Cboe Global Markets, Inc.
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CBOE Q4 2025 request
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Pick an endpoint and run the request.Income Statement
| Metric | Q4 2025 | Q4 2024 | YoY |
|---|---|---|---|
| Revenue From Contract With Customer Including Assessed Tax | 1,204 | 1,107.6 | +8.7% |
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| Access and capacity fees | 105.8 | 95 | +11.4% |
| Access and capacity fees · Data Vantage | 105.8 | 95 | +11.4% |
| Access and capacity fees · Europe and Asia Pacific | 11.2 | 9.9 | +13.1% |
| Access and capacity fees · Futures | 5.6 | 5.5 | +1.8% |
| Access and capacity fees · Global FX | 2.8 | 2.7 | +3.7% |
| Access and capacity fees · North American Equities | 37.7 | 34.2 | +10.2% |
| Access and capacity fees · Options | 48.5 | 42.8 | +13.3% |
| Cash and spot markets | 431.3 | 468.6 | -8.0% |
| Derivatives markets | 610.1 | 490.3 | +24.4% |
| Market data fees | 82.7 | 75.6 | +9.4% |
| Market data fees · Cash and spot markets | 16.7 | 14.3 | +16.8% |
| Market data fees · Data Vantage | 56 | 53 | +5.7% |
| Market data fees · Derivatives markets | 10 | 8.3 | +20.5% |
| Market data fees · Europe and Asia Pacific | 10.8 | 9.9 | +9.1% |
| Market data fees · Futures | 2.6 | 2.5 | +4.0% |
| Market data fees · Global FX | 0.4 | 0.4 | 0.0% |
| Market data fees · North American Equities | 33.1 | 29.6 | +11.8% |
| Market data fees · Options | 35.8 | 33.2 | +7.8% |
| Other revenue | 23.1 | 23.2 | -0.4% |
| Other revenue · Cash and spot markets | 21.6 | 21.5 | +0.5% |
| Other revenue · Data Vantage | 0.8 | 0.7 | +14.3% |
| Other revenue · Derivatives markets | 0.7 | 1 | -30.0% |
| Other revenue · Europe and Asia Pacific | 19 | 19.6 | -3.1% |
| Other revenue · Global FX | 0.3 | 0.2 | +50.0% |
| Other revenue · North American Equities | 2.5 | 1.7 | +47.1% |
| Other revenue · Options | 1.2 | 1.6 | -25.0% |
| Regulatory fees cost of revenues | 15 | 151.2 | -90.1% |
| Regulatory fees cost of revenues · Cash and spot markets | 3 | 114.2 | -97.4% |
| Regulatory fees cost of revenues · Derivatives markets | 12 | 37 | -67.6% |
| Regulatory fees cost of revenues · Futures | 0 | 0 | — |
| Regulatory fees cost of revenues · North American Equities | 3 | 114.2 | -97.4% |
| Regulatory fees cost of revenues · Options | 12 | 37 | -67.6% |
| Transaction and clearing fees | 977.4 | 762.6 | +28.2% |
| Transaction and clearing fees · Cash and spot markets | 390 | 318.6 | +22.4% |
| Transaction and clearing fees · Derivatives markets | 587.4 | 444 | +32.3% |
| Transaction and clearing fees · Europe and Asia Pacific | 52.7 | 41.4 | +27.3% |
| Transaction and clearing fees · Futures | 27.8 | 25.9 | +7.3% |
| Transaction and clearing fees · Global FX | 20.9 | 16.6 | +25.9% |
| Transaction and clearing fees · North American Equities | 316.3 | 260.6 | +21.4% |
| Transaction and clearing fees · Options | 559.7 | 418 | +33.9% |
Show Business Segments breakouts |
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| Europe and Asia Pacific · Operating Segments | 93.7 | 80.8 | +16.0% |
| Europe and Asia Pacific · Operating Segments | 71.7 | 61 | +17.5% |
