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Side-by-side financial comparison of Cboe Global Markets (CBOE) and Polaris Inc. (PII). Click either name above to swap in a different company.
Polaris Inc. is the larger business by last-quarter revenue ($1.7B vs $1.2B, roughly 1.4× Cboe Global Markets). Cboe Global Markets runs the higher net margin — 26.0% vs -2.8%, a 28.9% gap on every dollar of revenue. On growth, Cboe Global Markets posted the faster year-over-year revenue change (8.7% vs 8.0%). Cboe Global Markets produced more free cash flow last quarter ($332.1M vs $-342.5M). Over the past eight quarters, Cboe Global Markets's revenue compounded faster (12.2% CAGR vs -8.0%).
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.
Polaris Inc. is an American automotive manufacturer headquartered in Medina, Minnesota, United States. Polaris was founded in Roseau, Minnesota, where it still has engineering and manufacturing facilities. The company manufactured motorcycles through its Victory Motorcycles subsidiary until January 2017, then produced motorcycles through the Indian Motorcycle subsidiary, which it purchased in April 2011 and announced its divestiture in October 2025. Polaris produced personal watercraft from 1...
CBOE vs PII — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $1.2B | $1.7B |
| Net Profit | $313.5M | $-47.2M |
| Gross Margin | 55.7% | 20.2% |
| Operating Margin | 33.5% | — |
| Net Margin | 26.0% | -2.8% |
| Revenue YoY | 8.7% | 8.0% |
| Net Profit YoY | 59.5% | 29.2% |
| EPS (diluted) | $2.97 | $-0.83 |
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 | — | $1.7B | ||
| Q4 25 | $1.2B | $1.9B | ||
| Q3 25 | $1.1B | $1.8B | ||
| Q2 25 | $1.2B | $1.9B | ||
| Q1 25 | $1.2B | $1.5B | ||
| Q4 24 | $1.1B | $1.8B | ||
| Q3 24 | $1.1B | $1.7B | ||
| Q2 24 | $974.0M | $2.0B |
| Q1 26 | — | $-47.2M | ||
| Q4 25 | $313.5M | $-303.6M | ||
| Q3 25 | $300.8M | $-15.8M | ||
| Q2 25 | $235.1M | $-79.3M | ||
| Q1 25 | $250.6M | $-66.8M | ||
| Q4 24 | $196.5M | $10.6M | ||
| Q3 24 | $218.5M | $27.7M | ||
| Q2 24 | $140.4M | $68.7M |
| Q1 26 | — | 20.2% | ||
| Q4 25 | 55.7% | 20.0% | ||
| Q3 25 | 53.0% | 20.7% | ||
| Q2 25 | 50.0% | 19.4% | ||
| Q1 25 | 47.3% | 16.0% | ||
| Q4 24 | 47.4% | 20.4% | ||
| Q3 24 | 50.4% | 20.6% | ||
| Q2 24 | 52.8% | 21.6% |
| Q1 26 | — | — | ||
| Q4 25 | 33.5% | -16.7% | ||
| Q3 25 | 32.4% | 1.1% | ||
| Q2 25 | 28.9% | -0.7% | ||
| Q1 25 | 29.6% | -2.4% | ||
| Q4 24 | 27.0% | 3.7% | ||
| Q3 24 | 29.1% | 3.8% | ||
| Q2 24 | 21.6% | 6.1% |
| Q1 26 | — | -2.8% | ||
| Q4 25 | 26.0% | -15.8% | ||
| Q3 25 | 26.3% | -0.9% | ||
| Q2 25 | 20.0% | -4.3% | ||
| Q1 25 | 21.0% | -4.3% | ||
| Q4 24 | 17.7% | 0.6% | ||
| Q3 24 | 20.7% | 1.6% | ||
| Q2 24 | 14.4% | 3.5% |
| Q1 26 | — | $-0.83 | ||
| Q4 25 | $2.97 | $-5.34 | ||
| Q3 25 | $2.85 | $-0.28 | ||
| Q2 25 | $2.23 | $-1.39 | ||
| Q1 25 | $2.37 | $-1.17 | ||
| Q4 24 | $1.85 | $0.18 | ||
| Q3 24 | $2.07 | $0.49 | ||
