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Side-by-side financial comparison of Cboe Global Markets (CBOE) and ESAB Corp (ESAB). Click either name above to swap in a different company.
Cboe Global Markets is the larger business by last-quarter revenue ($1.3B vs $727.8M, roughly 1.7× ESAB Corp). Cboe Global Markets runs the higher net margin — 30.3% vs 7.5%, a 22.8% gap on every dollar of revenue. On growth, ESAB Corp posted the faster year-over-year revenue change (8.5% vs 6.5%). Over the past eight quarters, Cboe Global Markets's revenue compounded faster (14.3% CAGR vs 2.8%).
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.
ESAB, Elektriska Svetsnings-Aktiebolaget, is an American-Swedish industrial company.
CBOE vs ESAB — Head-to-Head
Income Statement — Q1 FY2026 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.3B | $727.8M |
| Net Profit | $385.7M | $54.8M |
| Gross Margin | 57.3% | 37.0% |
| Operating Margin | 39.7% | 14.6% |
| Net Margin | 30.3% | 7.5% |
| Revenue YoY | 6.5% | 8.5% |
| Net Profit YoY | 53.9% | 2.1% |
| EPS (diluted) | $3.66 | $0.90 |
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 | $727.8M | ||
| Q3 25 | $1.1B | $715.6M | ||
| Q2 25 | $1.2B | $678.1M | ||
| Q1 25 | $1.2B | — | ||
| Q4 24 | $1.1B | $670.8M | ||
| Q3 24 | $1.1B | $673.3M | ||
| Q2 24 | $974.0M | $707.1M |
| Q1 26 | $385.7M | — | ||
| Q4 25 | $313.5M | $54.8M | ||
| Q3 25 | $300.8M | $66.9M | ||
| Q2 25 | $235.1M | $67.4M | ||
| Q1 25 | $250.6M | — | ||
| Q4 24 | $196.5M | $53.7M | ||
| Q3 24 | $218.5M | $68.2M | ||
| Q2 24 | $140.4M | $82.9M |
| Q1 26 | 57.3% | — | ||
| Q4 25 | 55.7% | 37.0% | ||
| Q3 25 | 53.0% | 37.2% | ||
| Q2 25 | 50.0% | 37.6% | ||
| Q1 25 | 47.3% | — | ||
| Q4 24 | 47.4% | 38.5% | ||
| Q3 24 | 50.4% | 37.7% | ||
| Q2 24 | 52.8% | 38.2% |
| Q1 26 | 39.7% | — | ||
| Q4 25 | 33.5% | 14.6% | ||
| Q3 25 | 32.4% | 15.2% | ||
| Q2 25 | 28.9% | 16.2% | ||
| Q1 25 | 29.6% | — | ||
| Q4 24 | 27.0% | 16.6% | ||
| Q3 24 | 29.1% | 15.7% | ||
| Q2 24 | 21.6% | 16.9% |
| Q1 26 | 30.3% | — | ||
| Q4 25 | 26.0% | 7.5% | ||
| Q3 25 | 26.3% | 9.3% | ||
| Q2 25 | 20.0% | 9.9% | ||
| Q1 25 | 21.0% | — | ||
| Q4 24 | 17.7% | 8.0% | ||
| Q3 24 | 20.7% | 10.1% | ||
| Q2 24 | 14.4% | 11.7% |
| Q1 26 | $3.66 | — | ||
| Q4 25 | $2.97 | $0.90 | ||
| Q3 25 | $2.85 | $1.09 | ||
| Q2 25 | $2.23 | $1.10 | ||
| Q1 25 | $2.37 | — | ||
| Q4 24 | $1.85 | $0.87 | ||
| Q3 24 | $2.07 | $1.11 | ||
| Q2 24 | $1.33 | $1.35 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $2.1B | $218.2M |
| Total DebtLower is stronger | $1.4B | $1.3B |
| Stockholders' EquityBook value | $5.4B | $2.1B |
| Total Assets | $11.1B | $4.9B |
| Debt / EquityLower = less leverage | 0.27× | 0.63× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $2.1B | — | ||
