← Filings of CBOE
Tables in the 10-Q of Cboe Global Markets, Inc.
80 tables with numbers, filed Oct 31, 2025. Each one downloads as a CSV for Excel or
Google Sheets, with the filing's address in the last row. Only the layout is tidied (a "$" or ")" in a cell of its own is joined to its number); no value is changed.
Open the filing on sec.gov ↗
| PART I. FINANCIAL INFORMATION | 7 | |
| Item 1. | Financial Statements (unaudited) | 7 |
| Condensed Consolidated Balance Sheets—As of September 30, 2025 and December 31, 2024 | 7 |
| Condensed Consolidated Statements of Income—Three and Nine Months Ended September 30, 2025 and 2024 | 8 |
| Condensed Consolidated Statements of Comprehensive Income—Three and Nine Months Ended September 30, 2025 and 2024 | 9 |
| Condensed Consolidated Statements of Changes in Stockholders’ Equity—Three and Nine Months Ended September 30, 2025 and 2024 | 10 |
| Condensed Consolidated Statements of Cash Flows—Nine Months Ended September 30, 2025 and 2024 | 12 |
| Notes to Condensed Consolidated Financial Statements | 13 |
First 8 of 20 rows. The CSV has all of them.
| September 30, 2025 | December 31, 2024 | |
| Assets | | | |
| Current assets: | | | |
| Cash and cash equivalents | $1,496.7 | | $920.3 |
| Financial investments | 34.2 | | 110.3 |
| Accounts receivable, net of $6.6 allowance for credit losses at September 30, 2025 and $6.6 at December 31, 2024 | 437.3 | | 444.6 |
| Margin deposits, clearing funds, and interoperability funds | 1,640.8 | | 845.5 |
| Income taxes receivable | 33.7 | | 73.8 |
First 8 of 41 rows. The CSV has all of them.
Table 3 after “(in millions, except per share data)”
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| Three Months Ended September 30, | Nine Months Ended September 30, | | | | |
| 2025 | 2024 | | 2025 | 2024 | |
| Revenues: | | | | | | |
| Cash and spot markets | $415.0 | | $434.1 | | $1,403.5 | $1,201.4 |
| Data Vantage | 162.1 | | 145.6 | | 472.9 | 427.9 |
| Derivatives markets | 564.6 | | 476.0 | | 1,633.8 | 1,357.6 |
| Total revenues | 1,141.7 | | 1,055.7 | | 3,510.2 | 2,986.9 |
| Cost of revenues: | | | | | | |
First 8 of 40 rows. The CSV has all of them.
| Three Months Ended September 30, | Nine Months Ended September 30, | | | | |
| 2025 | 2024 | | 2025 | 2024 | |
| Net income | $300.8 | | $218.5 | | $786.5 | $568.4 |
| Other comprehensive income (loss): | | | | | | |
| Foreign currency translation adjustments | (17.9) | | 39.6 | | 72.9 | 23.4 |
| Unrealized holding gains on financial investments | — | | 6.0 | | — | 5.0 |
| Realized gains on available-for-sale financial investments | — | | (1.3) | | — | (1.3) |
| Post-retirement benefit obligations, net of income tax | 0.1 | | (0.1) | | 0.1 | 0.1 |
First 8 of 11 rows. The CSV has all of them.
Table 5 after “(in millions, except per share amounts)”
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| Preferred stock | Common stock | | Treasury stock | Additional paid-in capital | Retained earnings | | Accumulated other comprehensive (loss) income, net | Total stockholders’ equity | | |
| Balance at December 31, 2024 | $— | | $1.0 | | $(1.4) | | $1,512.5 | | $2,815.9 | $(48.4) | $4,279.6 |
| Cash dividends on common stock of $0.63 per share | — | | — | | — | | — | | (66.4) | — | (66.4) |
| Stock-based compensation | — | | — | | — | | 12.4 | | — | — | 12.4 |
| Repurchases of common stock from employee stock plans | — | | — | | (22.9) | | — | | — | — | (22.9) |
| Purchase of common stock | — | | — | | (30.0) | | — | | — | — | (30.0) |
| Shares issued under employee stock purchase plan | — | | — | | — | | 5.2 | | — | — | 5.2 |
| Net income | — | | — | | — | | — | | 250.6 | — | 250.6 |
First 8 of 25 rows. The CSV has all of them.
Table 6 after “(in millions, except per share amounts)”
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| Preferred stock | Common stock | | Treasury stock | Additional paid-in capital | Retained earnings | | Accumulated other comprehensive (loss) income, net | Total stockholders’ equity | | |
| Balance at December 31, 2023 | $— | | $1.1 | | $(10.5) | | $1,478.6 | | $2,525.2 | $(9.4) | $3,985.0 |
| Cash dividends on common stock of $0.55 per share | — | | — | | — | | — | | (58.5) | — | (58.5) |
| Stock-based compensation | — | | — | | — | | 11.7 | | — | — | 11.7 |
| Repurchases of common stock from employee stock plans | — | | — | | (25.5) | | — | | — | — | (25.5) |
| Purchase of common stock | — | | — | | (89.3) | | — | | — | — | (89.3) |
| Shares issued under employee stock purchase plan | — | | — | | — | | 5.0 | | — | — | 5.0 |
| Net income | — | | — | | — | | — | | 209.5 | — | 209.5 |
First 8 of 26 rows. The CSV has all of them.
| Nine Months Ended September 30, | | |
| 2025 | 2024 | |
| Cash flows from operating activities: | | | |
| Net income | $786.5 | | $568.4 |
| Adjustments to reconcile net income to net cash from operating activities: | | | |
| Depreciation and amortization | 91.1 | | 100.9 |
| Amortization of debt issuance cost and debt discount | 1.8 | | 1.8 |
| Provision for accounts receivable credit losses | 0.5 | | 3.1 |
First 8 of 68 rows. The CSV has all of them.
Table 8 after “The following table depicts the disaggregated revenue contract types listed above within each respective financial statement caption in the ”
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| Cash and Spot Markets | Data Vantage | | Derivatives Markets | Total | |
| Three Months Ended September 30, 2025 | | | | | | |
| Transaction and clearing fees | $377.0 | | $— | | $542.9 | $919.9 |
| Access and capacity fees | — | | 103.9 | | — | 103.9 |
| Market data fees | 16.8 | | 57.5 | | 9.4 | 83.7 |
| Regulatory fees | 1.0 | | — | | 10.8 | 11.8 |
| Other revenue | 20.2 | | 0.7 | | 1.5 | 22.4 |
| $415.0 | | $162.1 | | $564.6 | $1,141.7 |
Table 9 after “The following table depicts the disaggregated revenue contract types listed above within each respective financial statement caption in the ”
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| Cash and Spot Markets | Data Vantage | | Derivatives Markets | Total | |
| Three Months Ended September 30, 2024 | | | | | | |
| Transaction and clearing fees | $288.9 | | $— | | $437.0 | $725.9 |
| Access and capacity fees | — | | 94.2 | | — | 94.2 |
| Market data fees | 15.5 | | 50.7 | | 7.3 | 73.5 |
| Regulatory fees | 107.9 | | — | | 31.1 | 139.0 |
| Other revenue | 21.8 | | 0.7 | | 0.6 | 23.1 |
| $434.1 | | $145.6 | | $476.0 | $1,055.7 |
Table 10 after “The following table depicts the disaggregated revenue contract types listed above within each respective financial statement caption in the ”
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| Cash and Spot Markets | Data Vantage | | Derivatives Markets | Total | |
| Nine Months Ended September 30, 2025 | | | | | | |
| Transaction and clearing fees | $1,093.1 | | $— | | $1,527.1 | $2,620.2 |
| Access and capacity fees | — | | 302.9 | | — | 302.9 |
| Market data fees | 49.5 | | 167.9 | | 26.5 | 243.9 |
| Regulatory fees | 193.0 | | — | | 77.4 | 270.4 |
| Other revenue | 67.9 | | 2.1 | | 2.8 | 72.8 |
| $1,403.5 | | $472.9 | | $1,633.8 | $3,510.2 |
Table 11 after “The following table depicts the disaggregated revenue contract types listed above within each respective financial statement caption in the ”
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| Cash and Spot Markets | Data Vantage | | Derivatives Markets | Total | |
| Nine Months Ended September 30, 2024 | | | | | | |
| Transaction and clearing fees | $877.7 | | $— | | $1,264.3 | $2,142.0 |
| Access and capacity fees | — | | 274.8 | | — | 274.8 |
| Market data fees | 46.1 | | 150.9 | | 22.2 | 219.2 |
| Regulatory fees | 206.0 | | — | | 69.1 | 275.1 |
| Other revenue | 71.6 | | 2.2 | | 2.0 | 75.8 |
| $1,201.4 | | $427.9 | | $1,357.6 | $2,986.9 |
Table 12 after “The following table depicts the disaggregation of revenue according to segment (in millions):”
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| Options | North American Equities | | Europe and Asia Pacific | Futures | Global FX | | Digital (1) | Total | | |
| Three Months Ended September 30, 2025 | | | | | | | | | | | |
| Transaction and clearing fees | $519.0 | | $305.1 | | $52.4 | | $23.8 | | $19.6 | $— | $919.9 |
| Access and capacity fees | 47.0 | | 36.6 | | 11.8 | | 5.7 | | 2.8 | — | 103.9 |
| Market data fees | 37.2 | | 32.8 | | 10.8 | | 2.5 | | 0.4 | — | 83.7 |
| Regulatory fees | 10.8 | | 1.0 | | — | | — | | — | — | 11.8 |
| Other revenue | 2.0 | | 2.3 | | 17.8 | | — | | 0.3 | — | 22.4 |
| $616.0 | | $377.8 | | $92.8 | | $32.0 | | $23.1 | $— | $1,141.7 |
First 8 of 23 rows. The CSV has all of them.
