The biggest changes in the 10-K filed 2026-02-20, this fiscal year against the last, and the sentences in the MD&A (Item 7) where management explains them, quoted word for word. Tickdelta picks sentences that name the line, a direction and a cause. It does not write explanations of its own.
Cash from operations
+59.2% Big change FY to 2025-12-31 vs 2024-12-31The MD&A has no sentence that names a cause for this change. That can be worth a question: ask about the filing.
Net income
+43.8% Big change FY to 2025-12-31 vs 2024-12-31“Other income (expense), net increased for the year ended December 31, 2025 compared to the year ended December 31, 2024 primarily due to a $16.0 million impairment recorded on the Company's minority investment in Globacap Technology Limited recorded in 2024, coupled with a $10.5 million impairment charge on the Company's minority investment in Eris Innovations Holdings, LLC recorded in 2024, which did not recur in 2025.”
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Operating margin
26.8% → 31.1% (+4.3 pts) Big change FY to 2025-12-31 vs 2024-12-31“Total operating expenses for the year ended December 31, 2025 compared to the year ended December 31, 2024 decreased $12.0 million, or 1%, primarily due to decreases in impairment of assets and depreciation and amortization, partially offset by an increase in compensation and benefits.”
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“Operating expenses increased or decreased in certain segments for the year ended December 31, 2025 compared to the year ended December 31, 2024 primarily due to changes in the allocation of shared-service expenses.”
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Revenue
+15.1% Big change FY to 2025-12-31 vs 2024-12-31“Cash and spot markets revenue increased for the year ended December 31, 2025 compared to the year ended December 31, 2024 primarily due to an increase in transaction and clearing fees, partially offset by a decrease in regulatory fees.”
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“Data Vantage revenue increased for the year ended December 31, 2025 compared to the year ended December 31, 2024 primarily due to increases in access and capacity fees and proprietary market data fees.”
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Gross margin
50.6% → 51.5% (+0.9 pts) FY to 2025-12-31 vs 2024-12-31“Total cost of revenues increased for the year ended December 31, 2025 compared to the year ended December 31, 2024 primarily due to an increase in liquidity payments as a result of volume increases in U.S. equities and multi-listed options, partially offset by a decrease in regulatory fees cost of revenues as a result of a decrease in the Section 31 fee rate.”
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“Royalty fees and other cost of revenues increased for the year ended December 31, 2025 compared to the year ended December 31, 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 resulting in a decrease in interest paid to customers.”
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Changes are computed from the XBRL figures in the same 10-K. Hover a number to see the line item. Open the 10-K ↗
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