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Side-by-side financial comparison of MarketAxess (MKTX) and Wheels Up Experience Inc. (UP). Click either name above to swap in a different company.
MarketAxess is the larger business by last-quarter revenue ($233.4M vs $183.8M, roughly 1.3× Wheels Up Experience Inc.). MarketAxess runs the higher net margin — 33.4% vs -15.7%, a 49.1% gap on every dollar of revenue. On growth, MarketAxess posted the faster year-over-year revenue change (11.9% vs -10.2%). MarketAxess produced more free cash flow last quarter ($15.9M vs $-58.3M). Over the past eight quarters, MarketAxess's revenue compounded faster (8.7% CAGR vs -3.4%).
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.
Wheels Up is a provider of "on demand" private aviation in the United States and one of the largest private aviation companies in the world. It was founded in 2013 by Kenny Dichter, using a membership/on-demand business model. Wheels Up members can book private aircraft from the company fleet and third-party operators using a mobile application.
MKTX vs UP — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $233.4M | $183.8M |
| Net Profit | $78.0M | $-28.9M |
| Gross Margin | — | 14.3% |
| Operating Margin | 43.2% | -0.9% |
| Net Margin | 33.4% | -15.7% |
| Revenue YoY | 11.9% | -10.2% |
| Net Profit YoY | 418.5% | 67.0% |
| EPS (diluted) | $2.20 | $-0.04 |
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 | $183.8M | ||
| Q3 25 | $208.8M | $185.5M | ||
| Q2 25 | $219.5M | $189.6M | ||
| Q1 25 | $208.6M | $177.5M | ||
| Q4 24 | $202.4M | $204.8M | ||
| Q3 24 | $206.7M | $193.9M | ||
| Q2 24 | $197.7M | $196.3M |
| Q1 26 | $78.0M | — | ||
| Q4 25 | $92.2M | $-28.9M | ||
| Q3 25 | $68.2M | $-83.7M | ||
| Q2 25 | $71.1M | $-82.3M | ||
| Q1 25 | $15.1M | $-99.3M | ||
| Q4 24 | $65.1M | $-87.5M | ||
| Q3 24 | $71.5M | $-57.7M | ||
| Q2 24 | $64.9M | $-97.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | 14.3% | ||
| Q3 25 | — | 6.8% | ||
| Q2 25 | — | 8.3% | ||
| Q1 25 | — | 10.8% | ||
| Q4 24 | — | 13.9% | ||
| Q3 24 | — | 13.9% | ||
| Q2 24 | — | 2.3% |
| Q1 26 | 43.2% | — | ||
| Q4 25 | 36.3% | -0.9% | ||
| Q3 25 | 41.0% | -33.1% | ||
| Q2 25 | 41.9% | -31.4% | ||
| Q1 25 | 42.4% | -45.5% | ||
| Q4 24 | 39.5% | -26.0% | ||
| Q3 24 | 42.1% | -21.6% | ||
| Q2 24 | 41.2% | -40.3% |
| Q1 26 | 33.4% | — | ||
| Q4 25 | 44.0% | -15.7% | ||
| Q3 25 | 32.6% | -45.1% | ||
| Q2 25 | 32.4% | -43.4% | ||
| Q1 25 | 7.2% | -55.9% | ||
| Q4 24 | 32.2% | -42.7% | ||
| Q3 24 | 34.6% | -29.8% | ||
| Q2 24 | 32.9% | -49.4% |
| Q1 26 | $2.20 | — | ||
| Q4 25 | $2.49 | $-0.04 | ||
