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CBOECboe Global Markets

Financials · Exchanges & Brokers · CBOE

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
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10-K 0001628280-26-010013 (2026-02-20) vs 10-K 0001628280-25-006984 (2025-02-21)

SectionCompared textWords nowChanged
Risk FactorsItem 1A16,244 16.2%
MD&AItem 714,384 31.6%
Legal ProceedingsItem 3, via Note 23 – COMMITMENTS, CONTINGENCIES, AND GUARANTEES1,867 36.0%
Accounting PoliciesItem 8, Note 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES3,541 19.0%

The redline: what was cut and what was added

In each section, the paragraph that changed most, marked against last year's 10-K: cut words struck through, new words highlighted and underlined.

MD&A 263 words changed in this paragraph; it is 40% similar to last year's version.
(4)Adjusted earnings is defined as net income adjusted for acquisition-related costs, amortization of acquired intangible assets, gain on Cboe Digital non-recourse notes and warrants wind down, contra-revenue associated with the Cboe Digital syndication wind down, change in contingent consideration, impairment of intangible assets, income from minority investment, loss on minority investments, costs related to the Cboe Digital wind down, gain on sale of property held for sale, certain tax reserve changes, and net income or loss allocated to participating securities, net of the income tax effects We believe our presentation of these adjustments. Adjusted earnings does not represent, measures provides additional and should not be considered as, comparative information to assess trends in our core operations and a means to evaluate period-to-period comparisons. Non-GAAP financial measures are provided as additional information to investors in order to provide them with an alternative method for assessing our financial condition and operating results. We have presented the following non-GAAP measures because we consider them important supplemental measures of our performance and believe that they are frequently used by analysts, investors, and other interested parties in the evaluation of companies. We use adjusted EBITDA as a measure of operating performance for preparation of our forecasts and evaluating our leverage ratio for the debt to net income or loss, as determined earnings covenant included in accordance with GAAP. We our outstanding credit facility. In addition, we have presented adjusted earnings because we consider it an important supplemental measure of our performance and we use it as the basis for monitoring our own core operating financial performance relative to other operators of exchanges. We also believe that it is frequently used by analysts, investors investors, and other interested parties in the evaluation of companies. We believe that investors may find this non-GAAP measure useful in evaluating our performance compared to that of peer companies in our industry. Other companies may calculate adjusted earnings differently than we do. Adjusted earnings has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of our results as reported under GAAP.

Source: Item 7, 10-K 0001628280-26-010013 vs Item 7, 10-K 0001628280-25-006984

Legal Proceedings 211 words changed in this paragraph; it is 38% similar to last year's version.
of the U.S. Constitution when it promulgated Rule 613 in 2012 mandating the creation and funding of the CAT. Plaintiffs’ motion for a preliminary injunction and stay was denied. On September 13, 2024, Citadel July 7, 2025, the U.S. District Court for the Western District of Texas ("Texas Federal District Court") granted the SEC's opposed motion to hold the case in abeyance and stay all deadlines until January 15, 2026. On January 15, 2026, the SEC filed a status report and an opposed Motion to Continue the Abeyance for an additional six months. On January 23, 2026, Plaintiffs filed a motion for class certification. On January 30, 2026, Plaintiffs filed a Renewed Motion for a Preliminary Injunction. On February 4, 2026, the Texas Federal District Court granted the SEC's opposed Motion to stay Continue the CAT Funding Model Order and to enjoin the collection of certain CAT fees during the pendency of this litigation, which the 11th Circuit denied on November 27, 2024. Oral argument on the merits was held on February 3, 2025. Abeyance until July 15, 2026. This challenge or any other challenge to the CAT Funding Model Order and/or Plan Participant(s) fee filings on behalf constitutionality of CATLLC may significantly delay efforts by CATLLC to continue collecting the CAT fees. may delay CATLLC’s assessment of CAT fees to recover a portion of CAT costs. As a result, the Plan Participants may continue to incur additional significant costs, and/or it may result in them not being able to collect on the promissory notes related to the funding of the implementation and operation of the CAT. The Company believes the challenge is without merit and intends to vigorously litigate the matter.

Source: Item 3, via Note 23 – COMMITMENTS, CONTINGENCIES, AND GUARANTEES, 10-K 0001628280-26-010013 vs Item 3, via Note 23 – COMMITMENTS, CONTINGENCIES, AND GUARANTEES, 10-K 0001628280-25-006984

