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Side-by-side financial comparison of MarketAxess (MKTX) and PROCORE TECHNOLOGIES, INC. (PCOR). Click either name above to swap in a different company.
PROCORE TECHNOLOGIES, INC. is the larger business by last-quarter revenue ($349.1M vs $209.4M, roughly 1.7× MarketAxess). MarketAxess runs the higher net margin — 44.0% vs -10.8%, a 54.8% gap on every dollar of revenue. On growth, PROCORE TECHNOLOGIES, INC. posted the faster year-over-year revenue change (15.6% vs 3.5%). MarketAxess produced more free cash flow last quarter ($373.9M vs $109.2M). Over the past eight quarters, PROCORE TECHNOLOGIES, INC.'s revenue compounded faster (13.8% CAGR vs -0.2%).
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.
Procore Technologies is an American construction management software as a service company founded in 2002, with headquarters in Carpinteria, California. Procore hosts a platform to connect those involved in the construction industry on a global platform. The software allows for the creation of simplified workflows and displays a consolidated view of construction products that includes the tracking of tasks, management of project workflows, and scheduling.
MKTX vs PCOR — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $209.4M | $349.1M |
| Net Profit | $92.2M | $-37.6M |
| Gross Margin | — | 80.1% |
| Operating Margin | 36.3% | -12.3% |
| Net Margin | 44.0% | -10.8% |
| Revenue YoY | 3.5% | 15.6% |
| Net Profit YoY | 41.6% | 39.6% |
| EPS (diluted) | $2.49 | $-0.25 |
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.
| Q4 25 | $209.4M | $349.1M | ||
| Q3 25 | $208.8M | $338.9M | ||
| Q2 25 | $219.5M | $323.9M | ||
| Q1 25 | $208.6M | $310.6M | ||
| Q4 24 | $202.4M | $302.0M | ||
| Q3 24 | $206.7M | $295.9M | ||
| Q2 24 | $197.7M | $284.3M | ||
| Q1 24 | $210.3M | $269.4M |
| Q4 25 | $92.2M | $-37.6M | ||
| Q3 25 | $68.2M | $-9.1M | ||
| Q2 25 | $71.1M | $-21.1M | ||
| Q1 25 | $15.1M | $-33.0M | ||
| Q4 24 | $65.1M | $-62.3M | ||
| Q3 24 | $71.5M | $-26.4M | ||
| Q2 24 | $64.9M | $-6.3M | ||
| Q1 24 | $72.6M | $-11.0M |
| Q4 25 | — | 80.1% | ||
| Q3 25 | — | 79.7% | ||
| Q2 25 | — | 79.1% | ||
| Q1 25 | — | 79.1% | ||
| Q4 24 | — | 81.2% | ||
| Q3 24 | — | 81.4% | ||
| Q2 24 | — | 83.1% | ||
| Q1 24 | — | 83.0% |
| Q4 25 | 36.3% | -12.3% | ||
| Q3 25 | 41.0% | -4.4% | ||
| Q2 25 | 41.9% | -9.3% | ||
| Q1 25 | 42.4% | -11.7% | ||
| Q4 24 | 39.5% | -21.9% | ||
| Q3 24 | 42.1% | -12.3% | ||
| Q2 24 | 41.2% | -5.2% | ||
| Q1 24 | 44.0% | -7.0% |
| Q4 25 | 44.0% | -10.8% | ||
| Q3 25 | 32.6% | -2.7% | ||
| Q2 25 | 32.4% | -6.5% | ||
| Q1 25 | 7.2% | -10.6% | ||
| Q4 24 | 32.2% | -20.6% | ||
| Q3 24 | 34.6% | -8.9% | ||
| Q2 24 | 32.9% | -2.2% | ||
| Q1 24 | 34.5% | -4.1% |
| Q4 25 | $2.49 | $-0.25 | ||
