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Side-by-side financial comparison of Cboe Global Markets (CBOE) and Primoris Services Corp (PRIM). Click either name above to swap in a different company.
Primoris Services Corp is the larger business by last-quarter revenue ($1.9B vs $1.2B, roughly 1.5× Cboe Global Markets). Cboe Global Markets runs the higher net margin — 26.0% vs 2.8%, a 23.3% gap on every dollar of revenue. On growth, Cboe Global Markets posted the faster year-over-year revenue change (8.7% vs 6.7%). Cboe Global Markets produced more free cash flow last quarter ($332.1M vs $121.1M). Over the past eight quarters, Primoris Services Corp's revenue compounded faster (14.7% 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.
Primoris Services Corporation is a publicly traded specialty construction and infrastructure company based in the United States, with a particular focus on pipelines for natural gas, wastewater and water. As of 2014 it was a Fortune 1000 company.
CBOE vs PRIM — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.2B | $1.9B |
| Net Profit | $313.5M | $51.7M |
| Gross Margin | 55.7% | 9.4% |
| Operating Margin | 33.5% | 4.2% |
| Net Margin | 26.0% | 2.8% |
| Revenue YoY | 8.7% | 6.7% |
| Net Profit YoY | 59.5% | -4.2% |
| EPS (diluted) | $2.97 | $0.94 |
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 | $1.9B | ||
| Q3 25 | $1.1B | $2.2B | ||
| Q2 25 | $1.2B | $1.9B | ||
| Q1 25 | $1.2B | $1.6B | ||
| Q4 24 | $1.1B | $1.7B | ||
| Q3 24 | $1.1B | $1.6B | ||
| Q2 24 | $974.0M | $1.6B | ||
| Q1 24 | $957.2M | $1.4B |
| Q4 25 | $313.5M | $51.7M | ||
| Q3 25 | $300.8M | $94.6M | ||
| Q2 25 | $235.1M | $84.3M | ||
| Q1 25 | $250.6M | $44.2M | ||
| Q4 24 | $196.5M | $54.0M | ||
| Q3 24 | $218.5M | $58.4M | ||
| Q2 24 | $140.4M | $49.5M | ||
| Q1 24 | $209.5M | $18.9M |
| Q4 25 | 55.7% | 9.4% | ||
| Q3 25 | 53.0% | 10.8% | ||
| Q2 25 | 50.0% | 12.3% | ||
| Q1 25 | 47.3% | 10.4% | ||
| Q4 24 | 47.4% | 10.6% | ||
| Q3 24 | 50.4% | 12.0% | ||
| Q2 24 | 52.8% | 11.9% | ||
| Q1 24 | 52.5% | 9.4% |
| Q4 25 | 33.5% | 4.2% | ||
| Q3 25 | 32.4% | 6.3% | ||
| Q2 25 | 28.9% | 6.7% | ||
| Q1 25 | 29.6% | 4.3% | ||
| Q4 24 | 27.0% | 5.0% | ||
| Q3 24 | 29.1% | 6.0% | ||
| Q2 24 | 21.6% | 5.5% | ||
| Q1 24 | 29.5% | 3.1% |
| Q4 25 | 26.0% | 2.8% | ||
| Q3 25 | 26.3% | 4.3% | ||
| Q2 25 | 20.0% | 4.5% | ||
| Q1 25 | 21.0% | 2.7% | ||
| Q4 24 | 17.7% | 3.1% | ||
| Q3 24 | 20.7% | 3.5% | ||
| Q2 24 | 14.4% | 3.2% | ||
| Q1 24 | 21.9% | 1.3% |
| Q4 25 | $2.97 | $0.94 | ||
| Q3 25 | $2.85 | $1.73 | ||
| Q2 25 | $2.23 | $1.54 | ||
| Q1 25 | $2.37 | $0.81 | ||
| Q4 24 | $1.85 | $0.98 | ||
| Q3 24 | $2.07 | $1.07 | ||
| Q2 24 | $1.33 | $0.91 | ||
| Q1 24 | $1.96 | $0.35 |
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 | $535.5M |
| Total DebtLower is stronger | $1.4B | $469.9M |
| Stockholders' EquityBook value | $5.1B | $1.7B |
| Total Assets | $9.3B | $4.4B |
