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Side-by-side financial comparison of Cboe Global Markets (CBOE) and Liberty Energy Inc. (LBRT). Click either name above to swap in a different company.
Cboe Global Markets is the larger business by last-quarter revenue ($1.2B vs $1.0B, roughly 1.2× Liberty Energy Inc.). Cboe Global Markets runs the higher net margin — 26.0% vs 2.2%, a 23.8% gap on every dollar of revenue. On growth, Cboe Global Markets posted the faster year-over-year revenue change (8.7% vs 4.5%). Over the past eight quarters, Cboe Global Markets's revenue compounded faster (12.2% CAGR vs -6.2%).
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.
Liberty Energy Inc. is a North American energy services provider specializing in hydraulic fracturing and well completion solutions for oil and gas operators. It serves clients across major U.S. shale basins, offering low-emission equipment and tailored support to optimize well productivity.
CBOE vs LBRT — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $1.2B | $1.0B |
| Net Profit | $313.5M | $22.6M |
| Gross Margin | 55.7% | — |
| Operating Margin | 33.5% | 2.2% |
| Net Margin | 26.0% | 2.2% |
| Revenue YoY | 8.7% | 4.5% |
| Net Profit YoY | 59.5% | 64.8% |
| EPS (diluted) | $2.97 | $0.14 |
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 | — | $1.0B | ||
| Q4 25 | $1.2B | $1.0B | ||
| Q3 25 | $1.1B | $947.4M | ||
| Q2 25 | $1.2B | $1.0B | ||
| Q1 25 | $1.2B | $977.5M | ||
| Q4 24 | $1.1B | $943.6M | ||
| Q3 24 | $1.1B | $1.1B | ||
| Q2 24 | $974.0M | $1.2B |
| Q1 26 | — | $22.6M | ||
| Q4 25 | $313.5M | $13.7M | ||
| Q3 25 | $300.8M | $43.1M | ||
| Q2 25 | $235.1M | $71.0M | ||
| Q1 25 | $250.6M | $20.1M | ||
| Q4 24 | $196.5M | $51.9M | ||
| Q3 24 | $218.5M | $73.8M | ||
| Q2 24 | $140.4M | $108.4M |
| Q1 26 | — | — | ||
| Q4 25 | 55.7% | 20.6% | ||
| Q3 25 | 53.0% | 18.7% | ||
| Q2 25 | 50.0% | 22.1% | ||
| Q1 25 | 47.3% | 22.1% | ||
| Q4 24 | 47.4% | 21.4% | ||
| Q3 24 | 50.4% | 26.2% | ||
| Q2 24 | 52.8% | 27.9% |
| Q1 26 | — | 2.2% | ||
| Q4 25 | 33.5% | 1.9% | ||
| Q3 25 | 32.4% | -0.3% | ||
| Q2 25 | 28.9% | 3.6% | ||
| Q1 25 | 29.6% | 1.9% | ||
| Q4 24 | 27.0% | 2.6% | ||
| Q3 24 | 29.1% | 9.4% | ||
| Q2 24 | 21.6% | 12.2% |
| Q1 26 | — | 2.2% | ||
| Q4 25 | 26.0% | 1.3% | ||
| Q3 25 | 26.3% | 4.5% | ||
| Q2 25 | 20.0% | 6.8% | ||
| Q1 25 | 21.0% | 2.1% | ||
| Q4 24 | 17.7% | 5.5% | ||
| Q3 24 | 20.7% | 6.5% | ||
| Q2 24 | 14.4% | 9.3% |
| Q1 26 | — | $0.14 | ||
| Q4 25 | $2.97 | $0.08 | ||
| Q3 25 | $2.85 | $0.26 | ||
| Q2 25 | $2.23 | $0.43 | ||
| Q1 25 | $2.37 | $0.12 | ||
| Q4 24 | $1.85 | $0.31 | ||
| Q3 24 | $2.07 | $0.44 | ||
| Q2 24 | $1.33 | $0.64 |
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 | $699.1M |
| Total DebtLower is stronger | $1.4B | $7.1M |
