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Side-by-side financial comparison of Cboe Global Markets (CBOE) and RH (RH). Click either name above to swap in a different company.
Cboe Global Markets is the larger business by last-quarter revenue ($1.3B vs $883.8M, roughly 1.4× RH). Cboe Global Markets runs the higher net margin — 30.3% vs 4.1%, a 26.2% gap on every dollar of revenue. On growth, RH posted the faster year-over-year revenue change (8.9% vs 6.5%). Over the past eight quarters, Cboe Global Markets's revenue compounded faster (14.3% CAGR vs 9.4%).
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.
RH is an upscale American home-furnishings company headquartered in Corte Madera, California. The company sells its merchandise through its retail stores, catalog, and online. As of August 2018, the company operated a total of 70 galleries, 18 full-line design galleries, and 3 baby-and-child galleries. The company also has 36 outlet stores in the United States and Canada.
CBOE vs RH — Head-to-Head
Income Statement — Q1 FY2026 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $1.3B | $883.8M |
| Net Profit | $385.7M | $36.3M |
| Gross Margin | 57.3% | 44.1% |
| Operating Margin | 39.7% | 12.0% |
| Net Margin | 30.3% | 4.1% |
| Revenue YoY | 6.5% | 8.9% |
| Net Profit YoY | 53.9% | 9.3% |
| EPS (diluted) | $3.66 | $1.83 |
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 | $1.3B | — | ||
| Q4 25 | $1.2B | $883.8M | ||
| Q3 25 | $1.1B | $899.2M | ||
| Q2 25 | $1.2B | $814.0M | ||
| Q1 25 | $1.2B | $812.4M | ||
| Q4 24 | $1.1B | $811.7M | ||
| Q3 24 | $1.1B | $829.7M | ||
| Q2 24 | $974.0M | $727.0M |
| Q1 26 | $385.7M | — | ||
| Q4 25 | $313.5M | $36.3M | ||
| Q3 25 | $300.8M | $51.7M | ||
| Q2 25 | $235.1M | $8.0M | ||
| Q1 25 | $250.6M | $13.9M | ||
| Q4 24 | $196.5M | $33.2M | ||
| Q3 24 | $218.5M | $29.0M | ||
| Q2 24 | $140.4M | $-3.6M |
| Q1 26 | 57.3% | — | ||
| Q4 25 | 55.7% | 44.1% | ||
| Q3 25 | 53.0% | 45.5% | ||
| Q2 25 | 50.0% | 43.7% | ||
| Q1 25 | 47.3% | 44.7% | ||
| Q4 24 | 47.4% | 44.5% | ||
| Q3 24 | 50.4% | 45.2% | ||
| Q2 24 | 52.8% | 43.5% |
| Q1 26 | 39.7% | — | ||
| Q4 25 | 33.5% | 12.0% | ||
| Q3 25 | 32.4% | 14.3% | ||
| Q2 25 | 28.9% | 6.9% | ||
| Q1 25 | 29.6% | 8.7% | ||
| Q4 24 | 27.0% | 12.5% | ||
| Q3 24 | 29.1% | 11.6% | ||
| Q2 24 | 21.6% | 7.5% |
| Q1 26 | 30.3% | — | ||
| Q4 25 | 26.0% | 4.1% | ||
| Q3 25 | 26.3% | 5.8% | ||
| Q2 25 | 20.0% | 1.0% | ||
| Q1 25 | 21.0% | 1.7% | ||
| Q4 24 | 17.7% | 4.1% | ||
| Q3 24 | 20.7% | 3.5% | ||
| Q2 24 | 14.4% | -0.5% |
| Q1 26 | $3.66 | — | ||
| Q4 25 | $2.97 | $1.83 | ||
| Q3 25 | $2.85 | $2.62 | ||
| Q2 25 | $2.23 | $0.40 | ||
| Q1 25 | $2.37 | $0.71 | ||
| Q4 24 | $1.85 | $1.66 | ||
| Q3 24 | $2.07 | $1.45 | ||
| Q2 24 | $1.33 | $-0.20 |
