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 revenue.

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	47.0%	22.5%	14.4%	10.9%	9.8%
Short Term Investments	0.8%	2.7%	1.5%	2.3%	1.1%
Accounts Receivable	8.3%	10.9%	8.9%	9.3%	9.4%
Other Current Assets	37.7%	24.5%	27.6%	16.7%	23.6%
Total Current Assets	93.8%	60.5%	52.5%	39.3%	43.8%
Operating Lease Assets	2.4%	3.0%	3.6%	2.8%	3.2%
Goodwill	66.8%	76.3%	83.2%	78.9%	86.6%
Intangible Assets	27.5%	33.6%	41.4%	42.0%	47.7%
Long Term Investments	0.7%	9.4%	9.2%	6.4%	7.0%
Other Noncurrent Assets	6.2%	7.3%	8.6%	7.4%	6.7%
Total Assets	197.4%	190.2%	198.4%	176.8%	195.0%
Liabilities
Accounts Payable	14.6%	8.8%	10.9%	10.6%	8.5%
Accrued Liabilities	1.1%	4.5%	1.4%	3.8%	1.4%
Deferred Revenue	0.1%	0.2%	0.2%	0.3%	0.4%
Other Current Liabilities	34.3%	20.6%	24.2%	14.9%	23.2%
Total Current Liabilities	50.1%	34.1%	36.7%	37.3%	33.5%
Long Term Debt	30.6%	35.2%	38.1%	36.3%	37.2%
Operating Lease Liabilities Noncurrent	2.6%	3.4%	4.0%	3.3%	3.7%
Deferred Tax Liabilities	3.9%	4.6%	5.8%	5.6%	10.7%
Other Noncurrent Liabilities	1.2%	8.5%	8.2%	6.7%	6.8%
Total Liabilities	88.4%	85.7%	92.8%	89.3%	91.8%
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	33.2%	36.9%	39.2%	36.8%	43.2%
Retained Earnings	75.2%	68.8%	66.9%	54.8%	61.4%
Treasury Stock	0.0%	0.0%	0.3%	3.3%	3.1%
Accumulated Other Comprehensive Income	0.6%	-1.2%	-0.2%	-0.8%	1.6%
Total Stockholders Equity	109.0%	104.5%	105.6%	87.5%	103.1%
Total Liabilitiesand Equity	197.4%	190.2%	198.4%	176.8%	195.0%

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	100.0%	100.0%	100.0%	100.0%	100.0%
Expenses Cost of Revenue	48.5%	49.4%	49.2%	56.0%	57.8%
Other Income Expense Gross Profit	51.5%	50.6%	50.8%	44.0%	42.2%
Expenses Selling,General and Administrative	16.3%	17.8%	18.0%	14.6%	13.5%
Expenses Depreciation and Amortization	2.6%	3.2%	4.2%	4.2%	4.8%
Expenses Restructuring and Asset Impairment	1.0%	2.0%	0.0%	11.6%	—
Expenses Other Operating Expenses	0.5%	0.7%	0.6%	1.2%	0.5%
Expenses Operating Expenses	20.4%	23.8%	22.8%	31.6%	19.2%
Other Income Expense Operating Income	31.1%	26.8%	28.0%	12.4%	23.1%
Other Income Expense Interest Income	3.0%	1.4%	1.4%	0.3%	0.0%
Other Income Expense Interest Expense	1.1%	1.3%	1.7%	1.5%	1.4%
Other Income Expense Other Income/expense	0.2%	-0.5%	0.0%	-0.2%	-0.1%
Other Income Expense Income Before Tax	33.2%	26.5%	27.8%	10.9%	21.6%
Income Tax Income Tax Expense	9.9%	7.8%	7.6%	5.0%	6.5%
net Income Other Items Below Tax	-0.1%	-0.1%	-0.1%	-0.0%	-0.0%
net Income net Income	23.3%	18.7%	20.2%	5.9%	15.1%
net Income Comprehensive Income	25.0%	17.7%	20.7%	—	—
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	2.2%	2.6%	2.8%	2.7%	3.1%
Earnings Per Share Weighted Average Shares Diluted	2.2%	2.6%	2.8%	2.7%	3.1%

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	23.3%	18.7%	20.2%	5.9%	15.1%
Operating Activities Depreciation and Amortization	2.6%	3.2%	4.2%	4.2%	4.8%
Operating Activities Stock Based Compensation	1.1%	1.0%	1.1%	0.8%	0.8%
Operating Activities Deferred Income Taxes	-0.2%	0.9%	0.9%	-1.7%	0.4%
Operating Activities Changes In Operating Assets and Liabilities	11.2%	0.9%	3.4%	-4.4%	-4.2%
Operating Activities Other Non Cash Items	-0.9%	2.1%	-1.2%	11.6%	0.2%
Operating Activities net Cash From Operating Activities	37.2%	26.9%	28.5%	16.4%	17.1%
Investing Activities Capital Expenditures	-1.5%	-1.5%	-1.2%	-1.5%	-1.5%
Investing Activities Purchases of Investments	-3.8%	-3.8%	-3.9%	-3.0%	-8.9%
Investing Activities Proceeds From Sale of Investments	14.6%	1.7%	3.6%	1.3%	4.6%
Investing Activities Other Investing Activities	0.2%	0.2%	0.0%	0.0%	0.0%
Investing Activities net Cash From Investing Activities	9.5%	-3.5%	-1.5%	-21.1%	-10.1%
Financing Activities Repayment of Debt	0.0%	0.0%	-8.1%	-5.6%	-0.6%
Financing Activities Repurchase of Common Stock	-1.4%	-5.0%	-2.2%	-2.5%	-2.3%
Financing Activities Dividends Paid	-6.0%	-6.1%	-5.9%	-5.3%	-5.5%
Financing Activities Tax Withholding On Stock Based Compensation	-0.6%	-0.7%	-0.4%	-0.2%	-0.2%
Financing Activities Other Financing Activities	0.2%	-0.3%	-0.8%	-1.1%	-0.3%
Financing Activities net Cash From Financing Activities	-7.9%	-12.1%	-17.4%	2.1%	-5.7%
Cash Reconciliation Effect of Exchange Rate On Cash	5.8%	-2.3%	1.4%	-0.3%	-0.3%
Cash Reconciliation net Change In Cash	44.6%	9.0%	11.1%	-2.8%	1.0%

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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