Table 13 after “The following table depicts the disaggregation of revenue according to segment (in millions):”
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| Options | North American Equities | | Europe and Asia Pacific | Futures | Global FX | | Digital (1) | Total | | |
| Nine Months Ended September 30, 2025 | | | | | | | | | | | |
| Transaction and clearing fees | $1,451.8 | | $877.0 | | $157.2 | | $75.2 | | $59.0 | $— | $2,620.2 |
| Access and capacity fees | 136.3 | | 106.7 | | 34.6 | | 17.0 | | 8.3 | — | 302.9 |
| Market data fees | 106.4 | | 96.6 | | 32.2 | | 7.4 | | 1.3 | — | 243.9 |
| Regulatory fees | 77.3 | | 193.0 | | — | | 0.1 | | — | — | 270.4 |
| Other revenue | 4.6 | | 6.4 | | 60.9 | | 0.1 | | 0.8 | — | 72.8 |
| $1,776.4 | | $1,279.7 | | $284.9 | | $99.8 | | $69.4 | $— | $3,510.2 |
First 8 of 23 rows. The CSV has all of them.
Table 14 after “The revenue recognized from contract liabilities and the remaining balance is shown below (in millions):”
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| Balance at December 31, 2024 | Cash Additions | | Revenue Recognized | Balance at September 30, 2025 | |
| Liquidity provider sliding scale (1) | $2.4 | | $4.8 | | $(5.4) | $1.8 |
| Other, net (2) | 4.2 | | 12.9 | | (12.0) | 5.1 |
| Total deferred revenue | $6.6 | | $17.7 | | $(17.4) | $6.9 |
Table 15 after “As of September 30, 2025 and December 31, 2024, the Company’s investments were comprised of the following (in millions):”
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| September 30, 2025 | December 31, 2024 | |
| Equity method investments: | | | |
| Investment in 7Ridge Investments 3 LP | $362.8 | | $321.3 |
| Total equity method investments | 362.8 | | 321.3 |
| Other equity investments: | | | |
| Investment in Japannext Co., Ltd. | 36.5 | | 36.5 |
| Investment in CSD BR | 10.3 | | 5.9 |
| Investment in Eris Innovations Holdings, LLC | 9.5 | | 9.5 |
First 8 of 14 rows. The CSV has all of them.
Table 16 after “Property and equipment, net consisted of the following as of September 30, 2025 and December 31, 2024 (in millions):”
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| September 30, 2025 | December 31, 2024 | |
| Construction in progress | $1.7 | | $3.3 |
| Furniture, equipment, and leasehold improvements | 332.7 | | 306.3 |
| Total property and equipment | 334.4 | | 309.6 |
| Less accumulated depreciation | (208.3) | | (191.6) |
| Property and equipment, net | $126.1 | | $118.0 |
Table 17 after “The following represents the changes in allowance for credit losses during the nine months ended September 30, 2025 (in millions):”
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| Allowance for notes receivable credit losses | Allowance for accounts receivable credit losses | | Total allowance for credit losses | |
| Balance at December 31, 2024 | $30.1 | | $6.6 | | $36.7 |
| Current period provision for expected credit losses | — | | 0.5 | | 0.5 |
| Write-offs charged against the allowance | — | | (0.4) | | (0.4) |
| Recoveries collected | — | | (0.1) | | (0.1) |
| Balance at September 30, 2025 | $30.1 | | $6.6 | | $36.7 |
Table 18 after “Other assets, net consisted of the following as of September 30, 2025 and December 31, 2024 (in millions):”
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| September 30, 2025 | December 31, 2024 | |
| Software development work in progress | $15.0 | | $18.7 |
| Data processing software | 143.8 | | 126.4 |
| Less accumulated depreciation and amortization | (103.7) | | (98.3) |
| Data processing software, net | 55.1 | | 46.8 |
| Other assets (1) | 121.9 | | 135.9 |
| Other assets, net | $177.0 | | $182.7 |
Table 19 after “The following table presents the details of goodwill by segment (in millions):”
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| Options | North American Equities | | Europe and Asia Pacific | Global FX | Total | | |
| Balance as of December 31, 2024 | $306.0 | | $1,990.8 | | $560.0 | | $267.4 | $3,124.2 |
| Changes in foreign currency exchange rates | — | | 4.9 | | 17.8 | | — | 22.7 |
| Balance as of September 30, 2025 | $306.0 | | $1,995.7 | | $577.8 | | $267.4 | $3,146.9 |
Table 20 after “The following table presents the details of the intangible assets by segment (in millions):”
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| Options | North American Equities | | Europe and Asia Pacific | Global FX | Total | | |
| Balance as of December 31, 2024 | $126.4 | | $879.6 | | $326.7 | | $44.2 | $1,376.9 |
| Sales | — | | (0.6) | | — | | — | (0.6) |
| Amortization | (4.8) | | (30.0) | | (10.7) | | (7.3) | (52.8) |
| Changes in foreign currency exchange rates | — | | 2.2 | | 23.5 | | — | 25.7 |
| Impairment | — | | — | | (18.9) | | — | (18.9) |
| Balance as of September 30, 2025 | $121.6 | | $851.2 | | $320.6 | | $36.9 | $1,330.3 |
Table 21 after “The following tables present the categories of intangible assets by segment as of September 30, 2025 and December 31, 2024 (in millions, exc”
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| September 30, 2025 | Weighted Average Amortization Period (in years) | | | | | |
| Options | North American Equities | | Europe and Asia Pacific | Global FX | | |
| Trading registrations and licenses | $95.5 | | $604.4 | | $218.6 | $— | Indefinite |
| Customer relationships | 46.6 | | 411.4 | | 203.8 | 140.0 | 13 |
| Market data customer relationships | 53.6 | | 322.0 | | 64.9 | 64.4 | 7 |
| Technology | 28.1 | | 56.0 | | 35.6 | 22.5 | 6 |
| Trademarks and trade names | 12.9 | | 8.1 | | 2.5 | 1.2 | 4 |
| Digital assets held | — | | 0.8 | | — | — | Indefinite |
First 8 of 10 rows. The CSV has all of them.
Table 22 after “The following tables present the categories of intangible assets by segment as of September 30, 2025 and December 31, 2024 (in millions, exc”
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| December 31, 2024 | Weighted Average Amortization Period (in years) | | | | | |
| Options | North American Equities | | Europe and Asia Pacific | Global FX | | |
| Trading registrations and licenses | $95.5 | | $603.4 | | $205.2 | $— | Indefinite |
| Customer relationships | 46.6 | | 409.7 | | 209.2 | 140.0 | 14 |
| Market data customer relationships | 53.6 | | 322.0 | | 60.8 | 64.4 | 7 |
| Technology | 28.1 | | 55.5 | | 33.6 | 22.5 | 7 |
| Trademarks and trade names | 12.9 | | 8.1 | | 2.3 | 1.2 | 5 |
| Digital assets held | — | | 1.2 | | — | — | Indefinite |
First 8 of 10 rows. The CSV has all of them.