Risk Factors 179 words changed in this paragraph; it is 77% similar to last year's version.
In addition, with respect to orders Cboe Trading routes to other markets for execution on behalf of our customers, Exchanges, Cboe Trading is exposed to some counterparty credit risk in the case of failure to perform on the part of our routing and clearing firms firms: Wedbush, Morgan Stanley, Goldman Sachs, Wolverine, and BOA, that are involved in processing equities and options transactions on our behalf, as well as failure on the part of such brokers to pass back any transactional rebates. Wedbush and Morgan Stanley guarantee equity trades until the trade has been submitted to and validated by NSCC, after which time NSCC provides a guarantee until the trade settles (T+1). Thus, Cboe Trading is potentially exposed to credit risk to the counterparty to from an equity trade routed to another market center until the trade has been processed and validated by NSCC on the trade date in the event that Wedbush or Morgan Stanley fails to perform. Additionally, BIDS Trading has counterparty credit risk exposure to BOA related to clearing until the trade has been processed and validated by the NSCC on the trade date. With respect to U.S. listed equity options and futures, options, we deliver matched trades of our customers to the OCC, which acts as a central counterparty on for all transactions occurring on Cboe Options, C2, BZX, EDGX, and CFE, and, EDGX. OCC also acts as a central counterparty for transactions in CFE products that are cleared by OCC. As such, OCC guarantees clearance and settlement of all of our matched touched options and all of our matched futures trades. and options on futures trades in CFE products cleared by OCC. With respect to Canadian equities, we deliver reports of matched trades of our customers to CDS, which acts as a central counterparty on all transactions occurring on Cboe Canada Inc. and, as such, guarantees clearance and settlement of all of our matched Canadian equities trades. With respect to trades in options and futures occurring on Cboe Europe Derivatives, CEDX, Cboe Clear Europe acts as a central counterparty that, for its clearing participants, members, becomes the buyer to every seller and the seller to every buyer. As a result, Cboe Clear Europe guarantees the timely performance of the settlement obligations of buyers and sellers and takes on the risk of the performance of the transactions that it clears. With respect to Australian equities and derivatives, we deliver matched trades of our customers to ASX Clear Pty Ltd and ASX Settlement Pty Ltd. ASX Clear Pty Ltd acts as a central counterparty on all transactions occurring on Cboe Australia and, as such, guarantees clearance and settlement on all of our matched trades in Australia. With respect to trades in CFE products cleared by Cboe Clear U.S., we deliver matched trades of our customers to Cboe Clear U.S., which acts as a central counterparty and guarantees clearance and settlement for those transactions.

Source: Item 1A, 10-K 0001628280-26-010013 vs Item 1A, 10-K 0001628280-25-006984

Accounting Policies 126 words changed in this paragraph; it is 54% similar to last year's version.
Goodwill represents the excess of purchase price over the value assigned to the net tangible and identifiable intangible assets of a business acquired. Goodwill is allocated to the Company’s reporting units based on the assignment of the fair values of each reporting unit of the acquired company. The Company tests goodwill for impairment at the reporting unit level annually, or in interim periods if certain events occur indicating that the carrying value may be impaired. Interim impairment testing was performed during the quarter ended June 30, 2022 due to the acquisition of Cboe Digital, resulting in an impairment charge to goodwill. During the quarter ended September 30, 2022 the Company concluded that the factors indicative of impairment were still relevant, resulting in the write-down of the remaining carrying value of goodwill to zero. See Note 10 ("Goodwill, Intangible Assets, Net and Digital Assets Held") for additional information. The annual impairment test is performed during the fourth quarter using October 1 carrying values, and if the fair value of the reporting unit is found to be less than the carrying value, an impairment loss is recorded. The Company performed its 2024 annual goodwill impairment test and determined that no additional impairment existed.

Source: Item 8, Note 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, 10-K 0001628280-26-010013 vs Item 8, Note 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, 10-K 0001628280-25-006984

Every change, by type

Sentences and paragraphs of CBOE's Risk Factors and MD&A, 10-K 2026-02-20 against 10-K 2025-02-21. Each links to the text at sec.gov.

Quiet changes are sentences kept from last year with one to four words changed, at least one of them a hedge, a modal or a qualifier (may, could, will, not, significant, material…). A year or date rolling forward is not counted.

The full word listadverse, adversely, all, although, anticipate, anticipates, any, approximately, believe, believes, can, cannot, certain, could, expect, expects, generally, however, if, intend, intends, largely, likely, many, material, materially, may, might, most, must, never, no, not, possible, primarily, probable, should, significant, significantly, some, substantial, substantially, unlikely, will, would

AddedRisk Factors
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.

Read it in 10-K 2026-02-20 at sec.gov ↗

AddedRisk Factors
•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.

Read it in 10-K 2026-02-20 at sec.gov ↗

AddedRisk Factors
•general economic, social, and political conditions, including increased political tensions and disagreements, including as a result of tariffs and trade policies, and geopolitical activity;

Read it in 10-K 2026-02-20 at sec.gov ↗

AddedRisk Factors
Global trade policies, including the assessment of tariffs and other impositions on imported goods, may have a material adverse impact on our business.

Read it in 10-K 2026-02-20 at sec.gov ↗

AddedRisk Factors
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.

Read it in 10-K 2026-02-20 at sec.gov ↗

AddedRisk Factors
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.

Read it in 10-K 2026-02-20 at sec.gov ↗

AddedRisk Factors
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.

Read it in 10-K 2026-02-20 at sec.gov ↗

AddedRisk Factors
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.

