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Side-by-side financial comparison of Cboe Global Markets (CBOE) and FORWARD AIR CORP (FWRD). Click either name above to swap in a different company.
Cboe Global Markets is the larger business by last-quarter revenue ($1.3B vs $631.2M, roughly 2.0× FORWARD AIR CORP). Cboe Global Markets runs the higher net margin — 30.3% vs -4.5%, a 34.8% gap on every dollar of revenue. On growth, Cboe Global Markets posted the faster year-over-year revenue change (6.5% vs -0.3%). Over the past eight quarters, Cboe Global Markets's revenue compounded faster (14.3% CAGR vs 7.9%).
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.
Forward Air Corp is a leading North American asset-light logistics and transportation provider. It offers core services including expedited less-than-truckload freight delivery, final-mile logistics, intermodal transport, warehousing, and supply chain solutions, serving key sectors such as e-commerce, retail, manufacturing, and automotive across the U.S., Canada, and Mexico.
CBOE vs FWRD — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.3B | $631.2M |
| Net Profit | $385.7M | $-28.3M |
| Gross Margin | 57.3% | — |
| Operating Margin | 39.7% | -0.5% |
| Net Margin | 30.3% | -4.5% |
| Revenue YoY | 6.5% | -0.3% |
| Net Profit YoY | 53.9% | 22.2% |
| 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 | $631.2M | ||
| Q3 25 | $1.1B | $631.8M | ||
| Q2 25 | $1.2B | $618.8M | ||
| Q1 25 | $1.2B | $613.3M | ||
| Q4 24 | $1.1B | $632.8M | ||
| Q3 24 | $1.1B | $655.9M | ||
| Q2 24 | $974.0M | $643.7M |
| Q1 26 | $385.7M | — | ||
| Q4 25 | $313.5M | $-28.3M | ||
| Q3 25 | $300.8M | $-16.3M | ||
| Q2 25 | $235.1M | $-12.6M | ||
| Q1 25 | $250.6M | $-50.6M | ||
| Q4 24 | $196.5M | $-36.4M | ||
| Q3 24 | $218.5M | $-73.4M | ||
| Q2 24 | $140.4M | $-645.4M |
| Q1 26 | 57.3% | — | ||
| 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% | — |
| Q1 26 | 39.7% | — | ||
| Q4 25 | 33.5% | -0.5% | ||
| Q3 25 | 32.4% | 2.4% | ||
| Q2 25 | 28.9% | 3.2% | ||
| Q1 25 | 29.6% | 0.8% | ||
| Q4 24 | 27.0% | 12.0% | ||
| Q3 24 | 29.1% | 3.5% | ||
| Q2 24 | 21.6% | -170.2% |
| Q1 26 | 30.3% | — | ||
| Q4 25 | 26.0% | -4.5% | ||
| Q3 25 | 26.3% | -2.6% | ||
| Q2 25 | 20.0% | -2.0% | ||
| Q1 25 | 21.0% | -8.3% | ||
| Q4 24 | 17.7% | -5.8% | ||
| Q3 24 | 20.7% | -11.2% | ||
| Q2 24 | 14.4% | -100.3% |
| Q1 26 | $3.66 | — | ||
| Q4 25 | $2.97 | $-0.90 | ||
| Q3 25 | $2.85 | $-0.52 | ||
| Q2 25 | $2.23 | $-0.41 | ||
| Q1 25 | $2.37 | $-1.68 | ||
| Q4 24 | $1.85 | $-1.69 | ||
| Q3 24 | $2.07 | $-2.66 | ||
| Q2 24 | $1.33 | $-23.47 |
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 | $106.0M |
| Total DebtLower is stronger | $1.4B | $1.7B |
| Stockholders' EquityBook value | $5.4B | $113.3M |
| Total Assets | $11.1B | $2.7B |
| Debt / EquityLower = less leverage | 0.27× | 14.89× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $2.1B | — | ||
| Q4 25 | $2.3B | $106.0M | ||
| Q3 25 | $1.5B | $140.4M | ||
| Q2 25 | $1.5B | $95.1M | ||
| Q1 25 | $1.2B | $116.3M | ||
| Q4 24 | $1.0B | $104.9M | ||
| Q3 24 | $763.2M | $136.6M | ||
| Q2 24 | $698.3M | $84.9M |
| Q1 26 | $1.4B | — | ||
| Q4 25 | $1.4B | $1.7B | ||
| Q3 25 | $1.4B | $1.7B | ||
| Q2 25 | $1.4B | — | ||
| Q1 25 | $1.4B | — | ||
| Q4 24 | $1.4B | — | ||
| Q3 24 | $1.4B | — | ||
| Q2 24 | $1.4B | — |
| Q1 26 | $5.4B | — | ||
| Q4 25 | $5.1B | $113.3M | ||
| Q3 25 | $4.9B | $139.8M | ||
| Q2 25 | $4.7B | $151.8M | ||
| Q1 25 | $4.5B | $154.6M | ||
| Q4 24 | $4.3B | $201.7M | ||
| Q3 24 | $4.2B | $226.1M | ||
| Q2 24 | $4.0B | $283.8M |
| Q1 26 | $11.1B | — | ||
| Q4 25 | $9.3B | $2.7B | ||
| Q3 25 | $9.1B | $2.8B | ||
| Q2 25 | $9.0B | $2.8B | ||
| Q1 25 | $8.7B | $2.8B | ||
| Q4 24 | $7.8B | $2.8B | ||
| Q3 24 | $8.7B | $3.1B | ||
| Q2 24 | $9.3B | $3.1B |
| Q1 26 | 0.27× | — | ||
| Q4 25 | 0.28× | 14.89× | ||
| Q3 25 | 0.30× | 12.05× | ||
| Q2 25 | 0.31× | — | ||
| Q1 25 | 0.32× | — | ||
| Q4 24 | 0.34× | — | ||
| Q3 24 | 0.34× | — | ||
| Q2 24 | 0.36× | — |
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% |
FWRD
| Omni Logistics Segment | $359.8M | 57% |
| Network | $183.9M | 29% |
| Intermodal Segment | $50.2M | 8% |
| Truckload | $41.6M | 7% |
