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Side-by-side financial comparison of Cboe Global Markets (CBOE) and PACS Group, Inc. (PACS). Click either name above to swap in a different company.
PACS Group, Inc. is the larger business by last-quarter revenue ($1.4B vs $1.3B, roughly 1.1× Cboe Global Markets). Cboe Global Markets runs the higher net margin — 30.3% vs 4.4%, a 25.9% gap on every dollar of revenue. On growth, PACS Group, Inc. posted the faster year-over-year revenue change (18.4% vs 6.5%). Over the past eight quarters, PACS Group, Inc.'s revenue compounded faster (20.5% CAGR vs 14.3%).
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.
CBOE vs PACS — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.3B | $1.4B |
| Net Profit | $385.7M | $59.7M |
| Gross Margin | 57.3% | — |
| Operating Margin | 39.7% | 7.0% |
| Net Margin | 30.3% | 4.4% |
| Revenue YoY | 6.5% | 18.4% |
| Net Profit YoY | 53.9% | 3022.5% |
| EPS (diluted) | $3.66 | $0.42 |
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 | — | ||
| Q4 25 | $1.2B | $1.4B | ||
| Q3 25 | $1.1B | $1.3B | ||
| Q2 25 | $1.2B | $1.3B | ||
| Q1 25 | $1.2B | $1.3B | ||
| Q4 24 | $1.1B | $1.1B | ||
| Q3 24 | $1.1B | $1.0B | ||
| Q2 24 | $974.0M | $981.4M |
| Q1 26 | $385.7M | — | ||
| Q4 25 | $313.5M | $59.7M | ||
| Q3 25 | $300.8M | $52.4M | ||
| Q2 25 | $235.1M | $51.0M | ||
| Q1 25 | $250.6M | $28.5M | ||
| Q4 24 | $196.5M | $1.9M | ||
| Q3 24 | $218.5M | $15.6M | ||
| Q2 24 | $140.4M | $-10.9M |
| Q1 26 | 57.3% | — | ||
| Q4 25 | 55.7% | — | ||
| Q3 25 | 53.0% | — | ||
| Q2 25 | 50.0% | — | ||
| Q1 25 | 47.3% | — | ||
| Q4 24 | 47.4% | — | ||
| Q3 24 | 50.4% | 17.1% | ||
| Q2 24 | 52.8% | 22.3% |
| Q1 26 | 39.7% | — | ||
| Q4 25 | 33.5% | 7.0% | ||
| Q3 25 | 32.4% | 6.4% | ||
| Q2 25 | 28.9% | 6.2% | ||
| Q1 25 | 29.6% | 3.8% | ||
| Q4 24 | 27.0% | 1.7% | ||
| Q3 24 | 29.1% | 2.2% | ||
| Q2 24 | 21.6% | 0.1% |
| Q1 26 | 30.3% | — | ||
| Q4 25 | 26.0% | 4.4% | ||
| Q3 25 | 26.3% | 3.9% | ||
| Q2 25 | 20.0% | 3.9% | ||
| Q1 25 | 21.0% | 2.2% | ||
| Q4 24 | 17.7% | 0.2% | ||
| Q3 24 | 20.7% | 1.5% | ||
| Q2 24 | 14.4% | -1.1% |
| Q1 26 | $3.66 | — | ||
| Q4 25 | $2.97 | $0.42 | ||
| Q3 25 | $2.85 | $0.32 | ||
| Q2 25 | $2.23 | $0.31 | ||
| Q1 25 | $2.37 | $0.17 | ||
| Q4 24 | $1.85 | $-0.03 | ||
| Q3 24 | $2.07 | $0.10 | ||
| Q2 24 | $1.33 | $-0.07 |
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 | $197.0M |
| Total DebtLower is stronger | $1.4B | $353.2M |
| Stockholders' EquityBook value | $5.4B | $946.8M |
