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Side-by-side financial comparison of Cboe Global Markets (CBOE) and Coinbase (COIN), based on the latest 10-Q / 10-K filings. Click either name above to swap in a different company.
Coinbase is the larger business by last-quarter revenue ($1.8B vs $1.2B, roughly 1.5× Cboe Global Markets). Cboe Global Markets runs the higher net margin — 26.0% vs -37.4%, a 63.5% gap on every dollar of revenue. On growth, Cboe Global Markets posted the faster year-over-year revenue change (8.7% vs -21.6%). Over the past eight quarters, Cboe Global Markets's revenue compounded faster (12.2% CAGR vs 4.3%).
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.
Coinbase Global, Inc. is an American cryptocurrency exchange. It was founded in 2012 by Brian Armstrong and Fred Ehrsam. Coinbase has over 100 million users, and is the largest U.S. based cryptocurrency exchange as well as the world's biggest bitcoin custodian, as of 2024. The company operates in more than 100 countries and holds nearly US$516 billion in assets, including nearly 12 percent of all bitcoin in existence and 11 percent of all staked Ether.
CBOE vs COIN — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $1.2B | $1.8B |
| Net Profit | $313.5M | $-666.7M |
| Gross Margin | 55.7% | — |
| Operating Margin | 33.5% | 15.4% |
| Net Margin | 26.0% | -37.4% |
| Revenue YoY | 8.7% | -21.6% |
| Net Profit YoY | 59.5% | -151.6% |
| EPS (diluted) | $2.97 | $-2.43 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align — see 8-quarter trend below.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history — bar widths are scaled to the larger of the two companies so you can eyeball the size gap and growth trajectory without doing math. Quarters aligned by calendar period (report date) so offset fiscal years line up.
| Q4 25 | $1.2B | $1.8B | ||
| Q3 25 | $1.1B | $1.9B | ||
| Q2 25 | $1.2B | $1.5B | ||
| Q1 25 | $1.2B | $2.0B | ||
| Q4 24 | $1.1B | $2.3B | ||
| Q3 24 | $1.1B | $1.2B | ||
| Q2 24 | $974.0M | $1.4B | ||
| Q1 24 | $957.2M | $1.6B |
| Q4 25 | $313.5M | $-666.7M | ||
| Q3 25 | $300.8M | $432.6M | ||
| Q2 25 | $235.1M | $1.4B | ||
| Q1 25 | $250.6M | $65.6M | ||
| Q4 24 | $196.5M | $1.3B | ||
| Q3 24 | $218.5M | $75.5M | ||
| Q2 24 | $140.4M | $36.1M | ||
| Q1 24 | $209.5M | $1.2B |
| 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% | 15.4% | ||
| Q3 25 | 32.4% | 25.7% | ||
| Q2 25 | 28.9% | -1.6% | ||
| Q1 25 | 29.6% | 34.7% | ||
| Q4 24 | 27.0% | 45.5% | ||
| Q3 24 | 29.1% | 14.1% | ||
| Q2 24 | 21.6% | 23.7% | ||
| Q1 24 | 29.5% | 46.4% |
| Q4 25 | 26.0% | -37.4% | ||
| Q3 25 | 26.3% | 23.1% | ||
| Q2 25 | 20.0% | 95.4% | ||
| Q1 25 | 21.0% | 3.2% | ||
| Q4 24 | 17.7% | 56.8% | ||
| Q3 24 | 20.7% | 6.3% | ||
| Q2 24 | 14.4% | 2.5% | ||
| Q1 24 | 21.9% | 71.8% |
| Q4 25 | $2.97 | $-2.43 | ||
| Q3 25 | $2.85 | $1.50 | ||
| Q2 25 | $2.23 | $5.14 | ||
| Q1 25 | $2.37 | $0.24 | ||
| Q4 24 | $1.85 | $4.66 | ||
| Q3 24 | $2.07 | $0.28 | ||
| Q2 24 | $1.33 | $0.14 | ||
| Q1 24 | $1.96 | $4.40 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest filing — the kind of financial-strength check premium terminals charge for.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $2.3B | $11.6B |
| Total DebtLower is stronger | $1.4B | $7.2B |
| Stockholders' EquityBook value | $5.1B | $14.8B |
| Total Assets | $9.3B | $29.7B |
