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Side-by-side financial comparison of Cboe Global Markets (CBOE) and Dexcom (DXCM). Click either name above to swap in a different company.
Dexcom is the larger business by last-quarter revenue ($1.3B vs $1.2B, roughly 1.0× Cboe Global Markets). Cboe Global Markets runs the higher net margin — 26.0% vs 21.2%, a 4.8% gap on every dollar of revenue. On growth, Dexcom posted the faster year-over-year revenue change (21.6% vs 8.7%). Over the past eight quarters, Cboe Global Markets's revenue compounded faster (12.2% CAGR vs 12.0%).
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.
Dexcom, Inc. is an American multinational healthcare company that develops, manufactures, produces and distributes a line of continuous glucose monitoring (CGM) systems for diabetes management. It operates internationally with global headquarters and R&D center in San Diego, California, U.S.A. and manufacturing facilities in Mesa, Arizona, U.S.A.; Batu Kawan, Malaysia and Athenry, County Galway, Ireland.
CBOE vs DXCM — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $1.2B | $1.3B |
| Net Profit | $313.5M | $267.3M |
| Gross Margin | 55.7% | 62.9% |
| Operating Margin | 33.5% | 25.6% |
| Net Margin | 26.0% | 21.2% |
| Revenue YoY | 8.7% | 21.6% |
| Net Profit YoY | 59.5% | 153.6% |
| EPS (diluted) | $2.97 | $0.67 |
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.
| Q1 26 | — | $1.3B | ||
| Q4 25 | $1.2B | $1.3B | ||
| Q3 25 | $1.1B | $1.2B | ||
| Q2 25 | $1.2B | $1.2B | ||
| Q1 25 | $1.2B | $1.0B | ||
| Q4 24 | $1.1B | $1.1B | ||
| Q3 24 | $1.1B | $994.2M | ||
| Q2 24 | $974.0M | $1.0B |
| Q1 26 | — | $267.3M | ||
| Q4 25 | $313.5M | $267.3M | ||
| Q3 25 | $300.8M | $283.8M | ||
| Q2 25 | $235.1M | $179.8M | ||
| Q1 25 | $250.6M | $105.4M | ||
| Q4 24 | $196.5M | $151.7M | ||
| Q3 24 | $218.5M | $134.6M | ||
| Q2 24 | $140.4M | $143.5M |
| Q1 26 | — | 62.9% | ||
| Q4 25 | 55.7% | 62.9% | ||
| Q3 25 | 53.0% | 60.5% | ||
| Q2 25 | 50.0% | 59.5% | ||
| Q1 25 | 47.3% | 56.9% | ||
| Q4 24 | 47.4% | 58.9% | ||
| Q3 24 | 50.4% | 59.7% | ||
| Q2 24 | 52.8% | 62.4% |
| Q1 26 | — | 25.6% | ||
| Q4 25 | 33.5% | 25.6% | ||
| Q3 25 | 32.4% | 20.1% | ||
| Q2 25 | 28.9% | 18.4% | ||
| Q1 25 | 29.6% | 12.9% | ||
| Q4 24 | 27.0% | 17.0% | ||
| Q3 24 | 29.1% | 15.3% | ||
| Q2 24 | 21.6% | 15.7% |
| Q1 26 | — | 21.2% | ||
| Q4 25 | 26.0% | 21.2% | ||
| Q3 25 | 26.3% | 23.5% | ||
| Q2 25 | 20.0% | 15.5% | ||
| Q1 25 | 21.0% | 10.2% | ||
| Q4 24 | 17.7% | 13.6% | ||
| Q3 24 | 20.7% | 13.5% | ||
| Q2 24 | 14.4% | 14.3% |
| Q1 26 | — | $0.67 | ||
| Q4 25 | $2.97 | $0.67 | ||
