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Stock research / United States / CBOE · Security & Commodity Brokers, Dealers, Exchanges & Services · CBOE

Cboe Global Markets, Inc. (CBOE)

Cboe Global Markets runs exchanges and clearinghouses and sells market data, with trading and products in equities, derivatives and FX across North America, Europe and Asia Pacific. The company describes its subsidiaries as including the largest options exchange and the third largest equities exchange operator in the U.S., and it also owns Cboe Europe Equities, the pan-European clearinghouse Cboe Clear Europe, BIDS Holdings, Cboe Australia, Cboe Clear U.S. and Cboe Canada. It says it is one of the largest equities market operators, running four U.S. equities exchanges, international exchanges in Europe, Canada and Australia, a number of alternative trading systems and an FX platform. The business is reported in five segments.

Cboe Global Markets, Inc.

Cboe Global Markets runs exchanges and clearinghouses and sells market data, with trading and products in equities, derivatives and FX across North America, Europe and Asia Pacific. The company describes its subsidiaries as including the largest options exchange and the third largest equities exchange operator in the U.S., and it also owns Cboe Europe Equities, the pan-European clearinghouse Cboe Clear Europe, BIDS Holdings, Cboe Australia, Cboe Clear U.S. and Cboe Canada. It says it is one of the largest equities market operators, running four U.S. equities exchanges, international exchanges in Europe, Canada and Australia, a number of alternative trading systems and an FX platform. The business is reported in five segments.

The five segments

Options holds options on market indices, on the stocks of individual corporations and on exchange-traded products, trading on Cboe Options, C2, BZX, EDGX and other U.S. national security exchanges. Cboe Options is the primary options market and integrates electronic trading with traditional open outcry trading on its trading floor in Chicago.

North American Equities holds U.S. equities and exchange-traded product transactions on the fully electronic BZX, BYX, EDGX and EDGA exchanges, equities trades on the BIDS Trading platform in the U.S. and on Cboe BIDS Canada, and Canadian equities on Cboe Canada's order books.

Europe and Asia Pacific holds pan-European derivatives, exchange-traded products and international depository receipts on venues operated by Cboe Europe Equities and Cboe Europe Derivatives, the clearing activities of Cboe Clear Europe, and the equities services of Cboe Australia. Cboe Europe runs lit and dark books, a periodic auctions book, a closing cross book and two BIDS order books, and Cboe NL in Amsterdam runs similar functions for European Economic Area symbols only.

Futures holds transaction services on CFE, a fully electronic futures exchange carrying VIX futures and other futures products, and from 1 January 2025 all digital activity, including Cboe Digital Exchange and Cboe Clear U.S. On 9 June 2025 cash-settled Bitcoin and Ether futures contracts migrated from Cboe Digital Exchange to CFE, and no products are currently listed for trading on Cboe Digital Exchange.

Global FX holds institutional FX trading on the Cboe FX electronic platform, non-deliverable forward FX transactions executed on Cboe SEF, and transaction services for U.S. government securities on the Cboe Fixed Income platform.

The proprietary products

The most frequently traded proprietary products are SPX options and VIX options and futures. Cboe holds exclusive U.S. rights to list options on the S&P 500 Index, S&P 100 Index, S&P 500 ESG Index and S&P Select Sector Indices, and its licence with S&P Dow Jones Indices extends through 31 December 2033, with exclusive rights to trade S&P 500 Index options through 31 December 2032. Market data from the trading of options on the S&P 500 Index and other indices is used to create Cboe volatility indices, variance indicators and BuyWrite indices, including the Cboe Volatility Index, and tradable products on those.

Cboe Data Vantage

This business sells market data and information products across asset classes and regions in three groups. Market Data and Access Services covers real-time depth of book quotation information, auction and complex option information, top of book quotes and trades, last sale information and consolidated equity feeds. Cboe Global Indices covers index creation, calculation, licensing and data dissemination. Risk and Market Analytics covers analytics and historical data with front-end platforms and connectivity services including FIX Order Routing and CAT reporting. Market data fees also come from the U.S. tape plans, namely Unlisted Trading Privileges, the Consolidated Tape Association and OPRA, allocated to plan participants under a formula required by Regulation NMS.

What changed in 2025

After a review of its global business operations Cboe began winding down its Japanese equities business, including its Cboe Japan proprietary trading system and Cboe BIDS Japan block trading platform, started a sales process for Cboe Australia and Cboe Canada, discontinued its U.S. and European corporate listings efforts, and cut costs in its U.S. and European exchange-traded product listings businesses, Cboe Europe Derivatives and several smaller Risk and Market Analytics businesses. After 31 December 2025 it began winding down Cboe Europe Derivatives itself. During the year it launched cash-settled futures and options on the Cboe Magnificent 10 Index, along with continuous Bitcoin and Ether futures, Cboe FTSE Bitcoin Index Futures and options on the S&P 500 Equal Weight Index.

From Cboe Global Markets' annual report on Form 10-K for the year ended 31 December 2025. The filing

Compare with another name What $10,000 in Cboe Global Markets became

Latest results

Latest quarterQ3 FY2026ended 30 September 2026 · 10-Q filed 30 October 2026
Revenue
$1.4 billion
+19.0% on the year · -5.8% on the quarter
Q4 FY2024Q3 FY2026
Net income
$428 million
+42.4% on the year · +21.3% on the quarter
Q4 FY2024Q3 FY2026
Diluted EPS
$4.08
+43.2% on the year · +21.8% on the quarter
Q4 FY2024Q3 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

