Cboe Global Markets, Inc.

CBOE · CBOE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008
Valuation
Market cap	$26,266	$20,456	$18,848	$13,310	$13,906	$9,931	$12,797	$10,433	$13,287	$7,880	$6,921	$6,716	$5,503	$3,120	$2,739	$2,421	–	–
Enterprise value	$25,698	$21,024	$19,858	$14,657	$14,956	$10,929	$13,411	$11,337	$14,334	$7,787	$6,825	$6,580	$5,291	$2,990	$2,609	$2,375	–	–
P/E (TTM) at period end	23.99×	26.88×	24.88×	56.86×	26.37×	21.26×	34.34×	24.72×	33.49×	42.62×	33.91×	35.65×	31.65×	20.09×	20.05×	24.66×	–	–
P/S (TTM) at period end	5.57×	5.00×	4.99×	3.36×	3.98×	2.90×	5.13×	3.77×	5.96×	11.21×	10.43×	10.88×	9.62×	6.09×	5.39×	5.54×	–	–
P/B at period end	5.11×	4.78×	4.73×	3.84×	3.86×	2.97×	3.81×	3.22×	4.27×	24.79×	26.65×	26.86×	19.34×	13.05×	11.59×	13.76×	–	–
EV / EBITDA (TTM)	16.17×	17.07×	16.33×	22.33×	15.37×	13.32×	18.79×	14.11×	25.41×	22.73×	18.64×	18.60×	16.52×	10.85×	9.46×	12.04×	–	–
EV / Sales (TTM)	5.45×	5.13×	5.26×	3.70×	4.28×	3.19×	5.37×	4.09×	6.43×	11.08×	10.28×	10.66×	9.25×	5.84×	5.14×	5.43×	–	–
Returns
Return on equity	21.3%	17.8%	19.0%	6.8%	14.6%	13.9%	11.1%	13.0%	12.8%	58.2%	78.6%	75.4%	61.1%	64.9%	57.8%	55.8%	142.5%	30.2%
Return on invested capital	22.4%	15.6%	15.2%	5.4%	12.0%	10.6%	9.8%	10.7%	8.8%	80.3%	123.8%	169.6%	244.2%	144.9%	131.0%	77.5%	–	111.4%
Dividend yield	1.1%	1.2%	1.2%	1.6%	1.4%	1.7%	1.2%	1.2%	0.9%	1.0%	1.1%	1.7%	1.1%	1.5%	1.5%	4.7%	–	–
Financial health
Current ratio	1.87×	1.78×	1.43×	1.05×	1.31×	1.19×	2.16×	1.15×	1.30×	2.62×	2.76×	3.31×	2.87×	3.89×	3.63×	2.25×	0.92×	3.97×
Debt / equity	0.28×	0.34×	0.37×	0.50×	0.37×	0.36×	0.29×	0.38×	0.43×	0.01×	0.02×	0.04×	0.03×	0.02×	0.02×	0.05×	–	–
Effective tax rate	29.8%	29.4%	27.3%	45.7%	30.0%	29.1%	26.0%	25.6%	(19.8%)	39.4%	36.7%	38.7%	38.0%	35.1%	41.9%	39.6%	39.9%	40.4%
Share count
Diluted shares outstanding	105	106	106	107	107	109	112	112	108	81	83	85	87	87	90	96	91	106