Read it in 10-K 2026-02-20 at sec.gov ↗

RemovedRisk Factors
•our ability to maintain BIDS Trading as an independently managed and operated trading venue, separate from and not integrated with our registered national securities exchanges;

Read it in 10-K 2025-02-21 at sec.gov ↗

RemovedRisk Factors
•We rely on third party routing and clearing firms to clear trades in U.S. listed equity securities routed by us to other markets, and to execute trades in options that we route to other markets.

Read it in 10-K 2025-02-21 at sec.gov ↗

RemovedRisk Factors
OCC has proposed to establish a margin add-on charge (“Intraday Risk Charge”) for all clearing member accounts to help mitigate the risks arising from intraday and overnight trading activity. If the Intraday Risk Charge is applied as currently proposed by OCC, clearing members’ costs associated with clearing our products, including SPX options, through OCC may increase, which may result in lower trading volumes on our exchanges and could have a material adverse impact on our business, financial condition, and operating results.

Read it in 10-K 2025-02-21 at sec.gov ↗

RemovedRisk Factors
settlement obligations of buyers and sellers and takes on the risk of the performance of the transactions that it clears. With respect to Australian equities and derivatives, we deliver matched trades of our customers to ASX Clear Pty Ltd and ASX Settlement Pty Ltd. ASX Clear Pty Ltd acts as a central counterparty on all transactions occurring on Cboe Australia and, as such, guarantees clearance and settlement on all of our matched trades in Australia. With respect to Japanese equities, we deliver matched trades of our customers to the JSCC, which acts as a central counterparty on all transactions occurring on Cboe Japan and, as such, guarantees clearance and settlement on all of our matched trades in Japan. With respect to trades in digital asset futures occurring on Cboe Digital Exchange, we deliver matched trades of our customers to Cboe Clear U.S., which acts as a central counterparty on all transactions occurring on Cboe Digital Exchange and, as such, guarantees clearance and settlement of all of those matched futures trades.

Read it in 10-K 2025-02-21 at sec.gov ↗

RemovedRisk Factors
With respect to U.S. listed equity and exchange traded product options, Cboe Trading is subject to counterparty credit risk exposure with respect to rebates earned from routing brokers until completion of the routing brokers’ next invoice cycle following the execution.

Read it in 10-K 2025-02-21 at sec.gov ↗

RemovedRisk Factors
May 2024, we halted trading on the Cboe Digital spot market, our spot digital asset trading platform, in-line with our plans to wind down the spot digital asset trading market and refocus the digital asset business to leverage Cboe’s core strengths in derivatives, technology and product innovation.

Read it in 10-K 2025-02-21 at sec.gov ↗

RemovedRisk Factors
In April 2024, we announced plans to wind down the spot crypto market offered by Cboe Digital and transition the cash-settled margin Bitcoin and Ether futures contracts currently listed on Cboe Digital Exchange to CFE, pending regulatory review. On May 31, 2024, we halted all trading on the Cboe Digital spot market. The Cboe Digital spot market is closed for all participant and trading purposes. The Company expects to maintain the derivatives clearing services currently operated by Cboe Clear U.S., integrating these functions and teams into the existing organizational structure. The Company has brought Cboe Clear U.S. under unified leadership with the Global Head of Clearing. In connection with shutting down the spot crypto exchange, the Company also determined to unwind the minority ownership structure in Cboe Digital. Our decision to wind down the Cboe Digital spot crypto market may adversely impact our ability to develop new products based on digital assets, including the development and distribution of digital asset indices for potential use in exchange traded products and other derivative product opportunities. The wind down could impact our reputation within the digital asset industry and negatively impact the demand for our Bitcoin and Ether futures contracts. We expect competition to increase as existing and new competitors introduce new products or enhance existing products and the wind down of the spot crypto market may impact how market participants perceive us. In addition, we may not be able to successfully transition Cboe Digital Exchange’s cash-settled margin Bitcoin and Ether futures contracts to CFE and integrate the clearing services currently operated by Cboe Clear U.S. into the existing organizational structure.

Read it in 10-K 2025-02-21 at sec.gov ↗

RemovedRisk Factors
the CFTC and subject to comprehensive regulation by the CFTC. Cboe Clear U.S. has surrendered or is in the process of surrendering its money transmitter licenses in the states where such licenses or equivalent were required to conduct business in connection with the Cboe Digital spot market, which closed on May 31, 2024. In addition, Cboe Clear U.S. has surrendered its BitLicense from the NYDFS.

Read it in 10-K 2025-02-21 at sec.gov ↗

RemovedRisk Factors
BIDS Trading’s ability to operate under its current regulatory framework is dependent upon the sufficiency of a novel operational and governance framework we have developed to govern our relationship with BIDS Trading and our ability to comply with such framework and if we fail to adhere to such framework or the BIDS Trading ATS is otherwise deemed a “facility” of our registered national securities exchanges, our business, financial condition, and operating results may be adversely affected.