| Europe and Asia Pacific · Operating Segments | 22 | 19.8 | +11.1% |
| Futures · Operating Segments | 36.1 | 33.9 | +6.5% |
| Futures · Operating Segments | 27.9 | 25.9 | +7.7% |
| Futures · Operating Segments | 8.2 | 8 | +2.5% |
| Global FX · Operating Segments | 24.4 | 19.9 | +22.6% |
| Global FX · Operating Segments | 21.2 | 16.8 | +26.2% |
| Global FX · Operating Segments | 3.2 | 3.1 | +3.2% |
| North American Equities · Operating Segments | 392.6 | 440.3 | -10.8% |
| North American Equities · Operating Segments | 321.8 | 376.5 | -14.5% |
| North American Equities · Operating Segments | 70.8 | 63.8 | +11.0% |
| Options · Operating Segments | 657.2 | 532.6 | +23.4% |
| Options · Operating Segments | 572.9 | 456.6 | +25.5% |
| Options · Operating Segments | 84.3 | 76 | +10.9% |
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| Revenue From Contract With Customer Including Assessed Tax | 162.6 | 148.7 | +9.3% |
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| Cash and spot markets | 431.3 | 468.6 | -8.0% |
| Data Vantage | 162.6 | 148.7 | +9.3% |
| Derivatives markets | 610.1 | 490.3 | +24.4% |
Show Timing Of Transfer Of Good Or Service breakouts |
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| Transferred At Point In Time | 1,015.5 | 937 | +8.4% |
| Transferred Over Time | 188.5 | 170.6 | +10.5% |
| Cost of Revenue | 532.9 | 583.1 | -8.6% |
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| Liquidity payments | 443.6 | 365.7 | +21.3% |
| Routing and clearing | 20.1 | 18.3 | +9.8% |
| Royalty fees and other cost of revenues | 68.9 | 57 | +20.9% |
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| Europe and Asia Pacific · Operating Segments | 23.8 | 24.6 | -3.3% |
| Futures · Operating Segments | 2.4 | 3.7 | -35.1% |
| Global FX · Operating Segments | 0.7 | 0.5 | +40.0% |
| North American Equities · Operating Segments | 281.9 | 345.4 | -18.4% |
| Options · Operating Segments | 224.1 | 208.3 | +7.6% |
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| Cost of Revenue | 0.3 | 142.1 | -99.8% |
| Gross Profit | 671.1 | 524.5 | +28.0% |
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| Europe and Asia Pacific · Operating Segments | 69.9 | 56.2 | +24.4% |
| Futures · Operating Segments | 33.7 | 30.2 | +11.6% |
| Global FX · Operating Segments | 23.7 | 19.4 | +22.2% |
| North American Equities · Operating Segments | 110.7 | 94.9 | +16.6% |
| Options · Operating Segments | 433.1 | 324.3 | +33.5% |
Show Geography breakouts |
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| Non Us | 79.5 | 64.8 | +22.7% |
| US | 591.6 | 459.7 | +28.7% |
| Labor And Related Expense | 127.5 | 111.9 | +13.9% |
| Depreciation & Amortization | 31.3 | 32.1 | -2.5% |
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| Europe and Asia Pacific · Operating Segments | 8.2 | 7.6 | +7.9% |
| Futures · Operating Segments | 0.6 | 0.5 | +20.0% |
| Global FX · Operating Segments | 2.8 | 3.1 | -9.7% |
| North American Equities · Operating Segments | 11.8 | 14 | -15.7% |
| Options · Operating Segments | 7.8 | 6.9 | +13.0% |
Show Consolidation Items breakouts |
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| Corporate Non Segment | 0.1 | -0.2 | +150.0% |
