Subtext

MarketAxess Holdings Inc. MKTX

SectorFinancials
Transcripts25
Date range2019-04-24 – 2025-05-07
Calls charted25

Sentiment timeline

Net Loughran-McDonald sentiment per call (×1000), earliest → latest.

-16-8+0+8+162019 Q12020 Q12021 Q12022 Q12023 Q12024 Q12025 Q12019 Q1 · Overall: +9.52019 Q2 · Overall: +11.42019 Q3 · Overall: +7.82019 Q4 · Overall: +7.92020 Q1 · Overall: +1.92020 Q2 · Overall: +3.22020 Q3 · Overall: +4.72020 Q4 · Overall: +8.52021 Q1 · Overall: +5.72021 Q2 · Overall: +5.82021 Q3 · Overall: +1.72021 Q4 · Overall: +4.42022 Q1 · Overall: +12.32022 Q2 · Overall: +12.22022 Q3 · Overall: +7.82022 Q4 · Overall: +12.92023 Q1 · Overall: +10.52023 Q2 · Overall: +7.52023 Q3 · Overall: +7.22023 Q4 · Overall: +8.72024 Q1 · Overall: +5.22024 Q2 · Overall: +14.22024 Q3 · Overall: +12.52024 Q4 · Overall: +8.72025 Q1 · Overall: +12.3
Overall

CEO vs CFO

Average sentiment of each executive's remarks per call. Divergence is a signal.

-28-14+0+14+282019 Q12020 Q12021 Q12022 Q12023 Q12024 Q12025 Q12019 Q1 · CEO: +14.32019 Q2 · CEO: +24.32019 Q3 · CEO: +14.22019 Q4 · CEO: +8.92020 Q1 · CEO: +3.92020 Q2 · CEO: +6.52020 Q3 · CEO: +13.72020 Q4 · CEO: +15.02021 Q1 · CEO: +13.62021 Q2 · CEO: +12.62021 Q3 · CEO: +6.62021 Q4 · CEO: +7.52022 Q1 · CEO: +15.22022 Q2 · CEO: +18.62022 Q3 · CEO: +13.72022 Q4 · CEO: +17.42023 Q1 · CEO: +10.72023 Q2 · CEO: +9.92023 Q3 · CEO: +10.72023 Q4 · CEO: +12.52024 Q1 · CEO: +11.12024 Q2 · CEO: +19.52024 Q3 · CEO: +16.72024 Q4 · CEO: +12.02025 Q1 · CEO: +15.92019 Q1 · CFO: +9.52019 Q2 · CFO: +8.32019 Q3 · CFO: -1.52019 Q4 · CFO: +5.12020 Q1 · CFO: +7.62020 Q2 · CFO: +1.02020 Q3 · CFO: -4.12020 Q4 · CFO: +5.32021 Q1 · CFO: -2.02021 Q2 · CFO: +1.22021 Q3 · CFO: +5.32021 Q4 · CFO: +9.12022 Q1 · CFO: +11.92022 Q2 · CFO: +14.82022 Q3 · CFO: +8.42022 Q4 · CFO: +14.42023 Q1 · CFO: +15.52023 Q2 · CFO: +10.12023 Q3 · CFO: +6.82024 Q2 · CFO: +10.32024 Q3 · CFO: +9.12024 Q4 · CFO: +3.42025 Q1 · CFO: +7.6
CEOCFO

Prepared remarks vs Q&A

Scripted tone vs unscripted answers. The gap is information.

