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Cboe Global Markets

CBOE CBOE Financial Exchanges & Data Financials FY2016–FY2025

Cboe Global Markets' revenue rose 15.1% to $4.7 billion in fiscal 2025. Its operating margin was 31.1%, up from 26.8% a year earlier. Free cash flow was $1.7 billion, up 61.7%. It paid out $351 million in dividends and buybacks, 21% of free cash flow. The diluted share count fell 0.4%.

Last close · Oct 23, 2026

$340.42

3.9%
Value it Compare
Revenue Total sales reported in the income statement.
$4.7B
15.1% vs prior year
Operating margin Operating income as a share of revenue.
31.1%
4.3 pts
Net income Profit after all expenses, interest and tax.
$1.1B
43.8%
Free cash flow Cash from operations minus capital spending.
$1.7B
61.7%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
22.8%
6.5 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$35.7B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
26.5x
On $12.83 EPS (TTM)

What Cboe Global Markets does

No business description yet.

Legal name
Cboe Global Markets, Inc.
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001628280-26-010013
0001374310

Revenue and margins

Cboe Global Markets had $4.7B of revenue in fiscal 2025, up 15.1% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 18.5% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $1.7B in fiscal 2025, 35.7% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Cboe Global Markets returned $351M to shareholders in fiscal 2025, 21% of free cash flow. The diluted share count fell 0.4%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Cboe Global Markets yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of $810M and divides by 105.1M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 26.5x · peers 29.5x · sector 13.7x.

Balance sheet

Cash, debt and the ratios that show how comfortably Cboe Global Markets can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $379M$524M$601M$1.0B$2.3B
Debt incl. finance leases $1.3B$1.7B$1.4B$1.4B$1.4B
Net debt / EBITDA 1.0x1.9x0.7x0.3x−0.5x
Debt / equity 0.4x0.5x0.4x0.3x0.3x
Interest coverage 16.8x8.2x17.0x21.3x28.1x
Current ratio 1.3x1.1x1.4x1.8x1.9x
Quick ratio 1.3x1.1x1.4x1.8x1.9x
Total assets $6.8B$7.0B$7.5B$7.8B$9.3B
Total liabilities $3.2B$3.5B$3.5B$3.5B$4.2B
Shareholders' equity $3.6B$3.5B$4.0B$4.3B$5.1B
Net debt (− = net cash) $920M$1.2B$839M$410M−$810M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$2.3M

4 insiders

Of sales under plans

30%

$0.7M

DateInsiderTradeSharesPriceValueFiling
Aug 12, 2026 Janet P FroetscherDirector Sold plan 937 $278.95 $0.3M Form 4
May 18, 2026 Janet P FroetscherDirector Sold plan 1,223 $358.09 $0.4M Form 4
Feb 23, 2026 Allen WilkinsonSVP, Chief Accounting Officer Sold 248 $292.79 $0.1M Form 4
Feb 18, 2026 Alexander Matturri JRDirector Sold 1,500 $285.36 $0.4M Form 4
Feb 18, 2026 Edward J. FitzpatrickDirector Sold 3,947 $285.87 $1.1M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✕ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✓ ✓
Current ratio rose ✓ ✓ ✓
Share count didn't rise ✓ ✓ ✓
Gross margin rose ✓ ✕ ✓
Revenue rose relative to assets ✕ ✓ ✓
F-score 8 / 97 / 99 / 9
Accruals ratio −4.3%−4.4%−7.6%
Altman Z'' 3.774.325.05