| Total Assets | $11.1B | $5.6B |
| Debt / EquityLower = less leverage | 0.27× | 0.37× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $2.1B | — | ||
| Q4 25 | $2.3B | $197.0M | ||
| Q3 25 | $1.5B | $355.7M | ||
| Q2 25 | $1.5B | $294.2M | ||
| Q1 25 | $1.2B | $287.5M | ||
| Q4 24 | $1.0B | $157.7M | ||
| Q3 24 | $763.2M | $49.5M | ||
| Q2 24 | $698.3M | $73.4M |
| Q1 26 | $1.4B | — | ||
| Q4 25 | $1.4B | $353.2M | ||
| Q3 25 | $1.4B | — | ||
| Q2 25 | $1.4B | — | ||
| Q1 25 | $1.4B | — | ||
| Q4 24 | $1.4B | $411.9M | ||
| Q3 24 | $1.4B | — | ||
| Q2 24 | $1.4B | — |
| Q1 26 | $5.4B | — | ||
| Q4 25 | $5.1B | $946.8M | ||
| Q3 25 | $4.9B | $871.3M | ||
| Q2 25 | $4.7B | $806.8M | ||
| Q1 25 | $4.5B | $750.2M | ||
| Q4 24 | $4.3B | $709.6M | ||
| Q3 24 | $4.2B | $660.0M | ||
| Q2 24 | $4.0B | $572.1M |
| Q1 26 | $11.1B | — | ||
| Q4 25 | $9.3B | $5.6B | ||
| Q3 25 | $9.1B | $5.6B | ||
| Q2 25 | $9.0B | $5.5B | ||
| Q1 25 | $8.7B | $5.5B | ||
| Q4 24 | $7.8B | $5.2B | ||
| Q3 24 | $8.7B | $4.5B | ||
| Q2 24 | $9.3B | $3.9B |
| Q1 26 | 0.27× | — | ||
| Q4 25 | 0.28× | 0.37× | ||
| Q3 25 | 0.30× | — | ||
| Q2 25 | 0.31× | — | ||
| Q1 25 | 0.32× | — | ||
| Q4 24 | 0.34× | 0.58× | ||
| 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 | — | $-3.4M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | -0.06× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $352.1M | $-3.4M | ||
| Q3 25 | $153.9M | $204.8M | ||
| Q2 25 | $333.7M | $52.6M | ||
| Q1 25 | $912.9M | $150.2M | ||
| Q4 24 | $-710.4M | $64.6M | ||
| Q3 24 | $-578.5M | $209.2M | ||
| Q2 24 | $1.5B | $34.8M |
| Q1 26 | — | — | ||
| Q4 25 | $332.1M | — | ||
| Q3 25 | $137.9M | — | ||
| Q2 25 | $313.4M | — | ||
| Q1 25 | $898.2M | — | ||
| Q4 24 | $-734.2M | — | ||
| Q3 24 | $-590.5M | — | ||
| Q2 24 | $1.5B | — |
| Q1 26 | — | — | ||
| Q4 25 | 27.6% | — | ||
| Q3 25 | 12.1% | — | ||
| Q2 25 | 26.7% | — | ||
| Q1 25 | 75.2% | — | ||
| Q4 24 | -66.3% | — | ||
| Q3 24 | -55.9% | — | ||
| Q2 24 | 151.6% | — |
| Q1 26 | — | — | ||
| Q4 25 | 1.7% | — | ||
| Q3 25 | 1.4% | — | ||
| Q2 25 | 1.7% | — | ||
| Q1 25 | 1.2% | — | ||
| Q4 24 | 2.1% | — | ||
| Q3 24 | 1.1% | — | ||
| Q2 24 | 1.8% | — |
| Q1 26 | — | — | ||
| Q4 25 | 1.12× | -0.06× | ||
| Q3 25 | 0.51× | 3.91× | ||
| Q2 25 | 1.42× | 1.03× | ||
| Q1 25 | 3.64× | 5.28× | ||
| Q4 24 | -3.62× | 33.78× | ||
| Q3 24 | -2.65× | 13.39× | ||
| 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% |
PACS
Segment breakdown not available.
