CBOE

Cboe Global Markets, Inc.

$258.64 +13.56 (+5.53%) At close · Jul 7

Market Cap

$27.07B

104,653,784

Income-statement, balance-sheet and cash-flow figures extracted from the company's SEC filings — 10-K annual and 10-Q quarterly reports — and standardised for comparison across periods.

Revenue

$4.71B +15.1%

FY2025

Net Income

$1.1B +43.8%

FY2025

Gross Margin

51.53% +0.9pp

FY2025

Operating Margin

31.12% +4.3pp

FY2025

Diluted EPS

$10.42 +44.5%

FY2025

Operating Cash Flow

$1.75B +59.2%

FY2025

Chart any reported metric, KPI or segment over time — the full statement history lives here

Income Statement Balance Sheet Cash Flow All Metrics

Annual Quarterly

Line Item	3Y	5Y	10Y	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011
Revenue	+6.0%	+6.6%	+22.2%	$4.79B	$4.71B	$4.09B	$3.77B	$3.96B	$3.49B	$3.43B	$2.5B	$2.77B	$2.23B	$656.95M	$634.55M	$617.23M	$572.05M	$512.34M	$508.14M
Cost of Revenue	+1.0%	+1.0%	—	$2.2B	$2.29B	$2.02B	$1.86B	$2.22B	$2.02B	$2.17B	$1.36B	$1.55B	$1.23B	—	—	—	—	—	—
Gross Profit	+11.7%	+14.1%	—	$2.59B	$2.43B	$2.07B	$1.92B	$1.74B	$1.48B	$1.25B	$1.14B	$1.22B	$995.6M	—	—	—	—	—	—
Gross Margin	—	—	—	—	51.53%	50.61%	50.83%	44%	42.24%	36.6%	45.55%	43.95%	44.66%	—	—	—	—	—	—
Amortization of Intangibles	-17.3%	-10.9%	—	$68.5M	$70.2M	$88.7M	$116.6M	$124.3M	$126.6M	$124.8M	$138.6M	$160M	$142.9M	—	—	—	—	—	—
Depreciation & Amortization	-9.8%	-5.0%	+10.2%	$121.6M	$122.4M	$133M	$158M	$166.8M	$167.4M	$158.5M	$176.6M	$204M	$192.2M	$44.38M	$46.27M	$39.91M	$34.49M	$31.49M	$34.09M
Restructuring Charges	—	—	—	—	—	—	—	—	—	—	$10.7M	$15.3M	$24.3M	—	—	—	—	—	—
Total Operating Expenses	-8.4%	+10.2%	+11.8%	$974M	$962M	$974M	$860.1M	$1.25B	$670.2M	$592.1M	$599.7M	$617.5M	$623.7M	$358.75M	$314.62M	$303.42M	$286.24M	$268.24M	$266.51M
Operating Income	+44.2%	+17.2%	+16.5%	$1.62B	$1.47B	$1.1B	$1.06B	$489.6M	$805.9M	$662.2M	$537.2M	$599.4M	$371.9M	$298.2M	$319.93M	$313.8M	$285.81M	$244.1M	$241.63M
Operating Margin	—	—	—	—	31.12%	26.83%	28.03%	12.37%	23.06%	19.32%	21.52%	21.65%	16.68%	45.39%	50.42%	50.84%	49.96%	47.64%	47.55%
EBITDA	+34.3%	+14.1%	+15.8%	$1.74B	$1.59B	$1.23B	$1.22B	$656.4M	$973.3M	$820.7M	$713.8M	$803.4M	$564.1M	$342.58M	$366.2M	$353.71M	$320.3M	$275.58M	$275.73M
Interest Expense	—	—	+103.5%	$52.8M	$52.3M	$51.5M	—	—	—	—	—	—	—	—	$43K	—	—	—	—
Interest Income	+139.4%	+114.0%	—	—	$49.4M	$27.3M	$12M	$3.6M	$600K	$1.1M	$1.9M	$2.3M	$1.3M	—	—	—	—	—	—
Other Non-Operating Income	—	-23.1%	+8.9%	$11.8M	$9.6M	-$19.4M	$600K	-$300K	-$2.4M	$35.8M	$100K	$10M	$3.8M	$8.4M	$4.1M	-$4.1M	-$2.16M	-$1.55M	-$1.55M
Equity in Earnings of Unconsolidated Entities	+171.7%	+138.1%	+68.8%	—	$84.2M	$26.5M	$36.9M	$4.2M	-$400K	$1.1M	$2.2M	$1.1M	$1.4M	$1.17M	$447K	-$4.22M	-$2.22M	-$1.7M	-$811K
Investment Income (Loss)	—	—	—	—	—	$0	$7.5M	$7.5M	—	—	—	—	—	—	—	—	—	—	—
Pretax Income	+53.5%	+18.9%	+17.1%	$1.73B	$1.57B	$1.08B	$1.05B	$432.9M	$756.1M	$660.4M	$501.4M	$571.2M	$334.4M	$306.6M	$324.02M	$309.7M	$283.66M	—	—
Income Tax	+33.1%	+19.4%	+14.6%	$496.8M	$466.6M	$318.9M	$286.2M	$197.9M	$227.1M	$192.2M	$130.6M	$146M	-$66.2M	$120.88M	$119M	$119.98M	$107.66M	$85.16M	$100.68M
Net Income	+67.3%	+18.6%	+18.3%	$1.24B	$1.1B	$764.9M	$761.4M	$235M	$529M	$468.2M	$374.9M	$426.5M	$401.7M	$186.82M	$205.02M	$189.71M	$176M	$157.4M	$139.41M
Net Margin	—	—	—	—	23.33%	18.68%	20.18%	5.94%	15.14%	13.66%	15.02%	15.4%	18.02%	28.44%	32.31%	30.74%	30.77%	30.72%	27.43%
Net Income Attributable to Noncontrolling Interests	—	—	—	—	—	—	—	—	-$4.1M	-$4.1M	-$4.1M	-$1.3M	-$1.1M	-$1.1M	—	—	—	—	—
Net Income Available to Common Stockholders	+67.2%	+18.6%	+18.3%	$1.23B	$1.09B	$761M	$757.5M	$234.1M	$527.3M	$467M	$372.7M	$422.1M	$396.7M	$184.95M	$204.13M	$188.39M	$173.86M	$155.25M	$136.58M
Comprehensive Income	—	—	+19.2%	—	$1.18B	—	—	—	—	—	—	—	—	$186.88M	$203.99M	$188.75M	$173.71M	$155.26M	$136.65M
EPS (Basic) USD/shares	+68.2%	+19.6%	+15.6%	—	$10.46	$7.24	$7.16	$2.20	$4.93	$4.28	$3.35	$3.78	$3.70	$2.27	$2.46	$2.21	$1.99	$1.78	$1.52
EPS (Diluted) USD/shares	+68.2%	+19.5%	+15.5%	—	$10.42	$7.21	$7.13	$2.19	$4.92	$4.27	$3.34	$3.76	$3.69	$2.27	$2.46	$2.21	$1.99	$1.78	$1.52
Shares Outstanding (Basic Avg) shares	-0.5%	-0.8%	+2.3%	—	104.7M	105.1M	105.8M	106.3M	107M	109.1M	111.4M	111.8M	107.2M	81.43M	83.08M	85.41M	87.33M	87.46M	89.99M
Shares Outstanding (Diluted Avg) shares	-0.5%	-0.8%	+2.4%	—	105.1M	105.5M	106.2M	106.7M	107.2M	109.3M	111.8M	112.2M	107.5M	81.43M	83.08M	85.41M	87.33M	87.46M	89.99M

