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

Cboe Global Markets brought in $4.7B of revenue in fiscal 2025, Nasdaq $8.3B in fiscal 2025. Revenue changed by +15.1% at Cboe Global Markets and +11.6% at Nasdaq on the year before, so Cboe Global Markets grew faster. Cboe Global Markets kept 23.3% of its revenue as net profit, Nasdaq 21.6%. Free cash flow was $1.7B at Cboe Global Markets and $2B at Nasdaq.

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Side by side, latest fiscal year

CBOENDAQ
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$4.7B$8.3B
Revenue growth+15.1%+11.6%
Net income$1.1B$1.8B
Net margin23.3%21.6%
Free cash flow$1.7B$2B
Free cash flow margin35.7%24.1%
Earnings per share (diluted)$10.42$3.09
Cash$2.2B$604M
Debt$1.4B$8.6B
Price to earnings24.330.0
Market value$28.3B$51.8B
Dividend yield1.07%1.13%
Rank by revenue in sector#109 of 536 · Finance#72 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: $4.7BNDAQ FY2018: $4.3BNDAQ FY2019: $4.3BNDAQ FY2020: $5.6BNDAQ FY2021: $5.9BNDAQ FY2022: $6.2BNDAQ FY2023: $6.1BNDAQ FY2024: $7.4BNDAQ FY2025: $8.3BFY18FY19FY20FY21FY22FY23FY24FY25
CBOE $4.7BNDAQ $8.3B
Net income
CBOE FY2018: $426.5MCBOE FY2019: $374.9MCBOE FY2020: $468.2MCBOE FY2021: $529MCBOE FY2022: $234.1MCBOE FY2023: $761.4MCBOE FY2024: $764.9MCBOE FY2025: $1.1BNDAQ FY2018: $458MNDAQ FY2019: $774MNDAQ FY2020: $933MNDAQ FY2021: $1.2BNDAQ FY2022: $1.1BNDAQ FY2023: $1.1BNDAQ FY2024: $1.1BNDAQ FY2025: $1.8BFY18FY19FY20FY21FY22FY23FY24FY25
CBOE $1.1BNDAQ $1.8B
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%NDAQ FY2018: 10.7%NDAQ FY2019: 18.2%NDAQ FY2020: 16.6%NDAQ FY2021: 20.2%NDAQ FY2022: 18.1%NDAQ FY2023: 17.5%NDAQ FY2024: 15.1%NDAQ FY2025: 21.6%FY18FY19FY20FY21FY22FY23FY24FY25
CBOE 23.3%NDAQ 21.6%
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%NDAQ FY2019: -0.4%NDAQ FY2020: +32.1%NDAQ FY2021: +4.6%NDAQ FY2022: +5.8%NDAQ FY2023: -2.6%NDAQ FY2024: +22.0%NDAQ FY2025: +11.6%FY19FY20FY21FY22FY23FY24FY25
CBOE +15.1%NDAQ +11.6%
Free cash flow
CBOE FY2018: $498.4MCBOE FY2019: $597.7MCBOE FY2020: $1.4BCBOE FY2021: $545.8MCBOE FY2022: $591.3MCBOE FY2023: $1BCBOE FY2024: $1BCBOE FY2025: $1.7BNDAQ FY2018: $917MNDAQ FY2019: $836MNDAQ FY2020: $1.1BNDAQ FY2021: $920MNDAQ FY2022: $1.6BNDAQ FY2023: $1.5BNDAQ FY2024: $1.7BNDAQ FY2025: $2BFY18FY19FY20FY21FY22FY23FY24FY25
CBOE $1.7BNDAQ $2B

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

Questions about Cboe Global Markets and Nasdaq

Which is bigger by revenue, Cboe Global Markets or Nasdaq?

Nasdaq is bigger by revenue: $8.3B 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 Nasdaq?

Cboe Global Markets had a net margin of 23.3% in fiscal 2025; Nasdaq had 21.6% in fiscal 2025.

Which grew revenue faster, Cboe Global Markets or Nasdaq?

In their latest fiscal years revenue changed by +15.1% at Cboe Global Markets and +11.6% at Nasdaq.

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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