Table 23 after “Accounts payable and accrued liabilities consisted of the following as of September 30, 2025 and December 31, 2024 (in millions):”
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| September 30, 2025 | December 31, 2024 | |
| Compensation and benefit-related liabilities | $71.2 | | $89.8 |
| Royalties | 53.5 | | 44.4 |
| Accrued liabilities | 64.6 | | 74.4 |
| Current operating lease liabilities | 25.1 | | 19.9 |
| Rebates payable | 131.6 | | 93.5 |
| Marketing fee payable | 21.8 | | 19.7 |
| Current unrecognized tax benefits | 135.2 | | 0.1 |
First 8 of 10 rows. The CSV has all of them.
Table 24 after “The Company’s debt consisted of the following as of September 30, 2025 and December 31, 2024 (in millions):”
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| September 30, 2025 | December 31, 2024 | |
| $650 million fixed rate Senior Notes due January 2027, stated rate of 3.650% | $649.1 | | $648.6 |
| $500 million fixed rate Senior Notes due December 2030, stated rate of 1.625% | 496.1 | | 495.5 |
| $300 million fixed rate Senior Notes due March 2032, stated rate of 3.000% | 297.2 | | 296.9 |
| Revolving Credit Agreement | — | | — |
| Cboe Clear Europe Credit Facility | — | | — |
| Total debt | $1,442.4 | | $1,441.0 |
Table 25 after “The future expected repayments related to the Senior Notes as of September 30, 2025 are as follows (in millions):”
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| Remainder of 2025 | $— |
| 2026 | — |
| 2027 | 650.0 |
| 2028 | — |
| 2029 | — |
| Thereafter | 800.0 |
| Principal amounts repayable | 1,450.0 |
| Debt issuance costs | (4.4) |
First 8 of 10 rows. The CSV has all of them.
Table 26 after “Components of interest expense, net recognized in the condensed consolidated statements of income for the three and nine months ended Septem”
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| Three Months Ended September 30, | Nine Months Ended September 30, | | | | |
| 2025 | 2024 | | 2025 | 2024 | |
| Components of interest expense: | | | | | | |
| Contractual interest | $12.7 | | $12.2 | | $37.2 | $36.8 |
| Amortization of debt discount and issuance costs | 0.6 | | 0.6 | | 1.8 | 1.8 |
| Interest expense | $13.3 | | $12.8 | | $39.0 | $38.6 |
| Interest income | (14.3) | | (11.4) | | (34.0) | (20.1) |
| Interest (income) expense, net | $(1.0) | | $1.4 | | $5.0 | $18.5 |
Table 27 after “The following represents the changes in accumulated other comprehensive (loss) income, net by component (in millions):”
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| Foreign Currency Translation Adjustment | Post-Retirement Benefits, Net | | Accumulated Other Comprehensive (Loss) Income, Net | |
| Balance at December 31, 2024 | $(48.6) | | $0.2 | | $(48.4) |
| Other comprehensive income | 72.9 | | 0.1 | | 73.0 |
| Balance at September 30, 2025 | $24.3 | | $0.3 | | $24.6 |
Table 28 after “The details of margin deposits, clearing funds, and interoperability funds as of September 30, 2025 and December 31, 2024, are as follows (i”
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| September 30, 2025 | | | | | |
| Margin Deposits | Clearing Funds | | Interoperability Funds | Total | |
| Cboe Clear Europe central bank account | $528.7 | | $9.5 | | $61.2 | $599.4 |
| Cboe Clear Europe reverse repurchase and other (1) | 322.1 | | 249.9 | | 468.4 | 1,040.4 |
| Cboe Clear U.S. customer bank deposits | 1.0 | | — | | — | 1.0 |
| Total cash margin deposits, clearing funds, and interoperability funds | $851.8 | | $259.4 | | $529.6 | $1,640.8 |
Table 29 after “The details of margin deposits, clearing funds, and interoperability funds as of September 30, 2025 and December 31, 2024, are as follows (i”
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| September 30, 2025 | | | | | |
| Margin Deposits | Clearing Funds | | Interoperability Funds | Total | |
| Cboe Clear Europe non-cash contributions (2) | $881.7 | | $94.5 | | $298.3 | $1,274.5 |
Table 30 after “The details of margin deposits, clearing funds, and interoperability funds as of September 30, 2025 and December 31, 2024, are as follows (i”
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| December 31, 2024 | | | | | |
| Margin Deposits | Clearing Funds | | Interoperability Funds | Total | |
| Cboe Clear Europe central bank account | $378.4 | | $173.7 | | $289.3 | $841.4 |
| Cboe Clear Europe reverse repurchase and other | — | | — | | — | — |
| Cboe Clear U.S. customer bank deposits | 4.1 | | — | | — | 4.1 |
| Total cash margin deposits, clearing funds, and interoperability funds | $382.5 | | $173.7 | | $289.3 | $845.5 |
Table 31 after “The details of margin deposits, clearing funds, and interoperability funds as of September 30, 2025 and December 31, 2024, are as follows (i”
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| December 31, 2024 | | | | | |
| Margin Deposits | Clearing Funds | | Interoperability Funds | Total | |
| Cboe Clear Europe non-cash contributions (2) | $691.4 | | $80.1 | | $225.9 | $997.4 |
Table 32 after “The following tables present the Company’s fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis”
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| September 30, 2025 | | | | | |
| Total | Level 1 | | Level 2 | Level 3 | |
| Assets: | | | | | | |
| U.S. Treasury securities (1) | $0.3 | | $0.3 | | $— | $— |
| Marketable securities (1): | | | | | | |
| Mutual funds | 26.8 | | 26.8 | | — | — |
| Money market funds | 7.1 | | 7.1 | | — | — |
| Note receivable - building sale (2) | 6.6 | | — | | — | 6.6 |
First 8 of 9 rows. The CSV has all of them.
Table 33 after “The following tables present the Company’s fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis”
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| December 31, 2024 | | | | | |
| Total | Level 1 | | Level 2 | Level 3 | |
| Assets: | | | | | | |
| U.S. Treasury securities (1) | $70.0 | | $70.0 | | $— | $— |
| Marketable securities (1): | | | | | | |
| Mutual funds | 23.8 | | 23.8 | | — | — |
| Money market funds | 16.5 | | 16.5 | | — | — |
| Note receivable - building sale (3) | 6.2 | | — | | — | 6.2 |
First 8 of 9 rows. The CSV has all of them.
Table 34 after “The following tables present the Company’s fair value hierarchy for certain assets and liabilities held by the Company as of September 30, 2”
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| September 30, 2025 | | | | | |
| Total | Level 1 | | Level 2 | Level 3 | |
| Assets: | | | | | | |
| U.S. Treasury securities (1) | $0.3 | | $0.3 | | $— | $— |
| Deferred compensation plan assets (1) | 33.9 | | 33.9 | | — | — |
| Note receivable - building sale (2) | 6.6 | | — | | — | 6.6 |
| Total assets | $40.8 | | $34.2 | | $— | $6.6 |
| Liabilities: | | | | | | |
First 8 of 11 rows. The CSV has all of them.
Table 35 after “The following tables present the Company’s fair value hierarchy for certain assets and liabilities held by the Company as of September 30, 2”
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| December 31, 2024 | | | | | |
| Total | Level 1 | | Level 2 | Level 3 | |
| Assets: | | | | | | |
| U.S. Treasury securities (1) | $70.0 | | $70.0 | | $— | $— |
| Deferred compensation plan assets (1) | 40.3 | | 40.3 | | — | — |
| Note receivable - building sale (5) | 6.2 | | — | | — | 6.2 |
| Total assets | $116.5 | | $110.3 | | $— | $6.2 |
| Liabilities: | | | | | | |
First 8 of 11 rows. The CSV has all of them.
