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Side-by-side financial comparison of Cboe Global Markets (CBOE) and Global Business Travel Group, Inc. (GBTG). Click either name above to swap in a different company.
Cboe Global Markets is the larger business by last-quarter revenue ($1.3B vs $792.0M, roughly 1.6× Global Business Travel Group, Inc.). Cboe Global Markets runs the higher net margin — 30.3% vs 10.5%, a 19.8% gap on every dollar of revenue. On growth, Global Business Travel Group, Inc. posted the faster year-over-year revenue change (34.0% vs 6.5%). Over the past eight quarters, Cboe Global Markets's revenue compounded faster (14.3% CAGR vs 13.9%).
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.
A travel management company (TMC) is a travel agency which manages organizations' corporate or business travel programs. Such companies will often provide an end-user online booking tool, mobile application, program management, and consulting teams, executive travel services, meetings and events support, reporting functionality, duty of care, and more. Non-Profit travel management companies also provide services to manage complex visa requirements, pre-trip medical needs, remote area travel, ...
CBOE vs GBTG — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.3B | $792.0M |
| Net Profit | $385.7M | $83.0M |
| Gross Margin | 57.3% | — |
| Operating Margin | 39.7% | 3.7% |
| Net Margin | 30.3% | 10.5% |
| Revenue YoY | 6.5% | 34.0% |
| Net Profit YoY | 53.9% | 692.9% |
| EPS (diluted) | $3.66 | $0.16 |
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 | $792.0M | ||
| Q3 25 | $1.1B | $674.0M | ||
| Q2 25 | $1.2B | $631.0M | ||
| Q1 25 | $1.2B | $621.0M | ||
| Q4 24 | $1.1B | $591.0M | ||
| Q3 24 | $1.1B | $597.0M | ||
| Q2 24 | $974.0M | $625.0M |
| Q1 26 | $385.7M | — | ||
| Q4 25 | $313.5M | $83.0M | ||
| Q3 25 | $300.8M | $-62.0M | ||
| Q2 25 | $235.1M | $15.0M | ||
| Q1 25 | $250.6M | $75.0M | ||
| Q4 24 | $196.5M | $-14.0M | ||
| Q3 24 | $218.5M | $-128.0M | ||
| Q2 24 | $140.4M | $27.0M |
| 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% | 3.7% | ||
| Q3 25 | 32.4% | 1.8% | ||
| Q2 25 | 28.9% | 5.4% | ||
| Q1 25 | 29.6% | 8.9% | ||
| Q4 24 | 27.0% | 5.1% | ||
| Q3 24 | 29.1% | 4.5% | ||
| Q2 24 | 21.6% | 6.7% |
| Q1 26 | 30.3% | — | ||
| Q4 25 | 26.0% | 10.5% | ||
| Q3 25 | 26.3% | -9.2% | ||
| Q2 25 | 20.0% | 2.4% | ||
| Q1 25 | 21.0% | 12.1% | ||
| Q4 24 | 17.7% | -2.4% | ||
| Q3 24 | 20.7% | -21.4% | ||
| Q2 24 | 14.4% | 4.3% |
| Q1 26 | $3.66 | — | ||
| Q4 25 | $2.97 | $0.16 | ||
| Q3 25 | $2.85 | $-0.13 | ||
| Q2 25 | $2.23 | $0.03 | ||
| Q1 25 | $2.37 | $0.16 | ||
| Q4 24 | $1.85 | $-0.04 | ||
| Q3 24 | $2.07 | $-0.28 | ||
| Q2 24 | $1.33 | $0.06 |
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 | $434.0M |
| Total DebtLower is stronger | $1.4B | $1.4B |
