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Side-by-side financial comparison of Cboe Global Markets (CBOE) and RXO, Inc. (RXO). Click either name above to swap in a different company.
RXO, Inc. is the larger business by last-quarter revenue ($1.5B vs $1.2B, roughly 1.2× Cboe Global Markets). Cboe Global Markets runs the higher net margin — 26.0% vs -3.1%, a 29.2% gap on every dollar of revenue. On growth, Cboe Global Markets posted the faster year-over-year revenue change (8.7% vs -11.9%). Cboe Global Markets produced more free cash flow last quarter ($332.1M vs $-9.0M). Over the past eight quarters, RXO, Inc.'s revenue compounded faster (26.8% 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.
RXO, Inc. is a leading transportation and logistics solutions provider headquartered in the United States. Its core service portfolio includes freight brokerage, last-mile delivery for heavy and bulky goods, managed transportation services, and end-to-end supply chain optimization support, primarily catering to clients across the North American manufacturing, retail, and e-commerce segments.
CBOE vs RXO — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.2B | $1.5B |
| Net Profit | $313.5M | $-46.0M |
| Gross Margin | 55.7% | — |
| Operating Margin | 33.5% | -2.9% |
| Net Margin | 26.0% | -3.1% |
| Revenue YoY | 8.7% | -11.9% |
| Net Profit YoY | 59.5% | -84.0% |
| EPS (diluted) | $2.97 | $-0.28 |
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 | $1.5B | ||
| Q3 25 | $1.1B | $1.4B | ||
| Q2 25 | $1.2B | $1.4B | ||
| Q1 25 | $1.2B | $1.4B | ||
| Q4 24 | $1.1B | $1.7B | ||
| Q3 24 | $1.1B | $1.0B | ||
| Q2 24 | $974.0M | $930.0M | ||
| Q1 24 | $957.2M | $913.0M |
| Q4 25 | $313.5M | $-46.0M | ||
| Q3 25 | $300.8M | $-14.0M | ||
| Q2 25 | $235.1M | $-9.0M | ||
| Q1 25 | $250.6M | $-31.0M | ||
| Q4 24 | $196.5M | $-25.0M | ||
| Q3 24 | $218.5M | $-243.0M | ||
| Q2 24 | $140.4M | $-7.0M | ||
| Q1 24 | $209.5M | $-15.0M |
| Q4 25 | 55.7% | — | ||
| Q3 25 | 53.0% | — | ||
| Q2 25 | 50.0% | — | ||
| Q1 25 | 47.3% | — | ||
| Q4 24 | 47.4% | — | ||
| Q3 24 | 50.4% | — | ||
| Q2 24 | 52.8% | — | ||
| Q1 24 | 52.5% | — |
| Q4 25 | 33.5% | -2.9% | ||
| Q3 25 | 32.4% | -0.5% | ||
| Q2 25 | 28.9% | — | ||
| Q1 25 | 29.6% | -2.1% | ||
| Q4 24 | 27.0% | -1.4% | ||
| Q3 24 | 29.1% | -1.9% | ||
| Q2 24 | 21.6% | — | ||
| Q1 24 | 29.5% | -1.3% |
| Q4 25 | 26.0% | -3.1% | ||
| Q3 25 | 26.3% | -1.0% | ||
| Q2 25 | 20.0% | -0.6% | ||
| Q1 25 | 21.0% | -2.2% | ||
| Q4 24 | 17.7% | -1.5% | ||
| Q3 24 | 20.7% | -23.4% | ||
| Q2 24 | 14.4% | -0.8% | ||
| Q1 24 | 21.9% | -1.6% |
| Q4 25 | $2.97 | $-0.28 | ||
| Q3 25 | $2.85 | $-0.08 | ||
| Q2 25 | $2.23 | $-0.05 | ||
| Q1 25 | $2.37 | $-0.18 | ||
| Q4 24 | $1.85 | $-0.17 | ||
| Q3 24 | $2.07 | $-1.81 | ||
| Q2 24 | $1.33 | $-0.06 | ||
| Q1 24 | $1.96 | $-0.13 |
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 | $17.0M |
| Total DebtLower is stronger | $1.4B | $387.0M |
| Stockholders' EquityBook value | $5.1B | $1.5B |
| Total Assets | $9.3B | $3.3B |
