Marex's revenue is overwhelmingly fee-driven, with non-interest income reaching 128.5% of total revenue in 2026Q2, yet profitability is erratic due to negative net interest income and volatile loan loss provisions.
Marex Group Limited (MRX) annual income statement — 13-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 |
|---|
| Net Interest Income | -530.4M | 152.6M | -546.8M | -475.6M | -169.1M | -29.7M | 20.46M | 38.63M | 7.44M | 4.17M | 1.84M | 554K | 399K | 0 |
| NII Growth % | 133.19% | 127.91% | -14.97% | -181.25% | -469.36% | -245.16% | -47.03% | 419.17% | 78.5% | 127.02% | 231.41% | 38.85% | - | - |
| Net Interest Margin % | -1.26% | 0.44% | -2.25% | -2.7% | -1.07% | -0.56% | 0.54% | 1.5% | 0.53% | 0.38% | 0.16% | 0.05% | 0.04% | 0% |
| Interest Income | 912.8M | 912.8M | -8.7M | -5.4M | 0 | 23.1M | 20.46M | 38.63M | 0 | 0 | 0 | 0 | 0 | 620K |
| Interest Expense | 1.43B | 760.2M | 538.1M | 470.2M | 165M | 26.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Loan Loss Provision | 1.27B | 157.5M | 1.07B | 189.2M | 148M | 583.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Non-Interest Income | 6.05B | 2.72B | 2.9B | 2.36B | 1.18B | 828.6M | 737.07M | 510.57M | 384.47M | 317.9M | 328.31M | 345.89M | 367.97M | 357.44M |
| Non-Interest Income % | 109.61% | 94.68% | 123.2% | 125.27% | 116.81% | 103.72% | 97.3% | 92.97% | 98.1% | 98.71% | 99.44% | 99.84% | 99.89% | 100% |
| Total Net Revenue | 5.52B | 2.87B | 2.36B | 1.88B | 1.01B | 798.9M | 757.53M | 549.19M | 391.91M | 322.06M | 330.15M | 346.44M | 368.37M | 357.44M |
| Revenue Growth % | 133.14% | 21.76% | 25.22% | 87.05% | 25.95% | 5.46% | 37.93% | 40.13% | 21.69% | -2.45% | -4.7% | -5.95% | 3.06% | - |
| Non-Interest Expense | 1.85B | 1.55B | 450.9M | 798.8M | 223.1M | 144.8M | 700.95M | 541.19M | 339.23M | 292.66M | 301.99M | 323.17M | 352.87M | 364.87M |
| Efficiency Ratio | 33.47% | 54.06% | 19.13% | 42.44% | 22.17% | 18.12% | 92.53% | 98.54% | 86.56% | 90.87% | 91.47% | 93.28% | 95.79% | 102.08% |
| Operating Income | 2.01B | 1.16B | 836.3M | 683.5M | 270.5M | 68.6M | 56.58M | 12.23M | 45.24M | 25.24M | 26.33M | 22.73M | 15.1M | -9.11M |
| Operating Margin % | 36.51% | 40.45% | 35.49% | 36.32% | 26.88% | 8.59% | 7.47% | 2.23% | 11.54% | 7.84% | 7.97% | 6.56% | 4.1% | -2.55% |
| Operating Income Growth % | - | 38.8% | 22.36% | 152.68% | 294.31% | 21.25% | 362.59% | -72.97% | 79.24% | -4.12% | 15.84% | 50.5% | 265.73% | - |
| Pretax Income | 876.4M | 411.6M | 295.8M | 196.5M | 121.6M | 69.9M | 54.98M | 46.63M | 13.43M | 25.45M | 27.01M | 17.62M | 22.63M | -6.19M |
| Pretax Margin % | 15.88% | 14.34% | 12.55% | 10.44% | 12.09% | 8.75% | 7.26% | 8.49% | 3.43% | 7.9% | 8.18% | 5.09% | 6.14% | -1.73% |
| Income Tax | 221.2M | 103.7M | 77.8M | 55.2M | 23.4M | 13.4M | 11.16M | 10.23M | 3.28M | 7.95M | 6.51M | 25K | 4.75M | 1.08M |
| Effective Tax Rate % | 25.24% | 25.19% | 26.3% | 28.09% | 19.24% | 19.17% | 20.3% | 21.95% | 24.42% | 31.24% | 24.12% | 0.14% | 21.02% | -17.49% |
| Net Income | 691M | 308.2M | 218M | 128M | 91.6M | 56.5M | 43.82M | 36.39M | 10.15M | 17.5M | 20.49M | 17.64M | 17.87M | -5.11M |
| Net Margin % | 12.52% | 10.74% | 9.25% | 6.8% | 9.1% | 7.07% | 5.79% | 6.63% | 2.59% | 5.43% | 6.21% | 5.09% | 4.85% | -1.43% |
| Net Income Growth % | 131.41% | 41.38% | 70.31% | 39.74% | 62.12% | 28.93% | 20.42% | 258.47% | -41.99% | -14.6% | 16.14% | -1.27% | 450% | - |
| Net Income (Continuing) | 655.2M | 307.9M | 218M | 141.3M | 98.5M | 56.5M | 43.82M | 36.39M | 10.15M | 17.5M | 20.49M | 17.64M | 17.87M | 0 |
| EPS (Diluted) | 9.14 | 3.87 | 2.72 | 1.82 | 1.36 | 0.80 | 0.72 | 0.60 | 0.17 | 0.29 | 0.34 | 0.29 | 0.29 | -0.08 |
| EPS Growth % | 69.74% | 42.28% | 49.45% | 33.82% | 70% | 11.11% | 20% | 252.94% | -41.38% | -14.71% | 17.24% | 0% | 444.42% | - |
| EPS (Basic) | - | 4.13 | 2.96 | 1.94 | 1.29 | 0.80 | 0.72 | 0.60 | 0.17 | 0.29 | 0.34 | 0.29 | 0.29 | -0.08 |
