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Side-by-side financial comparison of Cboe Global Markets (CBOE) and LANDSTAR SYSTEM INC (LSTR). Click either name above to swap in a different company.
Cboe Global Markets is the larger business by last-quarter revenue ($1.2B vs $1.2B, roughly 1.0× LANDSTAR SYSTEM INC). Cboe Global Markets runs the higher net margin — 26.0% vs 3.4%, a 22.7% gap on every dollar of revenue. On growth, Cboe Global Markets posted the faster year-over-year revenue change (8.7% vs 1.6%). Over the past eight quarters, Cboe Global Markets's revenue compounded faster (12.2% CAGR vs -2.2%).
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.
Landstar System, Inc. is an American transportation services company specializing in logistics and, more specifically, third-party logistics. Landstar utilizes an extensive network of over 8,800 independent owner-operators, referred to internally as business capacity owners (BCOs), over 1,000 independent freight agents, and over 70,000 vetted carriers. Landstar provides services principally throughout the United States and to a lesser extent in Canada and between the U.S. and Canada, Mexico, ...
CBOE vs LSTR — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $1.2B | $1.2B |
| Net Profit | $313.5M | $39.4M |
| Gross Margin | 55.7% | 9.6% |
| Operating Margin | 33.5% | 4.5% |
| Net Margin | 26.0% | 3.4% |
| Revenue YoY | 8.7% | 1.6% |
| Net Profit YoY | 59.5% | 32.3% |
| EPS (diluted) | $2.97 | $1.16 |
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 | — | $1.2B | ||
| Q4 25 | $1.2B | $1.2B | ||
| Q3 25 | $1.1B | $1.2B | ||
| Q2 25 | $1.2B | $1.2B | ||
| Q1 25 | $1.2B | $1.2B | ||
| Q4 24 | $1.1B | $1.2B | ||
| Q3 24 | $1.1B | $1.2B | ||
| Q2 24 | $974.0M | $1.2B |
| Q1 26 | — | $39.4M | ||
| Q4 25 | $313.5M | $23.9M | ||
| Q3 25 | $300.8M | $19.4M | ||
| Q2 25 | $235.1M | $41.9M | ||
| Q1 25 | $250.6M | $29.8M | ||
| Q4 24 | $196.5M | $46.2M | ||
| Q3 24 | $218.5M | $50.0M | ||
| Q2 24 | $140.4M | $52.6M |
| Q1 26 | — | 9.6% | ||
| 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 | — | 4.5% | ||
| Q4 25 | 33.5% | 2.5% | ||
| Q3 25 | 32.4% | 2.2% | ||
| Q2 25 | 28.9% | 4.6% | ||
| Q1 25 | 29.6% | 3.4% | ||
| Q4 24 | 27.0% | 4.8% | ||
| Q3 24 | 29.1% | 5.2% | ||
| Q2 24 | 21.6% | 5.6% |
| Q1 26 | — | 3.4% | ||
| Q4 25 | 26.0% | 2.0% | ||
| Q3 25 | 26.3% | 1.6% | ||
| Q2 25 | 20.0% | 3.5% | ||
| Q1 25 | 21.0% | 2.6% | ||
| Q4 24 | 17.7% | 3.8% | ||
| Q3 24 | 20.7% | 4.1% | ||
| Q2 24 | 14.4% | 4.3% |
| Q1 26 | — | $1.16 | ||
| Q4 25 | $2.97 | $0.70 | ||
| Q3 25 | $2.85 | $0.56 | ||
| Q2 25 | $2.23 | $1.20 | ||
| Q1 25 | $2.37 | $0.85 | ||
| Q4 24 | $1.85 | $1.30 | ||
| Q3 24 | $2.07 | $1.41 | ||
| Q2 24 | $1.33 | $1.48 |