| Q3 25 | $2.85 | $0.70 | ||
| Q2 25 | $2.23 | $0.45 | ||
| Q1 25 | $2.37 | $0.27 | ||
| Q4 24 | $1.85 | $0.37 | ||
| Q3 24 | $2.07 | $0.34 | ||
| Q2 24 | $1.33 | $0.35 |
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 | $917.7M |
| Total DebtLower is stronger | $1.4B | — |
| Stockholders' EquityBook value | $5.1B | $2.7B |
| Total Assets | $9.3B | $6.3B |
| Debt / EquityLower = less leverage | 0.28× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $917.7M | ||
| Q4 25 | $2.3B | $917.7M | ||
| Q3 25 | $1.5B | $1.8B | ||
| Q2 25 | $1.5B | $1.2B | ||
| Q1 25 | $1.2B | $904.9M | ||
| Q4 24 | $1.0B | $606.1M | ||
| Q3 24 | $763.2M | $621.2M | ||
| Q2 24 | $698.3M | $939.2M |
| Q1 26 | — | — | ||
| 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 26 | — | $2.7B | ||
| Q4 25 | $5.1B | $2.7B | ||
| Q3 25 | $4.9B | $2.7B | ||
| Q2 25 | $4.7B | $2.6B | ||
| Q1 25 | $4.5B | $2.3B | ||
| Q4 24 | $4.3B | $2.1B | ||
| Q3 24 | $4.2B | $2.0B | ||
| Q2 24 | $4.0B | $2.4B |
| Q1 26 | — | $6.3B | ||
| Q4 25 | $9.3B | $6.3B | ||
| Q3 25 | $9.1B | $7.5B | ||
| Q2 25 | $9.0B | $7.3B | ||
| Q1 25 | $8.7B | $6.8B | ||
| Q4 24 | $7.8B | $6.5B | ||
| Q3 24 | $8.7B | $6.4B | ||
| Q2 24 | $9.3B | $6.8B |
| Q1 26 | — | — | ||
| 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× | — |
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 | — |
| 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.
| Q1 26 | — | — | ||
| Q4 25 | $352.1M | $294.0M | ||
| Q3 25 | $153.9M | $659.9M | ||
| Q2 25 | $333.7M | $303.0M | ||
| Q1 25 | $912.9M | $183.8M | ||
| Q4 24 | $-710.4M | $301.4M | ||
| Q3 24 | $-578.5M | $199.5M | ||
| Q2 24 | $1.5B | $279.4M |
| Q1 26 | — | — | ||
| Q4 25 | $332.1M | $192.1M | ||
| Q3 25 | $137.9M | $579.4M | ||
| Q2 25 | $313.4M | $208.9M | ||
| Q1 25 | $898.2M | $96.8M | ||
| Q4 24 | $-734.2M | $176.8M | ||
| Q3 24 | $-590.5M | $88.3M | ||
| Q2 24 | $1.5B | $213.3M |
| Q1 26 | — | — | ||
| Q4 25 | 27.6% | 15.3% | ||
| Q3 25 | 12.1% | 47.9% | ||
| Q2 25 | 26.7% | 18.1% | ||
| Q1 25 | 75.2% | 9.3% | ||
| Q4 24 | -66.3% | 15.9% | ||
| Q3 24 | -55.9% | 8.9% | ||
| Q2 24 | 151.6% | 21.2% |
| Q1 26 | — | — | ||
| Q4 25 | 1.7% | 8.1% | ||
| Q3 25 | 1.4% | 6.7% | ||
| Q2 25 | 1.7% | 8.1% | ||
| Q1 25 | 1.2% | 8.4% | ||
| Q4 24 | 2.1% | 11.2% | ||
| Q3 24 | 1.1% | 11.2% | ||
| Q2 24 | 1.8% | 6.6% |
| Q1 26 | — | — | ||
| Q4 25 | 1.12× | 1.10× | ||
| Q3 25 | 0.51× | 2.33× | ||
| Q2 25 | 1.42× | 1.69× | ||
| Q1 25 | 3.64× | 1.74× | ||
| Q4 24 | -3.62× | 1.99× | ||
| Q3 24 | -2.65× | 1.48× | ||
| Q2 24 | 10.64× | 1.95× |
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% |
DXCM
Segment breakdown not available.
