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Side-by-side financial comparison of Cboe Global Markets (CBOE) and Fabrinet (FN). Click either name above to swap in a different company.
Cboe Global Markets is the larger business by last-quarter revenue ($1.2B vs $1.1B, roughly 1.1× Fabrinet). Cboe Global Markets runs the higher net margin — 26.0% vs 9.9%, a 16.1% gap on every dollar of revenue. On growth, Fabrinet posted the faster year-over-year revenue change (35.9% vs 8.7%). Cboe Global Markets produced more free cash flow last quarter ($332.1M vs $-5.3M). Over the past eight quarters, Fabrinet's revenue compounded faster (24.4% 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.
FabrinetFNEarnings & Financial Report
Below is a list of companies having stocks that are included in the S&P MidCap 400 stock market index. The index, maintained by S&P Dow Jones Indices, comprises the common stocks of 400 mid-cap, mostly American, companies. Although called the S&P 400, the index sometimes contains more than 400 stocks when it includes two or more share classes of stock from one of its component companies.
CBOE vs FN — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $1.2B | $1.1B |
| Net Profit | $313.5M | $112.6M |
| Gross Margin | 55.7% | 12.2% |
| Operating Margin | 33.5% | 10.1% |
| Net Margin | 26.0% | 9.9% |
| Revenue YoY | 8.7% | 35.9% |
| Net Profit YoY | 59.5% | 30.0% |
| EPS (diluted) | $2.97 | $3.11 |
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 | $1.1B | ||
| Q3 25 | $1.1B | $978.1M | ||
| Q2 25 | $1.2B | $909.7M | ||
| Q1 25 | $1.2B | $871.8M | ||
| Q4 24 | $1.1B | $833.6M | ||
| Q3 24 | $1.1B | $804.2M | ||
| Q2 24 | $974.0M | $753.3M | ||
| Q1 24 | $957.2M | $731.5M |
| Q4 25 | $313.5M | $112.6M | ||
| Q3 25 | $300.8M | $95.9M | ||
| Q2 25 | $235.1M | $87.2M | ||
| Q1 25 | $250.6M | $81.3M | ||
| Q4 24 | $196.5M | $86.6M | ||
| Q3 24 | $218.5M | $77.4M | ||
| Q2 24 | $140.4M | $81.1M | ||
| Q1 24 | $209.5M | $80.9M |
| Q4 25 | 55.7% | 12.2% | ||
| Q3 25 | 53.0% | 11.9% | ||
| Q2 25 | 50.0% | 12.2% | ||
| Q1 25 | 47.3% | 11.7% | ||
| Q4 24 | 47.4% | 12.1% | ||
| Q3 24 | 50.4% | 12.3% | ||
| Q2 24 | 52.8% | 12.3% | ||
| Q1 24 | 52.5% | 12.4% |
| Q4 25 | 33.5% | 10.1% | ||
| Q3 25 | 32.4% | 9.6% | ||
| Q2 25 | 28.9% | 9.8% | ||
| Q1 25 | 29.6% | 9.0% | ||
| Q4 24 | 27.0% | 9.5% | ||
| Q3 24 | 29.1% | 9.6% | ||
| Q2 24 | 21.6% | 9.7% | ||
| Q1 24 | 29.5% | 9.7% |
| Q4 25 | 26.0% | 9.9% | ||
| Q3 25 | 26.3% | 9.8% | ||
| Q2 25 | 20.0% | 9.6% | ||
| Q1 25 | 21.0% | 9.3% | ||
| Q4 24 | 17.7% | 10.4% | ||
| Q3 24 | 20.7% | 9.6% | ||
| Q2 24 | 14.4% | 10.8% | ||
| Q1 24 | 21.9% | 11.1% |
| Q4 25 | $2.97 | $3.11 | ||
| Q3 25 | $2.85 | $2.66 | ||
| Q2 25 | $2.23 | $2.41 | ||
| Q1 25 | $2.37 | $2.25 | ||
| Q4 24 | $1.85 | $2.38 | ||
