vs
Side-by-side financial comparison of Cboe Global Markets (CBOE) and StoneX Group Inc. (SNEX). Click either name above to swap in a different company.
Cboe Global Markets is the larger business by last-quarter revenue ($1.2B vs $1.2B, roughly 1.0× StoneX Group Inc.). Cboe Global Markets runs the higher net margin — 26.0% vs 11.6%, a 14.5% gap on every dollar of revenue. On growth, StoneX Group Inc. posted the faster year-over-year revenue change (81.0% vs 8.7%). Cboe Global Markets produced more free cash flow last quarter ($332.1M vs $-1.3B). Over the past eight quarters, StoneX Group Inc.'s revenue compounded faster (53.5% 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.
StoneX Group Inc. is an American financial services company. The company operates in six areas: commercial hedging, global payments, securities, physical commodities, foreign exchange and clearing and execution services (CES).
CBOE vs SNEX — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $1.2B | $1.2B |
| Net Profit | $313.5M | $139.0M |
| Gross Margin | 55.7% | — |
| Operating Margin | 33.5% | 15.4% |
| Net Margin | 26.0% | 11.6% |
| Revenue YoY | 8.7% | 81.0% |
| Net Profit YoY | 59.5% | 63.3% |
| EPS (diluted) | $2.97 | $2.50 |
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 | $1.2B | ||
| Q3 25 | $1.1B | $32.7B | ||
| Q2 25 | $1.2B | $851.2M | ||
| Q1 25 | $1.2B | $820.4M | ||
| Q4 24 | $1.1B | $663.1M | ||
| Q3 24 | $1.1B | $31.1B | ||
| Q2 24 | $974.0M | $571.8M | ||
| Q1 24 | $957.2M | $509.2M |
| Q4 25 | $313.5M | $139.0M | ||
| Q3 25 | $300.8M | $85.7M | ||
| Q2 25 | $235.1M | $63.4M | ||
| Q1 25 | $250.6M | $71.7M | ||
| Q4 24 | $196.5M | $85.1M | ||
| Q3 24 | $218.5M | $76.7M | ||
| Q2 24 | $140.4M | $61.9M | ||
| Q1 24 | $209.5M | $53.1M |
| Q4 25 | 55.7% | — | ||
| Q3 25 | 53.0% | 3.7% | ||
| Q2 25 | 50.0% | — | ||
| Q1 25 | 47.3% | — | ||
| Q4 24 | 47.4% | — | ||
| Q3 24 | 50.4% | 3.0% | ||
| Q2 24 | 52.8% | — | ||
| Q1 24 | 52.5% | — |
| Q4 25 | 33.5% | 15.4% | ||
| Q3 25 | 32.4% | 0.3% | ||
| Q2 25 | 28.9% | -1.3% | ||
| Q1 25 | 29.6% | -1.0% | ||
| Q4 24 | 27.0% | -3.2% | ||
| Q3 24 | 29.1% | -0.0% | ||
| Q2 24 | 21.6% | -4.7% | ||
| Q1 24 | 29.5% | -2.5% |
| Q4 25 | 26.0% | 11.6% | ||
| Q3 25 | 26.3% | 0.3% | ||
| Q2 25 | 20.0% | 7.4% | ||
| Q1 25 | 21.0% | 8.7% | ||
| Q4 24 | 17.7% | 12.8% | ||
| Q3 24 | 20.7% | 0.2% | ||
| Q2 24 | 14.4% | 10.8% | ||
| Q1 24 | 21.9% | 10.4% |
| Q4 25 | $2.97 | $2.50 | ||
| Q3 25 | $2.85 | $0.72 | ||
| Q2 25 | $2.23 | $1.22 | ||
| Q1 25 | $2.37 | $1.41 | ||
| Q4 24 | $1.85 | $1.69 | ||
| Q3 24 | $2.07 | $2.32 | ||
| Q2 24 | $1.33 | $1.25 | ||
| Q1 24 | $1.96 | $1.09 |
