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

Cboe Global Markets brought in $4.7B of revenue in fiscal 2025, Tradeweb Markets $2.1B in fiscal 2025. Revenue changed by +15.1% at Cboe Global Markets and +18.9% at Tradeweb Markets on the year before, so Tradeweb Markets grew faster. Cboe Global Markets kept 23.3% of its revenue as net profit, Tradeweb Markets 39.6%. Free cash flow was $1.7B at Cboe Global Markets and $1.1B at Tradeweb Markets.

Side by side, latest fiscal year

CBOETW
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$4.7B$2.1B
Revenue growth+15.1%+18.9%
Net income$1.1B$812.8M
Net margin23.3%39.6%
Free cash flow$1.7B$1.1B
Free cash flow margin35.7%54.9%
Earnings per share (diluted)$10.42$3.78
Cash$2.2B$2.1B
Debt$1.4Bn/a
Price to earnings30.631.8
Market value$35.7B$28.1B
Dividend yield0.85%0.40%
Rank by revenue in sector#109 of 542 · Finance#153 of 542 · 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: $4.7BTW FY2017: $563MTW FY2019: $775.6MTW FY2020: $892.7MTW FY2021: $1.1BTW FY2022: $1.2BTW FY2023: $1.3BTW FY2024: $1.7BTW FY2025: $2.1BFY17FY18FY19FY20FY21FY22FY23FY24FY25
CBOE $4.7BTW $2.1B
Net income
CBOE FY2018: $426.5MCBOE FY2019: $374.9MCBOE FY2020: $468.2MCBOE FY2021: $529MCBOE FY2022: $234.1MCBOE FY2023: $761.4MCBOE FY2024: $764.9MCBOE FY2025: $1.1BTW FY2017: $83.6MTW FY2019: $83.8MTW FY2020: $166.3MTW FY2021: $226.8MTW FY2022: $309.3MTW FY2023: $364.9MTW FY2024: $501.5MTW FY2025: $812.8MFY17FY18FY19FY20FY21FY22FY23FY24FY25
CBOE $1.1BTW $812.8M
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%TW FY2017: 14.9%TW FY2019: 10.8%TW FY2020: 18.6%TW FY2021: 21.1%TW FY2022: 26.0%TW FY2023: 27.3%TW FY2024: 29.1%TW FY2025: 39.6%FY17FY18FY19FY20FY21FY22FY23FY24FY25
CBOE 23.3%TW 39.6%
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%TW FY2020: +15.1%TW FY2021: +20.6%TW FY2022: +10.4%TW FY2023: +12.6%TW FY2024: +29.0%TW FY2025: +18.9%FY19FY20FY21FY22FY23FY24FY25
CBOE +15.1%TW +18.9%
Free cash flow
CBOE FY2018: $498.4MCBOE FY2019: $597.7MCBOE FY2020: $1.4BCBOE FY2021: $545.8MCBOE FY2022: $591.3MCBOE FY2023: $1BCBOE FY2024: $1BCBOE FY2025: $1.7BTW FY2017: $211.1MTW FY2019: $295.2MTW FY2020: $431.7MTW FY2021: $561.1MTW FY2022: $609.6MTW FY2023: $727.6MTW FY2024: $856.8MTW FY2025: $1.1BFY17FY18FY19FY20FY21FY22FY23FY24FY25
CBOE $1.7BTW $1.1B

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

Questions about Cboe Global Markets and Tradeweb Markets

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

Cboe Global Markets is bigger by revenue: $4.7B in fiscal 2025, against $2.1B for Tradeweb Markets in fiscal 2025.

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

Cboe Global Markets had a net margin of 23.3% in fiscal 2025; Tradeweb Markets had 39.6% in fiscal 2025.

Which grew revenue faster, Cboe Global Markets or Tradeweb Markets?

In their latest fiscal years revenue changed by +15.1% at Cboe Global Markets and +18.9% at Tradeweb Markets.

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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