Cboe Global Markets, Inc.CBOE

Cboe Global Markets, Inc. Earnings Per Share Disclosure

10-KFiled Feb 20, 20262 min read
EARNINGS PER SHARE
The computation of basic net income per common share is calculated by reducing net income for the period by dividends paid or declared and undistributed net income for the period that are allocated to participating securities to arrive at net income allocated to common stockholders. Net income allocated to common stockholders is divided by the weighted average number of common shares outstanding during the period to determine net income per share allocated to common stockholders.
The computation of diluted net income per share is calculated by dividing net income allocated to common stockholders by the sum of the weighted average number of common shares outstanding plus all additional common shares that would have been outstanding if the potentially dilutive common shares had been issued. The dilutive effect is calculated using the more dilutive of the two-class or treasury stock method.
The following table sets forth the computation of basic and diluted earnings per share for the years ended December 31, 2025, 2024, and 2023 (in millions, except per share data):
Year Ended December 31,
202520242023
Basic earnings per share numerator:   
Net income$1,100.0 $764.9 $761.4 
Net income allocated to participating securities(5.2)(3.9)(3.9)
Net income allocated to common stockholders$1,094.8 $761.0 $757.5 
Basic earnings per share denominator:
Weighted average shares outstanding104.7 105.1 105.8 
Basic earnings per share$10.46 $7.24 $7.16 
Diluted earnings per share numerator:
Net income$1,100.0 $764.9 $761.4 
Net income allocated to participating securities(5.2)(3.9)(3.9)
Net income allocated to common stockholders$1,094.8 $761.0 $757.5 
Diluted earnings per share denominator:
Weighted average shares outstanding104.7 105.1 105.8 
Dilutive common shares issued under stock program0.4 0.4 0.4 
Total dilutive weighted average shares105.1 105.5 106.2 
Diluted earnings per share$10.42 $7.21 $7.13 
For the periods presented, the Company did not have shares of stock-based compensation that would have an anti-dilutive effect on the computation of diluted earnings per share.

Historical Timeline

Fiscal YearFiled
2025Feb 20, 2026Showing above
2024Feb 21, 2025
2023Feb 16, 2024
2022Feb 17, 2023
2021Feb 18, 2022
2020Feb 19, 2021
2018Feb 22, 2019
2017Feb 22, 2018

About Earnings Per Share Disclosures

The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.

Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.

Other Available Disclosures

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