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Cboe Global Markets vs Tradeweb Markets: CBOE and TW compared
Cboe Global Markets is the larger company: $1.4B of revenue in its latest quarter (Q3 2026) against $585M for Tradeweb Markets (Q3 2026). Cboe Global Markets is growing faster (+19% against +15% a year earlier). Tradeweb Markets is more profitable, with an operating margin of 43.4% against 39.3%.
Where the money goes: CBOE and TW
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.
Tradeweb Markets (TW) · Q3 2026
Tradeweb Markets, Q3 2026: revenue $585M (+15% year over year), operating margin 43.4%, net earnings $197M, operating cash flow $347M. The chart follows the revenue to costs, profit and cash.
| Cboe Global Markets (CBOE) | Tradeweb Markets (TW) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $1.4B | $585M |
| Revenue growth, Y/Y | +19% | +15% |
| Gross margin | 52.4% | — |
| Operating margin | 39.3% | 43.4% |
| Net earnings | $428M | $197M |
| Net margin | 31.5% | 33.8% |
| Operating cash flow | $817M | $347M |
| Free cash flow | $793M | $338M |
| Market value | $37.1B | $26.9B |
| P/E | 25.2× | 29.9× |
| Analysts’ mean target | $355.60 | $131.53 |
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%)
Tradeweb Markets
- Transaction fees and commissions: $492M (84%)
- Subscription fees: $61.4M (11%)
- LSEG market data fees: $26.5M (5%)
- Other: $4.8M (1%)
Questions
Which is bigger, Cboe Global Markets or Tradeweb Markets?
Cboe Global Markets is the larger company: $1.4B of revenue in its latest quarter (Q3 2026) against $585M for Tradeweb Markets (Q3 2026).
Is Cboe Global Markets or Tradeweb Markets growing faster?
Cboe Global Markets is growing faster (+19% against +15% a year earlier).
Which is more profitable, Cboe Global Markets or Tradeweb Markets?
Tradeweb Markets is more profitable, with an operating margin of 43.4% against 39.3%.
More: Cboe Global Markets earnings · how Cboe Global Markets makes money · Tradeweb Markets earnings · how Tradeweb Markets makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Oct 30, 2026; 10-Q filed Oct 29, 2026). Fiscal quarters can end on different dates. Not investment advice.