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%

Follow CBOE

Alert me

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

Cboe Global Markets, Inc. (CBOE) revenue by segment, product and region

Where the money comes from and where it goes

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 product or service $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015
Derivatives Markets	2,244 47.60%	1,848 45.13%	1,789 47.41%	1,684 42.54%	1,407 40.25%	1,247 36.37%	—	—	—	—	—
Cash and Spot Markets	1,835 38.92%	1,670 40.79%	1,445 38.30%	1,778 44.91%	1,661 47.51%	1,820 53.11%	—	—	—	—	—
Data Vantage	636 13.48%	577 14.08%	539 14.29%	497 12.56%	—	—	—	—	—	—	—
Data Vantage	—	—	—	—	428 12.24%	361 10.52%	—	—	—	—	—
Access Fees	—	—	—	—	—	—	—	—	—	52 7.45%	53 8.03%
Exchange Services And Other Fees	—	—	—	—	—	—	—	—	—	46 6.59%	42 6.36%
Also reported: a second breakdown of the same revenue
Transaction and clearing fees	3,598 76.31%	2,905 70.94%	2,831 75.03%	2,939 74.24%	2,693 77.06%	2,418 70.56%	1,716 68.76%	1,987 71.76%	1,565 70.20%	509 72.44%	485 73.11%
Access and capacity fees	409 8.67%	370 9.03%	348 9.21%	324 8.19%	281 8.03%	237 6.91%	222 8.89%	211 7.62%	182 8.15%	—	—
Market data fees	327 6.93%	295 7.20%	294 7.78%	282 7.13%	252 7.21%	232 6.77%	214 8.55%	204 7.37%	165 7.38%	33 4.72%	30 4.52%
Regulatory fees	285 6.05%	426 10.41%	224 5.93%	365 9.21%	208 5.96%	500 14.60%	312 12.49%	334 12.06%	292 13.08%	48 6.87%	34 5.05%
Other revenue	96 2.03%	99 2.42%	77 2.05%	49 1.23%	61 1.73%	40 1.17%	33 1.31%	33 1.19%	27 1.19%	14 1.93%	20 2.94%
Licensing revenue	—	—	—	—	—	13 0.38%	—	—	—	—	—
Revenue	4,714	4,095	3,774	3,959	3,495	3,427	2,496	2,769	2,229	703	664

Gross profit by product or service $m, and margin

	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015
Liquidity payments	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Royalty fees and other cost of revenues	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Regulatory fees	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Routing and clearing	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Section 31 fees	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Other	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Gross profit	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡

Revenue by segment $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015
Options	2,434 51.62%	2,003 48.91%	1,940 51.40%	1,823 46.06%	1,505 43.06%	1,330 38.81%	983 39.39%	1,058 38.19%	884 39.63%	590 83.84%	586 88.29%
North American Equities	1,672 35.47%	1,547 37.78%	1,353 35.86%	1,682 42.48%	1,571 44.94%	1,790 52.22%	1,213 48.60%	1,373 49.59%	1,073 48.11%	—	—
Europe and Asia Pacific	379 8.03%	324 7.92%	281 7.45%	265 6.68%	240 6.88%	141 4.10%	111 4.44%	132 4.75%	90 4.02%	—	—
Futures	136 2.88%	141 3.45%	129 3.42%	120 3.03%	121 3.45%	109 3.19%	136 5.44%	150 5.41%	145 6.49%	114 16.16%	91 13.63%
Global FX	94 1.99%	80 1.95%	75 1.98%	69 1.74%	58 1.66%	58 1.69%	53 2.12%	56 2.04%	38 1.71%	—	—
Digital	0 0.00%	0 0.00%	(4) (0.11%)	0 0.01%	—	—	—	—	—	—	—
Eliminations	—	—	—	—	—	—	—	—	—	—	(13) (1.93%)
Revenue	4,714	4,095	3,774	3,959	3,495	3,427	2,496	2,769	2,229	703	664

Operating income by segment $m, and margin

	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015
Options	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
North American Equities	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Futures	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Europe and Asia Pacific	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Global FX	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Digital	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Corporate and other	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Operating income	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡

Operating figures as reported in each quarter’s results release or filing

Figure	Quarter	Latest	A year before	Change
ADV	Q3 FY2026	158.8M	163.8M	−3.05%
ADV	Q3 FY2026	213.5M	202.3M	+5.54%
European Equities average daily notional value traded on Cboe European Equities	Q3 FY2026	12.4B	—	—
Index options	Q3 FY2026	6.1M	4.9M	+24.40%
Multi-listed options	Q3 FY2026	15.3M	13.9M	+9.96%
Total company Options ADV	Q3 FY2026	21.3M	18.8M	+13.70%
Total industry ADV	Q3 FY2026	70.0M	60.8M	+15.06%
Total industry ADV	Q3 FY2026	16.9B	17.6B	−3.98%

	Q3 FY2026	Q2 FY2026	Q1 FY2026	Q4 FY2025	Q3 FY2025	Q2 FY2025	Q1 FY2025	Q4 FY2024	Q3 FY2024	Q2 FY2024	Q1 FY2024	Q4 FY2023	Q3 FY2023
ADV	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
ADV	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
European Equities average daily notional value traded on Cboe European Equities	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Index options	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Multi-listed options	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Total company Options ADV	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Total industry ADV	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Total industry ADV	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡

As each company reports them in its 10-K and 10-Q filings, in US dollars. Where a later filing recast a year's segments, the year is shown as recast; a period whose breakdown does not add up to the company's revenue is left out.