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Side-by-side financial comparison of FactSet (FDS) and MarketAxess (MKTX), based on the latest 10-Q / 10-K filings. Click either name above to swap in a different company.
FactSet is the larger business by last-quarter revenue ($607.6M vs $209.4M, roughly 2.9× MarketAxess). MarketAxess runs the higher net margin — 25.1% vs 44.0%, a 18.9% gap on every dollar of revenue. On growth, FactSet posted the faster year-over-year revenue change (6.9% vs 3.5%). MarketAxess produced more free cash flow last quarter ($155.1M vs $90.4M). Over the past eight quarters, FactSet's revenue compounded faster (5.5% CAGR vs -0.2%).
FactSet Research Systems Inc., trading as FactSet, is an American financial data and software company headquartered in Norwalk, Connecticut, United States. The company provides integrated data and software. For fiscal year 2024, FactSet's total ASV and professional services revenues were $2.2 billion. FactSet's total market value is approximately $17 billion.
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.
FDS vs MKTX — Head-to-Head
Income Statement — Q1 2026 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $607.6M | $209.4M |
| Net Profit | $152.6M | $92.2M |
| Gross Margin | 52.6% | — |
| Operating Margin | 31.6% | 36.3% |
| Net Margin | 25.1% | 44.0% |
| Revenue YoY | 6.9% | 3.5% |
| Net Profit YoY | 1.7% | 41.6% |
| EPS (diluted) | $4.06 | $2.49 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align — see 8-quarter trend below.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history — bar widths are scaled to the larger of the two companies so you can eyeball the size gap and growth trajectory without doing math. Quarters aligned by calendar period (report date) so offset fiscal years line up.
| Q4 25 | $607.6M | $209.4M | ||
| Q3 25 | $596.9M | $208.8M | ||
| Q2 25 | $585.5M | $219.5M | ||
| Q1 25 | $570.7M | $208.6M | ||
| Q4 24 | $568.7M | $202.4M | ||
| Q3 24 | $562.2M | $206.7M | ||
| Q2 24 | $552.7M | $197.7M | ||
| Q1 24 | $545.9M | $210.3M |
| Q4 25 | $152.6M | $92.2M | ||
| Q3 25 | $153.6M | $68.2M | ||
| Q2 25 | $148.5M | $71.1M | ||
| Q1 25 | $144.9M | $15.1M | ||
| Q4 24 | $150.0M | $65.1M | ||
| Q3 24 | $89.5M | $71.5M | ||
| Q2 24 | $158.1M | $64.9M | ||
| Q1 24 | $140.9M | $72.6M |
| Q4 25 | 52.6% | — | ||
| Q3 25 | 51.6% | — | ||
| Q2 25 | 52.1% | — | ||
| Q1 25 | 52.8% | — | ||
| Q4 24 | 54.5% | — | ||
| Q3 24 | 54.1% | — | ||
| Q2 24 | 55.3% | — | ||
| Q1 24 | 53.3% | — |
| Q4 25 | 31.6% | 36.3% | ||
| Q3 25 | 29.7% | 41.0% | ||
| Q2 25 | 33.2% | 41.9% | ||
| Q1 25 | 32.5% | 42.4% | ||
| Q4 24 | 33.6% | 39.5% | ||
| Q3 24 | 22.7% | 42.1% | ||
| Q2 24 | 36.6% | 41.2% | ||
| Q1 24 | 33.3% | 44.0% |
| Q4 25 | 25.1% | 44.0% | ||
| Q3 25 | 25.7% | 32.6% | ||
| Q2 25 | 25.4% | 32.4% | ||
| Q1 25 | 25.4% | 7.2% | ||
| Q4 24 | 26.4% | 32.2% | ||
| Q3 24 | 15.9% | 34.6% | ||
| Q2 24 | 28.6% | 32.9% | ||
| Q1 24 | 25.8% | 34.5% |
| Q4 25 | $4.06 | $2.49 | ||
| Q3 25 | $4.03 | $1.84 | ||
| Q2 25 | $3.87 | $1.91 | ||
| Q1 25 | $3.76 | $0.40 | ||
| Q4 24 | $3.89 | $1.74 | ||
| Q3 24 | $2.33 | $1.90 | ||
| Q2 24 | $4.09 | $1.72 | ||
| Q1 24 | $3.65 | $1.92 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest filing — the kind of financial-strength check premium terminals charge for.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $292.7M | $519.7M |
| Total DebtLower is stronger | $1.4B | — |
| Stockholders' EquityBook value | $2.2B | $1.1B |
