TICKDELTA
Sign in
Screener / SEC EDGAR /CIK 0001374310 /10-K filed Feb 20, 2026, compared with Feb 21, 2025 /Numbers from the XBRL of the 10-Ks
Financials peers:
HOODCPAYARESCOINCBOEGL
CBOE Financials · Exchanges & Brokers

Cboe Global Markets CBOE

CBOE quote by TradingView

The following description of the business should be read in conjunction with the information included elsewhere in this Annual Report on Form 10-K for the year ended December 31, 2025. 10-K, Item 1

Headquarters
Chicago, IL
Next results
around Feb 5, 2027
Compare with peers Embed

Where each dollar of revenue went, FY2025

Revenue of $4.7B through the costs to a net profit of $1.1B · income statement of the 10-K

31% operating margin
Revenue to Gross profit: $2.4BRevenue to Cost of revenue: $2.3BGross profit to Operating profit: $1.5BGross profit to Operating expenses: $962.0MOperating profit to Net profit: $1.0BOperating profit to Tax: $466.6MOther income to Net profit: $99.5M Revenue: $4.7B REVENUE $4.7B +15% Y/Y Gross profit: $2.4B · 52% margin GROSS PROFIT $2.4B 52% margin · +17% Y/Y Cost of revenue: $2.3B · 48% of revenue COST OF REVENUE $2.3B 48% of revenue Operating profit: $1.5B · 31% margin OPERATING PROFIT $1.5B 31% margin · +34% Y/Y Other income: $99.5M · 2% of revenue OTHER INCOME $99.5M 2% of revenue Operating expenses: $962.0M · 20% of revenue OPERATING EXPENSES $962.0M 20% of revenue Net profit: $1.1B · 23% margin NET PROFIT $1.1B 23% margin · +44% Y/Y Tax: $466.6M · 10% of revenue TAX $466.6M 10% of revenue
Gross profit $2.4B 52% margin · +17% Y/Y
Operating profit $1.5B 31% margin · +34% Y/Y
Net profit $1.1B 23% margin · +44% Y/Y
The full income statement, year by year

CBOE among Financials peers

Six ratios from the latest 10-K. Each corner is the share of 75 peers the company is above, not a score.

Compare
Revenue growth: 15.1%, above 83% of 75 peers (their median 7.2%) REVENUE GROWTH 15.1% · above 83% Gross margin: 53.9%, above 50% of 8 peers (their median 56.1%) GROSS MARGIN 53.9% · above 50% Operating margin: 36.4%, above 70% of 27 peers (their median 25.3%) OPERATING MARGIN 36.4% · above 70% Net margin: 28.0%, above 77% of 75 peers (their median 20.1%) NET MARGIN 28.0% · above 77% FCF margin: 47.9%, above 96% of 48 peers (their median 21.4%) FCF MARGIN 47.9% · above 96% Return on capital: 14.0%, above 68% of 25 peers (their median 9.8%) RETURN ON CAPITAL 14.0% · above 68%
CBOE Peer median Below the median

What changed

14 new risk paragraphs. 10-K filed Feb 20, 2026 against Feb 21, 2025.

Risk factors
14 new paragraphs, nothing like them in the previous 10-K
10-K Item 1A
Accounting checks
9 other checks clear
10-K · XBRL
Insiders
No open-market buys in the last 90 days
Form 4
Filings
2 in the last 30 days
EDGAR

Each row opens the detail with the quote and the filing. A row is a change worth reading, not a verdict.

Accounting checks

9 checks on the latest 10-K. Checks, not verdicts.

How it works

0facts worth reading about all 9 checks found nothing to note

  • Receivables -12.0% vs revenue +15.1% (-27.1 pts)
  • Same auditor in both 10-Ks: KPMG LLP
  • No statement of substantial doubt about going concern
6 more checks with nothing to note
  • No 8-K item 4.02 in the last 2 years
  • No NT 10-K or NT 10-Q in the last 2 years
  • No longer listed: Table o f Contents. Same as last year: Evaluation of unrecognized tax benefits
  • No sentence in the 10-K concludes that controls were not effective because of a material weakness
  • No 8-K item 2.06 in the last 2 years
  • No 8-K item 1.03 in the last 2 years

In their words

14 paragraphs in Risk Factors that were not in the 10-K filed Feb 21, 2025. Quoted as filed.

All 14 new paragraphs
  1. Item 1A · new paragraph · not in the 10-K filed Feb 21, 2025 10-K, ITEM 1A
    Emerging technologies, alternative settlement mechanisms, and 24-hour trading may also affect our traditional business models. For example, the adoption of tokenization or other emerging settlement technologies that enable self-clearing may reduce demand for traditional clearing services. New or existing competitors may also develop…
  2. Item 1A · new paragraph · not in the 10-K filed Feb 21, 2025 10-K, ITEM 1A
    Global trade policies, including the assessment of tariffs and other impositions on imported goods, may have a material adverse impact on our business. Countries have announced new or increased tariffs on imported goods and that additional tariffs or increases in tariffs could be assessed in the future. If any such tariffs were to…
  3. Item 1A · new paragraph · not in the 10-K filed Feb 21, 2025 10-K, ITEM 1A
    Although our clearinghouses have rules, policies, and procedures that are reasonably designed to help protect them from the aforementioned risks, such policies and procedures may not succeed in preventing losses after a member's or counterparty’s default. In addition, although we believe that we have carefully analyzed the process for…
  4. Item 1A · new paragraph · not in the 10-K filed Feb 21, 2025 10-K, ITEM 1A
    In addition to risks associated with acquisitions and integrations, we may also face risks in executing strategic exits, divestitures, or wind downs of businesses. For example, we have announced the wind down of our Japan equities business, initiated sale processes for our Australia and Canada equities businesses and, subsequent to…

New risk paragraphs, against peers

Latest 10-K of each, Financials companies closest in revenue

Paragraphs in Risk Factors with nothing like them in the company's 10-K the year before. A count of text, not of risk.

Financial performance

Last 4 fiscal years · 10-K XBRL

All years
MetricFY2022FY2023FY2024FY2025
Revenue$4.0B$3.8B$4.1B$4.7B
Net income$234.1M$761.4M$764.9M$1.1B
Operating cash flow$651.1M$1.1B$1.1B$1.8B
Free cash flow$591.3M$1.0B$1.0B$1.7B

Revenue, FY2016 to FY2025

Ten fiscal years, each from its own 10-K · XBRL · USD

$4.7B ▲ 15.1% in FY2025

FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Every number, year by year

Recent filings

2 filings in the last 30 days · SEC EDGAR

All filings

About the company

Cboe Global Markets, Chicago, IL · from the 10-K filed Feb 20, 2026

The following description of the business should be read in conjunction with the information included elsewhere in this Annual Report on Form 10-K for the year ended December 31, 2025. This description contains forward-looking statements that involve risks and uncertainties. Actual results could differ significantly from the results discussed in the forward-looking statements due to the factors set forth in “Risk Factors” and elsewhere in this Annual Report on Form 10-K.

Headquarters
Chicago, IL
Country
United States
Reports in
USD
Listed on
CBOE
Fiscal year ends
December 31
Last results
Oct 30, 2026
Incorporated in
DE

Email alerts

Sources

The 10-K filed Feb 20, 2026 (open at SEC), compared with the 10-K filed Feb 21, 2025. Numbers from the XBRL of the 10-Ks; filings from SEC EDGAR.

Work with it: Excel workbook · CSV. Google Sheet that stays up to date: paste =IMPORTDATA("https://tickdelta.com/company/CBOE/export.csv") into a cell.