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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CBOE and 9 peers, year by year

The 9 Financials companies closest to CBOE in revenue over the last twelve months. Every number is from the 10-K and links to it in SEC's Inline XBRL viewer.

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Each company's latest fiscal year
Company	Year	Revenue	Sales growth	Gross margin	Operating margin	Net margin	FCF margin	Return on equity	Debt / equity
CBOE Cboe Global Markets	FY2025	$4.7B	+15.1%	51.5%	31.1%	23.3%	35.7%	21.4%	0.28
CPAY Corpay	FY2025	$4.5B	+13.9%	-	44.0%	23.6%	28.7%	27.5%	2.58
HOOD Robinhood Markets	FY2025	$4.5B	+51.6%	-	-	42.1%	-	20.6%	0.00
COIN Coinbase	FY2025	$7.2B	+9.4%	-	20.0%	17.6%	-	8.5%	0.52
ARES Ares Management	FY2025	$5.6B	+44.2%	-	-	9.4%	-	12.3%	-
GL Globe Life	FY2025	$6.0B	+3.7%	-	-	19.4%	20.9%	19.4%	0.44
ERIE Erie Indemnity	FY2025	$4.1B	+7.2%	-	17.6%	13.8%	14.0%	24.5%	-
BRO Brown & Brown	FY2025	$5.9B	+22.8%	-	-	17.9%	23.4%	8.4%	0.61
CME CME Group	FY2025	$6.5B	+6.4%	-	64.9%	62.5%	64.3%	14.2%	0.00
IBKR Interactive Brokers	FY2025	$6.2B	+23.4%	-	-	15.9%	-	18.3%	-

Revenuepeer median $5.9B

Sales growthpeer median +13.9%

Operating marginpeer median 32.0%

CME 64.9%
CPAY 44.0%
CBOE 31.1%
COIN 20.0%
ERIE 17.6%
HOOD -
ARES -
GL -
BRO -
IBKR -

Net marginpeer median 17.9%

FCF marginpeer median 23.4%

CME 64.3%
CBOE 35.7%
CPAY 28.7%
BRO 23.4%
GL 20.9%
ERIE 14.0%
HOOD -
COIN -
ARES -
IBKR -

Return on equitypeer median 18.3%

Debt / equitypeer median 0.48

CPAY 2.58
BRO 0.61
COIN 0.52
GL 0.44
CBOE 0.28
HOOD 0.00
CME 0.00
ARES -
ERIE -
IBKR -

RevenueSales growthGross marginOperating marginNet marginFree cash flowFCF marginReturn on equityDebt / equityEPS (diluted)

Revenue, FY2016 to FY2025

Revenue as reported in the 10-K.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
CBOE Dec	$703.1M	$2.2B	$2.8B	$2.5B	$3.4B	$3.5B	$4.0B	$3.8B	$4.1B	$4.7B
CPAY Dec	$1.8B	$2.2B	$2.4B	$2.6B	$2.4B	$2.8B	$3.4B	$3.8B	$4.0B	$4.5B
HOOD Dec	-	-	-	$277.5M	$958.0M	$1.8B	$1.4B	$1.9B	$3.0B	$4.5B
COIN Dec	-	-	-	$533.7M	$1.3B	$7.8B	$3.2B	$3.1B	$6.6B	$7.2B
ARES Dec	$964.8M	$1.5B	$1.2B	$1.8B	$1.8B	$4.2B	$3.1B	$3.6B	$3.9B	$5.6B
GL Dec	$3.9B	$4.2B	$4.3B	$4.5B	$4.7B	$5.1B	$5.2B	$5.4B	$5.8B	$6.0B
ERIE Dec	$1.6B	$1.7B	$2.4B	$2.5B	$2.5B	$2.6B	$2.8B	$3.3B	$3.8B	$4.1B
BRO Dec	$1.8B	$1.9B	$2.0B	$2.4B	$2.6B	$3.1B	$3.6B	$4.3B	$4.8B	$5.9B
CME Dec	$3.6B	$3.6B	$4.3B	$4.9B	$4.9B	$4.7B	$5.0B	$5.6B	$6.1B	$6.5B
IBKR Dec	$2.6B	$2.2B	-	-	-	$2.7B	$3.1B	$4.3B	$5.2B	$6.2B
Peer median	$1.8B	$2.2B	$2.4B	$2.4B	$2.5B	$3.1B	$3.2B	$3.8B	$4.8B	$5.9B