Table 36 after “At September 30, 2025 and December 31, 2024, the fair values of the Company’s debt obligations were as follows (in millions):”
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| September 30, 2025 | December 31, 2024 | |
| 3.650% Senior Notes | $646.7 | | $638.4 |
| 1.625% Senior Notes | 439.7 | | 416.2 |
| 3.000% Senior Notes | 276.9 | | 262.4 |
Table 37 after “The following table sets forth a summary of changes in the fair value of the Company’s Level 3 financial assets and liabilities during the t”
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| Level 3 Financial Assets for the Three Months Ended September 30, 2025 | | | | | | | | | | |
| Balance at Beginning of Period | Gains during Period | | Adjustments | Additions | Settlements | | Foreign Currency Translation | Balance at End of Period | | |
| Assets: | | | | | | | | | | | |
| Note receivable - building sale | $6.4 | | $0.2 | | $— | | $— | | $— | $— | $6.6 |
| Total assets | $6.4 | | $0.2 | | $— | | $— | | $— | $— | $6.6 |
Table 38 after “The following table sets forth a summary of changes in the fair value of the Company’s Level 3 financial assets and liabilities during the t”
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| Level 3 Financial Assets for the Nine Months Ended September 30, 2025 | | | | | | | | | | |
| Balance at Beginning of Period | Gains during Period | | Adjustments | Additions | Settlements | | Foreign Currency Translation | Balance at End of Period | | |
| Assets: | | | | | | | | | | | |
| Note receivable - building sale | $6.2 | | $0.4 | | $— | | $— | | $— | $— | $6.6 |
| Total assets | $6.2 | | $0.4 | | $— | | $— | | $— | $— | $6.6 |
Table 39 after “Summarized financial data of reportable segments were as follows (in millions):”
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| Three Months Ended September 30, | | | | | | | | | | | | |
| 2025 | | | | | | | | | | | | |
| Options | North American Equities | | Europe and Asia Pacific | Futures | Global FX | | Digital (e) | Corporate Items and Eliminations | Total | | | |
| Revenues | $616.0 | | $377.8 | | $92.8 | | $32.0 | | $23.1 | | $— | $— | $1,141.7 |
| Cost of revenues | 235.2 | | 274.3 | | 23.7 | | 2.4 | | 0.6 | | — | — | 536.2 |
| Revenues less cost of revenues | 380.8 | | 103.5 | | 69.1 | | 29.6 | | 22.5 | | — | — | 605.5 |
| Depreciation and amortization | 7.6 | | 11.7 | | 8.2 | | 0.6 | | 2.8 | | — | — | 30.9 |
| Other segment operating expenses (a) | 98.8 | | 38.3 | | 44.5 | | 12.2 | | 8.2 | | — | 2.3 | 204.3 |
First 8 of 17 rows. The CSV has all of them.
Table 40 after “Summarized financial data of reportable segments were as follows (in millions):”
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| Three Months Ended September 30, | | | | | | | | | | | | |
| 2024 | | | | | | | | | | | | |
| Options | North American Equities | | Europe and Asia Pacific | Futures | Global FX | | Digital (e) | Corporate Items and Eliminations | Total | | | |
| Revenues | $510.3 | | $403.6 | | $81.1 | | $39.9 | | $20.7 | | $0.1 | $— | $1,055.7 |
| Cost of revenues | 189.4 | | 305.6 | | 25.5 | | 1.9 | | 0.7 | | 0.6 | — | 523.7 |
| Revenues less cost of revenues | 320.9 | | 98.0 | | 55.6 | | 38.0 | | 20.0 | | (0.5) | — | 532.0 |
| Depreciation and amortization | 6.6 | | 14.1 | | 7.2 | | 0.6 | | 3.1 | | 0.1 | 0.1 | 31.8 |
| Other segment operating expenses (a) | 93.1 | | 39.8 | | 37.1 | | 8.0 | | 7.7 | | 5.6 | 1.5 | 192.8 |
First 8 of 17 rows. The CSV has all of them.
Table 41 after “Summarized financial data of reportable segments were as follows (in millions) (continued from previous page):”
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| Nine Months Ended September 30, | | | | | | | | | | | | |
| 2025 | | | | | | | | | | | | |
| Options | North American Equities | | Europe and Asia Pacific | Futures | Global FX | | Digital (e) | Corporate Items and Eliminations | Total | | | |
| Revenues | $1,776.4 | | $1,279.7 | | $284.9 | | $99.8 | | $69.4 | | $— | $— | $3,510.2 |
| Cost of revenues | 678.4 | | 983.2 | | 81.3 | | 7.3 | | 2.0 | | — | — | 1,752.2 |
| Revenues less cost of revenues | 1,098.0 | | 296.5 | | 203.6 | | 92.5 | | 67.4 | | — | — | 1,758.0 |
| Depreciation and amortization | 21.5 | | 35.2 | | 24.2 | | 1.7 | | 8.4 | | — | 0.1 | 91.1 |
| Other segment operating expenses (a) | 284.3 | | 116.1 | | 136.2 | | 36.3 | | 24.7 | | — | 6.0 | 603.6 |
First 8 of 17 rows. The CSV has all of them.
Table 42 after “Summarized financial data of reportable segments were as follows (in millions) (continued from previous page):”
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| Nine Months Ended September 30, | | | | | | | | | | | | |
| 2024 | | | | | | | | | | | | |
| Options | North American Equities | | Europe and Asia Pacific | Futures | Global FX | | Digital (e) | Corporate Items and Eliminations | Total | | | |
| Revenues | $1,470.0 | | $1,106.5 | | $243.4 | | $107.2 | | $60.0 | | $(0.2) | $— | $2,986.9 |
| Cost of revenues | 535.0 | | 817.6 | | 79.4 | | 3.9 | | 1.8 | | 1.3 | — | 1,439.0 |
| Revenues less cost of revenues | 935.0 | | 288.9 | | 164.0 | | 103.3 | | 58.2 | | (1.5) | — | 1,547.9 |
| Depreciation and amortization | 20.1 | | 44.2 | | 21.7 | | 1.8 | | 10.4 | | 2.6 | 0.1 | 100.9 |
| Other segment operating expenses (a) | 261.3 | | 117.3 | | 111.6 | | 23.7 | | 22.8 | | 102.6 | 7.8 | 647.1 |
First 8 of 17 rows. The CSV has all of them.
Table 43 after “The following summarizes revenues less cost of revenues based on primary jurisdiction (in millions):”
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| United States | Non-U.S. | | Total | |
| Revenues less cost of revenues: | | | | | |
| Three months ended September 30, 2025 | $527.6 | | $77.9 | | $605.5 |
| Three months ended September 30, 2024 | 468.2 | | 63.8 | | 532.0 |
Table 44 after “The following summarizes revenues less cost of revenues based on primary jurisdiction (in millions):”
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| United States | Non-U.S. | | Total | |
| Revenues less cost of revenues: | | | | | |
| Nine months ended September 30, 2025 | $1,527.7 | | $230.3 | | $1,758.0 |
| Nine months ended September 30, 2024 | 1,357.9 | | 190.0 | | 1,547.9 |
Table 45 after “The following table presents the Company’s subsidiaries with regulatory capital requirements discussed above, as well as the actual and mini”
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| Subsidiary | Regulatory Authority | Actual | Minimum Requirement | |
| Cboe Trading | FINRA/SEC | $14.1 | | $0.9 |
| BIDS Trading | FINRA/SEC | 3.5 | | 0.2 |
| Cboe Fixed Income | FINRA/SEC | 3.0 | | 0.1 |
| Cboe Europe | FCA | 73.9 | | 36.5 |
| Cboe Chi-X Europe | FCA | 0.3 | | 0.1 |
| Cboe NL | Dutch Authority for Financial Markets | 20.1 | | 11.6 |
| Cboe Clear Europe | DNB | 124.2 | | 77.5 |
First 8 of 14 rows. The CSV has all of them.
