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Side-by-side financial comparison of Cboe Global Markets (CBOE) and Cloudflare, Inc. (NET). Click either name above to swap in a different company.
Cboe Global Markets is the larger business by last-quarter revenue ($1.2B vs $614.5M, roughly 2.0× Cloudflare, Inc.). Cboe Global Markets runs the higher net margin — 26.0% vs -2.0%, a 28.0% gap on every dollar of revenue. On growth, Cloudflare, Inc. posted the faster year-over-year revenue change (33.6% vs 8.7%). Cboe Global Markets produced more free cash flow last quarter ($332.1M vs $105.2M). Over the past eight quarters, Cloudflare, Inc.'s revenue compounded faster (27.4% CAGR vs 12.2%).
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.
Cloudflare, Inc. is an American technology company headquartered in San Francisco, California, that provides a range of internet services, including content delivery network (CDN) services, cloud cybersecurity, DDoS mitigation, and ICANN-accredited domain registration. The company's services act primarily as a reverse proxy between website visitors and a customer's hosting provider, improving performance and protecting against malicious traffic.
CBOE vs NET — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.2B | $614.5M |
| Net Profit | $313.5M | $-12.1M |
| Gross Margin | 55.7% | 73.6% |
| Operating Margin | 33.5% | -8.0% |
| Net Margin | 26.0% | -2.0% |
| Revenue YoY | 8.7% | 33.6% |
| Net Profit YoY | 59.5% | 6.0% |
| 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 | $614.5M | ||
| Q3 25 | $1.1B | $562.0M | ||
| Q2 25 | $1.2B | $512.3M | ||
| Q1 25 | $1.2B | $479.1M | ||
| Q4 24 | $1.1B | $459.9M | ||
| Q3 24 | $1.1B | $430.1M | ||
| Q2 24 | $974.0M | $401.0M | ||
| Q1 24 | $957.2M | $378.6M |
| Q4 25 | $313.5M | $-12.1M | ||
| Q3 25 | $300.8M | $-1.3M | ||
| Q2 25 | $235.1M | $-50.4M | ||
| Q1 25 | $250.6M | $-38.5M | ||
| Q4 24 | $196.5M | $-12.8M | ||
| Q3 24 | $218.5M | $-15.3M | ||
| Q2 24 | $140.4M | $-15.1M | ||
| Q1 24 | $209.5M | $-35.5M |
| Q4 25 | 55.7% | 73.6% | ||
| Q3 25 | 53.0% | 74.0% | ||
| Q2 25 | 50.0% | 74.9% | ||
| Q1 25 | 47.3% | 75.9% | ||
| Q4 24 | 47.4% | 76.4% | ||
| Q3 24 | 50.4% | 77.7% | ||
| Q2 24 | 52.8% | 77.8% | ||
| Q1 24 | 52.5% | 77.5% |
| Q4 25 | 33.5% | -8.0% | ||
| Q3 25 | 32.4% | -6.7% | ||
| Q2 25 | 28.9% | -13.1% | ||
| Q1 25 | 29.6% | -11.1% | ||
| Q4 24 | 27.0% | -7.5% | ||
| Q3 24 | 29.1% | -7.2% | ||
| Q2 24 | 21.6% | -8.7% | ||
| Q1 24 | 29.5% | -14.4% |
| Q4 25 | 26.0% | -2.0% | ||
| Q3 25 | 26.3% | -0.2% | ||
| Q2 25 | 20.0% | -9.8% | ||
| Q1 25 | 21.0% | -8.0% | ||
| Q4 24 | 17.7% | -2.8% | ||
| Q3 24 | 20.7% | -3.6% | ||
| Q2 24 | 14.4% | -3.8% | ||
| Q1 24 | 21.9% | -9.4% |
| Q4 25 | $2.97 | $-0.03 | ||
| Q3 25 | $2.85 | $0.00 | ||
| Q2 25 | $2.23 | $-0.15 | ||
