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Side-by-side financial comparison of Cboe Global Markets (CBOE) and Frontier Group Holdings, Inc. (ULCC). Click either name above to swap in a different company.
Cboe Global Markets is the larger business by last-quarter revenue ($1.3B vs $997.0M, roughly 1.3× Frontier Group Holdings, Inc.). Cboe Global Markets runs the higher net margin — 30.3% vs 5.3%, a 25.0% gap on every dollar of revenue. On growth, Cboe Global Markets posted the faster year-over-year revenue change (6.5% vs -0.5%). Over the past eight quarters, Cboe Global Markets's revenue compounded faster (14.3% CAGR vs 7.4%).
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.
Frontier Communications Parent, Inc. is an American telecommunications company with a fiber-optic network and cloud-based services owned by Verizon. It was previously known as Citizens Utilities Co., Citizens Communications Co., and Frontier Communications Corp.
CBOE vs ULCC — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.3B | $997.0M |
| Net Profit | $385.7M | $53.0M |
| Gross Margin | 57.3% | — |
| Operating Margin | 39.7% | 4.9% |
| Net Margin | 30.3% | 5.3% |
| Revenue YoY | 6.5% | -0.5% |
| Net Profit YoY | 53.9% | -1.9% |
| EPS (diluted) | $3.66 | $0.24 |
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 | $1.3B | — | ||
| Q4 25 | $1.2B | $997.0M | ||
| Q3 25 | $1.1B | $886.0M | ||
| Q2 25 | $1.2B | $929.0M | ||
| Q1 25 | $1.2B | $912.0M | ||
| Q4 24 | $1.1B | $1.0B | ||
| Q3 24 | $1.1B | $935.0M | ||
| Q2 24 | $974.0M | $973.0M |
| Q1 26 | $385.7M | — | ||
| Q4 25 | $313.5M | $53.0M | ||
| Q3 25 | $300.8M | $-77.0M | ||
| Q2 25 | $235.1M | $-70.0M | ||
| Q1 25 | $250.6M | $-43.0M | ||
| Q4 24 | $196.5M | $54.0M | ||
| Q3 24 | $218.5M | $26.0M | ||
| Q2 24 | $140.4M | $31.0M |
| Q1 26 | 57.3% | — | ||
| 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 26 | 39.7% | — | ||
| Q4 25 | 33.5% | 4.9% | ||
| Q3 25 | 32.4% | -8.7% | ||
| Q2 25 | 28.9% | -8.1% | ||
| Q1 25 | 29.6% | -5.0% | ||
| Q4 24 | 27.0% | 4.5% | ||
| Q3 24 | 29.1% | 2.0% | ||
| Q2 24 | 21.6% | 2.6% |
| Q1 26 | 30.3% | — | ||
| Q4 25 | 26.0% | 5.3% | ||
| Q3 25 | 26.3% | -8.7% | ||
| Q2 25 | 20.0% | -7.5% | ||
| Q1 25 | 21.0% | -4.7% | ||
| Q4 24 | 17.7% | 5.4% | ||
| Q3 24 | 20.7% | 2.8% | ||
| Q2 24 | 14.4% | 3.2% |
| Q1 26 | $3.66 | — | ||
| Q4 25 | $2.97 | $0.24 | ||
| Q3 25 | $2.85 | $-0.34 | ||
| Q2 25 | $2.23 | $-0.31 | ||
| Q1 25 | $2.37 | $-0.19 | ||
| Q4 24 | $1.85 | $0.24 | ||
| Q3 24 | $2.07 | $0.11 | ||
| Q2 24 | $1.33 | $0.14 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $2.1B | $671.0M |
| Total DebtLower is stronger | $1.4B | $620.0M |
| Stockholders' EquityBook value | $5.4B | $491.0M |
| Total Assets | $11.1B | $7.2B |
| Debt / EquityLower = less leverage | 0.27× | 1.26× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $2.1B | — | ||
| Q4 25 | $2.3B | $671.0M | ||
| Q3 25 | $1.5B | $566.0M | ||
