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Equiscale · Syntellia LLC
Cboe Global Markets, Inc., through its subsidiaries, operates as a derivatives and securities exchange network that delivers cutting-edge trading, clearing, and investment solutions in the United States and internationally. It operates through five segments: Options, North American Equities, Europe and Asia Pacific, Futures, and Global FX. The Options segment includes options on market indices, as well as on the stocks of individual corporations and on trading solutions and products in multiple asset classes, including equities, derivatives, and FX, across North America, Europe, and Asia Pacific (ETPs), such as exchange-traded funds (ETFs) and exchange-traded notes (ETNs); and trading in listed options through a single system. The North American Equities segment comprising U.S. equities and ETP transaction services. This segment also includes listing services on Cboe Canada, ETP listings on BZX, the Cboe Global Markets, Inc. common stock listing, and applicable market data. The Europe and Asia Pacific segment provides pan-European derivatives transaction services, ETPs, including exchange traded funds, exchange traded notes, and exchange traded commodities, and international depository receipts; and ETP listings business on regulated markets and clearing activities, as well as the equities services. The Futures segment offers transaction services, which includes trading of VIX futures and other futures products, the licensing of proprietary market data, as well as access and capacity services. The Global FX segment provides institutional foreign exchange (FX) trading and non-deliverable forward FX transactions services. It has strategic relationships with S&P Dow Jones Indices, LLC; Frank Russell Company; and FTSE International Limited. The company was formerly known as CBOE Holdings, Inc. and changed its name to Cboe Global Markets, Inc. in October 2017. Cboe Global Markets, Inc. was founded in 1973 and is headquartered in Chicago, Illinois.
Rule-based from financial data. Not advice.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $4.7B | $1.7B | $1.1B | $1.7B | 21.4% | 15.1% | 43.8% |
| 2024 | $4.1B | $1.3B | $765M | $1.0B | 17.9% | 8.5% | 0.5% |
| 2023 | $3.8B | $1.3B | $761M | $1.0B | 19.1% | -4.7% | 224.0% |
| 2022 | $4.0B | $660M | $235M | $591M | 6.8% | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 3,958.50 | 3,773.50 | 4,094.50 | 4,714.20 |
| Operating Revenue | - | 3,958.50 | 3,773.50 | 4,094.50 | 4,714.20 |
| Cost Of Revenue | - | 2,579.80 | 2,281.30 | 2,484.50 | 2,785.90 |
| Gross Profit | - | 1,378.70 | 1,492.20 | 1,610 | 1,928.30 |
| Operating Expense | - | 408.30 | 426.90 | 429.30 | 414.20 |
| Selling General And Administration | - | 112.70 | 129.60 | 140.60 | 133.60 |
| Total Expenses | - | 2,988.10 | 2,708.20 | 2,913.80 | 3,200.10 |
| Operating Income | - | 970.40 | 1,065.30 | 1,180.70 | 1,514.10 |
| Total Operating Income As Reported | - | 489.60 | 1,057.90 | 1,098.40 | 1,467.10 |
| EBITDA | - | 659.70 | 1,268 | 1,268.30 | 1,741.30 |
| Normalized EBITDA | - | 1,133.30 | 1,235.90 | 1,321.60 | 1,695.50 |
| EBIT | - | 492.90 | 1,110 | 1,135.30 | 1,618.90 |
| Interest Income | - | 3.60 | 12 | 27.30 | 49.40 |
| Interest Expense | - | 60 | 62.40 | 51.50 | 52.30 |
| Net Interest Income | - | -56.40 | -50.40 | -24.20 | -2.90 |