Read the Q3 FY2026 results →the 10-Q on EDGAR ↗
Last full yearFY2025ended 31 December 2025 · 10-K filed 20 February 2026
Revenue
$4.7 billion
+15.1% on the year
FY2018FY2025
Net income
$1.1 billion
+43.8% on the year
FY2018FY2025
Diluted EPS
$10.42
+44.5% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The years before, in wordsCboe Global Markets (CBOE) reported revenue of $4.7 billion for fiscal 2025, the year ended 31 December 2025, up 15.1% on the year before. Net income was $1.1 billion and diluted earnings per share $10.42. Revenue was $4.1 billion in fiscal 2024, $3.8 billion in fiscal 2023, $4.0 billion in fiscal 2022 and $3.5 billion in fiscal 2021. Net income in the same years was $765 million, $761 million, $234 million and $529 million. Over the twelve months to 30 September 2026, Cboe Global Markets reported revenue of $5.3 billion and net income of $1.5 billion. Revenue grew 6.6% a year, compounded, over the five years to fiscal 2025. Cboe Global Markets declared $3.02 a share in dividends over the last four quarters and had 104 million shares outstanding at the latest filed count. At the close of 6 November 2026 the market cap of Cboe Global Markets was $36.8 billion, 25.1 times its earnings over the last twelve months.
Read the FY2025 results →the 10-K on EDGAR ↗

Ratios

From the filings

ROE25.0%
ROCE26.0%
Operating margin36.4%
Net margin28.0%
FCF margin47.9%
Interest cover36.3x
Debt to equity0.24x
Cash conversion1.77x
Share count, last 12 months-0.3%
Sales CAGR, 3 years6.0%
Profit CAGR, 3 years67.5%
EPS, TTM$14.06

At the close of 6 November 2026

Price$353.02
Market cap$36.8 billion
Stock P/E25.1x
Price to book6.2x
EV / EBITDA17.5x
Dividend yield0.9%
Market cap / sales7.0x
52-week high$366.70
52-week low$231.51
Price, 1 year39.7%
Price CAGR, 3 years26.9%
Price CAGR, 5 years21.5%

29 ready-made ratios, from FCF yield to net debt to EBITDA, wait on the Formulas page, each with what it tells you. Browse and add them →

Worked from the filed figures; hover a name for the formula.
Read moreThe priced ones use the latest price, the last regular-hours trade on IEX. Debt to equity here stands on long-term debt as Cboe Global Markets, Inc. files it, with lease liabilities counted separately and never inside it. Nothing here is a valuation or a view.
CBOEgreeksoup.ai
Daily prices to 6 November 2026, adjusted for splits; from 28 September 2026 each day's price is the last regular-hours trade on IEX.
Read moreData provided for free by IEX. By accessing or using IEX Historical Data, you agree to the IEX Historical Data Terms of Use. Day by day for the last three years; before that one point a week, carrying the week's last close and its average daily volume, so a volume bar means the same thing across the whole series; the bars sit under the price on their own scale, on the right. The moving averages need consecutive days and are drawn from the daily part. P/E is the close over the trailing four quarters' EPS as filed at each filing date, on the current share count; the dashed line is the median over the range shown. Sales and margin are quarterly revenue and the operating margin from the tables above. EV/EBITDA, price to book and market cap to sales use the latest filed balance sheet and share count at each date. Before the quarters on file begin, P/E, price to book and market cap to sales stand on each annual report from the day it was filed. Drawn in your browser; the range and overlay you pick are remembered here only.

Quarterly results

Q4 FY2021 *Q1 FY2022Q2 FY2022Q3 FY2022Q4 FY2022 *Q1 FY2023Q2 FY2023Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026Q3 FY2026
Revenue8669749869941,0059889089099699579741,0561,1081,1951,1741,1421,2041,2731,4431,359
Cost of revenue476556562551548517441428470455460524583630586536533544711647
Gross profit390418424442457471467480499502514532524565587606671729732712
Gross margin45%43%43%45%45%48%51%53%52%52%53%50%47%47%50%53%56%57%51%52%
Operating income221240-237237250248245271294282210307298354339370404506476534
Operating margin25%25%-24%24%25%25%27%30%30%30%22%29%27%30%29%32%34%40%33%39%
Interest expense11.511.715.116.117.117.116.715.413.213.012.812.812.912.812.913.313.313.313.213.1
Pre-tax income210225-257229236248242270288292203309280350335430452516495554
Tax rate21%51%n/a34%32%30%31%23%26%28%31%29%30%28%30%30%31%25%29%23%
Net income166110-184150159173167207215210140218196251235301314386353428
Net margin19%11%-19%15%16%17%18%23%22%22%14%21%18%21%20%26%26%30%24%32%
Diluted EPS$1.55$1.02-$1.74$1.41$1.49$1.63$1.57$1.95$1.98$1.96$1.33$2.07$1.86$2.37$2.23$2.85$2.97$3.66$3.35$4.08
Operating cash flow-6891,260-634169-1441,031-503737-1898961,494-578-7109133341543521,960-503817
Capital expenditure13.710.811.410.227.412.47.87.717.17.317.812.023.814.720.316.020.019.233.124.1
Free cash flow-7021,249-646159-1711,018-511729-2068881,476-590-7348983131383321,941-536793
Buybacks0.070.015.60.015.370.08.10.05.876.610126.40.530.036.70.00.040.934.456.7
Dividends paid51.551.451.253.453.453.353.258.558.558.558.266.366.466.466.475.775.875.875.790.2
Shares outstanding107m106m106m106m106m106m106m106m106m105m105m105m105m105m105m105m105m105m105m104m
Filing10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Income statement (profit and loss)

