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Cboe Global Markets (CBOE) FY2025 results: revenue $4.7 billion, up 15.1% on the year

Cboe Global Markets, Inc. (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, up 43.8%, and diluted earnings per share $10.42. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2026.

Revenue
$4.7 billion
+15.1% on the year
FY2018FY2025
Operating margin
31.1%
26.8% a year earlier
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 year in brief

What management said about the year

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.
  • Index and multi-listed volumes grew: Index options ADV rose 35 percent and multi-listed options ADV rose 20 percent, with index options a larger share of total options volume.
  • Operating margin rose on revenue growth: Operating margin was 60.2 percent against 56.9 percent. Adjusted operating margin was 67.1 percent against 61.0 percent.
Read the Q4 FY2025 earnings call summary

From this 10-K

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., the 10-K for 2025

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

Written from the 10-K filed 20 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue4,7144,0943,774+15.1%
Cost of revenue2,2852,0221,856+13.0%
Gross profit2,4292,0721,918+17.2%
Gross margin51.5%50.6%50.8%
Operating income1,4671,0981,058+33.6%
Operating margin31.1%26.8%28.0%
Interest expense52.351.562.4+1.6%
Pre-tax income1,5671,0841,048+44.5%
Income tax467319286+46.3%
Effective tax rate29.8%29.4%27.3%
Net income1,100765761+43.8%
Net margin23.3%18.7%20.2%
Diluted EPS$10.42$7.21$7.13+44.5%
$ 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

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow1,7531,1011,076+59.2%
Capital expenditure71.060.945.0+16.6%
Free cash flow1,6821,0401,031+61.7%
Free cash flow margin35.7%25.4%27.3%
Cash from investing450-142-55.1
Cash from financing-372-495-656
Depreciation and amortisation122133158-8.0%
Share-based compensation50.441.841.3+20.6%
Buybacks66.720583.9-67.4%
Dividends paid284249224+14.0%
Dividend per share$2.70$2.36$2.10+14.4%
Diluted shares, weighted105m106m106m-0.4%
Shares outstanding at period end105m105m106m-0.0%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity5,1384,2803,985+20.1%
Debt1,4431,4411,439+0.1%
Operating lease liabilities121138151-12.6%
Other liabilities2,6031,9301,912+34.9%
Total liabilities and equity9,3057,7897,488+19.5%
Fixed assets133118109+12.8%
Goodwill3,1503,1243,141+0.8%
Intangible assets1,2971,3771,562-5.8%
Investments36.111057.5-67.3%
Cash and equivalents2,216920543+140.8%
Receivables391445337-12.0%
Other assets2,0801,6951,738+22.8%
Total assets9,3057,7897,488+19.5%

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