Overview
Cboe Global Markets, Inc.
Latest 10-K: FY2025, filed Feb 20, 2026 · Open the 10-K (Inline XBRL) ↗
- Revenue
- $4.71B
- 15.1%YoYup from FY2024
- TotalRevenue
- Gross profit
- $2.43B
- 17.2%YoYup from FY2024
- GrossProfit
- Operating income
- $1.47B
- 33.6%YoYup from FY2024
- OperatingIncome
- Net income
- $1.10B
- 43.8%YoYup from FY2024
- NetIncome
- Diluted EPS
- $10.42
- 44.5%YoYup from FY2024
- EPSDiluted
- Diluted shares
- 105.1M
- 0.4%YoYdown from FY2024
- WeightedAvgSharesDiluted
At a glance
Growth
- Cboe Global Markets, Inc. reported revenue of $4.71B for fiscal 2025, up 15.1% from fiscal 2024.
- Revenue grew faster than the median S&P 500 member in 3 of the last 5 fiscal years.
Profitability
- Operating margin was 31.1% and net margin was 23.3%, against a median net margin of 12.8% across S&P 500 members for the same fiscal year.
Per share
- Diluted EPS was $10.42, up 44.5% from the prior year.
Written from the filed figures on this page by fixed rules — no AI.
Data as of Oct 30, 2026 · Sources: SEC EDGAR 10-K
Financial statements
Annual figures from the 10-K, most recent fiscal year first.
Income Statement
5 annual periodsChip: YoY change.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | 4Y CAGR |
|---|---|---|---|---|---|---|
| Revenue | $4.71B15.1%up Benchmark median 6.4% | $4.09B8.5%up Benchmark median 4.5% | $3.77B4.7%down Benchmark median 4.8% | $3.96B13.3%up Benchmark median 10.3% | $3.49B2.0%up Benchmark median 13.8% | 7.8% Benchmark median 6.6% |
| Gross Profit Median of 315 / 498 | $2.43B17.2%up Benchmark median 6.8% | $2.07B8.1%up Benchmark median 5.5% | $1.92B10.1%up Benchmark median 5.2% | $1.74B18.0%up Benchmark median 8.3% | $1.48B17.7%up Benchmark median 15.7% | 13.3% Benchmark median 6.2% |
| Operating Income Median of 373 / 498 | $1.47B33.6%up Benchmark median 7.3% | $1.10B3.8%up Benchmark median 7.4% | $1.06B116.1%up Benchmark median 4.9% | $0.49B39.2%down Benchmark median 7.5% | $0.81B21.7%up Benchmark median 23.5% | 16.2% Benchmark median 7.2% |
| Net Income | $1.10B43.8%up Benchmark median 4.8% | $0.76B0.5%up Benchmark median 5.7% | $0.76B225.2%up Benchmark median 1.9% | $0.23B§55.7%down Benchmark median 1.3% | $0.53B13.0%up Benchmark median 33.9% | 20.1% Benchmark median 4.1% |
| EPS (Diluted) | $10.4244.5%up Benchmark median 6.2% | $7.211.1%up Benchmark median 7.9% | $7.13225.6%up Benchmark median 1.9% | $2.1955.5%down Benchmark median 1.5% | $4.9215.2%up Benchmark median 34.8% | 20.6% Benchmark median 5.6% |
§ Net income available to common stockholders; the company files no net-income line.
Balance Sheet
5 annual periodsChip: YoY change.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | 4Y CAGR |
|---|---|---|---|---|---|---|
| Total Assets | $9.31B19.5%up Benchmark median 5.6% | $7.79B4.0%up Benchmark median 3.4% | $7.49B7.0%up Benchmark median 4.1% | $7.00B2.7%up Benchmark median 2.2% | $6.81B4.6%up Benchmark median 6.7% | 8.1% Benchmark median 4.7% |
| Total Liabilities Median of 357 / 498 | $4.17B18.7%up Benchmark median 6.4% | $3.51B0.2%up Benchmark median 1.9% | $3.50B0.9%down Benchmark median 2.9% | $3.53B10.1%up Benchmark median 2.0% | $3.21B1.3%up Benchmark median 5.2% | 6.7% Benchmark median 4.4% |
| Stockholders' Equity | $5.14B20.1%up Benchmark median 6.8% | $4.28B7.4%up Benchmark median 5.4% | $3.98B15.0%up Benchmark median 7.3% | $3.47B3.9%down Benchmark median 2.5% | $3.60B7.6%up Benchmark median 9.0% | 9.3% Benchmark median 6.1% |
| Cash & Equivalents | $2.22B140.8%up Benchmark median 5.2% | $0.92B69.4%up Benchmark median 1.9% | $0.54B25.5%up Benchmark median 6.7% | $0.43B26.6%up Benchmark median -8.6% | $0.34B39.3%up Benchmark median -2.9% | 59.6% Benchmark median 2.0% |
| Total Debt | $1.44B†0.1%up Benchmark median 2.1% | $1.44B†0.1%up Benchmark median 0.2% | $1.44B†17.4%down Benchmark median 0.3% | $1.74B34.1%up Benchmark median 0.1% | $1.30B†7.9%up Benchmark median -0.1% | 2.7% Benchmark median 4.3% |
† Sum of short-term and long-term debt; the company files no total-debt line.
