Cboe Global Markets, Inc.

CBOE

Financial ServicesLarge CapUS Equities · NYSE / NASDAQ

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Company Profile

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.

Valuation

Market Cap$29.9B

Current Price$260.39as of Jun 23, 2026

P/E Ratio27.21

P/B Ratio5.83

EV / EBITDA16.83

EV / Sales6.22

Profitability

Operating Margin32.1%

Net Profit Margin23.3%

EBITDA Margin36.9%

Returns

ROE21.4%

Price History▲ 13.15% over 1Y

Technical Chart

Historical Performance Charts

5-year financial trends. Figures in USD millions.

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Latest fiscal year: 2025

Revenue$4.7B▲ 15.1%

EBITDA$1.7B▲ 37.3%

Net Profit$1.1B▲ 43.8%

Cash from Ops (CFO)$1.8B▲ 59.2%

Free Cash Flow (FCF)$1.7B▲ 61.7%

Revenue CAGR 3Y6.0%

Revenue CAGR 5Y-

Net Profit CAGR 3Y67.3%

Net Profit CAGR 5Y-

Historical Growth

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	-

Financial Statements

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

Peer Comparison

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

Learn while you research

Hand-picked academy chapters to deepen your understanding of Cboe Global Markets, Inc. and the metrics that matter.

01 Stock Valuation BasicsHow to think about what a fair price for a stock looks like.7 min read 02 Sector Analysis

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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

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

27.30

49.40

Interest Expense

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

27.30

49.40

Interest Expense Non Operating

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

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

Special Income Charges

-480.80

-7.40

-82.30

-47

Write Off

46.70

Impairment Of Capital Assets

460.90

Restructuring And Mergern Acquisition

19.90

7.40

1.30

0.30

Gain On Sale Of Security

7.20

39.50

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

94.80

91.50

Other Gand A

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

5.20

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

Cboe Global Markets, Inc.

Valuation

Profitability

Returns

Historical Performance Charts

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Historical Growth

Financial Statements

Peer Comparison

Learn while you research

Cboe Global Markets, Inc.

Valuation

Profitability

Returns

Historical Performance Charts

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Historical Growth

Financial Statements

Peer Comparison

Learn while you research

Solvency

Key concepts to brush up on