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Side-by-side financial comparison of Cboe Global Markets (CBOE) and Dream Finders Homes, Inc. (DFH). Click either name above to swap in a different company.
Dream Finders Homes, Inc. is the larger business by last-quarter revenue ($1.2B vs $1.2B, roughly 1.0× Cboe Global Markets). Cboe Global Markets runs the higher net margin — 26.0% vs 4.8%, a 21.2% gap on every dollar of revenue. On growth, Cboe Global Markets posted the faster year-over-year revenue change (8.7% vs -22.3%). Cboe Global Markets produced more free cash flow last quarter ($332.1M vs $136.0M). Over the past eight quarters, Dream Finders Homes, Inc.'s revenue compounded faster (21.0% 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.
Dream Finders Homes, Inc. is a U.S. homebuilding firm that constructs and sells entry-level to luxury residential properties, including single-family homes and townhomes, across high-growth domestic markets. It also provides mortgage, title insurance and home warranty services for homebuyers.
CBOE vs DFH — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.2B | $1.2B |
| Net Profit | $313.5M | $58.8M |
| Gross Margin | 55.7% | — |
| Operating Margin | 33.5% | 6.4% |
| Net Margin | 26.0% | 4.8% |
| Revenue YoY | 8.7% | -22.3% |
| Net Profit YoY | 59.5% | -54.9% |
| EPS (diluted) | $2.97 | $0.57 |
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 | $1.2B | ||
| Q3 25 | $1.1B | $969.8M | ||
| Q2 25 | $1.2B | $1.2B | ||
| Q1 25 | $1.2B | $989.9M | ||
| Q4 24 | $1.1B | $1.6B | ||
| Q3 24 | $1.1B | $1.0B | ||
| Q2 24 | $974.0M | $1.1B | ||
| Q1 24 | $957.2M | $827.8M |
| Q4 25 | $313.5M | $58.8M | ||
| Q3 25 | $300.8M | $47.0M | ||
| Q2 25 | $235.1M | $56.6M | ||
| Q1 25 | $250.6M | $54.9M | ||
| Q4 24 | $196.5M | $130.5M | ||
| Q3 24 | $218.5M | $70.7M | ||
| Q2 24 | $140.4M | $80.9M | ||
| Q1 24 | $209.5M | $54.5M |
| 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% | 19.2% | ||
| Q1 24 | 52.5% | 18.0% |
| Q4 25 | 33.5% | 6.4% | ||
| Q3 25 | 32.4% | 6.3% | ||
| Q2 25 | 28.9% | 6.4% | ||
| Q1 25 | 29.6% | 7.2% | ||
| Q4 24 | 27.0% | 10.8% | ||
| Q3 24 | 29.1% | 9.2% | ||
| Q2 24 | 21.6% | 10.0% | ||
| Q1 24 | 29.5% | 8.6% |
| Q4 25 | 26.0% | 4.8% | ||
| Q3 25 | 26.3% | 4.8% | ||
| Q2 25 | 20.0% | 4.9% | ||
| Q1 25 | 21.0% | 5.5% | ||
| Q4 24 | 17.7% | 8.4% | ||
| Q3 24 | 20.7% | 7.0% | ||
| Q2 24 | 14.4% | 7.7% | ||
| Q1 24 | 21.9% | 6.6% |
| Q4 25 | $2.97 | $0.57 | ||
| Q3 25 | $2.85 | $0.47 | ||
| Q2 25 | $2.23 | $0.56 | ||
| Q1 25 | $2.37 | $0.54 | ||
| Q4 24 | $1.85 | $1.28 | ||
| Q3 24 | $2.07 | $0.70 | ||
| Q2 24 | $1.33 | $0.81 | ||
| Q1 24 | $1.96 | $0.55 |
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 | $234.8M |
| Total DebtLower is stronger | $1.4B | $1.6B |
| Stockholders' EquityBook value | $5.1B | $1.4B |
| Total Assets | $9.3B | $3.7B |