Italic rows are computed from reported lines — open a row's info icon for its formula. Values reflect the latest filing (restatements included); per-share figures on today's split basis. Click a value for its source filing. TTM: trailing twelve months through the latest reported quarter — flows sum the last four quarters, balances take the latest. 3Y/5Y/10Y columns are trailing CAGR from the newest fiscal year; blank where an endpoint is missing or negative.

Capital Returned to Shareholders

Cash spent on share repurchases and dividends per fiscal year, as reported on the cash-flow statement. Across FY2011–FY2025: $1.75B in buybacks, $1.82B in dividends.

Price & Valuation

Multiples computed on the strict TTM/EV methodology — today's snapshot against the industry, and each ratio recomputed as of past filing dates.

Valuation

EV/Revenue

—

EV/EBIT

—

P/E (TTM)

22.09×

Financial Data & Stock Exchanges median 21.96×

Valuation over time computed as of each quarter's filing date

Revenue Breakdown

Annual revenue as the company disaggregates it in its own XBRL filings. Years a component wasn't reported show a dash.

Share mode is each component's slice of the reported components that year — issuers rarely tag every revenue dollar, so slices need not sum to total revenue.

By Segment (USD)

Component	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31
Options	$2,433,600,000	$2,002,600,000	$1,939,500,000	$1,823,200,000	—	—	—	—
North American Equities	$1,672,300,000	$1,546,800,000	$1,353,000,000	$1,681,700,000	—	—	—	—
Europe and Asia Pacific	$378,600,000	$324,200,000	$281,200,000	$264,600,000	$240,300,000	$140,500,000	$110,800,000	—
Futures	$135,900,000	$141,100,000	$129,000,000	$119,800,000	—	—	—	—
Global FX	$93,800,000	$79,900,000	$74,900,000	$68,900,000	—	—	—	—
Digital	$0	-$100,000	-$4,100,000	$300,000	—	—	—	—
European Equities Segment	—	—	—	—	—	—	—	$131,600,000
Futures Segment	—	—	—	—	$120,600,000	$109,200,000	$135,900,000	$149,800,000
Global FX Segment	—	—	—	—	$58,100,000	$57,800,000	$53,000,000	$56,400,000
North American Equities Segment	—	—	—	—	$1,570,500,000	$1,789,500,000	$1,213,100,000	$1,373,100,000
Options Segment	—	—	—	—	$1,505,000,000	$1,330,100,000	$983,100,000	$1,057,500,000

