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Side-by-side financial comparison of MarketAxess (MKTX) and NOODLES & Co (NDLS). Click either name above to swap in a different company.
MarketAxess is the larger business by last-quarter revenue ($233.4M vs $122.1M, roughly 1.9× NOODLES & Co). MarketAxess runs the higher net margin — 33.4% vs -7.5%, a 40.9% gap on every dollar of revenue. On growth, MarketAxess posted the faster year-over-year revenue change (11.9% vs -4.1%). MarketAxess produced more free cash flow last quarter ($15.9M vs $-2.8M). Over the past eight quarters, MarketAxess's revenue compounded faster (8.7% CAGR vs -1.2%).
MarketAxess Holdings Inc. is an international financial technology company that operates an electronic trading platform for the institutional credit markets, and also provides market data and post-trade services. It enables institutional investors and broker-dealers to trade credit instruments, including corporate bonds, and other types of fixed income products.
Noodles & Company is an American fast-casual restaurant that offers international and American noodle dishes in addition to soups and salads. Noodles & Company was founded in 1995 by Aaron Kennedy and is headquartered in Broomfield, Colorado. The company went public in 2013 and recorded a $457 million revenue in 2017. In mid-2022, there were 458 Noodles & Company locations across 31 states.
MKTX vs NDLS — Head-to-Head
Income Statement — Q1 FY2026 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $233.4M | $122.1M |
| Net Profit | $78.0M | $-9.2M |
| Gross Margin | — | — |
| Operating Margin | 43.2% | -5.2% |
| Net Margin | 33.4% | -7.5% |
| Revenue YoY | 11.9% | -4.1% |
| Net Profit YoY | 418.5% | 32.8% |
| EPS (diluted) | $2.20 | $-0.20 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $233.4M | — | ||
| Q4 25 | $209.4M | — | ||
| Q3 25 | $208.8M | $122.1M | ||
| Q2 25 | $219.5M | $123.8M | ||
| Q1 25 | $208.6M | — | ||
| Q4 24 | $202.4M | $122.8M | ||
| Q3 24 | $206.7M | $127.4M | ||
| Q2 24 | $197.7M | $121.4M |
| Q1 26 | $78.0M | — | ||
| Q4 25 | $92.2M | — | ||
| Q3 25 | $68.2M | $-9.2M | ||
| Q2 25 | $71.1M | $-9.1M | ||
| Q1 25 | $15.1M | — | ||
| Q4 24 | $65.1M | $-6.8M | ||
| Q3 24 | $71.5M | $-13.6M | ||
| Q2 24 | $64.9M | $-6.1M |
| Q1 26 | 43.2% | — | ||
| Q4 25 | 36.3% | — | ||
| Q3 25 | 41.0% | -5.2% | ||
| Q2 25 | 41.9% | -5.2% | ||
| Q1 25 | 42.4% | — | ||
| Q4 24 | 39.5% | -3.9% | ||
| Q3 24 | 42.1% | -9.0% | ||
| Q2 24 | 41.2% | -3.4% |
| Q1 26 | 33.4% | — | ||
| Q4 25 | 44.0% | — | ||
| Q3 25 | 32.6% | -7.5% | ||
| Q2 25 | 32.4% | -7.3% | ||
| Q1 25 | 7.2% | — | ||
| Q4 24 | 32.2% | -5.5% | ||
| Q3 24 | 34.6% | -10.7% | ||
| Q2 24 | 32.9% | -5.1% |