| Total Assets | $4.2B | $1.9B |
| Debt / EquityLower = less leverage | 0.63× | — |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $292.7M | $519.7M | ||
| Q3 25 | $355.1M | $473.3M | ||
| Q2 25 | $364.0M | $462.8M | ||
| Q1 25 | $287.0M | $486.2M | ||
| Q4 24 | $358.8M | $544.5M | ||
| Q3 24 | $492.6M | $446.3M | ||
| Q2 24 | $522.0M | $434.1M | ||
| Q1 24 | $450.2M | $376.7M |
| Q4 25 | $1.4B | — | ||
| Q3 25 | $1.4B | — | ||
| Q2 25 | $1.4B | — | ||
| Q1 25 | $1.5B | — | ||
| Q4 24 | $1.4B | — | ||
| Q3 24 | $1.4B | — | ||
| Q2 24 | $1.4B | — | ||
| Q1 24 | $1.5B | — |
| Q4 25 | $2.2B | $1.1B | ||
| Q3 25 | $2.2B | $1.4B | ||
| Q2 25 | $2.2B | $1.4B | ||
| Q1 25 | $2.1B | $1.3B | ||
| Q4 24 | $2.0B | $1.4B | ||
| Q3 24 | $1.9B | $1.4B | ||
| Q2 24 | $1.9B | $1.3B | ||
| Q1 24 | $1.8B | $1.3B |
| Q4 25 | $4.2B | $1.9B | ||
| Q3 25 | $4.3B | $2.0B | ||
| Q2 25 | $4.3B | $2.0B | ||
| Q1 25 | $4.2B | $1.9B | ||
| Q4 24 | $4.0B | $1.8B | ||
| Q3 24 | $4.1B | $1.8B | ||
| Q2 24 | $4.0B | $1.9B | ||
| Q1 24 | $4.0B | $1.9B |
| Q4 25 | 0.63× | — | ||
| Q3 25 | 0.63× | — | ||
| Q2 25 | 0.66× | — | ||
| Q1 25 | 0.72× | — | ||
| Q4 24 | 0.68× | — | ||
| Q3 24 | 0.71× | — | ||
| Q2 24 | 0.76× | — | ||
| Q1 24 | 0.83× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Net income can be massaged; cash flow is harder to fake.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $121.3M | $158.6M |
| Free Cash FlowOCF − Capex | $90.4M | $155.1M |
| FCF MarginFCF / Revenue | 14.9% | 74.0% |
| Capex IntensityCapex / Revenue; lower = less reinvestment burden | 5.1% | 1.7% |
| Cash ConversionOCF / Net Profit; >1× = earnings back up with cash | 0.79× | 1.72× |
| TTM Free Cash FlowTrailing 4 quarters | $647.4M | $373.9M |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $121.3M | $158.6M | ||
| Q3 25 | $212.1M | $90.2M | ||
| Q2 25 | $253.8M | $103.7M | ||
| Q1 25 | $174.0M | $29.6M | ||
| Q4 24 | $86.4M | $176.2M | ||
| Q3 24 | $163.2M | $95.1M | ||
| Q2 24 | $238.2M | $118.8M | ||
| Q1 24 | $143.8M | $-4.9M |
| Q4 25 | $90.4M | $155.1M | ||
| Q3 25 | $178.1M | $88.7M | ||
| Q2 25 | $228.6M | $102.5M | ||
| Q1 25 | $150.2M | $27.7M | ||
| Q4 24 | $60.5M | $176.0M | ||
| Q3 24 | $137.2M | $94.3M | ||
| Q2 24 | $216.9M | $111.2M | ||
| Q1 24 | $121.9M | $-6.1M |
| Q4 25 | 14.9% | 74.0% | ||
| Q3 25 | 29.8% | 42.5% | ||
| Q2 25 | 39.0% | 46.7% | ||
| Q1 25 | 26.3% | 13.3% | ||
| Q4 24 | 10.6% | 87.0% | ||
| Q3 24 | 24.4% | 45.6% | ||
| Q2 24 | 39.2% | 56.2% | ||
| Q1 24 | 22.3% | -2.9% |
| Q4 25 | 5.1% | 1.7% | ||
| Q3 25 | 5.7% | 0.7% | ||
| Q2 25 | 4.3% | 0.5% | ||
| Q1 25 | 4.2% | 0.9% | ||
| Q4 24 | 4.5% | 0.1% | ||
| Q3 24 | 4.6% | 0.4% | ||
| Q2 24 | 3.9% | 3.9% | ||
| Q1 24 | 4.0% | 0.6% |
| Q4 25 | 0.79× | 1.72× | ||
| Q3 25 | 1.38× | 1.32× | ||
| Q2 25 | 1.71× | 1.46× | ||
| Q1 25 | 1.20× | 1.97× | ||
| Q4 24 | 0.58× | 2.71× | ||
| Q3 24 | 1.82× | 1.33× | ||
| Q2 24 | 1.51× | 1.83× | ||
| Q1 24 | 1.02× | -0.07× |
Financial Flow Comparison
Sankey diagram of revenue → gross profit → operating profit → net profit for each company. Charts shown full-width and stacked so both segment hierarchies are readable side-by-side on desktop and mobile.
Revenue Breakdown by Segment
FDS
| Americas Segment | $399.7M | 66% |
| EMEA Segment | $149.1M | 25% |
| Asia Pacific Segment | $62.2M | 10% |
MKTX
| Commission Revenue | $181.3M | 87% |
| Information Services | $13.5M | 6% |
| Post Trade Services | $11.0M | 5% |
| Technology Services | $3.6M | 2% |