| Q2 25 | $1.5B | $563.0M | ||
| Q1 25 | $1.2B | $686.0M | ||
| Q4 24 | $1.0B | $740.0M | ||
| Q3 24 | $763.2M | $576.0M | ||
| Q2 24 | $698.3M | $658.0M |
| Q1 26 | $1.4B | — | ||
| Q4 25 | $1.4B | $620.0M | ||
| Q3 25 | $1.4B | $673.0M | ||
| Q2 25 | $1.4B | $565.0M | ||
| Q1 25 | $1.4B | $512.0M | ||
| Q4 24 | $1.4B | $507.0M | ||
| Q3 24 | $1.4B | $474.0M | ||
| Q2 24 | $1.4B | $455.0M |
| Q1 26 | $5.4B | — | ||
| Q4 25 | $5.1B | $491.0M | ||
| Q3 25 | $4.9B | $434.0M | ||
| Q2 25 | $4.7B | $506.0M | ||
| Q1 25 | $4.5B | $570.0M | ||
| Q4 24 | $4.3B | $604.0M | ||
| Q3 24 | $4.2B | $549.0M | ||
| Q2 24 | $4.0B | $520.0M |
| Q1 26 | $11.1B | — | ||
| Q4 25 | $9.3B | $7.2B | ||
| Q3 25 | $9.1B | $6.7B | ||
| Q2 25 | $9.0B | $6.5B | ||
| Q1 25 | $8.7B | $6.5B | ||
| Q4 24 | $7.8B | $6.2B | ||
| Q3 24 | $8.7B | $5.8B | ||
| Q2 24 | $9.3B | $5.7B |
| Q1 26 | 0.27× | — | ||
| Q4 25 | 0.28× | 1.26× | ||
| Q3 25 | 0.30× | 1.55× | ||
| Q2 25 | 0.31× | 1.12× | ||
| Q1 25 | 0.32× | 0.90× | ||
| Q4 24 | 0.34× | 0.84× | ||
| Q3 24 | 0.34× | 0.86× | ||
| Q2 24 | 0.36× | 0.88× |
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 | — | $-91.0M |
| Free Cash FlowOCF − Capex | — | $-113.0M |
| FCF MarginFCF / Revenue | — | -11.3% |
| Capex IntensityCapex / Revenue | — | 2.2% |
| Cash ConversionOCF / Net Profit | — | -1.72× |
| TTM Free Cash FlowTrailing 4 quarters | — | $-600.0M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $352.1M | $-91.0M | ||
| Q3 25 | $153.9M | $-215.0M | ||
| Q2 25 | $333.7M | $-133.0M | ||
| Q1 25 | $912.9M | $-86.0M | ||
| Q4 24 | $-710.4M | $87.0M | ||
| Q3 24 | $-578.5M | $-156.0M | ||
| Q2 24 | $1.5B | $9.0M |
| Q1 26 | — | — | ||
| Q4 25 | $332.1M | $-113.0M | ||
| Q3 25 | $137.9M | $-217.0M | ||
| Q2 25 | $313.4M | $-166.0M | ||
| Q1 25 | $898.2M | $-104.0M | ||
| Q4 24 | $-734.2M | $73.0M | ||
| Q3 24 | $-590.5M | $-170.0M | ||
| Q2 24 | $1.5B | $-22.0M |
| Q1 26 | — | — | ||
| Q4 25 | 27.6% | -11.3% | ||
| Q3 25 | 12.1% | -24.5% | ||
| Q2 25 | 26.7% | -17.9% | ||
| Q1 25 | 75.2% | -11.4% | ||
| Q4 24 | -66.3% | 7.3% | ||
| Q3 24 | -55.9% | -18.2% | ||
| Q2 24 | 151.6% | -2.3% |
| Q1 26 | — | — | ||
| Q4 25 | 1.7% | 2.2% | ||
| Q3 25 | 1.4% | 0.2% | ||
| Q2 25 | 1.7% | 3.6% | ||
| Q1 25 | 1.2% | 2.0% | ||
| Q4 24 | 2.1% | 1.4% | ||
| Q3 24 | 1.1% | 1.5% | ||
| Q2 24 | 1.8% | 3.2% |
| Q1 26 | — | — | ||
| Q4 25 | 1.12× | -1.72× | ||
| Q3 25 | 0.51× | — | ||
| Q2 25 | 1.42× | — | ||
| Q1 25 | 3.64× | — | ||
| Q4 24 | -3.62× | 1.61× | ||
| Q3 24 | -2.65× | -6.00× | ||
| Q2 24 | 10.64× | 0.29× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CBOE
| Derivatives markets | $609.3M | 48% |
| Cash and spot markets | $482.2M | 38% |
| Data Vantage | $181.3M | 14% |
ULCC
| Aircraft Fare | $453.0M | 45% |
| Passenger Service Fees | $227.0M | 23% |
| Passenger Baggage | $177.0M | 18% |
| Passenger Seat Selection | $69.0M | 7% |
| Other Passenger Revenue | $36.0M | 4% |
| Other | $35.0M | 4% |
