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Side-by-side financial comparison of AvalonBay Communities (AVB) and Cboe Global Markets (CBOE). Click either name above to swap in a different company.
Cboe Global Markets is the larger business by last-quarter revenue ($1.2B vs $767.9M, roughly 1.6× AvalonBay Communities). AvalonBay Communities runs the higher net margin — 9040.6% vs 26.0%, a 9014.5% gap on every dollar of revenue. On growth, Cboe Global Markets posted the faster year-over-year revenue change (8.7% vs 3.7%). AvalonBay Communities produced more free cash flow last quarter ($1.4B vs $332.1M). Over the past eight quarters, Cboe Global Markets's revenue compounded faster (12.2% CAGR vs 3.8%).
AvalonBay Communities, Inc. is a publicly traded real estate investment trust that invests in apartments.
Cboe Global Markets, Inc. is an American financial exchange operator headquartered in Chicago. It owns and operates a portfolio of exchanges and trading venues across equities, options, futures, and digital assets.
AVB vs CBOE — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $767.9M | $1.2B |
| Net Profit | $166.0M | $313.5M |
| Gross Margin | — | 55.7% |
| Operating Margin | 64.2% | 33.5% |
| Net Margin | 9040.6% | 26.0% |
| Revenue YoY | 3.7% | 8.7% |
| Net Profit YoY | -41.2% | 59.5% |
| EPS (diluted) | $1.18 | $2.97 |
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.
| Q4 25 | $767.9M | $1.2B | ||
| Q3 25 | $766.8M | $1.1B | ||
| Q2 25 | $760.2M | $1.2B | ||
| Q1 25 | $745.9M | $1.2B | ||
| Q4 24 | $740.5M | $1.1B | ||
| Q3 24 | $734.3M | $1.1B | ||
| Q2 24 | $726.0M | $974.0M | ||
| Q1 24 | $712.9M | $957.2M |
| Q4 25 | $166.0M | $313.5M | ||
| Q3 25 | $381.3M | $300.8M | ||
| Q2 25 | $268.7M | $235.1M | ||
| Q1 25 | $236.6M | $250.6M | ||
| Q4 24 | $282.1M | $196.5M | ||
| Q3 24 | $372.5M | $218.5M | ||
| Q2 24 | $253.9M | $140.4M | ||
| Q1 24 | $173.4M | $209.5M |
| Q4 25 | — | 55.7% | ||
| Q3 25 | — | 53.0% | ||
| Q2 25 | — | 50.0% | ||
| Q1 25 | — | 47.3% | ||
| Q4 24 | — | 47.4% | ||
| Q3 24 | — | 50.4% | ||
| Q2 24 | — | 52.8% | ||
| Q1 24 | — | 52.5% |
| Q4 25 | 64.2% | 33.5% | ||
| Q3 25 | 65.7% | 32.4% | ||
| Q2 25 | 67.6% | 28.9% | ||
| Q1 25 | 68.5% | 29.6% | ||
| Q4 24 | 63.1% | 27.0% | ||
| Q3 24 | 65.4% | 29.1% | ||
| Q2 24 | 66.6% | 21.6% | ||
| Q1 24 | 67.2% | 29.5% |
| Q4 25 | 9040.6% | 26.0% | ||
| Q3 25 | 49.7% | 26.3% | ||
| Q2 25 | 35.3% | 20.0% | ||
| Q1 25 | 31.7% | 21.0% | ||
| Q4 24 | 38.1% | 17.7% | ||
| Q3 24 | 50.7% | 20.7% | ||
| Q2 24 | 35.0% | 14.4% | ||
| Q1 24 | 24.3% | 21.9% |
| Q4 25 | $1.18 | $2.97 | ||
| Q3 25 | $2.68 | $2.85 | ||
| Q2 25 | $1.88 | $2.23 | ||
| Q1 25 | $1.66 | $2.37 | ||
| Q4 24 | $1.99 | $1.85 | ||
| Q3 24 | $2.61 | $2.07 | ||
| Q2 24 | $1.78 | $1.33 | ||
| Q1 24 | $1.22 | $1.96 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $187.2M | $2.3B |
| Total DebtLower is stronger | $9.3B | $1.4B |
| Stockholders' EquityBook value | $11.6B | $5.1B |
| Total Assets | $22.2B | $9.3B |
| Debt / EquityLower = less leverage | 0.80× | 0.28× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $187.2M | $2.3B | ||
