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Side-by-side financial comparison of MarketAxess (MKTX) and ZIPRECRUITER, INC. (ZIP). Click either name above to swap in a different company.
MarketAxess is the larger business by last-quarter revenue ($233.4M vs $111.7M, roughly 2.1× ZIPRECRUITER, INC.). MarketAxess runs the higher net margin — 33.4% vs -0.7%, a 34.2% gap on every dollar of revenue. On growth, MarketAxess posted the faster year-over-year revenue change (11.9% vs 0.6%). MarketAxess produced more free cash flow last quarter ($15.9M vs $7.6M). Over the past eight quarters, MarketAxess's revenue compounded faster (8.7% CAGR vs -4.4%).
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.
ZipRecruiter, Inc. is an American employment marketplace for job seekers and employers.
MKTX vs ZIP — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $233.4M | $111.7M |
| Net Profit | $78.0M | $-835.0K |
| Gross Margin | — | 89.1% |
| Operating Margin | 43.2% | 3.6% |
| Net Margin | 33.4% | -0.7% |
| Revenue YoY | 11.9% | 0.6% |
| Net Profit YoY | 418.5% | 92.3% |
| EPS (diluted) | $2.20 | $-0.03 |
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 | $111.7M | ||
| Q3 25 | $208.8M | $115.0M | ||
| Q2 25 | $219.5M | $112.2M | ||
| Q1 25 | $208.6M | $110.1M | ||
| Q4 24 | $202.4M | $111.0M | ||
| Q3 24 | $206.7M | $117.1M | ||
| Q2 24 | $197.7M | $123.7M |
| Q1 26 | $78.0M | — | ||
| Q4 25 | $92.2M | $-835.0K | ||
| Q3 25 | $68.2M | $-9.8M | ||
| Q2 25 | $71.1M | $-9.5M | ||
| Q1 25 | $15.1M | $-12.8M | ||
| Q4 24 | $65.1M | $-10.8M | ||
| Q3 24 | $71.5M | $-2.6M | ||
| Q2 24 | $64.9M | $7.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | 89.1% | ||
| Q3 25 | — | 89.1% | ||
| Q2 25 | — | 89.3% | ||
| Q1 25 | — | 89.4% | ||
| Q4 24 | — | 89.6% | ||
| Q3 24 | — | 89.4% | ||
| Q2 24 | — | 89.5% |
| Q1 26 | 43.2% | — | ||
| Q4 25 | 36.3% | 3.6% | ||
| Q3 25 | 41.0% | -4.4% | ||
| Q2 25 | 41.9% | -5.9% | ||
| Q1 25 | 42.4% | -10.6% | ||
| Q4 24 | 39.5% | -3.6% | ||
| Q3 24 | 42.1% | -2.8% | ||
| Q2 24 | 41.2% | 7.6% |
| Q1 26 | 33.4% | — | ||
| Q4 25 | 44.0% | -0.7% | ||
| Q3 25 | 32.6% | -8.5% | ||
| Q2 25 | 32.4% | -8.5% | ||
| Q1 25 | 7.2% | -11.7% | ||
| Q4 24 | 32.2% | -9.7% | ||
| Q3 24 | 34.6% | -2.2% | ||
| Q2 24 | 32.9% | 5.7% |
| Q1 26 | $2.20 | — | ||
| Q4 25 | $2.49 | $-0.03 | ||
| Q3 25 | $1.84 | $-0.11 | ||
| Q2 25 | $1.91 | $-0.10 | ||
| Q1 25 | $0.40 | $-0.13 | ||
| Q4 24 | $1.74 | $-0.10 | ||
| Q3 24 | $1.90 | $-0.03 | ||
| Q2 24 | $1.72 | $0.07 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $377.3M | $188.0M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.2B | $-77.2M |
| Total Assets | $2.3B | $569.7M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $377.3M | — | ||
| Q4 25 | $519.7M | $188.0M | ||
| Q3 25 | $473.3M | $211.8M | ||
| Q2 25 | $462.8M | $203.5M | ||
| Q1 25 | $486.2M | $221.1M | ||
| Q4 24 | $544.5M | $218.4M | ||
| Q3 24 | $446.3M | $225.6M | ||
| Q2 24 | $434.1M | $271.7M |
| Q1 26 | $1.2B | — | ||
| Q4 25 | $1.1B | $-77.2M | ||
| Q3 25 | $1.4B | $-76.1M | ||
| Q2 25 | $1.4B | $-65.9M | ||
| Q1 25 | $1.3B | $-11.3M | ||
| Q4 24 | $1.4B | $13.4M | ||
| Q3 24 | $1.4B | $13.6M | ||
| Q2 24 | $1.3B | $24.4M |
| Q1 26 | $2.3B | — | ||
| Q4 25 | $1.9B | $569.7M | ||
| Q3 25 | $2.0B | $573.6M | ||
| Q2 25 | $2.0B | $592.4M | ||
| Q1 25 | $1.9B | $629.4M | ||
| Q4 24 | $1.8B | $664.1M | ||
| Q3 24 | $1.8B | $652.0M | ||
| Q2 24 | $1.9B | $665.3M |
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 | — | $7.7M |
| Free Cash FlowOCF − Capex | $15.9M | $7.6M |
| FCF MarginFCF / Revenue | 6.8% | 6.8% |
| Capex IntensityCapex / Revenue | — | 0.1% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $581.0M | $9.9M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $382.1M | $7.7M | ||
| Q3 25 | $90.2M | $2.6M | ||
| Q2 25 | $103.7M | $10.5M | ||
| Q1 25 | $29.6M | $-9.9M | ||
| Q4 24 | $385.2M | $12.5M | ||
| Q3 24 | $95.1M | $9.3M | ||
| Q2 24 | $118.8M | $21.9M |
| Q1 26 | $15.9M | — | ||
| Q4 25 | $373.9M | $7.6M | ||
| Q3 25 | $88.7M | $2.2M | ||
| Q2 25 | $102.5M | $10.2M | ||
| Q1 25 | $27.7M | $-10.2M | ||
| Q4 24 | $375.3M | $12.0M | ||
| Q3 24 | $94.3M | $9.2M | ||
| Q2 24 | $111.2M | $21.7M |
| Q1 26 | 6.8% | — | ||
| Q4 25 | 178.6% | 6.8% | ||
| Q3 25 | 42.5% | 1.9% | ||
| Q2 25 | 46.7% | 9.1% | ||
| Q1 25 | 13.3% | -9.3% | ||
| Q4 24 | 185.4% | 10.8% | ||
| Q3 24 | 45.6% | 7.8% | ||
| Q2 24 | 56.2% | 17.6% |
| Q1 26 | — | — | ||
| Q4 25 | 3.9% | 0.1% | ||
| Q3 25 | 0.7% | 0.3% | ||
| Q2 25 | 0.5% | 0.3% | ||
| Q1 25 | 0.9% | 0.3% | ||
| Q4 24 | 4.9% | 0.4% | ||
| Q3 24 | 0.4% | 0.2% | ||
| Q2 24 | 3.9% | 0.1% |
| 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× | 3.12× |
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% |
ZIP
| License | $84.3M | 75% |
| Services | $27.4M | 25% |
