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Nasdaq vs Cboe Global Markets: NDAQ and CBOE compared
Nasdaq is the larger company: $2.4B of revenue in its latest quarter (Q3 2026) against $1.4B for Cboe Global Markets (Q3 2026). Nasdaq is growing faster (+21% against +19% a year earlier). Cboe Global Markets is more profitable, with an operating margin of 39.3% against 30.6%.
Where the money goes: NDAQ and CBOE
Nasdaq (NDAQ) · Q3 2026
Nasdaq, Q3 2026: revenue $2.4B (+21% year over year), operating margin 30.6%, net earnings $539M, operating cash flow $521M. The chart follows the revenue to costs, profit and cash.
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.
| Nasdaq (NDAQ) | Cboe Global Markets (CBOE) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $2.4B | $1.4B |
| Revenue growth, Y/Y | +21% | +19% |
| Gross margin | 61.9% | 52.4% |
| Operating margin | 30.6% | 39.3% |
| Net earnings | $539M | $428M |
| Net margin | 22.5% | 31.5% |
| Operating cash flow | $521M | $817M |
| Free cash flow | $459M | $793M |
| Market value | $60.4B | $37.1B |
| P/E | 29.3× | 25.2× |
| Analysts’ mean target | $115.38 | $355.60 |
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, Nasdaq or Cboe Global Markets?
Nasdaq is the larger company: $2.4B of revenue in its latest quarter (Q3 2026) against $1.4B for Cboe Global Markets (Q3 2026).
Is Nasdaq or Cboe Global Markets growing faster?
Nasdaq is growing faster (+21% against +19% a year earlier).
Which is more profitable, Nasdaq or Cboe Global Markets?
Cboe Global Markets is more profitable, with an operating margin of 39.3% against 30.6%.
More: Nasdaq earnings · how Nasdaq makes money · Cboe Global Markets earnings · how Cboe Global Markets makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Oct 22, 2026; 10-Q filed Oct 30, 2026). Fiscal quarters can end on different dates. Not investment advice.