Read it in 10-K 2025-02-21 at sec.gov ↗

RemovedRisk Factors
The U.S. equities ATS operated by BIDS Trading is regulated as a broker-dealer sponsored alternative trading system and not a registered national securities exchange. Because we acquired BIDS Trading, it is now under common ownership with our registered national securities exchanges that, in some cases, offer trading in the same securities as those traded on the BIDS Trading ATS. Absent sufficient separation, this common ownership of an ATS and registered national securities exchanges offering trading in the same securities presents the potential for the BIDS Trading ATS to be deemed a “facility” of our registered national securities exchanges. If the BIDS Trading ATS were to be deemed to be a “facility” of our registered national securities exchanges, certain exchange regulations could be extended to the BIDS Trading ATS, which could have a material adverse impact on BIDS Trading’s business model. This could reduce the BIDS Trading ATS’ competitiveness and volumes and could result in a reduction of the value of the BIDS Trading ATS to us. This could also potentially result in fines or other penalties being assessed against us for our failure to operate the BIDS Trading ATS as a “facility,” which could have a material adverse effect on our business, financial condition, and operating results.

Read it in 10-K 2025-02-21 at sec.gov ↗

RewordedRisk Factors
In addition, with respect to orders Cboe Trading routes to other markets for execution on behalf of our customers, Cboe Trading is exposed to counterparty credit risk in the case of failure to perform on the part of our routing Wedbush, Morgan Stanley, Goldman Sachs, Wolverine, and clearing firms BOA, that are involved in processing equities and options transactions on our behalf, as well as failure on the part of such brokers to pass back any transactional rebates.

Read it in 10-K 2026-02-20 at sec.gov ↗

RewordedRisk Factors
We are subject to risks related to operating our European clearinghouse, Cboe Clear Europe, and Cboe Clear U.S., the clearinghouse through which we facilitate the clearing of cash-settled margin Bitcoin and Ether futures, including Operating such clearinghouses subjects us to, among other risks, the risks of failing to meet strict business continuity and financial resources requirements and regulatory oversight, risks of default by clearing participants members and counterparties, due to bankruptcy, lack of liquidity, operational failure or other reasons, the risks associated with the adequacy of participants’ margin, default and interoperable funds, and risks related to investing of such funds.

Read it in 10-K 2026-02-20 at sec.gov ↗

RewordedRisk Factors
We depend Our business and operations are dependent on a number of service providers, third parties, including clearing organizations such as OCC, NSCC, DTC, the DTCC, the CDS, LCH, Cboe Clear Europe, and Cboe Clear U.S., our wholly-owned subsidiaries, JSCC, ASX Clear Pty Ltd, and SIX x-clear; our wholly-owned subsidiaries, Cboe Clear Europe, and Cboe Clear U.S.; securities information processors such as the CTA, UTP Securities Information Processor and OPRA; regulatory and other service providers such as FINRA and OCC; the hosts of our data and disaster recovery centers; and various vendors of communications and networking products and services.

Read it in 10-K 2026-02-20 at sec.gov ↗

RewordedRisk Factors
Differences in the calculations from methodologies described in published materials or materials, incorrect calculations of our indices indices, errors in the dissemination of data, or the failure to implement any planned remedial changes may result in the loss of perceived quality and integrity of our indices, loss of demand for our products, increased potential for investigations and enforcement proceedings, increased potential for failure to perform our obligations under agreements concerning our products or in our capacity as an index provider, and increased exposure to third-party claims and related litigation expenses, which could have a material adverse effect on our business, financial condition, and operating results.

Read it in 10-K 2026-02-20 at sec.gov ↗

RewordedRisk Factors
These systems and networks may be subject to various cybersecurity incidents such as improper or inadvertent access to or disclosure of confidential, commercially sensitive, or personally identifiable information, data theft, corruption or destruction, ransomware, supply chain attack, denial of service attack, malware malware, and other security problems, as well as acts of terrorism, attacks by threat actors including criminal groups, political activist groups and nation-state actors, attacks in connection with geopolitical activity such as the conflicts in Eastern Europe and the Middle East, criminal insider activity, employee error, and service provider, market participant or

Read it in 10-K 2026-02-20 at sec.gov ↗

RewordedRisk Factors
In addition, with respect to orders Cboe Trading routes to other markets for execution on behalf of our customers, Exchanges, Cboe Trading is exposed to some counterparty credit risk in the case of failure to perform on the part of our routing and clearing firms that are involved in processing equities and options transactions on our behalf, as well as failure on the part of such brokers to pass back any transactional rebates. firms:

Read it in 10-K 2026-02-20 at sec.gov ↗

RewordedRisk Factors
In addition, if CATLLC is no longer not able to collect fees again from Industry Members as a result of litigation or regulatory developments, the SROs may not be able to collect on the promissory notes related to the funding of the implementation and operation of the CAT and the SROs may continue to incur additional significant costs related to the historical, current, and future funding of the implementation and operation of the CAT.

Read it in 10-K 2026-02-20 at sec.gov ↗

RewordedRisk Factors
Trading in Bitcoin and Ether futures with margin treatment began in January 2024 and we Additionally, Cboe Clear U.S. could experience losses in excess of the collateral, collateral it holds, which may have an adverse effect on our business, if a clearing participant member defaults on its obligations to our clearinghouse, Cboe Clear U.S., and its margin and its guaranty fund deposits are insufficient to meet its obligations.

