Saturday 31 October 2026 Export CBOE’s income statement to Excel — free account

Cboe Global Markets, Inc.

CBOE Financial Financial Data & Stock Exchanges

Cboe Global Markets, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $4.7 billion, up 15.1% from fiscal 2024. In the quarter to June 2026, revenue grew 23.0%, EPS grew 50.7%, free cash flow fell 270.9% and total debt was flat, each against the same quarter a year earlier. Member of the S&P 500; dividend growth for ten consecutive years, operating cash flow growth for three.

335.53 21.28 +6.77%

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Market cap: $32.8B
P/E: 25.9×
Fwd P/E: —
Dividend yield: 0.91%
F-score: 9/9
Altman Z: n/a
Beneish M: n/a
Dividend safety: n/a

Overview Business Profile Earnings & Analysis Segments Filings

Insider Decisions trades per month

Total sells 2.33

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	—	—	—	3	—	—	1	—	—	1	—	—

Insider Ownership 0.53%

Capital & Financial Ratios $m

Market Cap 32,820.00

Revenue 5,061.30

Net Income 1,353.10

Free Cash Flow 1,874.50

Net Debt (946.90)

Current Ratio 1.57

Debt/Equity 0.26

P/E ratio 25.87

Fwd P/E —

P/S ratio 6.89

P/B ratio 6.20

Past 5Y EPS Growth 19.53%

This Y EPS Growth 32.08%

Next Y EPS Growth 7.55%

Next Y revenue growth —

Next 5Y EPS Growth 15.88%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

P/E against its own 10 years 41.65%

10-year low 10-year high

P/S against its own 10 years 81.31%

10-year low 10-year high

P/B against its own 10 years 87.66%

10-year low 10-year high

Dividends

Payout Ratio 0.24

Annual Dividend Rate 3.02

Annual Dividend Yield 0.91%

	total	individual payouts
2026	2.30	0.72 0.72 0.86
2025	2.70	0.63 0.63 0.72 0.72
2024	2.36	0.55 0.55 0.63 0.63
2023	2.10	0.50 0.50 0.55 0.55
2022	1.96	0.48 0.48 0.50 0.50
2021	1.80	0.42 0.42 0.48 0.48
2020	1.56	0.36 0.36 0.42 0.42
2019	1.34	0.31 0.31 0.36 0.36
2018	1.16	0.27 0.27 0.31 0.31
2017	1.04	0.25 0.25 0.27 0.27
2016	0.96	0.23 0.23 0.25 0.25

special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	601	1,031	2,253	2,391
Receivables	412	518	459	648
Inventory	—	—	—	—
Other	967	930	1,710	2,889
	1,979	2,479	4,421	5,927

	2023	2024	2025	Q'26
Payables	413	360	687	389
ST’ Debt	—	—	—	650
Other	912	846	1,618	2,574
	1,383	1,395	2,362	3,787

Compound Annual Growth %

	10y	5y	3y
Sales	21.66%	6.59%	6.00%
Cash Flow	21.73%	3.74%	39.11%
Earnings	18.29%	18.58%	67.23%
Book Value	34.79%	8.94%	14.03%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 3.43 Actual 3.63

2.81 3.06 3.32 3.57 3.82

Q4 FY25 Beat +0.13

Q1 FY26 Beat +0.33

Q2 FY26 Beat +0.11

Q3 FY26 Beat +0.20

Q4 FY26 — Feb 5

Earnings per share against the consensus, by quarter
Quarter	Estimate	Reported	Result
Q4 FY25	2.93	3.06	Beat by 0.13
Q1 FY26	3.37	3.70	Beat by 0.33
Q2 FY26	3.45	3.56	Beat by 0.11
Q3 FY26	3.43	3.63	Beat by 0.20
Q4 FY26	3.39	—	Reports 5 February 2027

EPS $

	Mar	Jun	Sep	Dec	Year
’26	3.66	3.35	—	—	—
’25	2.37	2.23	2.85	2.97	10.42
’24	1.96	1.33	2.07	1.86	7.21
’23	1.63	1.57	1.95	1.98	7.13
’22	1.02	(1.74)	1.41	1.49	2.19
’21	1.27	0.98	1.12	1.54	4.92
’20	1.42	1.03	1.01	0.81	4.27

Fiscal quarters ending in the months shown.