Cash Flow Statement
5 annual periodsChip: YoY change.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | 4Y CAGR |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $1.75B59.2%up Benchmark median 6.3% | $1.10B2.3%up Benchmark median 4.8% | $1.08B65.2%up Benchmark median 9.9% | $0.65B9.1%up Benchmark median -0.7% | $0.60B59.1%down Benchmark median 10.7% | 30.9% Benchmark median 7.0% |
| Capital Expenditures | $71.00M16.6%up Benchmark median 5.4% | $60.90M35.3%up Benchmark median 2.8% | $45.00M24.7%down Benchmark median 11.3% | $59.80M17.3%up Benchmark median 14.0% | $51.00M7.6%up Benchmark median 8.1% | 8.6% Benchmark median 9.0% |
| Free Cash Flow Median of 378 / 498 | $1.68B61.7%up Benchmark median 7.3% | $1.04B0.9%up Benchmark median 6.1% | $1.03B74.3%up Benchmark median 8.8% | $0.59B8.3%up Benchmark median -11.3% | $0.55B61.3%down Benchmark median 10.2% | 32.5% Benchmark median 4.9% |
n/m: not meaningful — the base (the prior year, or the first year for the CAGR) was zero or negative, or a per-share figure’s share basis changed (stock split). “—” means the figure is not available.
Benchmark median = median of the companies in the benchmark universe on Dec 31 of each fiscal year, from their own 10-K filings; a change counts only companies whose prior year was positive. Each median uses every member that reports the line item; where fewer than 80% do (banks and insurers file no gross profit), the row names how many. Published where at least 250 companies report it. Updated 2026-10-27. This compares reported figures, not share-price returns. Methodology
Ratios & valuation
FY2025Every ratio read two ways: Wall Street’s popular formula and the value investor’s stricter one. Same question, same unit. Pick a ratio.
Valuation · Earnings yield
What a dollar of market value earned
4.2%
Wall Street
on net earnings
FY2024 3.7%
6.4%
Value investor
on free cash flow
FY2024 5.0%
Gap +2.2 pts: Value-investor figure 2.2 points higher
How it’s calculated
Wall Street · on net earnings
Diluted EPS ÷ fiscal-year-end share price (1 ÷ P/E)
pe_ratio (ratio table)
P/E 24.1×Value investor · on free cash flow
(Operating cash flow − capital expenditures) ÷ market capitalisation (fiscal-year-end close × weighted-average diluted shares)
free cash flow ÷ market cap
Valuation · Enterprise yield
What a dollar of enterprise value earned
6.2%
Wall Street
on EBITDA
FY2024 5.9%
5.7%
Value investor
on EBIT
FY2024 5.2%
Gap −0.5 pts: Value-investor figure 0.5 points lower
How it’s calculated
Wall Street · on EBITDA
EBITDA ÷ enterprise value (1 ÷ EV/EBITDA)
ev_ebitda (ratio table)
EV/EBITDA 16.1×Value investor · on EBIT
Operating income (EBIT) ÷ enterprise value: depreciation counts as a real cost
operating income ÷ (ev_ebitda × ebitda)
Valuation · Book yield
Net assets behind a dollar of market value
19.5%
Wall Street
on book equity
FY2024 20.8%
2.6%
Value investor
on tangible book
FY2024 n/m
Gap −16.9 pts: Value-investor figure 16.9 points lower
How it’s calculated
Wall Street · on book equity
Book value of equity ÷ market capitalisation (1 ÷ P/B)
pb_ratio (ratio table)
P/B 5.1×Value investor · on tangible book
Tangible book value (equity less goodwill and intangibles) ÷ market capitalisation
tangible_book_value_per_share ÷ (pb_ratio × book_value_per_share)
Quality · Return on capital
Profit earned on the money in the business
23.4%
Wall Street
ROE: net income ÷ equity
FY2024 18.5%
21.9%
Value investor
ROIC: after-tax operating profit ÷ invested capital
FY2024 14.5%
Gap −1.5 pts: Value-investor figure 1.5 points lower
How it’s calculated
Wall Street · ROE: net income ÷ equity
Net income ÷ average stockholders' equity (start and end of year), including noncontrolling interests. Buybacks shrink equity and lift it.