Read it in 10-K 2026-02-20 at sec.gov ↗

RewordedRisk Factors
Further, we have asked a court to review following the SEC’s disapproval of our 2024 proposed rule change to adopt a rule providing that our order and execution management systems (“OEMSs") (“OEMS") that operate independently from our registered national securities exchanges are not “facilities” of those exchanges. exchanges, we are seeking exemptive relief for our OEMSs from certain exchange regulations, such as rule filing requirements.

Read it in 10-K 2026-02-20 at sec.gov ↗

RewordedRisk Factors
Under Section 203 of the Delaware General Corporation Law, a Delaware corporation may not engage in any merger or other business combination with an interested stockholder for a period of three years following the date that the stockholder became an interested stockholder except in limited circumstances, including by approval of the corporation’s Board of Directors.

Read it in 10-K 2026-02-20 at sec.gov ↗

RewordedRisk Factors
With respect to U.S. listed equity options and futures, options, we deliver matched trades of our customers to the OCC, which acts as a central counterparty on for all transactions occurring on Cboe Options, C2, BZX, EDGX, and CFE, and, as such, guarantees clearance and settlement of all of our matched options and futures trades. EDGX.

Read it in 10-K 2026-02-20 at sec.gov ↗

RewordedRisk Factors
These actions, including MiFID II, MiFIR, a recent OCC margin requirement proposal, and requirements, the equity market structure rules and proposals, proposals and potential changes to Rule 611 of Regulation NMS (the Order Protection Rule), may incentivize trading away from our markets or cause market participants to reduce trading activity on or routing to our markets.

Read it in 10-K 2026-02-20 at sec.gov ↗

AddedMD&A
In 2025, following a comprehensive strategic review of its global business operations, Cboe initiated the wind down of its Japanese equities business, including the cessation of operations of its Cboe Japan proprietary trading system and Cboe BIDS Japan block trading platform, initiated a sales process for its Cboe Australia and Cboe Canada businesses, discontinued its U.S. and European Corporate Listings efforts, and reduced costs associated with its U.S. and European ETP Listings businesses, Cboe Europe Derivatives ("CEDX"), and several of Cboe’s smaller Risk and Market Analytics businesses. Subsequent to the year ended December 31, 2025, after further review of its global business operations, Cboe initiated the wind down of CEDX.

Read it in 10-K 2026-02-20 at sec.gov ↗

AddedMD&A
On May 1, 2025, the Company announced that its Board of Directors appointed longtime global financial markets executive, Craig S. Donohue, as the Company's new Chief Executive Officer and a member of the Board, effective May 7, 2025. Mr. Donohue succeeded Fredric J. Tomczyk who, as previously announced, has stepped down as Chief Executive Officer and will remain on the Board.

Read it in 10-K 2026-02-20 at sec.gov ↗

AddedMD&A
On May 28, 2025, the Company announced that Dave Howson, Executive Vice President and Global President, resigned from the Company, with his employment terminating at the end of the day on August 1, 2025. In connection with Mr. Howson's resignation, the Board appointed Mr. Donohue, Chief Executive Officer of the Company, as President of the Company, effective following August 1, 2025.

Read it in 10-K 2026-02-20 at sec.gov ↗

AddedMD&A
On August 18, 2025, the Company announced the appointment of Prashant A. Bhatia as Executive Vice President, Head of Enterprise Strategy & Corporate Development, effective September 2, 2025. Mr. Bhatia has advised the Company since December 2023 and previously led enterprise strategy and corporate development at TD Ameritrade for 11 years.

Read it in 10-K 2026-02-20 at sec.gov ↗

AddedMD&A
On September 30, 2025, the Company announced the appointment of two industry veterans to lead its Derivatives and Data Vantage businesses. Effective October 1, 2025, Robert A. Hocking rejoined as Executive Vice President, Global Head of Derivatives, and Brian McElligott joined as Senior Vice President, Global Head of Cboe Data Vantage. Mr. Hocking succeeded Cathy Clay who departed the Company in October 2025.

Read it in 10-K 2026-02-20 at sec.gov ↗

AddedMD&A
Subsequent to December 31, 2025, on January 26, 2026, the Company announced the planned appointments of Scott Johnston as Executive Vice President, Chief Operating Officer, and Heidi Fischer as Executive Vice President, Global Head of Equities and Spot Markets. Mr. Johnston will take over chief operating duties from Chris Isaacson, Executive Vice President and Chief Operating Officer, who is retiring from his role effective March 6, 2026. Ms. Fischer will assume oversight of Cboe’s global cash equities and spot markets, which Mr. Isaacson also oversaw. Mr. Isaacson will continue to serve as an advisor to Cboe through the end of 2026.

Read it in 10-K 2026-02-20 at sec.gov ↗

AddedMD&A
Comparative-period results for the Digital segment have been presented for historical purposes but have not been recast as the historical results of the Digital segment were not material, nor do they materially impact the financial results, trends, or forecasts of the Futures segment. As a result, for the year ended December 31, 2025, operating results included within the Digital operating segment are presented within the Futures reporting segment. See Note 16 (“Segment Reporting”) for more information.

