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Side-by-side financial comparison of Cboe Global Markets (CBOE) and Sinclair, Inc. (SBGI). Click either name above to swap in a different company.
Cboe Global Markets is the larger business by last-quarter revenue ($1.2B vs $836.0M, roughly 1.4× Sinclair, Inc.). Cboe Global Markets runs the higher net margin — 26.0% vs 13.0%, a 13.0% gap on every dollar of revenue. On growth, Cboe Global Markets posted the faster year-over-year revenue change (8.7% vs -16.7%). Cboe Global Markets produced more free cash flow last quarter ($332.1M vs $79.0M). Over the past eight quarters, Cboe Global Markets's revenue compounded faster (12.2% CAGR vs 2.4%).
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.
Sinclair, Inc., doing business as Sinclair Broadcast Group, is a publicly traded American telecommunications conglomerate that is controlled by the descendants of company founder Julian Sinclair Smith. Headquartered in the Baltimore suburb of Cockeysville, Maryland, the company is the second-largest television station operator in the United States by number of stations after Nexstar Media Group, owning or operating 193 stations across the country in over 100 markets, covering 40% of American ...
CBOE vs SBGI — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.2B | $836.0M |
| Net Profit | $313.5M | $109.0M |
| Gross Margin | 55.7% | — |
| Operating Margin | 33.5% | 9.6% |
| Net Margin | 26.0% | 13.0% |
| Revenue YoY | 8.7% | -16.7% |
| Net Profit YoY | 59.5% | -38.1% |
| EPS (diluted) | $2.97 | $1.62 |
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 | $836.0M | ||
| Q3 25 | $1.1B | $773.0M | ||
| Q2 25 | $1.2B | $784.0M | ||
| Q1 25 | $1.2B | $776.0M | ||
| Q4 24 | $1.1B | $1.0B | ||
| Q3 24 | $1.1B | $917.0M | ||
| Q2 24 | $974.0M | $829.0M | ||
| Q1 24 | $957.2M | $798.0M |
| Q4 25 | $313.5M | $109.0M | ||
| Q3 25 | $300.8M | $-1.0M | ||
| Q2 25 | $235.1M | $-64.0M | ||
| Q1 25 | $250.6M | $-156.0M | ||
| Q4 24 | $196.5M | $176.0M | ||
| Q3 24 | $218.5M | $94.0M | ||
| Q2 24 | $140.4M | $17.0M | ||
| Q1 24 | $209.5M | $23.0M |
| 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% | 9.6% | ||
| Q3 25 | 32.4% | 7.5% | ||
| Q2 25 | 28.9% | 2.7% | ||
| Q1 25 | 29.6% | 1.8% | ||
| Q4 24 | 27.0% | 26.5% | ||
| Q3 24 | 29.1% | 19.5% | ||
| Q2 24 | 21.6% | 7.7% | ||
| Q1 24 | 29.5% | 5.3% |
| Q4 25 | 26.0% | 13.0% | ||
| Q3 25 | 26.3% | -0.1% | ||
| Q2 25 | 20.0% | -8.2% | ||
| Q1 25 | 21.0% | -20.1% | ||
| Q4 24 | 17.7% | 17.5% | ||
| Q3 24 | 20.7% | 10.3% | ||
| Q2 24 | 14.4% | 2.1% | ||
| Q1 24 | 21.9% | 2.9% |
| Q4 25 | $2.97 | $1.62 | ||
| Q3 25 | $2.85 | $-0.02 | ||
| Q2 25 | $2.23 | $-0.91 | ||
| Q1 25 | $2.37 | $-2.30 | ||
| Q4 24 | $1.85 | $2.64 | ||
| Q3 24 | $2.07 | $1.43 | ||
| Q2 24 | $1.33 | $0.27 | ||
| 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 | $866.0M |
| Total DebtLower is stronger | $1.4B | $4.4B |
| Stockholders' EquityBook value | $5.1B | $443.0M |
| Total Assets | $9.3B | $5.9B |
| Debt / EquityLower = less leverage | 0.28× | 9.84× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.3B | $866.0M | ||