FY2009FY2010FY2011FY2012FY2013FY2014FY2015 †FY2016 †FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025TTM
Revenue4264375085125726176647032,2292,7692,4963,4273,4953,9583,7744,0944,7145,278
Cost of revenuen/an/an/an/an/an/a1021371,2341,5521,3592,1732,0192,2171,8562,0222,2852,435
Gross profitn/an/an/an/an/an/a5625669961,2171,1371,2541,4761,7421,9182,0722,4292,844
Gross marginn/an/an/an/an/an/a84.6%80.6%44.7%44.0%45.5%36.6%42.2%44.0%50.8%50.6%51.5%53.9%
Operating income1781672422442863143202983725995376628064901,0581,0981,4671,920
Operating margin41.7%38.3%47.6%47.6%50.0%50.8%48.2%42.4%16.7%21.6%21.5%19.3%23.1%12.4%28.0%26.8%31.1%36.4%
Interest expensen/an/an/an/a0.00.00.05.742.640.537.838.748.060.062.451.552.352.9
Pre-tax incomen/an/a2402432843103243073345715016607564331,0481,0841,5672,016
Income tax70.865.210185.2108120119121-66.2146131192227198286319467536
Effective tax raten/an/a41.9%35.1%38.0%38.7%36.7%39.4%-19.8%25.6%26.0%29.1%30.0%45.7%27.3%29.4%29.8%26.6%
Net income10698.21391571761902051874024263754685292347617651,1001,480
Net margin25.0%22.5%27.4%30.7%30.8%30.7%30.9%26.6%18.0%15.4%15.0%13.7%15.1%5.9%20.2%18.7%23.3%28.0%
Diluted EPS$1.17$1.03$1.52$1.78$1.99$2.21$2.46$2.27$3.69$3.76$3.34$4.27$4.92$2.19$7.13$7.21$10.42$14.06
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
From each year's 10-K, linked; TTM is the last four quarters.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are. † The year as the company last restated it in a later filing; rest on a figure for the one first filed. EPS is as filed.

Revenue by segment FY2015 to FY2025

FY2015FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025Share
of the parts, latest year
Options5865908841,0589831,3301,5051,8231,9402,0032,43451.6%
North American Equitiesn/an/an/a1,3731,2131,7901,5701,6821,3531,5471,67235.5%
Europe and Asia Pacificn/an/an/an/a1111402402652813243798.0%
Futures90.51141451501361091211201291411362.9%
Global FXn/an/a38.256.453.057.858.168.974.979.993.82.0%
Digitaln/an/an/an/an/an/an/a0.3-4.1-0.10.0n/a
European Equitiesn/an/a89.6132n/an/an/an/an/an/an/an/a
U.S. Equitiesn/an/a1,072n/an/an/an/an/an/an/an/an/a
Sales between segments, taken out-12.8n/an/an/an/an/an/an/an/an/an/an/a
OptionsNorth American Equities FY2018 to FY2025Europe and Asia Pacific FY2019 to FY2025FuturesGlobal FX FY2017 to FY2025Digital FY2022European Equities FY2017 to FY2018U.S. Equities FY2017
677FY20152,228FY20172,496FY20193,494FY20213,778FY20234,714FY2025

$ million; hover a block for its figure and share; the figure over a bar is its parts, before the lines named below; a part named with years is one the company split its revenue into only then

From the company's 10-Ks, in its own words (latest 10-K).
Read moreEach year's figures come from the most recent 10-K that includes that year. A year is shown only where the parts add up to the revenue above. Fiscal years are labelled by the year they end in. Sales between segments, taken out is the company's own eliminations and corporate items, which take the parts to revenue: shown as filed, with no share and no block in the chart. Digital is below zero in FY2023 and FY2024 as the 10-K filed it, so it has no share or block for those years.

Profit by segment FY2015 to FY2025

The operating profit each segment reports. Costs Cboe Global Markets does not charge to a segment are left out, so the segments can add up to more than the company's own operating profit.

FY2015FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025Margin
FY2025
Options2612182523913344305387408518781,11345.7%
North American Equitiesn/an/an/a14013216015614711816918811.2%
Europe and Asia Pacificn/an/an/an/a20.333.556.038.132.741.753.914.2%
Futures73.696.412785.783.153.866.055.286.198.973.954.4%
Global FXn/an/a-12.8-11.7-4.96.02.78.824.733.246.049.0%
Digitaln/an/an/an/an/an/an/a-491-46.7-1120.0n/a
European Equitiesn/an/a8.924.1n/an/an/an/an/an/an/an/a
U.S. Equitiesn/an/a103n/an/an/an/an/an/an/an/an/a
OptionsNorth American Equities FY2018 to FY2025U.S. Equities FY2017Europe and Asia Pacific FY2019 to FY2025European Equities FY2017 to FY2018FuturesGlobal FX FY2017 to FY2025Digital FY2022 to FY2024
335FY2015478FY2017565FY2019819FY20211,066FY20231,475FY2025

$ million; the figure over a bar is all the segments together; a year a segment lost money, it hangs below the line. Hover a block for its profit, sales and margin.

FY2025Share of salesShare of profit
Options52%75%
North American Equities35%13%
Europe and Asia Pacific8%4%
Futures3%5%
Global FX2%3%
Digital0%a loss

Each column adds to 100%. A segment with a bigger share of the profit than of the sales makes more on each dollar it sells.

From the company's 10-Ks, in its own words (latest 10-K).
Read moreEach year's figures come from the most recent 10-K that includes that year. A year is shown only where every segment with sales that year has an operating profit figure. A margin is a segment's operating profit over its own sales.

Revenue by product or service FY2015 to FY2025

FY2015FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025Share
of the parts, latest year
Transaction and clearing fees4855091,5651,9871,7162,4182,6932,9392,8312,9053,59876.3%
Access and capacity feesn/an/a1822112222372813243483704098.7%
Market data fees30.033.21642042142322522822942953276.9%
Regulatory fees cost of revenues33.548.32923343125002083652244262856.1%
Other revenue19.513.626.633.032.840.260.648.677.399.095.92.0%
Access fees53.352.4n/an/an/an/an/an/an/an/an/an/a
Exchange services and other fees42.246.3n/an/an/an/an/an/an/an/an/an/a
Transaction and clearing feesAccess and capacity fees FY2017 to FY2025Market data feesRegulatory fees cost of revenuesOther revenueAccess fees FY2015 to FY2016Exchange services and other fees FY2015 to FY2016
664FY20152,229FY20172,496FY20193,495FY20213,774FY20234,714FY2025

$ million; hover a block for its figure and share; a part named with years is one the company split its revenue into only then

From the company's 10-Ks, in its own words (latest 10-K).
Read moreEach year's figures come from the most recent 10-K that includes that year. A year is shown only where the parts add up to the revenue above. Fiscal years are labelled by the year they end in.

