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.
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 |
| 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 |
| Operating Income | - | 970.40 | 1,065.30 | 1,180.70 | 1,514.10 |
| EBITDA | - | 659.70 | 1,268 | 1,268.30 | 1,741.30 |
| EBIT | - | 492.90 | 1,110 | 1,135.30 | 1,618.90 |
| Pretax Income | - | 432.90 | 1,047.60 | 1,083.80 | 1,566.60 |
| Tax Provision | - | 197.90 | 286.20 | 318.90 | 466.60 |
| Net Income | - | 235 | 761.40 | 764.90 | 1,100 |
| Net Income Common Stockholders | - | 234.10 | 757.50 | 761 | 1,094.80 |
| Total Expenses | - | 2,988.10 | 2,708.20 | 2,913.80 | 3,200.10 |
| Interest Expense | - | 60 | 62.40 | 51.50 | 52.30 |
| Interest Income | - | 3.60 | 12 | 27.30 | 49.40 |
| Selling General And Administration | - | 112.70 | 129.60 | 140.60 | 133.60 |
| Normalized EBITDA | - | 1,133.30 | 1,235.90 | 1,321.60 | 1,695.50 |
| Normalized Income | - | 609.14 | 738.06 | 802.53 | 1,067.85 |
| Market Cap | 31,821.75 | 31,821.75 | 31,821.75 | 31,821.75 | 31,821.75 |
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 | - | 28.93β premium | 6.19 | 21.4% | 17.92 |
| Loews Corporation | L | $23.1B | 13.65 | 1.22 | 8.9% | - |
| T. Rowe Price Group, Inc. | TROW | $22.3B | 10.35 | 1.99 | 19.2% | 6.06 |
| Principal Financial Group, Inc. | PFG | $22.1B | 18.14 | 1.81 | 10.0% | - |
| Brown & Brown, Inc. | BRO | $20.6B |
| - |
| - |
| - |
| - |
| - |
| - |
| 21.28 |
| 1.79 |
| 8.4% |
| 14.32 |
| Franklin Resources, Inc. | BEN | $15.6B | 26.91 | 1.17 | 4.3% | 16.87 |
| Everest Group, Ltd. | EG | $14.5B | 8.64 | 0.89 | 10.3% | - |
| Globe Life Inc. | GL | $12.4B | 10.31 | 2.00 | 19.4% | - |
| Assurant, Inc. | AIZ | $11.7B | 13.11 | 1.95 | 14.9% | - |
| Peer Median | - | 13.38 | 1.80 | 10.1% | 14.32 | |