| Other Non Operating Income Expenses | - | -7.50 | 0.60 | -19.40 | 9.60 |
| Other Income Expense | - | -481.10 | 32.70 | -72.70 | 55.40 |
| Interest Income Non Operating | - | 3.60 | 12 | 27.30 | 49.40 |
| Interest Expense Non Operating | - | 60 | 62.40 | 51.50 | 52.30 |
| Net Non Operating Interest Income Expense | - | -56.40 | -50.40 | -24.20 | -2.90 |
| Pretax Income | - | 432.90 | 1,047.60 | 1,083.80 | 1,566.60 |
| Tax Provision | - | 197.90 | 286.20 | 318.90 | 466.60 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -99.46 | 8.76 | -15.67 | 13.65 |
| Net Income Continuous Operations | - | 235 | 761.40 | 764.90 | 1,100 |
| Net Income From Continuing And Discontinued Operation | - | 235 | 761.40 | 764.90 | 1,100 |
| Net Income From Continuing Operation Net Minority Interest | - | 235 | 761.40 | 764.90 | 1,100 |
| Net Income | - | 235 | 761.40 | 764.90 | 1,100 |
| Net Income Common Stockholders | - | 234.10 | 757.50 | 761 | 1,094.80 |
| Net Income Including Noncontrolling Interests | - | 235 | 761.40 | 764.90 | 1,100 |
| Normalized Income | - | 609.14 | 738.06 | 802.53 | 1,067.85 |
| Diluted NI Availto Com Stockholders | - | 234.10 | 757.50 | 761 | 1,094.80 |
| Basic Average Shares | - | 106.30 | 105.80 | 105.10 | 104.70 |
| Diluted Average Shares | - | 106.70 | 106.20 | 105.50 | 105.10 |
| Reconciled Depreciation | - | 166.80 | 158 | 133 | 122.40 |
| Reconciled Cost Of Revenue | - | 2,579.80 | 2,281.30 | 2,484.50 | 2,785.90 |
| Total Unusual Items | - | -473.60 | 32.10 | -53.30 | 45.80 |
| Total Unusual Items Excluding Goodwill | - | -473.60 | 32.10 | -53.30 | 45.80 |
| Minority Interests | 0 | - | - | - | - |
| Special Income Charges | - | -480.80 | -7.40 | -82.30 | -47 |
| Write Off | - | - | 0 | 81 | 46.70 |
| Impairment Of Capital Assets | 0 | 460.90 | 0 | 81 | - |
| Restructuring And Mergern Acquisition | - | 19.90 | 7.40 | 1.30 | 0.30 |
| Gain On Sale Of Security | - | 7.20 | 39.50 | 29 | 92.80 |
| Depreciation Amortization Depletion Income Statement | - | 166.80 | 158 | 133 | 122.40 |
| Depreciation And Amortization In Income Statement | - | 166.80 | 158 | 133 | 122.40 |
| General And Administrative Expense | - | 89 | 92 | 94.80 | 91.50 |
| Other Gand A | - | 89 | 92 | 94.80 | 91.50 |
| Salaries And Wages | 288.50 | 363 | 425.80 | 462.40 | - |
| Other Operating Expenses | - | 128.80 | 139.30 | 155.70 | 158.20 |
| Selling And Marketing Expense | - | 23.70 | 37.60 | 45.80 | 42.10 |
| Otherunder Preferred Stock Dividend | - | 0.90 | 3.90 | 3.90 | 5.20 |
Financial Services sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Cboe Global Markets, Inc.this co. | CBOE | $29.9B | 27.21↑ premium | 5.83 | 21.4% | 16.83 |
| The Hartford Insurance Group, Inc. | HIG | $34.9B | 9.15 | 1.84 | 20.1% | - |
| Huntington Bancshares Incorporated | HBAN | $33.5B | 15.16 | 1.55 | 10.2% | - |
| M&T Bank Corporation | MTB | $32.5B | 11.39 | 1.23 | 10.8% | - |
| Northern Trust Corporation | NTRS |
| - |
| - |
| - |
| - |
| - |
| - |
| $32.0B |
| 18.44 |
| 2.65 |
| 14.4% |
| - |
| Arch Capital Group Ltd. | ACGL | $30.9B | 7.02 | 1.32 | 18.8% | - |
| Raymond James Financial, Inc. | RJF | $29.3B | 13.74 | 2.36 | 17.2% | - |
| Citizens Financial Group, Inc. | CFG | $27.0B | 14.76 | 1.12 | 7.6% | - |
| Cincinnati Financial Corporation | CINF | $24.9B | 10.39 | 1.56 | 15.0% | - |
| Peer Median | - | 12.56 | 1.56 | 14.7% | - | |
Historically, Jul has averaged the highest return (+8.1%); Dec the lowest (-2.8%).