Cash flow

FY2009FY2010FY2011FY2012FY2013FY2014FY2015 †FY2016 †FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025TTM
Operating cash flow1131352032012242632452303745356331,4595976511,0761,1011,7532,626
Capital expenditure38.023.629.130.128.750.239.344.437.536.335.147.451.059.845.060.971.096.4
Free cash flow74.81111741701962132061853374985981,4115465911,0311,0401,6822,530
Free cash flow margin17.5%25.5%34.2%33.3%34.2%34.4%31.0%26.3%15.1%18.0%23.9%41.2%15.6%14.9%27.3%25.4%35.7%47.9%
Cash from investing-10.3-32.5-30.3-33.0n/an/a-79.4-84.4-1,436-25.6-15.9-430-353-835-55.1-142450468
Cash from financing-0.1-432-91.7-167n/an/a-212-1501,100-372-663-202-20081.7-656-495-372-472
Depreciation and amortisation27.529.934.131.534.539.946.344.4192204177158167167158133122117
Share-based compensation0.020.812.612.320.815.612.214.552.635.121.821.726.630.741.341.850.455.2
Buybacksn/an/a47.049.745.316813260.5n/a14115734981.310183.920566.7132
Dividends paidn/a-1130.047.858.467.073.478.5118130150171193209224249284318
Dividend per sharen/an/an/an/an/a$0.78$0.88$0.96$1.04$1.16$1.34$1.56$1.80$1.96$2.10$2.36$2.70n/a
Diluted shares, weighted91m96m90m87m87m85m83m81m108m112m112m109m107m107m106m106m105m105m
Shares outstanding at period endn/an/an/a87m87m84m82m81m113m112m111m107m107m106m106m105m105m104m
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
Cash paid in the year, from the cash flow statement.
Read moreThe dividend per share is as declared. Diluted shares are the weighted average for the year; a falling count is the buybacks net of issuance. TTM sums the last four quarters; the share counts are the latest quarter's.

Balance sheet

FY2009FY2010FY2011FY2012FY2013FY2014FY2015 †FY2016 †FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025TTM
Funded by
Shareholders' equity1881762362392852502603183,1113,2413,3563,3493,6053,4653,9854,2805,1385,926
Redeemable equityn/an/an/an/an/a0.00.012.69.49.4n/an/an/an/an/an/an/an/a
Debtn/a0.00.00.00.00.00.00.01,2381,2158681,2041,2991,7421,4391,4411,4431,444
Operating lease liabilitiesn/an/an/an/an/an/an/an/an/an/a46.7132129129151138121108
Other liabilitiesn/a78.291.699.71571341251469088558441,8321,7811,6621,9121,9302,6033,748
Total liabilities and equityn/a2543283394423843854775,2665,3215,1146,5166,8146,9997,4887,7899,30511,227
Owned
Fixed assetsn/a82.176.874.067.366.960.455.973.971.747.082.6105108109118133146
Goodwilln/an/an/an/an/a0.07.726.52,7072,6912,6822,8953,0253,1233,1413,1243,1503,048
Intangible assetsn/a44.642.242.745.90.02.48.71,9031,7201,5901,7291,6691,6631,5621,3771,2971,169
Investmentsn/an/an/an/an/an/an/a0.047.335.771.092.437.191.757.511036.141.2
Trading assetsn/an/an/an/an/an/an/an/a0.5n/an/an/an/an/an/an/an/an/a
Cash and equivalents38453.813513622114810297.31442752292453424335439202,2162,663
Receivablesn/a37.737.645.749.958.462.576.7217287235337327370337445391500
Other assetsn/a35.936.440.857.11111502121732402601,1351,3091,2111,7381,6952,0803,660
Total assetsn/a2543283394423843854775,2665,3215,1146,5166,8146,9997,4887,7899,30511,227
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
At the fiscal year end; the TTM column is the latest quarter end.
Read moreBoth totals are the company's own. Other liabilities is the filed total less the rows above it: payables, deferred revenue, taxes, borrowings the rows above do not carry and the rest; other assets is the same on the other side. Investments add the current and non-current lines as filed. Debt is the company's own stated total where it files one, otherwise its long-term debt with the current maturities, never parts added together. A row is left blank in a year where the lines shown overlap and the remainder would fall below nil.

Compounded growth

10 years5 years3 yearsTTM
Sales growth, compounded21.7%6.6%6.0%14.3%
Profit growth, compounded18.3%18.6%67.5%50.6%
Return on equity, average19.0%16.0%19.5%21.4%
Yearly growth, compounded; TTM is the last four quarters against the four before.
Read moreReturn on equity is net income over shareholders' equity at each year end, averaged over the window (the TTM column is the latest year alone); equity is the parent's shareholders' equity as tagged in the 10-K. Arithmetic on filed numbers, nothing forecast.

Questions

What was Cboe Global Markets' revenue in fiscal 2025?

Cboe Global Markets (CBOE) reported revenue of $4.7 billion for fiscal 2025, the year ended 31 December 2025, up 15.1% on the year before.

How much did Cboe Global Markets earn in fiscal 2025?

Net income was $1.1 billion for fiscal 2025, and diluted earnings per share $10.42.

What is Cboe Global Markets' P/E ratio?

At the close of 6 November 2026, Cboe Global Markets traded at 25.1 times its earnings over the twelve months to 30 September 2026.

What is Cboe Global Markets' market cap?