| Debt / EquityLower = less leverage | 0.28× | 0.49× |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $2.3B | $11.6B | ||
| Q3 25 | $1.5B | $9.8B | ||
| Q2 25 | $1.5B | $7.5B | ||
| Q1 25 | $1.2B | $8.1B | ||
| Q4 24 | $1.0B | $8.5B | ||
| Q3 24 | $763.2M | $7.7B | ||
| Q2 24 | $698.3M | $7.2B | ||
| Q1 24 | $595.1M | $6.7B |
| Q4 25 | $1.4B | $7.2B | ||
| Q3 25 | $1.4B | $7.2B | ||
| Q2 25 | $1.4B | $4.2B | ||
| Q1 25 | $1.4B | $4.2B | ||
| Q4 24 | $1.4B | $4.2B | ||
| Q3 24 | $1.4B | $4.2B | ||
| Q2 24 | $1.4B | $4.2B | ||
| Q1 24 | $1.4B | $4.2B |
| Q4 25 | $5.1B | $14.8B | ||
| Q3 25 | $4.9B | $16.0B | ||
| Q2 25 | $4.7B | $12.1B | ||
| Q1 25 | $4.5B | $10.5B | ||
| Q4 24 | $4.3B | $10.3B | ||
| Q3 24 | $4.2B | $8.7B | ||
| Q2 24 | $4.0B | $8.4B | ||
| Q1 24 | $4.0B | $8.1B |
| Q4 25 | $9.3B | $29.7B | ||
| Q3 25 | $9.1B | $31.4B | ||
| Q2 25 | $9.0B | $23.5B | ||
| Q1 25 | $8.7B | $21.7B | ||
| Q4 24 | $7.8B | $22.5B | ||
| Q3 24 | $8.7B | $290.6B | ||
| Q2 24 | $9.3B | $287.0B | ||
| Q1 24 | $8.2B | $348.0B |
| Q4 25 | 0.28× | 0.49× | ||
| Q3 25 | 0.30× | 0.45× | ||
| Q2 25 | 0.31× | 0.35× | ||
| Q1 25 | 0.32× | 0.40× | ||
| Q4 24 | 0.34× | 0.41× | ||
| Q3 24 | 0.34× | 0.48× | ||
| Q2 24 | 0.36× | 0.51× | ||
| Q1 24 | 0.36× | 0.52× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Net income can be massaged; cash flow is harder to fake.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $352.1M | $3.1B |
| Free Cash FlowOCF − Capex | $332.1M | — |
| FCF MarginFCF / Revenue | 27.6% | — |
| Capex IntensityCapex / Revenue; lower = less reinvestment burden | 1.7% | — |
| Cash ConversionOCF / Net Profit; >1× = earnings back up with cash | 1.12× | — |
| TTM Free Cash FlowTrailing 4 quarters | $1.7B | — |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $352.1M | $3.1B | ||
| Q3 25 | $153.9M | $-784.5M | ||
| Q2 25 | $333.7M | $328.5M | ||
| Q1 25 | $912.9M | $-182.7M | ||
| Q4 24 | $-710.4M | $964.6M | ||
| Q3 24 | $-578.5M | $696.5M | ||
| Q2 24 | $1.5B | $484.2M | ||
| Q1 24 | $895.6M | $411.5M |
| Q4 25 | $332.1M | — | ||
| Q3 25 | $137.9M | — | ||
| Q2 25 | $313.4M | — | ||
| Q1 25 | $898.2M | — | ||
| Q4 24 | $-734.2M | — | ||
| Q3 24 | $-590.5M | — | ||
| Q2 24 | $1.5B | — | ||
| Q1 24 | $888.3M | — |
| Q4 25 | 27.6% | — | ||
| Q3 25 | 12.1% | — | ||
| Q2 25 | 26.7% | — | ||
| Q1 25 | 75.2% | — | ||
| Q4 24 | -66.3% | — | ||
| Q3 24 | -55.9% | — | ||
| Q2 24 | 151.6% | — | ||
| Q1 24 | 92.8% | — |
| Q4 25 | 1.7% | — | ||
| Q3 25 | 1.4% | — | ||
| Q2 25 | 1.7% | — | ||
| Q1 25 | 1.2% | — | ||
| Q4 24 | 2.1% | — | ||
| Q3 24 | 1.1% | — | ||
| Q2 24 | 1.8% | — | ||
| Q1 24 | 0.8% | — |
| Q4 25 | 1.12× | — | ||
| Q3 25 | 0.51× | -1.81× | ||
| Q2 25 | 1.42× | 0.23× | ||
| Q1 25 | 3.64× | -2.79× | ||
| Q4 24 | -3.62× | 0.75× | ||
| Q3 24 | -2.65× | 9.23× | ||
| Q2 24 | 10.64× | 13.39× | ||
| Q1 24 | 4.27× | 0.35× |
Financial Flow Comparison
Sankey diagram of revenue → gross profit → operating profit → net profit for each company. Charts shown full-width and stacked so both segment hierarchies are readable side-by-side on desktop and mobile.
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% |
COIN
| Bank Servicing Consumer Net | $733.9M | 41% |
| Subscription And Circulation | $727.4M | 41% |
| Bank Servicing Institutional | $185.0M | 10% |
| Other Revenue | $71.1M | 4% |
| Bank Servicing Other | $63.8M | 4% |
| Related Party | $1.3M | 0% |