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 | $43.1M |
| Total DebtLower is stronger | $1.4B | — |
| Stockholders' EquityBook value | $5.4B | $3.3M |
| Total Assets | $11.1B | $4.8B |
| Debt / EquityLower = less leverage | 0.27× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $2.1B | — | ||
| Q4 25 | $2.3B | $43.1M | ||
| Q3 25 | $1.5B | $34.6M | ||
| Q2 25 | $1.5B | $46.1M | ||
| Q1 25 | $1.2B | $30.4M | ||
| Q4 24 | $1.0B | $87.0M | ||
| Q3 24 | $763.2M | $78.3M | ||
| Q2 24 | $698.3M | $101.8M |
| Q1 26 | $1.4B | — | ||
| 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 26 | $5.4B | — | ||
| Q4 25 | $5.1B | $3.3M | ||
| Q3 25 | $4.9B | $-40.9M | ||
| Q2 25 | $4.7B | $-110.8M | ||
| Q1 25 | $4.5B | $-163.6M | ||
| Q4 24 | $4.3B | $-183.0M | ||
| Q3 24 | $4.2B | $-234.7M | ||
| Q2 24 | $4.0B | $-289.9M |
| Q1 26 | $11.1B | — | ||
| Q4 25 | $9.3B | $4.8B | ||
| Q3 25 | $9.1B | $4.7B | ||
| Q2 25 | $9.0B | $4.7B | ||
| Q1 25 | $8.7B | $4.6B | ||
| Q4 24 | $7.8B | $4.5B | ||
| Q3 24 | $8.7B | $4.4B | ||
| Q2 24 | $9.3B | $4.2B |
| Q1 26 | 0.27× | — | ||
| 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× | — |
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 | — | $131.9M |
| Free Cash FlowOCF − Capex | — | $83.0M |
| FCF MarginFCF / Revenue | — | 9.4% |
| Capex IntensityCapex / Revenue | — | 5.5% |
| Cash ConversionOCF / Net Profit | — | 3.64× |
| TTM Free Cash FlowTrailing 4 quarters | — | $128.1M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $352.1M | $131.9M | ||
| Q3 25 | $153.9M | $137.7M | ||
| Q2 25 | $333.7M | $86.6M | ||
| Q1 25 | $912.9M | $-18.8M | ||
| Q4 24 | $-710.4M | $-31.4M | ||
| Q3 24 | $-578.5M | $11.2M | ||
| Q2 24 | $1.5B | $56.1M |
| Q1 26 | — | — | ||
| Q4 25 | $332.1M | $83.0M | ||
| Q3 25 | $137.9M | $80.7M | ||
| Q2 25 | $313.4M | $34.1M | ||
| Q1 25 | $898.2M | $-69.7M | ||
| Q4 24 | $-734.2M | $-96.0M | ||
| Q3 24 | $-590.5M | $-37.9M | ||
| Q2 24 | $1.5B | $-10.1M |
| Q1 26 | — | — | ||
| Q4 25 | 27.6% | 9.4% | ||
| Q3 25 | 12.1% | 9.0% | ||
| Q2 25 | 26.7% | 4.2% | ||
| Q1 25 | 75.2% | -8.6% | ||
| Q4 24 | -66.3% | -11.8% | ||
| Q3 24 | -55.9% | -4.6% | ||
| Q2 24 | 151.6% | -1.4% |
| Q1 26 | — | — | ||
| Q4 25 | 1.7% | 5.5% | ||
| Q3 25 | 1.4% | 6.3% | ||
| Q2 25 | 1.7% | 6.5% | ||
| Q1 25 | 1.2% | 6.3% | ||
| Q4 24 | 2.1% | 8.0% | ||
| Q3 24 | 1.1% | 5.9% | ||
| Q2 24 | 1.8% | 9.1% |
| Q1 26 | — | — | ||
| Q4 25 | 1.12× | 3.64× | ||
| Q3 25 | 0.51× | 2.66× | ||
| Q2 25 | 1.42× | 10.78× | ||
| Q1 25 | 3.64× | -1.35× | ||
| Q4 24 | -3.62× | -0.95× | ||
| Q3 24 | -2.65× | 0.39× | ||
| 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% |
RH
| RH Segment | $835.8M | 95% |
| Waterworks Segment | $48.0M | 5% |
| Gift Card And Merchandise Credit | $4.5M | 1% |