| Stockholders' EquityBook value | $5.1B | $1.9B |
| Total Assets | $9.3B | $4.4B |
| Debt / EquityLower = less leverage | 0.28× | 0.00× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $699.1M | ||
| Q4 25 | $2.3B | $27.6M | ||
| Q3 25 | $1.5B | $13.5M | ||
| Q2 25 | $1.5B | $19.6M | ||
| Q1 25 | $1.2B | $24.1M | ||
| Q4 24 | $1.0B | $20.0M | ||
| Q3 24 | $763.2M | $23.0M | ||
| Q2 24 | $698.3M | $30.0M |
| Q1 26 | — | $7.1M | ||
| Q4 25 | $1.4B | $246.6M | ||
| Q3 25 | $1.4B | — | ||
| Q2 25 | $1.4B | — | ||
| Q1 25 | $1.4B | — | ||
| Q4 24 | $1.4B | $190.5M | ||
| Q3 24 | $1.4B | — | ||
| Q2 24 | $1.4B | — |
| Q1 26 | — | $1.9B | ||
| Q4 25 | $5.1B | $2.1B | ||
| Q3 25 | $4.9B | $2.1B | ||
| Q2 25 | $4.7B | $2.0B | ||
| Q1 25 | $4.5B | $2.0B | ||
| Q4 24 | $4.3B | $2.0B | ||
| Q3 24 | $4.2B | $2.0B | ||
| Q2 24 | $4.0B | $1.9B |
| Q1 26 | — | $4.4B | ||
| Q4 25 | $9.3B | $3.6B | ||
| Q3 25 | $9.1B | $3.5B | ||
| Q2 25 | $9.0B | $3.4B | ||
| Q1 25 | $8.7B | $3.4B | ||
| Q4 24 | $7.8B | $3.3B | ||
| Q3 24 | $8.7B | $3.3B | ||
| Q2 24 | $9.3B | $3.2B |
| Q1 26 | — | 0.00× | ||
| Q4 25 | 0.28× | 0.12× | ||
| Q3 25 | 0.30× | — | ||
| Q2 25 | 0.31× | — | ||
| Q1 25 | 0.32× | — | ||
| Q4 24 | 0.34× | 0.10× | ||
| Q3 24 | 0.34× | — | ||
| 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 | $352.1M | — |
| Free Cash FlowOCF − Capex | $332.1M | — |
| FCF MarginFCF / Revenue | 27.6% | — |
| Capex IntensityCapex / Revenue | 1.7% | 13.1% |
| Cash ConversionOCF / Net Profit | 1.12× | — |
| TTM Free Cash FlowTrailing 4 quarters | $1.7B | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $352.1M | $195.4M | ||
| Q3 25 | $153.9M | $51.5M | ||
| Q2 25 | $333.7M | $170.6M | ||
| Q1 25 | $912.9M | $192.1M | ||
| Q4 24 | $-710.4M | $177.3M | ||
| Q3 24 | $-578.5M | $244.5M | ||
| Q2 24 | $1.5B | $248.2M |
| Q1 26 | — | — | ||
| Q4 25 | $332.1M | $-10.0M | ||
| Q3 25 | $137.9M | $-67.2M | ||
| Q2 25 | $313.4M | $33.1M | ||
| Q1 25 | $898.2M | $58.2M | ||
| Q4 24 | $-734.2M | $-26.2M | ||
| Q3 24 | $-590.5M | $77.9M | ||
| Q2 24 | $1.5B | $112.2M |
| Q1 26 | — | — | ||
| Q4 25 | 27.6% | -1.0% | ||
| Q3 25 | 12.1% | -7.1% | ||
| Q2 25 | 26.7% | 3.2% | ||
| Q1 25 | 75.2% | 6.0% | ||
| Q4 24 | -66.3% | -2.8% | ||
| Q3 24 | -55.9% | 6.8% | ||
| Q2 24 | 151.6% | 9.7% |
| Q1 26 | — | 13.1% | ||
| Q4 25 | 1.7% | 19.8% | ||
| Q3 25 | 1.4% | 12.5% | ||
| Q2 25 | 1.7% | 13.2% | ||
| Q1 25 | 1.2% | 13.7% | ||
| Q4 24 | 2.1% | 21.6% | ||
| Q3 24 | 1.1% | 14.6% | ||
| Q2 24 | 1.8% | 11.7% |
| Q1 26 | — | — | ||
| Q4 25 | 1.12× | 14.28× | ||
| Q3 25 | 0.51× | 1.20× | ||
| Q2 25 | 1.42× | 2.40× | ||
| Q1 25 | 3.64× | 9.55× | ||
| Q4 24 | -3.62× | 3.42× | ||
| Q3 24 | -2.65× | 3.31× | ||
| Q2 24 | 10.64× | 2.29× |
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% |
LBRT
Segment breakdown not available.