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 | $411.0M |
| Total DebtLower is stronger | $1.4B | $26.1M |
| Stockholders' EquityBook value | $5.1B | $799.0M |
| Total Assets | $9.3B | $1.6B |
| Debt / EquityLower = less leverage | 0.28× | 0.03× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $411.0M | ||
| Q4 25 | $2.3B | $452.2M | ||
| Q3 25 | $1.5B | $434.4M | ||
| Q2 25 | $1.5B | $426.2M | ||
| Q1 25 | $1.2B | $473.4M | ||
| Q4 24 | $1.0B | $566.6M | ||
| Q3 24 | $763.2M | $531.3M | ||
| Q2 24 | $698.3M | $504.0M |
| Q1 26 | — | $26.1M | ||
| Q4 25 | $1.4B | $0 | ||
| Q3 25 | $1.4B | $0 | ||
| Q2 25 | $1.4B | $0 | ||
| Q1 25 | $1.4B | $0 | ||
| Q4 24 | $1.4B | $0 | ||
| Q3 24 | $1.4B | $0 | ||
| Q2 24 | $1.4B | $0 |
| Q1 26 | — | $799.0M | ||
| Q4 25 | $5.1B | $795.7M | ||
| Q3 25 | $4.9B | $888.7M | ||
| Q2 25 | $4.7B | $921.8M | ||
| Q1 25 | $4.5B | $930.8M | ||
| Q4 24 | $4.3B | $972.4M | ||
| Q3 24 | $4.2B | $1.0B | ||
| Q2 24 | $4.0B | $1.0B |
| Q1 26 | — | $1.6B | ||
| Q4 25 | $9.3B | $1.6B | ||
| Q3 25 | $9.1B | $1.7B | ||
| Q2 25 | $9.0B | $1.7B | ||
| Q1 25 | $8.7B | $1.7B | ||
| Q4 24 | $7.8B | $1.8B | ||
| Q3 24 | $8.7B | $1.8B | ||
| Q2 24 | $9.3B | $1.8B |
| Q1 26 | — | 0.03× | ||
| Q4 25 | 0.28× | 0.00× | ||
| Q3 25 | 0.30× | 0.00× | ||
| Q2 25 | 0.31× | 0.00× | ||
| Q1 25 | 0.32× | 0.00× | ||
| Q4 24 | 0.34× | 0.00× | ||
| Q3 24 | 0.34× | 0.00× | ||
| Q2 24 | 0.36× | 0.00× |
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% | — |
| 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 | $72.7M | ||
| Q3 25 | $153.9M | $89.3M | ||
| Q2 25 | $333.7M | $7.1M | ||
| Q1 25 | $912.9M | $55.7M | ||
| Q4 24 | $-710.4M | $61.1M | ||
| Q3 24 | $-578.5M | $83.1M | ||
| Q2 24 | $1.5B | $48.1M |
| Q1 26 | — | — | ||
| Q4 25 | $332.1M | $70.5M | ||
| Q3 25 | $137.9M | $86.0M | ||
| Q2 25 | $313.4M | $4.7M | ||
| Q1 25 | $898.2M | $53.8M | ||
| Q4 24 | $-734.2M | $54.4M | ||
| Q3 24 | $-590.5M | $75.6M | ||
| Q2 24 | $1.5B | $40.6M |
| Q1 26 | — | — | ||
| Q4 25 | 27.6% | 6.0% | ||
| Q3 25 | 12.1% | 7.1% | ||
| Q2 25 | 26.7% | 0.4% | ||
| Q1 25 | 75.2% | 4.7% | ||
| Q4 24 | -66.3% | 4.5% | ||
| Q3 24 | -55.9% | 6.2% | ||
| Q2 24 | 151.6% | 3.3% |
| Q1 26 | — | — | ||
| Q4 25 | 1.7% | 0.2% | ||
| Q3 25 | 1.4% | 0.3% | ||
| Q2 25 | 1.7% | 0.2% | ||
| Q1 25 | 1.2% | 0.2% | ||
| Q4 24 | 2.1% | 0.6% | ||
| Q3 24 | 1.1% | 0.6% | ||
| Q2 24 | 1.8% | 0.6% |
| Q1 26 | — | — | ||
| Q4 25 | 1.12× | 3.04× | ||
| Q3 25 | 0.51× | 4.61× | ||
| Q2 25 | 1.42× | 0.17× | ||
| Q1 25 | 3.64× | 1.87× | ||
| Q4 24 | -3.62× | 1.32× | ||
| Q3 24 | -2.65× | 1.66× | ||
| Q2 24 | 10.64× | 0.91× |
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% |
LSTR
Segment breakdown not available.
