Cboe Global Markets, Inc.

Listed Company

CBOECIK 0001374310CBOELarge AcceleratedSecurity & Commodity Brokers, Dealers, Exchanges & ServicesDelawareFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$1.10B

Total Assets

$9.31B

Equity

$5.14B

Shares Out

104.67M

Op. Cash Flow

$1.75B

Business

Cboe Global Markets, Inc. operates a global derivatives and securities exchange network that provides trading, clearing and market infrastructure services. It offers listed and electronic trading in equities, options, futures, FX, digital asset futures, market data, proprietary indices, listings and post-trade clearing and risk services. The company reports six principal business segments: Options, North American Equities, Europe and Asia Pacific, Futures, Global FX and Digital, alongside Cboe Data Vantage and cash/spot market activities. Cboe distributes its products across North America, Europe, Asia Pacific and through direct, vendor and cloud data channels.

Summary from filing dated 2025-02-21

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenues	4,714	4,095	3,774	3,959	3,495
Total cost of revenues	2,285	2,022	1,856	2,217	2,019
Revenues less cost of revenues	2,429	2,072	1,918	1,742	1,476
Compensation and benefits	501	462	426	363	289
Depreciation and amortization	122	133	158	167	167
Technology support services	108	103	100	78	67
Professional fees and outside services	92	95	92	89	84
Travel and promotional expenses	42	46	38	24	10
Facilities costs	26	25	26	25	22
Acquisition-related costs	300,000	1	7	20	16
Impairment of assets	47	81	0	—	—
Other expenses	24	28	14	26	16
Total operating expenses	962	974	860	1,252	670
Operating income	1,467	1,098	1,058	490	806
Interest expense	−52	−52	−62	−60	−48
Interest income	49	27	12	4	600,000
Earnings on investments, net	93	29	40	7	1
Other income (expense), net	10	−19	600,000	−8	−3
Income before income tax provision	1,567	1,084	1,048	433	756
Income tax provision	467	319	286	198	227
Net income	1,100	765	761	—	529
Net income allocated to participating securities	−5	−4	−4	−900,000	−2
Net income allocated to common stockholders	1,095	761	758	234	—
Net income allocated to common stockholders	1,095	761	758	234	527
Basic earnings per share (in dollars per share)	10.46	7.24	7.16	2.2	4.93
Diluted earnings per share (in dollars per share)	10.42	7.21	7.13	2.19	4.92
Basic weighted average shares outstanding (in shares)	105	105	106	106	107
Diluted weighted average shares outstanding (in shares)	105	106	106	107	107

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	2,217	920	543	433	342
Financial investments	36	110	58	92	37
Accounts receivable, net of $6.8 allowance for credit losses at December 31, 2025 and $6.6 at December 31, 2024	391	445	337	370	327
Margin deposits, clearing funds, and interoperability funds	1,618	846	849	—	—
Income taxes receivable	68	74	75	48	43
Other current assets (includes restricted cash of $34.1 at December 31, 2025 and $ at December 31, 2024)	91	85	67	48	37
Total current assets	4,421	2,479	1,979	1,556	1,531
Investments	32	384	345	253	246
Property and equipment, net	133	118	109	108	105
Operating lease right of use assets	111	125	137	112	110
Goodwill	3,151	3,124	3,141	3,123	3,025
Intangible assets, net	1,297	1,377	1,562	1,663	1,669
Other assets, net	160	183	206	182	126
Total assets	9,305	7,789	7,488	6,999	6,815
Accounts payable and accrued liabilities	687	360	413	420	295
Section 31 fees payable	200,000	182	52	147	41
Deferred revenue	7	6	6	12	15
Margin deposits, clearing funds, and interoperability funds	1,618	846	849	543	746
Income taxes payable	50	2	1	4	8
Total current liabilities	2,362	1,395	1,383	1,477	1,169
Long-term debt	1,443	1,441	1,439	1,437	1,299
Non-current unrecognized tax benefits	16	305	244	196	198
Deferred income taxes	185	187	218	223	373
Non-current operating lease liabilities	121	138	151	129	129
Other non-current liabilities	40	43	68	56	35
Total liabilities	4,167	3,510	3,503	3,534	3,210
Commitments and contingencies	—	—	—	—	—
Preferred stock, $0.01 par value: 20,000,000 shares authorized, no shares issued and outstanding at December 31, 2025 and December 31, 2024	0	0	0	—	—
Common stock, $0.01 par value: 325,000,000 shares authorized, 104,654,764 and 104,647,739 shares issued and outstanding, respectively at December 31, 2025 and 104,693,373 and 104,686,478 shares issued and outstanding, respectively at December 31, 2024	1	1	1	1	1
Common stock in treasury, at cost, 7,025 shares at December 31, 2025 and 6,895 shares at December 31, 2024	−2	−1	−11	−131	−107
Additional paid-in capital	1,565	1,513	1,479	1,455	1,509
Retained earnings	3,544	2,816	2,525	2,171	2,146
Accumulated other comprehensive income (loss), net	30	−48	−9	−31	56
Total stockholders equity	5,138	4,280	3,985	3,465	3,605
Total liabilities and stockholders' equity	9,305	7,789	7,488	6,999	6,815