Sales growth, FY2016 to FY2025

Revenue against the fiscal year before.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
CBOE Dec	+5.9%	+217%	+24.2%	−9.8%	+37.3%	+2.0%	+13.3%	−4.7%	+8.5%	+15.1%
CPAY Dec	+7.6%	+22.8%	+8.2%	+8.8%	−9.8%	+18.6%	+20.9%	+9.6%	+5.8%	+13.9%
HOOD Dec	-	-	-	-	+245%	+89.5%	−25.2%	+37.3%	+58.2%	+51.6%
COIN Dec	-	-	-	-	+139%	+514%	−59.3%	−2.7%	+111%	+9.4%
ARES Dec	+47.2%	+12.5%	−35.2%	+84.2%	−0.1%	+139%	−27.5%	+18.9%	+7.0%	+44.2%
GL Dec	+4.5%	+5.6%	+3.6%	+5.2%	+4.6%	+7.9%	+2.2%	+4.2%	+6.1%	+3.7%
ERIE Dec	+6.1%	+6.0%	+40.8%	+4.0%	+2.4%	+3.8%	+7.8%	+15.1%	+16.1%	+7.2%
BRO Dec	+6.4%	+6.5%	+7.1%	+18.8%	+9.2%	+16.8%	+17.1%	+19.1%	+12.9%	+22.8%
CME Dec	+8.1%	+1.4%	+18.2%	+13.0%	+0.3%	−4.0%	+7.0%	+11.1%	+9.9%	+6.4%
IBKR Dec	−8.4%	+51.9%	-	-	-	+21.8%	−4.0%	+3.4%	+27.0%	+23.4%
Peer median	+6.4%	+6.5%	+7.6%	+10.9%	+3.5%	+18.6%	+2.2%	+11.1%	+12.9%	+13.9%

Gross margin, FY2016 to FY2025

Gross profit / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
CBOE Dec	80.6%	44.7%	44.0%	45.5%	36.6%	42.2%	44.0%	50.8%	50.6%	51.5%
CPAY Dec	-	-	-	-	-	-	-	-	-	-
HOOD Dec	-	-	-	-	-	-	-	-	-	-
COIN Dec	-	-	-	-	-	-	-	-	-	-
ARES Dec	-	-	-	-	-	-	-	-	-	-
GL Dec	19.9%	19.4%	20.1%	20.1%	19.0%	23.8%	22.6%	23.1%	-	-
ERIE Dec	-	-	-	-	-	-	-	-	-	-
BRO Dec	-	-	-	-	-	-	-	-	-	-
CME Dec	-	-	-	-	-	-	-	-	-	-
IBKR Dec	-	-	-	-	-	-	-	-	-	-
Peer median	-	-	-	-	-	-	-	-	-	-

Operating margin, FY2016 to FY2025

Operating income / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
CBOE Dec	42.4%	16.7%	21.6%	21.5%	19.3%	23.1%	12.4%	28.0%	26.8%	31.1%
CPAY Dec	41.2%	39.3%	44.8%	46.5%	40.7%	43.8%	42.2%	44.1%	45.0%	44.0%
HOOD Dec	-	-	-	-	-	-	-	-	-	-
COIN Dec	-	-	-	−8.6%	32.0%	39.2%	−84.8%	−5.2%	35.1%	20.0%
ARES Dec	-	-	-	-	-	-	-	-	-	-
GL Dec	20.0%	19.8%	20.2%	20.3%	19.1%	24.0%	22.7%	23.2%	-	-
ERIE Dec	18.4%	17.2%	14.5%	14.4%	13.3%	12.1%	13.2%	15.9%	17.8%	17.6%
BRO Dec	-	-	-	-	-	-	-	-	-	-
CME Dec	61.2%	63.4%	60.5%	53.2%	54.0%	56.4%	60.1%	61.6%	64.1%	64.9%
IBKR Dec	-	-	-	-	-	-	-	-	-	-
Peer median	30.6%	29.5%	32.5%	20.3%	32.0%	39.2%	22.7%	23.2%	40.1%	32.0%