The market cap of Cboe Global Markets was $36.8 billion at the close of 6 November 2026.

Does Cboe Global Markets pay a dividend?

Yes. Cboe Global Markets declared $3.02 a share in dividends over the four quarters to 30 September 2026.

Peers: Trading

CompanyMarket capP/EROEOp. marginSales growth
TTM		Debt to equityDiv. yield
CME Group Inc. CME$109.7 billion25.1016.8%65.7%9.0%0.133.7%
Intercontinental Exchange, Inc. ICE$96.1 billion23.5013.9%40.6%12.1%0.781.2%
Nasdaq, Inc. NDAQ$59.8 billion29.2717.4%29.7%11.9%0.731.1%
Ares Management Corp. ARES$42.0 billionn/a11.3%17.7%7.6%2.033.9%
Crown Castle Inc. CCI$37.7 billion46.63n/a47.1%-15.7%n/a4.8%
Cboe Global Markets, Inc. CBOE$36.8 billion25.1125.0%36.4%14.3%0.240.9%
Interactive Brokers Group, Inc. IBKR$34.4 billion29.1618.9%n/a19.7%n/a0.4%
Extra Space Storage Inc. EXR$33.2 billion32.358.1%43.8%4.1%1.044.1%
Tradeweb Markets Inc. TW$29.7 billion29.9913.7%44.1%14.4%0.000.4%
LPL Financial Holdings Inc. LPLA$23.0 billion16.9524.0%9.2%31.0%1.340.4%
StoneX Group Inc. SNEX$6.5 billion9.3918.5%n/a48.7%6.97n/a
BGC Group, Inc. BGC$5.0 billion25.5718.0%4.7%27.6%1.600.8%
All 181 in Trading
CompanyMarket capP/EROEOp. marginSales growth
TTM		Debt to equityDiv. yield
Morgan Stanley MS$284.0 billion14.4017.5%n/a16.2%3.322.3%
Goldman Sachs Group Inc. GS$249.8 billion12.4417.7%n/a18.7%3.562.1%
BlackRock, Inc. BLK$182.3 billion26.8111.9%32.5%24.7%0.221.9%
Welltower Inc. WELL$179.3 billion106.063.4%-1.9%39.2%0.401.3%
Charles Schwab Corp. SCHW$157.9 billion15.6120.7%n/a18.1%0.461.3%
Prologis, Inc. PLD$120.7 billion28.037.6%54.8%7.2%0.663.3%
CME Group Inc. CME$109.7 billion25.1016.8%65.7%9.0%0.133.7%
Equinix Inc. EQIX$100.2 billion60.7911.3%22.5%11.1%1.572.0%
Intercontinental Exchange, Inc. ICE$96.1 billion23.5013.9%40.6%12.1%0.781.2%
Blackstone Inc. BX$90.8 billion26.5640.2%47.9%22.1%1.533.9%
American Tower Corp. AMT$87.7 billion26.6394.2%44.8%5.3%10.693.7%
KKR & Co. Inc. KKR$86.6 billion30.7210.2%n/a31.1%1.720.8%
Brookfield Asset Management Ltd. BAM$84.6 billionn/an/a58.6%31.9%0.38n/a
Simon Property Group Inc. SPG$73.9 billion16.48110.4%45.9%16.2%6.963.9%
Robinhood Markets, Inc. HOOD$72.9 billion37.2919.7%45.7%20.9%0.26n/a
Apollo Global Management, Inc. APO$69.0 billionn/a-5.8%9.8%12.2%0.921.8%
Digital Realty Trust, Inc. DLR$65.3 billion72.893.3%16.2%20.0%0.69n/a
Public Storage PSA$63.1 billion35.3413.1%34.5%5.2%0.843.6%
Nasdaq, Inc. NDAQ$59.8 billion29.2717.4%29.7%11.9%0.731.1%
Realty Income Corp. O$56.2 billion40.723.4%20.5%10.8%0.795.5%
Ventas, Inc. VTR$46.9 billion167.461.7%3.2%22.1%0.792.3%
Ameriprise Financial Inc. AMP$43.6 billion11.2981.4%26.8%10.0%1.17n/a
Ares Management Corp. ARES$42.0 billionn/a11.3%17.7%7.6%2.033.9%
Crown Castle Inc. CCI$37.7 billion46.63n/a47.1%-15.7%n/a4.8%
Cboe Global Markets, Inc. CBOE$36.8 billion25.1125.0%36.4%14.3%0.240.9%
Interactive Brokers Group, Inc. IBKR$34.4 billion29.1618.9%n/a19.7%n/a0.4%
Extra Space Storage Inc. EXR$33.2 billion32.358.1%43.8%4.1%1.044.1%
Iron Mountain Inc. IRM$31.7 billion69.58n/a19.5%17.5%n/a3.2%
Raymond James Financial Inc. RJF$31.3 billion14.1918.2%n/a10.5%0.071.3%
Tradeweb Markets Inc. TW$29.7 billion29.9913.7%44.1%14.4%0.000.4%
Nomura Holdings Inc. NMR *$27.3 billion12.459.8%n/a14.0%n/a4.4%
Vici Properties Inc. VICI$27.3 billion11.378.1%n/a4.7%0.587.3%
Vivmark Residential VMRK$24.6 billion28.488.3%28.2%2.8%0.794.3%
T. Rowe Price Group, Inc. TROW$23.1 billion10.9619.2%32.0%6.9%0.004.8%
LPL Financial Holdings Inc. LPLA$23.0 billion16.9524.0%9.2%31.0%1.340.4%
Royal Gold Inc. RGLD$22.5 billion26.7910.8%62.0%105.2%0.020.7%
Pershing Square Inc. PS$20.6 billionn/a-9.0%0.2%n/a0.21n/a
SBA Communications Corp. SBAC$19.8 billion20.45n/a47.7%2.3%n/a2.6%
Texas Pacific Land Corp. TPL$18.8 billion32.0032.6%75.5%25.3%0.000.9%
TPG Inc. TPG$17.9 billion59.186.8%n/a18.8%0.574.8%
Essex Property Trust, Inc. ESS$17.5 billion50.556.6%29.5%4.5%1.253.8%
Franklin Templeton Inc. BEN$17.1 billion22.976.9%9.7%7.9%0.203.9%
Kimco Realty Corp. KIM$17.0 billion23.847.4%40.1%3.5%0.834.2%
Host Hotels & Resorts, Inc. HST$16.9 billion17.9814.8%14.8%5.0%0.806.1%
Lamar Advertising Co. LAMR$15.8 billion27.5155.8%32.1%5.1%3.394.3%
Blue OWL Capital Inc. OWL$15.4 billion70.144.9%-105.8%119.9%1.898.7%
Weyerhaeuser Co. WY$15.1 billion33.294.8%11.7%-1.1%0.574.0%
W. P. Carey Inc. WPC$15.0 billion22.437.4%43.8%9.0%1.005.7%
Annaly Capital Management Inc. NLY$14.7 billion13.117.1%n/a28.4%2.4314.9%
Omega Healthcare Investors Inc. OHI$14.6 billion19.3613.8%73.4%14.0%0.735.6%
Sun Communities Inc. SUI$14.4 billionn/a-14.7%4.2%2.9%0.723.7%
Carlyle Group Inc. CG$14.0 billion42.225.4%16.6%-7.6%0.463.5%