| Debt / EquityLower = less leverage | 0.28× | 0.28× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.3B | $535.5M | ||
| Q3 25 | $1.5B | $431.4M | ||
| Q2 25 | $1.5B | $390.3M | ||
| Q1 25 | $1.2B | $351.6M | ||
| Q4 24 | $1.0B | $455.8M | ||
| Q3 24 | $763.2M | $352.7M | ||
| Q2 24 | $698.3M | $207.4M | ||
| Q1 24 | $595.1M | $177.6M |
| Q4 25 | $1.4B | $469.9M | ||
| Q3 25 | $1.4B | $486.0M | ||
| Q2 25 | $1.4B | $603.1M | ||
| Q1 25 | $1.4B | $612.0M | ||
| Q4 24 | $1.4B | $734.8M | ||
| Q3 24 | $1.4B | $903.7M | ||
| Q2 24 | $1.4B | $933.0M | ||
| Q1 24 | $1.4B | $951.7M |
| Q4 25 | $5.1B | $1.7B | ||
| Q3 25 | $4.9B | $1.6B | ||
| Q2 25 | $4.7B | $1.5B | ||
| Q1 25 | $4.5B | $1.4B | ||
| Q4 24 | $4.3B | $1.4B | ||
| Q3 24 | $4.2B | $1.4B | ||
| Q2 24 | $4.0B | $1.3B | ||
| Q1 24 | $4.0B | $1.2B |
| Q4 25 | $9.3B | $4.4B | ||
| Q3 25 | $9.1B | $4.6B | ||
| Q2 25 | $9.0B | $4.5B | ||
| Q1 25 | $8.7B | $4.2B | ||
| Q4 24 | $7.8B | $4.2B | ||
| Q3 24 | $8.7B | $4.2B | ||
| Q2 24 | $9.3B | $4.0B | ||
| Q1 24 | $8.2B | $4.0B |
| Q4 25 | 0.28× | 0.28× | ||
| Q3 25 | 0.30× | 0.30× | ||
| Q2 25 | 0.31× | 0.39× | ||
| Q1 25 | 0.32× | 0.42× | ||
| Q4 24 | 0.34× | 0.52× | ||
| Q3 24 | 0.34× | 0.67× | ||
| Q2 24 | 0.36× | 0.72× | ||
| Q1 24 | 0.36× | 0.76× |
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 | $142.9M |
| Free Cash FlowOCF − Capex | $332.1M | $121.1M |
| FCF MarginFCF / Revenue | 27.6% | 6.5% |
| Capex IntensityCapex / Revenue | 1.7% | 1.2% |
| Cash ConversionOCF / Net Profit | 1.12× | 2.76× |
| TTM Free Cash FlowTrailing 4 quarters | $1.7B | $340.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $352.1M | $142.9M | ||
| Q3 25 | $153.9M | $182.9M | ||
| Q2 25 | $333.7M | $78.5M | ||
| Q1 25 | $912.9M | $66.2M | ||
| Q4 24 | $-710.4M | $298.3M | ||
| Q3 24 | $-578.5M | $222.5M | ||
| Q2 24 | $1.5B | $16.1M | ||
| Q1 24 | $895.6M | $-28.5M |
| Q4 25 | $332.1M | $121.1M | ||
| Q3 25 | $137.9M | $148.4M | ||
| Q2 25 | $313.4M | $45.3M | ||
| Q1 25 | $898.2M | $25.6M | ||
| Q4 24 | $-734.2M | $270.0M | ||
| Q3 24 | $-590.5M | $158.8M | ||
| Q2 24 | $1.5B | $-8.1M | ||
| Q1 24 | $888.3M | $-38.9M |
| Q4 25 | 27.6% | 6.5% | ||
| Q3 25 | 12.1% | 6.8% | ||
| Q2 25 | 26.7% | 2.4% | ||
| Q1 25 | 75.2% | 1.6% | ||
| Q4 24 | -66.3% | 15.5% | ||
| Q3 24 | -55.9% | 9.6% | ||
| Q2 24 | 151.6% | -0.5% | ||
| Q1 24 | 92.8% | -2.8% |
| Q4 25 | 1.7% | 1.2% | ||
| Q3 25 | 1.4% | 1.6% | ||
| Q2 25 | 1.7% | 1.8% | ||
| Q1 25 | 1.2% | 2.5% | ||
| Q4 24 | 2.1% | 1.6% | ||
| Q3 24 | 1.1% | 3.9% | ||
| Q2 24 | 1.8% | 1.5% | ||
| Q1 24 | 0.8% | 0.7% |
| Q4 25 | 1.12× | 2.76× | ||
| Q3 25 | 0.51× | 1.93× | ||
| Q2 25 | 1.42× | 0.93× | ||
| Q1 25 | 3.64× | 1.50× | ||
| Q4 24 | -3.62× | 5.53× | ||
| Q3 24 | -2.65× | 3.81× | ||
| Q2 24 | 10.64× | 0.32× | ||
| Q1 24 | 4.27× | -1.50× |
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% |
PRIM
| Energy Segment | $1.2B | 64% |
| Unit Price Contracts | $473.7M | 25% |
| Cost Reimbursable Contracts | $121.3M | 7% |
| Other | $74.9M | 4% |
