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

Year-over-year change per cell; first column has no prior.

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	+140.8%	+69.4%	+25.5%	+26.6%	—
Short Term Investments	-67.3%	+91.8%	-37.3%	+147.2%	—
Accounts Receivable	-12.0%	+31.8%	-8.8%	+13.1%	—
Other Current Assets	+77.0%	-3.6%	+57.3%	-19.8%	—
Total Current Assets	+78.3%	+25.3%	+27.2%	+1.6%	—
Operating Lease Assets	-10.8%	-8.9%	+22.3%	+1.5%	—
Goodwill	+0.8%	-0.5%	+0.6%	+3.2%	—
Intangible Assets	-5.8%	-11.8%	-6.1%	-0.3%	—
Long Term Investments	-91.6%	+11.1%	+36.4%	+3.0%	—
Other Noncurrent Assets	-2.6%	-7.2%	+10.9%	+25.3%	—
Total Assets	+19.5%	+4.0%	+7.0%	+2.7%	—
Liabilities
Accounts Payable	+91.0%	-12.8%	-1.8%	+42.2%	—
Accrued Liabilities	-72.6%	+247.1%	-64.9%	+207.3%	—
Deferred Revenue	+7.8%	+8.5%	-49.6%	-23.0%	—
Other Current Liabilities	+91.4%	-7.3%	+54.6%	-27.1%	—
Total Current Liabilities	+69.3%	+0.9%	-6.3%	+26.3%	—
Long Term Debt	+0.1%	+0.1%	+0.1%	+10.6%	—
Operating Lease Liabilities Noncurrent	-12.6%	-8.2%	+16.6%	+0.1%	—
Deferred Tax Liabilities	-0.8%	-14.2%	-2.3%	-40.2%	—
Other Noncurrent Liabilities	-84.0%	+11.8%	+16.6%	+11.6%	—
Total Liabilities	+18.7%	+0.2%	-0.9%	+10.1%	—
Equity
Preferred Stock	—	—	—	—	—
Common Stock	+0.0%	-9.1%	+0.0%	+0.0%	—
Additional Paid In Capital	+3.5%	+2.3%	+1.6%	-3.6%	—
Retained Earnings	+25.8%	+11.5%	+16.3%	+1.2%	—
Treasury Stock	+7.1%	-86.7%	-92.0%	+22.7%	—
Accumulated Other Comprehensive Income	+162.2%	-414.9%	+69.7%	-155.8%	—
Total Stockholders Equity	+20.1%	+7.4%	+15.0%	-3.9%	—
Total Liabilitiesand Equity	+19.5%	+4.0%	+7.0%	+2.7%	—

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	+15.1%	+8.5%	-4.7%	+13.3%	—
Expenses Cost of Revenue	+13.0%	+9.0%	-16.3%	+9.8%	—
Other Income Expense Gross Profit	+17.2%	+8.1%	+10.1%	+18.0%	—
Expenses Selling,General and Administrative	+5.2%	+7.3%	+17.7%	+22.9%	—
Expenses Depreciation and Amortization	-8.0%	-15.8%	-5.3%	-0.4%	—
Expenses Restructuring and Asset Impairment	-42.3%	—	-100.0%	—	—
Expenses Other Operating Expenses	-16.6%	+39.0%	-53.6%	+179.9%	—
Expenses Operating Expenses	-1.2%	+13.2%	-31.3%	+86.8%	—
Other Income Expense Operating Income	+33.6%	+3.8%	+116.1%	-39.2%	—
Other Income Expense Interest Income	+152.6%	+9.3%	+376.9%	+575.0%	—
Other Income Expense Interest Expense	+1.6%	-17.5%	+4.0%	+25.0%	—
Other Income Expense Other Income/expense	+149.5%	-3333.3%	+108.0%	-120.6%	—
Other Income Expense Income Before Tax	+44.5%	+3.5%	+142.0%	-42.7%	—
Income Tax Income Tax Expense	+46.3%	+11.4%	+44.6%	-12.9%	—
net Income Other Items Below Tax	-33.3%	+0.0%	-333.3%	+47.1%	—
net Income net Income	+43.8%	+0.5%	+224.0%	-55.6%	—
net Income Comprehensive Income	+62.4%	-7.3%	—	—	—
Earnings Per Share Basic Eps	+44.5%	+1.1%	+225.5%	-55.4%	—
Earnings Per Share Diluted Eps	+44.5%	+1.1%	+225.6%	-55.5%	—
Earnings Per Share Weighted Average Shares Basic	-0.4%	-0.7%	-0.5%	-0.7%	—
Earnings Per Share Weighted Average Shares Diluted	-0.4%	-0.7%	-0.5%	-0.5%	—

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	+43.8%	+0.5%	+224.0%	-55.6%	—
Operating Activities Depreciation and Amortization	-8.0%	-15.8%	-5.3%	-0.4%	—
Operating Activities Stock Based Compensation	+20.6%	+1.2%	+34.5%	+15.4%	—
Operating Activities Deferred Income Taxes	-122.3%	+15.7%	+148.8%	-565.7%	—
Operating Activities Changes In Operating Assets and Liabilities	+1372.4%	-71.9%	+173.8%	-18.0%	—
Operating Activities Other Non Cash Items	-146.2%	+292.1%	-109.9%	+7176.2%	—
Operating Activities net Cash From Operating Activities	+59.2%	+2.3%	+65.2%	+9.1%	—
Investing Activities Capital Expenditures	-16.6%	-35.3%	+24.7%	-17.3%	—
Investing Activities Purchases of Investments	-13.8%	-6.1%	-23.1%	+61.6%	—
Investing Activities Proceeds From Sale of Investments	+916.1%	-50.0%	+159.5%	-67.4%	—
Investing Activities Other Investing Activities	+22.9%	+536.4%	—	-100.0%	—
Investing Activities net Cash From Investing Activities	+417.5%	-157.4%	+93.4%	-136.8%	—
Financing Activities Repayment of Debt	—	+100.0%	-38.6%	-1000.0%	—
Financing Activities Repurchase of Common Stock	+67.4%	-144.1%	+16.8%	-24.1%	—
Financing Activities Dividends Paid	-14.0%	-11.6%	-6.7%	-8.3%	—
Financing Activities Tax Withholding On Stock Based Compensation	-1.0%	-112.2%	-56.2%	-43.5%	—
Financing Activities Other Financing Activities	+181.4%	+62.1%	+30.2%	-349.5%	—
Financing Activities net Cash From Financing Activities	+24.9%	+24.6%	-903.1%	+140.8%	—
Cash Reconciliation Effect of Exchange Rate On Cash	+385.8%	-280.1%	+628.0%	-9.9%	—
Cash Reconciliation net Change In Cash	+470.4%	-11.6%	+471.5%	-423.6%	—

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	—	—	—	—	—

Valuation

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FY2025 fundamentals · no price

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Cboe Global Markets

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