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	1,273	1,443	—	—	—
’25	1,195	1,174	1,142	1,204	4,714
’24	957	974	1,056	1,108	4,095
’23	988	908	909	969	3,774
’22	975	986	994	1,005	3,959
’21	1,011	801	817	866	3,495
’20	922	869	793	844	3,427

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	1,960	(503)	—	—	—
’25	913	334	154	352	1,753
’24	896	1,494	(578)	(710)	1,101
’23	1,031	(503)	737	(189)	1,076
’22	1,260	(634)	169	(144)	651
’21	599	123	564	(689)	597
’20	163	325	701	269	1,459

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	1,941	(536)	—	—	—
’25	899	314	139	332	1,683
’24	888	1,477	(590)	(734)	1,041
’23	1,019	(511)	729	(206)	1,031
’22	1,249	(646)	159	(171)	591
’21	589	111	548	(702)	546
’20	153	318	681	259	1,411

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	Trend	10 yrs	2026e	2027e	2028e	Next 3/yr
												Ten-year view		Analyst estimates Powerpack
Price, $
Price, $	Low	58.43	72.54	87.87	89.53	72.01	87.00	103.82	116.11	166.13	187.30		+13.8%	‡‡‡‡	‡‡‡‡	‡‡‡‡	‡‡‡‡
	High	77.29	128.32	138.54	124.88	127.93	139.00	130.54	183.74	221.66	262.98		+14.6%	‡‡‡‡	‡‡‡‡	‡‡‡‡	‡‡‡‡
People
People	Employees	553	889	842	823	1,010	1,196	1,543	1,107	1,113	1,661		+13.0%	‡‡‡‡	‡‡‡‡	‡‡‡‡	‡‡‡‡
	Revenue/emp, $m	1.27	2.51	3.29	3.03	3.39	2.92	2.57	3.41	3.68	2.84		+9.3%	‡‡‡‡	‡‡‡‡	‡‡‡‡	‡‡‡‡
Income, $m
Income, $m	Revenue	703	2,229	2,769	2,496	3,427	3,495	3,959	3,774	4,095	4,714		+23.5%	—	—	—	—
	Gross margin, %	80.56	44.66	43.95	45.55	36.60	42.24	44.00	50.83	50.61	51.53		(29.0) pt	Powerpack Cboe Global Markets, Inc.’s next three years, line by line See the consensus for every other line: earnings, margins, cash flow, valuation and returns. Unlock estimates Try Powerpack free for 7 days, then $99 / year ($8.25 a month). Cancel any time. Also in Powerpack: every quarter, Excel exports, API & MCP access. Compare plans
	EBT	307	334	571	501	660	756	433	1,048	1,084	1,567		+19.9%
	EBT margin, %	43.61	15.00	20.63	20.09	19.27	21.64	10.94	27.76	26.47	33.23		(10.4) pt
	Net income	186	401	425	371	468	529	235	761	765	1,100		+21.9%
	Depreciation	44	196	207	189	161	170	630	158	214	169		+16.0%
Per share, $
Per share, $	Revenue	8.64	20.79	24.77	22.41	31.41	32.66	37.24	35.67	38.96	45.03		+20.1%
	Earnings	2.27	3.70	3.78	3.35	4.28	4.93	2.20	7.16	7.24	10.46		+18.5%
	Cash flow	2.82	3.49	4.78	5.68	13.37	5.58	6.13	10.17	10.47	16.74		+21.9%
	Capex	(0.55)	(0.35)	(0.32)	(0.32)	(0.43)	(0.48)	(0.56)	(0.42)	(0.57)	(0.66)		+2.2%
	Free cash flow	2.28	3.14	4.46	5.37	12.94	5.10	5.56	9.75	9.90	16.08		+24.3%
	Book value	3.91	29.02	28.99	30.12	30.70	33.69	32.60	37.67	40.72	49.08		+32.5%
	Shares, m	81	107	112	111	109	107	106	106	105	105		+2.8%
Valuation, ×
Valuation, ×	P/E	32.16	34.48	25.95	35.61	21.76	26.45	57.68	24.89	26.95	24.02		31.0
	P/S	8.45	5.90	3.95	5.36	2.96	3.99	3.39	5.00	5.02	5.57		5.0
	P/B	18.69	4.23	3.37	3.98	3.03	3.87	3.88	4.73	4.80	5.11		5.6
	EV/Sales	8.31	6.37	4.28	5.59	3.22	4.26	3.70	5.24	5.13	5.42		5.2
	EV/FCF	31.56	42.17	23.76	23.33	7.81	27.28	24.77	19.17	20.20	15.18		23.5
Cash, $m
Cash, $m	Operating cash flow	230	374	535	633	1,459	597	651	1,076	1,101	1,753		+25.3%
	Capex	(44)	(37)	(36)	(35)	(47)	(51)	(60)	(44)	(60)	(69)		+5.1%
	Free cash flow	185	337	498	598	1,411	546	591	1,031	1,041	1,683		+27.8%
Balance, $m
Balance, $m	Working capital	145	101	88	326	254	362	79	596	1,084	2,059		+34.3%
	Total debt	—	1,238	1,215	877	1,204	1,315	1,742	1,439	1,441	1,443		+1.9%
	Net debt	(97)	1,047	905	576	866	936	1,218	839	410	(810)		+26.5%
	Shareholders’ equity	318	3,111	3,241	3,356	3,349	3,605	3,465	3,985	4,280	5,138		+36.2%
Returns, %
Returns, %	ROA	42.93	13.82	7.97	7.14	8.03	7.91	3.39	10.46	9.96	12.81		(30.1) pt
	ROIC	84.49	5.59	9.04	8.54	9.82	11.09	6.53	13.71	14.64	21.18		(63.3) pt
	ROE	64.03	23.14	13.29	11.30	13.93	15.17	6.62	20.33	18.42	23.25		(40.8) pt

