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Side-by-side financial comparison of Cboe Global Markets (CBOE) and Zscaler, Inc. (ZS). Click either name above to swap in a different company.
Cboe Global Markets is the larger business by last-quarter revenue ($1.3B vs $788.1M, roughly 1.6× Zscaler, Inc.). Cboe Global Markets runs the higher net margin — 30.3% vs -1.5%, a 31.8% gap on every dollar of revenue. On growth, Zscaler, Inc. posted the faster year-over-year revenue change (25.5% vs 6.5%). Over the past eight quarters, Zscaler, Inc.'s revenue compounded faster (22.5% CAGR vs 14.3%).
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.
Zscaler, Inc. is an American cloud security company based in San Jose, California. The company offers cloud-based services to protect enterprise networks and data.
CBOE vs ZS — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $1.3B | $788.1M |
| Net Profit | $385.7M | $-11.6M |
| Gross Margin | 57.3% | 76.6% |
| Operating Margin | 39.7% | -4.6% |
| Net Margin | 30.3% | -1.5% |
| Revenue YoY | 6.5% | 25.5% |
| Net Profit YoY | 53.9% | 3.6% |
| EPS (diluted) | $3.66 | $-0.07 |
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 | $788.1M | ||
| Q3 25 | $1.1B | $719.2M | ||
| Q2 25 | $1.2B | $678.0M | ||
| Q1 25 | $1.2B | $647.9M | ||
| Q4 24 | $1.1B | $628.0M | ||
| Q3 24 | $1.1B | $592.9M | ||
| Q2 24 | $974.0M | $553.2M |
| Q1 26 | $385.7M | — | ||
| Q4 25 | $313.5M | $-11.6M | ||
| Q3 25 | $300.8M | $-17.6M | ||
| Q2 25 | $235.1M | $-4.1M | ||
| Q1 25 | $250.6M | $-7.7M | ||
| Q4 24 | $196.5M | $-12.1M | ||
| Q3 24 | $218.5M | $-14.9M | ||
| Q2 24 | $140.4M | $19.1M |
| Q1 26 | 57.3% | — | ||
| Q4 25 | 55.7% | 76.6% | ||
| Q3 25 | 53.0% | 76.1% | ||
| Q2 25 | 50.0% | 77.0% | ||
| Q1 25 | 47.3% | 77.1% | ||
| Q4 24 | 47.4% | 77.5% | ||
| Q3 24 | 50.4% | 78.0% | ||
| Q2 24 | 52.8% | 78.6% |
| Q1 26 | 39.7% | — | ||
| Q4 25 | 33.5% | -4.6% | ||
| Q3 25 | 32.4% | -4.5% | ||
| Q2 25 | 28.9% | -3.7% | ||
| Q1 25 | 29.6% | -6.2% | ||
| Q4 24 | 27.0% | -4.9% | ||
| Q3 24 | 29.1% | -4.5% | ||
| Q2 24 | 21.6% | -0.5% |
| Q1 26 | 30.3% | — | ||
| Q4 25 | 26.0% | -1.5% | ||
| Q3 25 | 26.3% | -2.4% | ||
| Q2 25 | 20.0% | -0.6% | ||
| Q1 25 | 21.0% | -1.2% | ||
| Q4 24 | 17.7% | -1.9% | ||
| Q3 24 | 20.7% | -2.5% | ||
| Q2 24 | 14.4% | 3.5% |
| Q1 26 | $3.66 | — | ||
| Q4 25 | $2.97 | $-0.07 | ||
| Q3 25 | $2.85 | $-0.11 | ||
| Q2 25 | $2.23 | $-0.03 | ||
| Q1 25 | $2.37 | $-0.05 | ||
| Q4 24 | $1.85 | $-0.08 | ||
| Q3 24 | $2.07 | $-0.09 | ||
| Q2 24 | $1.33 | $0.12 |
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 | $1.3B |
| Total DebtLower is stronger | $1.4B | — |