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Cboe Global Markets CBOE $35.7B 15.1% 31.1% 35.7% 22.8% 26.5x 9
CME Group CME $109.6B 6.4% 64.9% 64.3% 11.9% 25.1x 7 Compare →
MSCI MSCI $44.5B 9.8% 54.7% 49.4% 44.5% 32.6x 7 Compare →
Coinbase COIN $43.3B 9.4% 20.0% 31.9% 14.5% — 4 Compare →
Moody's MCO $83.8B 8.9% 43.4% 33.4% 31.1% 29.5x 9 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $703M $2.2B $2.8B $2.5B $3.4B $3.5B $4.0B $3.8B $4.1B $4.7B
Gross profit $566M $996M $1.2B $1.1B $1.3B $1.5B $1.7B $1.9B $2.1B $2.4B
Operating income $298M $372M $599M $537M $662M $806M $490M $1.1B $1.1B $1.5B
Interest expense $5.7M $42.6M $40.5M $37.8M $38.7M $48.0M $60.0M $62.4M $51.5M $52.3M
Pretax income $307M $334M $571M $501M $660M $756M $433M $1.0B $1.1B $1.6B
Income tax $121M −$66.2M $146M $131M $192M $227M $198M $286M $319M $467M
Net income $187M $402M $427M $375M $468M $529M $235M $761M $765M $1.1B
Diluted EPS $2.27 $3.69 $3.76 $3.34 $4.27 $4.92 $2.19 $7.13 $7.21 $10.42
Diluted shares 0.08B 0.11B 0.11B 0.11B 0.11B 0.11B 0.11B 0.11B 0.11B 0.11B
Cash flow
Cash from operations $230M $374M $535M $633M $1.5B $597M $651M $1.1B $1.1B $1.8B
Capital expenditure $44.4M $37.5M $36.3M $35.1M $47.4M $51.0M $59.8M $45.0M $60.9M $71.0M
Free cash flow $185M $337M $498M $598M $1.4B $546M $591M $1.0B $1.0B $1.7B
Depreciation and amortization $44.4M $192M $204M $177M $159M $167M $167M $158M $133M $122M
Stock-based compensation $14.5M $52.6M $35.1M $21.8M $21.7M $26.6M $30.7M $41.3M $41.8M $50.4M
Acquisitions $14.3M $1.4B $0.0M $0.0M $352M $152M $708M $0.0M $0.0M $0.0M
Share buybacks $60.5M $0.0M $141M $157M $349M $81.3M $101M $83.9M $205M $66.7M
Dividends paid $78.5M $118M $130M $150M $171M $193M $209M $224M $249M $284M
Dividends and buybacks $139M $118M $271M $307M $520M $275M $310M $307M $454M $351M
Balance sheet
Cash and short-term investments $97.3M $191M $311M $300M $338M $379M $524M $601M $1.0B $2.3B
Total debt — $1.2B $1.2B $868M $1.2B $1.3B $1.7B $1.4B $1.4B $1.4B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $235M $435M $684M $608M $1.6B $1.5B $1.6B $2.0B $2.5B $4.4B
Current liabilities $89.9M $334M $596M $282M $1.3B $1.2B $1.5B $1.4B $1.4B $2.4B
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net $55.9M $73.9M $71.7M $47.0M $82.6M $105M $108M $109M $118M $133M
Total assets $477M $5.3B $5.3B $5.1B $6.5B $6.8B $7.0B $7.5B $7.8B $9.3B
Total liabilities $146M $2.2B $2.1B $1.8B $3.2B $3.2B $3.5B $3.5B $3.5B $4.2B
Shareholders' equity $318M $3.1B $3.2B $3.4B $3.3B $3.6B $3.5B $4.0B $4.3B $5.1B
Margins
Gross margin 80.6% 44.7% 44.0% 45.6% 36.6% 42.2% 44.0% 50.8% 50.6% 51.5%
Operating margin 42.4% 16.7% 21.7% 21.5% 19.3% 23.1% 12.4% 28.0% 26.8% 31.1%
EBITDA margin 48.7% 25.3% 29.0% 28.6% 24.0% 27.9% 16.6% 32.2% 30.1% 33.7%
Net margin 26.6% 18.0% 15.4% 15.0% 13.7% 15.1% 5.9% 20.2% 18.7% 23.3%
FCF margin 26.3% 15.1% 18.0% 24.0% 41.2% 15.6% 14.9% 27.3% 25.4% 35.7%
Returns
Return on capital — — 10.8% 9.9% 11.5% 12.9% 5.8% 16.2% 16.3% 22.8%
Return on capital employed 85.5% 14.0% 12.4% 11.2% 13.2% 14.9% 8.8% 18.2% 17.6% 22.0%
Return on equity 64.7% 23.4% 13.4% 11.4% 14.0% 15.2% 6.7% 20.4% 18.5% 23.4%
Return on assets 43.4% 14.0% 8.1% 7.2% 8.1% 7.9% 3.4% 10.5% 10.0% 12.9%
Growth
Revenue growth 5.9% 217.0% 24.2% −9.9% 37.3% 2.0% 13.3% −4.7% 8.5% 15.1%
Net income growth −8.9% 115.0% 6.2% −12.1% 24.9% 13.0% −55.6% 224.0% 0.5% 43.8%
EPS growth −7.7% 62.6% 1.9% −11.2% 27.8% 15.2% −55.5% 225.6% 1.1% 44.5%
FCF growth −10.1% 81.9% 47.9% 19.9% 136.1% −61.3% 8.3% 74.3% 0.9% 61.7%
Share count change −2.1% 32.1% 4.4% −0.4% −2.2% −1.9% −0.5% −0.5% −0.7% −0.4%
Financial health
Net debt / EBITDA — 1.9x 1.1x 0.8x 1.1x 1.0x 1.9x 0.7x 0.3x −0.5x
Debt / equity — 0.4x 0.4x 0.3x 0.4x 0.4x 0.5x 0.4x 0.3x 0.3x
Interest coverage 52.3x 8.7x 14.8x 14.2x 17.1x 16.8x 8.2x 17.0x 21.3x 28.1x
Current ratio 2.6x 1.3x 1.2x 2.2x 1.2x 1.3x 1.1x 1.4x 1.8x 1.9x
Quick ratio 2.6x 1.3x 1.2x 2.2x 1.2x 1.3x 1.1x 1.4x 1.8x 1.9x
Capital allocation
Capex / revenue 6.3% 1.7% 1.3% 1.4% 1.4% 1.5% 1.5% 1.2% 1.5% 1.5%
Stock comp / revenue 2.1% 2.4% 1.3% 0.9% 0.6% 0.8% 0.8% 1.1% 1.0% 1.1%
Payouts / FCF 75.1% 35.1% 54.4% 51.4% 36.8% 50.3% 52.5% 29.8% 43.7% 20.9%
Quality scores
Piotroski F-score — — 4.0 7.0 6.0 7.0 6.0 8.0 7.0 9.0
Altman Z'' 13.4 2.7 3.3 4.1 3.0 3.4 2.6 3.8 4.3 5.1
Accruals ratio −9.9% 1.0% −2.0% −4.9% −17.0% −1.0% −6.0% −4.3% −4.4% −7.6%

Source: SEC EDGAR XBRL filings (CIK 0001374310). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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