| Q1 26 | $2.20 | — | ||
| Q4 25 | $2.49 | — | ||
| Q3 25 | $1.84 | $-0.20 | ||
| Q2 25 | $1.91 | $-0.20 | ||
| Q1 25 | $0.40 | — | ||
| Q4 24 | $1.74 | $-0.15 | ||
| Q3 24 | $1.90 | $-0.30 | ||
| Q2 24 | $1.72 | $-0.14 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $377.3M | $4.7M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.2B | $-38.9M |
| Total Assets | $2.3B | $280.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $377.3M | — | ||
| Q4 25 | $519.7M | — | ||
| Q3 25 | $473.3M | $4.7M | ||
| Q2 25 | $462.8M | $1.4M | ||
| Q1 25 | $486.2M | — | ||
| Q4 24 | $544.5M | $3.3M | ||
| Q3 24 | $446.3M | $1.8M | ||
| Q2 24 | $434.1M | $1.3M |
| Q1 26 | $1.2B | — | ||
| Q4 25 | $1.1B | — | ||
| Q3 25 | $1.4B | $-38.9M | ||
| Q2 25 | $1.4B | $-13.9M | ||
| Q1 25 | $1.3B | — | ||
| Q4 24 | $1.4B | $3.7M | ||
| Q3 24 | $1.4B | $9.6M | ||
| Q2 24 | $1.3B | $21.9M |
| Q1 26 | $2.3B | — | ||
| Q4 25 | $1.9B | — | ||
| Q3 25 | $2.0B | $280.6M | ||
| Q2 25 | $2.0B | $319.4M | ||
| Q1 25 | $1.9B | — | ||
| Q4 24 | $1.8B | $340.5M | ||
| Q3 24 | $1.8B | $346.3M | ||
| Q2 24 | $1.9B | $360.4M |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | — | $4.3M |
| Free Cash FlowOCF − Capex | $15.9M | $-2.8M |
| FCF MarginFCF / Revenue | 6.8% | -2.3% |
| Capex IntensityCapex / Revenue | — | 5.8% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $581.0M | $-7.5M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $382.1M | — | ||
| Q3 25 | $90.2M | $4.3M | ||
| Q2 25 | $103.7M | $4.0M | ||
| Q1 25 | $29.6M | — | ||
| Q4 24 | $385.2M | $5.8M | ||
| Q3 24 | $95.1M | $4.7M | ||
| Q2 24 | $118.8M | $7.0M |
| Q1 26 | $15.9M | — | ||
| Q4 25 | $373.9M | — | ||
| Q3 25 | $88.7M | $-2.8M | ||
| Q2 25 | $102.5M | $1.1M | ||
| Q1 25 | $27.7M | — | ||
| Q4 24 | $375.3M | $-1.3M | ||
| Q3 24 | $94.3M | $-4.5M | ||
| Q2 24 | $111.2M | $-1.6M |
| Q1 26 | 6.8% | — | ||
| Q4 25 | 178.6% | — | ||
| Q3 25 | 42.5% | -2.3% | ||
| Q2 25 | 46.7% | 0.9% | ||
| Q1 25 | 13.3% | — | ||
| Q4 24 | 185.4% | -1.1% | ||
| Q3 24 | 45.6% | -3.5% | ||
| Q2 24 | 56.2% | -1.4% |
| Q1 26 | — | — | ||
| Q4 25 | 3.9% | — | ||
| Q3 25 | 0.7% | 5.8% | ||
| Q2 25 | 0.5% | 2.4% | ||
| Q1 25 | 0.9% | — | ||
| Q4 24 | 4.9% | 5.8% | ||
| Q3 24 | 0.4% | 7.2% | ||
| Q2 24 | 3.9% | 7.1% |
| Q1 26 | — | — | ||
| Q4 25 | 4.14× | — | ||
| Q3 25 | 1.32× | — | ||
| Q2 25 | 1.46× | — | ||
| Q1 25 | 1.97× | — | ||
| Q4 24 | 5.91× | — | ||
| Q3 24 | 1.33× | — | ||
| Q2 24 | 1.83× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
MKTX
| Commissions | $203.5M | 87% |
| Information services | $14.4M | 6% |
| Post-trade services | $11.6M | 5% |
| Technology services | $3.9M | 2% |
NDLS
| Food And Beverage | $119.6M | 98% |
| Franchise | $2.5M | 2% |