By Product & Service (USD)

Component	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31
Transaction and Clearing Fees	$3,597,600,000	$2,904,600,000	$2,831,300,000	$2,938,800,000	—	—	—	—
Access and Capacity Fees	$408,700,000	$369,800,000	$347,500,000	$324,200,000	$280,700,000	$236,700,000	$221,900,000	$211,000,000
Market Data Fees	$326,600,000	$294,800,000	$293,700,000	$282,200,000	$252,100,000	$232,000,000	$213,500,000	$204,000,000
Regulatory Fees	$285,400,000	$426,300,000	$223,700,000	$364,700,000	$208,300,000	$500,200,000	$311,700,000	$333,900,000
Other Revenue	$95,900,000	$99,000,000	$77,300,000	$48,600,000	—	—	—	—
Cash and Spot Markets	—	—	$1,445,100,000	$1,777,600,000	$1,660,500,000	$1,820,100,000	—	—
Clearing Fees Revenue	—	—	$2,831,300,000	$2,938,800,000	$2,693,100,000	$2,418,000,000	$1,716,200,000	$1,986,900,000
Data and Access Solutions	—	—	$539,200,000	$497,000,000	$427,700,000	$360,500,000	—	—
Data Vantage	—	—	$539,200,000	$497,000,000	—	—	—	—
Derivatives Markets	—	—	$1,789,200,000	$1,683,900,000	$1,406,600,000	$1,246,500,000	—	—
Licensing Revenue	—	—	—	—	$12,400,000	$13,100,000	—	—
Other Revenues	—	—	$77,300,000	$48,600,000	$60,600,000	$40,200,000	$32,800,000	$33,000,000

Segment Operating Income

Annual operating income by business segment, as tagged in the company's own XBRL filings. Segments need not sum to the consolidated figure — corporate costs and eliminations are typically unallocated.

By Segment (USD)

Component	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31
Options	$1,113,300,000	$878,400,000	$851,300,000	$740,500,000	—	—	—	—
North American Equities	$188,100,000	$168,600,000	$118,000,000	$146,600,000	—	—	—	—
Futures	$73,900,000	$98,900,000	$86,100,000	$55,200,000	—	—	—	—
Europe and Asia Pacific	$53,900,000	$41,700,000	$32,700,000	$38,100,000	$56,000,000	$33,500,000	$20,300,000	—
Global FX	$46,000,000	$33,200,000	$24,700,000	$8,800,000	—	—	—	—
Digital	$0	-$112,400,000	-$46,700,000	-$491,400,000	—	—	—	—
Digital Segment	—	—	-$46,700,000	-$491,400,000	—	—	—	—
European Equities Segment	—	—	—	—	—	$33,500,000	$20,300,000	$24,100,000
Futures Segment	—	—	$86,100,000	$55,200,000	$66,000,000	$53,800,000	$83,100,000	$85,700,000
Global FX Segment	—	—	$24,700,000	$8,800,000	$2,700,000	$6,000,000	-$4,900,000	-$11,700,000
North American Equities Segment	—	—	$118,000,000	$146,600,000	$156,100,000	$159,500,000	$132,500,000	$140,500,000
Options Segment	—	—	$851,300,000	$740,500,000	$538,000,000	$430,400,000	$334,300,000	$390,900,000
U.S.Equities Segment	—	—	—	—	—	—	$132,500,000	$140,500,000

Operating Margin by Segment (%)

Component	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31
Options	45.7%	43.9%	43.9%	40.6%	—	—	—	—
North American Equities	11.2%	10.9%	8.7%	8.7%	—	—	—	—
Europe and Asia Pacific	14.2%	12.9%	11.6%	14.4%	23.3%	23.8%	18.3%	—
Futures	54.4%	70.1%	66.7%	46.1%	—	—	—	—
Global FX	49%	41.6%	33%	12.8%	—	—	—	—
Digital	—	—	—	-163800%	—	—	—	—
European Equities Segment	—	—	—	—	—	—	—	18.3%
Futures Segment	—	—	—	—	54.7%	49.3%	61.1%	57.2%
Global FX Segment	—	—	—	—	4.6%	10.4%	-9.2%	-20.7%
North American Equities Segment	—	—	—	—	9.9%	8.9%	10.9%	10.2%
Options Segment	—	—	—	—	35.7%	32.4%	34%	37%

Key facts CIK 1374310 CUSIP 12503M108 13F (30d) 44 filings 22 filers Visit website Investor relations