Cboe Global Markets

Financials Financial Exchanges & Data Chicago, Illinois Last filing Feb 20, 2026 · FY2025

                    Revenue
                    FY2025
                
$4.7B
                    3y CAGR +6.0%
                    
                    P10
                    
                    +15.1%
                    
                    Net income
                    FY2025
                
$1.1B
                    Net margin +23.3%
                    
                    P43
                    
                    +43.8%
                    
                    Total assets
                    FY2025
                
$9.3B
                    ROA +11.8%
                    
                    P89
                    
                    +19.5%
                    
                    Operating cash flow
                    FY2025
                
$1.8B
                    FCF margin +35.7%
                    
                    P62
                    
                    +59.2%

17 yrs · FY2009–FY2025 9 filed · 0 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Each cell as a share of that year’s total assets.

Balance Sheet

Assets, liabilities, and equity

29 accounts · 10 years

Total assets $9.3B

Total liabilities $4.2B

Shareholders equity $5.1B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash and Cash Equivalents	23.8%	11.8%	7.3%	6.2%	5.0%	3.8%	4.5%	5.2%	2.7%	20.4%
Short Term Investments	0.4%	1.4%	0.8%	1.3%	0.5%	1.4%	1.4%	0.7%	0.9%	—
Accounts Receivable	4.2%	5.7%	4.5%	5.3%	4.8%	5.2%	4.6%	5.4%	4.1%	14.7%
Other Current Assets	19.1%	12.9%	13.9%	9.5%	12.1%	13.7%	1.4%	1.6%	0.5%	13.1%
Total Current Assets	47.5%	31.8%	26.4%	22.2%	22.5%	24.0%	11.9%	12.8%	8.3%	49.3%
Operating Lease Assets	1.2%	1.6%	1.8%	1.6%	1.6%	1.7%	1.0%	—	—	—
Goodwill	33.9%	40.1%	41.9%	44.6%	44.4%	44.4%	52.4%	50.6%	51.4%	5.6%
Intangible Assets	13.9%	17.7%	20.9%	23.8%	24.5%	26.5%	31.1%	32.3%	36.1%	17.1%
Long Term Investments	0.3%	4.9%	4.6%	3.6%	3.6%	0.7%	1.2%	1.6%	1.6%	15.3%
Other Noncurrent Assets	3.1%	3.9%	4.3%	4.2%	3.4%	2.6%	2.3%	2.6%	2.6%	1.0%
Total Assets	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
Liabilities
Accounts Payable	7.4%	4.6%	5.5%	6.0%	4.3%	3.8%	3.4%	3.7%	2.9%	16.7%
Accrued Liabilities	0.5%	2.4%	0.7%	2.2%	0.7%	2.4%	2.0%	1.6%	2.1%	1.5%
Deferred Revenue	0.1%	0.1%	0.1%	0.2%	0.2%	0.2%	0.1%	0.2%	0.3%	0.7%
Other Current Liabilities	17.4%	10.9%	12.2%	8.4%	11.9%	12.7%	0.0%	0.1%	1.1%	0.0%
Total Current Liabilities	25.4%	17.9%	18.5%	21.1%	17.2%	20.2%	5.5%	11.2%	6.3%	18.9%
Long Term Debt	15.5%	18.5%	19.2%	20.5%	19.1%	17.4%	17.0%	17.2%	23.5%	—
Operating Lease Liabilities Noncurrent	1.3%	1.8%	2.0%	1.8%	1.9%	2.0%	0.9%	—	—	—
Deferred Tax Liabilities	2.0%	2.4%	2.9%	3.2%	5.5%	5.8%	7.8%	8.2%	9.3%	0.0%
Other Noncurrent Liabilities	0.6%	4.5%	4.2%	3.8%	3.5%	3.2%	3.2%	2.3%	1.6%	—
Total Liabilities	44.8%	45.1%	46.8%	50.5%	47.1%	48.6%	34.4%	—	—	30.6%
Equity
Preferred Stock	0.0%	0.0%	0.0%	—	—	—	—	—	—	0.0%
Common Stock	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.2%
Additional Paid In Capital	16.8%	19.4%	19.7%	20.8%	22.1%	41.6%	52.6%	50.0%	49.8%	29.2%
Retained Earnings	38.1%	36.2%	33.7%	31.0%	31.5%	27.8%	29.6%	24.2%	18.9%	149.1%
Treasury Stock	0.0%	0.0%	0.1%	1.9%	1.6%	19.2%	17.3%	13.5%	10.6%	111.7%
Accumulated Other Comprehensive Income	0.3%	-0.6%	-0.1%	-0.4%	0.8%	1.2%	0.7%	0.2%	1.0%	-0.2%
Total Stockholders Equity	55.2%	54.9%	53.2%	49.5%	52.9%	51.4%	65.6%	60.9%	59.1%	66.7%
Total Liabilitiesand Equity	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%