| Debt / EquityLower = less leverage | 0.28× | 1.13× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.3B | $234.8M | ||
| Q3 25 | $1.5B | $251.0M | ||
| Q2 25 | $1.5B | $210.3M | ||
| Q1 25 | $1.2B | $297.5M | ||
| Q4 24 | $1.0B | $274.4M | ||
| Q3 24 | $763.2M | $204.9M | ||
| Q2 24 | $698.3M | $274.8M | ||
| Q1 24 | $595.1M | $239.4M |
| Q4 25 | $1.4B | $1.6B | ||
| Q3 25 | $1.4B | $1.8B | ||
| Q2 25 | $1.4B | — | ||
| Q1 25 | $1.4B | — | ||
| Q4 24 | $1.4B | $1.3B | ||
| Q3 24 | $1.4B | — | ||
| Q2 24 | $1.4B | — | ||
| Q1 24 | $1.4B | — |
| Q4 25 | $5.1B | $1.4B | ||
| Q3 25 | $4.9B | $1.4B | ||
| Q2 25 | $4.7B | $1.3B | ||
| Q1 25 | $4.5B | $1.3B | ||
| Q4 24 | $4.3B | $1.2B | ||
| Q3 24 | $4.2B | $1.1B | ||
| Q2 24 | $4.0B | $1.0B | ||
| Q1 24 | $4.0B | $968.7M |
| Q4 25 | $9.3B | $3.7B | ||
| Q3 25 | $9.1B | $3.8B | ||
| Q2 25 | $9.0B | $3.7B | ||
| Q1 25 | $8.7B | $3.5B | ||
| Q4 24 | $7.8B | $3.3B | ||
| Q3 24 | $8.7B | $3.3B | ||
| Q2 24 | $9.3B | $3.0B | ||
| Q1 24 | $8.2B | $2.7B |
| Q4 25 | 0.28× | 1.13× | ||
| Q3 25 | 0.30× | 1.29× | ||
| Q2 25 | 0.31× | — | ||
| Q1 25 | 0.32× | — | ||
| Q4 24 | 0.34× | 1.03× | ||
| 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 | $143.6M |
| Free Cash FlowOCF − Capex | $332.1M | $136.0M |
| FCF MarginFCF / Revenue | 27.6% | 11.2% |
| Capex IntensityCapex / Revenue | 1.7% | 0.6% |
| Cash ConversionOCF / Net Profit | 1.12× | 2.44× |
| TTM Free Cash FlowTrailing 4 quarters | $1.7B | $-126.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $352.1M | $143.6M | ||
| Q3 25 | $153.9M | $-131.0M | ||
| Q2 25 | $333.7M | $-68.5M | ||
| Q1 25 | $912.9M | $-44.7M | ||
| Q4 24 | $-710.4M | $306.5M | ||
| Q3 24 | $-578.5M | $-205.0M | ||
| Q2 24 | $1.5B | $-110.6M | ||
| Q1 24 | $895.6M | $-247.5M |
| Q4 25 | $332.1M | $136.0M | ||
| Q3 25 | $137.9M | $-135.7M | ||
| Q2 25 | $313.4M | $-78.8M | ||
| Q1 25 | $898.2M | $-47.9M | ||
| Q4 24 | $-734.2M | $302.6M | ||
| Q3 24 | $-590.5M | $-222.5M | ||
| Q2 24 | $1.5B | $-112.4M | ||
| Q1 24 | $888.3M | $-249.6M |
| Q4 25 | 27.6% | 11.2% | ||
| Q3 25 | 12.1% | -14.0% | ||
| Q2 25 | 26.7% | -6.8% | ||
| Q1 25 | 75.2% | -4.8% | ||
| Q4 24 | -66.3% | 19.4% | ||
| Q3 24 | -55.9% | -22.1% | ||
| Q2 24 | 151.6% | -10.6% | ||
| Q1 24 | 92.8% | -30.2% |
| Q4 25 | 1.7% | 0.6% | ||
| Q3 25 | 1.4% | 0.5% | ||
| Q2 25 | 1.7% | 0.9% | ||
| Q1 25 | 1.2% | 0.3% | ||
| Q4 24 | 2.1% | 0.3% | ||
| Q3 24 | 1.1% | 1.7% | ||
| Q2 24 | 1.8% | 0.2% | ||
| Q1 24 | 0.8% | 0.3% |
| Q4 25 | 1.12× | 2.44× | ||
| Q3 25 | 0.51× | -2.79× | ||
| Q2 25 | 1.42× | -1.21× | ||
| Q1 25 | 3.64× | -0.81× | ||
| Q4 24 | -3.62× | 2.35× | ||
| Q3 24 | -2.65× | -2.90× | ||
| Q2 24 | 10.64× | -1.37× | ||
| Q1 24 | 4.27× | -4.54× |
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% |
DFH
| Midwest Segment | $454.2M | 37% |
| Southeast Segment | $397.5M | 33% |
| Mid Atlantic Segment | $307.3M | 25% |
| Financial Services Segment | $53.7M | 4% |