Read it in 10-K 2026-02-20 at sec.gov ↗

AddedMD&A
•the potential introduction of new or competing financial products or services by competitors in the industry, including those enabled by new technologies;

Read it in 10-K 2026-02-20 at sec.gov ↗

AddedMD&A
•implementation of the SEC's reduced equity access fee cap and other potential market structure changes may lead to decreased exchange trading, and reduced transaction fee revenue;

Read it in 10-K 2026-02-20 at sec.gov ↗

AddedMD&A
•ongoing costs and uncertainties related to the historical, current, and future funding of the implementation and operation of the CAT, litigation and regulatory developments related to CAT, and the ability to collect on the promissory notes related to the funding of CAT; and

Read it in 10-K 2026-02-20 at sec.gov ↗

AddedMD&A
(1)Adjusted operating income is defined as operating income after relevant operating adjustments, which includes revenue, cost of revenues, and operating expense adjustments, as applicable. Adjusted operating margin represents adjusted operating income divided by revenues less cost of revenues. Operating EBITDA is defined as operating income before depreciation and amortization. Operating EBITDA margin represents operating EBITDA divided by revenues less cost of revenues. Adjusted operating EBITDA is calculated by adding back to operating EBITDA relevant operating adjustments, which includes revenue, cost of revenues, and operating expense adjustments, as applicable. Adjusted operating EBITDA margin represents adjusted operating EBITDA divided by revenues less cost of revenues. Relevant adjustments are detailed in the reconciliations that follow.

Read it in 10-K 2026-02-20 at sec.gov ↗

AddedMD&A
(2)EBITDA is defined as income before interest, net, income taxes, and depreciation and amortization. EBITDA margin represents EBITDA divided by revenues less cost of revenues. Adjusted EBITDA is calculated by adding back to EBITDA relevant adjustments, which includes revenue, cost of revenues, operating expense, and non-operating adjustments, as applicable. Adjusted EBITDA margin represents adjusted EBITDA divided by revenues less cost of revenues. Adjusted earnings is defined as net income after relevant adjustments, which includes revenue, cost of revenues, operating expense, non-operating adjustments, certain tax adjustments, and net income or loss allocated to participating securities, net of income tax effects of these adjustments, as applicable. Adjusted diluted earnings per share represents adjusted earnings divided by diluted weighted average shares outstanding. Relevant adjustments are detailed in the reconciliations that follow.

Read it in 10-K 2026-02-20 at sec.gov ↗

RemovedMD&A
In October 2022, the Company, through its wholly-owned subsidiary, Cboe Netherlands Services Company B.V., entered into a Data Provider Agreement with Pyth Data Association (“Pyth”) to create a data feed and begin publishing limited derived equities market data for certain symbols from one of its four U.S. equities exchanges on the Pyth Network, a decentralized financial market data distribution platform for aggregated data. In exchange, Pyth granted Cboe Netherlands Services Company B.V. 16,666,666 restricted PYTH tokens which unlock annually over a four-year period in equal tranches; the first 25% tranche of PYTH tokens unlocked in May 2024. The PYTH tokens, which are included within intangible assets, net in the consolidated balance sheets, are carried at their historical value of $0.06 per token and are reviewed each reporting period for potential impairment. In May 2024, the Company recorded $1.0 million in market data fees revenue on the consolidated statements of income, which represents the historical value of the grant of 16,666,666 restricted PYTH tokens earned for satisfying the performance obligations outlined in the Data Provider Agreement. The Company has earned additional PYTH tokens by continuing to provide data to the Pyth Network through various Pyth Reward Programs. Through December 31, 2024, the Company earned an additional 725,000 PYTH tokens via the Pyth Reward Programs. The Company recorded additional intangible assets and revenue based on the token fair value when earned.

Read it in 10-K 2025-02-21 at sec.gov ↗

RemovedMD&A
On November 25, 2024, Cboe Clear Europe announced that it received regulatory approval to clear European SFT. The service supports key regulatory initiatives such as the European Market Infrastructure Regulation, Central Securities Depository Regulation, and the Securities Financing Transactions Regulation, thereby promoting transparency, market integrity, and competition in European capital markets. As of December 31, 2024, no SFT trades had occurred on the Cboe Clear Europe platform.

Read it in 10-K 2025-02-21 at sec.gov ↗

RemovedMD&A
Digital. The Digital segment includes a regulated futures exchange (Cboe Digital Exchange) and a regulated clearinghouse (Cboe Clear U.S.), as well as revenue generated from the licensing of proprietary market data and from access and capacity services. Prior to May 31, 2024, the Digital segment also included a U.S.-based spot digital asset trading market (“Cboe Digital spot market”). As of May 31, 2024, the Cboe Digital spot market is closed for all participant and trading purposes. In addition, the Company plans to transition the cash-settled margin Bitcoin and Ether futures contracts, currently available for trading on the Cboe Digital Exchange, to CFE in the first half of 2025, pending regulatory review. The Company expects that Digital will cease to be a distinct reportable business segment in the first quarter of 2025.

