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 · 5 years

Total assets $9.3B

Total liabilities $4.2B

Shareholders equity $5.1B

Account	2025	2024	2023	2022	2021
Assets
Cash and Cash Equivalents	23.8%	11.8%	7.3%	6.2%	5.0%
Short Term Investments	0.4%	1.4%	0.8%	1.3%	0.5%
Accounts Receivable	4.2%	5.7%	4.5%	5.3%	4.8%
Other Current Assets	19.1%	12.9%	13.9%	9.5%	12.1%
Total Current Assets	47.5%	31.8%	26.4%	22.2%	22.5%
Operating Lease Assets	1.2%	1.6%	1.8%	1.6%	1.6%
Goodwill	33.9%	40.1%	41.9%	44.6%	44.4%
Intangible Assets	13.9%	17.7%	20.9%	23.8%	24.5%
Long Term Investments	0.3%	4.9%	4.6%	3.6%	3.6%
Other Noncurrent Assets	3.1%	3.9%	4.3%	4.2%	3.4%
Total Assets	100.0%	100.0%	100.0%	100.0%	100.0%
Liabilities
Accounts Payable	7.4%	4.6%	5.5%	6.0%	4.3%
Accrued Liabilities	0.5%	2.4%	0.7%	2.2%	0.7%
Deferred Revenue	0.1%	0.1%	0.1%	0.2%	0.2%
Other Current Liabilities	17.4%	10.9%	12.2%	8.4%	11.9%
Total Current Liabilities	25.4%	17.9%	18.5%	21.1%	17.2%
Long Term Debt	15.5%	18.5%	19.2%	20.5%	19.1%
Operating Lease Liabilities Noncurrent	1.3%	1.8%	2.0%	1.8%	1.9%
Deferred Tax Liabilities	2.0%	2.4%	2.9%	3.2%	5.5%
Other Noncurrent Liabilities	0.6%	4.5%	4.2%	3.8%	3.5%
Total Liabilities	44.8%	45.1%	46.8%	50.5%	47.1%
Equity
Preferred Stock	0.0%	0.0%	0.0%	—	—
Common Stock	0.0%	0.0%	0.0%	0.0%	0.0%
Additional Paid In Capital	16.8%	19.4%	19.7%	20.8%	22.1%
Retained Earnings	38.1%	36.2%	33.7%	31.0%	31.5%
Treasury Stock	0.0%	0.0%	0.1%	1.9%	1.6%
Accumulated Other Comprehensive Income	0.3%	-0.6%	-0.1%	-0.4%	0.8%
Total Stockholders Equity	55.2%	54.9%	53.2%	49.5%	52.9%
Total Liabilitiesand Equity	100.0%	100.0%	100.0%	100.0%	100.0%

Income Statement

Revenue, expense, and profitability

21 accounts · 5 years

Revenue $4.7B

Operating income $1.5B

Net income $1.1B

Account	2025	2024	2023	2022	2021
IncomeStatement
Revenues Total Revenue	50.7%	52.6%	50.4%	56.6%	51.3%
Expenses Cost of Revenue	24.6%	26.0%	24.8%	31.7%	29.6%
Other Income Expense Gross Profit	26.1%	26.6%	25.6%	24.9%	21.7%
Expenses Selling,General and Administrative	8.3%	9.4%	9.1%	8.3%	6.9%
Expenses Depreciation and Amortization	1.3%	1.7%	2.1%	2.4%	2.5%
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%
Expenses Operating Expenses	10.3%	12.5%	11.5%	17.9%	9.8%
Other Income Expense Operating Income	15.8%	14.1%	14.1%	7.0%	11.8%
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%
Other Income Expense Other Income/expense	0.1%	-0.2%	0.0%	-0.1%	-0.0%
Other Income Expense Income Before Tax	16.8%	13.9%	14.0%	6.2%	11.1%
Income Tax Income Tax Expense	5.0%	4.1%	3.8%	2.8%	3.3%
net Income Other Items Below Tax	-0.1%	-0.1%	-0.1%	-0.0%	-0.0%
net Income net Income	11.8%	9.8%	10.2%	3.4%	7.8%
net Income Comprehensive Income	12.7%	9.3%	10.5%	—	—
Earnings Per Share Basic Eps	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%
Earnings Per Share Weighted Average Shares Basic	1.1%	1.3%	1.4%	1.5%	1.6%
Earnings Per Share Weighted Average Shares Diluted	1.1%	1.4%	1.4%	1.5%	1.6%

