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Side-by-side financial comparison of Brookfield Infrastructure Corp (BIPC) 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 $866.0M, roughly 1.4× Brookfield Infrastructure Corp). Cboe Global Markets runs the higher net margin — 26.0% vs -35.7%, a 61.7% gap on every dollar of revenue. On growth, Cboe Global Markets posted the faster year-over-year revenue change (8.7% vs -4.6%).
Brookfield Infrastructure Partners L.P. is a publicly traded limited partnership with corporate headquarters in Toronto, Canada, that engages in the acquisition and management of infrastructure assets on a global basis.
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.
BIPC vs CBOE — Head-to-Head
Income Statement — Q2 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $866.0M | $1.2B |
| Net Profit | $-309.0M | $313.5M |
| Gross Margin | 65.0% | 55.7% |
| Operating Margin | 62.7% | 33.5% |
| Net Margin | -35.7% | 26.0% |
| Revenue YoY | -4.6% | 8.7% |
| Net Profit YoY | -148.1% | 59.5% |
| EPS (diluted) | — | $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 | — | $1.2B | ||
| Q3 25 | — | $1.1B | ||
| Q2 25 | $866.0M | $1.2B | ||
| Q1 25 | — | $1.2B | ||
| Q4 24 | — | $1.1B | ||
| Q3 24 | — | $1.1B | ||
| Q2 24 | $908.0M | $974.0M | ||
| Q1 24 | — | $957.2M |
| Q4 25 | — | $313.5M | ||
| Q3 25 | — | $300.8M | ||
| Q2 25 | $-309.0M | $235.1M | ||
| Q1 25 | — | $250.6M | ||
| Q4 24 | — | $196.5M | ||
| Q3 24 | — | $218.5M | ||
| Q2 24 | $643.0M | $140.4M | ||
| Q1 24 | — | $209.5M |
| Q4 25 | — | 55.7% | ||
| Q3 25 | — | 53.0% | ||
| Q2 25 | 65.0% | 50.0% | ||
| Q1 25 | — | 47.3% | ||
| Q4 24 | — | 47.4% | ||
| Q3 24 | — | 50.4% | ||
| Q2 24 | 63.8% | 52.8% | ||
| Q1 24 | — | 52.5% |
| Q4 25 | — | 33.5% | ||
| Q3 25 | — | 32.4% | ||
| Q2 25 | 62.7% | 28.9% | ||
| Q1 25 | — | 29.6% | ||
| Q4 24 | — | 27.0% | ||
| Q3 24 | — | 29.1% | ||
| Q2 24 | 61.9% | 21.6% | ||
| Q1 24 | — | 29.5% |
| Q4 25 | — | 26.0% | ||
| Q3 25 | — | 26.3% | ||
| Q2 25 | -35.7% | 20.0% | ||
| Q1 25 | — | 21.0% | ||
| Q4 24 | — | 17.7% | ||
| Q3 24 | — | 20.7% | ||
| Q2 24 | 70.8% | 14.4% | ||
| Q1 24 | — | 21.9% |
| Q4 25 | — | $2.97 | ||
| Q3 25 | — | $2.85 | ||
| Q2 25 | — | $2.23 | ||
| Q1 25 | — | $2.37 | ||
| Q4 24 | — | $1.85 | ||
| Q3 24 | — | $2.07 | ||
| Q2 24 | — | $1.33 | ||
| Q1 24 | — | $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 | $1.2B | $2.3B |
| Total DebtLower is stronger | — | $1.4B |
| Stockholders' EquityBook value | $2.2B | $5.1B |
| Total Assets | $23.9B | $9.3B |