Table 46 after “The following table summarizes RSU activity during the nine months ended September 30, 2025:”
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| Number of Shares | Weighted average grant date fair value | |
| Nonvested stock at December 31, 2024 | 522,735 | | $153.20 |
| Granted | 279,207 | | 212.03 |
| Vested | (249,133) | | 140.62 |
| Forfeited | (57,877) | | 186.36 |
| Nonvested stock at September 30, 2025 | 494,932 | | $188.84 |
Table 47 after “The following table summarizes restricted stock units contingent upon achievement of performance conditions, also known as PSUs, activity du”
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| Number of Shares | Weighted average grant date fair value | |
| Nonvested stock at December 31, 2024 | 111,104 | | $168.45 |
| Granted | 92,533 | | 231.94 |
| Vested | (85,901) | | 143.95 |
| Forfeited | (22,770) | | 231.22 |
| Nonvested stock at September 30, 2025 | 94,966 | | $237.43 |
Table 48 after “The table below shows the repurchased shares of common stock under the Company’s share repurchase program during the period presented as fol”
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| Three Months Ended September 30, | | |
| 2025 | 2024 | |
| Number of shares of common stock repurchased | — | | 144,370 |
| Average price paid per share | $— | | $170.45 |
| Total purchase price (in millions) | $— | | $24.6 |
Table 49 after “The following table sets forth the computation of basic and diluted earnings per share for the three and nine months ended September 30, 202”
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| Three Months Ended September 30, | Nine Months Ended September 30, | | | | |
| 2025 | 2024 | | 2025 | 2024 | |
| Basic earnings per share numerator: | | | | | | |
| Net income | $300.8 | | $218.5 | | $786.5 | $568.4 |
| Net income allocated to participating securities | (1.5) | | (1.1) | | (3.9) | (3.0) |
| Net income allocated to common stockholders | $299.3 | | $217.4 | | $782.6 | $565.4 |
| Basic earnings per share denominator: | | | | | | |
| Weighted average shares outstanding | 104.6 | | 104.7 | | 104.7 | 105.2 |
First 8 of 18 rows. The CSV has all of them.
Table 50 after “The following table presents the supplemental balance sheet information related to leases as of September 30, 2025 and December 31, 2024, re”
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| September 30, 2025 | December 31, 2024 | |
| Operating lease right of use assets | $116.1 | | $124.5 |
| Total leased assets | $116.1 | | $124.5 |
| Current operating lease liabilities (1) | $25.1 | | $19.9 |
| Non-current operating lease liabilities | 127.2 | | 138.4 |
| Total leased liabilities | $152.3 | | $158.3 |
Table 51 after “The following table presents operating lease costs and other information as of and for the three and nine months ended September 30, 2025 an”
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| Three Months Ended September 30, | Nine Months Ended September 30, | | | | | |
| 2025 | 2024 | | 2025 | 2024 | | |
| Operating lease costs (1) | $9.2 | | $9.0 | | $29.0 | | $27.5 |
| Lease term and discount rate information: | | | | | | | |
| Weighted average remaining lease term (years) | | | | 7.1 | 7.7 | | |
| Weighted average discount rate | | | | 3.6% | | 3.5% | |
| Supplemental disclosure of cash transactions: | | | | | | | |
| Cash paid for amounts included in the measurement of lease liabilities | $8.0 | | $6.4 | | $20.6 | | $20.8 |
First 8 of 12 rows. The CSV has all of them.
Table 52 after “The maturities of the lease liabilities are as follows as of September 30, 2025 (in millions):”
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| September 30, 2025 |
| Remainder of 2025 | $7.0 |
| 2026 | 31.1 |
| 2027 | 27.8 |
| 2028 | 25.7 |
| 2029 | 14.5 |
| After 2029 | 67.4 |
| Total lease payments | $173.5 |
First 8 of 10 rows. The CSV has all of them.
Table 53 after “These are Non-GAAP figures for which reconciliations are provided below (in millions, except percentages, earnings per share, and as noted b”
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| Three Months Ended September 30, | Increase/(Decrease) | | PercentChange | Nine Months Ended September 30, | Increase/(Decrease) | | PercentChange | | | | | | | | |
| 2025 | 2024 | | | 2025 | 2024 | | | | | | | | | | |
| Total revenues | $1,141.7 | | $1,055.7 | | $86.0 | | 8% | | | $3,510.2 | | $2,986.9 | | $523.3 | | 18% |
| Total cost of revenues | 536.2 | | 523.7 | | 12.5 | | 2% | | | 1,752.2 | | 1,439.0 | | 313.2 | | 22% |
| Revenues less cost of revenues | 605.5 | | 532.0 | | 73.5 | | 14% | | | 1,758.0 | | 1,547.9 | | 210.1 | | 14% |
| Total operating expenses | 235.2 | | 224.6 | | 10.6 | | 5% | | | 694.7 | | 748.0 | | (53.3) | | (7)% |
| Operating income | 370.3 | | 307.4 | | 62.9 | | 20% | | | 1,063.3 | | 799.9 | | 263.4 | | 33% |
| Operating margin | 61.2% | | 57.8% | | 3.4% | | * | | 60.5% | | 51.7% | | 8.8% | | * | |
First 8 of 26 rows. The CSV has all of them.
Table 54 after “The following is a reconciliation of operating income to adjusted operating income (in millions) for the three and nine months ended Septemb”
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| Three Months Ended September 30, | Nine Months Ended September 30, | | | | |
| 2025 | 2024 | | 2025 | 2024 | |
| Operating income | $370.3 | | $307.4 | | $1,063.3 | $799.9 |
| Acquisition-related costs | 0.2 | | — | | 0.4 | 1.2 |
| Amortization of acquired intangible assets | 17.2 | | 20.7 | | 52.8 | 68.1 |
| Cboe Digital syndication wind down | — | | — | | — | (1.0) |
| Change in contingent consideration | — | | (0.9) | | — | 2.1 |
| Costs related to Cboe Digital wind down | 0.1 | | 0.8 | | 0.6 | 1.6 |
First 8 of 12 rows. The CSV has all of them.
Table 55 after “The following is a reconciliation of operating income to operating EBITDA and adjusted operating EBITDA (in millions) for the three and nine”
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| Three Months Ended September 30, | Nine Months Ended September 30, | | | | |
| 2025 | 2024 | | 2025 | 2024 | |
| Operating income | $370.3 | | $307.4 | | $1,063.3 | $799.9 |
| Depreciation and amortization | 30.9 | | 31.8 | | 91.1 | 100.9 |
| Operating EBITDA | 401.2 | | 339.2 | | 1,154.4 | 900.8 |
| Acquisition-related costs | 0.2 | | — | | 0.4 | 1.2 |
| Cboe Digital syndication wind down | — | | — | | — | (1.0) |
| Change in contingent consideration | — | | (0.9) | | — | 2.1 |
First 8 of 13 rows. The CSV has all of them.
Table 56 after “The following is a reconciliation of net income (loss) allocated to common stockholders to EBITDA and adjusted EBITDA (in millions) for the ”
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| Three Months Ended September 30, | | | | | | | | | | | | |
| 2025 | | | | | | | | | | | | |
| Options | North American Equities | | Europe and Asia Pacific | Futures | Global FX | | Digital (1) | Corporate | Total | | | |
| Net income (loss) allocated to common stockholders | $273.5 | | $53.7 | | $16.1 | | $17.3 | | $11.4 | | $— | $(72.7) | $299.3 |
| Interest (income) expense, net | (0.2) | | (0.9) | | 1.3 | | (0.6) | | — | | — | (0.6) | (1.0) |
| Income tax provision | — | | 1.0 | | 0.3 | | — | | — | | — | 128.0 | 129.3 |
| Depreciation and amortization | 7.6 | | 11.7 | | 8.2 | | 0.6 | | 2.8 | | — | — | 30.9 |
| EBITDA | 280.9 | | 65.5 | | 25.9 | | 17.3 | | 14.2 | | — | 54.7 | 458.5 |
First 8 of 28 rows. The CSV has all of them.
Table 57 after “The following is a reconciliation of net income (loss) allocated to common stockholders to EBITDA and adjusted EBITDA (in millions) for the ”
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| Nine Months Ended September 30, | | | | | | | | | | | | |
| 2025 | | | | | | | | | | | | |
| Options | North American Equities | | Europe and Asia Pacific | Futures | Global FX | | Digital (1) | Corporate | Total | | | |
| Net income (loss) allocated to common stockholders | $787.6 | | $144.3 | | $39.8 | | $56.0 | | $34.4 | | $— | $(279.5) | $782.6 |
| Interest (income) expense, net | (0.6) | | (2.5) | | 3.0 | | (1.8) | | (0.1) | | — | 7.0 | 5.0 |
| Income tax provision (benefit) | 0.1 | | 2.7 | | 1.3 | | — | | (0.1) | | — | 324.4 | 328.4 |
| Depreciation and amortization | 21.5 | | 35.2 | | 24.2 | | 1.7 | | 8.4 | | — | 0.1 | 91.1 |
| EBITDA | 808.6 | | 179.7 | | 68.3 | | 55.9 | | 42.6 | | — | 52.0 | 1,207.1 |
First 8 of 32 rows. The CSV has all of them.