| Stockholders' EquityBook value | $5.4B | $1.6B |
| Total Assets | $11.1B | $4.9B |
| Debt / EquityLower = less leverage | 0.27× | 0.88× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $2.1B | — | ||
| Q4 25 | $2.3B | $434.0M | ||
| Q3 25 | $1.5B | $427.0M | ||
| Q2 25 | $1.5B | $601.0M | ||
| Q1 25 | $1.2B | $552.0M | ||
| Q4 24 | $1.0B | $536.0M | ||
| Q3 24 | $763.2M | $524.0M | ||
| Q2 24 | $698.3M | $515.0M |
| Q1 26 | $1.4B | — | ||
| Q4 25 | $1.4B | $1.4B | ||
| Q3 25 | $1.4B | $1.4B | ||
| Q2 25 | $1.4B | $1.4B | ||
| Q1 25 | $1.4B | $1.4B | ||
| Q4 24 | $1.4B | $1.4B | ||
| Q3 24 | $1.4B | $1.4B | ||
| Q2 24 | $1.4B | — |
| Q1 26 | $5.4B | — | ||
| Q4 25 | $5.1B | $1.6B | ||
| Q3 25 | $4.9B | $1.5B | ||
| Q2 25 | $4.7B | $1.2B | ||
| Q1 25 | $4.5B | $1.1B | ||
| Q4 24 | $4.3B | $1.1B | ||
| Q3 24 | $4.2B | $1.1B | ||
| Q2 24 | $4.0B | $1.2B |
| Q1 26 | $11.1B | — | ||
| Q4 25 | $9.3B | $4.9B | ||
| Q3 25 | $9.1B | $4.8B | ||
| Q2 25 | $9.0B | $3.9B | ||
| Q1 25 | $8.7B | $3.8B | ||
| Q4 24 | $7.8B | $3.6B | ||
| Q3 24 | $8.7B | $3.8B | ||
| Q2 24 | $9.3B | $3.8B |
| Q1 26 | 0.27× | — | ||
| Q4 25 | 0.28× | 0.88× | ||
| Q3 25 | 0.30× | 0.91× | ||
| Q2 25 | 0.31× | 1.15× | ||
| Q1 25 | 0.32× | 1.23× | ||
| Q4 24 | 0.34× | 1.32× | ||
| Q3 24 | 0.34× | 1.26× | ||
| 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 | — | $52.0M |
| Free Cash FlowOCF − Capex | — | $13.0M |
| FCF MarginFCF / Revenue | — | 1.6% |
| Capex IntensityCapex / Revenue | — | 4.9% |
| Cash ConversionOCF / Net Profit | — | 0.63× |
| TTM Free Cash FlowTrailing 4 quarters | — | $104.0M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $352.1M | $52.0M | ||
| Q3 25 | $153.9M | $71.0M | ||
| Q2 25 | $333.7M | $57.0M | ||
| Q1 25 | $912.9M | $53.0M | ||
| Q4 24 | $-710.4M | $65.0M | ||
| Q3 24 | $-578.5M | $85.0M | ||
| Q2 24 | $1.5B | $73.0M |
| Q1 26 | — | — | ||
| Q4 25 | $332.1M | $13.0M | ||
| Q3 25 | $137.9M | $38.0M | ||
| Q2 25 | $313.4M | $27.0M | ||
| Q1 25 | $898.2M | $26.0M | ||
| Q4 24 | $-734.2M | $33.0M | ||
| Q3 24 | $-590.5M | $59.0M | ||
| Q2 24 | $1.5B | $49.0M |
| Q1 26 | — | — | ||
| Q4 25 | 27.6% | 1.6% | ||
| Q3 25 | 12.1% | 5.6% | ||
| Q2 25 | 26.7% | 4.3% | ||
| Q1 25 | 75.2% | 4.2% | ||
| Q4 24 | -66.3% | 5.6% | ||
| Q3 24 | -55.9% | 9.9% | ||
| Q2 24 | 151.6% | 7.8% |
| Q1 26 | — | — | ||
| Q4 25 | 1.7% | 4.9% | ||
| Q3 25 | 1.4% | 4.9% | ||
| Q2 25 | 1.7% | 4.8% | ||
| Q1 25 | 1.2% | 4.3% | ||
| Q4 24 | 2.1% | 5.4% | ||
| Q3 24 | 1.1% | 4.4% | ||
| Q2 24 | 1.8% | 3.8% |
| Q1 26 | — | — | ||
| Q4 25 | 1.12× | 0.63× | ||
| Q3 25 | 0.51× | — | ||
| Q2 25 | 1.42× | 3.80× | ||
| Q1 25 | 3.64× | 0.71× | ||
| Q4 24 | -3.62× | — | ||
| Q3 24 | -2.65× | — | ||
| Q2 24 | 10.64× | 2.70× |
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% |
GBTG
| Travel | $620.0M | 78% |
| Other | $172.0M | 22% |
