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Side-by-side financial comparison of Cboe Global Markets (CBOE) and ICON PLC (ICLR). Click either name above to swap in a different company.
ICON PLC is the larger business by last-quarter revenue ($2.0B vs $1.2B, roughly 1.7× Cboe Global Markets). Cboe Global Markets runs the higher net margin — 26.0% vs 0.1%, a 25.9% gap on every dollar of revenue. On growth, Cboe Global Markets posted the faster year-over-year revenue change (8.7% vs 0.6%). ICON PLC produced more free cash flow last quarter ($333.9M vs $332.1M). Over the past eight quarters, Cboe Global Markets's revenue compounded faster (12.2% CAGR vs 0.6%).
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.
ICON plc is an Irish headquartered multinational healthcare intelligence and clinical research organisation. As of February 2025 had approximately 41,900 employees in 55 countries.
CBOE vs ICLR — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.2B | $2.0B |
| Net Profit | $313.5M | $2.4M |
| Gross Margin | 55.7% | — |
| Operating Margin | 33.5% | 4.2% |
| Net Margin | 26.0% | 0.1% |
| Revenue YoY | 8.7% | 0.6% |
| Net Profit YoY | 59.5% | -98.8% |
| EPS (diluted) | $2.97 | $0.03 |
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 | — | ||
| Q3 25 | $1.1B | $2.0B | ||
| Q2 25 | $1.2B | $2.0B | ||
| Q1 25 | $1.2B | $2.0B | ||
| Q4 24 | $1.1B | — | ||
| Q3 24 | $1.1B | $2.0B | ||
| Q2 24 | $974.0M | $2.1B | ||
| Q1 24 | $957.2M | $2.1B |
| Q4 25 | $313.5M | — | ||
| Q3 25 | $300.8M | $2.4M | ||
| Q2 25 | $235.1M | $183.0M | ||
| Q1 25 | $250.6M | $154.2M | ||
| Q4 24 | $196.5M | — | ||
| Q3 24 | $218.5M | $197.1M | ||
| Q2 24 | $140.4M | $146.9M | ||
| Q1 24 | $209.5M | $187.4M |
| 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 24 | 52.5% | — |
| Q4 25 | 33.5% | — | ||
| Q3 25 | 32.4% | 4.2% | ||
| Q2 25 | 28.9% | 10.4% | ||
| Q1 25 | 29.6% | 11.0% | ||
| Q4 24 | 27.0% | — | ||
| Q3 24 | 29.1% | 14.1% | ||
| Q2 24 | 21.6% | 10.8% | ||
| Q1 24 | 29.5% | 13.7% |
| Q4 25 | 26.0% | — | ||
| Q3 25 | 26.3% | 0.1% | ||
| Q2 25 | 20.0% | 9.1% | ||
| Q1 25 | 21.0% | 7.7% | ||
| Q4 24 | 17.7% | — | ||
| Q3 24 | 20.7% | 9.7% | ||
| Q2 24 | 14.4% | 6.9% | ||
| Q1 24 | 21.9% | 9.0% |
| Q4 25 | $2.97 | — | ||
| Q3 25 | $2.85 | $0.03 | ||
| Q2 25 | $2.23 | $2.30 | ||
| Q1 25 | $2.37 | $1.90 | ||
| Q4 24 | $1.85 | — | ||
| Q3 24 | $2.07 | $2.36 | ||
| Q2 24 | $1.33 | $1.76 | ||
| Q1 24 | $1.96 | $2.25 |
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 | $468.9M |
| Total DebtLower is stronger | $1.4B | — |