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008
Revenue and gross profit
Revenue	$5,061	$4,714	$4,094	$3,774	$3,958	$3,495	$3,427	$2,496	$2,769	$2,229	$703	$664	$617	$572	$512	$508	$437	$426	$417
Cost of revenue	($2,324)	($2,285)	($2,022)	($1,856)	($2,217)	($2,019)	($2,173)	($1,359)	($1,552)	($1,234)	($137)	($102)	($66)	($57)	($46)	($48)	($41)	–	–
Gross profit	$2,737	$2,429	$2,072	$1,918	$1,742	$1,476	$1,254	$1,137	$1,217	$996	$566	$562	$551	$515	$466	$460	$396	–	–
Operating expenses
Research and development	–	–	–	–	–	–	–	–	–	–	–	–	($19)	($18)	($20)	($18)	($20)	–	–
Selling, general and administrative	($788)	($768)	($730)	($681)	($578)	($471)	($364)	($336)	($370)	($337)	($206)	($191)	($168)	($167)	($162)	($161)	($174)	($215)	($197)
Total operating expenses	($981)	($962)	($974)	($860)	($1,252)	($670)	($592)	($600)	($618)	($624)	($268)	($242)	($237)	($230)	($222)	($219)	($228)	–	–
Total costs and expenses	($3,306)	($3,247)	($2,996)	($2,716)	($3,469)	($2,689)	($2,765)	($1,959)	($2,169)	($1,857)	($405)	($344)	($303)	($286)	($268)	($267)	($270)	($248)	($229)
Operating income	$1,756	$1,467	$1,098	$1,058	$490	$806	$662	$537	$599	$372	$298	$320	$314	$286	$244	$242	$167	$178	$187
Earnings
EBITDA	$1,876	$1,590	$1,231	$1,216	$656	$973	$821	$714	$803	$564	$343	$366	$354	$320	$276	$276	$197	$205	$213
Interest income	$158	$93	$29	$40	$4	$1	$1	$2	$2	$1	–	–	$0	$0	$0	$0	$0	–	–
Interest expense	($53)	($52)	($52)	($62)	($60)	($48)	($39)	($38)	($40)	($43)	($6)	($0)	–	–	–	($1)	($1)	($1)	($0)
Pre-tax income	$1,892	$1,567	$1,084	$1,048	$433	$756	$660	$501	$571	$334	$307	$324	$310	$284	$243	$240	$165	$177	$193
Income tax expense	($539)	($467)	($319)	($286)	($198)	($227)	($192)	($131)	($146)	$66	($121)	($119)	($120)	($108)	($85)	($101)	($65)	($71)	($78)
Net income	$1,353	$1,100	$765	$761	$235	$529	$468	$375	$426	$402	$187	$205	$190	$176	$157	$139	$99	$106	$115
Per share
Diluted EPS (GAAP)	$12.83	$10.42	$7.21	$7.13	$2.19	$4.92	$4.27	$3.34	$3.76	$3.69	$2.27	$2.46	$2.21	$1.99	$1.78	$1.52	$1.03	$1.17	$1.24
Basic EPS (GAAP)	$12.87	$10.46	$7.24	$7.16	$2.20	$4.93	$4.28	$3.35	$3.78	$3.70	$2.27	$2.46	$2.21	$1.99	$1.78	$1.52	$1.03	$1.17	$1.27
Basic shares outstanding	105	105	105	106	106	107	109	111	112	107	81	83	85	87	87	90	96	91	106
Margins
Gross margin	54.1%	51.5%	50.6%	50.8%	44.0%	42.2%	36.6%	45.5%	44.0%	44.7%	80.6%	84.6%	89.3%	90.1%	91.0%	90.6%	90.5%	–	–
Operating margin	34.7%	31.1%	26.8%	28.0%	12.4%	23.1%	19.3%	21.5%	21.6%	16.7%	42.4%	48.2%	50.8%	50.0%	47.6%	47.6%	38.3%	41.7%	44.9%
Net margin	26.7%	23.3%	18.7%	20.2%	5.9%	15.1%	13.7%	15.0%	15.4%	18.0%	26.6%	30.9%	30.7%	30.8%	30.7%	27.4%	22.7%	25.0%	27.7%

Analyst consensus

Buy31 analysts

Bearish · 3 · Hold · 13 · Bullish · 15

Earnings history

	EPS	Estimate
Q3 2024	$2.22	$2.19	Beat
Q4 2024	$2.10	$2.13	Miss
Q1 2025	$2.50	$2.36	Beat
Q2 2025	$2.46	$2.42	Beat
Q3 2025	$2.67	$2.53	Beat
Q4 2025	$3.06	$2.94	Beat
Q1 2026	$3.70	$3.34	Beat
Q2 2026	$3.56	$3.48	Beat

Peers

Company overview

IPO dateJun 15, 2010

CEOCraig Steven Donohue

Employees1,661

SectorFinancial Services

IndustryFinancial - Data & Stock Exchanges

CountryUS

ExchangeChicago Board Options Exchange

Websitewww.cboe.com

Cboe Global Markets, Inc. functions as a global operator of various financial exchanges, primarily renowned for its options trading platforms, all managed through its numerous subsidiaries. The company organizes its expansive business activities into five distinct segments. The Options segment specializes in the trading of listed market indices. Its North American Equities division facilitates transactions for listed stocks in the United States and Canada, also offering services for exchange-traded products (ETPs), encompassing both trading and listing. The Futures segment is dedicated to futures trading. The Europe and Asia Pacific division delivers a broad range of services, including transactions for pan-European listed equities and derivatives, ETPs, exchange-traded commodities, and international depository receipts, along with ETP listing and clearing provisions. Finally, the Global FX segment serves institutional foreign exchange trading and non-deliverable forward FX transactions. Cboe Global Markets has established important strategic partnerships with key players such as S&P Dow Jones Indices, LLC; FTSE International Limited; Frank Russell Company; MSCI Inc.; and DJI Opco, LLC. The company, which originated in Chicago, Illinois, in 1973, previously operated as CBOE Holdings, Inc. until its rebranding in October 2017.

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