Healthpeak Properties, Inc. DOC$14.0 billion37.564.8%4.0%9.4%1.196.0%
Mid-America Apartment Communities, Inc. MAA$13.8 billion36.057.3%n/a1.0%1.105.1%
Regency Centers Corp. REG$13.7 billion26.747.7%72.0%8.4%0.724.0%
American Healthcare REIT, Inc. AHR$13.4 billion118.201.7%20.2%21.5%0.251.7%
SEI Investments Co. SEIC$12.5 billion18.3128.3%29.4%12.8%0.011.0%
Equity Lifestyle Properties Inc. ELS$12.2 billion31.0123.1%26.1%3.2%1.893.4%
Invesco Ltd. IVZ$11.9 billionn/a-2.5%-4.5%13.7%0.103.1%
Udr, Inc. UDR$11.7 billion17.2522.3%52.2%0.6%1.844.7%
American Homes 4 Rent AMH$11.7 billion26.916.7%15.2%3.5%0.773.9%
Stifel Financial Corp. SF$11.4 billion12.2816.1%n/a10.9%0.101.8%
Gaming & Leisure Properties, Inc. GLPI$11.3 billion11.8918.9%79.1%7.3%1.638.2%
Freedom Holding Corp. FRHC$11.0 billionn/an/an/an/an/an/a
Jefferies Financial Group Inc. JEF$10.9 billionn/a8.3%n/a17.7%1.723.4%
Evercore Inc. EVR$10.8 billion15.6339.2%21.3%36.6%0.281.2%
Eastgroup Properties Inc. EGP$10.4 billion32.848.9%40.8%10.4%0.513.3%
Bxp, Inc. BXP$10.4 billion19.4710.3%29.2%2.7%3.204.3%
Houlihan Lokey, Inc. HLI$10.1 billion24.4617.5%20.3%-0.4%0.001.8%
CubeSmart CUBE$10.1 billion29.8114.0%40.8%3.3%1.434.7%
Camden Property Trust CPT$10.0 billion9.2824.6%n/a-1.0%0.934.2%
Janus Living, Inc. JAN$9.9 billionn/a0.2%n/an/a0.00n/a
CareTrust REIT, Inc. CTRE$9.8 billion24.046.8%54.6%43.6%0.393.9%
Federal Realty Investment Trust FRT$9.7 billion22.5313.6%47.7%7.8%1.504.0%
Affiliated Managers Group, Inc. AMG$9.4 billion12.5628.2%15.1%11.8%0.990.0%
Brixmor Property Group Inc. BRX$9.2 billion21.9114.1%n/a5.7%1.764.1%
Ryman Hospitality Properties, Inc. RHP$9.1 billion31.8920.2%19.6%12.9%3.403.6%
Agree Realty Corp. ADC$9.1 billion36.033.5%48.9%17.7%0.543.8%
Morningstar, Inc. MORN$9.1 billion21.3343.4%24.5%9.4%1.640.8%
Lineage, Inc. LINE$8.9 billionn/a-2.1%3.6%1.0%0.795.4%
Virtu Financial, Inc. VIRT$8.4 billion7.9231.1%32.4%26.1%2.381.8%
Rexford Industrial Realty, Inc. REXR$8.1 billionn/a-6.4%39.8%-2.0%0.394.6%
NNN REIT, Inc. NNN$8.0 billion19.598.7%62.9%7.3%1.105.9%
Alexandria Real Estate Equities, Inc. ARE$7.8 billionn/a-9.7%-85.8%-9.9%0.876.4%
Victory Capital Holdings, Inc. VCTR$7.4 billion21.9218.8%40.4%36.9%0.401.6%
InterDigital, Inc. IDCC$7.4 billion31.4625.2%45.1%-12.0%0.251.0%
First Industrial Realty Trust Inc. FR$7.1 billion19.9912.9%41.6%8.5%0.963.6%
Stag Industrial, Inc. STAG$7.1 billion25.967.4%37.7%9.3%0.944.2%
Macerich Co. MAC$7.1 billionn/a-3.6%-12.0%-1.3%1.902.7%
Vornado Realty Trust VNO$6.7 billionn/a0.2%n/a1.6%1.272.1%
Healthcare Realty Trust Inc. HR$6.5 billionn/a-1.1%n/a-5.8%1.045.0%
StoneX Group Inc. SNEX$6.5 billion9.3918.5%n/a48.7%6.97n/a
Rayonier Inc. RYN$6.4 billion37.143.0%12.0%24.1%0.354.9%
Essential Properties Realty Trust, Inc. EPRT$6.2 billion22.745.8%60.6%20.4%0.664.5%
Dolby Laboratories, Inc. DLB$6.1 billion27.598.8%17.7%0.6%0.002.2%
Marketaxess Holdings Inc. MKTX$5.8 billion20.2722.9%39.1%3.9%0.071.9%
StepStone Group Inc. STEP$5.7 billionn/an/a-58.2%48.5%n/a3.1%
SSR Mining Inc. SSRM$5.7 billion24.067.7%40.9%39.4%0.00n/a
Sabra Health Care REIT, Inc. SBRA$5.5 billion75.042.5%n/a23.4%0.865.7%
Outfront Media Inc. OUT$5.4 billion21.0936.6%20.7%9.1%3.594.0%
Galaxy Digital Inc. GLXY$5.3 billionn/a-18.5%-2.3%66.0%1.55n/a
Phillips Edison & Company, Inc. PECO$5.2 billion28.157.5%n/a7.0%1.055.6%
Rithm Capital Corp. RITM$5.2 billionn/an/an/an/a3.5010.8%
Kite Realty Group Trust KRG$5.0 billion15.7112.4%17.4%-7.3%1.024.6%
Hamilton Lane Inc. HLNE$5.0 billion13.2628.2%43.7%18.9%0.27n/a
BGC Group, Inc. BGC$5.0 billion25.5718.0%4.7%27.6%1.600.8%
HA Sustainable Infrastructure Capital, Inc. HASI$5.0 billion40.525.5%n/a22.6%2.364.4%
Cousins Properties Inc. CUZ$4.9 billion328.830.3%68.3%8.5%0.804.3%
Federated Hermes, Inc. FHI$4.7 billion11.5732.5%27.8%13.2%0.272.2%
Howard Hughes Holdings Inc. HHH$4.6 billion30.714.3%18.1%42.8%1.44n/a
Americold Realty Trust COLD$4.6 billion19.307.9%15.1%1.3%1.035.7%
EPR Properties EPR$4.6 billion16.8112.7%59.0%7.3%1.436.1%
Apple Hospitality REIT, Inc. APLE$4.5 billion23.905.9%18.3%3.2%0.475.1%
Tanger Inc. SKT$4.4 billionn/an/an/an/a2.44n/a
Piper Sandler Companies PIPR$4.4 billion15.5321.9%n/a21.1%n/a3.0%
Starwood Property Trust, Inc. STWD$4.4 billionn/a-4.0%-12.7%14.4%3.4015.9%
Lazard, Inc. LAZ$4.2 billion23.2219.5%8.1%9.2%1.785.2%
Kilroy Realty Corp. KRC$4.2 billion149.250.6%n/a-3.6%0.846.0%
Cohen & Steers, Inc. CNS$3.8 billion22.4627.8%32.4%8.6%0.003.6%
Copt Defense Properties CDP$3.7 billion22.2111.0%30.2%7.2%1.673.8%
PJT Partners Inc. PJT$3.7 billion21.2552.5%20.5%10.2%0.000.7%
LXP Industrial Trust LXP$3.6 billion31.545.9%n/a-3.5%0.664.5%
