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CBOECboe Global Markets

Financials · Exchanges & Brokers · CBOE
CBOE quote by TradingView
Compare with peers → Embed
FY2025 at a glance

Sales up 15.1%, free cash flow up to $1.7B

XBRL, from each 10-K
RevenueStatements ↓
$4.7B
from $4.1B in FY2024
FY2016FY2025
Net incomeStatements ↓
$1.1B
from $764.9M in FY2024
FY2016FY2025
Free cash flowStatements ↓
$1.7B
from $1.0B in FY2024
FY2016FY2025
EPS (diluted)Statements ↓
$10.42
from $7.21 in FY2024
FY2016FY2025
Operating marginStatements ↓
31.1%
from 26.8% in FY2024
FY2016FY2025
Total debtStatements ↓
$1.4B
from $1.4B in FY2024
FY2016FY2025
Price and key numbers

The latest figures

All key numbers (39, from the latest 10-K and 10-Q) From EDGAR
EPS (ttm)14.05Sales (ttm)5.3BNet income (ttm)1.5BSales growth+15.1%EPS growth+44.5%Sales Q/Q+19.0%
Free cash flow2.5BGross margin53.9%Oper. margin36.4%Net margin28.0%FCF margin47.9%ROE25.0%
ROA13.2%R&D / sales-Dividend2.70Debt/Eq0.24Curr. ratio1.61Cash2.7B
Op. cash flow (ttm)2.6BEBITDA1.6BEBITDA margin33.7%Net debt-1.2BQuick ratio1.61Interest cover28.05
ROIC14.0%Payout ratio25.9%Tax rate29.8%Stock pay / sales1.1%Shares out.104.3MShares Y/Y-0.4%
Book / share56.81Cash / share25.52Sales / share50.59Asset turnover0.47Days sales out.30Sales 3Y CAGR+6.0%
Sales 5Y CAGR+6.6%EPS 3Y CAGR+68.2%EPS 5Y CAGR+19.5%

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2025 against FY2024
  • Free cash flow rose 62%$1.0B → $1.7B · Cash from operations − capital expenditure · 10-K ↗
  • Revenue growth sped up to +15.1%+8.5% → +15.1% · Revenue FY2025 / revenue FY2024 − 1, against the same a year earlier · 10-K ↗
  • Operating margin widened to 31.1%26.8% → 31.1% · Operating income / revenue · 10-K ↗
What management wrote about it → · Every company →

CBOE against Financials peers

Ten years, side by side → · All 76 →
GrowthProfitBalanceCleanInsiders
CBOEPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 76 companies, the better end on the right. Hover a dot for the company.

Sales growth
+15.1%14th of 76 · median +7.2%
Net margin
28.0%18th of 76 · median 20.4%
Return on equity
25.0%14th of 74 · median 16.7%
Free cash flow margin
47.9%3rd of 49 · median 21.5%
Debt / equity (less is better)
0.2412th of 62 · median 0.70
CBOE and the 5 peers closest in revenue
CompanyRevenue (ttm)Sales growthGross marginNet marginROEFCF marginDebt / equity
CBOE Cboe Global Markets$5.3B +15.1%53.9%28.0%25.0%47.9%0.24
GL Globe Life$6.3B +3.7%-18.9%17.9%21.3%0.45
ARES Ares Management$5.8B +44.2%-7.5%11.3%--
COIN Coinbase$5.6B +9.4%--12.5%-5.0%-0.48
CPAY Corpay$5.2B +13.9%-23.7%37.7%25.5%3.41
HOOD Robinhood Markets$5.1B +51.6%-39.0%19.7%-0.26
Where each dollar goes

From $3.5B of sales to $529.0M of profit

FY2021, from the 10-K income statement
Revenue to Gross profit: $1.5BRevenue to Cost of revenue: $2.0BGross profit to Operating profit: $805.9MGross profit to Operating expenses: $670.2MOperating profit to Net profit: $529.0MOperating profit to Tax & other: $276.9M Revenue: $3.5B Revenue$3.5B +2% Y/Y Gross profit: $1.5B · 42% margin Gross profit$1.5B42% margin +18% Y/Y Cost of revenue: $2.0B · 58% of revenue Cost of revenue$2.0B58% of revenue Operating profit: $805.9M · 23% margin Operating profit$805.9M23% margin +22% Y/Y Operating expenses: $670.2M · 19% of revenue Operating expenses$670.2M19% of revenue Net profit: $529.0M · 15% margin Net profit$529.0M15% margin +13% Y/Y Tax & other: $276.9M · 8% of revenue Tax & other$276.9M8% of revenue