| Communications And Information Technology | 28.7 | 28.5 | +0.7% |
| Professional Fees | 24.3 | 25.6 | -5.1% |
| Marketing Advertising And Travel Expense | 15.5 | 16.4 | -5.5% |
| Occupancy Net | 6.6 | 6.1 | +8.2% |
| Business Combination Acquisition Related Costs | -0.1 | 0.1 | -200.0% |
| Asset Impairment Charges | 25.1 | 0 | — |
| Other Cost And Expense Operating | 8.4 | 5.3 | +58.5% |
| Operating Expenses | 267.3 | 226 | +18.3% |
| Operating Income | 403.8 | 298.5 | +35.3% |
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| Europe and Asia Pacific · Operating Segments | 10.7 | 11 | -2.7% |
| Futures · Operating Segments | 19.4 | 21.1 | -8.1% |
| Global FX · Operating Segments | 11.7 | 8.2 | +42.7% |
| North American Equities · Operating Segments | 42.9 | 41.2 | +4.1% |
| Options · Operating Segments | 321.1 | 224.8 | +42.8% |
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| Corporate Non Segment | -2 | -2.1 | +4.8% |
| Interest Expense | -13.3 | -12.9 | -3.1% |
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| Europe and Asia Pacific · Operating Segments | -2.4 | -1.9 | -26.3% |
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| Corporate Non Segment | -10.9 | -11 | +0.9% |
| Interest Income Nonoperating | 15.4 | 7.2 | +113.9% |
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| Europe and Asia Pacific · Operating Segments | 1.1 | 1.1 | 0.0% |
| North American Equities · Operating Segments | 0.8 | 0.9 | -11.1% |
| Options · Operating Segments | 0.5 | 0.4 | +25.0% |
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| Corporate Non Segment | 12.4 | 4.1 | +202.4% |
| Other Non-Operating Income (Expense) | 1.3 | -12.9 | +110.1% |
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| Europe and Asia Pacific · Operating Segments | 0.6 | 0 | — |
| North American Equities · Operating Segments | -0.2 | 0.6 | -133.3% |
| Options · Operating Segments | -0.2 | 0.2 | -200.0% |
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| Corporate Non Segment | 1.1 | -13.7 | +108.0% |
| Income Before Taxes | 451.7 | 279.7 | +61.5% |
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| Europe and Asia Pacific · Operating Segments | 10 | 10.2 | -2.0% |
| Futures · Operating Segments | 20 | 21.1 | -5.2% |
| Global FX · Operating Segments | 11.7 | 8.4 | +39.3% |
| North American Equities · Operating Segments | 43.4 | 42.7 | +1.6% |
| Options · Operating Segments | 321.4 | 225.4 | +42.6% |
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| Corporate Non Segment | 45.2 | -22.9 | +297.4% |
| Income Tax Expense (Benefit) | 138.2 | 83.2 | +66.1% |
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| Europe and Asia Pacific · Operating Segments | 17.4 | 15.5 | +12.3% |
| North American Equities · Operating Segments | 24.5 | 20.7 | +18.4% |
Show Consolidation Items breakouts |
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| Corporate Non Segment | -290.2 | -252 | -15.2% |
| Net Income | 313.5 | 196.5 | +59.5% |
| Undistributed Earnings Loss Allocated To Participating Securities Basic | -1.3 | -0.9 | -44.4% |
| Net Income Loss Available To Common Stockholders Diluted | 312.2 | 195.6 | +59.6% |