| Q4 25 | $2.3B | $218.2M | ||
| Q3 25 | $1.5B | $258.2M | ||
| Q2 25 | $1.5B | $291.3M | ||
| Q1 25 | $1.2B | — | ||
| Q4 24 | $1.0B | $249.4M | ||
| Q3 24 | $763.2M | $253.7M | ||
| Q2 24 | $698.3M | $228.5M |
| Q1 26 | $1.4B | — | ||
| Q4 25 | $1.4B | $1.3B | ||
| Q3 25 | $1.4B | $1.1B | ||
| Q2 25 | $1.4B | $1.1B | ||
| Q1 25 | $1.4B | — | ||
| Q4 24 | $1.4B | $1.1B | ||
| Q3 24 | $1.4B | $1.1B | ||
| Q2 24 | $1.4B | $1.1B |
| Q1 26 | $5.4B | — | ||
| Q4 25 | $5.1B | $2.1B | ||
| Q3 25 | $4.9B | $2.1B | ||
| Q2 25 | $4.7B | $1.9B | ||
| Q1 25 | $4.5B | — | ||
| Q4 24 | $4.3B | $1.8B | ||
| Q3 24 | $4.2B | $1.8B | ||
| Q2 24 | $4.0B | $1.7B |
| Q1 26 | $11.1B | — | ||
| Q4 25 | $9.3B | $4.9B | ||
| Q3 25 | $9.1B | $4.4B | ||
| Q2 25 | $9.0B | $4.2B | ||
| Q1 25 | $8.7B | — | ||
| Q4 24 | $7.8B | $4.0B | ||
| Q3 24 | $8.7B | $4.1B | ||
| Q2 24 | $9.3B | $4.0B |
| Q1 26 | 0.27× | — | ||
| Q4 25 | 0.28× | 0.63× | ||
| Q3 25 | 0.30× | 0.51× | ||
| Q2 25 | 0.31× | 0.55× | ||
| Q1 25 | 0.32× | — | ||
| Q4 24 | 0.34× | 0.60× | ||
| Q3 24 | 0.34× | 0.59× | ||
| Q2 24 | 0.36× | 0.63× |
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 | — | $81.5M |
| Free Cash FlowOCF − Capex | — | $70.3M |
| FCF MarginFCF / Revenue | — | 9.7% |
| Capex IntensityCapex / Revenue | — | 1.5% |
| Cash ConversionOCF / Net Profit | — | 1.49× |
| TTM Free Cash FlowTrailing 4 quarters | — | $238.0M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $352.1M | $81.5M | ||
| Q3 25 | $153.9M | $46.6M | ||
| Q2 25 | $333.7M | $35.4M | ||
| Q1 25 | $912.9M | — | ||
| Q4 24 | $-710.4M | $126.9M | ||
| Q3 24 | $-578.5M | $101.0M | ||
| Q2 24 | $1.5B | $83.0M |
| Q1 26 | — | — | ||
| Q4 25 | $332.1M | $70.3M | ||
| Q3 25 | $137.9M | $37.4M | ||
| Q2 25 | $313.4M | $28.1M | ||
| Q1 25 | $898.2M | — | ||
| Q4 24 | $-734.2M | $102.2M | ||
| Q3 24 | $-590.5M | $90.4M | ||
| Q2 24 | $1.5B | $74.0M |
| Q1 26 | — | — | ||
| Q4 25 | 27.6% | 9.7% | ||
| Q3 25 | 12.1% | 5.2% | ||
| Q2 25 | 26.7% | 4.1% | ||
| Q1 25 | 75.2% | — | ||
| Q4 24 | -66.3% | 15.2% | ||
| Q3 24 | -55.9% | 13.4% | ||
| Q2 24 | 151.6% | 10.5% |
| Q1 26 | — | — | ||
| Q4 25 | 1.7% | 1.5% | ||
| Q3 25 | 1.4% | 1.3% | ||
| Q2 25 | 1.7% | 1.1% | ||
| Q1 25 | 1.2% | — | ||
| Q4 24 | 2.1% | 3.7% | ||
| Q3 24 | 1.1% | 1.6% | ||
| Q2 24 | 1.8% | 1.3% |
| Q1 26 | — | — | ||
| Q4 25 | 1.12× | 1.49× | ||
| Q3 25 | 0.51× | 0.70× | ||
| Q2 25 | 1.42× | 0.53× | ||
| Q1 25 | 3.64× | — | ||
| Q4 24 | -3.62× | 2.36× | ||
| Q3 24 | -2.65× | 1.48× | ||
| Q2 24 | 10.64× | 1.00× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CBOE
| Derivatives markets | $609.3M | 48% |
| Cash and spot markets | $482.2M | 38% |
| Data Vantage | $181.3M | 14% |
ESAB
| Consumable Products | $477.9M | 66% |
| Equipment Products | $249.9M | 34% |