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | +5.6%Positive MonthJan 2026: +5.60% | +13.1%Positive MonthFeb 2026: +13.08% | -6.2%Negative MonthMar 2026: -6.22% | +6.8%Positive MonthApr 2026: +6.77% | +11.2%Positive MonthMay 2026: +11.15% | -27.2%Negative MonthJun 2026: -27.25% | +27.8%Positive MonthJul 2026: +27.84% | -9.5%*Negative MonthAug 2026: -9.50% | — | — | — | — |
| 2025 | +4.6%Positive MonthJan 2025: +4.57% | +3.2%Positive MonthFeb 2025: +3.17% | +7.3%Positive MonthMar 2025: +7.35% | -2.0%Neutral MonthApr 2025: -1.98% | +3.3%Positive MonthMay 2025: +3.30% | +1.8%Neutral MonthJun 2025: +1.79% | +3.4%Positive MonthJul 2025: +3.36% | -2.1%Negative MonthAug 2025: -2.11% | +3.9%Positive MonthSep 2025: +3.94% | +0.2%Neutral MonthOct 2025: +0.16% | +5.1%Positive MonthNov 2025: +5.10% | -2.8%Negative MonthDec 2025: -2.78% |
| 2024 | +3.0%Positive MonthJan 2024: +2.96% | +4.4%Positive MonthFeb 2024: +4.43% | -4.3%Negative MonthMar 2024: -4.31% | -1.4%Neutral MonthApr 2024: -1.40% | -4.5%Negative MonthMay 2024: -4.50% | -1.7%Neutral MonthJun 2024: -1.69% | +7.9%Positive MonthJul 2024: +7.91% | +11.9%Positive MonthAug 2024: +11.93% | -0.3%Neutral MonthSep 2024: -0.26% | +4.2%Positive MonthOct 2024: +4.25% | +1.1%Neutral MonthNov 2024: +1.07% | -9.5%Negative MonthDec 2024: -9.47% |
| 2023 | -2.1%Negative MonthJan 2023: -2.06% | +2.7%Positive MonthFeb 2023: +2.68% | +6.4%Positive MonthMar 2023: +6.40% | +4.1%Positive MonthApr 2023: +4.07% | -5.2%Negative MonthMay 2023: -5.21% | +4.2%Positive MonthJun 2023: +4.22% | +1.2%Neutral MonthJul 2023: +1.21% | +7.2%Positive MonthAug 2023: +7.18% | +4.3%Positive MonthSep 2023: +4.34% | +4.9%Positive MonthOct 2023: +4.92% | +11.2%Positive MonthNov 2023: +11.17% | -2.0%Neutral MonthDec 2023: -1.99% |
| 2022 | -9.1%Negative MonthJan 2022: -9.10% | -1.0%Neutral MonthFeb 2022: -1.05% | -2.4%Negative MonthMar 2022: -2.45% | -1.3%Neutral MonthApr 2022: -1.26% | -0.6%Neutral MonthMay 2022: -0.59% | +0.8%Neutral MonthJun 2022: +0.78% | +9.0%Positive MonthJul 2022: +9.00% | -4.4%Negative MonthAug 2022: -4.38% | -0.5%Neutral MonthSep 2022: -0.51% | +6.1%Positive MonthOct 2022: +6.07% | +1.9%Neutral MonthNov 2022: +1.88% | -1.1%Neutral MonthDec 2022: -1.08% |
| 2021 | — | — | — | — | +6.6%Positive MonthMay 2021: +6.64% | +7.0%Positive MonthJun 2021: +6.96% | -0.5%Neutral MonthJul 2021: -0.49% | +6.5%Positive MonthAug 2021: +6.48% | -1.8%Neutral MonthSep 2021: -1.82% | +6.5%Positive MonthOct 2021: +6.52% | -2.3%Negative MonthNov 2021: -2.27% | +1.1%Neutral MonthDec 2021: +1.13% |
| Avg±SD |
Each cell is the percentage change in closing price from the end of the prior month to the end of this month. The bottom row shows the average return for that calendar month across the selected years, plus or minus one standard deviation — the range that historically contained roughly two-thirds of outcomes. Past monthly patterns are not a forecast of future returns.
This aggregates every month by calendar position — all Januaries together, all Februaries together, and so on — to show whether a given month has leaned positive or negative historically. ‘Simple’ counts each month as +1 or −1. ‘Weighted’ gives larger moves more influence: +2 above +10%, −2 below −10%. With only 6 years of history for this asset, each month’s score reflects a small number of observations — read it as a historical tendency, not a reliable seasonal pattern.
This tracks a running tally across the asset’s full price history: each month adds or subtracts based on whether it was positive or negative. A rising line means more positive months than negative so far; a flattening or falling line means recent months have leaned negative. This measures historical month-to-month consistency, not expected future performance.
Year-to-date return is calculated by dividing each day’s closing price by the price on January 1st of that year (or the asset’s first available price if it began trading mid-year). The custom average line shows the mean YTD return at each calendar day across the selected years. The standard deviation band shows the range within which returns have historically fallen — at 1 SD, roughly two-thirds of years; at 2 SD, roughly 95%. Past year-to-date patterns do not predict future returns. The average and standard deviation band are computed from the year set chosen in “Average from”, which is independent of which year lines are displayed. The current in-progress year is excluded from these calculations, since a partial year is not comparable to complete ones. Election-cycle groupings follow the US presidential calendar and are offered only for US and crypto assets.