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Stock-based compensation expense	50	42	41	31	27
(Gain) impairment of minority investments	−5	32	2	—	—
Change in contingent consideration	0	2	−14	−5	−3
Equity earnings on investments	−84	−27	−37	−4	400,000
Benefit for deferred income taxes	−8	−24	−15	−156	−19
Other loss (gain) adjustments, net	2	−700,000	4	300,000	—
Accounts receivable	79	−124	39	−50	12
Restricted cash and cash equivalents and customer bank deposits (included in margin deposits, clearing funds, and interoperability funds)	529	76	283	−218	−66
Income taxes receivable	6	500,000	−26	−5	10
Other current assets	17	−26	−17	−4	−9
Other assets	25	17	−27	−21	−47
Accounts payable and accrued liabilities	7	−36	−19	39	45
Section 31 fees payable	−182	130	−95	106	−112
Deferred revenue	500,000	500,000	−6	−4	5
Income taxes payable	49	800,000	−3	−4	4
Unrecognized tax benefits	0	61	48	89	33
Other liabilities	−1	−3	−800,000	−13	7
Net cash flows provided by operating activities	1,753	1,101	1,076	651	597
Proceeds from investments	442	0	0	1	—
Contributions to investments	−3	−40	−57	−15	−210
Purchases of available-for-sale financial investments	−175	−116	−90	−105	−101
Proceeds from maturities of available-for-sale financial investments	248	68	136	51	160
Proceeds from sale of intangible assets	2	100,000	800,000	0	—
Proceeds from sale of property held for sale	0	3	0	0	—
Proceeds from sale of property and equipment	0	700,000	0	0	—
Proceeds from notes receivable	7	3	0	0	—
Proceeds from insurance	0	100,000	300,000	0	—
Purchases of property and equipment and leasehold improvements, net	−71	−61	−45	−60	−51
Net cash flows provided by (used in) investing activities	450	−142	−55	−835	−353
Principal payments of current portion of long-term debt	0	0	−305	−220	−20
Cash dividends on common stock	−284	−249	−224	—	—
Repurchases of common stock from employee stock plans	−30	−30	−14	−9	−6
Shares issued under employee stock purchase plan	9	9	−17	−600,000	—
Payments of contingent consideration related to acquisitions	0	−14	−13	−39	−9
Payments for Cboe Digital non-recourse notes and warrants wind down	0	−6	0	—	—
Purchase of common stock, including commissions and excise taxes	−67	−205	−84	−101	−81
Net cash flows used in financing activities	−372	−495	−656	82	−200
Effect of foreign currency exchange rates on cash, cash equivalents, and restricted cash and cash equivalents	272	−95	53	−10	−9
Increase in cash, cash equivalents, and restricted cash and cash equivalents	2,103	369	417	−112	35
Cash paid for income taxes, net	392	362	286	271	210
Cash paid for interest	92	100	57	51	42
Intangible assets earned or acquired	0	1	0	164	74
Note receivable from property held for sale	0	6	0	0	—
Excise tax on purchases of common stock	0	1	0	0	—
Cboe Digital investor member revenue asset	0	16	−3	−20	—
Cboe Digital non-recourse notes and warrants	0	−16	3	21	—

Filings

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