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 | $1.6B |
| Total DebtLower is stronger | $1.4B | — |
| Stockholders' EquityBook value | $5.1B | $2.5B |
| Total Assets | $9.3B | $47.8B |
| Debt / EquityLower = less leverage | 0.28× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.3B | $1.6B | ||
| Q3 25 | $1.5B | $1.6B | ||
| Q2 25 | $1.5B | $1.3B | ||
| Q1 25 | $1.2B | $1.3B | ||
| Q4 24 | $1.0B | $1.4B | ||
| Q3 24 | $763.2M | $1.3B | ||
| Q2 24 | $698.3M | $1.2B | ||
| Q1 24 | $595.1M | $1.3B |
| 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 | $2.5B | ||
| Q3 25 | $4.9B | $2.4B | ||
| Q2 25 | $4.7B | $2.0B | ||
| Q1 25 | $4.5B | $1.9B | ||
| Q4 24 | $4.3B | $1.8B | ||
| Q3 24 | $4.2B | $1.7B | ||
| Q2 24 | $4.0B | $1.6B | ||
| Q1 24 | $4.0B | $1.5B |
| Q4 25 | $9.3B | $47.8B | ||
| Q3 25 | $9.1B | $45.3B | ||
| Q2 25 | $9.0B | $34.3B | ||
| Q1 25 | $8.7B | $31.3B | ||
| Q4 24 | $7.8B | $29.6B | ||
| Q3 24 | $8.7B | $27.5B | ||
| Q2 24 | $9.3B | $25.9B | ||
| Q1 24 | $8.2B | $25.7B |
| 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 | $-1.3B |
| Free Cash FlowOCF − Capex | $332.1M | $-1.3B |
| FCF MarginFCF / Revenue | 27.6% | -106.4% |
| Capex IntensityCapex / Revenue | 1.7% | 1.3% |
| Cash ConversionOCF / Net Profit | 1.12× | -9.08× |
| TTM Free Cash FlowTrailing 4 quarters | $1.7B | $3.5B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $352.1M | $-1.3B | ||
| Q3 25 | $153.9M | $3.5B | ||
| Q2 25 | $333.7M | $1.5B | ||
| Q1 25 | $912.9M | $-154.5M | ||
| Q4 24 | $-710.4M | $-477.8M | ||
| Q3 24 | $-578.5M | $192.6M | ||
| Q2 24 | $1.5B | $-622.1M | ||
| Q1 24 | $895.6M | $784.0M |
| Q4 25 | $332.1M | $-1.3B | ||
| Q3 25 | $137.9M | $3.5B | ||
| Q2 25 | $313.4M | $1.5B | ||
| Q1 25 | $898.2M | $-169.8M | ||
| Q4 24 | $-734.2M | $-491.4M | ||
| Q3 24 | $-590.5M | $175.9M | ||
| Q2 24 | $1.5B | $-640.5M | ||
| Q1 24 | $888.3M | $766.6M |
| Q4 25 | 27.6% | -106.4% | ||
| Q3 25 | 12.1% | 10.7% | ||
| Q2 25 | 26.7% | 173.3% | ||
| Q1 25 | 75.2% | -20.7% | ||
| Q4 24 | -66.3% | -74.1% | ||
| Q3 24 | -55.9% | 0.6% | ||
| Q2 24 | 151.6% | -112.0% | ||
| Q1 24 | 92.8% | 150.5% |
| Q4 25 | 1.7% | 1.3% | ||
| Q3 25 | 1.4% | 0.1% | ||
| Q2 25 | 1.7% | 1.9% | ||
| Q1 25 | 1.2% | 1.9% | ||
| Q4 24 | 2.1% | 2.1% | ||
| Q3 24 | 1.1% | 0.1% | ||
| Q2 24 | 1.8% | 3.2% | ||
| Q1 24 | 0.8% | 3.4% |
| Q4 25 | 1.12× | -9.08× | ||
| Q3 25 | 0.51× | 41.18× | ||
| Q2 25 | 1.42× | 23.52× | ||
| Q1 25 | 3.64× | -2.15× | ||
| Q4 24 | -3.62× | -5.61× | ||
| Q3 24 | -2.65× | 2.51× | ||
| Q2 24 | 10.64× | -10.05× | ||
| Q1 24 | 4.27× | 14.76× |
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% |
SNEX
Segment breakdown not available.