| Stockholders' EquityBook value | $5.1B | $9.3B |
| Total Assets | $9.3B | $16.5B |
| Debt / EquityLower = less leverage | 0.28× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.3B | — | ||
| Q3 25 | $1.5B | $468.9M | ||
| Q2 25 | $1.5B | $390.4M | ||
| Q1 25 | $1.2B | $526.7M | ||
| Q4 24 | $1.0B | — | ||
| Q3 24 | $763.2M | $695.5M | ||
| Q2 24 | $698.3M | $506.6M | ||
| Q1 24 | $595.1M | $396.1M |
| 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 | — | ||
| Q3 25 | $4.9B | $9.3B | ||
| Q2 25 | $4.7B | $9.6B | ||
| Q1 25 | $4.5B | $9.5B | ||
| Q4 24 | $4.3B | — | ||
| Q3 24 | $4.2B | $9.8B | ||
| Q2 24 | $4.0B | $9.6B | ||
| Q1 24 | $4.0B | $9.4B |
| Q4 25 | $9.3B | — | ||
| Q3 25 | $9.1B | $16.5B | ||
| Q2 25 | $9.0B | $16.6B | ||
| Q1 25 | $8.7B | $16.7B | ||
| Q4 24 | $7.8B | — | ||
| Q3 24 | $8.7B | $17.2B | ||
| Q2 24 | $9.3B | $17.0B | ||
| Q1 24 | $8.2B | $17.0B |
| 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 | $387.6M |
| Free Cash FlowOCF − Capex | $332.1M | $333.9M |
| FCF MarginFCF / Revenue | 27.6% | 16.3% |
| Capex IntensityCapex / Revenue | 1.7% | 2.6% |
| Cash ConversionOCF / Net Profit | 1.12× | 164.59× |
| TTM Free Cash FlowTrailing 4 quarters | $1.7B | $1.0B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $352.1M | — | ||
| Q3 25 | $153.9M | $387.6M | ||
| Q2 25 | $333.7M | $146.2M | ||
| Q1 25 | $912.9M | $268.2M | ||
| Q4 24 | $-710.4M | — | ||
| Q3 24 | $-578.5M | $402.7M | ||
| Q2 24 | $1.5B | $218.6M | ||
| Q1 24 | $895.6M | $327.1M |
| Q4 25 | $332.1M | — | ||
| Q3 25 | $137.9M | $333.9M | ||
| Q2 25 | $313.4M | $113.9M | ||
| Q1 25 | $898.2M | $239.3M | ||
| Q4 24 | $-734.2M | — | ||
| Q3 24 | $-590.5M | $359.3M | ||
| Q2 24 | $1.5B | $182.3M | ||
| Q1 24 | $888.3M | $299.9M |
| Q4 25 | 27.6% | — | ||
| Q3 25 | 12.1% | 16.3% | ||
| Q2 25 | 26.7% | 5.6% | ||
| Q1 25 | 75.2% | 12.0% | ||
| Q4 24 | -66.3% | — | ||
| Q3 24 | -55.9% | 17.7% | ||
| Q2 24 | 151.6% | 8.6% | ||
| Q1 24 | 92.8% | 14.3% |
| Q4 25 | 1.7% | — | ||
| Q3 25 | 1.4% | 2.6% | ||
| Q2 25 | 1.7% | 1.6% | ||
| Q1 25 | 1.2% | 1.4% | ||
| Q4 24 | 2.1% | — | ||
| Q3 24 | 1.1% | 2.1% | ||
| Q2 24 | 1.8% | 1.7% | ||
| Q1 24 | 0.8% | 1.3% |
| Q4 25 | 1.12× | — | ||
| Q3 25 | 0.51× | 164.59× | ||
| Q2 25 | 1.42× | 0.80× | ||
| Q1 25 | 3.64× | 1.74× | ||
| Q4 24 | -3.62× | — | ||
| Q3 24 | -2.65× | 2.04× | ||
| Q2 24 | 10.64× | 1.49× | ||
| Q1 24 | 4.27× | 1.74× |
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% |
ICLR
| Other Customers | $681.3M | 33% |
| Clients1125 | $549.4M | 27% |
| Clients15 | $503.3M | 25% |
| Clients610 | $308.8M | 15% |