Net margin, FY2016 to FY2025

Net income / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
CBOE Dec	26.6%	18.0%	15.4%	15.0%	13.7%	15.1%	5.9%	20.2%	18.7%	23.3%
CPAY Dec	24.7%	32.9%	33.3%	33.8%	29.5%	29.6%	27.8%	26.1%	25.3%	23.6%
HOOD Dec	-	-	-	−38.4%	0.7%	−203.1%	−75.7%	−29.0%	47.8%	42.1%
COIN Dec	-	-	-	−5.7%	25.2%	46.2%	−82.2%	3.1%	39.3%	17.6%
ARES Dec	11.6%	5.1%	4.7%	8.4%	8.6%	9.7%	5.5%	13.1%	11.9%	9.4%
GL Dec	14.0%	35.0%	16.3%	16.8%	15.4%	20.2%	17.1%	17.8%	18.5%	19.4%
ERIE Dec	13.2%	11.6%	12.1%	12.8%	11.6%	11.3%	10.5%	13.6%	15.8%	13.8%
BRO Dec	14.6%	21.2%	17.1%	16.7%	18.4%	19.2%	18.8%	20.5%	20.7%	17.9%
CME Dec	42.7%	111.5%	45.5%	43.5%	43.1%	56.2%	53.6%	57.8%	57.5%	62.5%
IBKR Dec	6.2%	8.8%	-	-	-	11.3%	12.4%	13.8%	14.6%	15.9%
Peer median	14.0%	21.2%	16.7%	14.7%	16.9%	19.2%	12.4%	13.8%	20.7%	17.9%

Free cash flow, FY2016 to FY2025

Cash from operations minus capital spending.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
CBOE Dec	$185.2M	$336.9M	$498.4M	$597.7M	$1.4B	$545.8M	$591.3M	$1.0B	$1.0B	$1.7B
CPAY Dec	$649.2M	$610.0M	$822.0M	$1.1B	$1.4B	$1.1B	$603.4M	$1.9B	$1.8B	$1.3B
HOOD Dec	-	-	-	$1.3B	$1.9B	−$948.0M	−$880.0M	-	-	-
COIN Dec	-	-	-	−$114.1M	$283.6M	$4.0B	−$1.6B	-	-	-
ARES Dec	−$637.6M	−$1.9B	−$1.4B	-	-	-	-	-	-	-
GL Dec	$1.4B	$1.4B	$1.2B	$1.3B	$1.4B	$1.4B	$1.4B	$1.4B	$1.3B	$1.3B
ERIE Dec	$229.1M	$168.2M	$207.3M	$262.5M	$287.1M	$254.0M	$298.9M	$288.6M	$486.4M	$571.0M
BRO Dec	$393.3M	$417.8M	$526.0M	$605.1M	$642.3M	$763.8M	$829.0M	$941.0M	$1.1B	$1.4B
CME Dec	$1.6B	$1.7B	$2.3B	$2.4B	$2.5B	$2.3B	$3.0B	$3.4B	$3.6B	$4.2B
IBKR Dec	-	-	-	-	-	-	-	-	-	-
Peer median	$521.2M	$513.9M	$674.0M	$1.1B	$1.4B	$1.1B	$603.4M	$1.4B	$1.3B	$1.3B

FCF margin, FY2016 to FY2025

Free cash flow / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
CBOE Dec	26.3%	15.1%	18.0%	23.9%	41.2%	15.6%	14.9%	27.3%	25.4%	35.7%
CPAY Dec	35.4%	27.1%	33.8%	41.0%	58.4%	38.3%	17.6%	51.8%	44.4%	28.7%
HOOD Dec	-	-	-	451.4%	193.3%	−52.2%	−64.8%	-	-	-
COIN Dec	-	-	-	−21.4%	22.2%	51.5%	−49.7%	-	-	-
ARES Dec	−66.1%	−128.1%	−117.8%	-	-	-	-	-	-	-
GL Dec	34.9%	33.9%	28.6%	29.2%	30.3%	27.4%	26.7%	26.3%	23.0%	20.9%
ERIE Dec	14.4%	9.9%	8.7%	10.6%	11.3%	9.6%	10.5%	8.8%	12.8%	14.0%
BRO Dec	22.3%	22.2%	26.1%	25.3%	24.6%	25.0%	23.2%	22.1%	22.7%	23.4%
CME Dec	45.6%	45.8%	53.9%	49.9%	51.6%	48.5%	59.1%	60.5%	58.7%	64.3%
IBKR Dec	-	-	-	-	-	-	-	-	-	-
Peer median	28.6%	24.7%	27.4%	29.2%	30.3%	27.4%	17.6%	26.3%	23.0%	23.4%