Table 58 after “The following is a reconciliation of net income allocated to common stockholders to adjusted earnings (in millions):”
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| Three Months Ended September 30, | Nine Months Ended September 30, | | | | |
| 2025 | 2024 | | 2025 | 2024 | |
| Net income allocated to common stockholders | $299.3 | | $217.4 | | $782.6 | $565.4 |
| Amortization of acquired intangible assets | 17.2 | | 20.7 | | 52.8 | 68.1 |
| Acquisition-related costs | 0.2 | | — | | 0.4 | 1.2 |
| Change in contingent consideration | — | | (0.9) | | — | 2.1 |
| Cboe Digital syndication wind down | — | | — | | — | (1.0) |
| Costs related to Cboe Digital wind down | 0.1 | | 0.8 | | 0.6 | 1.6 |
First 8 of 20 rows. The CSV has all of them.
Table 59 after “The following table includes operational and financial metrics for our Options, North American Equities, Europe and Asia Pacific, Futures, a”
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| Three Months Ended September 30, | | Increase/ (Decrease) | | Percent Change | | Nine Months Ended September 30, | Increase/ (Decrease) | | Percent Change | | | | | | | | | | | | | |
| 2025 | | 2024 | | | | 2025 | 2024 | | | | | | | | | | | | | | | |
| (in millions, except percentages, trading days, and as noted below) | | (in millions, except percentages, trading days, and as noted below) | | | | | | | | | | | | | | | | | | | | |
| Options: | | | | | | | | | | | | | | | | | | | | | | | |
| Average daily volume (ADV) (in millions of contracts): | | | | | | | | | | | | | | | | | | | | | | | |
| Market ADV | 60.8 | | | 48.7 | | | 12.1 | | 25% | | | 58.8 | | 47.4 | | | 11.4 | | | 24% | | | |
| Total touched contracts (1) | 18.8 | | | 14.9 | | | 3.9 | | 26% | | | 18.1 | | 14.7 | | | 3.4 | | | 23% | | | |
| Multi-listed contract ADV | 13.9 | | | 10.7 | | | 3.2 | | 31% | | | 13.3 | | 10.6 | | | 2.7 | | | 26% | | | |
First 8 of 65 rows. The CSV has all of them.
Table 60 after “The following summarizes changes in revenues for the three and nine months ended September 30, 2025 compared to the three and nine months en”
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| Three Months Ended September 30, | Increase/ (Decrease) | | PercentChange | Nine Months Ended September 30, | Increase/ (Decrease) | | PercentChange | | | | |
| 2025 | 2024 | | | 2025 | 2024 | | | | | | |
| Cash and spot markets | $415.0 | | $434.1 | | $(19.1) | | (4)% | | $1,403.5 | $1,201.4 | $202.1 | 17% |
| Data Vantage | 162.1 | | 145.6 | | 16.5 | | 11% | | 472.9 | 427.9 | 45.0 | 11% |
| Derivatives markets | 564.6 | | 476.0 | | 88.6 | | 19% | | 1,633.8 | 1,357.6 | 276.2 | 20% |
| Total revenues | $1,141.7 | | $1,055.7 | | $86.0 | | 8% | | $3,510.2 | $2,986.9 | $523.3 | 18% |
Table 61 after “The following tables reconcile the disaggregated cost of revenues captions presented on the condensed consolidated statements of income to t”
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| Three Months Ended September 30, 2025 | | | | | |
| Cash and Spot Markets | Data Vantage | | Derivatives Markets | Total | |
| Liquidity payments | $274.0 | | $— | | $179.3 | $453.3 |
| Routing and clearing fees | 15.2 | | — | | 4.8 | 20.0 |
| Section 31 fees | — | | — | | — | — |
| Royalty fees and other cost of revenues | 8.5 | | 3.2 | | 51.2 | 62.9 |
| Total cost of revenues | $297.7 | | $3.2 | | $235.3 | $536.2 |
| Three Months Ended September 30, 2024 | | | | | |
First 8 of 28 rows. The CSV has all of them.
Table 62 after “The following summarizes changes in the disaggregated cost of revenues for the three and nine months ended September 30, 2025 compared to th”
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| Three Months Ended September 30, | Increase/ (Decrease) | | PercentChange | Nine Months Ended September 30, | Increase/ (Decrease) | | PercentChange | | | | |
| 2025 | 2024 | | | 2025 | 2024 | | | | | | |
| Liquidity payments | $453.3 | | $317.6 | | $135.7 | | 43% | | $1,266.1 | $963.4 | $302.7 | 31% |
| Routing and clearing | 20.0 | | 17.4 | | 2.6 | | 15% | | 60.3 | 50.0 | 10.3 | 21% |
| Section 31 fees | — | | 129.5 | | (129.5) | | (100)% | | 238.4 | 249.3 | (10.9) | (4)% |
| Royalty fees and other cost of revenues | 62.9 | | 59.2 | | 3.7 | | 6% | | 187.4 | 176.3 | 11.1 | 6% |
| Total cost of revenues | $536.2 | | $523.7 | | $12.5 | | 2% | | $1,752.2 | $1,439.0 | $313.2 | 22% |
Table 63 after “The following summarizes the components of revenues less cost of revenues for the three and nine months ended September 30, 2025 compared to”
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| Three Months Ended September 30, | Increase/ (Decrease) | | PercentChange | Nine Months Ended September 30, | Increase/ (Decrease) | | PercentChange | | | | |
| 2025 | 2024 | | | 2025 | 2024 | | | | | | |
| Cash and spot markets | $117.3 | | $103.3 | | $14.0 | | 14% | | $339.6 | $304.3 | $35.3 | 12% |
| Data Vantage | 158.9 | | 142.5 | | 16.4 | | 12% | | 463.4 | 419.8 | 43.6 | 10% |
| Derivatives markets | 329.3 | | 286.2 | | 43.1 | | 15% | | 955.0 | 823.8 | 131.2 | 16% |
| Total revenues less cost of revenues | $605.5 | | $532.0 | | $73.5 | | 14% | | $1,758.0 | $1,547.9 | $210.1 | 14% |
Table 64 after “The following summarizes changes in operating expenses for the three and nine months ended September 30, 2025 compared to the three and nine”
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| Three Months Ended September 30, | Increase/ (Decrease) | | Percent Change | Nine Months Ended September 30, | Increase/ (Decrease) | | Percent Change | | | | |
| 2025 | 2024 | | | 2025 | 2024 | | | | | | |
| Compensation and benefits | $129.2 | | $119.1 | | $10.1 | | 8% | | $373.3 | $350.5 | $22.8 | 7% |
| Depreciation and amortization | 30.9 | | 31.8 | | (0.9) | | (3)% | | 91.1 | 100.9 | (9.8) | (10)% |
| Technology support services | 26.6 | | 25.5 | | 1.1 | | 4% | | 78.9 | 74.3 | 4.6 | 6% |
| Professional fees and outside services | 21.6 | | 21.9 | | (0.3) | | (1)% | | 67.2 | 69.2 | (2.0) | (3)% |
| Travel and promotional expenses | 12.0 | | 12.6 | | (0.6) | | (5)% | | 26.6 | 29.4 | (2.8) | (10)% |
| Facilities costs | 6.4 | | 5.9 | | 0.5 | | 8% | | 19.6 | 18.5 | 1.1 | 6% |
First 8 of 12 rows. The CSV has all of them.
Table 65 after “Note, the chart excludes Digital revenues of $(0.2) million for the nine months ended September 30, 2024.”