| Q2 24 | $1.33 | $1.21 |
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 | $282.0M |
| Total DebtLower is stronger | $1.4B | — |
| Stockholders' EquityBook value | $5.1B | $750.4M |
| Total Assets | $9.3B | $5.2B |
| Debt / EquityLower = less leverage | 0.28× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $282.0M | ||
| Q4 25 | $2.3B | $138.0M | ||
| Q3 25 | $1.5B | $335.5M | ||
| Q2 25 | $1.5B | $324.3M | ||
| Q1 25 | $1.2B | $291.7M | ||
| Q4 24 | $1.0B | $287.8M | ||
| Q3 24 | $763.2M | $291.3M | ||
| Q2 24 | $698.3M | $322.7M |
| Q1 26 | — | — | ||
| Q4 25 | $1.4B | $1.5B | ||
| Q3 25 | $1.4B | $1.3B | ||
| Q2 25 | $1.4B | $1.4B | ||
| Q1 25 | $1.4B | $1.6B | ||
| Q4 24 | $1.4B | $1.6B | ||
| Q3 24 | $1.4B | $1.7B | ||
| Q2 24 | $1.4B | $2.1B |
| Q1 26 | — | $750.4M | ||
| Q4 25 | $5.1B | $828.4M | ||
| Q3 25 | $4.9B | $1.1B | ||
| Q2 25 | $4.7B | $1.2B | ||
| Q1 25 | $4.5B | $1.2B | ||
| Q4 24 | $4.3B | $1.3B | ||
| Q3 24 | $4.2B | $1.3B | ||
| Q2 24 | $4.0B | $1.3B |
| Q1 26 | — | $5.2B | ||
| Q4 25 | $9.3B | $4.9B | ||
| Q3 25 | $9.1B | $5.3B | ||
| Q2 25 | $9.0B | $5.4B | ||
| Q1 25 | $8.7B | $5.5B | ||
| Q4 24 | $7.8B | $5.5B | ||
| Q3 24 | $8.7B | $5.6B | ||
| Q2 24 | $9.3B | $5.7B |
| Q1 26 | — | — | ||
| Q4 25 | 0.28× | 1.82× | ||
| Q3 25 | 0.30× | 1.13× | ||
| Q2 25 | 0.31× | 1.17× | ||
| Q1 25 | 0.32× | 1.32× | ||
| Q4 24 | 0.34× | 1.27× | ||
| Q3 24 | 0.34× | 1.29× | ||
| Q2 24 | 0.36× | 1.56× |
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 | $-342.5M |
| FCF MarginFCF / Revenue | 27.6% | -20.6% |
| Capex IntensityCapex / Revenue | 1.7% | — |
| Cash ConversionOCF / Net Profit | 1.12× | — |
| TTM Free Cash FlowTrailing 4 quarters | $1.7B | $168.0M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $352.1M | $178.7M | ||
| Q3 25 | $153.9M | $158.8M | ||
| Q2 25 | $333.7M | $320.3M | ||
| Q1 25 | $912.9M | $83.2M | ||
| Q4 24 | $-710.4M | $206.3M | ||
| Q3 24 | $-578.5M | $21.0M | ||
| Q2 24 | $1.5B | $146.3M |
| Q1 26 | — | $-342.5M | ||
| Q4 25 | $332.1M | $114.0M | ||
| Q3 25 | $137.9M | $116.7M | ||
| Q2 25 | $313.4M | $279.8M | ||
| Q1 25 | $898.2M | $47.6M | ||
| Q4 24 | $-734.2M | $137.3M | ||
| Q3 24 | $-590.5M | $-32.4M | ||
| Q2 24 | $1.5B | $79.1M |
| Q1 26 | — | -20.6% | ||
| Q4 25 | 27.6% | 5.9% | ||
| Q3 25 | 12.1% | 6.3% | ||
| Q2 25 | 26.7% | 15.1% | ||
| Q1 25 | 75.2% | 3.1% | ||
| Q4 24 | -66.3% | 7.8% | ||
| Q3 24 | -55.9% | -1.9% | ||
| Q2 24 | 151.6% | 4.0% |
| Q1 26 | — | — | ||
| Q4 25 | 1.7% | 3.4% | ||
| Q3 25 | 1.4% | 2.3% | ||
| Q2 25 | 1.7% | 2.2% | ||
| Q1 25 | 1.2% | 2.3% | ||
| Q4 24 | 2.1% | 3.9% | ||
| Q3 24 | 1.1% | 3.1% | ||
| Q2 24 | 1.8% | 3.4% |
| Q1 26 | — | — | ||
| Q4 25 | 1.12× | — | ||
| Q3 25 | 0.51× | — | ||
| Q2 25 | 1.42× | — | ||
| Q1 25 | 3.64× | — | ||
| Q4 24 | -3.62× | 19.46× | ||
| Q3 24 | -2.65× | 0.76× | ||
| Q2 24 | 10.64× | 2.13× |
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% |
PII
Segment breakdown not available.