Income Statement

Revenue, expense, and profitability

21 accounts · 10 years

Revenue $4.7B

Operating income $1.5B

Net income $1.1B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
IncomeStatement
Revenues Total Revenue	50.7%	52.6%	50.4%	56.6%	51.3%	52.6%	48.8%	52.0%	42.3%	147.5%
Expenses Cost of Revenue	24.6%	26.0%	24.8%	31.7%	29.6%	33.3%	26.6%	29.2%	23.4%	28.7%
Other Income Expense Gross Profit	26.1%	26.6%	25.6%	24.9%	21.7%	19.2%	22.2%	22.9%	18.9%	118.8%
Expenses Selling,General and Administrative	8.3%	9.4%	9.1%	8.3%	6.9%	5.6%	6.6%	6.9%	6.4%	43.1%
Expenses Depreciation and Amortization	1.3%	1.7%	2.1%	2.4%	2.5%	2.4%	3.5%	3.8%	3.7%	—
Expenses Restructuring and Asset Impairment	0.5%	1.0%	0.0%	6.6%	—	—	—	—	—	—
Expenses Other Operating Expenses	0.3%	0.4%	0.3%	0.7%	0.2%	1.1%	1.7%	0.8%	1.8%	3.8%
Expenses Operating Expenses	10.3%	12.5%	11.5%	17.9%	9.8%	9.1%	11.7%	11.6%	11.8%	56.3%
Other Income Expense Operating Income	15.8%	14.1%	14.1%	7.0%	11.8%	10.2%	10.5%	11.3%	7.1%	62.6%
Other Income Expense Interest Income	1.5%	0.7%	0.7%	0.2%	0.0%	—	—	—	—	—
Other Income Expense Interest Expense	0.6%	0.7%	0.8%	0.9%	0.7%	0.6%	0.7%	0.7%	0.8%	1.2%
Other Income Expense Other Income/expense	0.1%	-0.2%	0.0%	-0.1%	-0.0%	0.5%	0.0%	0.2%	0.1%	3.0%
Other Income Expense Income Before Tax	16.8%	13.9%	14.0%	6.2%	11.1%	10.1%	9.8%	10.7%	6.4%	64.3%
Income Tax Income Tax Expense	5.0%	4.1%	3.8%	2.8%	3.3%	2.9%	2.6%	2.7%	-1.3%	25.4%
net Income Other Items Below Tax	-0.1%	-0.1%	-0.1%	-0.0%	-0.0%	-0.0%	0.0%	-0.1%	-0.1%	-0.2%
net Income net Income	11.8%	9.8%	10.2%	3.4%	7.8%	7.2%	7.3%	8.0%	7.6%	39.2%
net Income Comprehensive Income	12.7%	9.3%	10.5%	—	—	—	—	—	—	39.2%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Basic	1.1%	1.3%	1.4%	1.5%	1.6%	1.7%	2.2%	2.1%	2.0%	17.1%
Earnings Per Share Weighted Average Shares Diluted	1.1%	1.4%	1.4%	1.5%	1.6%	1.7%	2.2%	2.1%	2.0%	17.1%

