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Side-by-side financial comparison of Cboe Global Markets (CBOE) and GRAPHIC PACKAGING HOLDING CO (GPK). Click either name above to swap in a different company.
GRAPHIC PACKAGING HOLDING CO is the larger business by last-quarter revenue ($2.1B vs $1.2B, roughly 1.7× Cboe Global Markets). Cboe Global Markets runs the higher net margin — 26.0% vs 3.4%, a 22.6% gap on every dollar of revenue. On growth, Cboe Global Markets posted the faster year-over-year revenue change (8.7% vs 0.2%). Over the past eight quarters, Cboe Global Markets's revenue compounded faster (12.2% CAGR vs -3.5%).
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.
Graphic Packaging International is a Fortune 500 corporation based in Atlanta, Georgia, United States. It designs and manufactures packaging solutions for commercial products. GPI manufactures paperboard and folding cartons for a wide range of popular consumer goods, particularly beverages and packaged food. The company operates paperboard mills in Kalamazoo, Michigan; Macon, Georgia; Middletown, Ohio; Prosperity, South Carolina; Texarkana, Texas; and West Monroe, Louisiana, that use recycled...
CBOE vs GPK — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.2B | $2.1B |
| Net Profit | $313.5M | $71.0M |
| Gross Margin | 55.7% | 14.1% |
| Operating Margin | 33.5% | 7.4% |
| Net Margin | 26.0% | 3.4% |
| Revenue YoY | 8.7% | 0.2% |
| Net Profit YoY | 59.5% | -48.6% |
| EPS (diluted) | $2.97 | $0.24 |
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 | $2.1B | ||
| Q3 25 | $1.1B | $2.2B | ||
| Q2 25 | $1.2B | $2.2B | ||
| Q1 25 | $1.2B | $2.1B | ||
| Q4 24 | $1.1B | $2.1B | ||
| Q3 24 | $1.1B | $2.2B | ||
| Q2 24 | $974.0M | $2.2B | ||
| Q1 24 | $957.2M | $2.3B |
| Q4 25 | $313.5M | $71.0M | ||
| Q3 25 | $300.8M | $142.0M | ||
| Q2 25 | $235.1M | $104.0M | ||
| Q1 25 | $250.6M | $127.0M | ||
| Q4 24 | $196.5M | $138.0M | ||
| Q3 24 | $218.5M | $165.0M | ||
| Q2 24 | $140.4M | $190.0M | ||
| Q1 24 | $209.5M | $165.0M |
| Q4 25 | 55.7% | 14.1% | ||
| Q3 25 | 53.0% | 19.6% | ||
| Q2 25 | 50.0% | 18.7% | ||
| Q1 25 | 47.3% | 20.6% | ||
| Q4 24 | 47.4% | 21.4% | ||
| Q3 24 | 50.4% | 22.3% | ||
| Q2 24 | 52.8% | 21.2% | ||
| Q1 24 | 52.5% | 23.0% |
| Q4 25 | 33.5% | 7.4% | ||
| Q3 25 | 32.4% | 10.7% | ||
| Q2 25 | 28.9% | 8.8% | ||
| Q1 25 | 29.6% | 10.5% | ||
| Q4 24 | 27.0% | 11.4% | ||
| Q3 24 | 29.1% | 12.6% | ||
| Q2 24 | 21.6% | 14.5% | ||
| Q1 24 | 29.5% | 12.4% |
| Q4 25 | 26.0% | 3.4% | ||
| Q3 25 | 26.3% | 6.5% | ||
| Q2 25 | 20.0% | 4.7% | ||
| Q1 25 | 21.0% | 6.0% | ||
| Q4 24 | 17.7% | 6.6% | ||
| Q3 24 | 20.7% | 7.5% | ||
| Q2 24 | 14.4% | 8.5% | ||
| Q1 24 | 21.9% | 7.3% |
| Q4 25 | $2.97 | $0.24 | ||
| Q3 25 | $2.85 | $0.48 | ||
| Q2 25 | $2.23 | $0.34 | ||
| Q1 25 | $2.37 | $0.42 | ||
| Q4 24 | $1.85 | $0.46 | ||
| Q3 24 | $2.07 | $0.55 | ||
| Q2 24 | $1.33 | $0.62 | ||
| Q1 24 | $1.96 | $0.53 |
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 | $261.0M |