| Net Income Loss Available To Common Stockholders Basic | 312.2 | 195.6 | +59.6% |
| EPS (Basic) | 2.99 | 1.86 | +60.8% |
| EPS (Diluted) | 2.97 | 1.85 | +60.5% |
| Wtd Avg Shares (Basic) | 0 | -0.1 | +100.0% |
| Wtd Avg Shares (Diluted) | 0 | -0.1 | +100.0% |
Balance Sheet
| Metric | Q4 2025 | Q4 2024 | YoY |
|---|---|---|---|
| Current Assets | |||
| Cash & Cash Equivalents | 2,216.5 | 920.3 | +140.8% |
| Marketable Securities (Current) | 36.1 | 110.3 | -67.3% |
| Accounts Receivable | 391.4 | 444.6 | -12.0% |
| Margin Deposits Clearing Funds And Interoperability Funds Assets | 1,618.2 | 845.5 | +91.4% |
| Income Taxes Receivable | 67.9 | 73.8 | -8.0% |
| Other Assets Current | 91.3 | 84.6 | +7.9% |
| Total Current Assets | 4,421.4 | 2,479.1 | +78.3% |
| Non-Current Assets | |||
| Operating Lease Right-of-Use Assets | 111 | 124.5 | -10.8% |
| Goodwill | 3,150.5 | 3,124.2 | +0.8% |
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| Europe and Asia Pacific | 579 | 560 | +3.4% |
| Global FX | 267.4 | 267.4 | 0.0% |
| North American Equities | 1,998.1 | 1,990.8 | +0.4% |
| Options | 306 | 306 | 0.0% |
| Other Non-Current Assets | 159.7 | 182.7 | -12.6% |
| Total Assets | 9,305.3 | 7,789.1 | +19.5% |
| Property, Plant & Equipment | 133.1 | 118 | +12.8% |
| Other Assets | |||
| Investments In Affiliates Subsidiaries Associates And Joint Ventures | 32.4 | 383.7 | -91.6% |
| Property Plant And Equipment Excluding Land Net | 133.1 | 118 | +12.8% |
| Intangible Assets Net Excluding Goodwill | 1,297.2 | 1,376.9 | -5.8% |
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| Europe and Asia Pacific | 318.1 | 326.7 | -2.6% |
| Global FX | 34.6 | 44.2 | -21.7% |
| North American Equities | 824.6 | 879.6 | -6.3% |
| Options | 119.9 | 126.4 | -5.1% |
| Current Liabilities | |||
| Accounts Payable And Accrued Liabilities Current | 686.9 | 359.7 | +91.0% |
| Regulatory Fees Payable Current | 0.2 | 182 | -99.9% |
| Deferred Revenue (Current) | 6.9 | 6.4 | +7.8% |
| Margin Deposits And Clearing Funds Liabilities | 1,618.2 | 845.5 | +91.4% |
| Accrued Income Taxes Current | 50.1 | 1.6 | +3031.2% |
| Total Current Liabilities | 2,362.3 | 1,395.2 | +69.3% |
| Accounts Payable | 16.1 | 17.9 | -10.1% |
| Non-Current Liabilities | |||
| Long-Term Debt | 1,442.9 | 1,441 | +0.1% |
| Accrued Income Taxes Noncurrent | 15.8 | 305 | -94.8% |
| Deferred Tax Liabilities | 185.3 | 186.8 | -0.8% |
| Operating Lease Liabilities | 120.9 | 138.4 | -12.6% |
| Other Non-Current Liabilities | 39.8 | 43.1 | -7.7% |
| Total Liabilities | 4,167 | 3,509.5 | +18.7% |
| Long-Term Debt | 1,442.9 | 1,441 | +0.1% |
Show Debt Instrument breakouts |
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| 1.625% Senior Notes · Senior Notes | 496.3 | 495.5 | +0.2% |
| 3.000% Senior Notes · Senior Notes | 297.3 | 296.9 | +0.1% |
| 3.650% Senior Notes · Senior Notes | 649.3 | 648.6 | +0.1% |
| Stockholders' Equity | |||
| Common Stock | 1 | 1 | 0.0% |
| Treasury Stock Common Value | -1.5 | -1.4 | -7.1% |
| Additional Paid-In Capital | 1,565.1 | 1,512.5 | +3.5% |
| Retained Earnings | 3,543.6 | 2,815.9 | +25.8% |
| Accumulated Other Comprehensive Income | 30.1 | -48.4 | +162.2% |
| Total Stockholders' Equity | 5,138.3 | 4,279.6 | +20.1% |
