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Cboe Global Markets（CBOE）与RXO, Inc.（RXO）财务数据对比。点击上方公司名可切换其他公司
RXO, Inc.的季度营收约是Cboe Global Markets的1.2倍（$1.5B vs $1.2B），Cboe Global Markets净利率更高（26.0% vs -3.1%，领先29.2%），Cboe Global Markets同比增速更快（8.7% vs -11.9%），Cboe Global Markets自由现金流更多（$332.1M vs $-9.0M），过去两年RXO, Inc.的营收复合增速更高（26.8% vs 12.2%）
Cboe Global Markets是总部位于美国芝加哥的金融交易所运营集团，旗下拥有并运营多类交易所及交易场所，业务覆盖股票、期权、期货、数字资产等多个交易领域，为全球市场参与者提供专业交易服务支持。
RXO是总部位于美国的头部运输及物流解决方案供应商，核心业务覆盖货运经纪、大件商品最后一公里配送、运输管理服务与全链路供应链优化支持，主要服务北美制造业、零售业及电商领域的客户。
CBOE vs RXO — 直观对比
营收规模更大
RXO
是对方的1.2倍
$1.2B
营收增速更快
CBOE
高出20.6%
-11.9%
净利率更高
CBOE
高出29.2%
-3.1%
自由现金流更多
CBOE
多$341.1M
$-9.0M
两年增速更快
RXO
近两年复合增速
12.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $1.5B |
| 净利润 | $313.5M | $-46.0M |
| 毛利率 | 55.7% | — |
| 营业利润率 | 33.5% | -2.9% |
| 净利率 | 26.0% | -3.1% |
| 营收同比 | 8.7% | -11.9% |
| 净利润同比 | 59.5% | -84.0% |
| 每股收益（稀释后） | $2.97 | $-0.28 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收CBOERXO
| Q4 25 | $1.2B | $1.5B | ||
| Q3 25 | $1.1B | $1.4B | ||
| Q2 25 | $1.2B | $1.4B | ||
| Q1 25 | $1.2B | $1.4B | ||
| Q4 24 | $1.1B | $1.7B | ||
| Q3 24 | $1.1B | $1.0B | ||
| Q2 24 | $974.0M | $930.0M | ||
| Q1 24 | $957.2M | $913.0M |
净利润CBOERXO
| Q4 25 | $313.5M | $-46.0M | ||
| Q3 25 | $300.8M | $-14.0M | ||
| Q2 25 | $235.1M | $-9.0M | ||
| Q1 25 | $250.6M | $-31.0M | ||
| Q4 24 | $196.5M | $-25.0M | ||
| Q3 24 | $218.5M | $-243.0M | ||
| Q2 24 | $140.4M | $-7.0M | ||
| Q1 24 | $209.5M | $-15.0M |
毛利率CBOERXO
| 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% | — |
营业利润率CBOERXO
| Q4 25 | 33.5% | -2.9% | ||
| Q3 25 | 32.4% | -0.5% | ||
| Q2 25 | 28.9% | — | ||
| Q1 25 | 29.6% | -2.1% | ||
| Q4 24 | 27.0% | -1.4% | ||
| Q3 24 | 29.1% | -1.9% | ||
| Q2 24 | 21.6% | — | ||
| Q1 24 | 29.5% | -1.3% |
净利率CBOERXO
| Q4 25 | 26.0% | -3.1% | ||
| Q3 25 | 26.3% | -1.0% | ||
| Q2 25 | 20.0% | -0.6% | ||
| Q1 25 | 21.0% | -2.2% | ||
| Q4 24 | 17.7% | -1.5% | ||
| Q3 24 | 20.7% | -23.4% | ||
| Q2 24 | 14.4% | -0.8% | ||
| Q1 24 | 21.9% | -1.6% |
每股收益（稀释后）CBOERXO
| Q4 25 | $2.97 | $-0.28 | ||
| Q3 25 | $2.85 | $-0.08 | ||
| Q2 25 | $2.23 | $-0.05 | ||
| Q1 25 | $2.37 | $-0.18 | ||
| Q4 24 | $1.85 | $-0.17 | ||
| Q3 24 | $2.07 | $-1.81 | ||
| Q2 24 | $1.33 | $-0.06 | ||
| Q1 24 | $1.96 | $-0.13 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $2.3B | $17.0M |
| 总债务越低越好 | $1.4B | $387.0M |
| 股东权益账面价值 | $5.1B | $1.5B |
| 总资产 | $9.3B | $3.3B |
| 负债/权益比越低杠杆越低 | 0.28× | 0.25× |
8季度趋势，按日历期对齐
现金及短期投资CBOERXO
| Q4 25 | $2.3B | $17.0M | ||
| Q3 25 | $1.5B | $25.0M | ||
| Q2 25 | $1.5B | $18.0M | ||
| Q1 25 | $1.2B | $16.0M | ||
| Q4 24 | $1.0B | $35.0M | ||
| Q3 24 | $763.2M | $55.0M | ||
| Q2 24 | $698.3M | $7.0M | ||