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| Three Months Ended September 30, | Percent Change | | Percentage of Total Revenues | | Nine Months Ended September 30, | | Percent Change | | Percentage of Total Revenues | | | | | | | | | | | | | |
| | Three Months Ended September 30, | | | | Nine Months Ended September 30, | | | | | | | | | | | | | | | | | |
| 2025 | 2024 | | | 2025 | | 2024 | | 2025 | | 2024 | | 2025 | | 2024 | | | | | | | | |
| Options | $616.0 | | $510.3 | | | 21% | | | 54% | | | 48% | | $1,776.4 | | | $1,470.0 | | 21% | | 51% | | 49% |
| North American Equities | 377.8 | | 403.6 | | | (6)% | | | 33% | | | 38% | | 1,279.7 | | | 1,106.5 | | 16% | | 36% | | 37% |
| Europe and Asia Pacific | 92.8 | | 81.1 | | | 14% | | | 8% | | | 8% | | 284.9 | | | 243.4 | | 17% | | 8% | | 8% |
| Futures | 32.0 | | 39.9 | | | (20)% | | | 3% | | | 4% | | 99.8 | | | 107.2 | | (7)% | | 3% | | 4% |
| Global FX | 23.1 | | 20.7 | | | 12% | | | 2% | | | 2% | | 69.4 | | | 60.0 | | 16% | | 2% | | 2% |
First 8 of 10 rows. The CSV has all of them.
Table 66 after “Note, the chart excludes Digital revenues less cost of revenues of $(1.5) million for the nine months ended September 30, 2024.”
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| | | | Percent Change | | Percentage of Total Revenues Less Cost of Revenues | | | | | Percent Change | Percentage of Total Revenues Less Cost of Revenues | | | | | | | | | | |
| Three Months Ended September 30, | | Three Months Ended September 30, | | Nine Months Ended September 30, | | | Nine Months Ended September 30, | | | | | | | | | | | | | | |
| 2025 | 2024 | | | 2025 | | 2024 | | 2025 | 2024 | | 2025 | | 2024 | | | | | | | | |
| Options | $380.8 | | $320.9 | | | 19% | | | 63% | | 60% | | $1,098.0 | | | $935.0 | | 17% | | 62% | | 60% |
| North American Equities | 103.5 | | 98.0 | | | 6% | | | 17% | | 18% | | 296.5 | | | 288.9 | | 3% | | 17% | | 19% |
| Europe and Asia Pacific | 69.1 | | 55.6 | | | 24% | | | 11% | | 11% | | 203.6 | | | 164.0 | | 24% | | 12% | | 10% |
| Futures | 29.6 | | 38.0 | | | (22)% | | | 5% | | 7% | | 92.5 | | | 103.3 | | (10)% | | 5% | | 7% |
| Global FX | 22.5 | | 20.0 | | | 13% | | | 4% | | 4% | | 67.4 | | | 58.2 | | 16% | | 4% | | 4% |
First 8 of 10 rows. The CSV has all of them.
Table 67 after “The following summarizes revenues less cost of revenues, operating expenses, operating income, operating margin, EBITDA, and EBITDA margin f”
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| Three Months Ended September 30, | Percent Change | | Percentage of Total Revenues | | Nine Months Ended September 30, | | Percent Change | | Percentage of Total Revenues | | | | | | | | | | | |
| | Three Months Ended September 30, | | | | Nine Months Ended September 30, | | | | | | | | | | | | | | | |
| 2025 | 2024 | | | 2025 | | 2024 | | 2025 | | 2024 | | 2025 | | 2024 | | | | | | |
| Revenues less cost of revenues | $380.8 | | $320.9 | | | 19% | | | 62% | | | 63% | | $1,098.0 | | $935.0 | | 17% | | 62% | 64% |
| Operating expenses | 106.4 | | 99.7 | | | 7% | | | 17% | | | 20% | | 305.8 | | 281.4 | | 9% | | 17% | 19% |
| Operating income | $274.4 | | $221.2 | | | 24% | | | 45% | | | 43% | | $792.2 | | $653.6 | | 21% | | 45% | 44% |
| Operating margin | 72.1% | | 68.9% | | | * | | * | | * | | 72.1% | | 69.9% | | * | * | | * | | |
| EBITDA (1) | $280.9 | | $226.5 | | | 24% | | | 46% | | | 44% | | $808.6 | | $670.8 | | 21% | | 46% | 46% |
First 8 of 9 rows. The CSV has all of them.
Table 68 after “The following summarizes revenues less cost of revenues, operating expenses, operating income, operating margin, EBITDA, and EBITDA margin f”
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| Three Months Ended September 30, | Percent Change | | Percentage of Total Revenues | | Nine Months Ended September 30, | | Percent Change | | Percentage of Total Revenues | | | | | | | | | | | |
| | Three Months Ended September 30, | | | | Nine Months Ended September 30, | | | | | | | | | | | | | | | |
| 2025 | 2024 | | | 2025 | | 2024 | | 2025 | | 2024 | | 2025 | | 2024 | | | | | | |
| Revenues less cost of revenues | $103.5 | | $98.0 | | | 6% | | | 27% | | | 24% | | $296.5 | | $288.9 | | 3% | | 23% | 26% |
| Operating expenses | 50.0 | | 53.9 | | | (7)% | | | 13% | | | 13% | | 151.3 | | 161.5 | | (6)% | | 12% | 15% |
| Operating income | $53.5 | | $44.1 | | | 21% | | | 14% | | | 11% | | $145.2 | | $127.4 | | 14% | | 11% | 12% |
| Operating margin | 51.7% | | 45.0% | | | * | | * | | * | | 49.0% | | 44.1% | | * | * | | * | | |
| EBITDA (1) | $65.5 | | $58.0 | | | 13% | | | 17% | | | 14% | | $179.7 | | $171.1 | | 5% | | 14% | 15% |
First 8 of 9 rows. The CSV has all of them.
Table 69 after “The following summarizes revenues less cost of revenues, operating expenses, operating income, operating margin, EBITDA, and EBITDA margin f”
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| Three Months Ended September 30, | Percent Change | | Percentage of Total Revenues | | Nine Months Ended September 30, | | Percent Change | | Percentage of Total Revenues | | | | | | | | | | | |
| | Three Months Ended September 30, | | | | Nine Months Ended September 30, | | | | | | | | | | | | | | | |
| 2025 | 2024 | | | 2025 | | 2024 | | 2025 | | 2024 | | 2025 | | 2024 | | | | | | |
| Revenues less cost of revenues | $69.1 | | $55.6 | | | 24% | | | 74% | | | 69% | | $203.6 | | $164.0 | | 24% | | 71% | 67% |
| Operating expenses | 52.7 | | 44.3 | | | 19% | | | 57% | | | 55% | | 160.4 | | 133.3 | | 20% | | 56% | 55% |
| Operating income | $16.4 | | $11.3 | | | 45% | | | 18% | | | 14% | | $43.2 | | $30.7 | | 41% | | 15% | 13% |
| Operating margin | 23.7% | | 20.3% | | | * | | * | | * | | 21.2% | | 18.7% | | * | * | | * | | |
| EBITDA (1) | $25.9 | | $18.7 | | | 39% | | | 28% | | | 23% | | $68.3 | | $52.1 | | 31% | | 24% | 21% |
First 8 of 9 rows. The CSV has all of them.
Table 70 after “The following summarizes revenues less cost of revenues, operating expenses, operating income, operating margin, EBITDA, and EBITDA margin f”
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| Three Months Ended September 30, | Percent Change | | Percentage of Total Revenues | | Nine Months Ended September 30, | | Percent Change | | Percentageof TotalRevenues | | | | | | | | | | | |
| | Three Months Ended September 30, | | | | Nine Months Ended September 30, | | | | | | | | | | | | | | | |
| 2025 | 2024 | | | 2025 | | 2024 | | 2025 | | 2024 | | 2025 | | 2024 | | | | | | |
| Revenues less cost of revenues | $29.6 | | $38.0 | | | (22)% | | | 93% | | | 95% | | $92.5 | | $103.3 | | (10)% | | 93% | 96% |
| Operating expenses | 12.8 | | 8.6 | | | 49% | | | 40% | | | 22% | | 38.0 | | 25.5 | | 49% | | 38% | 24% |
| Operating income | $16.8 | | $29.4 | | | (43)% | | | 53% | | | 74% | | $54.5 | | $77.8 | | (30)% | | 55% | 73% |
| Operating margin | 56.8% | | 77.4% | | | * | | * | | * | | 58.9% | | 75.3% | | * | * | | * | | |
| EBITDA (1) | $17.3 | | $29.9 | | | (42)% | | | 54% | | | 75% | | $55.9 | | $79.3 | | (30)% | | 56% | 74% |
First 8 of 9 rows. The CSV has all of them.