| Q3 25 | $1.5B | $526.0M | ||
| Q2 25 | $1.5B | $616.0M | ||
| Q1 25 | $1.2B | $631.0M | ||
| Q4 24 | $1.0B | $697.0M | ||
| Q3 24 | $763.2M | $536.0M | ||
| Q2 24 | $698.3M | $378.0M | ||
| Q1 24 | $595.1M | $655.0M |
| Q4 25 | $1.4B | $4.4B | ||
| Q3 25 | $1.4B | $4.1B | ||
| Q2 25 | $1.4B | $4.1B | ||
| Q1 25 | $1.4B | $4.2B | ||
| Q4 24 | $1.4B | $4.1B | ||
| Q3 24 | $1.4B | $4.1B | ||
| Q2 24 | $1.4B | $4.1B | ||
| Q1 24 | $1.4B | $4.1B |
| Q4 25 | $5.1B | $443.0M | ||
| Q3 25 | $4.9B | $347.0M | ||
| Q2 25 | $4.7B | $361.0M | ||
| Q1 25 | $4.5B | $436.0M | ||
| Q4 24 | $4.3B | $583.0M | ||
| Q3 24 | $4.2B | $415.0M | ||
| Q2 24 | $4.0B | $340.0M | ||
| Q1 24 | $4.0B | $333.0M |
| Q4 25 | $9.3B | $5.9B | ||
| Q3 25 | $9.1B | $5.6B | ||
| Q2 25 | $9.0B | $5.7B | ||
| Q1 25 | $8.7B | $5.8B | ||
| Q4 24 | $7.8B | $5.9B | ||
| Q3 24 | $8.7B | $5.8B | ||
| Q2 24 | $9.3B | $5.7B | ||
| Q1 24 | $8.2B | $6.0B |
| Q4 25 | 0.28× | 9.84× | ||
| Q3 25 | 0.30× | 11.75× | ||
| Q2 25 | 0.31× | 11.30× | ||
| Q1 25 | 0.32× | 9.56× | ||
| Q4 24 | 0.34× | 7.02× | ||
| Q3 24 | 0.34× | 9.86× | ||
| Q2 24 | 0.36× | 12.08× | ||
| Q1 24 | 0.36× | 12.35× |
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 | $98.0M |
| Free Cash FlowOCF − Capex | $332.1M | $79.0M |
| FCF MarginFCF / Revenue | 27.6% | 9.4% |
| Capex IntensityCapex / Revenue | 1.7% | 2.3% |
| Cash ConversionOCF / Net Profit | 1.12× | 0.90× |
| TTM Free Cash FlowTrailing 4 quarters | $1.7B | $115.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $352.1M | $98.0M | ||
| Q3 25 | $153.9M | $-36.0M | ||
| Q2 25 | $333.7M | $122.0M | ||
| Q1 25 | $912.9M | $5.0M | ||
| Q4 24 | $-710.4M | $198.0M | ||
| Q3 24 | $-578.5M | $210.0M | ||
| Q2 24 | $1.5B | $-306.0M | ||
| Q1 24 | $895.6M | $-4.0M |
| Q4 25 | $332.1M | $79.0M | ||
| Q3 25 | $137.9M | $-58.0M | ||
| Q2 25 | $313.4M | $105.0M | ||
| Q1 25 | $898.2M | $-11.0M | ||
| Q4 24 | $-734.2M | $175.0M | ||
| Q3 24 | $-590.5M | $193.0M | ||
| Q2 24 | $1.5B | $-329.0M | ||
| Q1 24 | $888.3M | $-25.0M |
| Q4 25 | 27.6% | 9.4% | ||
| Q3 25 | 12.1% | -7.5% | ||
| Q2 25 | 26.7% | 13.4% | ||
| Q1 25 | 75.2% | -1.4% | ||
| Q4 24 | -66.3% | 17.4% | ||
| Q3 24 | -55.9% | 21.0% | ||
| Q2 24 | 151.6% | -39.7% | ||
| Q1 24 | 92.8% | -3.1% |
| Q4 25 | 1.7% | 2.3% | ||
| Q3 25 | 1.4% | 2.8% | ||
| Q2 25 | 1.7% | 2.2% | ||
| Q1 25 | 1.2% | 2.1% | ||
| Q4 24 | 2.1% | 2.3% | ||
| Q3 24 | 1.1% | 1.9% | ||
| Q2 24 | 1.8% | 2.8% | ||
| Q1 24 | 0.8% | 2.6% |
| Q4 25 | 1.12× | 0.90× | ||
| Q3 25 | 0.51× | — | ||
| Q2 25 | 1.42× | — | ||
| Q1 25 | 3.64× | — | ||
| Q4 24 | -3.62× | 1.13× | ||
| Q3 24 | -2.65× | 2.23× | ||
| Q2 24 | 10.64× | -18.00× | ||
| Q1 24 | 4.27× | -0.17× |
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% |
SBGI
| Distribution Revenue | $384.0M | 46% |
| Core Advertising Revenue | $312.0M | 37% |
| Tennis Segment | $62.0M | 7% |
| Other | $40.0M | 5% |
| Other Media Non Media Revenuesand Intercompany Revenues | $24.0M | 3% |
| Political Advertising Revenue | $14.0M | 2% |
