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Side-by-side financial comparison of Cboe Global Markets (CBOE) and CMS Energy (CMS). Click either name above to swap in a different company.
CMS Energy is the larger business by last-quarter revenue ($2.1B vs $1.2B, roughly 1.8× Cboe Global Markets). Cboe Global Markets runs the higher net margin — 26.0% vs 13.5%, a 12.5% gap on every dollar of revenue. On growth, CMS Energy posted the faster year-over-year revenue change (13.0% vs 8.7%). Over the past eight quarters, Cboe Global Markets's revenue compounded faster (12.2% CAGR vs -0.2%).
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.
CMS Energy Corporation is an American energy company based in Jackson, Michigan, that is focused principally on utility operations in Michigan. Its principal business is Consumers Energy, a public utility that provides electricity and natural gas to more than 6 million of Michigan's 10 million residents. Its non-utility businesses are focused primarily on domestic independent power production. Consumers Energy has operated since 1886.
CBOE vs CMS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.2B | $2.1B |
| Net Profit | $313.5M | $289.0M |
| Gross Margin | 55.7% | — |
| Operating Margin | 33.5% | 20.4% |
| Net Margin | 26.0% | 13.5% |
| Revenue YoY | 8.7% | 13.0% |
| Net Profit YoY | 59.5% | 9.1% |
| EPS (diluted) | $2.97 | $0.94 |
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 | $2.1B | ||
| Q3 25 | $1.1B | $2.0B | ||
| Q2 25 | $1.2B | $1.8B | ||
| Q1 25 | $1.2B | $2.4B | ||
| Q4 24 | $1.1B | $1.9B | ||
| Q3 24 | $1.1B | $1.7B | ||
| Q2 24 | $974.0M | $1.6B | ||
| Q1 24 | $957.2M | $2.1B |
| Q4 25 | $313.5M | $289.0M | ||
| Q3 25 | $300.8M | $277.0M | ||
| Q2 25 | $235.1M | $201.0M | ||
| Q1 25 | $250.6M | $304.0M | ||
| Q4 24 | $196.5M | $265.0M | ||
| Q3 24 | $218.5M | $253.0M | ||
| Q2 24 | $140.4M | $198.0M | ||
| Q1 24 | $209.5M | $287.0M |
| 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 | 33.5% | 20.4% | ||
| Q3 25 | 32.4% | 24.4% | ||
| Q2 25 | 28.9% | 17.6% | ||
| Q1 25 | 29.6% | 20.6% | ||
| Q4 24 | 27.0% | 22.5% | ||
| Q3 24 | 29.1% | 21.4% | ||
| Q2 24 | 21.6% | 18.0% | ||
| Q1 24 | 29.5% | 19.2% |
| Q4 25 | 26.0% | 13.5% | ||
| Q3 25 | 26.3% | 14.0% | ||
| Q2 25 | 20.0% | 11.2% | ||
| Q1 25 | 21.0% | 12.7% | ||
| Q4 24 | 17.7% | 14.0% | ||
| Q3 24 | 20.7% | 14.8% | ||
| Q2 24 | 14.4% | 12.6% | ||
| Q1 24 | 21.9% | 13.4% |
| Q4 25 | $2.97 | $0.94 | ||
| Q3 25 | $2.85 | $0.92 | ||
| Q2 25 | $2.23 | $0.66 | ||
| Q1 25 | $2.37 | $1.01 | ||
| Q4 24 | $1.85 | $0.88 | ||
| Q3 24 | $2.07 | $0.84 | ||
| Q2 24 | $1.33 | $0.65 | ||
| Q1 24 | $1.96 | $0.96 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $2.3B | $509.0M |