| Q3 24 | $2.07 | $2.13 | ||
| Q2 24 | $1.33 | $2.22 | ||
| Q1 24 | $1.96 | $2.21 |
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 | $960.8M |
| Total DebtLower is stronger | $1.4B | — |
| Stockholders' EquityBook value | $5.1B | $2.2B |
| Total Assets | $9.3B | $3.3B |
| Debt / EquityLower = less leverage | 0.28× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.3B | $960.8M | ||
| Q3 25 | $1.5B | $968.8M | ||
| Q2 25 | $1.5B | $934.2M | ||
| Q1 25 | $1.2B | $950.7M | ||
| Q4 24 | $1.0B | $934.6M | ||
| Q3 24 | $763.2M | $908.9M | ||
| Q2 24 | $698.3M | $858.6M | ||
| Q1 24 | $595.1M | $794.0M |
| 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 | $2.2B | ||
| Q3 25 | $4.9B | $2.1B | ||
| Q2 25 | $4.7B | $2.0B | ||
| Q1 25 | $4.5B | $1.9B | ||
| Q4 24 | $4.3B | $1.8B | ||
| Q3 24 | $4.2B | $1.8B | ||
| Q2 24 | $4.0B | $1.7B | ||
| Q1 24 | $4.0B | $1.7B |
| Q4 25 | $9.3B | $3.3B | ||
| Q3 25 | $9.1B | $3.0B | ||
| Q2 25 | $9.0B | $2.8B | ||
| Q1 25 | $8.7B | $2.6B | ||
| Q4 24 | $7.8B | $2.5B | ||
| Q3 24 | $8.7B | $2.4B | ||
| Q2 24 | $9.3B | $2.3B | ||
| Q1 24 | $8.2B | $2.2B |
| 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 | $46.3M |
| Free Cash FlowOCF − Capex | $332.1M | $-5.3M |
| FCF MarginFCF / Revenue | 27.6% | -0.5% |
| Capex IntensityCapex / Revenue | 1.7% | 4.6% |
| Cash ConversionOCF / Net Profit | 1.12× | 0.41× |
| TTM Free Cash FlowTrailing 4 quarters | $1.7B | $102.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $352.1M | $46.3M | ||
| Q3 25 | $153.9M | $102.6M | ||
| Q2 25 | $333.7M | $55.1M | ||
| Q1 25 | $912.9M | $74.2M | ||
| Q4 24 | $-710.4M | $115.9M | ||
| Q3 24 | $-578.5M | $83.2M | ||
| Q2 24 | $1.5B | $83.1M | ||
| Q1 24 | $895.6M | $100.9M |
| Q4 25 | $332.1M | $-5.3M | ||
| Q3 25 | $137.9M | $57.3M | ||
| Q2 25 | $313.4M | $4.7M | ||
| Q1 25 | $898.2M | $45.7M | ||
| Q4 24 | $-734.2M | $94.0M | ||
| Q3 24 | $-590.5M | $62.9M | ||
| Q2 24 | $1.5B | $70.4M | ||
| Q1 24 | $888.3M | $87.3M |
| Q4 25 | 27.6% | -0.5% | ||
| Q3 25 | 12.1% | 5.9% | ||
| Q2 25 | 26.7% | 0.5% | ||
| Q1 25 | 75.2% | 5.2% | ||
| Q4 24 | -66.3% | 11.3% | ||
| Q3 24 | -55.9% | 7.8% | ||
| Q2 24 | 151.6% | 9.3% | ||
| Q1 24 | 92.8% | 11.9% |
| Q4 25 | 1.7% | 4.6% | ||
| Q3 25 | 1.4% | 4.6% | ||
| Q2 25 | 1.7% | 5.5% | ||
| Q1 25 | 1.2% | 3.3% | ||
| Q4 24 | 2.1% | 2.6% | ||
| Q3 24 | 1.1% | 2.5% | ||
| Q2 24 | 1.8% | 1.7% | ||
| Q1 24 | 0.8% | 1.9% |
| Q4 25 | 1.12× | 0.41× | ||
| Q3 25 | 0.51× | 1.07× | ||
| Q2 25 | 1.42× | 0.63× | ||
| Q1 25 | 3.64× | 0.91× | ||
| Q4 24 | -3.62× | 1.34× | ||
| Q3 24 | -2.65× | 1.07× | ||
| Q2 24 | 10.64× | 1.02× | ||
| Q1 24 | 4.27× | 1.25× |
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% |
FN
| Optical Communications | $832.6M | 73% |
| Non Optical Communications | $300.3M | 27% |
