Cboe Global Markets

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

                    Revenue
                    FY2017
                
$2.2B
                    
                    +217.0%
                    
                    Net income
                    FY2025
                
$1.1B
                    
                    +43.8%
                    
                    Total assets
                    FY2025
                
$9.3B
                    ROA +11.8%
                    
                    P89
                    
                    +19.5%
                    
                    Operating cash flow
                    FY2025
                
$1.8B
                    
                    +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

32 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	0.0%	0.0%	0.0%	0.0%	0.0%	0.6%	0.7%	1.2%	0.0%	0.0%
Accounts Receivable	4.2%	5.7%	4.5%	5.3%	4.8%	5.2%	4.6%	5.4%	4.1%	14.7%
Prepaid Expenses	1.0%	1.1%	0.9%	0.7%	0.5%	0.4%	0.3%	0.3%	0.2%	0.0%
Other Current Assets	1.0%	1.1%	0.9%	0.7%	0.5%	0.4%	0.3%	0.3%	0.2%	0.0%
Total Current Assets	47.5%	31.8%	26.4%	22.2%	22.5%	24.0%	11.9%	12.8%	8.3%	49.3%
Property,Plant and Equipment	1.4%	1.5%	1.5%	1.5%	1.5%	1.3%	0.9%	1.3%	1.4%	11.7%
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%	1.8%
Long Term Investments	0.0%	4.1%	3.9%	3.1%	3.1%	0.0%	0.4%	0.4%	0.4%	2.6%
Other Noncurrent Assets	1.7%	2.3%	2.8%	2.6%	1.8%	1.2%	1.0%	1.2%	1.1%	—
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	0.2%	0.2%	0.3%	0.4%	0.3%	0.4%	0.4%	0.2%	0.8%	1.4%
Accrued Liabilities	0.6%	1.0%	0.9%	1.3%	1.1%	0.9%	1.5%	1.7%	1.1%	5.4%
Deferred Revenue	0.1%	0.1%	0.1%	0.2%	0.2%	0.2%	0.1%	0.2%	—	0.7%
Operating Lease Liabilities	0.3%	0.3%	0.3%	0.3%	0.2%	0.2%	0.2%	—	—	—
Other Current Liabilities	0.6%	1.0%	0.9%	1.3%	1.1%	0.9%	1.5%	1.7%	1.1%	—
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%	0.4%
Operating Lease Liabilities Noncurrent	1.3%	1.8%	2.0%	1.8%	1.9%	2.0%	0.9%	—	—	—
Deferred Tax Liabilities	2.0%	4.2%	5.9%	6.3%	6.8%	7.1%	8.9%	8.9%	9.9%	7.4%
Other Noncurrent Liabilities	0.4%	0.6%	0.9%	0.8%	0.5%	0.4%	0.5%	0.1%	0.1%	0.5%
Total Liabilities	44.8%	45.1%	46.8%	50.5%	47.1%	48.6%	34.4%	24.7%	27.4%	30.6%
Equity
Preferred Stock	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	0.5%	0.5%	0.6%	0.4%	0.4%	0.3%	0.4%	0.7%	1.0%	3.0%
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%	13.6%
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

17 accounts · 10 years

Revenue $2.2B

Operating income $1.5B

Net income $1.1B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
IncomeStatement
Expenses Cost of Revenue	24.6%	26.0%	24.8%	31.7%	29.6%	33.3%	26.6%	29.2%	23.4%	28.7%
Expenses Depreciation and Amortization	0.8%	1.1%	1.6%	1.8%	1.9%	1.9%	2.7%	3.0%	2.7%	9.3%
Expenses Share Based Compensation	0.5%	0.5%	0.6%	0.4%	0.4%	0.3%	0.4%	0.7%	1.0%	3.0%
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 Gross Profit	26.1%	26.6%	25.6%	24.9%	21.7%	19.2%	22.2%	22.9%	18.9%	118.8%
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	0.5%	0.4%	0.2%	0.1%	0.0%	0.0%	0.0%	0.0%	0.0%	2.7%
Other Income Expense Interest Expense	0.6%	0.7%	0.8%	0.9%	0.7%	0.6%	0.7%	0.8%	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 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%	39.2%
Operating Activities Depreciation and Amortization	0.8%	1.1%	1.6%	1.8%	1.9%	1.9%	2.7%	3.0%	2.7%	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%	-0.3%	-0.2%	-2.2%	-0.3%	-0.5%	-0.7%	-0.9%	-4.5%	-1.8%
Operating Activities Changes In Operating Assets and Liabilities	-0.9%	1.4%	-0.6%	0.7%	-0.1%	1.5%	-1.1%	1.2%	0.7%	1.1%
Operating Activities Other Non Cash Items	-0.0%	-0.0%	-0.0%	-0.2%	0.1%	-0.0%	-0.1%	0.0%	0.0%	—
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%	1.5%	1.2%	1.5%	1.5%	3.4%	2.1%	3.1%	2.6%	—
Investing Activities Proceeds From Sale of Investments	2.7%	0.9%	1.8%	0.7%	2.4%	3.1%	1.9%	3.4%	2.9%	—
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%	2.4%	6.8%	6.1%	13.3%	—
Financing Activities Repurchase of Common Stock	0.7%	2.6%	1.1%	1.4%	1.2%	5.4%	3.1%	2.6%	—	12.7%
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%	0.9%
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	41.6%	22.7%	18.7%	14.0%	16.0%	16.2%	4.5%	5.2%	0.2%	20.4%
Cash Reconciliation net Change In Cash	22.6%	4.7%	5.6%	-1.6%	0.5%	12.7%	-0.9%	2.5%	0.9%	-1.0%
Cash Reconciliation Cash At Beginning of Period	41.6%	22.7%	18.7%	14.0%	16.0%	16.2%	4.5%	5.2%	2.7%	20.4%
Cash Reconciliation Cash At End of Period	41.6%	22.7%	18.7%	14.0%	16.0%	16.2%	4.5%	5.2%	2.7%	20.4%

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	—	—	—	—	—	—	—	—	+44.7%	+80.6%
Operating margin	—	—	—	—	—	—	—	—	+16.7%	+42.4%
Net margin	—	—	—	—	—	—	—	—	+18.0%	+26.6%
FCF margin	—	—	—	—	—	—	—	—	+15.1%	+26.3%
Growth
Revenue CAGR (3y)	—	—	—	—	—	—	—	—	+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%	+81.2%
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	0.41x	0.46x	0.46x
Interest coverage	28.05x	21.33x	16.95x	8.16x	16.79x	17.11x	14.21x	14.80x	8.73x	52.32x
Efficiency
Asset turnover	—	—	—	—	—	—	—	—	0.42x	1.48x
Cash conversion cycle	—	—	—	—	—	—	—	—	—	—

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