Show Equity Components breakouts |
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| Accumulated Defined Benefit Plans Adjustment | 0.4 | 0.2 | +100.0% |
| Accumulated Other Comprehensive Income | 30.1 | -48.4 | +162.2% |
| Accumulated Translation Adjustment | 29.7 | -48.6 | +161.1% |
| Additional Paid In Capital | 1,565.1 | 1,512.5 | +3.5% |
| Common Stock | 1 | 1 | 0.0% |
| Retained Earnings | 3,543.6 | 2,815.9 | +25.8% |
| Treasury Stock Common | -1.5 | -1.4 | -7.1% |
| Total Liabilities & Equity | 9,305.3 | 7,789.1 | +19.5% |
Cash Flow Statement
| Metric | YTD Q4 2025 | YTD Q4 2024 | YoY |
|---|---|---|---|
| Operating Activities | |||
| Net Income | 313.5 | 196.5 | +59.5% |
| Stock-Based Compensation | 11.7 | 9.7 | +20.6% |
| Income Loss From Equity Method Investments | -45.2 | -0.2 | -22500.0% |
| Deferred Income Taxes | 22.1 | 0.4 | +5425.0% |
| Other Non-Cash Items | 5 | 3.5 | +42.9% |
| Change in Accounts Receivable | 47.2 | -88.6 | +153.3% |
| Increase Decrease In Restricted Cash Clearing Fund | -25.7 | -1,087.4 | +97.6% |
| Increase Decrease In Income Taxes Receivable | -34.2 | -26.9 | -27.1% |
| Increase Decrease In Other Current Assets | -0.3 | -32.3 | +99.1% |
| Increase Decrease In Other Assets | 10.2 | 33.2 | -69.3% |
| Increase Decrease In Accounts Payable And Accrued Liabilities | 7.9 | 78.3 | -89.9% |
| Increase Decrease In Regulatory Fees Payable | 0 | 141.9 | -100.0% |
| Change in Deferred Revenue | 0.2 | 0.6 | -66.7% |
| Increase Decrease In Accrued Income Taxes Payable | 36.6 | 1.4 | +2514.3% |
| Increase Decrease In Other Operating Liabilities | 0 | -2.2 | +100.0% |
| Net Cash from Operations | 352.1 | -710.4 | +149.6% |
| Investing Activities | |||
| Payments To Purchase Investments | 0 | -36.5 | +100.0% |
| Purchases of Investments | 0 | -69.3 | +100.0% |
| Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities | 0 | 0 | — |
| Proceeds From Sale Of Intangible Assets | 0 | 0 | — |
| Capital Expenditures | -20 | -23.8 | +16.0% |
| Net Cash from Investing | 419.3 | -126.8 | +430.7% |
| Financing Activities | |||
| Payments Of Dividends Common Stock | -75.8 | -66.4 | -14.2% |
| Tax Withholding for Share Compensation | -1.7 | -1.4 | -21.4% |
| Proceeds From Stock Plans Net | 0 | -2.4 | +100.0% |
| Share Repurchases | 0 | -0.5 | +100.0% |
| Net Cash from Financing | -77.5 | -70.7 | -9.6% |
| Supplemental | |||
| Interest Paid | 14.8 | 18.1 | -18.2% |
| Income Taxes Paid | 150.7 | 91 | +65.6% |
| Other Cash Flow | |||
| Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations | 4.9 | -128.5 | +103.8% |
| Net Change in Cash | 698.8 | -1,036.4 | +167.4% |
| Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents | 3,868.8 | 1,765.8 | +119.1% |
| Cash And Cash Equivalents Excluding Restricted Cash Included In Cash And Cash Equivalents | 2,216.5 | 915.3 | +142.2% |
| Restricted Cash And Cash Equivalents In Margin Deposits And Clearing Funds | 1,617 | 841.4 | +92.2% |
| Restricted Cash And Cash Equivalents In Other Current Assets | 34.1 | — | — |
| Restricted Cash And Cash Equivalents Deposits Customers Banks And Interoperability Funds | 1.2 | 4.1 | -70.7% |
Values in millions USD. Source: SEC EDGAR 10-K filing.