| Diluted Shares Outstanding | 75.64M | 76.13M | 75.28M | 72.22M | 70.82M | 70.82M | 60.63M | 60.63M | 60.63M | 60.63M | 60.63M | 60.63M | 60.63M | 60.63M |
Quick answers to the most common questions about buying MRX stock.
For fiscal year 2025, Marex Group Limited (MRX) reported total revenue of $2.87B. This represents a 702.8% increase compared to $357.4M in 2013.
Marex Group Limited (MRX) is profitable, generating $308.2M in net income for the fiscal year ending 2025 with a net profit margin of 10.7%.
Marex Group Limited (MRX) reported an operating income of $1.16B, resulting in an operating profit margin of 40.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Marex Group Limited (MRX) generated $2.71B in gross profit for the year, representing a gross profit margin of 94.5%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Elevated leverage and volatile credit costs
Dominant Fee Revenue with Volatile Composition
According to the latest 2026Q2 financials, non-interest income reached $1.2 billion, constituting 128.5% of total revenue, indicating that fee generation overwhelmingly drives Marex's top line despite offsetting net interest losses.
The fee income appears heavily transaction-based, which exposes the firm to commodity volume cycles. The high proportion suggests that Marex's clearing and market-making activities are the primary earnings engines, but this also means revenue is susceptible to market volatility and regulatory changes in the commodities space.
Erratic Provisioning Drives Earnings Volatility
As reported in the 2026Q2 financial results, loan loss provisions surged to $362.4 million, a stark contrast to a negative provision of $148.4 million in the previous quarter, highlighting the unpredictable nature of credit costs for Marex.
The wide swings in provisioning suggest that Marex is exposed to episodic credit events, possibly from counterparty defaults in its clearing or trading operations. This volatility complicates earnings forecasting and indicates that credit risk management remains a critical variable for net income stability.
Extreme Efficiency Ratio Swings Reflect Cost Structure Instability
The efficiency ratio plummeted to 14.9% in 2026Q2 from 61.5% in 2025Q4, as per recent earnings data, demonstrating a highly variable relationship between non-interest expenses and total revenue that can rapidly erode or enhance profitability.
Such volatility implies that Marex's cost base is not well-aligned with its revenue generation, possibly due to fixed compensation costs or exchange fees that do not scale with volumes. This instability in operating leverage suggests that margin expansion may be difficult to sustain without significant restructuring.
2025Q4 Marked a Profound Earnings Reset
Based on the quarterly financials, 2025Q4 saw a dramatic reversal with net income of $231.5 million and a positive NIM of 0.4%, representing a sharp inflection from the negative earnings trends of prior periods.
This quarter appears to be a pivotal moment where the firm achieved positive net interest income and a substantial negative provision (a release), which together drove a significant earnings recovery. However, the sustainability of this inflection is questionable given the return to negative NIM and high provisions in the subsequent quarter.
Structural Negativity in Net Interest Income Undermines Resilience
In six of the last ten quarters, Marex reported negative net interest income, with 2024Q4 showing a deficit of $421.8 million, which suggests an inherent weakness in the firm's balance sheet that could exacerbate losses in a downturn.
The persistent negative NII indicates that interest expenses on funding and client liabilities consistently exceed income from earning assets, which is atypical for a financial institution and raises questions about the firm's funding model and interest rate risk management. This structural issue could become a major liability if revenue growth stalls or if interest rates move unfavorably.