| Debt / EquityLower = less leverage | 0.28× | 0.25× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.3B | $17.0M | ||
| Q3 25 | $1.5B | $25.0M | ||
| Q2 25 | $1.5B | $18.0M | ||
| Q1 25 | $1.2B | $16.0M | ||
| Q4 24 | $1.0B | $35.0M | ||
| Q3 24 | $763.2M | $55.0M | ||
| Q2 24 | $698.3M | $7.0M | ||
| Q1 24 | $595.1M | $7.0M |
| Q4 25 | $1.4B | $387.0M | ||
| Q3 25 | $1.4B | $387.0M | ||
| Q2 25 | $1.4B | $387.0M | ||
| Q1 25 | $1.4B | $387.0M | ||
| Q4 24 | $1.4B | $351.0M | ||
| Q3 24 | $1.4B | $352.0M | ||
| Q2 24 | $1.4B | $370.0M | ||
| Q1 24 | $1.4B | $351.0M |
| Q4 25 | $5.1B | $1.5B | ||
| Q3 25 | $4.9B | $1.6B | ||
| Q2 25 | $4.7B | $1.6B | ||
| Q1 25 | $4.5B | $1.6B | ||
| Q4 24 | $4.3B | $1.6B | ||
| Q3 24 | $4.2B | $1.7B | ||
| Q2 24 | $4.0B | $579.0M | ||
| Q1 24 | $4.0B | $582.0M |
| Q4 25 | $9.3B | $3.3B | ||
| Q3 25 | $9.1B | $3.2B | ||
| Q2 25 | $9.0B | $3.2B | ||
| Q1 25 | $8.7B | $3.3B | ||
| Q4 24 | $7.8B | $3.4B | ||
| Q3 24 | $8.7B | $3.4B | ||
| Q2 24 | $9.3B | $1.8B | ||
| Q1 24 | $8.2B | $1.8B |
| Q4 25 | 0.28× | 0.25× | ||
| Q3 25 | 0.30× | 0.24× | ||
| Q2 25 | 0.31× | 0.24× | ||
| Q1 25 | 0.32× | 0.24× | ||
| Q4 24 | 0.34× | 0.22× | ||
| Q3 24 | 0.34× | 0.21× | ||
| Q2 24 | 0.36× | 0.64× | ||
| Q1 24 | 0.36× | 0.60× |
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 | $7.0M |
| Free Cash FlowOCF − Capex | $332.1M | $-9.0M |
| FCF MarginFCF / Revenue | 27.6% | -0.6% |
| Capex IntensityCapex / Revenue | 1.7% | 1.1% |
| Cash ConversionOCF / Net Profit | 1.12× | — |
| TTM Free Cash FlowTrailing 4 quarters | $1.7B | $-8.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $352.1M | $7.0M | ||
| Q3 25 | $153.9M | $23.0M | ||
| Q2 25 | $333.7M | $23.0M | ||
| Q1 25 | $912.9M | $-2.0M | ||
| Q4 24 | $-710.4M | $-7.0M | ||
| Q3 24 | $-578.5M | $-7.0M | ||
| Q2 24 | $1.5B | $-5.0M | ||
| Q1 24 | $895.6M | $7.0M |
| Q4 25 | $332.1M | $-9.0M | ||
| Q3 25 | $137.9M | $9.0M | ||
| Q2 25 | $313.4M | $9.0M | ||
| Q1 25 | $898.2M | $-17.0M | ||
| Q4 24 | $-734.2M | $-19.0M | ||
| Q3 24 | $-590.5M | $-18.0M | ||
| Q2 24 | $1.5B | $-16.0M | ||
| Q1 24 | $888.3M | $-4.0M |
| Q4 25 | 27.6% | -0.6% | ||
| Q3 25 | 12.1% | 0.6% | ||
| Q2 25 | 26.7% | 0.6% | ||
| Q1 25 | 75.2% | -1.2% | ||
| Q4 24 | -66.3% | -1.1% | ||
| Q3 24 | -55.9% | -1.7% | ||
| Q2 24 | 151.6% | -1.7% | ||
| Q1 24 | 92.8% | -0.4% |
| Q4 25 | 1.7% | 1.1% | ||
| Q3 25 | 1.4% | 1.0% | ||
| Q2 25 | 1.7% | 1.0% | ||
| Q1 25 | 1.2% | 1.0% | ||
| Q4 24 | 2.1% | 0.7% | ||
| Q3 24 | 1.1% | 1.1% | ||
| Q2 24 | 1.8% | 1.2% | ||
| Q1 24 | 0.8% | 1.2% |
| Q4 25 | 1.12× | — | ||
| Q3 25 | 0.51× | — | ||
| Q2 25 | 1.42× | — | ||
| Q1 25 | 3.64× | — | ||
| Q4 24 | -3.62× | — | ||
| Q3 24 | -2.65× | — | ||
| Q2 24 | 10.64× | — | ||
| Q1 24 | 4.27× | — |
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% |
RXO
| Retail Sector | $546.0M | 37% |
| Last Mile | $298.0M | 20% |
| Food And Beverage Sector | $225.0M | 15% |
| Other Sector | $185.0M | 13% |
| Managed Transportation | $133.0M | 9% |
| Automotive Sector | $93.0M | 6% |