| Q1 24 | $595.1M | $7.0M |
总债务CBOERXO
| Q4 25 | $1.4B | $387.0M | ||
| Q3 25 | $1.4B | $387.0M | ||
| Q2 25 | $1.4B | $387.0M | ||
| Q1 25 | $1.4B | $387.0M | ||
| Q4 24 | $1.4B | $351.0M | ||
| Q3 24 | $1.4B | $352.0M | ||
| Q2 24 | $1.4B | $370.0M | ||
| Q1 24 | $1.4B | $351.0M |
股东权益CBOERXO
| Q4 25 | $5.1B | $1.5B | ||
| Q3 25 | $4.9B | $1.6B | ||
| Q2 25 | $4.7B | $1.6B | ||
| Q1 25 | $4.5B | $1.6B | ||
| Q4 24 | $4.3B | $1.6B | ||
| Q3 24 | $4.2B | $1.7B | ||
| Q2 24 | $4.0B | $579.0M | ||
| Q1 24 | $4.0B | $582.0M |
总资产CBOERXO
| Q4 25 | $9.3B | $3.3B | ||
| Q3 25 | $9.1B | $3.2B | ||
| Q2 25 | $9.0B | $3.2B | ||
| Q1 25 | $8.7B | $3.3B | ||
| Q4 24 | $7.8B | $3.4B | ||
| Q3 24 | $8.7B | $3.4B | ||
| Q2 24 | $9.3B | $1.8B | ||
| Q1 24 | $8.2B | $1.8B |
负债/权益比CBOERXO
| Q4 25 | 0.28× | 0.25× | ||
| Q3 25 | 0.30× | 0.24× | ||
| Q2 25 | 0.31× | 0.24× | ||
| Q1 25 | 0.32× | 0.24× | ||
| Q4 24 | 0.34× | 0.22× | ||
| Q3 24 | 0.34× | 0.21× | ||
| Q2 24 | 0.36× | 0.64× | ||
| Q1 24 | 0.36× | 0.60× |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $352.1M | $7.0M |
| 自由现金流经营现金流 - 资本支出 | $332.1M | $-9.0M |
| 自由现金流率自由现金流/营收 | 27.6% | -0.6% |
| 资本支出强度资本支出/营收 | 1.7% | 1.1% |
| 现金转化率经营现金流/净利润 | 1.12× | — |
| 过去12个月自由现金流最近4个季度 | $1.7B | $-8.0M |
8季度趋势，按日历期对齐
经营现金流CBOERXO
| Q4 25 | $352.1M | $7.0M | ||
| Q3 25 | $153.9M | $23.0M | ||
| Q2 25 | $333.7M | $23.0M | ||
| Q1 25 | $912.9M | $-2.0M | ||
| Q4 24 | $-710.4M | $-7.0M | ||
| Q3 24 | $-578.5M | $-7.0M | ||
| Q2 24 | $1.5B | $-5.0M | ||
| Q1 24 | $895.6M | $7.0M |
自由现金流CBOERXO
| Q4 25 | $332.1M | $-9.0M | ||
| Q3 25 | $137.9M | $9.0M | ||
| Q2 25 | $313.4M | $9.0M | ||
| Q1 25 | $898.2M | $-17.0M | ||
| Q4 24 | $-734.2M | $-19.0M | ||
| Q3 24 | $-590.5M | $-18.0M | ||
| Q2 24 | $1.5B | $-16.0M | ||
| Q1 24 | $888.3M | $-4.0M |
自由现金流率CBOERXO
| Q4 25 | 27.6% | -0.6% | ||
| Q3 25 | 12.1% | 0.6% | ||
| Q2 25 | 26.7% | 0.6% | ||
| Q1 25 | 75.2% | -1.2% | ||
| Q4 24 | -66.3% | -1.1% | ||
| Q3 24 | -55.9% | -1.7% | ||
| Q2 24 | 151.6% | -1.7% | ||
| Q1 24 | 92.8% | -0.4% |
资本支出强度CBOERXO
| Q4 25 | 1.7% | 1.1% | ||
| Q3 25 | 1.4% | 1.0% | ||
| Q2 25 | 1.7% | 1.0% | ||
| Q1 25 | 1.2% | 1.0% | ||
| Q4 24 | 2.1% | 0.7% | ||
| Q3 24 | 1.1% | 1.1% | ||
| Q2 24 | 1.8% | 1.2% | ||
| Q1 24 | 0.8% | 1.2% |
现金转化率CBOERXO
| 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× | — | ||
| Q1 24 | 4.27× | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
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% |
RXO
| Retail Sector | $546.0M | 37% |
| Last Mile | $298.0M | 20% |
| Food And Beverage Sector | $225.0M | 15% |
| Other Sector | $185.0M | 13% |
| Managed Transportation | $133.0M | 9% |
| Automotive Sector | $93.0M | 6% |