Cash Flow Statement

Operating, investing, and financing flows

20 accounts · 10 years

Operating cash flow $1.8B

Investing cash flow $450.2M

Financing cash flow $-371.6M

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
CashFlow
Operating Activities net Income	11.8%	9.8%	10.2%	3.4%	7.8%	7.2%	7.3%	8.0%	7.6%	39.0%
Operating Activities Depreciation and Amortization	1.3%	1.7%	2.1%	2.4%	2.5%	2.4%	3.5%	3.8%	3.7%	9.3%
Operating Activities Stock Based Compensation	0.5%	0.5%	0.6%	0.4%	0.4%	0.3%	0.4%	0.7%	1.0%	3.0%
Operating Activities Deferred Income Taxes	-0.1%	0.5%	0.4%	-1.0%	0.2%	-0.0%	-0.3%	-0.2%	-4.4%	-1.9%
Operating Activities Changes In Operating Assets and Liabilities	5.7%	0.5%	1.7%	-2.5%	-2.2%	12.6%	1.1%	-2.3%	-1.1%	-0.8%
Operating Activities Other Non Cash Items	-0.4%	1.1%	-0.6%	6.5%	0.1%	-0.1%	0.5%	0.1%	0.4%	-0.5%
Operating Activities net Cash From Operating Activities	18.8%	14.1%	14.4%	9.3%	8.8%	22.4%	12.4%	10.0%	7.1%	48.2%
Investing Activities Capital Expenditures	-0.8%	-0.8%	-0.6%	-0.9%	-0.7%	-0.7%	-0.7%	-0.7%	-0.7%	-9.3%
Investing Activities Purchases of Investments	-1.9%	-2.0%	-2.0%	-1.7%	-4.6%	-3.6%	-2.1%	-3.2%	-2.7%	—
Investing Activities Proceeds From Sale of Investments	7.4%	0.9%	1.8%	0.7%	2.4%	3.1%	2.5%	3.4%	2.9%	—
Investing Activities Other Investing Activities	0.1%	0.1%	0.0%	0.0%	0.0%	0.0%	—	—	—	-5.4%
Investing Activities net Cash From Investing Activities	4.8%	-1.8%	-0.7%	-11.9%	-5.2%	-6.6%	-0.3%	-0.5%	-27.3%	-17.7%
Financing Activities Repayment of Debt	0.0%	0.0%	-4.1%	-3.1%	-0.3%	-3.5%	-6.8%	-6.8%	-13.3%	—
Financing Activities Repurchase of Common Stock	-0.7%	-2.6%	-1.1%	-1.4%	-1.2%	-5.4%	-3.1%	-2.6%	—	-13.6%
Financing Activities Dividends Paid	-3.1%	-3.2%	-3.0%	-3.0%	-2.8%	-2.6%	-2.9%	-2.4%	-2.2%	-16.5%
Financing Activities Tax Withholding On Stock Based Compensation	-0.3%	-0.4%	-0.2%	-0.1%	-0.1%	-0.2%	-0.2%	-0.4%	-0.5%	—
Financing Activities Other Financing Activities	0.1%	-0.1%	-0.4%	-0.6%	-0.1%	-0.1%	-0.1%	-1.1%	-0.0%	-1.5%
Financing Activities net Cash From Financing Activities	-4.0%	-6.4%	-8.8%	1.2%	-2.9%	-3.1%	-13.0%	-7.0%	20.9%	-31.5%
Cash Reconciliation Effect of Exchange Rate On Cash	2.9%	-1.2%	0.7%	-0.1%	-0.1%	0.0%	0.0%	-0.1%	0.2%	—
Cash Reconciliation net Change In Cash	22.6%	4.7%	5.6%	-1.6%	0.5%	12.7%	-0.9%	2.5%	0.9%	—

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 10 years

Ratio	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Profitability
Gross margin	+51.5%	+50.6%	+50.8%	+44.0%	+42.2%	+36.6%	+45.5%	+44.0%	+44.7%	+80.6%
Operating margin	+31.1%	+26.8%	+28.0%	+12.4%	+23.1%	+19.3%	+21.5%	+21.6%	+16.7%	+42.4%
Net margin	+23.3%	+18.7%	+20.2%	+5.9%	+15.1%	+13.7%	+15.0%	+15.4%	+18.0%	+26.6%
FCF margin	+35.7%	+25.4%	+27.3%	+14.9%	+15.6%	+41.2%	+23.9%	+18.0%	+15.1%	+26.3%
Growth
Revenue CAGR (3y)	+6.0%	+5.4%	+3.3%	+16.6%	+8.1%	+15.4%	+52.6%	+63.4%	+53.4%	+7.1%
Returns
ROE	+21.4%	+17.9%	+19.1%	+6.8%	+14.7%	+14.0%	+11.2%	+13.2%	+12.9%	+58.8%
ROA	+11.8%	+9.8%	+10.2%	+3.4%	+7.8%	+7.2%	+7.3%	+8.0%	+7.6%	+39.2%
ROIC	+23.6%	+16.1%	+15.8%	+5.6%	+12.4%	+10.9%	+9.9%	+10.7%	+8.8%	—
Liquidity
Current ratio	1.87x	1.78x	1.43x	1.05x	1.31x	1.19x	2.16x	1.15x	1.30x	2.62x
Quick ratio	1.10x	0.98x	0.64x	0.54x	0.57x	0.44x	1.65x	0.94x	1.08x	1.86x
Leverage
D/E	0.81x	0.82x	0.88x	1.02x	0.89x	0.95x	0.52x	0.64x	0.69x	0.46x
Interest coverage	28.05x	21.33x	16.95x	8.16x	16.79x	17.61x	14.96x	15.69x	9.00x	52.32x
Efficiency
Asset turnover	0.51x	0.53x	0.50x	0.57x	0.51x	0.53x	0.49x	0.52x	0.42x	1.48x
Cash conversion cycle	—	—	—	—	—	—	—	—	—	—

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