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Side-by-side financial comparison of Cboe Global Markets (CBOE) and NATIONAL FUEL GAS CO (NFG). Click either name above to swap in a different company.
Cboe Global Markets is the larger business by last-quarter revenue ($1.3B vs $425.9M, roughly 3.0× NATIONAL FUEL GAS CO). NATIONAL FUEL GAS CO runs the higher net margin — 35.7% vs 30.3%, a 5.4% gap on every dollar of revenue. On growth, Cboe Global Markets posted the faster year-over-year revenue change (6.5% vs 1.7%). Over the past eight quarters, Cboe Global Markets's revenue compounded faster (14.3% CAGR vs 12.1%).
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.
National Fuel Gas Company is a diversified energy company with $6.2 billion in assets distributed among the following five operating segments: Exploration and Production, Pipeline and Storage, Gathering, Utility, and Energy Marketing. National Fuel Gas was incorporated in 1902 and is based in Williamsville, New York.
CBOE vs NFG — Head-to-Head
Income Statement — Q1 FY2026 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $1.3B | $425.9M |
| Net Profit | $385.7M | $152.0M |
| Gross Margin | 57.3% | — |
| Operating Margin | 39.7% | 81.5% |
| Net Margin | 30.3% | 35.7% |
| Revenue YoY | 6.5% | 1.7% |
| Net Profit YoY | 53.9% | — |
| EPS (diluted) | $3.66 | $1.59 |
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 | $1.3B | $425.9M | ||
| Q4 25 | $1.2B | $637.9M | ||
| Q3 25 | $1.1B | $443.1M | ||
| Q2 25 | $1.2B | $527.4M | ||
| Q1 25 | $1.2B | $734.8M | ||
| Q4 24 | $1.1B | $513.8M | ||
| Q3 24 | $1.1B | $310.0M | ||
| Q2 24 | $974.0M | $338.6M |
| Q1 26 | $385.7M | $152.0M | ||
| Q4 25 | $313.5M | $181.6M | ||
| Q3 25 | $300.8M | $107.3M | ||
| Q2 25 | $235.1M | $149.8M | ||
| Q1 25 | $250.6M | $216.4M | ||
| Q4 24 | $196.5M | $45.0M | ||
| Q3 24 | $218.5M | $-167.6M | ||
| Q2 24 | $140.4M | $-54.2M |
| Q1 26 | 57.3% | — | ||
| Q4 25 | 55.7% | 86.6% | ||
| Q3 25 | 53.0% | — | ||
| Q2 25 | 50.0% | 94.7% | ||
| Q1 25 | 47.3% | 81.6% | ||
| Q4 24 | 47.4% | 87.3% | ||
| Q3 24 | 50.4% | — | ||
| Q2 24 | 52.8% | 98.5% |
| Q1 26 | 39.7% | 81.5% | ||
| Q4 25 | 33.5% | 43.3% | ||
| Q3 25 | 32.4% | 40.6% | ||
| Q2 25 | 28.9% | 43.7% | ||
| Q1 25 | 29.6% | 43.2% | ||
| Q4 24 | 27.0% | 16.8% | ||
| Q3 24 | 29.1% | -63.4% | ||
| Q2 24 | 21.6% | -15.2% |
| Q1 26 | 30.3% | 35.7% | ||
| Q4 25 | 26.0% | 28.5% | ||
| Q3 25 | 26.3% | 24.2% | ||
| Q2 25 | 20.0% | 28.4% | ||
| Q1 25 | 21.0% | 29.4% | ||
| Q4 24 | 17.7% | 8.8% | ||
| Q3 24 | 20.7% | -54.1% | ||
| Q2 24 | 14.4% | -16.0% |
| Q1 26 | $3.66 | $1.59 | ||
| Q4 25 | $2.97 | $1.98 | ||
| Q3 25 | $2.85 | $1.18 | ||
| Q2 25 | $2.23 | $1.64 | ||
| Q1 25 | $2.37 | $2.37 | ||
| Q4 24 | $1.85 | $0.49 | ||
| Q3 24 | $2.07 | $-1.81 | ||
| Q2 24 | $1.33 | $-0.59 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $2.1B | — |
| Total DebtLower is stronger | $1.4B | $300.0M |
