Cboe Global Markets, Inc.CBOE
Cboe Global Markets, Inc. Leases Disclosure
LEASES
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The Company currently leases office space, data centers, remote network operations centers, and equipment under non-cancelable operating leases with third parties as of December 31, 2025. Certain leases include one or more options to renew, with renewal terms that can extend the lease term from to five years or more, and some of which include the Company’s option to terminate the leases within one year. During the year ended December 31, 2025, $8.3 million of right of use assets and $8.3 million of lease liabilities were added related to new operating leases and existing lease extensions.
In May 2024, the Company entered into an agreement to amend its lease agreement for its Lenexa, Kansas office space. As part of the agreement, the lease term was reduced and ended on September 30, 2025. In consideration for the reduction in lease term, the Company agreed to pay a reduction fee totaling $1.3 million to be paid in two equal installments in May 2024 and September 2025. The amended lease agreement was treated as a full termination without an embedded option to terminate included in the original agreement. Upon the termination, the Company considered the present value of future lease payments and adjusted its right of use assets and lease liabilities balances accordingly based on the percentage reduction in the remaining lease term; the right of use assets decreased $10.3 million and the lease liabilities decreased $11.0 million, with the $0.7 million difference recorded as a gain on lease termination in other income (expense), net in the consolidated statements of income during the year ended December 31, 2024. The $1.3 million lease reduction payments are included in the present value of the lease liability balance along with normal rent payments and will be recognized through straight-line lease expense over the remaining term of the lease.
Additionally, in September 2024, the Company signed a new lease to secure approximately 60,000 square feet of office space in Overland Park, Kansas. The initial term of the lease is 129 months from the accounting commencement date, September 1, 2024. The Company has the option to renew the lease for two additional terms of 60 months each. The total legally binding minimum lease payments for the lease are approximately $12.0 million, net of allowance incentives.
The following table presents the supplemental balance sheet information related to leases as of December 31, 2025 and 2024 (in millions):
| December 31, 2025 | December 31, 2024 | ||||||||||
| Operating lease right of use assets | $ | 111.0 | $ | 124.5 | |||||||
| Total leased assets | $ | 111.0 | $ | 124.5 | |||||||
| $ | 26.9 | $ | 19.9 | ||||||||
| Non-current operating lease liabilities | 120.9 | 138.4 | |||||||||
| Total leased liabilities | $ | 147.8 | $ | 158.3 | |||||||
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(1)These amounts are reflected within accounts payable and accrued liabilities in the consolidated balance sheets.
The following table presents operating lease costs and other information as of and for the years ended December 31, 2025 and 2024 (in millions, except as stated):
| December 31, 2025 | December 31, 2024 | ||||||||||
| Operating lease costs (1) | $ | 37.9 | $ | 37.1 | |||||||
| Lease term and discount rate information: | |||||||||||
| Weighted average remaining lease term (years) | 6.9 | 7.6 | |||||||||
| Weighted average discount rate | 3.6 | % | 3.6 | % | |||||||
| Supplemental disclosure of cash transactions: | |||||||||||
| Cash paid for amounts included in the measurement of lease liabilities | $ | 27.7 | $ | 27.2 | |||||||
| Lease incentive for leasehold improvements | 2.6 | — | |||||||||
| Supplemental disclosure of noncash activities: | |||||||||||
| Right of use assets obtained in exchange for lease liabilities | 8.3 | 26.7 | |||||||||
| Reduction in lease liability due to remeasurement | (0.4) | (18.5) | |||||||||
(1)Includes short-term lease and variable lease costs, which are immaterial.
The total rent expense related to lease obligations, reflected in technology support services and facilities costs line items on the consolidated statements of income, for the years ended December 31, 2025, 2024, and 2023 were $37.9 million, $37.1 million, and $34.5 million, respectively.
The maturities of the lease liabilities are as follows as of December 31, 2025 (in millions):
| December 31, 2025 | |||||
| 2026 | $ | 31.6 | |||
| 2027 | 28.1 | ||||
| 2028 | 25.9 | ||||
| 2029 | 14.5 | ||||
| 2030 | 14.8 | ||||
| After 2030 | 52.8 | ||||
| Total lease payments | $ | 167.7 | |||
| Less: Interest | (19.9) | ||||
| Present value of lease liabilities | $ | 147.8 | |||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 20, 2026 | Showing above |
| 2024 | Feb 21, 2025 | |
| 2023 | Feb 16, 2024 | |
| 2022 | Feb 17, 2023 | |
| 2021 | Feb 18, 2022 | |
| 2020 | Feb 19, 2021 | |
| 2019 | Feb 21, 2020 | |
About Leases Disclosures
Lease disclosures under ASC 842 provide a comprehensive view of a company's leased asset portfolio, including the split between operating and finance leases, discount rates used to present-value future payments, and the maturity schedule of lease obligations. This section reveals a significant source of off-balance-sheet commitments that were largely hidden before the current standard.
Key signals: the weighted-average discount rate affects the size of recorded lease liabilities — a higher rate reduces the reported obligation, so compare the chosen rate against the company's incremental borrowing rate. The operating versus finance lease mix affects both EBITDA and operating income presentation. Watch the maturity table for concentration risk: large payment cliffs in specific years may create cash flow pressure. Variable lease payments excluded from the liability measurement represent real obligations that do not appear on the balance sheet. Compare total lease costs against prior-year operating lease expense to assess the true economic burden.