Cboe Global Markets, Inc. Q3 FY2023 results: revenue $909 million, down 8.5% on the year

Cboe Global Markets, Inc. (CBOE) reported revenue of $909 million for Q3 FY2023, the quarter ended 30 September 2023, down 8.5% on the same quarter a year earlier. Net income was $207 million, up 37.9% on the year, and diluted earnings per share $1.95. The figures are the company's own, from the 10-Q it filed with the SEC on 3 November 2023.

Revenue$909 milliondown 8.5%

Net income$207 millionup 37.9%

Diluted EPS$1.95

QuarterQ3 FY2023ended 30 September 2023

The quarter, against the one before and a year earlier

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Revenue	909	n/a	n/a	n/a
Cost of revenue	428	n/a	n/a	n/a
Gross profit	480	n/a	n/a	n/a
Gross margin	52.9%	n/a	n/a
Operating income	271	n/a	n/a	n/a
Operating margin	29.8%	n/a	n/a
Interest expense	15.4	n/a	n/a	n/a
Pre-tax income	270	n/a	n/a	n/a
Income tax	61.9	n/a	n/a	n/a
Effective tax rate	22.9%	n/a	n/a
Net income	207	n/a	n/a	n/a
Net margin	22.8%	n/a	n/a
Diluted EPS	$1.95	n/a	n/a	n/a

$ million except per share. 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. 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 and capital returned

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Operating cash flow	737	n/a	n/a	n/a
Capital expenditure	7.7	n/a	n/a	n/a
Free cash flow	729	n/a	n/a	n/a
Free cash flow margin	80.2%	n/a	n/a
Depreciation and amortisation	38.8	n/a	n/a	n/a
Share-based compensation	1.5	n/a	n/a	n/a
Buybacks	0.0	n/a	n/a	n/a
Dividends paid	58.5	n/a	n/a	n/a
Dividend per share	$0.55	n/a	n/a	n/a
Diluted shares, weighted	106m	n/a	n/a	n/a
Shares outstanding at period end	106m	n/a	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Total assets	7,732	n/a	n/a	n/a
Cash and equivalents	403	n/a	n/a	n/a
Receivables	359	n/a	n/a	n/a
Goodwill	3,125	n/a	n/a	n/a
Long-term debt	1,514	n/a	n/a	n/a
Borrowings, as the company tags them	1,525	n/a	n/a	n/a
Operating lease liabilities	129	n/a	n/a	n/a
Shareholders' equity	3,788	n/a	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	909	969	957	974	1,056	1,108	1,195	1,174	1,142	1,204	1,273	1,443
Cost of revenue	428	470	455	460	524	583	630	586	536	533	544	711
Gross profit	480	499	502	514	532	524	565	587	606	671	729	732
Gross margin	53%	52%	52%	53%	50%	47%	47%	50%	53%	56%	57%	51%
Operating income	271	294	282	210	307	298	354	339	370	404	506	476
Operating margin	30%	30%	30%	22%	29%	27%	30%	29%	32%	34%	40%	33%
Interest expense	15.4	13.2	13.0	12.8	12.8	12.9	12.8	12.9	13.3	13.3	13.3	13.2
Pre-tax income	270	288	292	203	309	280	350	335	430	452	516	495
Tax rate	23%	26%	28%	31%	29%	30%	28%	30%	30%	31%	25%	29%
Net income	207	215	210	140	218	196	251	235	301	314	386	353
Net margin	23%	22%	22%	14%	21%	18%	21%	20%	26%	26%	30%	24%
Diluted EPS	$1.95	$1.98	$1.96	$1.33	$2.07	$1.85	$2.37	$2.23	$2.85	$2.97	$3.66	$3.35
Operating cash flow	737	-189	896	1,494	-578	-710	913	334	154	352	1,960	-503
Capital expenditure	7.7	17.1	7.3	17.8	12.0	23.8	14.7	20.3	16.0	20.0	19.2	33.1
Free cash flow	729	-206	888	1,476	-590	-734	898	313	138	332	1,941	-536
Buybacks	0.0	5.8	76.6	101	26.4	0.5	30.0	36.7	0.0	0.0	40.9	34.4
Dividends paid	58.5	58.5	58.5	58.2	66.3	66.4	66.4	66.4	75.7	75.8	75.8	75.7
Shares outstanding	106m	106m	105m	105m	105m	105m	105m	105m	105m	105m	105m	105m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

* 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. 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.

Source

10-Q for the period ended 30 September 2023, filed 3 November 2023, accession 0001558370-23-017503: the filing on EDGAR. All of Cboe Global Markets, Inc.'s filings: EDGAR company page.

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