CBOECboe Global Markets
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
14 paragraphs in Risk Factors of the 10-K filed Feb 20, 2026 with nothing like them in the 10-K filed Feb 21, 2025. Quoted exactly. Paragraphs that were only edited are under 10-K change.
Compared with the Risk Factors in the latest 10-K of the other 75 Financials companies: a paragraph with at least half its words the same at another company is called similar, and the companies are listed under it. A paragraph most of them have is marked boilerplate. No line means no other company has one like it. This counts text; it does not say how serious a risk is.
•price and new products and services competition and consolidation in our industry;
Similar paragraph at 1 of 75 other Financials companies: KEYRead in the 10-K ↗
•our business and operational dependence on and exposure to risk from third parties;
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•decline in the number of public company listings or an increase in delistings, acquisitions, privatizations, or bankruptcies;
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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 products or technologies that provide similar economic exposure or functionality to our existing offerings through different mechanisms, which may reduce demand for our products.
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•market, promote, bundle, and sell their products and services more effectively;
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•Trading in certain of our products is dependent on the operational availability of markets operated by third parties. These intermarket dependencies can necessitate coordinated responses to disruptions across multiple market participants and may impact our ability to maintain orderly markets in dependent products. For example, in November 2025, trading of futures and options on the Chicago Mercantile Exchange was halted by a data-center fault, resulting in disruptions to markets across equities, foreign exchange, bonds, and commodities.
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•general economic, social, and political conditions, including increased political tensions and disagreements, including as a result of tariffs and trade policies, and geopolitical activity;
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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 increase the costs of the products and services we use in our business, in particular the technology, communications, cloud, computer, and networking products and services that we use, and we were unable to mitigate the impacts of any such increased costs, it could have a material adverse impact on our business and our results of operations.
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5 more
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 setting margins and our financial safeguards, it is a complex process and there is no guarantee that our procedures will adequately protect us from the risks related to operating our clearinghouses. For example, we have previously identified and addressed potential procedure enhancement opportunities. We cannot assure you that the mitigating measures, policies, safeguards, and risk management procedures will be sufficient to detect problems or to protect us from a default or that we will not be materially and adversely affected in the event of a significant default.
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related to the credit of the banks and prime brokers that trade spot FX on the Cboe FX platform, or NDFs on Cboe SEF. In addition, disruptions at third parties may necessitate coordinated responses across multiple market participants and may impact our ability to maintain orderly markets in dependent products.
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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 December 31, 2025, announced the wind down of CEDX. These actions may involve transitional disruptions, regulatory complexities, loss of customer relationships, reputational impacts, or challenges in retaining key personnel during the transition. If we are unable to effectively manage these exits or realize the anticipated cost savings and strategic benefits, our business, financial condition, and operating results could be materially adversely affected.
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and compliance costs to Cboe, as well as potential adverse impact to Cboe’s trading volume and transaction fee revenue. In June 2025, the SEC withdrew the Regulation Best Execution and Order Competition proposals. Additionally, in 2025, the SEC held a roundtable to examine potential amendments to Rule 611 (the Order Protection Rule) under Regulation NMS. While no formal proposal has been released, potential changes to Rule 611 could have serious implications for market structure, order routing practices, and the competitive dynamics among trading venues, which could materially impact our business, financial condition, and operating results. See Note 23 (“Commitments, Contingencies, and Guarantees — Legal Proceedings”) for more information.
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obligations and pay dividends to its stockholders. If these subsidiaries are not profitable, or even if they are and they determine to retain their profits for use in their businesses, we will be unable to pay dividends to our stockholders.
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New in the latest 10-Q
17 paragraphs in the 10-Q filed Oct 30, 2026 with nothing like them in the 10-Q filed Jul 31, 2026 (at least half the words must differ; new numbers alone do not count). Quoted exactly, grouped by the item heading above them. This is text that changed, not a judgement of how serious it is.
