Quarterly earnings results are a good time to check in on a company’s progress, especially compared to its peers in the same sector. Today we are looking at MarketAxess (NASDAQ: MKTX) and the best and worst performers in the financial exchanges & data industry.

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 Q1. As a group, revenues beat analysts’ consensus estimates by 1.1%.

Amidst this news, share prices of the companies have had a rough stretch. On average, they are down 7.4% since the latest earnings results.

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 $233.4 million, up 11.9% year on year. This print exceeded analysts’ expectations by 0.6%. Overall, it was a satisfactory quarter for the company with a solid beat of analysts’ EBITDA estimates.

Even though it had a relatively good quarter, the market seems discontent with the results. The stock is down 19.2% since reporting and currently trades at $120.33.

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

Best Q1: 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 $644.8 million, up 10.8% year on year, outperforming analysts’ expectations by 2.9%. The business had a very strong quarter with an impressive beat of analysts’ EBITDA and EPS estimates.

Morningstar scored the biggest analyst estimate beat among its peers. Although it had a fine quarter compared to its peers, the market seems unhappy with the results as the stock is down 16.3% since reporting. It currently trades at $156.98.

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

Weakest Q1: 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 $1.88 billion, up 14.5% year on year, falling short of analysts’ expectations by 1.4%. It was a slower quarter as it posted a miss of analysts’ EBITDA estimates and EPS in line with analysts’ estimates.

CME Group delivered the weakest performance against analyst estimates in the group. As expected, the stock is down 12.7% since the results and currently trades at $248.33.

Read our full analysis of CME Group’s results here.

Nasdaq (NASDAQ: NDAQ)

Originally founded in 1971 as the world's first electronic stock market, Nasdaq (NASDAQ: NDAQ) operates global exchanges and provides technology, data, and corporate services that help companies, investors, and financial institutions navigate capital markets.

Nasdaq reported revenues of $1.41 billion, up 13.7% year on year. This print topped analysts’ expectations by 2.2%. It was a strong quarter as it also recorded an impressive beat of analysts’ EBITDA and EPS estimates.

The stock is down 4.5% since reporting and currently trades at $82.52.

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

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 $2.98 billion, up 20.4% year on year. This result surpassed analysts’ expectations by 1.2%. It was a satisfactory quarter as it also produced a beat of analysts’ EPS estimates.

The stock is down 13.6% since reporting and currently trades at $134.93.

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

Market Update

Late in 2025 into early 2026, there was hand-wringing around artificial intelligence. For software companies, the fear was that AI would erode pricing power and compress margins as new tools made it easier to replicate what once required expensive enterprise platforms. Crypto investors had their own version of the same anxiety: if AI agents could trade, allocate capital, and manage wallets autonomously, what exactly was the long-term value of today’s crypto infrastructure?

These concerns triggered a noticeable rotation away from these sectors and into safer havens. But markets rarely dwell on one narrative for long. Spring 2026 came, and the focus shifted abruptly from technological disruption to geopolitical risk. The US’ conflict with Iran became the dominant driver of market psychology, and when geopolitics takes center stage, the script changes quickly. Investors stop debating growth rates and start worrying about oil supply, inflation, and global stability.

Want to invest in winners with rock-solid fundamentals? Check out our 9 Best Market-Beating Stocks and add them to your watchlist. These companies are poised for growth regardless of the political or macroeconomic climate.