Swipe sideways for the whole flow →

From $4.0B of sales to $234.1M of profit

FY2022, from the 10-K income statement and revenue by segment
Options to Revenue: $1.8BNorth American Equities to Revenue: $1.7BEurope And Asia Pacific to Revenue: $264.6MFutures to Revenue: $119.8MGlobal FX to Revenue: $68.9MDigital to Revenue: $300KRevenue to Gross profit: $1.7BRevenue to Cost of revenue: $2.2BGross profit to Operating profit: $489.6MGross profit to Operating expenses: $1.3BOperating profit to Net profit: $234.1MOperating profit to Tax & other: $255.5M Options: $1.8B · 46% Options$1.8B46% North American Equities: $1.7B · 42% North American Equities$1.7B42% Europe And Asia Pacific: $264.6M · 7% Europe And Asia Pacific$264.6M7% Futures: $119.8M · 3% Futures$119.8M3% Global FX: $68.9M · 2% Global FX$68.9M2% Digital: $300K · 0% Digital$300K0% Revenue: $4.0B Revenue$4.0B +13% Y/Y Gross profit: $1.7B · 44% margin Gross profit$1.7B44% margin +18% Y/Y Cost of revenue: $2.2B · 56% of revenue Cost of revenue$2.2B56% of revenue Operating profit: $489.6M · 12% margin Operating profit$489.6M12% margin −39% Y/Y Operating expenses: $1.3B · 32% of revenue Operating expenses$1.3B32% of revenue Net profit: $234.1M · 6% margin Net profit$234.1M6% margin −56% Y/Y Tax & other: $255.5M · 6% of revenue Tax & other$255.5M6% of revenue

Swipe sideways for the whole flow →

From $3.8B of sales to $761.4M of profit

FY2023, from the 10-K income statement and revenue by segment
Options to Revenue: $1.9BNorth American Equities to Revenue: $1.4BEurope And Asia Pacific to Revenue: $281.2MFutures to Revenue: $129.0MGlobal FX to Revenue: $74.9MRevenue to Gross profit: $1.9BRevenue to Cost of revenue: $1.9BGross profit to Operating profit: $1.1BGross profit to Operating expenses: $860.1MOperating profit to Net profit: $761.4MOperating profit to Tax & other: $296.5M Options: $1.9B · 51% Options$1.9B51% North American Equities: $1.4B · 36% North American Equities$1.4B36% Europe And Asia Pacific: $281.2M · 7% Europe And Asia Pacific$281.2M7% Futures: $129.0M · 3% Futures$129.0M3% Global FX: $74.9M · 2% Global FX$74.9M2% Revenue: $3.8B Revenue$3.8B −5% Y/Y Gross profit: $1.9B · 51% margin Gross profit$1.9B51% margin +10% Y/Y Cost of revenue: $1.9B · 49% of revenue Cost of revenue$1.9B49% of revenue Operating profit: $1.1B · 28% margin Operating profit$1.1B28% margin +116% Y/Y Operating expenses: $860.1M · 23% of revenue Operating expenses$860.1M23% of revenue Net profit: $761.4M · 20% margin Net profit$761.4M20% margin +225% Y/Y Tax & other: $296.5M · 8% of revenue Tax & other$296.5M8% of revenue

Swipe sideways for the whole flow →

From $4.1B of sales to $764.9M of profit

FY2024, from the 10-K income statement
Revenue to Gross profit: $2.1BRevenue to Cost of revenue: $2.0BGross profit to Operating profit: $1.1BGross profit to Operating expenses: $974.0MOperating profit to Net profit: $764.9MOperating profit to Tax & other: $333.5M Revenue: $4.1B Revenue$4.1B +9% Y/Y Gross profit: $2.1B · 51% margin Gross profit$2.1B51% margin +8% Y/Y Cost of revenue: $2.0B · 49% of revenue Cost of revenue$2.0B49% of revenue Operating profit: $1.1B · 27% margin Operating profit$1.1B27% margin +4% Y/Y Operating expenses: $974.0M · 24% of revenue Operating expenses$974.0M24% of revenue Net profit: $764.9M · 19% margin Net profit$764.9M19% margin +0% Y/Y Tax & other: $333.5M · 8% of revenue Tax & other$333.5M8% of revenue