Financial statements and notes
Condensed Consolidated Statements of Changes in Stockholders’ Equity (continued)
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During the three and nine months ended September 30, 2026, the Company recorded a gain of $ 71.5 million in gain on divestiture, net, inclusive of a reclassification of a $ 0.6 million loss of foreign currency translation adjustments, in the condensed consolidated statements of income related to the sale of Cboe Australia within the Europe and Asia Pacific segment.
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credit losses credit losses credit losses Balance at December 31, 2025 $ 30.1 $ 6.8 $ 36.9 Current period provision (benefit) of expected credit losses 14.0 (0.6) 13.4 Write-offs charged against the allowance — (0.1) (0.1) Reclassified to assets held for sale — (0.6) (0.6) Balance at September 30, 2026 $ 44.1 $ 5.5 $ 49.6
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On October 22, 2026, the Company's Board of Directors authorized an additional $ 550 million to repurchase shares of the Company’s outstanding common stock. This is in addition to any unused amount remaining under prior authorizations.
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On October 22, 2026, the Company's Board of Directors declared a quarterly cash dividend of $ 0.86 per share. The dividend is payable on December 15, 2026 to stockholders at the close of business on November 30, 2026.
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On September 29, 2026, the Company announced a 25-year extension of its exclusive licensing agreement with S&P Dow Jones Indices (“S&P DJI”) that will continue the longstanding collaboration through 2051. Under the agreement, the Company will continue to have the exclusive rights to offer trading in its flagship SPX options. The Company and S&P DJI
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may also collaborate to pursue innovation beyond traditional index derivatives, including new products like tokenized options contracts.
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Impairment of assets consists of charges to impair indefinite or long-lived assets if the carrying value exceeds the fair value.
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Gain on divestiture, net represents the net gain recognized upon the sale of our Cboe Australia business to TMX, and primarily consists of the excess of sale proceeds over the net carrying value of the assets and liabilities disposed of, the
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reclassification of related accumulated foreign currency translation adjustments from other comprehensive income, and transaction and other closing-related costs.
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(1) Organic net revenue is defined as revenues less cost of revenues excluding revenues less cost of revenues of any
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acquisition that has occurred in the last year or any divestiture. Revenues less cost of revenues from acquisitions that have occurred more than one year ago are considered organic and are no longer excluded from organic net revenue from either period for comparative purposes. A reconciliation of organic net revenue to revenues less cost of revenues is included in the reconciliations that follow.
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(c) This amount represents the net gain recognized upon the sale of our Cboe Australia business to TMX Group Limited.
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the trade. In the case of failure to perform on the part of BOA on transactions for the BIDS Trading ATS platform, BIDS has obligations to the counterparties to satisfy the trades.
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Item 6
10.1 +* Master License Agreement, dated as of September 28, 2026, by and between Cboe Exchange, Inc. and S&P Opco, LLC (and, solely for purposes of Section 13.4 thereof, S&P Dow Jones Indices LLC and DJI Opco, LLC), incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K (File No. 001-34774) filed on September 29, 2026.
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+ Portions of this exhibit have been omitted pursuant to Item 601(b)(10) of Regulation S-K because they both (i) are not material and (ii) contain the type of information that the Company customarily and actually treats as private or confidential. Such omitted information is indicated by brackets with three asterisks “[***]” in this exhibit.
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* Certain personally identifiable information has been omitted from this exhibit pursuant to Item 601(a)(6) of Regulation S-K. Such omitted information is indicated by brackets with one asterisk “[*]” in this exhibit.
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The 10-Q's risk factors against the 10-K
Item 1A of the 10-Q filed Oct 30, 2026 against Item 1A of the 10-K filed Feb 20, 2026.
A 10-Q repeats only the risks that changed, so a 10-K paragraph that is missing from it is not counted as removed.
Added is a paragraph with nothing like it in the 10-K, Reworded a sentence that is in both with several words changed,
Quiet changes a sentence in both where one to four words changed and one is a hedge or a modal
(cut words struck through, new words highlighted and underlined).
Text on the page, not a score; each links to the filing at sec.gov.
1 paragraph in the 10-Q's Item 1A, and none of them adds, rewords or quietly edits a paragraph of the 10-K's.
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