| Q3 25 | $1.84 | $-0.12 | ||
| Q2 25 | $1.91 | $-0.12 | ||
| Q1 25 | $0.40 | $-0.14 | ||
| Q4 24 | $1.74 | $-0.13 | ||
| Q3 24 | $1.90 | $-0.08 | ||
| 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 | $133.9M |
| Total DebtLower is stronger | — | $671.3M |
| Stockholders' EquityBook value | $1.2B | $-392.1M |
| Total Assets | $2.3B | $968.8M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $377.3M | — | ||
| Q4 25 | $519.7M | $133.9M | ||
| Q3 25 | $473.3M | $125.3M | ||
| Q2 25 | $462.8M | $107.0M | ||
| Q1 25 | $486.2M | $171.8M | ||
| Q4 24 | $544.5M | $216.4M | ||
| Q3 24 | $446.3M | $115.9M | ||
| Q2 24 | $434.1M | $141.5M |
| Q1 26 | — | — | ||
| Q4 25 | — | $671.3M | ||
| Q3 25 | — | $766.5M | ||
| Q2 25 | — | $770.5M | ||
| Q1 25 | — | $765.8M | ||
| Q4 24 | — | $761.3M | ||
| Q3 24 | — | $596.9M | ||
| Q2 24 | — | $597.4M |
| Q1 26 | $1.2B | — | ||
| Q4 25 | $1.1B | $-392.1M | ||
| Q3 25 | $1.4B | $-374.5M | ||
| Q2 25 | $1.4B | $-347.8M | ||
| Q1 25 | $1.3B | $-288.1M | ||
| Q4 24 | $1.4B | $-202.1M | ||
| Q3 24 | $1.4B | $-117.7M | ||
| Q2 24 | $1.3B | $-72.2M |
| Q1 26 | $2.3B | — | ||
| Q4 25 | $1.9B | $968.8M | ||
| Q3 25 | $2.0B | $973.0M | ||
| Q2 25 | $2.0B | $1.0B | ||
| Q1 25 | $1.9B | $1.1B | ||
| Q4 24 | $1.8B | $1.2B | ||
| Q3 24 | $1.8B | $1.0B | ||
| Q2 24 | $1.9B | $1.1B |
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 | — | $-18.4M |
| Free Cash FlowOCF − Capex | $15.9M | $-58.3M |
| FCF MarginFCF / Revenue | 6.8% | -31.7% |
| Capex IntensityCapex / Revenue | — | 21.7% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $581.0M | $-259.9M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $382.1M | $-18.4M | ||
| Q3 25 | $90.2M | $-37.1M | ||
| Q2 25 | $103.7M | $-62.9M | ||
| Q1 25 | $29.6M | $-47.9M | ||
| Q4 24 | $385.2M | $37.9M | ||
| Q3 24 | $95.1M | $-16.9M | ||
| Q2 24 | $118.8M | $-25.2M |
| Q1 26 | $15.9M | — | ||
| Q4 25 | $373.9M | $-58.3M | ||
| Q3 25 | $88.7M | $-60.4M | ||
| Q2 25 | $102.5M | $-78.6M | ||
| Q1 25 | $27.7M | $-62.6M | ||
| Q4 24 | $375.3M | $-70.2M | ||
| Q3 24 | $94.3M | $-21.9M | ||
| Q2 24 | $111.2M | $-30.8M |
| Q1 26 | 6.8% | — | ||
| Q4 25 | 178.6% | -31.7% | ||
| Q3 25 | 42.5% | -32.6% | ||
| Q2 25 | 46.7% | -41.5% | ||
| Q1 25 | 13.3% | -35.3% | ||
| Q4 24 | 185.4% | -34.3% | ||
| Q3 24 | 45.6% | -11.3% | ||
| Q2 24 | 56.2% | -15.7% |
| Q1 26 | — | — | ||
| Q4 25 | 3.9% | 21.7% | ||
| Q3 25 | 0.7% | 12.5% | ||
| Q2 25 | 0.5% | 8.3% | ||
| Q1 25 | 0.9% | 8.3% | ||
| Q4 24 | 4.9% | 52.8% | ||
| Q3 24 | 0.4% | 2.6% | ||
| Q2 24 | 3.9% | 2.9% |
| 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% |
UP
Segment breakdown not available.
