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Side-by-side financial comparison of Cboe Global Markets (CBOE) and Diversified Energy Co (DEC). Click either name above to swap in a different company.
Cboe Global Markets is the larger business by last-quarter revenue ($1.2B vs $666.5M, roughly 1.8× Diversified Energy Co). Diversified Energy Co runs the higher net margin — 29.3% vs 26.0%, a 3.3% gap on every dollar of revenue. Cboe Global Markets produced more free cash flow last quarter ($332.1M vs $280.0M).
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.
DTE Energy is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services in the United States and Canada. Its operating units include an electric utility serving 2.2 million customers and a natural gas utility serving 1.3 million customers in Michigan.
CBOE vs DEC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.2B | $666.5M |
| Net Profit | $313.5M | $195.5M |
| Gross Margin | 55.7% | — |
| Operating Margin | 33.5% | 37.6% |
| Net Margin | 26.0% | 29.3% |
| Revenue YoY | 8.7% | — |
| Net Profit YoY | 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 | $666.5M | ||
| Q3 25 | $1.1B | $499.8M | ||
| Q2 25 | $1.2B | $600.3M | ||
| Q1 25 | $1.2B | — | ||
| Q4 24 | $1.1B | — | ||
| Q3 24 | $1.1B | — | ||
| Q2 24 | $974.0M | — | ||
| Q1 24 | $957.2M | — |
| Q4 25 | $313.5M | $195.5M | ||
| Q3 25 | $300.8M | $171.1M | ||
| Q2 25 | $235.1M | $297.7M | ||
| Q1 25 | $250.6M | — | ||
| Q4 24 | $196.5M | — | ||
| Q3 24 | $218.5M | — | ||
| Q2 24 | $140.4M | — | ||
| Q1 24 | $209.5M | — |
| Q4 25 | 55.7% | — | ||
| Q3 25 | 53.0% | — | ||
| Q2 25 | 50.0% | 44.7% | ||
| Q1 25 | 47.3% | — | ||
| Q4 24 | 47.4% | — | ||
| Q3 24 | 50.4% | — | ||
| Q2 24 | 52.8% | — | ||
| Q1 24 | 52.5% | — |
| Q4 25 | 33.5% | 37.6% | ||
| Q3 25 | 32.4% | 36.2% | ||
| Q2 25 | 28.9% | 48.5% | ||
| Q1 25 | 29.6% | — | ||
| Q4 24 | 27.0% | — | ||
| Q3 24 | 29.1% | — | ||
| Q2 24 | 21.6% | — | ||
| Q1 24 | 29.5% | — |
| Q4 25 | 26.0% | 29.3% | ||
| Q3 25 | 26.3% | 34.2% | ||
| Q2 25 | 20.0% | 49.6% | ||
| Q1 25 | 21.0% | — | ||
| Q4 24 | 17.7% | — | ||
| Q3 24 | 20.7% | — | ||
| Q2 24 | 14.4% | — | ||
| Q1 24 | 21.9% | — |
| Q4 25 | $2.97 | — | ||
| Q3 25 | $2.85 | $2.14 | ||
| Q2 25 | $2.23 | $3.67 | ||
| 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 | $2.3B | $29.7M |
| Total DebtLower is stronger | $1.4B | $2.7B |
| Stockholders' EquityBook value | $5.1B | $984.1M |
| Total Assets | $9.3B | $6.2B |
| Debt / EquityLower = less leverage | 0.28× | 2.76× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.3B | $29.7M | ||
| Q3 25 | $1.5B | — | ||
| Q2 25 | $1.5B | $23.7M | ||
| Q1 25 | $1.2B | — | ||
| Q4 24 | $1.0B | — | ||
| Q3 24 | $763.2M | — | ||
| Q2 24 | $698.3M | — | ||
| Q1 24 | $595.1M | — |
| Q4 25 | $1.4B | $2.7B | ||
| 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 | $984.1M | ||
| Q3 25 | $4.9B | — | ||
| Q2 25 | $4.7B | $727.7M | ||
| Q1 25 | $4.5B | — | ||
| Q4 24 | $4.3B | — | ||
| Q3 24 | $4.2B | — | ||
| Q2 24 | $4.0B | — | ||
| Q1 24 | $4.0B | — |
| Q4 25 | $9.3B | $6.2B | ||
| Q3 25 | $9.1B | — | ||
| Q2 25 | $9.0B | $5.7B | ||
| Q1 25 | $8.7B | — | ||
| Q4 24 | $7.8B | — | ||
| Q3 24 | $8.7B | — | ||
| Q2 24 | $9.3B | — | ||
| Q1 24 | $8.2B | — |
| Q4 25 | 0.28× | 2.76× | ||
| 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 | $464.6M |
| Free Cash FlowOCF − Capex | $332.1M | $280.0M |
| FCF MarginFCF / Revenue | 27.6% | 42.0% |
| Capex IntensityCapex / Revenue | 1.7% | 27.7% |
| Cash ConversionOCF / Net Profit | 1.12× | 2.38× |
| TTM Free Cash FlowTrailing 4 quarters | $1.7B | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $352.1M | $464.6M | ||
| Q3 25 | $153.9M | — | ||
| Q2 25 | $333.7M | $264.1M | ||
| Q1 25 | $912.9M | — | ||
| Q4 24 | $-710.4M | — | ||
| Q3 24 | $-578.5M | — | ||
| Q2 24 | $1.5B | — | ||
| Q1 24 | $895.6M | — |
| Q4 25 | $332.1M | $280.0M | ||
| 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% | 42.0% | ||
| 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% | 27.7% | ||
| 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× | 2.38× | ||
| Q3 25 | 0.51× | — | ||
| Q2 25 | 1.42× | 0.89× | ||
| Q1 25 | 3.64× | — | ||
| Q4 24 | -3.62× | — | ||
| Q3 24 | -2.65× | — | ||
| Q2 24 | 10.64× | — | ||
| Q1 24 | 4.27× | — |
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% |
DEC
Segment breakdown not available.