Read it in 10-K 2025-02-21 at sec.gov ↗

RemovedMD&A
held minority investments, income earned related to the Company’s minority investments, equity earnings or losses from our investments in other business ventures, impairment of the Company’s investments, investment establishment costs associated with new business ventures, and gains and losses relating to the dissolution of the Cboe Digital syndication.

Read it in 10-K 2025-02-21 at sec.gov ↗

RemovedMD&A
We believe our presentation of these measures provides investors with greater transparency into financial measures used by management and is useful to investors for period-to-period comparisons of our ongoing operating performance.

Read it in 10-K 2025-02-21 at sec.gov ↗

RemovedMD&A
Year Ended Increase/ Percent December 31, (Decrease) Change 2024 2023 Compensation and benefits $ 462.4 $ 425.8 $ 36.6 9% Depreciation and amortization 133.0 158.0 (25.0) (16)% Technology support services 102.8 99.7 3.1 3% Professional fees and outside services 94.8 92.0 2.8 3% Travel and promotional expenses 45.8 37.6 8.2 22% Facilities costs 24.6 25.7 (1.1) (4)% Acquisition-related costs 1.3 7.4 (6.1) (82)% Impairment of intangible assets 81.0 — 81.0 100% Other expenses 28.3 13.9 14.4 104% Total operating expenses $ 974.0 $ 860.1 $ 113.9 13%

Read it in 10-K 2025-02-21 at sec.gov ↗

RemovedMD&A
As a result of the Company’s annual impairment analysis, in which the Company’s reporting units estimated fair values were substantially in excess of their carrying values, we do not consider our goodwill and indefinite-lived intangibles to have a significant risk of additional impairment at December 31, 2024.

Read it in 10-K 2025-02-21 at sec.gov ↗

RewordedMD&A
Year Ended December 31, 2025 2024 2023 Net income allocated to common stockholders $ 1,094.8 $ 761.0 $ 757.5 Acquisition-related costs (a) 0.3 1.3 7.4 Amortization of acquired intangible assets (b) 69.9 88.7 116.6 Business realignment costs (c) 7.0 2.1 Cboe Digital syndication wind down (d) — (1.0) Change in contingent consideration (e) — 2.1 Non-operating investment adjustments, net (f) (96.8) 31.4 Executive compensation adjustment (g) 1.6 — Gain on Cboe Digital non-recourse notes and warrants wind down (h) — (1.4) — Cboe Digital syndication wind down (1.0) — Change in contingent consideration 2.1 (14.4) Impairment of intangible assets 81.0 — Income from investment — (2.1) Loss on investments 31.4 1.8 Costs related to Cboe Digital wind down 2.1 — Gain on sale of property held for sale (i) — (1.0) — Impairment of assets (j) 46.7 81.0 Tax effect of adjustments (8.2) (52.2) (30.7) Deferred tax re-measurements (k) 13.3 — Release of tax reserves (k) (6.6) (8.1) (6.0) Valuation allowances (l) — 5.0 (2.7) Deferred tax re-measurements — 1.1 Net income allocated to participating securities (0.3) (0.9) (0.4) Adjusted earnings $ 1,121.7 $ 908.0 $ 828.1

Read it in 10-K 2026-02-20 at sec.gov ↗

RewordedMD&A
Section 31 Regulatory fees increased cost of revenues decreased for the year ended December 31, 2024 2025 compared to the year ended December 31, 2023 2024 primarily due to a 94% increase 49% decrease in the Section 31 fee rate, from an average rate of $10.35 per million dollars of covered sales for the year ended December 31, 2023 to an average rate of $20.08 per million dollars of covered sales for the year ended December 31, 2024. 2024 to an average rate of $10.26 per million dollars of covered sales for the year ended December 31, 2025, following a rate change effective May 2025 to $0 per million dollars of covered

Read it in 10-K 2026-02-20 at sec.gov ↗

RewordedMD&A
During the year ended December 31, 2024, 2025, net cash used in flows provided by investing activities primarily consisted of purchases of available-for-sale financial the proceeds from our equity method and minority investments of $115.6 million, purchases of property $441.8 million and equipment and leasehold improvements of $60.9 million, and contributions to investments of $40.2 million, partially offset by proceeds from maturities of available-for-sale financial investments of $67.9 $248.1 million, partially offset by purchases of available-for-sale financial investments of $174.8 million and purchases of property and equipment and leasehold improvements, net of $71.0 million.

Read it in 10-K 2026-02-20 at sec.gov ↗

RewordedMD&A
Revenues less cost of revenues increased $30.0 $53.3 million for the year ended December 31, 2024 2025 compared to the year ended December 31, 2023 2024 primarily due to an increase in net transaction and clearing fees, driven by a 12% 31% increase in Cboe European equities' net capture, Equities matched ADNV and a 4% increase in Cboe European equities' matched ADNV, a 72% increase in Cboe Japanese Equities ADNV, a 13% 22% increase in Cboe Clear Europe's Europe net fee per settlement, settlement volumes, coupled with an 11% increase in Cboe Clear Europe's net settlement volume, and an increase a decrease in interest income expense attributable to Cboe Clear Europe. Europe, driven primarily by a decrease in interest rates.

