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LMAX Group reports FY 2025 financial results

London, 18 September 2026 – LMAX Group, the leading global cross-asset marketplace for FX and digital assets, reports financial performance for the year ended 31 December 2025, delivering record trading volumes alongside continued growth in underlying revenue and earnings.

Financial highlights:

  • Record trading volumes of $8.2tn, up 28% from $6.5tn in 2024
  • Adjusted gross revenue of $112m, up 4% year-on-year
  • Adjusted EBITDA of $25m, up 11% year-on-year
  • Cumulative traded volumes surpassed $50tn

Strategic highlights:

In 2025, LMAX Group continued to diversify by product, geography and client segment, while extending its institutional reach across FX and digital asset markets. Investment remained focused on expanding the Group’s market infrastructure solutions, developing new products and advancing its strategic partnerships.growth.

Key developments during the year included:

  • Ripple: a strategic partnership with Ripple, including a $150m debt facility, helping to support the expansion of LMAX Group’s digital asset and tokenised market infrastructure capabilities
  • Omnia: development of LMAX Group’s next-generation infrastructure layer to enable real-time asset conversion through a single API, bringing together FX, crypto, stablecoins and other digital assets with institutional liquidity and pricing
  • Perpetual futures: launch of institutional-grade perpetual digital asset futures, extending the Group’s derivatives offering and giving clients access to perpetual markets through LMAX Group’s institutional trading infrastructure
  • Kiosk: development of a fully hosted institutional interface enabling clients to accept, custody, allocate and deploy digital assets as cross-asset collateral

Commenting on the results, David Mercer, CEO of LMAX Group, said: “2025 was another year of consistent performance for LMAX Group, with record trading volumes of $8.2tn and continued growth in revenue and earnings. We made significant progress against our strategy to build the leading cross-asset marketplace, expanding distribution, launching new products, securing major strategic partnerships and investing in the infrastructure that will underpin our next phase of growth.”

“Capital markets are evolving rapidly as traditional and digital markets converge. We have spent the past several years positioning LMAX Group for this shift and in 2025 moved firmly from strategy to execution. With a more diversified business, deeper institutional relationships and a broader product offering, we are well positioned to lead the next chapter of financial services and deliver sustainable long-term growth.”

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For further information, please contact:

LMAX Group press office: [email protected]