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Cboe Global Markets vs Intercontinental Exchange: revenue, profit, margins and growth compared

Cboe Global Markets brought in $4.7B of revenue in fiscal 2025, Intercontinental Exchange $12.6B in fiscal 2025. Revenue changed by +15.1% at Cboe Global Markets and +7.5% at Intercontinental Exchange on the year before, so Cboe Global Markets grew faster. Cboe Global Markets kept 23.3% of its revenue as net profit, Intercontinental Exchange 26.2%. Free cash flow was $1.7B at Cboe Global Markets and $4.3B at Intercontinental Exchange.

Side by side, latest fiscal year

CBOEICE
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$4.7B$12.6B
Revenue growth+15.1%+7.5%
Net income$1.1B$3.3B
Net margin23.3%26.2%
Free cash flow$1.7B$4.3B
Free cash flow margin35.7%33.9%
Earnings per share (diluted)$10.42$5.77
Cash$2.2B$837M
Debt$1.4B$19.6B
Price to earnings24.326.5
Market value$28.3B$85.8B
Dividend yield1.07%1.26%
Rank by revenue in sector#109 of 536 · Finance#60 of 536 · Finance

Over the years

Revenue
CBOE FY2018: $2.8BCBOE FY2019: $2.5BCBOE FY2020: $3.4BCBOE FY2021: $3.5BCBOE FY2022: $4BCBOE FY2023: $3.8BCBOE FY2024: $4.1BCBOE FY2025: $4.7BICE FY2018: $6.3BICE FY2019: $6.5BICE FY2020: $8.2BICE FY2021: $9.2BICE FY2022: $9.6BICE FY2023: $9.9BICE FY2024: $11.8BICE FY2025: $12.6BFY18FY19FY20FY21FY22FY23FY24FY25
CBOE $4.7BICE $12.6B
Net income
CBOE FY2018: $426.5MCBOE FY2019: $374.9MCBOE FY2020: $468.2MCBOE FY2021: $529MCBOE FY2022: $234.1MCBOE FY2023: $761.4MCBOE FY2024: $764.9MCBOE FY2025: $1.1BICE FY2018: $2BICE FY2019: $1.9BICE FY2020: $2.1BICE FY2021: $4.1BICE FY2022: $1.4BICE FY2023: $2.4BICE FY2024: $2.8BICE FY2025: $3.3BFY18FY19FY20FY21FY22FY23FY24FY25
CBOE $1.1BICE $3.3B
Net margin
CBOE FY2018: 15.4%CBOE FY2019: 15.0%CBOE FY2020: 13.7%CBOE FY2021: 15.1%CBOE FY2022: 5.9%CBOE FY2023: 20.2%CBOE FY2024: 18.7%CBOE FY2025: 23.3%ICE FY2018: 31.7%ICE FY2019: 29.5%ICE FY2020: 25.3%ICE FY2021: 44.3%ICE FY2022: 15.0%ICE FY2023: 23.9%ICE FY2024: 23.4%ICE FY2025: 26.2%FY18FY19FY20FY21FY22FY23FY24FY25
CBOE 23.3%ICE 26.2%
Revenue growth
CBOE FY2019: -9.8%CBOE FY2020: +37.3%CBOE FY2021: +2.0%CBOE FY2022: +13.3%CBOE FY2023: -4.7%CBOE FY2024: +8.5%CBOE FY2025: +15.1%ICE FY2019: +4.3%ICE FY2020: +25.9%ICE FY2021: +11.2%ICE FY2022: +5.1%ICE FY2023: +2.8%ICE FY2024: +18.8%ICE FY2025: +7.5%FY19FY20FY21FY22FY23FY24FY25
CBOE +15.1%ICE +7.5%
Free cash flow
CBOE FY2018: $498.4MCBOE FY2019: $597.7MCBOE FY2020: $1.4BCBOE FY2021: $545.8MCBOE FY2022: $591.3MCBOE FY2023: $1BCBOE FY2024: $1BCBOE FY2025: $1.7BICE FY2018: $2.4BICE FY2019: $2.5BICE FY2020: $2.7BICE FY2021: $2.9BICE FY2022: $3.3BICE FY2023: $3.4BICE FY2024: $4.2BICE FY2025: $4.3BFY18FY19FY20FY21FY22FY23FY24FY25
CBOE $1.7BICE $4.3B

Fiscal years as each company reports them; the two may end in different months.

Questions about Cboe Global Markets and Intercontinental Exchange

Which is bigger by revenue, Cboe Global Markets or Intercontinental Exchange?

Intercontinental Exchange is bigger by revenue: $12.6B in fiscal 2025, against $4.7B for Cboe Global Markets in fiscal 2025.

Which keeps more of its revenue as profit, Cboe Global Markets or Intercontinental Exchange?

Cboe Global Markets had a net margin of 23.3% in fiscal 2025; Intercontinental Exchange had 26.2% in fiscal 2025.

Which grew revenue faster, Cboe Global Markets or Intercontinental Exchange?

In their latest fiscal years revenue changed by +15.1% at Cboe Global Markets and +7.5% at Intercontinental Exchange.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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