Swipe sideways for the whole flow →

From $4.7B of sales to $1.1B of profit

FY2025, from the 10-K income statement and revenue by segment
Options to Revenue: $2.4BNorth American Equities to Revenue: $1.7BEurope And Asia Pacific to Revenue: $378.6MFutures to Revenue: $135.9MGlobal FX to Revenue: $93.8MRevenue to Gross profit: $2.4BRevenue to Cost of revenue: $2.3BGross profit to Operating profit: $1.5BGross profit to Operating expenses: $962.0MOperating profit to Net profit: $1.0BOperating profit to Tax: $466.6MOther income to Net profit: $99.5M Options: $2.4B · 52% Options$2.4B52% North American Equities: $1.7B · 35% North American Equities$1.7B35% Europe And Asia Pacific: $378.6M · 8% Europe And Asia Pacific$378.6M8% Futures: $135.9M · 3% Futures$135.9M3% Global FX: $93.8M · 2% Global FX$93.8M2% Revenue: $4.7B Revenue$4.7B +15% Y/Y Gross profit: $2.4B · 52% margin Gross profit$2.4B52% margin +17% Y/Y Cost of revenue: $2.3B · 48% of revenue Cost of revenue$2.3B48% of revenue Operating profit: $1.5B · 31% margin Operating profit$1.5B31% margin +34% Y/Y Other income: $99.5M · 2% of revenue Other income$99.5M2% of revenue Operating expenses: $962.0M · 20% of revenue Operating expenses$962.0M20% of revenue Net profit: $1.1B · 23% margin Net profit$1.1B23% margin +44% Y/Y Tax: $466.6M · 10% of revenue Tax$466.6M10% of revenue

Swipe sideways for the whole flow →

Where each $100 of sales went

FY2021
FY2022
FY2023
FY2024
FY2025
  • Cost of revenue
  • Sales, admin & other
  • Tax, less other income
  • Net profit

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. Revenue by part only for the years in the last two 10-Ks' segment tables. The full income statement →

Profitability

4 of 4
  • ✓
    Net margin above the peer median28.0% vs 20.4%
  • ✓
    Gross margin up over 5 years36.6% → 51.5%
  • ✓
    Return on equity above 15%25.0%
  • ✓
    A profit in every one of 10 years
Net margin, FY2016 to FY2025: 26.6% → 23.3%

Cash and shareholders

2 of 2
  • ✓
    Share count down over 5 years−3.8%
  • ✓
    Dividend per share up over 5 years$1.56 → $2.70
Free cash flow, FY2016 to FY2025: 185.2M → 1.7B

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

Debt

$1.1B of principal due, schedule of Sep 30, 2026

Repayment schedule →

From the balance sheet in the latest 10-K or 10-Q (XBRL). When each part falls due, year by year, and the debt note's own lines are on the Debt tab.

Revenue and net income, FY2016 to FY2025

Revenue 4.7B Net income 1.1B
FY2016 revenue 703.1M · Revenues, 0001558370-18-000953 FY2016 net income 186.8M · NetIncomeLoss, 0001558370-19-000884 703.1M FY2016 FY2017 revenue 2.2B · Revenues, 0001558370-18-000953 FY2017 net income 401.7M · NetIncomeLoss, 0001558370-20-001127 2.2B FY2017 FY2018 revenue 2.8B · RevenueFromContractWithCustomerIncludingAssessedTax, 0001558370-21-001286 FY2018 net income 426.5M · NetIncomeLoss, 0001558370-21-001286 2.8B FY2018 FY2019 revenue 2.5B · RevenueFromContractWithCustomerIncludingAssessedTax, 0001558370-22-001386 FY2019 net income 374.9M · NetIncomeLoss, 0001558370-22-001386 2.5B FY2019 FY2020 revenue 3.4B · RevenueFromContractWithCustomerIncludingAssessedTax, 0001558370-23-001489 FY2020 net income 468.2M · NetIncomeLoss, 0001558370-22-001386 3.4B FY2020 FY2021 revenue 3.5B · RevenueFromContractWithCustomerIncludingAssessedTax, 0001558370-24-001277 FY2021 net income 529.0M · NetIncomeLoss, 0001558370-22-001386 3.5B FY2021 FY2022 revenue 4.0B · RevenueFromContractWithCustomerIncludingAssessedTax, 0001628280-25-006984 FY2022 net income 234.1M · NetIncomeLossAvailableToCommonStockholdersBasic, 0001628280-25-006984 4.0B FY2022 FY2023 revenue 3.8B · RevenueFromContractWithCustomerIncludingAssessedTax, 0001628280-26-010013 FY2023 net income 761.4M · NetIncomeLoss, 0001628280-26-010013 3.8B FY2023 FY2024 revenue 4.1B · RevenueFromContractWithCustomerIncludingAssessedTax, 0001628280-26-010013 FY2024 net income 764.9M · NetIncomeLoss, 0001628280-26-010013 4.1B FY2024 FY2025 revenue 4.7B · RevenueFromContractWithCustomerIncludingAssessedTax, 0001628280-26-010013 FY2025 net income 1.1B · NetIncomeLoss, 0001628280-26-010013 4.7B FY2025