| Stockholders' EquityBook value | $5.4B | — |
| Total Assets | $11.1B | $9.1B |
| Debt / EquityLower = less leverage | 0.27× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $2.1B | — | ||
| Q4 25 | $2.3B | $271.4M | ||
| Q3 25 | $1.5B | $43.2M | ||
| Q2 25 | $1.5B | $39.3M | ||
| Q1 25 | $1.2B | $40.0M | ||
| Q4 24 | $1.0B | $48.7M | ||
| Q3 24 | $763.2M | $38.2M | ||
| Q2 24 | $698.3M | $81.4M |
| Q1 26 | $1.4B | $300.0M | ||
| Q4 25 | $1.4B | $2.7B | ||
| Q3 25 | $1.4B | $2.7B | ||
| Q2 25 | $1.4B | $2.7B | ||
| Q1 25 | $1.4B | $2.7B | ||
| Q4 24 | $1.4B | $2.7B | ||
| Q3 24 | $1.4B | $2.7B | ||
| Q2 24 | $1.4B | $2.7B |
| Q1 26 | $5.4B | — | ||
| Q4 25 | $5.1B | $3.6B | ||
| Q3 25 | $4.9B | $3.1B | ||
| Q2 25 | $4.7B | $3.0B | ||
| Q1 25 | $4.5B | $2.8B | ||
| Q4 24 | $4.3B | $-76.2M | ||
| Q3 24 | $4.2B | $-15.5M | ||
| Q2 24 | $4.0B | $5.0M |
| Q1 26 | $11.1B | $9.1B | ||
| Q4 25 | $9.3B | $9.2B | ||
| Q3 25 | $9.1B | $8.7B | ||
| Q2 25 | $9.0B | $8.4B | ||
| Q1 25 | $8.7B | $8.5B | ||
| Q4 24 | $7.8B | $8.3B | ||
| Q3 24 | $8.7B | $8.3B | ||
| Q2 24 | $9.3B | $8.5B |
| Q1 26 | 0.27× | — | ||
| Q4 25 | 0.28× | 0.75× | ||
| Q3 25 | 0.30× | 0.87× | ||
| Q2 25 | 0.31× | 0.90× | ||
| Q1 25 | 0.32× | 0.99× | ||
| Q4 24 | 0.34× | — | ||
| Q3 24 | 0.34× | — | ||
| Q2 24 | 0.36× | 532.10× |
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 | — | $657.3M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | 117.0% |
| Cash ConversionOCF / Net Profit | — | 4.32× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $657.3M | ||
| Q4 25 | $352.1M | $274.9M | ||
| Q3 25 | $153.9M | $237.8M | ||
| Q2 25 | $333.7M | $388.4M | ||
| Q1 25 | $912.9M | $253.8M | ||
| Q4 24 | $-710.4M | $220.1M | ||
| Q3 24 | $-578.5M | $197.9M | ||
| Q2 24 | $1.5B | $281.8M |
| Q1 26 | — | — | ||
| Q4 25 | $332.1M | $-2.7M | ||
| Q3 25 | $137.9M | $-47.8M | ||
| Q2 25 | $313.4M | $195.3M | ||
| Q1 25 | $898.2M | $59.9M | ||
| Q4 24 | $-734.2M | $-20.3M | ||
| Q3 24 | $-590.5M | $-49.1M | ||
| Q2 24 | $1.5B | $79.5M |
| Q1 26 | — | — | ||
| Q4 25 | 27.6% | -0.4% | ||
| Q3 25 | 12.1% | -10.8% | ||
| Q2 25 | 26.7% | 37.0% | ||
| Q1 25 | 75.2% | 8.2% | ||
| Q4 24 | -66.3% | -4.0% | ||
| Q3 24 | -55.9% | -15.8% | ||
| Q2 24 | 151.6% | 23.5% |
| Q1 26 | — | 117.0% | ||
| Q4 25 | 1.7% | 43.5% | ||
| Q3 25 | 1.4% | 64.4% | ||
| Q2 25 | 1.7% | 36.6% | ||
| Q1 25 | 1.2% | 26.4% | ||
| Q4 24 | 2.1% | 46.8% | ||
| Q3 24 | 1.1% | 79.7% | ||
| Q2 24 | 1.8% | 59.7% |
| Q1 26 | — | 4.32× | ||
| Q4 25 | 1.12× | 1.51× | ||
| Q3 25 | 0.51× | 2.21× | ||
| Q2 25 | 1.42× | 2.59× | ||
| Q1 25 | 3.64× | 1.17× | ||
| Q4 24 | -3.62× | 4.89× | ||
| Q3 24 | -2.65× | — | ||
| Q2 24 | 10.64× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CBOE
| Derivatives markets | $609.3M | 48% |
| Cash and spot markets | $482.2M | 38% |
| Data Vantage | $181.3M | 14% |
NFG
| Revenues from External Customers | $425.8M | 100% |
| Intersegment Revenues | $126.0K | 0% |
