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Side-by-side financial comparison of Cboe Global Markets (CBOE) and Datadog (DDOG). Click either name above to swap in a different company.
Cboe Global Markets is the larger business by last-quarter revenue ($1.2B vs $953.2M, roughly 1.3× Datadog). Cboe Global Markets runs the higher net margin — 26.0% vs 4.9%, a 21.2% gap on every dollar of revenue. On growth, Datadog posted the faster year-over-year revenue change (29.2% vs 8.7%). Cboe Global Markets produced more free cash flow last quarter ($332.1M vs $318.2M). Over the past eight quarters, Datadog's revenue compounded faster (24.9% CAGR vs 12.2%).
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.
Datadog, Inc. is an American company that provides an observability service for cloud-scale applications, providing monitoring of servers, databases, tools, and services, through a SaaS-based data analytics platform. Founded and headquartered in New York City, the company is a publicly traded entity on the Nasdaq stock exchange.
CBOE vs DDOG — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.2B | $953.2M |
| Net Profit | $313.5M | $46.6M |
| Gross Margin | 55.7% | 80.4% |
| Operating Margin | 33.5% | 1.0% |
| Net Margin | 26.0% | 4.9% |
| Revenue YoY | 8.7% | 29.2% |
| Net Profit YoY | 59.5% | 2.1% |
| EPS (diluted) | $2.97 | $0.13 |
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 | $953.2M | ||
| Q3 25 | $1.1B | $885.7M | ||
| Q2 25 | $1.2B | $826.8M | ||
| Q1 25 | $1.2B | $761.6M | ||
| Q4 24 | $1.1B | $737.7M | ||
| Q3 24 | $1.1B | $690.0M | ||
| Q2 24 | $974.0M | $645.3M | ||
| Q1 24 | $957.2M | $611.3M |
| Q4 25 | $313.5M | $46.6M | ||
| Q3 25 | $300.8M | $33.9M | ||
| Q2 25 | $235.1M | $2.6M | ||
| Q1 25 | $250.6M | $24.6M | ||
| Q4 24 | $196.5M | $45.6M | ||
| Q3 24 | $218.5M | $51.7M | ||
| Q2 24 | $140.4M | $43.8M | ||
| Q1 24 | $209.5M | $42.6M |
| Q4 25 | 55.7% | 80.4% | ||
| Q3 25 | 53.0% | 80.1% | ||
| Q2 25 | 50.0% | 79.9% | ||
| Q1 25 | 47.3% | 79.3% | ||
| Q4 24 | 47.4% | 80.5% | ||
| Q3 24 | 50.4% | 80.0% | ||
| Q2 24 | 52.8% | 80.9% | ||
| Q1 24 | 52.5% | 82.0% |
| Q4 25 | 33.5% | 1.0% | ||
| Q3 25 | 32.4% | -0.7% | ||
| Q2 25 | 28.9% | -4.3% | ||
| Q1 25 | 29.6% | -1.6% | ||
| Q4 24 | 27.0% | 1.3% | ||
| Q3 24 | 29.1% | 2.9% | ||
| Q2 24 | 21.6% | 2.0% | ||
| Q1 24 | 29.5% | 2.0% |
| Q4 25 | 26.0% | 4.9% | ||
| Q3 25 | 26.3% | 3.8% | ||
| Q2 25 | 20.0% | 0.3% | ||
| Q1 25 | 21.0% | 3.2% | ||
| Q4 24 | 17.7% | 6.2% | ||
| Q3 24 | 20.7% | 7.5% | ||
| Q2 24 | 14.4% | 6.8% | ||
| Q1 24 | 21.9% | 7.0% |
| Q4 25 | $2.97 | $0.13 | ||
| Q3 25 | $2.85 | $0.10 | ||
| Q2 25 | $2.23 | $0.01 | ||
| Q1 25 | $2.37 | $0.07 | ||
| Q4 24 | $1.85 | $0.14 | ||
| Q3 24 | $2.07 | $0.14 | ||
