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Side-by-side financial comparison of Cboe Global Markets (CBOE) and SCANSOURCE, INC. (SCSC). Click either name above to swap in a different company.
Cboe Global Markets is the larger business by last-quarter revenue ($1.2B vs $766.5M, roughly 1.6× SCANSOURCE, INC.). Cboe Global Markets runs the higher net margin — 26.0% vs 2.2%, a 23.9% gap on every dollar of revenue. On growth, Cboe Global Markets posted the faster year-over-year revenue change (8.7% vs 2.5%). Cboe Global Markets produced more free cash flow last quarter ($332.1M vs $28.9M). Over the past eight quarters, Cboe Global Markets's revenue compounded faster (12.2% CAGR vs 0.9%).
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.
ScanSource, Inc. is a leading global specialty technology distributor offering a broad portfolio of solutions including point-of-sale systems, barcode scanning tools, cybersecurity products, cloud services and communication solutions. It primarily serves value-added resellers, managed service providers and enterprise clients across North America, Latin America and Europe, covering retail, healthcare, industrial and public sector core segments.
CBOE vs SCSC — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $1.2B | $766.5M |
| Net Profit | $313.5M | $16.5M |
| Gross Margin | 55.7% | 13.4% |
| Operating Margin | 33.5% | 2.3% |
| Net Margin | 26.0% | 2.2% |
| Revenue YoY | 8.7% | 2.5% |
| Net Profit YoY | 59.5% | -3.3% |
| EPS (diluted) | $2.97 | $0.75 |
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 | $766.5M | ||
| Q3 25 | $1.1B | $739.6M | ||
| Q2 25 | $1.2B | $812.9M | ||
| Q1 25 | $1.2B | $704.8M | ||
| Q4 24 | $1.1B | $747.5M | ||
| Q3 24 | $1.1B | $775.6M | ||
| Q2 24 | $974.0M | $746.1M | ||
| Q1 24 | $957.2M | $752.6M |
| Q4 25 | $313.5M | $16.5M | ||
| Q3 25 | $300.8M | $19.9M | ||
| Q2 25 | $235.1M | $20.1M | ||
| Q1 25 | $250.6M | $17.4M | ||
| Q4 24 | $196.5M | $17.1M | ||
| Q3 24 | $218.5M | $17.0M | ||
| Q2 24 | $140.4M | $16.1M | ||
| Q1 24 | $209.5M | $12.8M |
| Q4 25 | 55.7% | 13.4% | ||
| Q3 25 | 53.0% | 14.5% | ||
| Q2 25 | 50.0% | 12.9% | ||
| Q1 25 | 47.3% | 14.2% | ||
| Q4 24 | 47.4% | 13.6% | ||
| Q3 24 | 50.4% | 13.1% | ||
| Q2 24 | 52.8% | 13.0% | ||
| Q1 24 | 52.5% | 12.6% |
| Q4 25 | 33.5% | 2.3% | ||
| Q3 25 | 32.4% | 3.5% | ||
| Q2 25 | 28.9% | 3.3% | ||
| Q1 25 | 29.6% | 3.2% | ||
| Q4 24 | 27.0% | 2.5% | ||
| Q3 24 | 29.1% | 2.3% | ||
| Q2 24 | 21.6% | 2.9% | ||
| Q1 24 | 29.5% | 2.3% |
| Q4 25 | 26.0% | 2.2% | ||
| Q3 25 | 26.3% | 2.7% | ||
| Q2 25 | 20.0% | 2.5% | ||
| Q1 25 | 21.0% | 2.5% | ||
| Q4 24 | 17.7% | 2.3% | ||
| Q3 24 | 20.7% | 2.2% | ||
| Q2 24 | 14.4% | 2.2% | ||
| Q1 24 | 21.9% | 1.7% |
| Q4 25 | $2.97 | $0.75 | ||
| Q3 25 | $2.85 | $0.89 | ||
| Q2 25 | $2.23 | $0.87 | ||
| Q1 25 | $2.37 | $0.74 | ||
| Q4 24 | $1.85 | $0.70 | ||