Negative figures in brackets.

estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by products and services, and margins
Derivatives Markets	2,244	47.60%
Cash and Spot Markets	1,835	38.92%
Data Vantage	636	13.48%
Gross margin		51.53%
Operating margin		31.12%
Pre-tax margin		33.23%

Revenue by segment since 2015

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
CME CME Group Inc.	$106.1B	25.5×	25.4×	+0.84% (above 0%: growing)	+2.85% (above 0%: growing)	−11.21% (below 0%: shrinking)	100.00%	64.89%	Compare
ICE Intercontinental Exchange Inc.	$91.1B	23.7×	22.7×	+4.84% (above 0%: growing)	+14.09% (above 0%: growing)	+29.65% (above 0%: growing)	98.61%	52.18%	Compare
MCO Moody's Corporation	$84.3B	31.2×	30.3×	+15.12% (above 0%: growing)	+56.52% (above 0%: growing)	+47.01% (above 0%: growing)	76.29%	47.87%	Compare
NDAQ Nasdaq, Inc.	$58.6B	30.7×	29.4×	+20.51% (above 0%: growing)	+13.92% (above 0%: growing)	−7.71% (below 0%: shrinking)	59.24%	28.12%	Compare
MSCI MSCI Inc	$44.2B	34.1×	31.4×	+12.20% (above 0%: growing)	+19.90% (above 0%: growing)	+8.19% (above 0%: growing)	82.71%	56.23%	Compare
COIN Coinbase Global, Inc.	$42.4B	— (loss-making)	— (loss-making)	−18.51% (below 0%: shrinking)	n/m	+128.50% (above 0%: growing)	84.44%	(9.30%)	Compare
CBOE Cboe Global Markets, Inc.	$32.8B	25.9×	—	+22.95% (above 0%: growing)	+50.67% (above 0%: growing)	−270.85% (below 0%: shrinking)	50.71%	32.99%
TRU TransUnion	$14.4B	20.2×	17.7×	+14.91% (above 0%: growing)	+33.93% (above 0%: growing)	+42.65% (above 0%: growing)	58.41%	19.70%	Compare
FDS FactSet Research Systems Inc.	$11.3B	22.5×	18.9×	+6.33% (above 0%: growing)	−15.94% (below 0%: shrinking)	−0.46% (below 0%: shrinking)	48.59%	24.68%	Compare
Median of peers	$51.4B	25.5×	25.4×	+9.27%	+14.09%	+18.92%	79.50%	38.00%

All 14 Financial Data & Stock Exchanges stocks →

Business profile

Updated 30 October 2026

Cboe Global Markets operates exchanges and other financial-market infrastructure. Its venues bring together buyers and sellers of options, stocks, futures and foreign exchange. It also clears trades, supplies market data and licenses indices. Founded in 1973, Cboe is headquartered in Chicago and led by Chief Executive Officer and President Craig S. Donohue.

Options give investors a way to manage or take exposure to changes in an underlying asset or index. Cboe offers options on individual stocks and exchange-traded funds, as well as products tied to market indices. Its SPX options track the S&P 500 Index, while its VIX options and futures are based on a measure of expected stock-market volatility. Customers include asset managers, banks, brokers, hedge funds, professional traders and individual investors.

Read the full business profile →

From the latest earnings call

Updated 26 October 2026

Craig Donohue said second-quarter net revenue reached $732 million, with double-digit growth across the company’s major categories and all five segments.
Jill Griebenow said Cboe’s updated 2026 organic revenue outlook does not include a notable contribution from its event-prediction initiatives.

Read the Earnings & Analysis →

Analyst rating changes each firm’s latest, last six months

Firm	Date	Action	Rating	Target
Goldman Sachs	Oct 11, 2026	Reiterated	Hold	—
Wells Fargo	Oct 11, 2026	Initiated	Hold	—

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 88.81%

Held by the ten largest 46.56%

Holder	Shares	Stake	Change
Vanguard	13.18m	12.60%	+71.13k
BlackRock	10.20m	9.75%	−313.18k
State Street	5.05m	4.83%	+69.72k
Fidelity (FMR)	4.31m	4.12%	−406.40k
AllianceBernstein	4.07m	3.89%	−993.65k
Geode Capital Management	3.10m	2.96%	+9.33k
Morgan Stanley	2.84m	2.72%	−509.57k
Invesco	2.14m	2.04%	−235.66k
Deutsche Bank (DWS)	2.03m	1.94%	+956.56k
UBS	1.79m	1.71%	+205.59k

13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.