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Cboe Global Markets vs BGC Group: CBOE and BGC compared
Cboe Global Markets is the larger company: $1.4B of revenue in its latest quarter (Q3 2026) against $833M for BGC Group (Q3 2026). Cboe Global Markets is growing faster (+19% against +13% a year earlier). Cboe Global Markets is more profitable, with an operating margin of 39.3% against 11.8%.
Where the money goes: CBOE and BGC
Cboe Global Markets (CBOE) · Q3 2026
Cboe Global Markets, Q3 2026: revenue $1.4B (+19% year over year), operating margin 39.3%, net earnings $428M, operating cash flow $817M. The chart follows the revenue to costs, profit and cash.
BGC Group (BGC) · Q3 2026
BGC Group, Q3 2026: revenue $833M (+13% year over year), operating margin 11.8%, net earnings $71.3M. The chart follows the revenue to costs, profit and cash.
| Cboe Global Markets (CBOE) | BGC Group (BGC) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $1.4B | $833M |
| Revenue growth, Y/Y | +19% | +13% |
| Gross margin | 52.4% | — |
| Operating margin | 39.3% | 11.8% |
| Net earnings | $428M | $71.3M |
| Net margin | 31.5% | 8.6% |
| Operating cash flow | $817M | — |
| Free cash flow | $793M | — |
| Market value | $37.1B | $5.0B |
| P/E | 25.2× | 26.5× |
| Analysts’ mean target | $355.60 | $16.00 |
Where the revenue comes from
Cboe Global Markets
- Options: $733M (54%)
- North American Equities: $462M (34%)
- Europe and Asia Pacific: $103M (8%)
- Futures: $30.9M (2%)
Questions
Which is bigger, Cboe Global Markets or BGC Group?
Cboe Global Markets is the larger company: $1.4B of revenue in its latest quarter (Q3 2026) against $833M for BGC Group (Q3 2026).
Is Cboe Global Markets or BGC Group growing faster?
Cboe Global Markets is growing faster (+19% against +13% a year earlier).
Which is more profitable, Cboe Global Markets or BGC Group?
Cboe Global Markets is more profitable, with an operating margin of 39.3% against 11.8%.
More: Cboe Global Markets earnings · how Cboe Global Markets makes money · BGC Group earnings · how BGC Group makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Oct 30, 2026; 8-K filed Nov 5, 2026). Fiscal quarters can end on different dates. Not investment advice.