FirmAtlas
Company handbook · CBOE · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-17
CBOE · CIK 1374310 · LATEST FILING: 10-Q JUN '26 · FILED JUL 31, 2026
Cboe Global Markets, Inc.
$314.98
+6.89 (+2.24%)
Close, Oct 16, 2026 · 52-week $227–371
Last fiscal year
Cboe Global Markets, Inc. reported revenue of $4.7B for the year ended Dec 31, 2025 (FY25), up 15.1% from FY24. Net income was $1.1B, operating cash flow $1.8B and free cash flow $1.7B. Source: 10-K filed Feb 20, 2026.
Market cap
$33.0B
P/E
24.4
EV/EBITDA
19.2x
P/B
5.9
Div yield
0.73%
ROIC
31.6%
Revenue 1Y
15.1%/yr
EPS 1Y
44.5%/yr
Shares 1Y
−0.0%
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Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEOCraig S. Donohue
HQChicago, IL
AuditorKPMG LLP
Year endsDecember
Revenue by segment · FY25
Options52%
U.S.Equities35%
European Equities8%
Futures3%
Global FX2%
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
16.9%
20.2%
24.5%
33.5%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY24–FY25
$937M deployed
Capex
$132M
14.1%
Dividends
$534M
57.0%
Buybacks
$272M
29.0%
Operating cash flow over the period: $2.9B. Total debt changed by +$2M.
More cash than debt at the end of FY25.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
Upgrade to see 10 years
Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
TTM = the last four quarters, to Jun '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Revenue
4,094
4,714+15.1%
5,061
YoY
+15.1%
Gross profit
2,072
2,429+17.2%
2,737
Gross margin
50.6%
51.5%+0.9 pp
—
Operating income
1,098
1,467+33.6%
1,756
Operating margin
26.8%
31.1%+4.3 pp
—
EBITDA
1,231
1,590+29.1%
—
EBITDA margin
30.1%
33.7%+3.6 pp
—
Interest expense
52
52+1.6%
—
Interest coverage
23.91x
30.39x+6.48x
—
Net income
765
1,100+43.8%
1,353
YoY
+43.8%
Net margin
18.7%
23.3%+4.7 pp
—
EPS (diluted, $)
7.21
10.42+44.5%
12.86
YoY
+44.5%
Balance sheet
Total assets
7,789
9,305+19.5%
10,609
Cash & short-term investments
1,876
3,905+108.1%
—
Accounts receivable
445
391−12.0%
—
Net PP&E
118
133+12.8%
—
Other assets
5,350
4,876−8.9%
—
Total liabilities
3,510
4,167+18.7%
4,983
Accounts payable
18
16−10.1%
—
Total debt
1,441
1,443+0.1%
2,093
Other liabilities
2,051
2,708+32.1%
—
Shareholders’ equity
4,280
5,138+20.1%
5,626
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
1,101
1,753+59.2%
1,963
Net income
765
1,100+43.8%
—
Depreciation & amortization
133
122−8.0%
—
Stock-based compensation
42
50+20.6%
—
Working capital & other
161
480+198.2%
—
Cash from investing
(142)
450n/m
—
Capex
(61)
(71)n/m
—
PP&E sold
0.7
0−100.0%
—
Acquisitions
0
—
—
Investments bought
(116)
(175)n/m
—
Investments sold / matured
68
248+265.4%
—
Other investing
(34)
448n/m
—
Cash from financing
(495)
(372)n/m
—
Debt raised
0
—
—
Debt repaid
0
0n/m
—
Dividends
(249)
(284)n/m
—
Buybacks
(205)
(67)n/m
—
Other financing
(41)
(21)n/m
—
Net change in cash
369
2,103+470.4%
—
Free cash flow (OCF − capex)
1,040
1,682+61.7%
1,874
Where the cash went
Operating cash flow
1,101
1,753+59.2%
1,963
Reinvested in the business
61
71+16.6%
—
% of operating cash flow
5.5%
4.1%
Capex
61
71+16.6%
88
Acquisitions
0
—
—
Free cash flow
1,040
1,682+61.7%
1,874
YoY
+61.7%
Returned to shareholders
454
351−22.7%
—
% of free cash flow
43.7%
20.9%
Dividends
249
284+14.0%
—
Buybacks
205
67−67.4%
—
Change in total debt
—
2
—
Cash left over
—
1,332
—
FCF conversion (FCF ÷ net income)
135.9%
152.9%+16.9 pp
—
Owner earnings
—
1,203
—
Owner earnings margin
—
25.5%
—
Buyback yield
1.0%
0.3%−0.7 pp
—
Returns & ratios
ROIC (all capital)
20.2%
31.6%+11.4 pp
—
ROIC (operating)
142.3%
195.6%+53.3 pp
—
Net debt / EBITDA
−0.35x
−1.55x−1.20x
—
Debt / equity
0.34x
0.28x−0.06x
—
ROE
17.9%
21.4%+3.5 pp
—
ROA
9.8%
11.8%+2.0 pp
—
ROCE
17.2%
21.1%+4.0 pp
—
NOPAT
775
1,030+32.9%
—
Invested capital (operating)
545
508−6.7%
—
Invested capital (all)
3,845
2,676−30.4%
—
Reinvestment rate
—
−3.5%
—
Income
Sep '25
Dec '25
Mar '26
Jun '26
Revenue
1,142
1,204
1,273
1,443
vs year-ago quarter
Gross profit
606
671
729
732
Gross margin
53.0%
55.7%
57.3%
50.7%
Operating income
370
404
506
476
Net income
301
313
386
353
vs year-ago quarter
Net margin
26.3%
26.0%
30.3%
24.5%
EPS (diluted, $)
2.85
3.00
3.66
3.35
vs year-ago quarter
Balance sheet
Sep '25
Dec '25
Mar '26
Jun '26
Total assets
9,069
9,305
11,071
10,609
Cash & equivalents
3,170
3,905
5,613
4,923
Total debt
1,442
1,443
2,093
2,093
Shareholders’ equity
4,885
5,138
5,374
5,626
Cash flow
Sep '25
Dec '25
Mar '26
Jun '26
Operating cash flow
154
352
1,960
(503)
Capex
16
20
19
33
Free cash flow
138
332
1,941
(536)
vs year-ago quarter