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Side-by-side financial comparison of Cboe Global Markets (CBOE) and Roper Technologies (ROP). Click either name above to swap in a different company.
Roper Technologies is the larger business by last-quarter revenue ($2.1B vs $1.2B, roughly 1.7× Cboe Global Markets). Cboe Global Markets runs the higher net margin — 26.0% vs 15.8%, a 10.2% gap on every dollar of revenue. On growth, Roper Technologies posted the faster year-over-year revenue change (11.3% vs 8.7%). Roper Technologies produced more free cash flow last quarter ($507.0M vs $332.1M). Over the past eight quarters, Cboe Global Markets's revenue compounded faster (12.2% CAGR vs 10.5%).
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.
Roper Technologies, Inc. is a holding company that owns companies in the technology sector.
CBOE vs ROP — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $1.2B | $2.1B |
| Net Profit | $313.5M | $331.0M |
| Gross Margin | 55.7% | 69.4% |
| Operating Margin | 33.5% | 27.2% |
| Net Margin | 26.0% | 15.8% |
| Revenue YoY | 8.7% | 11.3% |
| Net Profit YoY | 59.5% | 53.7% |
| EPS (diluted) | $2.97 | $4.87 |
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 | — | $2.1B | ||
| Q4 25 | $1.2B | $2.1B | ||
| Q3 25 | $1.1B | $2.0B | ||
| Q2 25 | $1.2B | $1.9B | ||
| Q1 25 | $1.2B | $1.9B | ||
| Q4 24 | $1.1B | $1.9B | ||
| Q3 24 | $1.1B | $1.8B | ||
| Q2 24 | $974.0M | $1.7B |
| Q1 26 | — | $331.0M | ||
| Q4 25 | $313.5M | $428.4M | ||
| Q3 25 | $300.8M | $398.5M | ||
| Q2 25 | $235.1M | $378.3M | ||
| Q1 25 | $250.6M | $331.1M | ||
| Q4 24 | $196.5M | $462.3M | ||
| Q3 24 | $218.5M | $367.9M | ||
| Q2 24 | $140.4M | $337.1M |
| Q1 26 | — | 69.4% | ||
| Q4 25 | 55.7% | 69.5% | ||
| Q3 25 | 53.0% | 69.5% | ||
| Q2 25 | 50.0% | 69.2% | ||
| Q1 25 | 47.3% | 68.7% | ||
| Q4 24 | 47.4% | 68.3% | ||
| Q3 24 | 50.4% | 69.2% | ||
| Q2 24 | 52.8% | 69.5% |
| Q1 26 | — | 27.2% | ||
| Q4 25 | 33.5% | 28.6% | ||
| Q3 25 | 32.4% | 28.4% | ||
| Q2 25 | 28.9% | 28.2% | ||
| Q1 25 | 29.6% | 27.9% | ||
| Q4 24 | 27.0% | 28.0% | ||
| Q3 24 | 29.1% | 28.1% | ||
| Q2 24 | 21.6% | 28.8% |
| Q1 26 | — | 15.8% | ||
| Q4 25 | 26.0% | 20.8% | ||
| Q3 25 | 26.3% | 19.8% | ||
| Q2 25 | 20.0% | 19.5% | ||
| Q1 25 | 21.0% | 17.6% | ||
| Q4 24 | 17.7% | 24.6% | ||
| Q3 24 | 20.7% | 20.8% | ||
| Q2 24 | 14.4% | 19.6% |
| Q1 26 | — | $4.87 | ||
| Q4 25 | $2.97 | $3.97 | ||
| Q3 25 | $2.85 | $3.68 | ||
| Q2 25 | $2.23 | $3.49 | ||
| Q1 25 | $2.37 | $3.06 | ||
| Q4 24 | $1.85 | $4.29 | ||
| Q3 24 | $2.07 | $3.40 | ||
| Q2 24 | $1.33 | $3.12 |
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 | $382.9M |
| Total DebtLower is stronger | $1.4B | $9.7B |
| Stockholders' EquityBook value | $5.1B | $18.8B |
| Total Assets | $9.3B | $34.6B |
| Debt / EquityLower = less leverage | 0.28× | 0.52× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $382.9M | ||
| Q4 25 | $2.3B | $297.4M | ||
| Q3 25 | $1.5B | $320.0M | ||
| Q2 25 | $1.5B | $242.4M | ||
| Q1 25 | $1.2B | $372.8M | ||
| Q4 24 | $1.0B | $188.2M | ||
| Q3 24 | $763.2M | $269.6M | ||
| Q2 24 | $698.3M | $251.5M |
| Q1 26 | — | $9.7B | ||
| Q4 25 | $1.4B | $9.3B | ||
| Q3 25 | $1.4B | — | ||
| Q2 25 | $1.4B | — | ||
| Q1 25 | $1.4B | — | ||
| Q4 24 | $1.4B | $7.6B | ||
| Q3 24 | $1.4B | — | ||
| Q2 24 | $1.4B | — |
| Q1 26 | — | $18.8B | ||
| Q4 25 | $5.1B | $19.9B | ||
| Q3 25 | $4.9B | $20.0B | ||
| Q2 25 | $4.7B | $19.6B | ||
| Q1 25 | $4.5B | $19.2B | ||
| Q4 24 | $4.3B | $18.9B | ||
| Q3 24 | $4.2B | $18.5B | ||
| Q2 24 | $4.0B | $18.1B |
| Q1 26 | — | $34.6B | ||
| Q4 25 | $9.3B | $34.6B | ||
| Q3 25 | $9.1B | $34.6B | ||
| Q2 25 | $9.0B | $33.2B | ||
| Q1 25 | $8.7B | $31.4B | ||
| Q4 24 | $7.8B | $31.3B | ||
| Q3 24 | $8.7B | $31.6B | ||
| Q2 24 | $9.3B | $29.8B |
| Q1 26 | — | 0.52× | ||
| Q4 25 | 0.28× | 0.47× | ||
| Q3 25 | 0.30× | — | ||
| Q2 25 | 0.31× | — | ||
| Q1 25 | 0.32× | — | ||
| Q4 24 | 0.34× | 0.40× | ||
| 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 | $352.1M | — |
| Free Cash FlowOCF − Capex | $332.1M | $507.0M |
| FCF MarginFCF / Revenue | 27.6% | 24.2% |
| Capex IntensityCapex / Revenue | 1.7% | 0.5% |
| Cash ConversionOCF / Net Profit | 1.12× | — |
| TTM Free Cash FlowTrailing 4 quarters | $1.7B | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $352.1M | $738.0M | ||
| Q3 25 | $153.9M | $869.5M | ||
| Q2 25 | $333.7M | $404.1M | ||
| Q1 25 | $912.9M | $528.7M | ||
| Q4 24 | $-710.4M | $722.2M | ||
| Q3 24 | $-578.5M | $755.4M | ||
| Q2 24 | $1.5B | $384.1M |
| Q1 26 | — | $507.0M | ||
| 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 | — | 24.2% | ||
| 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 | — | 0.5% | ||
| 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× | 1.72× | ||
| Q3 25 | 0.51× | 2.18× | ||
| Q2 25 | 1.42× | 1.07× | ||
| Q1 25 | 3.64× | 1.60× | ||
| Q4 24 | -3.62× | 1.56× | ||
| Q3 24 | -2.65× | 2.05× | ||
| Q2 24 | 10.64× | 1.14× |
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% |
ROP
Segment breakdown not available.
