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Cboe Global Markets vs LPL Financial: revenue, profit, margins and growth compared

Cboe Global Markets brought in $4.7B of revenue in fiscal 2025, LPL Financial $17B in fiscal 2025. Revenue changed by +15.1% at Cboe Global Markets and +37.2% at LPL Financial on the year before, so LPL Financial grew faster. Cboe Global Markets kept 23.3% of its revenue as net profit, LPL Financial 5.1%. Free cash flow was $1.7B at Cboe Global Markets and -$981.8M at LPL Financial.

Side by side, latest fiscal year

CBOELPLA
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$4.7B$17B
Revenue growth+15.1%+37.2%
Net income$1.1B$863M
Net margin23.3%5.1%
Free cash flow$1.7B-$981.8M
Free cash flow margin35.7%-5.8%
Earnings per share (diluted)$10.42$10.92
Cash$2.2B$1B
Debt$1.4B$7.3B
Price to earnings24.328.6
Market value$28.3B$24.6B
Dividend yield1.07%0.38%
Rank by revenue in sector#109 of 536 · Finance#44 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: $4.7BLPLA FY2018: $5.2BLPLA FY2019: $5.6BLPLA FY2020: $5.9BLPLA FY2021: $7.7BLPLA FY2022: $8.6BLPLA FY2023: $10.1BLPLA FY2024: $12.4BLPLA FY2025: $17BFY18FY19FY20FY21FY22FY23FY24FY25
CBOE $4.7BLPLA $17B
Net income
CBOE FY2018: $426.5MCBOE FY2019: $374.9MCBOE FY2020: $468.2MCBOE FY2021: $529MCBOE FY2022: $234.1MCBOE FY2023: $761.4MCBOE FY2024: $764.9MCBOE FY2025: $1.1BLPLA FY2018: $439.5MLPLA FY2019: $559.9MLPLA FY2020: $472.6MLPLA FY2021: $459.9MLPLA FY2022: $845.7MLPLA FY2023: $1.1BLPLA FY2024: $1.1BLPLA FY2025: $863MFY18FY19FY20FY21FY22FY23FY24FY25
CBOE $1.1BLPLA $863M
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%LPLA FY2018: 8.5%LPLA FY2019: 10.0%LPLA FY2020: 8.0%LPLA FY2021: 6.0%LPLA FY2022: 9.8%LPLA FY2023: 10.6%LPLA FY2024: 8.5%LPLA FY2025: 5.1%FY18FY19FY20FY21FY22FY23FY24FY25
CBOE 23.3%LPLA 5.1%
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%LPLA FY2019: +8.4%LPLA FY2020: +4.4%LPLA FY2021: +31.5%LPLA FY2022: +11.4%LPLA FY2023: +16.9%LPLA FY2024: +23.2%LPLA FY2025: +37.2%FY19FY20FY21FY22FY23FY24FY25
CBOE +15.1%LPLA +37.2%
Free cash flow
CBOE FY2018: $498.4MCBOE FY2019: $597.7MCBOE FY2020: $1.4BCBOE FY2021: $545.8MCBOE FY2022: $591.3MCBOE FY2023: $1BCBOE FY2024: $1BCBOE FY2025: $1.7BLPLA FY2018: $448.9MLPLA FY2019: $467.5MLPLA FY2020: $634.4MLPLA FY2021: $237.1MLPLA FY2022: $1.6BLPLA FY2023: $109.3MLPLA FY2024: -$284.9MLPLA FY2025: -$981.8MFY18FY19FY20FY21FY22FY23FY24FY25
CBOE $1.7BLPLA -$981.8M

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

Questions about Cboe Global Markets and LPL Financial

Which is bigger by revenue, Cboe Global Markets or LPL Financial?

LPL Financial is bigger by revenue: $17B 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 LPL Financial?

Cboe Global Markets had a net margin of 23.3% in fiscal 2025; LPL Financial had 5.1% in fiscal 2025.

Which grew revenue faster, Cboe Global Markets or LPL Financial?

In their latest fiscal years revenue changed by +15.1% at Cboe Global Markets and +37.2% at LPL Financial.

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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