-30-15+0+15+302019 Q12020 Q12021 Q12022 Q12023 Q12024 Q12025 Q12019 Q1 · Prepared remarks: +15.22019 Q2 · Prepared remarks: +17.72019 Q3 · Prepared remarks: +11.82019 Q4 · Prepared remarks: +11.42020 Q1 · Prepared remarks: +3.12020 Q2 · Prepared remarks: +6.22020 Q3 · Prepared remarks: +8.42020 Q4 · Prepared remarks: +9.12021 Q1 · Prepared remarks: +6.82021 Q2 · Prepared remarks: +3.42021 Q3 · Prepared remarks: +5.42021 Q4 · Prepared remarks: +9.72022 Q1 · Prepared remarks: +15.32022 Q2 · Prepared remarks: +22.92022 Q3 · Prepared remarks: +20.42022 Q4 · Prepared remarks: +23.22023 Q1 · Prepared remarks: +19.42023 Q2 · Prepared remarks: +14.62023 Q3 · Prepared remarks: +13.82023 Q4 · Prepared remarks: +16.52024 Q1 · Prepared remarks: +26.52024 Q2 · Prepared remarks: +17.02024 Q3 · Prepared remarks: +16.22024 Q4 · Prepared remarks: +17.12025 Q1 · Prepared remarks: +11.12019 Q1 · Q&A responses: +11.52019 Q2 · Q&A responses: +13.22019 Q3 · Q&A responses: +9.92019 Q4 · Q&A responses: +7.92020 Q1 · Q&A responses: +2.92020 Q2 · Q&A responses: +6.22020 Q3 · Q&A responses: +4.52020 Q4 · Q&A responses: +13.02021 Q1 · Q&A responses: +8.52021 Q2 · Q&A responses: +11.02021 Q3 · Q&A responses: +4.92021 Q4 · Q&A responses: +6.22022 Q1 · Q&A responses: +13.22022 Q2 · Q&A responses: +10.12022 Q3 · Q&A responses: +6.02022 Q4 · Q&A responses: +10.42023 Q1 · Q&A responses: +7.62023 Q2 · Q&A responses: +7.42023 Q3 · Q&A responses: +8.12023 Q4 · Q&A responses: +9.82024 Q1 · Q&A responses: +9.52024 Q2 · Q&A responses: +16.12024 Q3 · Q&A responses: +13.42024 Q4 · Q&A responses: +7.82025 Q1 · Q&A responses: +14.2
Prepared remarksQ&A responses

Tone vs forward expectations

Management tone next to Wall Street's forward-looking numbers (glopardo): the 12-month forward EPS estimate and the forward P/E per call.

Forward EPS estimate

$5.02$6.95$8.882019 Q12020 Q12021 Q12022 Q12023 Q12024 Q12025 Q12019 Q1: $5.292019 Q2: $5.502019 Q3: $5.772019 Q4: $6.152020 Q1: $6.302020 Q2: $7.462020 Q3: $7.832020 Q4: $8.282021 Q1: $8.622021 Q2: $8.482021 Q3: $8.212021 Q4: $7.912022 Q1: $7.682022 Q2: $7.542022 Q3: $7.362022 Q4: $7.542023 Q1: $8.052023 Q2: $8.092023 Q3: $7.852023 Q4: $7.482024 Q1: $7.512024 Q2: $7.462024 Q3: $7.74

Forward P/E

22.8647.2271.592019 Q12020 Q12021 Q12022 Q12023 Q12024 Q12025 Q12019 Q1: 43.612019 Q2: 60.202019 Q3: 59.622019 Q4: 60.152020 Q1: 48.452020 Q2: 68.232020 Q3: 58.992020 Q4: 67.692021 Q1: 59.552021 Q2: 52.962021 Q3: 51.832021 Q4: 52.372022 Q1: 46.152022 Q2: 35.842022 Q3: 35.742022 Q4: 37.872023 Q1: 47.202023 Q2: 34.162023 Q3: 28.082023 Q4: 36.252024 Q1: 29.942024 Q2: 26.222024 Q3: 33.59

Divergence watch ⚑

Quarters where tone and the forward EPS estimate moved opposite ways.

  • 2019 Q3 tone ↓ -3.6 fwd EPS ↑ +0.26 Tone cooled even as the forward EPS estimate rose.
  • 2020 Q1 tone ↓ -6.0 fwd EPS ↑ +0.15 Tone cooled even as the forward EPS estimate rose.
  • 2021 Q1 tone ↓ -2.7 fwd EPS ↑ +0.34 Tone cooled even as the forward EPS estimate rose.
  • 2021 Q4 tone ↑ +2.7 fwd EPS ↓ -0.30 Tone rose while the forward EPS estimate was cut.
  • 2022 Q1 tone ↑ +7.9 fwd EPS ↓ -0.23 Tone rose while the forward EPS estimate was cut.
  • 2023 Q1 tone ↓ -2.4 fwd EPS ↑ +0.51 Tone cooled even as the forward EPS estimate rose.

Recent transcripts

CallDateSentiment ×1000Fwd EPSFwd P/E
2025 Q12025-05-07+12.3——View →
2024 Q42025-02-06+8.7——View →
2024 Q32024-11-06+12.5$7.7433.6View →
2024 Q22024-08-06+14.2$7.4626.2View →
2024 Q12024-05-07+5.2$7.5129.9View →
2023 Q42024-01-31+8.7$7.4836.2View →
2023 Q32023-10-25+7.2$7.8528.1View →
2023 Q22023-07-20+7.5$8.0934.2View →