Cash Flow Statement

Operating, investing, and financing flows

20 accounts · 5 years

Operating cash flow $1.8B

Investing cash flow $450.2M

Financing cash flow $-371.6M

Account	2025	2024	2023	2022	2021
CashFlow
Operating Activities net Income	11.8%	9.8%	10.2%	3.4%	7.8%
Operating Activities Depreciation and Amortization	1.3%	1.7%	2.1%	2.4%	2.5%
Operating Activities Stock Based Compensation	0.5%	0.5%	0.6%	0.4%	0.4%
Operating Activities Deferred Income Taxes	-0.1%	0.5%	0.4%	-1.0%	0.2%
Operating Activities Changes In Operating Assets and Liabilities	5.7%	0.5%	1.7%	-2.5%	-2.2%
Operating Activities Other Non Cash Items	-0.4%	1.1%	-0.6%	6.5%	0.1%
Operating Activities net Cash From Operating Activities	18.8%	14.1%	14.4%	9.3%	8.8%
Investing Activities Capital Expenditures	-0.8%	-0.8%	-0.6%	-0.9%	-0.7%
Investing Activities Purchases of Investments	-1.9%	-2.0%	-2.0%	-1.7%	-4.6%
Investing Activities Proceeds From Sale of Investments	7.4%	0.9%	1.8%	0.7%	2.4%
Investing Activities Other Investing Activities	0.1%	0.1%	0.0%	0.0%	0.0%
Investing Activities net Cash From Investing Activities	4.8%	-1.8%	-0.7%	-11.9%	-5.2%
Financing Activities Repayment of Debt	0.0%	0.0%	-4.1%	-3.1%	-0.3%
Financing Activities Repurchase of Common Stock	-0.7%	-2.6%	-1.1%	-1.4%	-1.2%
Financing Activities Dividends Paid	-3.1%	-3.2%	-3.0%	-3.0%	-2.8%
Financing Activities Tax Withholding On Stock Based Compensation	-0.3%	-0.4%	-0.2%	-0.1%	-0.1%
Financing Activities Other Financing Activities	0.1%	-0.1%	-0.4%	-0.6%	-0.1%
Financing Activities net Cash From Financing Activities	-4.0%	-6.4%	-8.8%	1.2%	-2.9%
Cash Reconciliation Effect of Exchange Rate On Cash	2.9%	-1.2%	0.7%	-0.1%	-0.1%
Cash Reconciliation net Change In Cash	22.6%	4.7%	5.6%	-1.6%	0.5%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 5 years

Ratio	2025	2024	2023	2022	2021
Profitability
Gross margin	+51.5%	+50.6%	+50.8%	+44.0%	+42.2%
Operating margin	+31.1%	+26.8%	+28.0%	+12.4%	+23.1%
Net margin	+23.3%	+18.7%	+20.2%	+5.9%	+15.1%
FCF margin	+35.7%	+25.4%	+27.3%	+14.9%	+15.6%
Growth
Revenue CAGR (3y)	+6.0%	+5.4%	+3.3%	+16.6%	+8.1%
Returns
ROE	+21.4%	+17.9%	+19.1%	+6.8%	+14.7%
ROA	+11.8%	+9.8%	+10.2%	+3.4%	+7.8%
ROIC	+23.6%	+16.1%	+15.8%	+5.6%	+12.4%
Liquidity
Current ratio	1.87x	1.78x	1.43x	1.05x	1.31x
Quick ratio	1.10x	0.98x	0.64x	0.54x	0.57x
Leverage
D/E	0.81x	0.82x	0.88x	1.02x	0.89x
Interest coverage	28.05x	21.33x	16.95x	8.16x	16.79x
Efficiency
Asset turnover	0.51x	0.53x	0.50x	0.57x	0.51x
Cash conversion cycle	—	—	—	—	—

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Cboe Global Markets

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