Return on equity, FY2016 to FY2025

Net income / shareholders' equity at the year end.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
CBOE Dec	58.8%	12.9%	13.2%	11.2%	14.0%	14.7%	6.8%	19.1%	17.9%	21.4%
CPAY Dec	14.7%	20.1%	24.3%	24.1%	21.0%	29.3%	37.5%	29.9%	32.1%	27.5%
HOOD Dec	-	-	-	n/m	n/m	−50.6%	−14.8%	−8.1%	17.7%	20.6%
COIN Dec	-	-	-	−6.1%	33.4%	56.8%	−48.1%	1.5%	25.1%	8.5%
ARES Dec	38.2%	5.2%	9.7%	19.4%	12.7%	22.4%	10.5%	25.1%	13.1%	12.3%
GL Dec	12.0%	23.3%	13.0%	10.4%	8.3%	51.5%	22.6%	21.6%	20.2%	19.4%
ERIE Dec	25.8%	23.0%	29.6%	28.0%	24.7%	22.2%	20.6%	26.8%	30.2%	24.5%
BRO Dec	10.9%	15.5%	11.5%	11.9%	12.8%	14.0%	14.6%	15.6%	15.4%	8.4%
CME Dec	7.5%	18.1%	7.6%	8.1%	8.0%	9.6%	10.0%	12.1%	13.3%	14.2%
IBKR Dec	11.1%	10.0%	-	-	-	12.9%	13.3%	16.7%	17.6%	18.3%
Peer median	12.0%	18.1%	12.2%	11.9%	12.8%	22.2%	13.3%	16.7%	17.7%	18.3%

Debt / equity, FY2016 to FY2025

Total debt / shareholders' equity at the year end.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
CBOE Dec	0.00	0.40	0.38	0.26	0.36	0.36	0.50	0.36	0.34	0.28
CPAY Dec	1.25	1.23	1.44	1.36	1.28	2.09	2.77	2.05	2.56	2.58
HOOD Dec	-	-	-	-	-	-	-	-	-	0.00
COIN Dec	-	-	-	-	0.00	0.53	0.63	0.47	0.45	0.52
ARES Dec	-	-	-	-	-	-	-	-	-	-
GL Dec	0.31	0.24	0.31	0.23	0.22	1.09	0.57	0.47	0.52	0.44
ERIE Dec	0.03	0.09	0.10	0.09	0.08	0.07	0.00	-	-	-
BRO Dec	0.45	0.38	0.50	0.46	0.56	0.48	0.86	0.68	0.59	0.61
CME Dec	-	0.00	0.02	0.00	0.00	0.03	0.00	0.00	0.03	0.00
IBKR Dec	0.01	-	-	-	-	-	-	-	-	-
Peer median	0.31	0.24	0.31	0.23	0.15	0.51	0.60	0.47	0.52	0.48

EPS (diluted), FY2016 to FY2025

Diluted earnings per share, on today's share count after splits.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
CBOE Dec	$2.27	$3.69	$3.76	$3.34	$4.27	$4.92	$2.19	$7.13	$7.21	$10.42
CPAY Dec	$4.75	$7.91	$8.81	$9.94	$8.12	$9.99	$12.42	$13.20	$13.97	$15.03
HOOD Dec	-	-	-	−$0.48	$0.01	−$7.49	−$1.17	−$0.61	$1.56	$2.05
COIN Dec	-	-	-	−$0.50	$1.40	$14.50	−$11.83	$0.37	$9.48	$4.45
ARES Dec	-	-	-	-	-	-	-	-	-	-
GL Dec	$4.49	$12.22	$6.09	$6.83	$6.82	$9.99	$9.04	$10.07	$11.94	$14.07
ERIE Dec	-	-	-	-	-	-	-	-	-	-
BRO Dec	$0.91	$1.40	$1.22	$1.40	$1.69	$2.07	$2.37	$3.05	$3.46	$3.16
CME Dec	$4.53	$11.94	$5.71	$5.91	$5.87	$7.29	$7.40	$8.86	$9.67	$11.16
IBKR Dec	$0.53	$0.60	-	-	-	$0.81	$0.94	$1.42	$1.73	$2.22
Peer median	$4.49	$7.91	$5.90	$3.66	$3.78	$7.29	$2.37	$3.05	$9.48	$4.45

Fiscal years are lined up as each company's 10-K names them; the month next to a ticker is when its year ends. Hover a number for the XBRL line items and the filing; click it to open the filing on sec.gov. "n/m" means not meaningful: equity below zero, or a base so close to zero that the ratio says nothing. The peer median leaves out CBOE and needs at least three peers with the number. P/E, P/S and P/FCF at each year end appear here once the site has daily prices. What the same companies write about AI, tariffs and more →

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.