SL Green Realty Corp. SLG$3.6 billionn/a-3.7%61.7%9.7%1.255.2%
Independence Realty Trust, Inc. IRT$3.5 billion57.651.8%16.6%3.1%0.724.7%
Highwoods Properties, Inc. HIW$3.5 billion18.747.8%67.2%5.4%1.486.4%
Miami International Holdings, Inc. MIAX$3.4 billion12.7724.3%10.9%n/a0.00n/a
National Health Investors Inc. NHI$3.4 billion20.5910.6%n/a23.9%0.815.2%
Broadstone Net Lease, Inc. BNL$3.4 billion23.045.1%46.0%8.0%1.016.7%
Acadian Asset Management Inc. AAMI$3.2 billion26.66n/a25.5%27.9%n/a0.3%
Artisan Partners Asset Management Inc. APAM$3.2 billion9.1669.7%33.4%8.7%0.438.1%
WisdomTree, Inc. WT$2.9 billion27.4424.8%39.9%45.2%2.380.6%
DiamondRock Hospitality Co. DRH$2.9 billion17.7710.7%16.6%2.1%0.712.9%
Acadia Realty Trust AKR$2.7 billion70.732.0%53.3%-0.3%0.784.0%
Four Corners Property Trust, Inc. FCPT$2.6 billion21.497.3%n/a10.2%0.966.3%
CoreCivic, Inc. CXW$2.5 billion1.8563.5%9.9%26.9%0.28n/a
InvenTrust Properties Corp. IVT$2.5 billion85.221.6%-7.7%12.6%0.583.1%
LTC Properties Inc. LTC$2.5 billion4.7030.8%58.5%70.4%0.605.1%
Netstreit Corp. NTST$2.4 billion85.411.1%32.5%27.1%0.604.7%
Pebblebrook Hotel Trust PEB$2.4 billionn/a-2.9%3.1%2.8%0.890.2%
SmartStop Self Storage REIT, Inc. SMA$2.2 billion67.122.9%22.9%20.7%1.00n/a
RLJ Lodging Trust RLJ$1.9 billion121.901.7%10.0%4.1%1.034.8%
Douglas Emmett Inc. DEI$1.7 billionn/a-1.1%18.8%1.8%3.147.5%
Diversified Healthcare Trust DHC$1.7 billionn/a-9.9%-2.3%-3.8%1.600.6%
Global Net Lease, Inc. GNL$1.5 billionn/a-3.4%37.9%-21.8%1.7811.0%
CBL & Associates Properties Inc. CBL$1.5 billion6.8150.8%27.2%9.0%4.76n/a
American Assets Trust, Inc. AAT$1.3 billion61.541.9%23.6%1.1%1.526.3%
Alexanders Inc. ALX$1.3 billion6.7883.9%n/a8.2%3.677.1%
UMH Properties, Inc. UMH$1.3 billion298.400.5%n/a8.5%0.976.0%
Digital Turbine, Inc. APPS$1.3 billionn/a-18.3%10.3%19.2%1.85n/a
Medical Properties Trust Inc. MPT$1.1 billion4.405.4%3.7%10.5%2.0019.9%
Easterly Government Properties, Inc. DEA$1.1 billion77.521.1%23.9%11.4%1.288.0%
Ridgepost Capital, Inc. RPC$1.1 billion31.326.8%27.2%8.2%0.921.5%
Oppenheimer Holdings Inc. OPY$974 million12.238.7%7.2%13.9%n/a0.8%
Centerspace CSR$964 million10.7311.5%56.1%-6.0%1.025.4%
Orchid Island Capital, Inc. ORC$960 million98.60-0.5%95.7%74.8%9.2126.8%
Empire State Realty Trust, Inc. ESRT$918 million265.250.3%-4.4%2.0%2.142.6%
Abacus Global Management, Inc. ABX$852 million32.526.5%31.8%65.3%0.76n/a
Virtus Investment Partners, Inc. VRTS$846 million7.2812.7%15.7%-7.2%0.447.5%
CTO Realty Growth, Inc. CTO$783 million17.726.5%37.5%15.9%1.05n/a
Summit Hotel Properties, Inc. INN$755 millionn/a-2.5%9.9%2.4%1.654.6%
Safehold Inc. SAFE$749 million6.584.7%24.9%16.5%1.956.7%
Postal Realty Trust, Inc. PSTL$742 million38.904.7%38.2%22.3%0.944.4%
JBG Smith Properties JBGS$739 millionn/a-20.4%0.8%3.0%2.545.6%
Chatham Lodging Trust CLDT$722 million96.882.2%13.4%3.8%0.562.5%
Saul Centers, Inc. BFS$709 million31.0411.6%66.7%9.2%5.588.3%
PennyMac Mortgage Investment Trust PMT$685 million17.094.6%22.3%-11.5%1.7920.4%
Service Properties Trust SVC$674 million14.03-65.1%-6.1%-15.6%6.352.9%
Chimera Investment Corp. CIM$613 millionn/a-7.9%n/a12.4%4.0923.5%
Brandywine Realty Trust BDN$553 millionn/a-21.5%19.0%3.5%3.739.8%
Universal Health Realty Income Trust UHT$544 million26.9914.5%35.9%-0.0%2.847.6%
TPG RE Finance Trust, Inc. TRTX$512 million17.314.4%n/a-2.4%4.1014.2%
Franklin BSP Realty Trust, Inc. FBRT$470 millionn/a1.4%n/a16.4%2.9215.4%
One Liberty Properties Inc. OLP$446 million18.668.6%48.3%10.7%1.838.5%
BrightSpire Capital, Inc. BRSP$416 million23.862.2%27.0%2.5%2.9819.2%
NexPoint Residential Trust, Inc. NXRT$415 millionn/a-16.6%10.6%0.7%7.2413.0%
Industrial Logistics Properties Trust ILPT$397 millionn/a-14.9%33.7%3.5%9.854.2%
Farmland Partners Inc. FPI$369 million55.002.3%12.4%-5.6%0.5615.8%
Arbor Realty Trust Inc. ABR$299 millionn/a-4.2%n/a-12.9%4.4158.6%
Apollo Commercial Real Estate Finance, Inc. ARI$297 million2.9010.5%35.1%-14.7%n/a43.1%
Mesabi Trust MSB$226 million34.8836.9%n/a-87.6%0.00n/a
North European Oil Royalty Trust NRT$65 millionn/an/an/an/an/an/a
7 companies share its SEC industry code (Security & Commodity Brokers, Dealers, Exchanges & Services); the rest are the names nearest in size in its wider industry, Trading, one of the Fama-French 48 industries, a published grouping of SEC industry codes.
Read moreBy market capitalisation; a click on a heading sorts by it, largest first, and a second click turns it round. Each figure is the same arithmetic as the ratio box above, on each company's own filings and latest close; a name marked * is a foreign company that files once a year, on its latest fiscal year.