| Q1 25 | $2.37 | $-0.11 | ||
| Q4 24 | $1.85 | $-0.05 | ||
| Q3 24 | $2.07 | $-0.04 | ||
| Q2 24 | $1.33 | $-0.04 | ||
| Q1 24 | $1.96 | $-0.10 |
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 | $943.5M |
| Total DebtLower is stronger | $1.4B | — |
| Stockholders' EquityBook value | $5.1B | $1.5B |
| Total Assets | $9.3B | $6.0B |
| Debt / EquityLower = less leverage | 0.28× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.3B | $943.5M | ||
| Q3 25 | $1.5B | $1.1B | ||
| Q2 25 | $1.5B | $1.5B | ||
| Q1 25 | $1.2B | $204.5M | ||
| Q4 24 | $1.0B | $147.7M | ||
| Q3 24 | $763.2M | $182.9M | ||
| Q2 24 | $698.3M | $157.0M | ||
| Q1 24 | $595.1M | $254.4M |
| 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 | $1.5B | ||
| Q3 25 | $4.9B | $1.3B | ||
| Q2 25 | $4.7B | $1.2B | ||
| Q1 25 | $4.5B | $1.4B | ||
| Q4 24 | $4.3B | $1.0B | ||
| Q3 24 | $4.2B | $973.1M | ||
| Q2 24 | $4.0B | $881.5M | ||
| Q1 24 | $4.0B | $797.2M |
| Q4 25 | $9.3B | $6.0B | ||
| Q3 25 | $9.1B | $5.8B | ||
| Q2 25 | $9.0B | $5.6B | ||
| Q1 25 | $8.7B | $3.7B | ||
| Q4 24 | $7.8B | $3.3B | ||
| Q3 24 | $8.7B | $3.1B | ||
| Q2 24 | $9.3B | $2.9B | ||
| Q1 24 | $8.2B | $2.8B |
| 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 | $190.4M |
| Free Cash FlowOCF − Capex | $332.1M | $105.2M |
| FCF MarginFCF / Revenue | 27.6% | 17.1% |
| Capex IntensityCapex / Revenue | 1.7% | 13.9% |
| Cash ConversionOCF / Net Profit | 1.12× | — |
| TTM Free Cash FlowTrailing 4 quarters | $1.7B | $287.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $352.1M | $190.4M | ||
| Q3 25 | $153.9M | $167.1M | ||
| Q2 25 | $333.7M | $99.8M | ||
| Q1 25 | $912.9M | $145.8M | ||
| Q4 24 | $-710.4M | $127.3M | ||
| Q3 24 | $-578.5M | $104.7M | ||
| Q2 24 | $1.5B | $74.8M | ||
| Q1 24 | $895.6M | $73.6M |
| Q4 25 | $332.1M | $105.2M | ||
| Q3 25 | $137.9M | $82.5M | ||
| Q2 25 | $313.4M | $39.9M | ||
| Q1 25 | $898.2M | $59.9M | ||
| Q4 24 | $-734.2M | $54.2M | ||
| Q3 24 | $-590.5M | $54.5M | ||
| Q2 24 | $1.5B | $45.2M | ||
| Q1 24 | $888.3M | $41.5M |
| Q4 25 | 27.6% | 17.1% | ||
| Q3 25 | 12.1% | 14.7% | ||
| Q2 25 | 26.7% | 7.8% | ||
| Q1 25 | 75.2% | 12.5% | ||
| Q4 24 | -66.3% | 11.8% | ||
| Q3 24 | -55.9% | 12.7% | ||
| Q2 24 | 151.6% | 11.3% | ||
| Q1 24 | 92.8% | 11.0% |
| Q4 25 | 1.7% | 13.9% | ||
| Q3 25 | 1.4% | 15.1% | ||
| Q2 25 | 1.7% | 11.7% | ||
| Q1 25 | 1.2% | 17.9% | ||
| Q4 24 | 2.1% | 15.9% | ||
| Q3 24 | 1.1% | 11.7% | ||
| Q2 24 | 1.8% | 7.4% | ||
| Q1 24 | 0.8% | 8.5% |
| Q4 25 | 1.12× | — | ||
| Q3 25 | 0.51× | — | ||
| Q2 25 | 1.42× | — | ||
| Q1 25 | 3.64× | — | ||
| Q4 24 | -3.62× | — | ||
| Q3 24 | -2.65× | — | ||
| Q2 24 | 10.64× | — | ||
| Q1 24 | 4.27× | — |
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% |
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