| Q2 24 | $1.33 | $0.12 | ||
| Q1 24 | $1.96 | $0.12 |
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 | $401.3M |
| Total DebtLower is stronger | $1.4B | — |
| Stockholders' EquityBook value | $5.1B | $3.7B |
| Total Assets | $9.3B | $6.6B |
| Debt / EquityLower = less leverage | 0.28× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.3B | $401.3M | ||
| Q3 25 | $1.5B | $540.6M | ||
| Q2 25 | $1.5B | $489.0M | ||
| Q1 25 | $1.2B | $1.1B | ||
| Q4 24 | $1.0B | $1.2B | ||
| Q3 24 | $763.2M | $337.4M | ||
| Q2 24 | $698.3M | $411.0M | ||
| Q1 24 | $595.1M | $282.2M |
| 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 | $3.7B | ||
| Q3 25 | $4.9B | $3.4B | ||
| Q2 25 | $4.7B | $3.2B | ||
| Q1 25 | $4.5B | $2.9B | ||
| Q4 24 | $4.3B | $2.7B | ||
| Q3 24 | $4.2B | $2.6B | ||
| Q2 24 | $4.0B | $2.4B | ||
| Q1 24 | $4.0B | $2.2B |
| Q4 25 | $9.3B | $6.6B | ||
| Q3 25 | $9.1B | $6.1B | ||
| Q2 25 | $9.0B | $5.8B | ||
| Q1 25 | $8.7B | $6.0B | ||
| Q4 24 | $7.8B | $5.8B | ||
| Q3 24 | $8.7B | $4.6B | ||
| Q2 24 | $9.3B | $4.4B | ||
| Q1 24 | $8.2B | $4.1B |
| 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 | $327.1M |
| Free Cash FlowOCF − Capex | $332.1M | $318.2M |
| FCF MarginFCF / Revenue | 27.6% | 33.4% |
| Capex IntensityCapex / Revenue | 1.7% | 0.9% |
| Cash ConversionOCF / Net Profit | 1.12× | 7.02× |
| TTM Free Cash FlowTrailing 4 quarters | $1.7B | $1.0B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $352.1M | $327.1M | ||
| Q3 25 | $153.9M | $251.5M | ||
| Q2 25 | $333.7M | $200.1M | ||
| Q1 25 | $912.9M | $271.5M | ||
| Q4 24 | $-710.4M | $265.2M | ||
| Q3 24 | $-578.5M | $228.7M | ||
| Q2 24 | $1.5B | $164.4M | ||
| Q1 24 | $895.6M | $212.3M |
| Q4 25 | $332.1M | $318.2M | ||
| Q3 25 | $137.9M | $234.7M | ||
| Q2 25 | $313.4M | $184.9M | ||
| Q1 25 | $898.2M | $262.8M | ||
| Q4 24 | $-734.2M | $257.5M | ||
| Q3 24 | $-590.5M | $220.3M | ||
| Q2 24 | $1.5B | $160.0M | ||
| Q1 24 | $888.3M | $198.1M |
| Q4 25 | 27.6% | 33.4% | ||
| Q3 25 | 12.1% | 26.5% | ||
| Q2 25 | 26.7% | 22.4% | ||
| Q1 25 | 75.2% | 34.5% | ||
| Q4 24 | -66.3% | 34.9% | ||
| Q3 24 | -55.9% | 31.9% | ||
| Q2 24 | 151.6% | 24.8% | ||
| Q1 24 | 92.8% | 32.4% |
| Q4 25 | 1.7% | 0.9% | ||
| Q3 25 | 1.4% | 1.9% | ||
| Q2 25 | 1.7% | 1.8% | ||
| Q1 25 | 1.2% | 1.1% | ||
| Q4 24 | 2.1% | 1.1% | ||
| Q3 24 | 1.1% | 1.2% | ||
| Q2 24 | 1.8% | 0.7% | ||
| Q1 24 | 0.8% | 2.3% |
| Q4 25 | 1.12× | 7.02× | ||
| Q3 25 | 0.51× | 7.42× | ||
| Q2 25 | 1.42× | 75.58× | ||
| Q1 25 | 3.64× | 11.02× | ||
| Q4 24 | -3.62× | 5.82× | ||
| Q3 24 | -2.65× | 4.42× | ||
| Q2 24 | 10.64× | 3.75× | ||
| Q1 24 | 4.27× | 4.98× |
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% |
DDOG
| North America | $678.7M | 71% |
| International | $274.5M | 29% |