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

Statements

Income statement, balance sheet and cash flow

XBRL, each 10-K and 10-Q

CBOE's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly
Revenue4.7B
FY2016: 703.1MFY2017: 2.2BFY2018: 2.8BFY2019: 2.5BFY2020: 3.4BFY2021: 3.5BFY2022: 4.0BFY2023: 3.8BFY2024: 4.1BFY2025: 4.7B FY2017FY2019FY2021FY2023FY2025
Net income1.1B
FY2016: 186.8MFY2017: 401.7MFY2018: 426.5MFY2019: 374.9MFY2020: 468.2MFY2021: 529.0MFY2022: 234.1MFY2023: 761.4MFY2024: 764.9MFY2025: 1.1B FY2017FY2019FY2021FY2023FY2025
Free cash flow1.7B
FY2016: 185.2MFY2017: 336.9MFY2018: 498.4MFY2019: 597.7MFY2020: 1.4BFY2021: 545.8MFY2022: 591.3MFY2023: 1.0BFY2024: 1.0BFY2025: 1.7B FY2017FY2019FY2021FY2023FY2025
EPS (diluted)10.42
FY2016: 2.27FY2017: 3.69FY2018: 3.76FY2019: 3.34FY2020: 4.27FY2021: 4.92FY2022: 2.19FY2023: 7.13FY2024: 7.21FY2025: 10.42 FY2017FY2019FY2021FY2023FY2025
Dividend per share2.70
FY2016: 0.96FY2017: 1.04FY2018: 1.16FY2019: 1.34FY2020: 1.56FY2021: 1.80FY2022: 1.96FY2023: 2.10FY2024: 2.36FY2025: 2.70 FY2017FY2019FY2021FY2023FY2025
Diluted shares105.1M
FY2016: 81.4MFY2017: 107.5MFY2018: 112.2MFY2019: 111.8MFY2020: 109.3MFY2021: 107.2MFY2022: 106.7MFY2023: 106.2MFY2024: 105.5MFY2025: 105.1M FY2017FY2019FY2021FY2023FY2025

The segments changed

10-K filed 2026-02-20
As of January 1, 2025, the Company prospectively reorganized the Digital operating segment results into the Futures reporting segment as the Company expected to transition its cash-settled margin Bitcoin and Ether futures contracts, formerly available for trading on the Cboe Digital Exchange to CFE, which was completed on June 9, 2025. 10-K

When a company changes its segments, the years before are usually recast, so growth by segment is not comparable with what earlier 10-Ks showed. Found by comparing the segments with revenue in the last two 10-Ks (XBRL) and by the 10-K's own words, without AI.

Revenue by business segment

year to Dec 31, 2025
RevenueSharevs year before
Options 2.4B51.6% +21.5%
North American Equities 1.7B35.5% +8.1%
Europe And Asia Pacific 378.6M8.0% +16.8%
Futures 135.9M2.9% -3.7%
Global FX 93.8M2.0% +17.4%
Digital 00.0% -

10-K 0001628280-26-010013, segment and revenue notes (XBRL).

Revenue by product or service

year to Dec 31, 2025
RevenueSharevs year before
Transaction and clearing fees 3.6B76.3% +23.9%
Derivatives markets 2.2B47.6% +21.4%
Cash and spot markets 1.8B38.9% +9.9%
Data Vantage 635.5M13.5% +10.2%
Access and capacity fees 408.7M8.7% +10.5%
Market data fees 326.6M6.9% +10.8%
Regulatory fees cost of revenues 285.4M6.1% -33.1%
Other revenue 95.9M2.0% -3.1%

10-K 0001628280-26-010013, segment and revenue notes (XBRL).

