Cboe Global Markets (CBOE) Q4 FY2025 earnings: revenue $1.2 billion, up 8.7% on the year

Cboe Global Markets, Inc. (CBOE) reported revenue of $1.2 billion for Q4 FY2025, the quarter ended 31 December 2025, up 8.7% on the same quarter a year earlier. Net income was $314 million, up 59.5% on the year, and diluted earnings per share $2.97. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2026.

Revenue

$1.2 billion

+8.7% on the year · +5.5% on the quarter

Q1 FY2024Q4 FY2025

Operating margin

33.5%

27.0% a year earlier

Q1 FY2024Q4 FY2025

Net income

$314 million

+59.5% on the year · +4.2% on the quarter

Q1 FY2024Q4 FY2025

Diluted EPS

$2.97

+59.7% on the year · +4.2% on the quarter

Q1 FY2024Q4 FY2025

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

What management said

Guidance figures: 7 new.

Record fourth-quarter net revenue: Net revenue, meaning revenues less cost of revenues, was $671.1 million, up 28 percent, with increases across all net revenue captions.
Diluted EPS up 60 percent: Diluted EPS was $2.97 against $1.86 a year earlier. Adjusted diluted EPS was $3.06 against $2.10, up 46 percent.
Options led segment growth: Options net revenue reached a record $433.1 million. Total options ADV rose 24 percent and access and capacity fees rose 13 percent.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Revenue	1,204	1,142	1,108	+5.5%	+8.7%
Cost of revenue	533	536	583	-0.6%	-8.6%
Gross profit	671	606	524	+10.8%	+28.0%
Gross margin	55.7%	53.0%	47.4%
Operating income	404	370	298	+9.0%	+35.3%
Operating margin	33.5%	32.4%	27.0%
Interest expense	13.3	13.3	12.9	0.0%	+3.1%
Pre-tax income	452	430	280	+5.0%	+61.5%
Income tax	138	129	83.2	+6.9%	+66.1%
Effective tax rate	30.6%	30.1%	29.7%
Net income	314	301	196	+4.2%	+59.5%
Net margin	26.0%	26.3%	17.7%
Diluted EPS	$2.97	$2.85	$1.86	+4.2%	+59.7%

$ million except per share.

Fourth quarters are the year less the first three quarters. 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

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Operating cash flow	352	154	-710	+128.8%
Capital expenditure	20.0	16.0	23.8	+25.0%	-16.0%
Free cash flow	332	138	-734	+140.8%
Free cash flow margin	27.6%	12.1%	-66.3%
Cash from investing	419	168	-127	+150.3%
Cash from financing	-77.5	-75.8	-70.7
Depreciation and amortisation	31.3	30.9	32.1	+1.3%	-2.5%
Share-based compensation	11.7	13.0	9.7	-10.0%	+20.6%
Buybacks	0.0	0.0	0.5
Dividends paid	75.8	75.7	66.4	+0.1%	+14.2%
Dividend per share	n/a	$0.72	n/a
Diluted shares, weighted	105m	105m	105m	+0.1%	-0.1%
Shares outstanding at period end	105m	105m	105m	+0.0%	-0.0%

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

Balance sheet

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Shareholders' equity	5,138	4,885	4,280	+5.2%	+20.1%
Debt	1,443	1,442	1,441	+0.0%	+0.1%
Operating lease liabilities	121	127	138	-5.0%	-12.6%
Other liabilities	2,603	2,614	1,930	-0.4%	+34.9%
Total liabilities and equity	9,305	9,069	7,789	+2.6%	+19.5%
Fixed assets	133	126	118	+5.6%	+12.8%
Goodwill	3,150	3,147	3,124	+0.1%	+0.8%
Intangible assets	1,297	1,330	1,377	-2.5%	-5.8%
Investments	36.1	34.2	110	+5.6%	-67.3%
Cash and equivalents	2,216	1,497	920	+48.1%	+140.8%
Receivables	391	437	445	-10.5%	-12.0%
Other assets	2,080	2,497	1,695	-16.7%	+22.8%
Total assets	9,305	9,069	7,789	+2.6%	+19.5%

Questions

What was Cboe Global Markets' revenue in Q4 FY2025?

Cboe Global Markets (CBOE) reported revenue of $1.2 billion for Q4 FY2025, the quarter ended 31 December 2025, up 8.7% on the same quarter a year earlier.

How much did Cboe Global Markets earn in Q4 FY2025?

Net income for Q4 FY2025 was $314 million, up 59.5% on the year, and diluted earnings per share $2.97.

When did Cboe Global Markets report Q4 FY2025 results?

Cboe Global Markets filed its 10-K for the year that ended with the quarter on 20 February 2026; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	866	974	986	994	1,005	988	908	909	969	957	974	1,056	1,108	1,195	1,174	1,142	1,204	1,273	1,443	1,359
Cost of revenue	476	556	562	551	548	517	441	428	470	455	460	524	583	630	586	536	533	544	711	647
Gross profit	390	418	424	442	457	471	467	480	499	502	514	532	524	565	587	606	671	729	732	712
Gross margin	45%	43%	43%	45%	45%	48%	51%	53%	52%	52%	53%	50%	47%	47%	50%	53%	56%	57%	51%	52%
Operating income	221	240	-237	237	250	248	245	271	294	282	210	307	298	354	339	370	404	506	476	534
Operating margin	25%	25%	-24%	24%	25%	25%	27%	30%	30%	30%	22%	29%	27%	30%	29%	32%	34%	40%	33%	39%
Interest expense	11.5	11.7	15.1	16.1	17.1	17.1	16.7	15.4	13.2	13.0	12.8	12.8	12.9	12.8	12.9	13.3	13.3	13.3	13.2	13.1
Pre-tax income	210	225	-257	229	236	248	242	270	288	292	203	309	280	350	335	430	452	516	495	554
Tax rate	21%	51%	n/a	34%	32%	30%	31%	23%	26%	28%	31%	29%	30%	28%	30%	30%	31%	25%	29%	23%
Net income	166	110	-184	150	159	173	167	207	215	210	140	218	196	251	235	301	314	386	353	428
Net margin	19%	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	-689	1,260	-634	169	-144	1,031	-503	737	-189	896	1,494	-578	-710	913	334	154	352	1,960	-503	817
Capital expenditure	13.7	10.8	11.4	10.2	27.4	12.4	7.8	7.7	17.1	7.3	17.8	12.0	23.8	14.7	20.3	16.0	20.0	19.2	33.1	24.1
Free cash flow	-702	1,249	-646	159	-171	1,018	-511	729	-206	888	1,476	-590	-734	898	313	138	332	1,941	-536	793
Buybacks	0.0	70.0	15.6	0.0	15.3	70.0	8.1	0.0	5.8	76.6	101	26.4	0.5	30.0	36.7	0.0	0.0	40.9	34.4	56.7
Dividends paid	51.5	51.4	51.2	53.4	53.4	53.3	53.2	58.5	58.5	58.5	58.2	66.3	66.4	66.4	66.4	75.7	75.8	75.8	75.7	90.2
Shares outstanding	107m	106m	106m	106m	106m	106m	106m	106m	106m	105m	105m	105m	105m	105m	105m	105m	105m	105m	105m	104m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* 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.

10-K for the period ended 31 December 2025, filed 20 February 2026: the filing.