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Side-by-side financial comparison of MarketAxess (MKTX) and WYNDHAM HOTELS & RESORTS, INC. (WH). Click either name above to swap in a different company.
WYNDHAM HOTELS & RESORTS, INC. is the larger business by last-quarter revenue ($334.0M vs $209.4M, roughly 1.6× MarketAxess). MarketAxess runs the higher net margin — 44.0% vs -18.0%, a 62.0% gap on every dollar of revenue. On growth, MarketAxess posted the faster year-over-year revenue change (3.5% vs -76.3%). MarketAxess produced more free cash flow last quarter ($373.9M vs $168.0M). Over the past eight quarters, MarketAxess's revenue compounded faster (-0.2% CAGR vs -4.6%).
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.
Wyndham Hotels & Resorts, Inc., is an American hospitality company based in Parsippany, New Jersey, United States. It describes itself as the largest hotel franchisor in the world, with 9,100 locations.
MKTX vs WH — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $209.4M | $334.0M |
| Net Profit | $92.2M | $-60.0M |
| Gross Margin | — | — |
| Operating Margin | 36.3% | — |
| Net Margin | 44.0% | -18.0% |
| Revenue YoY | 3.5% | -76.3% |
| Net Profit YoY | 41.6% | -170.6% |
| EPS (diluted) | $2.49 | $-0.80 |
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 | — | $334.0M | ||
| Q4 25 | $209.4M | $334.0M | ||
| Q3 25 | $208.8M | $382.0M | ||
| Q2 25 | $219.5M | $397.0M | ||
| Q1 25 | $208.6M | $316.0M | ||
| Q4 24 | $202.4M | $336.0M | ||
| Q3 24 | $206.7M | $396.0M | ||
| Q2 24 | $197.7M | $367.0M |
| Q1 26 | — | $-60.0M | ||
| Q4 25 | $92.2M | $-60.0M | ||
| Q3 25 | $68.2M | $105.0M | ||
| Q2 25 | $71.1M | $87.0M | ||
| Q1 25 | $15.1M | $61.0M | ||
| Q4 24 | $65.1M | $85.0M | ||
| Q3 24 | $71.5M | $102.0M | ||
| Q2 24 | $64.9M | $86.0M |
| Q1 26 | — | — | ||
| Q4 25 | 36.3% | -11.4% | ||
| Q3 25 | 41.0% | 46.6% | ||
| Q2 25 | 41.9% | 37.8% | ||
| Q1 25 | 42.4% | 35.4% | ||
| Q4 24 | 39.5% | 38.4% | ||
| Q3 24 | 42.1% | 43.2% | ||
| Q2 24 | 41.2% | 39.5% |
| Q1 26 | — | -18.0% | ||
| Q4 25 | 44.0% | -18.0% | ||
| Q3 25 | 32.6% | 27.5% | ||
| Q2 25 | 32.4% | 21.9% | ||
| Q1 25 | 7.2% | 19.3% | ||
| Q4 24 | 32.2% | 25.3% | ||
| Q3 24 | 34.6% | 25.8% | ||
| Q2 24 | 32.9% | 23.4% |
| Q1 26 | — | $-0.80 | ||
| Q4 25 | $2.49 | $-0.77 | ||
| Q3 25 | $1.84 | $1.36 | ||
| Q2 25 | $1.91 | $1.13 | ||
| Q1 25 | $0.40 | $0.78 | ||
| Q4 24 | $1.74 | $1.06 | ||
| Q3 24 | $1.90 | $1.29 | ||
| Q2 24 | $1.72 | $1.07 |
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 | $64.0M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.1B | $468.0M |
| Total Assets | $1.9B | $4.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $64.0M | ||
| Q4 25 | $519.7M | $64.0M | ||
