The end of the earnings season is always a good time to take a step back and see who shined (and who not so much). Let’s take a look at how financial exchanges & data stocks fared in Q4, starting with MarketAxess (NASDAQ: MKTX).

Financial exchanges and data providers operate trading platforms and sell market information. They enjoy relatively stable revenue from trading fees and subscriptions, increasing demand for data analytics, and expansion opportunities in emerging markets. Challenges include regulatory oversight of market structure, competition from alternative trading venues, and substantial technology investments needed to maintain low-latency trading infrastructure and data security.

The 10 financial exchanges & data stocks we track reported a satisfactory Q4. As a group, revenues beat analysts’ consensus estimates by 0.8%.

While some financial exchanges & data stocks have fared somewhat better than others, they have collectively declined. On average, share prices are down 2.3% since the latest earnings results.

Slowest Q4: MarketAxess (NASDAQ: MKTX)

Pioneering the shift from phone-based to electronic bond trading since 2000, MarketAxess (NASDAQ: MKTX) operates electronic trading platforms that enable institutional investors and broker-dealers to efficiently trade fixed-income securities like corporate and government bonds.

MarketAxess reported revenues of $209.4 million, up 3.5% year on year. This print fell short of analysts’ expectations by 0.9%. Overall, it was a mixed quarter for the company with a beat of analysts’ EPS estimates but a slight miss of analysts’ EBITDA estimates.

MarketAxess delivered the weakest performance against analyst estimates and slowest revenue growth of the whole group. Interestingly, the stock is up 11% since reporting and currently trades at $180.75.

Read our full report on MarketAxess here, it’s free.

Best Q4: Morningstar (NASDAQ: MORN)

Founded in 1984 by Joe Mansueto with just $80,000 in personal savings, Morningstar (NASDAQ: MORN) provides independent investment data, research, and analysis tools that help investors, advisors, and institutions make informed financial decisions.

Morningstar reported revenues of $641.1 million, up 8.5% year on year, outperforming analysts’ expectations by 2.2%. The business had an exceptional quarter with a beat of analysts’ EPS estimates and an impressive beat of analysts’ EBITDA estimates.

Morningstar pulled off the biggest analyst estimates beat among its peers. The market seems happy with the results as the stock is up 6.9% since reporting. It currently trades at $164.56.

Is now the time to buy Morningstar? Access our full analysis of the earnings results here, it’s free.

Tradeweb Markets (NASDAQ: TW)

Founded in 1996 as one of the pioneers in electronic bond trading, Tradeweb Markets (NASDAQ: TW) builds and operates electronic marketplaces that connect financial institutions for trading across rates, credit, equities, and money markets.

Tradeweb Markets reported revenues of $521.2 million, up 12.5% year on year, exceeding analysts’ expectations by 0.8%. It was a satisfactory quarter as it also posted a solid beat of analysts’ EBITDA estimates.

Interestingly, the stock is up 19% since the results and currently trades at $119.97.

Read our full analysis of Tradeweb Markets’s results here.

Intercontinental Exchange (NYSE: ICE)

Starting as an energy trading platform in 2000 before acquiring the iconic New York Stock Exchange in 2013, Intercontinental Exchange (NYSE: ICE) operates global financial exchanges, clearing houses, and provides data services and mortgage technology solutions to financial institutions and corporations.

Intercontinental Exchange reported revenues of $2.50 billion, up 7.8% year on year. This number topped analysts’ expectations by 1.2%. It was a satisfactory quarter as it also produced a narrow beat of analysts’ revenue estimates.

The stock is down 7.4% since reporting and currently trades at $152.57.

Read our full, actionable report on Intercontinental Exchange here, it’s free.

CME Group (NASDAQ: CME)

Born from the Chicago Mercantile Exchange founded in 1898 as a butter and egg trading venue, CME Group (NASDAQ: CME) operates the world's largest derivatives marketplace where traders can buy and sell futures and options contracts across interest rates, equities, currencies, commodities, and more.

CME Group reported revenues of $1.65 billion, up 8.1% year on year. This print met analysts’ expectations. Zooming out, it was a mixed quarter as it failed to impress in some other areas of the business.

The stock is up 3.9% since reporting and currently trades at $304.50.

Read our full, actionable report on CME Group here, it’s free.

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