Aug 12, 2026 earnings call — Record profit and strategic M&A focus
Second quarter revenue rose 39% to $696 million and adjusted profit before tax rose 56% to $166 million.
Revenue $0.7B (est $0.6B) · EPS $1.64 (est $1.36)
Key quotes
"Q2 2026 was another record profit quarter for Marex, our sixth record quarter since we went public just 2 years ago in April 2024."
"If we look at our larger 2025 acquisitions, we paid a premium of around $60 million for a combination of Arna, Hamilton Court and Winterflood."
"We are the first and thus far, only firm to have solved the operational complexity of offering cross-margining on U.S. Treasury futures cleared on CME and cash U.S. Treasuries clearing via FIC with DTC."
Analyst Q&A 7
M&A contribution and margins
Q (William Katz · TD Cowen): Analyst asked how much M&A is expected to contribute to growth at the high end of guidance and for an update on the long-term margin trajectory. He also asked how third-quarter trends are pacing versus the second quarter.
A: Management said M&A contributed about 20% of growth in Q2, they have a robust pipeline, and they expect similar contribution going forward. Margins are around 24%; the drivers remain in place and margins could slowly increase. They said July and early August trends continue the first-half levels.
"So I think in terms of the growth, I think that we're not anticipating any kind of shift in how relevant that is in the sense that it's around 20% of our growth in the second quarter." — Ian Lowitt (CEO)
Large client growth and prime brokerage
Q (Alexander Blostein · Goldman Sachs): Analyst wanted more detail on the sources of growth in clients generating over $5 million, and asked whether prime brokerage has structural growth opportunity and the composition of PB revenues.
A: Management said the >$5 million growth is driven mainly by more clients moving into that cohort rather than a change in average revenue per client. For prime brokerage, balances and spreads have been maintained and the business is about double where it was a year ago, growing by broadening participant types across outsourced trading, prime, and on-balance-sheet prime.
"As a business over that time period, it's probably double where it was a year ago." — Ian Lowitt (CEO)
Clearing balances and compute futures
Q (Christopher Allen · KBW): Analyst asked to confirm about $1 billion of clearing balance growth from new client wins and how margin requirement normalization might affect balances. He also asked whether clients are focused on compute futures and the opportunity there.
A: Management confirmed they've added about $1 billion this year from new client wins and see a healthy pipeline for the rest of the year. They said margin requirements are driven more by price levels than volatility, so if prices stay similar margins could remain. On compute futures, clients show genuine interest in FCM access to alternative venues and these could be real markets if regulators support them.
"I think as Rob said, we've added about $1 billion this year, and we see a healthy pipeline for the rest of the year." — Ian Lowitt (CEO)
Metals market-making and Solutions growth
Q (Benjamin Budish · Barclays): Analyst asked why metals market-making outperformed exchange volumes and what drove that line item. He also asked whether Solutions growth is from new geographies/distribution or higher client activity.
A: Management said metals market-making benefited from a Q2 environment with high but not extreme volatility, and that spreads and client support matter as much as volumes. For Solutions, growth comes from adding headcount, geographies and products, replatforming to support higher volumes and straight-through processing, and management does not see that growth stopping.
"That, in combination, is what's driven the growth, and I don't see that stopping." — Ian Lowitt (CEO)
Treasury clearing and clearing margins
Q (Alex Kramm · UBS): Analyst asked for early reads on treasury clearing monetization and which new initiatives can scale most. He also asked why clearing segment margins trended lower recently.
A: Management said cross-margining builds credibility, has attracted larger shares of clients' business, and it monetizes effectively though it won't be a massive revenue mover. They view digital asset prime services as profitable and prediction markets as potentially large. On clearing margins, an idiosyncratic Q1 loss lowered margins; underlying margins are around 50%.
"What we are seeing, though, to your specific question, is we are seeing larger shares of people's business in this particular space, and it does monetize effectively." — Ian Lowitt (CEO)
Prime customers and FX driver
Q (Daniel Fannon · Jefferies): Analyst asked which types of prime customers show durability and where the firm has the right to win, and asked what drove FX outperformance in the quarter.
A: Management said durability comes from ongoing share gains with funds and hedge funds in the $500 million to $2 billion range, where they provide products and high-quality service. They noted the prime business is diversified and roughly double where it was. FX strength was driven by Hamilton Court, which has grown well after integration into Marex.
"We are taking share with funds and with hedge funds that are in that $500 million to $2 billion range, where we're providing them with the products that they're looking for, and we're also providing them with very high-quality service." — Ian Lowitt (CEO)
M&A focus and prediction markets
Q (Patrick Moley · Piper Sandler): Analyst asked whether M&A focus is to deepen wallet share with existing clients or to expand into new client verticals and which asset classes they target. He also asked whether prediction markets bring new client types outside the core base.
A: Management said there is a skew toward M&A that increases the funnel—geographic expansion and activities that add new clients—rather than primarily deepening. They prefer acquisitions to accelerate building difficult asset classes. On prediction markets and digital assets, these capabilities often open doors to sophisticated hedge funds and can bring in some new clients, though current engagement is limited.
"I'd say probably some genuine skew towards increasing the funnel rather than putting us in a position to deepen." — Ian Lowitt (CEO)