| Total DebtLower is stronger | $1.4B | — |
| Stockholders' EquityBook value | $5.1B | $9.1B |
| Total Assets | $9.3B | $39.9B |
| Debt / EquityLower = less leverage | 0.28× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.3B | $509.0M | ||
| Q3 25 | $1.5B | $362.0M | ||
| Q2 25 | $1.5B | $844.0M | ||
| Q1 25 | $1.2B | $465.0M | ||
| Q4 24 | $1.0B | $103.0M | ||
| Q3 24 | $763.2M | $412.0M | ||
| Q2 24 | $698.3M | $699.0M | ||
| Q1 24 | $595.1M | $802.0M |
| 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 | $9.1B | ||
| Q3 25 | $4.9B | $8.9B | ||
| Q2 25 | $4.7B | $8.4B | ||
| Q1 25 | $4.5B | $8.3B | ||
| Q4 24 | $4.3B | $8.2B | ||
| Q3 24 | $4.2B | $8.1B | ||
| Q2 24 | $4.0B | $8.0B | ||
| Q1 24 | $4.0B | $7.9B |
| Q4 25 | $9.3B | $39.9B | ||
| Q3 25 | $9.1B | $38.0B | ||
| Q2 25 | $9.0B | $37.7B | ||
| Q1 25 | $8.7B | $36.3B | ||
| Q4 24 | $7.8B | $35.9B | ||
| Q3 24 | $8.7B | $34.8B | ||
| Q2 24 | $9.3B | $34.4B | ||
| Q1 24 | $8.2B | $33.9B |
| 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 | $352.1M | $478.0M |
| Free Cash FlowOCF − Capex | $332.1M | — |
| FCF MarginFCF / Revenue | 27.6% | — |
| Capex IntensityCapex / Revenue | 1.7% | — |
| Cash ConversionOCF / Net Profit | 1.12× | 1.65× |
| TTM Free Cash FlowTrailing 4 quarters | $1.7B | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $352.1M | $478.0M | ||
| Q3 25 | $153.9M | $343.0M | ||
| Q2 25 | $333.7M | $414.0M | ||
| Q1 25 | $912.9M | $1.0B | ||
| Q4 24 | $-710.4M | $403.0M | ||
| Q3 24 | $-578.5M | $304.0M | ||
| Q2 24 | $1.5B | $707.0M | ||
| Q1 24 | $895.6M | $956.0M |
| Q4 25 | $332.1M | — | ||
| Q3 25 | $137.9M | $-635.0M | ||
| Q2 25 | $313.4M | $-470.0M | ||
| Q1 25 | $898.2M | $112.0M | ||
| Q4 24 | $-734.2M | — | ||
| Q3 24 | $-590.5M | $-502.0M | ||
| Q2 24 | $1.5B | $26.0M | ||
| Q1 24 | $888.3M | $343.0M |
| Q4 25 | 27.6% | — | ||
| Q3 25 | 12.1% | -32.2% | ||
| Q2 25 | 26.7% | -26.1% | ||
| Q1 25 | 75.2% | 4.7% | ||
| Q4 24 | -66.3% | — | ||
| Q3 24 | -55.9% | -29.3% | ||
| Q2 24 | 151.6% | 1.6% | ||
| Q1 24 | 92.8% | 16.0% |
| Q4 25 | 1.7% | — | ||
| Q3 25 | 1.4% | 49.5% | ||
| Q2 25 | 1.7% | 49.2% | ||
| Q1 25 | 1.2% | 37.0% | ||
| Q4 24 | 2.1% | — | ||
| Q3 24 | 1.1% | 47.1% | ||
| Q2 24 | 1.8% | 43.2% | ||
| Q1 24 | 0.8% | 28.6% |
| Q4 25 | 1.12× | 1.65× | ||
| Q3 25 | 0.51× | 1.24× | ||
| Q2 25 | 1.42× | 2.06× | ||
| Q1 25 | 3.64× | 3.29× | ||
| Q4 24 | -3.62× | 1.52× | ||
| Q3 24 | -2.65× | 1.20× | ||
| Q2 24 | 10.64× | 3.57× | ||
| Q1 24 | 4.27× | 3.33× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
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% |
CMS
| Electric Utility | $1.3B | 59% |
| Gas Utility | $803.0M | 38% |
| North Star Clean Energy | $77.0M | 4% |