| Debt / EquityLower = less leverage | — | 0.28× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $2.3B | ||
| Q3 25 | — | $1.5B | ||
| Q2 25 | $1.2B | $1.5B | ||
| Q1 25 | — | $1.2B | ||
| Q4 24 | — | $1.0B | ||
| Q3 24 | — | $763.2M | ||
| Q2 24 | $466.0M | $698.3M | ||
| Q1 24 | — | $595.1M |
| Q4 25 | — | $1.4B | ||
| Q3 25 | — | $1.4B | ||
| Q2 25 | — | $1.4B | ||
| Q1 25 | — | $1.4B | ||
| Q4 24 | — | $1.4B | ||
| Q3 24 | — | $1.4B | ||
| Q2 24 | — | $1.4B | ||
| Q1 24 | — | $1.4B |
| Q4 25 | — | $5.1B | ||
| Q3 25 | — | $4.9B | ||
| Q2 25 | $2.2B | $4.7B | ||
| Q1 25 | — | $4.5B | ||
| Q4 24 | — | $4.3B | ||
| Q3 24 | — | $4.2B | ||
| Q2 24 | $3.5B | $4.0B | ||
| Q1 24 | — | $4.0B |
| Q4 25 | — | $9.3B | ||
| Q3 25 | — | $9.1B | ||
| Q2 25 | $23.9B | $9.0B | ||
| Q1 25 | — | $8.7B | ||
| Q4 24 | — | $7.8B | ||
| Q3 24 | — | $8.7B | ||
| Q2 24 | $23.7B | $9.3B | ||
| Q1 24 | — | $8.2B |
| Q4 25 | — | 0.28× | ||
| Q3 25 | — | 0.30× | ||
| Q2 25 | — | 0.31× | ||
| Q1 25 | — | 0.32× | ||
| Q4 24 | — | 0.34× | ||
| Q3 24 | — | 0.34× | ||
| Q2 24 | — | 0.36× | ||
| Q1 24 | — | 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 | $478.0M | $352.1M |
| Free Cash FlowOCF − Capex | — | $332.1M |
| FCF MarginFCF / Revenue | — | 27.6% |
| Capex IntensityCapex / Revenue | — | 1.7% |
| Cash ConversionOCF / Net Profit | — | 1.12× |
| TTM Free Cash FlowTrailing 4 quarters | — | $1.7B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $352.1M | ||
| Q3 25 | — | $153.9M | ||
| Q2 25 | $478.0M | $333.7M | ||
| Q1 25 | — | $912.9M | ||
| Q4 24 | — | $-710.4M | ||
| Q3 24 | — | $-578.5M | ||
| Q2 24 | $511.0M | $1.5B | ||
| Q1 24 | — | $895.6M |
| Q4 25 | — | $332.1M | ||
| Q3 25 | — | $137.9M | ||
| Q2 25 | — | $313.4M | ||
| Q1 25 | — | $898.2M | ||
| Q4 24 | — | $-734.2M | ||
| Q3 24 | — | $-590.5M | ||
| Q2 24 | — | $1.5B | ||
| Q1 24 | — | $888.3M |
| Q4 25 | — | 27.6% | ||
| Q3 25 | — | 12.1% | ||
| Q2 25 | — | 26.7% | ||
| Q1 25 | — | 75.2% | ||
| Q4 24 | — | -66.3% | ||
| Q3 24 | — | -55.9% | ||
| Q2 24 | — | 151.6% | ||
| Q1 24 | — | 92.8% |
| Q4 25 | — | 1.7% | ||
| Q3 25 | — | 1.4% | ||
| Q2 25 | — | 1.7% | ||
| Q1 25 | — | 1.2% | ||
| Q4 24 | — | 2.1% | ||
| Q3 24 | — | 1.1% | ||
| Q2 24 | — | 1.8% | ||
| Q1 24 | — | 0.8% |
| Q4 25 | — | 1.12× | ||
| Q3 25 | — | 0.51× | ||
| Q2 25 | — | 1.42× | ||
| Q1 25 | — | 3.64× | ||
| Q4 24 | — | -3.62× | ||
| Q3 24 | — | -2.65× | ||
| Q2 24 | 0.79× | 10.64× | ||
| Q1 24 | — | 4.27× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BIPC
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% |