| Q3 25 | $1.84 | $-0.06 | ||
| Q2 25 | $1.91 | $-0.14 | ||
| Q1 25 | $0.40 | $-0.22 | ||
| Q4 24 | $1.74 | $-0.42 | ||
| Q3 24 | $1.90 | $-0.18 | ||
| Q2 24 | $1.72 | $-0.04 | ||
| Q1 24 | $1.92 | $-0.08 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $519.7M | $768.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.1B | $1.3B |
| Total Assets | $1.9B | $2.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $519.7M | $768.5M | ||
| Q3 25 | $473.3M | $684.0M | ||
| Q2 25 | $462.8M | $620.9M | ||
| Q1 25 | $486.2M | $566.7M | ||
| Q4 24 | $544.5M | $775.4M | ||
| Q3 24 | $446.3M | $756.9M | ||
| Q2 24 | $434.1M | $735.4M | ||
| Q1 24 | $376.7M | $744.6M |
| Q4 25 | $1.1B | $1.3B | ||
| Q3 25 | $1.4B | $1.2B | ||
| Q2 25 | $1.4B | $1.2B | ||
| Q1 25 | $1.3B | $1.2B | ||
| Q4 24 | $1.4B | $1.3B | ||
| Q3 24 | $1.4B | $1.3B | ||
| Q2 24 | $1.3B | $1.3B | ||
| Q1 24 | $1.3B | $1.2B |
| Q4 25 | $1.9B | $2.2B | ||
| Q3 25 | $2.0B | $2.1B | ||
| Q2 25 | $2.0B | $2.0B | ||
| Q1 25 | $1.9B | $1.9B | ||
| Q4 24 | $1.8B | $2.1B | ||
| Q3 24 | $1.8B | $2.0B | ||
| Q2 24 | $1.9B | $2.0B | ||
| Q1 24 | $1.9B | $1.9B |
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 | $382.1M | $114.9M |
| Free Cash FlowOCF − Capex | $373.9M | $109.2M |
| FCF MarginFCF / Revenue | 178.6% | 31.3% |
| Capex IntensityCapex / Revenue | 3.9% | 1.6% |
| Cash ConversionOCF / Net Profit | 4.14× | — |
| TTM Free Cash FlowTrailing 4 quarters | $592.8M | $282.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $382.1M | $114.9M | ||
| Q3 25 | $90.2M | $88.5M | ||
| Q2 25 | $103.7M | $30.8M | ||
| Q1 25 | $29.6M | $66.0M | ||
| Q4 24 | $385.2M | $29.1M | ||
| Q3 24 | $95.1M | $39.3M | ||
| Q2 24 | $118.8M | $58.7M | ||
| Q1 24 | $-4.9M | $69.1M |
| Q4 25 | $373.9M | $109.2M | ||
| Q3 25 | $88.7M | $83.1M | ||
| Q2 25 | $102.5M | $27.9M | ||
| Q1 25 | $27.7M | $62.0M | ||
| Q4 24 | $375.3M | $17.4M | ||
| Q3 24 | $94.3M | $35.7M | ||
| Q2 24 | $111.2M | $56.8M | ||
| Q1 24 | $-6.1M | $67.1M |
| Q4 25 | 178.6% | 31.3% | ||
| Q3 25 | 42.5% | 24.5% | ||
| Q2 25 | 46.7% | 8.6% | ||
| Q1 25 | 13.3% | 20.0% | ||
| Q4 24 | 185.4% | 5.8% | ||
| Q3 24 | 45.6% | 12.1% | ||
| Q2 24 | 56.2% | 20.0% | ||
| Q1 24 | -2.9% | 24.9% |
| Q4 25 | 3.9% | 1.6% | ||
| Q3 25 | 0.7% | 1.6% | ||
| Q2 25 | 0.5% | 0.9% | ||
| Q1 25 | 0.9% | 1.3% | ||
| Q4 24 | 4.9% | 3.9% | ||
| Q3 24 | 0.4% | 1.2% | ||
| Q2 24 | 3.9% | 0.7% | ||
| Q1 24 | 0.6% | 0.8% |
| 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× | — | ||
| Q1 24 | -0.07× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
MKTX
| Commission Revenue | $181.3M | 87% |
| Information Services | $13.5M | 6% |
| Post Trade Services | $11.0M | 5% |
| Technology Services | $3.6M | 2% |
PCOR
| US | $298.3M | 85% |
| Non Us | $50.9M | 15% |
