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Side-by-side financial comparison of MarketAxess (MKTX) and VIRTUS INVESTMENT PARTNERS, INC. (VRTS). Click either name above to swap in a different company.
MarketAxess is the larger business by last-quarter revenue ($209.4M vs $199.5M, roughly 1.0× VIRTUS INVESTMENT PARTNERS, INC.). MarketAxess runs the higher net margin — 44.0% vs 3.6%, a 40.5% gap on every dollar of revenue. On growth, MarketAxess posted the faster year-over-year revenue change (3.5% vs -4.1%). Over the past eight quarters, MarketAxess's revenue compounded faster (-0.2% CAGR vs -5.7%).
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.
VIRTUS INVESTMENT PARTNERS, INC.VRTSEarnings & Financial Report
Virtus Investment Partners, Inc. is an American company which operates as a multi-manager asset management business, comprising a number of individual affiliated managers, each having its own investment process and brand, and the services of unaffiliated sub advisers.
MKTX vs VRTS — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $209.4M | $199.5M |
| Net Profit | $92.2M | $7.1M |
| Gross Margin | — | — |
| Operating Margin | 36.3% | 7.7% |
| Net Margin | 44.0% | 3.6% |
| Revenue YoY | 3.5% | -4.1% |
| Net Profit YoY | 41.6% | -78.1% |
| EPS (diluted) | $2.49 | $1.05 |
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 | — | $199.5M | ||
| Q4 25 | $209.4M | $208.0M | ||
| Q3 25 | $208.8M | $216.4M | ||
| Q2 25 | $219.5M | $210.5M | ||
| Q1 25 | $208.6M | $217.9M | ||
| Q4 24 | $202.4M | $233.5M | ||
| Q3 24 | $206.7M | $227.0M | ||
| Q2 24 | $197.7M | $224.4M |
| Q1 26 | — | $7.1M | ||
| Q4 25 | $92.2M | $33.9M | ||
| Q3 25 | $68.2M | $31.3M | ||
| Q2 25 | $71.1M | $42.7M | ||
| Q1 25 | $15.1M | $28.1M | ||
| Q4 24 | $65.1M | $39.5M | ||
| Q3 24 | $71.5M | $49.1M | ||
| Q2 24 | $64.9M | $26.0M |
| Q1 26 | — | 7.7% | ||
| Q4 25 | 36.3% | 19.1% | ||
| Q3 25 | 41.0% | 21.7% | ||
| Q2 25 | 41.9% | 21.5% | ||
| Q1 25 | 42.4% | 16.8% | ||
| Q4 24 | 39.5% | 21.7% | ||
| Q3 24 | 42.1% | 24.3% | ||
| Q2 24 | 41.2% | 19.7% |
| Q1 26 | — | 3.6% | ||
| Q4 25 | 44.0% | 16.3% | ||
| Q3 25 | 32.6% | 14.5% | ||
| Q2 25 | 32.4% | 20.3% | ||
| Q1 25 | 7.2% | 12.9% | ||
| Q4 24 | 32.2% | 16.9% | ||
| Q3 24 | 34.6% | 21.6% | ||
| Q2 24 | 32.9% | 11.6% |
| Q1 26 | — | $1.05 | ||
| Q4 25 | $2.49 | $5.15 | ||
| Q3 25 | $1.84 | $4.65 | ||
| Q2 25 | $1.91 | $6.12 | ||
| Q1 25 | $0.40 | $4.05 | ||
| Q4 24 | $1.74 | $4.65 | ||
| Q3 24 | $1.90 | $5.71 | ||
| Q2 24 | $1.72 | $2.43 |
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 | $136.6M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.1B | $93.6B |
| Total Assets | $1.9B | — |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $136.6M | ||
