Cboe Global Markets vs Coinbase
Coinbase reported revenue of $7.2 billion in fiscal 2025, 1.5 times Cboe Global Markets' $4.7 billion in fiscal 2025. Cboe Global Markets' revenue grew 15.1% in its latest year, and Coinbase's grew 9.4%. Cboe Global Markets had an operating margin of 31.1%, against 20.0% at Coinbase. Free cash flow was $1.7 billion at Cboe Global Markets and $2.3 billion at Coinbase.
Side by side
| Cboe Global Markets | Coinbase | |
|---|---|---|
| Latest fiscal year | FY2025, Dec 31, 2025 | FY2025, Dec 31, 2025 |
| Revenue | $4.7B | $7.2B |
| Revenue growth | 15.1% | 9.4% |
| Revenue growth a year, last 5 years | 6.6% | 41.2% |
| Gross margin | 51.5% | — |
| Operating margin | 31.1% | 20.0% |
| Net margin | 23.3% | 17.6% |
| Free cash flow | $1.7B | $2.3B |
| Free cash flow margin | 35.7% | 31.9% |
| Return on capital | 22.8% | 14.5% |
| Net debt to EBITDA | −0.5x | −2.4x |
| Dividends and buybacks | $351M | $790M |
| Change in diluted share count | −0.4% | 5.1% |
| Last close | $335.25 | $159.60 |
| P/E at the last close | 26.1× | — |
| Insider trades, last 12 months | sold $2.3 million | sold $327.2 million |
| Piotroski F-score | 9 of 9 | 4 of 8 |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
Cboe Global MarketsCoinbase
Operating margin
Percent of revenue
Cboe Global MarketsCoinbase
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
Cboe Global MarketsCoinbase
Source: the companies' Form 10-K filings, from SEC EDGAR, and the last close. For information only, not investment advice: the figures describe results, not which company is the better investment. The Filing Desk is not affiliated with either company. Full figures on the Cboe Global Markets and Coinbase pages.