| Q3 25 | $473.3M | $70.0M | ||
| Q2 25 | $462.8M | $50.0M | ||
| Q1 25 | $486.2M | $48.0M | ||
| Q4 24 | $544.5M | $103.0M | ||
| Q3 24 | $446.3M | $72.0M | ||
| Q2 24 | $434.1M | $70.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | $2.5B | ||
| Q3 25 | — | $2.6B | ||
| Q2 25 | — | $2.5B | ||
| Q1 25 | — | $2.5B | ||
| Q4 24 | — | $2.4B | ||
| Q3 24 | — | $2.4B | ||
| Q2 24 | — | $2.4B |
| Q1 26 | — | $468.0M | ||
| Q4 25 | $1.1B | $468.0M | ||
| Q3 25 | $1.4B | $583.0M | ||
| Q2 25 | $1.4B | $570.0M | ||
| Q1 25 | $1.3B | $579.0M | ||
| Q4 24 | $1.4B | $650.0M | ||
| Q3 24 | $1.4B | $583.0M | ||
| Q2 24 | $1.3B | $623.0M |
| Q1 26 | — | $4.2B | ||
| Q4 25 | $1.9B | $4.2B | ||
| Q3 25 | $2.0B | $4.3B | ||
| Q2 25 | $2.0B | $4.3B | ||
| Q1 25 | $1.9B | $4.2B | ||
| Q4 24 | $1.8B | $4.2B | ||
| Q3 24 | $1.8B | $4.2B | ||
| Q2 24 | $1.9B | $4.2B |
| Q1 26 | — | — | ||
| Q4 25 | — | 5.37× | ||
| Q3 25 | — | 4.43× | ||
| Q2 25 | — | 4.44× | ||
| Q1 25 | — | 4.29× | ||
| Q4 24 | — | 3.72× | ||
| Q3 24 | — | 4.19× | ||
| Q2 24 | — | 3.83× |
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 | $367.0M |
| Free Cash FlowOCF − Capex | $373.9M | $168.0M |
| FCF MarginFCF / Revenue | 178.6% | 50.3% |
| Capex IntensityCapex / Revenue | 3.9% | — |
| Cash ConversionOCF / Net Profit | 4.14× | — |
| TTM Free Cash FlowTrailing 4 quarters | $592.8M | $437.0M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $367.0M | ||
| Q4 25 | $382.1M | $152.0M | ||
| Q3 25 | $90.2M | $86.0M | ||
| Q2 25 | $103.7M | $70.0M | ||
| Q1 25 | $29.6M | $59.0M | ||
| Q4 24 | $385.2M | $134.0M | ||
| Q3 24 | $95.1M | $79.0M | ||
| Q2 24 | $118.8M | $1.0M |
| Q1 26 | — | $168.0M | ||
| Q4 25 | $373.9M | $136.0M | ||
| Q3 25 | $88.7M | $75.0M | ||
| Q2 25 | $102.5M | $58.0M | ||
| Q1 25 | $27.7M | $52.0M | ||
| Q4 24 | $375.3M | $109.0M | ||
| Q3 24 | $94.3M | $71.0M | ||
| Q2 24 | $111.2M | $-6.0M |
| Q1 26 | — | 50.3% | ||
| Q4 25 | 178.6% | 40.7% | ||
| Q3 25 | 42.5% | 19.6% | ||
| Q2 25 | 46.7% | 14.6% | ||
| Q1 25 | 13.3% | 16.5% | ||
| Q4 24 | 185.4% | 32.4% | ||
| Q3 24 | 45.6% | 17.9% | ||
| Q2 24 | 56.2% | -1.6% |
| Q1 26 | — | — | ||
| Q4 25 | 3.9% | 4.8% | ||
| Q3 25 | 0.7% | 2.9% | ||
| Q2 25 | 0.5% | 3.0% | ||
| Q1 25 | 0.9% | 2.2% | ||
| Q4 24 | 4.9% | 7.4% | ||
| Q3 24 | 0.4% | 2.0% | ||
| Q2 24 | 3.9% | 1.9% |
| Q1 26 | — | — | ||
| Q4 25 | 4.14× | — | ||
| Q3 25 | 1.32× | 0.82× | ||
| Q2 25 | 1.46× | 0.80× | ||
| Q1 25 | 1.97× | 0.97× | ||
| Q4 24 | 5.91× | 1.58× | ||
| Q3 24 | 1.33× | 0.77× | ||
| Q2 24 | 1.83× | 0.01× |
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% |
WH
| Fee-related and other revenues | $334.0M | 100% |
| Management and other fees | $2.0M | 1% |