| Q4 25 | $519.7M | — | ||
| Q3 25 | $473.3M | — | ||
| Q2 25 | $462.8M | — | ||
| Q1 25 | $486.2M | — | ||
| Q4 24 | $544.5M | — | ||
| Q3 24 | $446.3M | — | ||
| Q2 24 | $434.1M | — |
| Q1 26 | — | — | ||
| Q4 25 | — | $390.0M | ||
| Q3 25 | — | $390.6M | ||
| Q2 25 | — | $231.3M | ||
| Q1 25 | — | $231.7M | ||
| Q4 24 | — | $232.1M | ||
| Q3 24 | — | $237.5M | ||
| Q2 24 | — | $247.6M |
| Q1 26 | — | $93.6B | ||
| Q4 25 | $1.1B | $934.0M | ||
| Q3 25 | $1.4B | $918.7M | ||
| Q2 25 | $1.4B | $896.4M | ||
| Q1 25 | $1.3B | $893.7M | ||
| Q4 24 | $1.4B | $897.5M | ||
| Q3 24 | $1.4B | $889.0M | ||
| Q2 24 | $1.3B | $868.7M |
| Q1 26 | — | — | ||
| Q4 25 | $1.9B | $4.3B | ||
| Q3 25 | $2.0B | $3.9B | ||
| Q2 25 | $2.0B | $3.7B | ||
| Q1 25 | $1.9B | $3.7B | ||
| Q4 24 | $1.8B | $4.0B | ||
| Q3 24 | $1.8B | $3.6B | ||
| Q2 24 | $1.9B | $3.6B |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.42× | ||
| Q3 25 | — | 0.43× | ||
| Q2 25 | — | 0.26× | ||
| Q1 25 | — | 0.26× | ||
| Q4 24 | — | 0.26× | ||
| Q3 24 | — | 0.27× | ||
| Q2 24 | — | 0.29× |
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 | — |
| Free Cash FlowOCF − Capex | $373.9M | — |
| FCF MarginFCF / Revenue | 178.6% | — |
| Capex IntensityCapex / Revenue | 3.9% | — |
| Cash ConversionOCF / Net Profit | 4.14× | — |
| TTM Free Cash FlowTrailing 4 quarters | $592.8M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $382.1M | $-67.2M | ||
| Q3 25 | $90.2M | $108.3M | ||
| Q2 25 | $103.7M | $75.8M | ||
| Q1 25 | $29.6M | $-3.8M | ||
| Q4 24 | $385.2M | $1.8M | ||
| Q3 24 | $95.1M | $69.1M | ||
| Q2 24 | $118.8M | $70.0M |
| Q1 26 | — | — | ||
| Q4 25 | $373.9M | $-74.1M | ||
| Q3 25 | $88.7M | $106.9M | ||
| Q2 25 | $102.5M | $74.2M | ||
| Q1 25 | $27.7M | $-6.8M | ||
| Q4 24 | $375.3M | $-3.8M | ||
| Q3 24 | $94.3M | $68.7M | ||
| Q2 24 | $111.2M | $68.6M |
| Q1 26 | — | — | ||
| Q4 25 | 178.6% | -35.6% | ||
| Q3 25 | 42.5% | 49.4% | ||
| Q2 25 | 46.7% | 35.2% | ||
| Q1 25 | 13.3% | -3.1% | ||
| Q4 24 | 185.4% | -1.6% | ||
| Q3 24 | 45.6% | 30.3% | ||
| Q2 24 | 56.2% | 30.6% |
| Q1 26 | — | — | ||
| Q4 25 | 3.9% | 3.3% | ||
| Q3 25 | 0.7% | 0.7% | ||
| Q2 25 | 0.5% | 0.7% | ||
| Q1 25 | 0.9% | 1.4% | ||
| Q4 24 | 4.9% | 2.4% | ||
| Q3 24 | 0.4% | 0.2% | ||
| Q2 24 | 3.9% | 0.6% |
| Q1 26 | — | — | ||
| Q4 25 | 4.14× | -1.99× | ||
| Q3 25 | 1.32× | 3.45× | ||
| Q2 25 | 1.46× | 1.77× | ||
| Q1 25 | 1.97× | -0.13× | ||
| Q4 24 | 5.91× | 0.04× | ||
| Q3 24 | 1.33× | 1.41× | ||
| Q2 24 | 1.83× | 2.69× |
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% |
VRTS
| Investment management fees | $169.1M | 85% |
| Administration and shareholder service fees | $17.3M | 9% |
| Distribution and service fees | $11.6M | 6% |
