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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.

304.16 10.08 +3.43%
Market cap
$30.7B
P/E
23.6×
Fwd P/E
—
Dividend yield
0.99%
F-score
9/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios Filings 10-Q 10-K

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 30,710.00
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 23.63
Fwd P/E —
P/S ratio 6.29
P/B ratio 5.66
Past 5Y EPS Growth 19.53% (at or above 15%: strong)
This Y EPS Growth 31.41% (at or above 15%: strong)
Next Y EPS Growth 6.94%
Next Y revenue growth —
Next 5Y EPS Growth 15.71% (at or above 15%: strong)

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

Valuation vs history

P/E against its own 10 years 18.94%
10-year low 10-year high
P/S against its own 10 years 77.95%
10-year low 10-year high
P/B against its own 10 years 85.34%
10-year low 10-year high

Dividends

Payout Ratio 0.24
Annual Dividend Rate 3.02
Annual Dividend Yield 0.99%
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%

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.

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.

Target Price Range

Analyst price targets

Recommendation Rating

2.8
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 58.43 72.54 87.87 89.53 72.01 87.00 103.82 116.11 166.13 187.30

Analyst estimates 2026–2028

Powerpack
High 77.29 128.32 138.54 124.88 127.93 139.00 130.54 183.74 221.66 262.98
People
People Employees 553 889 842 823 1,010 1,196 1,543 1,107 1,113 1,661
Revenue/emp, $m 1.27 2.51 3.29 3.03 3.39 2.92 2.57 3.41 3.68 2.84
Income, $m
Income, $m Revenue 703 2,229 2,769 2,496 3,427 3,495 3,959 3,774 4,095 4,714
Gross margin, % 80.56 44.66 43.95 45.55 36.60 42.24 44.00 50.83 50.61 51.53
EBT 307 334 571 501 660 756 433 1,048 1,084 1,567
EBT margin, % 43.61 15.00 20.63 20.09 19.27 21.64 10.94 27.76 26.47 33.23
Net income 186 401 425 371 468 529 235 761 765 1,100
Depreciation 44 196 207 189 161 170 630 158 214 169
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
Earnings 2.27 3.70 3.78 3.35 4.28 4.93 2.20 7.16 7.24 10.46
Cash flow 2.82 3.49 4.78 5.68 13.37 5.58 6.13 10.17 10.47 16.74
Capex (0.55) (0.35) (0.32) (0.32) (0.43) (0.48) (0.56) (0.42) (0.57) (0.66)
Free cash flow 2.28 3.14 4.46 5.37 12.94 5.10 5.56 9.75 9.90 16.08
Book value 3.91 29.02 28.99 30.12 30.70 33.69 32.60 37.67 40.72 49.08
Shares, m 81 107 112 111 109 107 106 106 105 105
Valuation, ×
Valuation, × P/E 32.16 34.48 25.95 35.61 21.76 26.45 57.68 24.89 26.95 24.02
P/S 8.45 5.90 3.95 5.36 2.96 3.99 3.39 5.00 5.02 5.57
P/B 18.69 4.23 3.37 3.98 3.03 3.87 3.88 4.73 4.80 5.11
EV/Sales 8.31 6.37 4.28 5.59 3.22 4.26 3.70 5.24 5.13 5.42
EV/FCF 31.56 42.17 23.76 23.33 7.81 27.28 24.77 19.17 20.20 15.18
Cash, $m
Cash, $m Operating cash flow 230 374 535 633 1,459 597 651 1,076 1,101 1,753
Capex (44) (37) (36) (35) (47) (51) (60) (44) (60) (69)
Free cash flow 185 337 498 598 1,411 546 591 1,031 1,041 1,683
Balance, $m
Balance, $m Working capital 145 101 88 326 254 362 79 596 1,084 2,059
Total debt — 1,238 1,215 877 1,204 1,315 1,742 1,439 1,441 1,443
Net debt (97) 1,047 905 576 866 936 1,218 839 410 (810)
Shareholders’ equity 318 3,111 3,241 3,356 3,349 3,605 3,465 3,985 4,280 5,138
Returns, %
Returns, % ROA 42.93 13.82 7.97 7.14 8.03 7.91 3.39 10.46 9.96 12.81
ROIC 84.49 5.59 9.04 8.54 9.82 11.09 6.53 13.71 14.64 21.18
ROE 64.03 23.14 13.29 11.30 13.93 15.17 6.62 20.33 18.42 23.25
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Cboe Global Markets, Inc. vs peers in Financial Data & Stock Exchanges (Q) = latest quarter vs a year earlier

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. $99.4B 23.6× 21.7× +0.84% (above 0%: growing) +2.85% (above 0%: growing) −11.21% (below 0%: shrinking) 100.00% 64.89% Compare
ICE Intercontinental Exchange Inc. $87.2B 21.9× 19.9× +4.84% (above 0%: growing) +14.09% (above 0%: growing) +29.65% (above 0%: growing) 98.61% 52.18% Compare
MCO Moody's Corporation $79.5B 29.3× 28.7× +15.12% (above 0%: growing) +56.52% (above 0%: growing) +47.01% (above 0%: growing) 76.29% 47.87% Compare
NDAQ Nasdaq, Inc. $51.6B 27.0× 26.1× +20.51% (above 0%: growing) +13.92% (above 0%: growing) −7.71% (below 0%: shrinking) 59.24% 28.12% Compare
COIN Coinbase Global, Inc. $45.4B — (loss-making) 359× −18.51% (below 0%: shrinking) n/m +128.50% (above 0%: growing) 84.44% (9.30%) Compare
MSCI MSCI Inc $40.8B 30.8× 30.8× +12.20% (above 0%: growing) +19.90% (above 0%: growing) +8.19% (above 0%: growing) 82.71% 56.23% Compare
CBOE Cboe Global Markets, Inc. $30.7B 23.6× — +22.95% (above 0%: growing) +50.67% (above 0%: growing) −270.85% (below 0%: shrinking) 50.71% 32.99%
TRU TransUnion $12.4B 17.1× 17.1× +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. $10.2B 19.7× 14.5× +6.33% (above 0%: growing) −15.94% (below 0%: shrinking) −0.46% (below 0%: shrinking) 48.59% 24.68% Compare
Median of peers $48.5B 23.6× 23.9× +9.27% +14.09% +18.92% 79.50% 38.00%

All 15 Financial Data & Stock Exchanges stocks →

CBOE metrics, ten years each

Cboe Global Markets, Inc. (CBOE) key facts

  • Strength: Cboe Global Markets, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $4.7 billion, up 15.1% from fiscal 2024.
  • Strength: Net income was $1.1 billion, or $10.46 per share (basic), a net margin of 23.2%.
  • Cboe Global Markets, Inc. (CBOE) is a Financial Data & Stock Exchanges company in the Financial sector, listed on NYSE American.
  • As of October 9, 2026, CBOE traded at $304.16, a market capitalization of $30.7 billion.
  • At that price the stock trades at 23.6× trailing-twelve-month earnings and 6.3× sales; its P/E is higher than 19% of its own readings over the past ten years.
  • Cboe Global Markets, Inc. pays an annual dividend of $3.02 per share, a yield of 0.99%, with a payout ratio of 23.5%.
  • Return on equity was 23.3% and debt-to-equity 0.26.
  • Its Piotroski F-score is 9 out of 9 for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

Cboe Global Markets, Inc. (CBOE) Latest News

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stockrow.com/CBOE · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com