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

Cboe Global Markets brought in $4.7B of revenue in fiscal 2025, StoneX $132.4B in fiscal 2025. Revenue changed by +15.1% at Cboe Global Markets and +32.5% at StoneX on the year before, so StoneX grew faster. Cboe Global Markets kept 23.3% of its revenue as net profit, StoneX 0.2%. Free cash flow was $1.7B at Cboe Global Markets and $4.3B at StoneX.

Side by side, latest fiscal year

CBOESNEX
Fiscal year endedFY2025 (December 31, 2025)FY2025 (September 30, 2025)
Revenue$4.7B$132.4B
Revenue growth+15.1%+32.5%
Net income$1.1B$305.9M
Net margin23.3%0.2%
Free cash flow$1.7B$4.3B
Free cash flow margin35.7%3.3%
Earnings per share (diluted)$10.42$5.89
Cash$2.2B$1.6B
Debt$1.4Bn/a
Price to earnings24.311.2
Market value$28.3B$7.9B
Dividend yield1.07%n/a
Rank by revenue in sector#109 of 536 · Finance#4 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: $4.7BSNEX FY2018: $27.6BSNEX FY2019: $32.9BSNEX FY2020: $54.1BSNEX FY2021: $42.5BSNEX FY2022: $66BSNEX FY2023: $60.9BSNEX FY2024: $99.9BSNEX FY2025: $132.4BFY18FY19FY20FY21FY22FY23FY24FY25
CBOE $4.7BSNEX $132.4B
Net income
CBOE FY2018: $426.5MCBOE FY2019: $374.9MCBOE FY2020: $468.2MCBOE FY2021: $529MCBOE FY2022: $234.1MCBOE FY2023: $761.4MCBOE FY2024: $764.9MCBOE FY2025: $1.1BSNEX FY2018: $55.5MSNEX FY2019: $85.1MSNEX FY2020: $169.6MSNEX FY2021: $116.3MSNEX FY2022: $207.1MSNEX FY2023: $238.5MSNEX FY2024: $260.8MSNEX FY2025: $305.9MFY18FY19FY20FY21FY22FY23FY24FY25
CBOE $1.1BSNEX $305.9M
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%SNEX FY2018: 0.2%SNEX FY2019: 0.3%SNEX FY2020: 0.3%SNEX FY2021: 0.3%SNEX FY2022: 0.3%SNEX FY2023: 0.4%SNEX FY2024: 0.3%SNEX FY2025: 0.2%FY18FY19FY20FY21FY22FY23FY24FY25
CBOE 23.3%SNEX 0.2%
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%SNEX FY2019: +19.1%SNEX FY2020: +64.6%SNEX FY2021: -21.4%SNEX FY2022: +55.3%SNEX FY2023: -7.8%SNEX FY2024: +64.1%SNEX FY2025: +32.5%FY19FY20FY21FY22FY23FY24FY25
CBOE +15.1%SNEX +32.5%
Free cash flow
CBOE FY2018: $498.4MCBOE FY2019: $597.7MCBOE FY2020: $1.4BCBOE FY2021: $545.8MCBOE FY2022: $591.3MCBOE FY2023: $1BCBOE FY2024: $1BCBOE FY2025: $1.7BSNEX FY2018: -$486.1MSNEX FY2019: $183.7MSNEX FY2020: $1.9BSNEX FY2021: $2.1BSNEX FY2022: -$279MSNEX FY2023: -$70.6MSNEX FY2024: $441.7MSNEX FY2025: $4.3BFY18FY19FY20FY21FY22FY23FY24FY25
CBOE $1.7BSNEX $4.3B

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

Questions about Cboe Global Markets and StoneX

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

StoneX is bigger by revenue: $132.4B 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 StoneX?

Cboe Global Markets had a net margin of 23.3% in fiscal 2025; StoneX had 0.2% in fiscal 2025.

Which grew revenue faster, Cboe Global Markets or StoneX?

In their latest fiscal years revenue changed by +15.1% at Cboe Global Markets and +32.5% at StoneX.

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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