Cboe Global Markets
CBOE · CBOESecurity & Commodity Brokers, Dealers, Exchanges & Services · Fiscal year ends Dec 31
Cboe Global Markets reported revenue of $4.7B in the fiscal year ended Dec 2025, up 15.1% from the year before. Operating income was $1.5B, an operating margin of 31.1%, and net income was $1.1B. Operating cash flow of $1.8B less capital expenditure of $71M left free cash flow of $1.7B. It held more cash than debt (net cash $774M).
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $3.5B | $4B | $3.8B | $4.1B | $4.7B |
| Cost of revenue | $2B | $2.2B | $1.9B | $2B | $2.3B |
| Gross profit | $1.5B | $1.7B | $1.9B | $2.1B | $2.4B |
| Operating income | $806M | $490M | $1.1B | $1.1B | $1.5B |
| Interest expense | $48M | $60M | $62M | $52M | $52M |
| Pre-tax income | $756M | $433M | $1B | $1.1B | $1.6B |
| Income tax | $227M | $198M | $286M | $319M | $467M |
| Net income | $529M | $235M | $761M | $765M | $1.1B |
| Diluted EPS | 4.92 | 2.19 | 7.13 | 7.21 | 10.42 |
| Diluted shares | 107M | 107M | 106M | 106M | 105M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $342M | $433M | $543M | $920M | $2.2B |
| Receivables | $327M | $370M | $337M | $445M | $391M |
| Current assets | $1.5B | $1.6B | $2B | $2.5B | $4.4B |
| Net PP&E | $105M | $108M | $109M | $118M | $133M |
| Goodwill | $3B | $3.1B | $3.1B | $3.1B | $3.2B |
| Total assets | $6.8B | $7B | $7.5B | $7.8B | $9.3B |
| Payables | $20M | $28M | $25M | $18M | $16M |
| Deferred revenue | $15M | $12M | $6M | $6M | $7M |
| Current liabilities | $1.2B | $1.5B | $1.4B | $1.4B | $2.4B |
| Short-term debt | – | $305M | – | – | $0 |
| Long-term debt | $1.3B | $1.4B | $1.4B | $1.4B | $1.4B |
| Total liabilities | $3.2B | $3.5B | $3.5B | $3.5B | $4.2B |
| Shareholders' equity | $3.6B | $3.5B | $4B | $4.3B | $5.1B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $597M | $651M | $1.1B | $1.1B | $1.8B |
| Capital expenditure | $51M | $60M | $45M | $61M | $71M |
| Free cash flow | $546M | $591M | $1B | $1B | $1.7B |
| Depreciation & amortisation | $167M | $167M | $158M | $133M | $122M |
| Stock-based compensation | $27M | $31M | $41M | $42M | $50M |
| Acquisitions | $152M | $708M | $0 | $0 | – |
| Share buybacks | $81M | $101M | $84M | $205M | $67M |
| Dividends paid | $193M | $209M | $224M | $249M | $284M |
| Dividend per share | 1.80 | 1.96 | 2.10 | 2.36 | 2.70 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 13.3% | −4.7% | 8.5% | 15.1% |
| Operating income growth (YoY) | – | −39.2% | 116.1% | 3.8% | 33.6% |
| EPS growth (YoY) | – | −55.5% | 225.6% | 1.1% | 44.5% |
| Gross margin | 42.2% | 44.0% | 50.8% | 50.6% | 51.5% |
| Operating margin | 23.1% | 12.4% | 28.0% | 26.8% | 31.1% |
| Net margin | 15.1% | 5.9% | 20.2% | 18.7% | 23.3% |
| Return on equityBlank when equity is negative | 14.7% | 6.8% | 19.1% | 17.9% | 21.4% |
| ROCEEBIT ÷ (assets − current liabilities) | 14.3% | 8.9% | 17.3% | 17.2% | 21.1% |
| Free cash flow margin | 15.6% | 14.9% | 27.3% | 25.4% | 35.7% |
| Cash conversion (CFO ÷ net income) | 1.13x | 2.77x | 1.41x | 1.44x | 1.59x |
| Receivable days | 34 | 34 | 33 | 40 | 30 |
| Payable days | 4 | 5 | 5 | 3 | 3 |
| Interest cover | 16.8x | 8.16x | 17.0x | 21.3x | 28.1x |
| Debt ÷ equity | 0.36x | 0.50x | 0.36x | 0.34x | 0.28x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $957M | $1.3B | $896M | $521M | −$774M |
| Current ratio | 1.31x | 1.05x | 1.43x | 1.78x | 1.87x |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.