| Total DebtLower is stronger | $1.4B | $5.0B |
| Stockholders' EquityBook value | $5.1B | $3.3B |
| Total Assets | $9.3B | $11.8B |
| Debt / EquityLower = less leverage | 0.28× | 1.51× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.3B | $261.0M | ||
| Q3 25 | $1.5B | $120.0M | ||
| Q2 25 | $1.5B | $120.0M | ||
| Q1 25 | $1.2B | $129.0M | ||
| Q4 24 | $1.0B | $157.0M | ||
| Q3 24 | $763.2M | $126.0M | ||
| Q2 24 | $698.3M | $125.0M | ||
| Q1 24 | $595.1M | $136.0M |
| Q4 25 | $1.4B | $5.0B | ||
| Q3 25 | $1.4B | $5.5B | ||
| Q2 25 | $1.4B | $5.4B | ||
| Q1 25 | $1.4B | $5.7B | ||
| Q4 24 | $1.4B | $5.1B | ||
| Q3 24 | $1.4B | $5.4B | ||
| Q2 24 | $1.4B | $4.9B | ||
| Q1 24 | $1.4B | $4.9B |
| Q4 25 | $5.1B | $3.3B | ||
| Q3 25 | $4.9B | $3.3B | ||
| Q2 25 | $4.7B | $3.2B | ||
| Q1 25 | $4.5B | $3.2B | ||
| Q4 24 | $4.3B | $3.0B | ||
| Q3 24 | $4.2B | $3.0B | ||
| Q2 24 | $4.0B | $2.8B | ||
| Q1 24 | $4.0B | $2.9B |
| Q4 25 | $9.3B | $11.8B | ||
| Q3 25 | $9.1B | $11.9B | ||
| Q2 25 | $9.0B | $11.8B | ||
| Q1 25 | $8.7B | $11.5B | ||
| Q4 24 | $7.8B | $11.1B | ||
| Q3 24 | $8.7B | $11.2B | ||
| Q2 24 | $9.3B | $10.8B | ||
| Q1 24 | $8.2B | $11.3B |
| Q4 25 | 0.28× | 1.51× | ||
| Q3 25 | 0.30× | 1.67× | ||
| Q2 25 | 0.31× | 1.68× | ||
| Q1 25 | 0.32× | 1.80× | ||
| Q4 24 | 0.34× | 1.71× | ||
| Q3 24 | 0.34× | 1.79× | ||
| Q2 24 | 0.36× | 1.75× | ||
| Q1 24 | 0.36× | 1.73× |
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 | $521.0M |
| Free Cash FlowOCF − Capex | $332.1M | — |
| FCF MarginFCF / Revenue | 27.6% | — |
| Capex IntensityCapex / Revenue | 1.7% | — |
| Cash ConversionOCF / Net Profit | 1.12× | 7.34× |
| TTM Free Cash FlowTrailing 4 quarters | $1.7B | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $352.1M | $521.0M | ||
| Q3 25 | $153.9M | $227.0M | ||
| Q2 25 | $333.7M | $267.0M | ||
| Q1 25 | $912.9M | $-174.0M | ||
| Q4 24 | $-710.4M | $489.0M | ||
| Q3 24 | $-578.5M | $187.0M | ||
| Q2 24 | $1.5B | $161.0M | ||
| Q1 24 | $895.6M | $3.0M |
| Q4 25 | $332.1M | — | ||
| Q3 25 | $137.9M | — | ||
| Q2 25 | $313.4M | — | ||
| Q1 25 | $898.2M | — | ||
| Q4 24 | $-734.2M | — | ||
| Q3 24 | $-590.5M | — | ||
| Q2 24 | $1.5B | — | ||
| Q1 24 | $888.3M | — |
| Q4 25 | 27.6% | — | ||
| Q3 25 | 12.1% | — | ||
| Q2 25 | 26.7% | — | ||
| Q1 25 | 75.2% | — | ||
| Q4 24 | -66.3% | — | ||
| Q3 24 | -55.9% | — | ||
| Q2 24 | 151.6% | — | ||
| Q1 24 | 92.8% | — |
| Q4 25 | 1.7% | — | ||
| Q3 25 | 1.4% | — | ||
| Q2 25 | 1.7% | — | ||
| Q1 25 | 1.2% | — | ||
| Q4 24 | 2.1% | — | ||
| Q3 24 | 1.1% | — | ||
| Q2 24 | 1.8% | — | ||
| Q1 24 | 0.8% | — |
| Q4 25 | 1.12× | 7.34× | ||
| Q3 25 | 0.51× | 1.60× | ||
| Q2 25 | 1.42× | 2.57× | ||
| Q1 25 | 3.64× | -1.37× | ||
| Q4 24 | -3.62× | 3.54× | ||
| Q3 24 | -2.65× | 1.13× | ||
| Q2 24 | 10.64× | 0.85× | ||
| Q1 24 | 4.27× | 0.02× |
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% |
GPK
| Americas Paperboard Packaging | $1.4B | 68% |
| Other | $667.0M | 32% |
