Q3 FY2026
Filed Nov 5, 2026Marex reports record Q3 2026 revenue of $743.2m and Adjusted Profit Before Tax of $176.1m, with both up 53% and 75% year-on-year, respectively.
Record quarterly revenue and profitability were supported by broad-based growth, especially in Market Making, Prime and FX, while Adjusted Profit Before Tax Margin expanded 300 bps to 23.7%.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Q3 2026 Revenueother | $743.2M | – | 53% |
| Nine months ended Q3 2026 Revenueother | $2.13B | – | 47% |
| Q3 2026 Net commission incomeother | $252.6M | – | 9% |
| Q3 2026 Net trading incomeother | $420.2M | – | 113% |
| Q3 2026 Net interest incomeother | $35.7M | – | (7)% |
| Q3 2026 Net physical commodities incomeother | $34.7M | – | 114% |
| Nine months ended Q3 2026 Net commission incomeother | $800.4M | – | 8% |
| Nine months ended Q3 2026 Net trading incomeother | $1.15B | – | 105% |
| Nine months ended Q3 2026 Net interest incomeother | $106.3M | – | (16)% |
| Nine months ended Q3 2026 Net physical commodities incomeother | $77.3M | – | 204% |
| Q3 2026 Total expensesother | −$564.2M | – | 45% |
| Q3 2026 Compensation and benefitsother | −$429.2M | – | 47% |
| Q3 2026 Depreciation and amortizationother | −$11.6M | – | 21% |
| Q3 2026 Other expensesother | −$123.4M | – | 40% |
| Q3 2026 Net provision for credit lossesother | −$6.7M | – | n.m. |
| Nine months ended Q3 2026 Total expensesother | −$1.64B | – | 41% |
| Q3 2026 Profit before tax from continuing operationsother | $172.7M | – | 75% |
| Q3 2026 Profit before tax margin from continuing operationsother | 23.2% | – | 280 bps |
| Nine months ended Q3 2026 Profit before tax from continuing operationsother | $480.7M | – | 60% |
| Q3 2026 Profit After Taxother | $130.3M | – | 78% |
| Q3 2026 Profit After Tax Marginother | 17.5% | – | 240 bps |
| Nine months ended Q3 2026 Profit After Taxother | $398M | – | 79% |
| Nine months ended Q3 2026 Profit After Tax Marginother | 18.7% | – | 340 bps |
| Q3 2026 Basic Earnings per Shareother | $1.52 | – | 57% |
| Q3 2026 Diluted Earnings per Shareother | $1.45 | – | 58% |
| Nine months ended Q3 2026 Basic Earnings per Shareother | $5.13 | – | 72% |
| Nine months ended Q3 2026 Diluted Earnings per Shareother | $4.89 | – | 75% |
| Q3 2026 Adjusted Profit Before Taxnon-GAAP | $176.1M | – | 75% |
| Q3 2026 Adjusted Profit Before Tax Marginnon-GAAP | 23.7% | – | 300 bps |
| Nine months ended Q3 2026 Adjusted Profit Before Taxnon-GAAP | $494.7M | – | 63% |
| Nine months ended Q3 2026 Adjusted Profit Before Tax Marginnon-GAAP | 23.2% | – | 230 bps |
| Q3 2026 Adjusted Basic Earnings per Sharenon-GAAP | $1.75 | – | 73% |
| Q3 2026 Adjusted Diluted Earnings per Sharenon-GAAP | $1.67 | – | 74% |
| Nine months ended Q3 2026 Adjusted Basic Earnings per Sharenon-GAAP | $5.04 | – | 65% |
| Nine months ended Q3 2026 Adjusted Diluted Earnings per Sharenon-GAAP | $4.81 | – | 68% |
| Q3 2026 Return on Equityother | 27.2% | – | 170 bps |
| Q3 2026 Adjusted Return on Equitynon-GAAP | 35.7% | – | 810 bps |
| Q3 2026 Average FTE headcountother | 3,544 | – | 19% |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Clearing, Q3 2026Continued client onboarding, increased activity, greater share of business from existing clients and higher average clearing client balances. | $170.1M | – | 27% |
| Agency and Execution, Q3 2026Securities revenue rose to $285.9m, led by Prime, FX and Equities, partly offset by lower Energy revenue of $72.1m. | $361.1M | – | 40% |
| Market Making, Q3 2026Strong organic Metals growth, favorable operating conditions, improved Agriculture conditions and contributions from Winterflood, Levmet and Webb Traders. | $150.8M | – | 244% |
| Hedging and Investment Solutions, Q3 2026Growth in Hedging Solutions and Financial Products, supported by client onboarding, structured-product issuance, new client wins and demand. | $61.2M | – | 26% |
| Corporate, Q3 2026Corporate manages Group control and support functions, operational support and funding requirements. | $0.0m | – | (100)% |
2027 outlook
- Note10–20% Adjusted Profit Before Tax growth target
Capital returns
- The Board approved a dividend of $0.16 per share to be paid on December 2, 2026 to shareholders of record at the close of business on November 16, 2026.
- The Group partially repurchased $94.7m in aggregate principal amount of its $100m 13.25% Contingent Convertible Perpetual Notes for consideration in excess of their carrying amount of $10.8m.
- Ordinary dividend payments were $33.9m during the nine months ended September 30, 2026.
What drove it
- Net trading income increased 113% to $420.2m, driven by Agency and Execution, Market Making and Hedging and Investment Solutions.
- Market Making revenue rose 244% to $150.8m, including Metals revenue of $91.0m and contributions from Levmet, Winterflood and Webb Traders.
- Agency and Execution Securities revenue increased 58% to $285.9m; Prime revenue was $114.5m and FX revenue was $59.1m.