Income statement

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue703.1M2.2B2.8B2.5B3.4B3.5B4.0B3.8B4.1B4.7B
Cost of revenue136.7M1.2B1.6B1.4B2.2B2.0B2.2B1.9B2.0B2.3B
Gross profit566.4M995.6M1.2B1.1B1.3B1.5B1.7B1.9B2.1B2.4B
Operating income298.2M371.9M599.4M537.2M662.2M805.9M489.6M1.1B1.1B1.5B
Interest expense5.7M42.6M40.5M37.8M38.7M48.0M60.0M62.4M51.5M52.3M
Pretax income306.6M334.4M571.2M501.4M660.4M756.1M432.9M1.0B1.1B1.6B
Income tax120.9M-66.2M146.0M130.6M192.2M227.1M197.9M286.2M318.9M466.6M
Net income186.8M401.7M426.5M374.9M468.2M529.0M234.1M761.4M764.9M1.1B
EPS (diluted)2.273.693.763.344.274.922.197.137.2110.42
Diluted shares81.4M107.5M112.2M111.8M109.3M107.2M106.7M106.2M105.5M105.1M
Depreciation & amortization44.4M192.2M204.0M176.6M158.5M167.4M166.8M158.0M133.0M122.4M
EBITDA342.6M564.1M803.4M713.8M820.7M973.3M656.4M1.2B1.2B1.6B
Gross margin80.6%44.7%44.0%45.5%36.6%42.2%44.0%50.8%50.6%51.5%
Operating margin42.4%16.7%21.6%21.5%19.3%23.1%12.4%28.0%26.8%31.1%
Net margin26.6%18.0%15.4%15.0%13.7%15.1%5.9%20.2%18.7%23.3%
Revenue growth-+217%+24.2%-9.8%+37.3%+2.0%+13.3%-4.7%+8.5%+15.1%
EPS growth-+62.6%+1.9%-11.2%+27.8%+15.2%-55.5%+226%+1.1%+44.5%

Balance sheet

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash97.3M143.5M275.1M229.3M245.4M341.9M432.7M543.2M920.3M2.2B
Short-term investments047.3M35.7M71.0M92.4M37.1M91.7M57.5M110.3M36.1M
Receivables76.7M217.3M287.3M234.7M337.3M326.9M369.8M337.3M444.6M391.4M
Current assets235.1M434.7M683.7M607.6M1.6B1.5B1.6B2.0B2.5B4.4B
Property & equipment55.9M73.9M71.7M47.0M82.6M105.2M108.2M109.2M118.0M133.1M
Goodwill26.5M2.7B2.7B2.7B2.9B3.0B3.1B3.1B3.1B3.2B
Total assets476.7M5.3B5.3B5.1B6.5B6.8B7.0B7.5B7.8B9.3B
Accounts payable6.5M43.2M12.8M21.0M28.5M19.5M27.5M24.7M17.9M16.1M
Current liabilities89.9M334.0M595.9M281.6M1.3B1.2B1.5B1.4B1.4B2.4B
Total debt01.2B1.2B867.6M1.2B1.3B1.7B1.4B1.4B1.4B
Total liabilities146.2M-2.1B1.8B3.2B3.2B3.5B3.5B3.5B4.2B
Shareholders' equity317.9M3.1B3.2B3.4B3.3B3.6B3.5B4.0B4.3B5.1B
Retained earnings710.8M993.3M1.3B1.5B1.8B2.1B2.2B2.5B2.8B3.5B

Cash flow

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow229.6M374.4M534.7M632.8M1.5B596.8M651.1M1.1B1.1B1.8B
Capital spending44.4M37.5M36.3M35.1M47.4M51.0M59.8M45.0M60.9M71.0M
Free cash flow185.2M336.9M498.4M597.7M1.4B545.8M591.3M1.0B1.0B1.7B
Stock-based pay (added back)14.5M52.6M35.1M21.8M21.7M26.6M30.7M41.3M41.8M50.4M
Dividends paid78.5M118.1M130.3M150.0M170.6M193.3M209.4M223.5M249.4M284.3M
Buybacks60.5M-140.9M156.9M349.1M81.3M100.9M83.9M204.8M66.7M
Acquisitions14.3M1.4B--351.5M151.5M708.3M00-
Debt raised-1.9B300.0M-493.7M110.0M663.6M00-
Debt repaid-700.0M325.0M350.0M155.0M20.0M220.0M305.0M00
Investing cash flow-84.4M-1.4B-25.6M-15.9M-430.5M-352.7M-835.1M-55.1M-141.8M450.2M
Financing cash flow-150.2M1.1B-371.6M-662.9M-201.7M-200.3M81.7M-656.1M-495.0M-371.6M
Dividend per share0.961.041.161.341.561.801.962.102.362.70

Stock-based pay and leases

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Stock-based pay (expense)14.5M52.6M35.1M21.8M21.7M26.6M30.7M41.3M41.8M50.4M
Stock-based pay / revenue2.1%2.4%1.3%0.9%0.6%0.8%0.8%1.1%1.0%1.1%
Operating lease cost---12.4M20.2M25.6M30.0M34.5M37.1M37.9M
Operating lease cash paid---11.2M11.1M17.2M20.9M24.9M27.2M27.7M
Right-of-use assets---53.4M111.0M110.1M111.7M136.6M124.5M111.0M
Operating lease liabilities---55.4M144.6M144.8M147.6M171.6M158.3M147.8M

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

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