The public record on CBOE

Dividends$3.02 a share over the four quarters to 30 September 2026, a 0.86% yield
Filings16 in twelve months: 9 current reports (8-K), about 4 results of operations; 3 material agreement; 2 new financial obligation; 1 regulation FD disclosure; 1 shareholder vote
Planned insider sales5 Form 144 notices in twelve months, $2.3 million; latest 12 August 2026
Options tapeput/call 0.71 by open interest at the 6 November 2026 close; the straddle prices a 4.3% move to 13 November 2026
13F holders996 funds reported a position for the quarter to 30 June 2026; largest BlackRock, Inc.
Insider trading5 sales and 0 purchases on Form 4 in twelve months
Congress0 House trades disclosed in six months
Short interest3.0 million shares short, 2.29 days to cover at 15 October 2026
Documentsthe 10-K, the 10-Qs, the proxy and 4 earnings press releases, each linked

Filings

FilingPeriodFiledWhere
10-Q30 September 202630 October 2026EDGAR
10-Q30 June 202631 July 2026EDGAR
10-Q31 March 20261 May 2026EDGAR
10-K31 December 202520 February 2026EDGAR
10-Q30 September 202531 October 2025EDGAR
10-Q30 June 20251 August 2025EDGAR
10-Q31 March 20252 May 2025EDGAR
10-K31 December 202421 February 2025EDGAR
10-Q30 September 20241 November 2024EDGAR
10-Q30 June 20242 August 2024EDGAR

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