- Clearing revenue increased 27% to $170.1m, supported by client onboarding, increased activity and average clearing client balances of $18.7bn.
- Q3 Adjusted Profit Before Tax Margin increased 300 bps to 23.7%, as revenue growth outpaced the rise in costs.
Concerns
- Net interest income declined 7% to $35.7m despite higher average balances, as higher interest expense more than offset interest income growth.
- Energy revenue in Agency and Execution declined 4% to $72.1m, reflecting product mix and lower activity in some larger oil products.
- Q3 provision for credit losses increased to $(6.7)m from $(0.1)m, primarily due to higher Stage 1 expected credit loss provisions associated with portfolio growth.
- Clearing nine-month Adjusted Profit Before Tax Margin declined to 47.3% from 49.6%, primarily reflecting the client default in January.
- Hedging and Investment Solutions Q3 Adjusted Profit Before Tax Margin declined to 22.5% from 24.8%, as lower equity market volatility during the seasonally quieter summer period affected Financial Products revenue.
What to watch
- Progress toward the stated 10–20% Adjusted Profit Before Tax growth target in 2027.
- Net interest income as higher interest expense from senior debt and structured-note issuance offsets income from larger average balances.
- Integration and revenue contributions from Winterflood, Levmet and Webb Traders, as well as the agreed Bright Point acquisition.
- Clearing credit-loss provisions and the continuing impact of the Q1 2026 natural-gas client default.
- The durability of elevated Market Making activity, including Metals performance supported by favorable market conditions.
Balance sheet and cash flow
- Cash & Liquid Assets were $8,705.1m at September 30, 2026, compared with $7,035.6m at December 31, 2025.
- Total Assets were $45,404.5m at September 30, 2026, compared with $32,704.0m at December 31, 2025.
- Debt Securities were $7,609.4m at September 30, 2026, compared with $5,721.6m at December 31, 2025.
- Total equity was $1,966.5m at September 30, 2026, compared with $1,263.6m at December 31, 2025.
- Total available liquid resources were $3,423.4m and liquidity headroom was $1,308.7m at September 30, 2026.
- The new $490.0m revolving credit facility was fully undrawn at September 30, 2026.
- Group capital resources were $1,673.1m, Group capital requirement was $610.0m, capital surplus was $1,063.1m and Group capital ratio was 274% at September 30, 2026.
- No operating cash flow, investing cash flow, financing cash flow or free cash flow was reported.
Analysis
Marex reported record Q3 2026 revenue of $743.2m, up 53% from $484.6m, and record Adjusted Profit Before Tax of $176.1m, up 75% from $100.5m. Profit After Tax increased 78% to $130.3m. The profit outcome outgrew revenue and lifted Adjusted Profit Before Tax Margin by 300 bps to 23.7%, while Profit Before Tax Margin from continuing operations increased 280 bps to 23.2%.
Growth was broad-based across the operating segments. Agency and Execution generated $361.1m of revenue, with Securities up 58% to $285.9m as Prime more than doubled to $114.5m and FX increased to $59.1m. Market Making revenue increased 244% to $150.8m, led by Metals revenue of $91.0m and supported by favorable market conditions and acquisition contributions. Clearing revenue rose 27% to $170.1m as client onboarding, existing-client activity and clearing balances increased. Hedging and Investment Solutions revenue grew 26% to $61.2m.
The revenue mix shifted toward net trading income, which increased 113% to $420.2m. Net physical commodities income increased 114% to $34.7m, while net commission income grew 9% to $252.6m. Net interest income was the principal negative revenue line, declining 7% to $35.7m despite average balances of $25.2bn, because higher interest expense related to the $500m senior debt issuance and greater structured-note issuance more than offset increased interest income.
Costs rose with performance, acquisitions and investment. Total expenses increased 45% to $(564.2)m, including compensation and benefits of $(429.2)m, up 47%. Average FTE headcount rose 19% to 3,544. Credit-loss provisions increased to $(6.7)m from $(0.1)m, which the Group attributed primarily to Stage 1 expected credit loss provisions linked to portfolio growth rather than deterioration in underlying credit quality. Clearing's nine-month results also include the impact of a natural-gas client default recognized in Q1 2026.
The balance sheet expanded alongside client activity and acquisitions. Total assets reached $45,404.5m and total equity reached $1,966.5m at September 30, 2026. The Group reported $3,423.4m of total available liquid resources, $1,308.7m of liquidity headroom, and a fully undrawn $490.0m revolving credit facility. Management approved a $0.16 per share dividend and reiterated confidence in delivering its 10–20% Adjusted Profit Before Tax growth target in 2027.
Management, verbatim
Marex delivered another record performance in the third quarter, with revenue and Adjusted Profit Before Tax 1 growing both year on year and sequentially.
Ian Lowitt, Group Chief Executive Officer
We continue to see momentum and expect to close the year with a larger, more diversified earnings base, continued opportunities for organic and inorganic growth, and confidence in delivering our 10–20% Adjusted Profit Before Tax 1 growth target in 2027.
Ian Lowitt, Group Chief Executive Officer
Not in the filing
stated, not guessed- Prior-quarter values for the reported Q3 metrics, except that the release states revenue increased by $47.4m from the previous record quarter in Q2 2026 without printing the Q2 revenue value.
- GAAP measures, as the foreign private issuer reports under IFRS Accounting Standards rather than U.S. GAAP.
- Gross margin.
- Operating income.
- Operating margin.
- Tax rate.
- Operating cash flow.
- Investing cash flow.
- Financing cash flow.
- Free cash flow.
- Share repurchases of ordinary shares.
- Previous-release outlook required for comparison with prior guidance.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was checked against the filing text, and a metric whose value, prior period and change do not add up is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.