| Stockholders' EquityBook value | $5.4B | $2.0B |
| Total Assets | $11.1B | $6.5B |
| Debt / EquityLower = less leverage | 0.27× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $2.1B | — | ||
| Q4 25 | $2.3B | $1.3B | ||
| Q3 25 | $1.5B | $2.4B | ||
| Q2 25 | $1.5B | $2.0B | ||
| Q1 25 | $1.2B | $1.8B | ||
| Q4 24 | $1.0B | $1.6B | ||
| Q3 24 | $763.2M | $1.4B | ||
| Q2 24 | $698.3M | $1.3B |
| Q1 26 | $1.4B | — | ||
| Q4 25 | $1.4B | — | ||
| Q3 25 | $1.4B | — | ||
| Q2 25 | $1.4B | $1.1B | ||
| Q1 25 | $1.4B | $1.1B | ||
| Q4 24 | $1.4B | $1.1B | ||
| Q3 24 | $1.4B | $1.1B | ||
| Q2 24 | $1.4B | $1.1B |
| Q1 26 | $5.4B | — | ||
| Q4 25 | $5.1B | $2.0B | ||
| Q3 25 | $4.9B | $1.8B | ||
| Q2 25 | $4.7B | $1.8B | ||
| Q1 25 | $4.5B | $1.6B | ||
| Q4 24 | $4.3B | $1.4B | ||
| Q3 24 | $4.2B | $1.3B | ||
| Q2 24 | $4.0B | $1.1B |
| Q1 26 | $11.1B | — | ||
| Q4 25 | $9.3B | $6.5B | ||
| Q3 25 | $9.1B | $6.4B | ||
| Q2 25 | $9.0B | $5.3B | ||
| Q1 25 | $8.7B | $5.0B | ||
| Q4 24 | $7.8B | $4.7B | ||
| Q3 24 | $8.7B | $4.7B | ||
| Q2 24 | $9.3B | $4.2B |
| Q1 26 | 0.27× | — | ||
| Q4 25 | 0.28× | — | ||
| Q3 25 | 0.30× | — | ||
| Q2 25 | 0.31× | 0.64× | ||
| Q1 25 | 0.32× | 0.71× | ||
| Q4 24 | 0.34× | 0.80× | ||
| Q3 24 | 0.34× | 0.90× | ||
| Q2 24 | 0.36× | 1.04× |
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 | — | $448.3M |
| Free Cash FlowOCF − Capex | — | $431.0M |
| FCF MarginFCF / Revenue | — | 54.7% |
| Capex IntensityCapex / Revenue | — | 2.2% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $924.9M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $352.1M | $448.3M | ||
| Q3 25 | $153.9M | $250.6M | ||
| Q2 25 | $333.7M | $211.1M | ||
| Q1 25 | $912.9M | $179.4M | ||
| Q4 24 | $-710.4M | $331.3M | ||
| Q3 24 | $-578.5M | $203.6M | ||
| Q2 24 | $1.5B | $173.4M |
| Q1 26 | — | — | ||
| Q4 25 | $332.1M | $431.0M | ||
| Q3 25 | $137.9M | $190.6M | ||
| Q2 25 | $313.4M | $138.9M | ||
| Q1 25 | $898.2M | $164.4M | ||
| Q4 24 | $-734.2M | $314.3M | ||
| Q3 24 | $-590.5M | $154.2M | ||
| Q2 24 | $1.5B | $137.8M |
| Q1 26 | — | — | ||
| Q4 25 | 27.6% | 54.7% | ||
| Q3 25 | 12.1% | 26.5% | ||
| Q2 25 | 26.7% | 20.5% | ||
| Q1 25 | 75.2% | 25.4% | ||
| Q4 24 | -66.3% | 50.1% | ||
| Q3 24 | -55.9% | 26.0% | ||
| Q2 24 | 151.6% | 24.9% |
| Q1 26 | — | — | ||
| Q4 25 | 1.7% | 2.2% | ||
| Q3 25 | 1.4% | 8.3% | ||
| Q2 25 | 1.7% | 10.6% | ||
| Q1 25 | 1.2% | 2.3% | ||
| Q4 24 | 2.1% | 2.7% | ||
| Q3 24 | 1.1% | 8.3% | ||
| Q2 24 | 1.8% | 6.4% |
| Q1 26 | — | — | ||
| 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× | 9.07× |
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% |
ZS
Segment breakdown not available.
