MKTX) announced medium-term financial targets. Average annual growth rates for the period 2026-2028 on a constant currency basis are: 8% - 9% average annual total revenue growth; and average 75 - 125 bps/year increase in operating margin.
In conjunction with the new medium-term financial targets, the company also announced that its Board 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 previously announced authorization, brings the total aggregate outstanding authorizations to $505 million.
With the new authorization, MarketAxess plans to enter into an Accelerated Stock Repurchase 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 stock repurchase authorizations.
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