Table 71 after “The following summarizes revenues less cost of revenues, operating expenses, operating income, operating margin, EBITDA, and EBITDA margin f”
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| Three Months Ended September 30, | Percent Change | | Percentage of Total Revenues | | Nine Months Ended September 30, | | Percent Change | | Percentageof TotalRevenues | | | | | | | | | | | |
| | Three Months Ended September 30, | | | | Nine Months Ended September 30, | | | | | | | | | | | | | | | |
| 2025 | 2024 | | | 2025 | | 2024 | | 2025 | | 2024 | | 2025 | | 2024 | | | | | | |
| Revenues less cost of revenues | $22.5 | | $20.0 | | | 13% | | | 97% | | | 97% | | $67.4 | | $58.2 | | 16% | | 97% | 97% |
| Operating expenses | 11.0 | | 10.8 | | | 2% | | | 48% | | | 52% | | 33.1 | | 33.2 | | 0% | | 48% | 55% |
| Operating income | $11.5 | | $9.2 | | | 25% | | | 50% | | | 44% | | $34.3 | | $25.0 | | 37% | | 49% | 42% |
| Operating margin | 51.1% | | 46.0% | | | * | | * | | * | | 50.9% | | 43.0% | | * | * | | * | | |
| EBITDA (1) | $14.2 | | $12.3 | | | 15% | | | 61% | | | 59% | | $42.6 | | $35.3 | | 21% | | 61% | 59% |
First 8 of 9 rows. The CSV has all of them.
Table 72 after “The following summarizes revenues less cost of revenues, operating expenses, operating loss, operating margin, EBITDA, and EBITDA margin for”
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| Three Months Ended September 30, | Percent Change | | Percentage of Total Revenues | | Nine Months Ended September 30, | | Percent Change | | Percentageof TotalRevenues | | | | | | | | |
| | Three Months Ended September 30, | | | | Nine Months Ended September 30, | | | | | | | | | | | | |
| 2025 | 2024 | | | 2025 | | 2024 | | 2025 | | 2024 | | 2025 | | 2024 | | | |
| Revenues less cost of revenues | $— | | $(0.5) | | | *% | | *% | | *% | | $— | | $(1.5) | | *% | *% | *% |
| Operating expenses | — | | 5.7 | | | *% | | *% | | *% | | — | | 105.2 | | *% | *% | *% |
| Operating loss | $— | | $(6.2) | | | *% | | *% | | *% | | $— | | $(106.7) | | *% | *% | *% |
| Operating margin | —% | | *% | | * | | * | | * | | —% | | *% | | * | * | * | |
| EBITDA (1) | $— | | $(6.0) | | | *% | | *% | | *% | | $— | | $(102.0) | | *% | *% | *% |
First 8 of 9 rows. The CSV has all of them.
Table 73 after “The following table summarizes our cash flow data for the nine months ended September 30, 2025 and 2024, respectively (in millions):”
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| Nine Months Ended September 30, | | |
| 2025 | 2024 | |
| Net cash provided by operating activities | $1,400.5 | | $1,811.0 |
| Net cash provided by (used in) investing activities | 30.9 | | (15.0) |
| Net cash used in financing activities | (294.1) | | (424.3) |
| Effect of foreign currency exchange rate changes on cash, cash equivalents, and restricted cash and cash equivalents | 266.9 | | 33.4 |
| Increase in cash, cash equivalents, and restricted cash and cash equivalents | $1,404.2 | | $1,405.1 |
Table 74 after “The following table summarizes our cash flow data for the nine months ended September 30, 2025 and 2024, respectively (in millions):”
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| As of September 30, | | |
| 2025 | 2024 | |
| Reconciliation of cash, cash equivalents, and restricted cash and cash equivalents: | | | |
| Cash and cash equivalents | $1,496.7 | | $757.8 |
| Restricted cash and cash equivalents (included in margin deposits, clearing funds, and interoperability funds) | 1,639.8 | | 2,033.5 |
| Restricted cash and cash equivalents (included in other current assets) | 32.5 | | — |
| Restricted cash and cash equivalents (included in cash and cash equivalents) | — | | 5.4 |
| Customer bank deposits (included in margin deposits, clearing funds, and interoperability funds) | 1.0 | | 5.5 |
First 8 of 9 rows. The CSV has all of them.
Table 75 after “The following summarizes our financial assets, excluding margin deposits, clearing funds, and interoperability funds as of September 30, 202”
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| September 30, 2025 | December 31, 2024 | |
| Cash and cash equivalents | $1,496.7 | | $920.3 |
| Financial investments | 34.2 | | 110.3 |
| Less deferred compensation plan assets | (33.9) | | (40.3) |
| Less cash collected for Section 31 fees | — | | (110.8) |
| Adjusted cash (1) | $1,497.0 | | $879.5 |
Table 76 after “The following summarizes our debt obligations as of September 30, 2025 and December 31, 2024 (in millions):”
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| September 30, 2025 | December 31, 2024 | |
| 3.650% Senior Notes | $650.0 | | $650.0 |
| 1.625% Senior Notes | 500.0 | | 500.0 |
| 3.000% Senior Notes | 300.0 | | 300.0 |
| Revolving Credit Agreement | — | | — |
| Cboe Clear Europe Credit Facility | — | | — |
| Less unamortized discount and debt issuance costs | (7.6) | | (9.0) |
| Total debt | $1,442.4 | | $1,441.0 |
Table 77 after “For the three and nine months ended September 30, 2025, our exposure to foreign-denominated revenues less cost of revenues and expenses is p”
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| Three Months Ended September 30, 2025 | Nine Months Ended September 30, 2025 | | | | | | | | |
| Euros (1) | British Pounds (1) | | Australian Dollar (1) | Euros (1) | British Pounds (1) | | Japanese Yen (1) | | |
| Foreign denominated % of: | | | | | | | | | | |
| Revenues less cost of revenues | 6.8% | | 3.2% | | 1.2% | | 6.6% | | 3.2% | 0.5% |
| Operating expenses | 7.9% | | 10.0% | | 3.4% | | 7.9% | | 9.7% | 4.2% |
| Impact of 10% adverse currency fluctuation on: | | | | | | | | | | |
| Revenues less cost of revenues | $4.1 | | $2.0 | | $0.7 | | $11.7 | | $5.7 | $0.9 |
| Operating expenses | 1.9 | | 2.4 | | 0.8 | | 5.5 | | 6.7 | 2.9 |
Table 78 after “Our primary exposure to this equity risk as of September 30, 2025 is presented by foreign currency in the following table (in millions):”
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| Euros (1) | British Pounds (1) | | Canadian Dollars (1) | |
| Net equity investment, by foreign currency | $225.4 | | $619.2 | | $231.7 |
| Impact on consolidated equity of a 10% adverse currency fluctuation | 22.5 | | 61.9 | | 23.2 |
Table 79 after “The table below reflects the acquisition of common stock by the Company in the three months ended September 30, 2025 that were not part of t”
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| Period | Total Number of Shares Purchased | Average Price Paid per Share |
| July 1 to July 31, 2025 | 107 | $233.21 |
| August 1 to August 31, 2025 | 18,138 | 246.65 |
| September 1 to September 30, 2025 | — | — |
| Total | 18,245 | $246.57 |
| Exhibit No. | Description |
| 31.1 | Certification of Chief Executive Officer pursuant to Rule 13a-14 (filed herewith). |
| 31.2 | Certification of Chief Financial Officer pursuant to Rule 13a-14 (filed herewith). |
| 32.1 | Certificate of Chief Executive Officer pursuant to Rule 13a-14(b) and Section 1350 of Chapter 63 of Title 18 of the United States Code (filed herewith). |
| 32.2 | Certificate of Chief Financial Officer pursuant to Rule 13a-14(b) and Section 1350 of Chapter 63 of Title 18 of the United States Code (filed herewith). |
| 101.INS | XBRL Instance Document (filed herewith). — The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. |
| 101.SCH | XBRL Taxonomy Extension Schema Document (filed herewith). |
| 101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document (filed herewith). |
First 8 of 12 rows. The CSV has all of them.