| Q3 25 | $123.3M | $1.5B | ||
| Q2 25 | $102.8M | $1.5B | ||
| Q1 25 | $53.3M | $1.2B | ||
| Q4 24 | $108.6M | $1.0B | ||
| Q3 24 | $552.4M | $763.2M | ||
| Q2 24 | $545.8M | $698.3M | ||
| Q1 24 | $287.9M | $595.1M |
| Q4 25 | $9.3B | $1.4B | ||
| Q3 25 | $8.7B | $1.4B | ||
| Q2 25 | $8.7B | $1.4B | ||
| Q1 25 | $8.3B | $1.4B | ||
| Q4 24 | $8.1B | $1.4B | ||
| Q3 24 | $8.4B | $1.4B | ||
| Q2 24 | $8.4B | $1.4B | ||
| Q1 24 | $8.0B | $1.4B |
| Q4 25 | $11.6B | $5.1B | ||
| Q3 25 | $11.9B | $4.9B | ||
| Q2 25 | $11.9B | $4.7B | ||
| Q1 25 | $11.9B | $4.5B | ||
| Q4 24 | $11.9B | $4.3B | ||
| Q3 24 | $11.9B | $4.2B | ||
| Q2 24 | $11.7B | $4.0B | ||
| Q1 24 | $11.7B | $4.0B |
| Q4 25 | $22.2B | $9.3B | ||
| Q3 25 | $21.9B | $9.1B | ||
| Q2 25 | $21.8B | $9.0B | ||
| Q1 25 | $21.2B | $8.7B | ||
| Q4 24 | $21.0B | $7.8B | ||
| Q3 24 | $21.3B | $8.7B | ||
| Q2 24 | $21.0B | $9.3B | ||
| Q1 24 | $20.6B | $8.2B |
| Q4 25 | 0.80× | 0.28× | ||
| Q3 25 | 0.73× | 0.30× | ||
| Q2 25 | 0.72× | 0.31× | ||
| Q1 25 | 0.70× | 0.32× | ||
| Q4 24 | 0.68× | 0.34× | ||
| Q3 24 | 0.70× | 0.34× | ||
| Q2 24 | 0.71× | 0.36× | ||
| Q1 24 | 0.68× | 0.36× |
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 | $1.7B | $352.1M |
| Free Cash FlowOCF − Capex | $1.4B | $332.1M |
| FCF MarginFCF / Revenue | 183.5% | 27.6% |
| Capex IntensityCapex / Revenue | 34.1% | 1.7% |
| Cash ConversionOCF / Net Profit | 10.07× | 1.12× |
| TTM Free Cash FlowTrailing 4 quarters | $2.5B | $1.7B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.7B | $352.1M | ||
| Q3 25 | $477.0M | $153.9M | ||
| Q2 25 | $377.8M | $333.7M | ||
| Q1 25 | $415.9M | $912.9M | ||
| Q4 24 | $1.6B | $-710.4M | ||
| Q3 24 | $486.2M | $-578.5M | ||
| Q2 24 | $380.0M | $1.5B | ||
| Q1 24 | $412.9M | $895.6M |
| Q4 25 | $1.4B | $332.1M | ||
| Q3 25 | $402.2M | $137.9M | ||
| Q2 25 | $317.1M | $313.4M | ||
| Q1 25 | $367.5M | $898.2M | ||
| Q4 24 | $1.4B | $-734.2M | ||
| Q3 24 | $434.2M | $-590.5M | ||
| Q2 24 | $333.0M | $1.5B | ||
| Q1 24 | $375.4M | $888.3M |
| Q4 25 | 183.5% | 27.6% | ||
| Q3 25 | 52.5% | 12.1% | ||
| Q2 25 | 41.7% | 26.7% | ||
| Q1 25 | 49.3% | 75.2% | ||
| Q4 24 | 191.0% | -66.3% | ||
| Q3 24 | 59.1% | -55.9% | ||
| Q2 24 | 45.9% | 151.6% | ||
| Q1 24 | 52.7% | 92.8% |
| Q4 25 | 34.1% | 1.7% | ||
| Q3 25 | 9.8% | 1.4% | ||
| Q2 25 | 8.0% | 1.7% | ||
| Q1 25 | 6.5% | 1.2% | ||
| Q4 24 | 26.1% | 2.1% | ||
| Q3 24 | 7.1% | 1.1% | ||
| Q2 24 | 6.5% | 1.8% | ||
| Q1 24 | 5.3% | 0.8% |
| Q4 25 | 10.07× | 1.12× | ||
| Q3 25 | 1.25× | 0.51× | ||
| Q2 25 | 1.41× | 1.42× | ||
| Q1 25 | 1.76× | 3.64× | ||
| Q4 24 | 5.70× | -3.62× | ||
| Q3 24 | 1.31× | -2.65× | ||
| Q2 24 | 1.50× | 10.64× | ||
| Q1 24 | 2.38× | 4.27× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AVB
Segment breakdown not available.
CBOE
| Liquidity Payments | $443.6M | 37% |
| Cash And Spot Markets | $431.3M | 36% |
| Transferred Over Time | $84.3M | 7% |
| Market Data Fees | $82.7M | 7% |
| Royalty Fees | $68.9M | 6% |
| Futures | $36.1M | 3% |
| Global FX | $24.4M | 2% |
| Other Revenue | $23.1M | 2% |
| Routing And Clearing | $20.1M | 2% |
