Cboe Global Markets (CBOE) FY2018 results: revenue $2.8 billion, up 24.2% on the year
Cboe Global Markets, Inc. (CBOE) reported revenue of $2.8 billion for fiscal 2018, the year ended 31 December 2018, up 24.2% on the year before. Net income was $426 million, up 6.2%, and diluted earnings per share $3.76. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2019.
Revenue
$2.8 billion
+24.2% on the year
FY2011FY2018
Operating margin
21.6%
16.7% a year earlier
FY2011FY2018
Net income
$426 million
+6.2% on the year
FY2011FY2018
Diluted EPS
$3.76
+1.9% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
2,769
2,229
703
+24.2%
Cost of revenue
1,552
1,234
137
+25.8%
Gross profit
1,217
996
566
+22.2%
Gross margin
44.0%
44.7%
80.6%
Operating income
599
372
298
+61.2%
Operating margin
21.6%
16.7%
42.4%
Interest expense
40.5
42.6
5.7
-4.9%
Pre-tax income
571
334
307
+70.8%
Income tax
146
-66.2
121
Effective tax rate
25.6%
-19.8%
39.4%
Net income
426
402
187
+6.2%
Net margin
15.4%
18.0%
26.6%
Diluted EPS
$3.76
$3.69
$2.27
+1.9%
$ million except per share. 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.
Cash flow
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
535
374
230
+42.8%
Capital expenditure
36.3
37.5
44.4
-3.2%
Free cash flow
498
337
185
+47.9%
Free cash flow margin
18.0%
15.1%
26.3%
Cash from investing
-25.6
-1,436
-84.4
Cash from financing
-372
1,100
-150
Depreciation and amortisation
204
192
44.4
+6.1%
Share-based compensation
35.1
52.6
14.5
-33.3%
Buybacks
141
n/a
60.5
Dividends paid
130
118
78.5
+10.3%
Dividend per share
$1.16
$1.04
$0.96
+11.5%
Diluted shares, weighted
112m
108m
81m
+4.4%
Shares outstanding at period end
112m
113m
81m
-1.0%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
3,241
3,111
318
+4.2%
Redeemable equity
9.4
9.4
12.6
0.0%
Debt
1,215
1,238
0.0
-1.8%
Other liabilities
855
908
146
-5.8%
Total liabilities and equity
5,321
5,266
477
+1.1%
Fixed assets
71.7
73.9
55.9
-3.0%
Goodwill
2,691
2,707
26.5
-0.6%
Intangible assets
1,720
1,903
8.7
-9.6%
Investments
35.7
47.3
0.0
-24.5%
Trading assets
n/a
0.5
n/a
Cash and equivalents
275
144
97.3
+91.7%
Receivables
287
217
76.7
+32.2%
Other assets
240
173
212
+38.3%
Total assets
5,321
5,266
477
+1.1%
10-K for the year ended 31 December 2018, filed 22 February 2019: the filing.