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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What the 10-K filed 2026-02-20 says about risks that are not on the face of the balance sheet, from the notes to the financial statements, Legal Proceedings and the MD&A (and, for big customers and key suppliers, Business and Risk Factors). Tickdelta picks sentences with specifics (amounts, accruals, covenant ratios) and quotes them as filed. New marks a sentence with nothing like it in the 10-K filed 2025-02-21.

Big customers

Customers the company names as a large share of revenue or receivables (it must name any worth 10% of revenue).

“For example, in 2025, our top ten customers accounted for approximately 57% of our revenues.”
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“For each of the years ended December 31, 2025, 2024, and 2023, one customer accounted for approximately 10% of the Company’s total revenue.”
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Key suppliers

Parts or manufacturing that depend on one or a few suppliers.

No specific sentence about this in the 10-K.

Lawsuits and legal claims

2 new

Pending cases, settlements and what the company has set aside for them.

“On December 26, 2024, Cboe Options filed a Petition for Review (“PFR”) of the SEC’s disapproval order in the Court of Appeals for the Seventh Circuit (the “7th Circuit”).”
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New “On November 26, 2025, the parties filed a voluntary stipulation with the 7th Circuit to end the litigation.”
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“The Company reviews its legal proceedings and claims, regulatory reviews and inspections, and other legal proceedings on an ongoing basis and follows appropriate accounting guidance when making accrual and disclosure decisions.”
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“A putative class action was filed on April 16, 2024 captioned Erik A.”
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New “On January 23, 2026, Plaintiffs filed a motion for class certification.”
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Guarantees and indemnities

Promises to pay someone else's debts or losses if they cannot.

“See Note 23 ("Commitments, Contingencies, and Guarantees") to the consolidated financial statements for a discussion of commitments and contingencies, Note 12 ("Debt") for a discussion of the outstanding debt, Note 14 ("Clearing Operations") for information on Cboe Clear Europe's and Cboe Clear U.S.’s clearinghouse exposure guarantees, and Note 24 ("Leases") for a discussion of operating leases and equipment leases.”
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“We believe that any potential requirement for us to make payments under these guarantees is remote and accordingly, have not recorded any liability in the consolidated financial statements for these guarantees.”
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“See Note 14 ("Clearing Operations") for information on the clearinghouse exposure guarantees for Cboe Clear Europe and Cboe Clear U.S.”
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Debt covenants

1 new

Conditions in loan agreements that, if broken, can make debt due early.

“We use adjusted EBITDA as a measure of operating performance for preparation of our forecasts and evaluating our leverage ratio for the debt to earnings covenant included in our outstanding credit facility.”
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“At December 31, 2025, we were in compliance with the covenants of our debt agreements.”
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“At December 31, 2025, the Company was in compliance with these covenants.”
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New “The financial covenants require the Company to meet a quarterly financial test with respect to a minimum consolidated interest”
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“At December 31, 2025, the Company was in compliance with these covenants and did not exercise financial covenant step-up.”
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Commitments off the balance sheet

Contracts the company must pay for later: purchase obligations, take-or-pay deals.

No specific sentence about this in the 10-K.

Sentences are chosen by their words, not read by AI, so some can be off topic. Always check the filing. Open the 10-K ↗

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.