return_on_equity (ratio table)
Value investor · ROIC: after-tax operating profit ÷ invested capital
Operating profit after tax ÷ invested capital (total assets − cash − non-interest-bearing current liabilities), so leverage cannot flatter it
roic (ratio table)
Quality · Cash margin
Cash profit kept from each dollar of sales
33.7%
Wall Street
EBITDA margin
FY2024 30.1%
35.7%
Value investor
Free-cash-flow margin
FY2024 25.4%
Gap +2.0 pts: Value-investor figure 2.0 points higher
How it’s calculated
Wall Street · EBITDA margin
EBITDA ÷ revenue
ebitda ÷ revenue
Value investor · Free-cash-flow margin
(Operating cash flow − capital expenditures) ÷ revenue: taxes, interest, working capital and capex all paid
free cash flow ÷ revenue
Balance sheet · Liquidity
Short-term assets per dollar of bills due within a year
1.87×
Wall Street
Current ratio
FY2024 1.78×
1.87×
Value investor
Quick ratio, inventory excluded
FY2024 1.78×
Gap Same: Both views read the same
How it’s calculated
Wall Street · Current ratio
Current assets ÷ current liabilities
current_ratio (ratio table)
Value investor · Quick ratio, inventory excluded
(Current assets − inventory) ÷ current liabilities
quick_ratio (ratio table)
Balance sheet · Debt cover
How many times one year of earnings repays all debt
1.10×
Wall Street
EBITDA ÷ total debt
FY2024 0.85×
1.17×
Value investor
FCF ÷ total debt
FY2024 0.72×
Gap +0.07×: Value-investor figure 0.07 higher
How it’s calculated
Wall Street · EBITDA ÷ total debt
EBITDA ÷ total debt (short-term + long-term)
ebitda ÷ total debt
Net cashValue investor · FCF ÷ total debt
Free cash flow ÷ total debt: what is actually left to repay it
free cash flow ÷ total debt
Balance sheet · Interest cover
How many times earnings pay the year's interest
30.4×
Wall Street
EBITDA ÷ interest
FY2024 23.9×
28.1×
Value investor
EBIT ÷ interest
FY2024 21.3×
Gap −2.3×: Value-investor figure 2.3 lower
How it’s calculated
Wall Street · EBITDA ÷ interest
EBITDA ÷ interest expense
ebitda_interest_coverage (ratio table)
Value investor · EBIT ÷ interest
Operating income ÷ interest expense
interest_coverage (ratio table)
Each ratio measures one thing two ways, in the same unit: the popular formula, then a stricter one, so a lower figure is the stricter reading. Gap = value-investor figure minus Wall Street figure, from the figures shown.
Price-based ratios use the fiscal-year-end closing price. Free cash flow = operating cash flow − capital expenditures (we compute it; filings rarely report it). n/m = not meaningful (denominator ≤ 0); “—” = not reported. Each ratio’s formulas are under “How it’s calculated”.
Smart money
Showing the most recent 5 annual periods. Get longer history on the Pro plan, or the full history (1993–present) plus the smart-money dataset and webhooks on Institutional.
Peers, filings & research
Research Reports
No published research on CBOE yet.
Reports appear here as analysts publish research on this company — built with Valuein's agentic workflows on data pinned to its SEC filing. Be the first: run equity_research_brief on CBOE and publish the result to your public profile.
Cite this page
Data as of Oct 30, 2026. Canonical address: https://valuein.biz/data/CBOE
Valuein. (2026, October 30). Cboe Global Markets, Inc. (CBOE) financial statements, earnings power and smart-money summary [Data set]. Source: SEC EDGAR filings. https://valuein.biz/data/CBOE
@misc{valuein_cboe_2026,
author = {{Valuein}},
title = {Cboe Global Markets, Inc. (CBOE) financial statements, earnings power and smart-money summary},
year = {2026},
howpublished = {\url{https://valuein.biz/data/CBOE}},
note = {Data as of 2026-10-30; source: SEC EDGAR filings}
}10-K filed Feb 20, 2026 · accession 0001628280-26-010013
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