| Q3 24 | $2.07 | $0.69 | ||
| Q2 24 | $1.33 | $0.66 | ||
| Q1 24 | $1.96 | $0.50 |
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 | $83.5M |
| Total DebtLower is stronger | $1.4B | — |
| Stockholders' EquityBook value | $5.1B | $910.9M |
| Total Assets | $9.3B | $1.7B |
| Debt / EquityLower = less leverage | 0.28× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.3B | $83.5M | ||
| Q3 25 | $1.5B | $124.9M | ||
| Q2 25 | $1.5B | $126.2M | ||
| Q1 25 | $1.2B | $146.3M | ||
| Q4 24 | $1.0B | $110.5M | ||
| Q3 24 | $763.2M | $145.0M | ||
| Q2 24 | $698.3M | $185.5M | ||
| Q1 24 | $595.1M | $159.1M |
| 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 24 | $1.4B | — |
| Q4 25 | $5.1B | $910.9M | ||
| Q3 25 | $4.9B | $914.0M | ||
| Q2 25 | $4.7B | $906.4M | ||
| Q1 25 | $4.5B | $901.7M | ||
| Q4 24 | $4.3B | $900.7M | ||
| Q3 24 | $4.2B | $920.9M | ||
| Q2 24 | $4.0B | $924.3M | ||
| Q1 24 | $4.0B | $944.1M |
| Q4 25 | $9.3B | $1.7B | ||
| Q3 25 | $9.1B | $1.7B | ||
| Q2 25 | $9.0B | $1.8B | ||
| Q1 25 | $8.7B | $1.7B | ||
| Q4 24 | $7.8B | $1.7B | ||
| Q3 24 | $8.7B | $1.8B | ||
| Q2 24 | $9.3B | $1.8B | ||
| Q1 24 | $8.2B | $1.8B |
| 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× | — | ||
| Q1 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 | $30.8M |
| Free Cash FlowOCF − Capex | $332.1M | $28.9M |
| FCF MarginFCF / Revenue | 27.6% | 3.8% |
| Capex IntensityCapex / Revenue | 1.7% | 0.3% |
| Cash ConversionOCF / Net Profit | 1.12× | 1.87× |
| TTM Free Cash FlowTrailing 4 quarters | $1.7B | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $352.1M | $30.8M | ||
| Q3 25 | $153.9M | $23.2M | ||
| Q2 25 | $333.7M | — | ||
| Q1 25 | $912.9M | $66.1M | ||
| Q4 24 | $-710.4M | $-6.2M | ||
| Q3 24 | $-578.5M | $44.8M | ||
| Q2 24 | $1.5B | — | ||
| Q1 24 | $895.6M | $160.2M |
| Q4 25 | $332.1M | $28.9M | ||
| Q3 25 | $137.9M | $20.8M | ||
| Q2 25 | $313.4M | — | ||
| Q1 25 | $898.2M | $64.6M | ||
| Q4 24 | $-734.2M | $-8.2M | ||
| Q3 24 | $-590.5M | $42.5M | ||
| Q2 24 | $1.5B | — | ||
| Q1 24 | $888.3M | $157.7M |
| Q4 25 | 27.6% | 3.8% | ||
| Q3 25 | 12.1% | 2.8% | ||
| Q2 25 | 26.7% | — | ||
| Q1 25 | 75.2% | 9.2% | ||
| Q4 24 | -66.3% | -1.1% | ||
| Q3 24 | -55.9% | 5.5% | ||
| Q2 24 | 151.6% | — | ||
| Q1 24 | 92.8% | 21.0% |
| Q4 25 | 1.7% | 0.3% | ||
| Q3 25 | 1.4% | 0.3% | ||
| Q2 25 | 1.7% | 0.3% | ||
| Q1 25 | 1.2% | 0.2% | ||
| Q4 24 | 2.1% | 0.3% | ||
| Q3 24 | 1.1% | 0.3% | ||
| Q2 24 | 1.8% | 0.2% | ||
| Q1 24 | 0.8% | 0.3% |
| Q4 25 | 1.12× | 1.87× | ||
| Q3 25 | 0.51× | 1.17× | ||
| Q2 25 | 1.42× | — | ||
| Q1 25 | 3.64× | 3.79× | ||
| Q4 24 | -3.62× | -0.36× | ||
| Q3 24 | -2.65× | 2.64× | ||
| Q2 24 | 10.64× | — | ||
| Q1 24 | 4.27× | 12.51× |
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% |
SCSC
| Products And Services | $723.4M | 94% |
| Intelisys Advisory | $25.0M | 3% |
| Recurring Revenue | $18.2M | 2% |