Read it in 10-K 2026-02-20 at sec.gov ↗

RewordedMD&A
Liquidity payments decreased increased for the year ended December 31, 2024 2025 compared to the year ended December 31, 2023 2024 primarily due to a decline in liquidity payments on the Cboe options exchanges, as a result of a 2% decline in multi-listed options market share, partially offset by an increase in liquidity payments on the Cboe U.S. equities equity exchanges as a result of a shift 26% increase in volumes total matched shares, coupled with an increase in liquidity payments on the Cboe options exchanges as a result of certain market participants. a 24% increase in multi-listed options ADV.

Read it in 10-K 2026-02-20 at sec.gov ↗

RewordedMD&A
Revenues less cost of revenues increased $18.5 $23.4 million for the year ended December 31, 2024 2025 compared to the year ended December 31, 2023 2024 primarily due to an increase in net transaction access and clearing fees, capacity fees driven by a 17% increase in Cboe U.S. equities exchanges' net capture, an increase in logical and physical port fees, fees revenue and an increase in proprietary market data revenue, partially offset by a decrease in industry market data fees, driven by a decrease in U.S. tape plan revenue as a result of a 1% decline an increase in tape plan revenue and proprietary market share on the Cboe U.S. equities exchanges. data revenue.

Read it in 10-K 2026-02-20 at sec.gov ↗

RewordedMD&A
Cash and cash equivalents as of December 31, 2024 2025 increased $377.1 $1,296.2 million from December 31, 2023 2024 primarily due to the results of operations and operations, the proceeds from maturities of available-for-sale financial our equity method and minority investments, the adjustment for depreciation and amortization, and the change in accounts receivable, partially offset by outflows from cash dividends, repurchases of our dividends on common stock, purchases of available-for-sale financial investments, purchases of property stock and equipment, and contributions to investments. the change in Section 31 fees payable.

Read it in 10-K 2026-02-20 at sec.gov ↗

RewordedMD&A
Net transaction and clearing fees increased primarily due to a 17% increase in Cboe U.S. equities exchanges' net capture, a 12% 31% increase in Cboe European equities' net capture, a 4% increase in Cboe European equities' equities matched ADNV, a 72% increase in Cboe Japanese equities' ADNV, and a 13% increase in Cboe Clear Europe's net fee per settlement, coupled with an 11% Global FX ADNV, and a 22% increase in Cboe Clear Europe's Europe net settlement volume. volumes.

Read it in 10-K 2026-02-20 at sec.gov ↗

RewordedMD&A
Earnings on investments decreased investments, net increased for the year ended December 31, 2024 2025 compared to the year ended December 31, 2023 2024 primarily due to a decrease of $10.3 $90.8 million in the equity earnings net realized gains on the Company's equity method investment in the 7Ridge Investments 3 LP ("7Ridge Fund") Fund (which owns owned Trading Technologies International Inc. Technologies) recorded in 2025 as a result of Trading Technologies' sale to a third party in November 2025.

Read it in 10-K 2026-02-20 at sec.gov ↗

RewordedMD&A
Royalty fees and other cost of revenues increased for the year ended December 31, 2024 2025 compared to the year ended December 31, 2023 2024 primarily due to an increase in trading volumes of licensed products in the Options segment, partially offset by a decrease in operating interest expense attributable to Cboe Clear Europe as a result of the changing interest rate environment and resulting in a change decrease in its investment policy, coupled with an increase in trading volumes of licensed products in the Options segment. interest paid to customers.

Read it in 10-K 2026-02-20 at sec.gov ↗

RewordedMD&A
Other (expense) income, income (expense), net decreased increased for the year ended December 31, 2024 2025 compared to the year ended December 31, 2023 2024 primarily due to a $16.0 million impairment charge recorded on the Company's minority investment in Globacap Technology Limited recorded in the second quarter of 2024, coupled with a $10.5 million impairment charge on the Company's minority investment in Eris Innovations Holdings, LLC recorded in the fourth quarter of 2024, partially offset by a $5.3 million increase which did not recur in dividend income related to the Company's minority investment in Vest Group Inc. 2025.

Read it in 10-K 2026-02-20 at sec.gov ↗

RewordedMD&A
With respect to U.S. government securities transactions executed on Cboe Fixed Income, we use ABN and/or Mirae Asset Securities (USA) Inc. to deliver matched trades to the Fixed Income Clearing Corporation (FICC) Government Securities Division (GSD), which acts as a central counterparty on all transactions occurring on Cboe Fixed Income and, as such, guarantees clearance and settlement of all of those matched trades. FICC GSD.

Read it in 10-K 2026-02-20 at sec.gov ↗

Work on CBOE in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/CBOE/export.csv") into a cell.