Cboe Global Markets Inc
cboe.comWhat Do They Do?
Runs options exchanges where broker-dealers, financial institutions and investors trade index, stock and exchange-traded product options. Also operates equity, futures and foreign-exchange markets and provides clearing and market data services.
10-K for FY2025, filed Feb 20, 2026Options. The Options segment includes options on market indices (“index options”), as well as on the stocks of individual corporations…View ↗
Futures. The Futures segment includes transaction services provided by CFE, a fully electronic futures exchange, which includes offerings…View ↗
Global FX. The Global FX segment includes institutional FX trading services that occur on the Cboe FX fully electronic trading platform…View ↗
Market Data and Access Services. Data products include real-time depth of book quotation information, auction and complex option…View ↗
Our subsidiary Cboe Clear Europe, a European central counterparty (“CCP”), provides post-trade clearing services, to stock exchanges…View ↗
Our customers generally include financial institutions, trading platforms, institutional and individual investors, and professional…View ↗
How Do They Make Money?
Trading firms pay fees when Cboe executes or clears a trade, while market participants pay monthly for access and data; third parties also pay to license some market data and indices.
10-K for FY2025, filed Feb 20, 2026Transaction and clearing fees – Transaction fees represent fees charged by the Company for meeting the point-in-time performance obligation…View ↗
other fees are generally monthly fee-based. These fees are billed monthly in accordance with the Company’s published fee schedules and…View ↗
Market data fees – Market data fees represent the fees received by the Company from the U.S. tape plans and fees charged to customers for…View ↗
In addition to any transaction fee revenue generated from trading of products based on these indices on Cboe exchanges, we distribute these…View ↗
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10-K for FY2025, filed Feb 20, 2026
FY2025 revenue by reportable segment ↗
$4.7B
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10-K for FY2025, filed Feb 20, 2026
$4.7B ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Options
Mix
10-K for FY2025, filed Feb 20, 2026 |
52%
FY2022: 46%
|
Options, FY2025
$2.4B Sources
|
Mix |
|
North American Equities
Mix
10-K for FY2025, filed Feb 20, 2026 |
35%
FY2022: 42%
|
North American Equities, FY2025
$1.7B Sources
|
Mix |
|
Europe and Asia Pacific
Mix
|
8.0%
FY2022: 6.7%
|
Europe and Asia Pacific, FY2025
$378.6M Sources
|
Mix |
|
Futures
Mix
|
2.9%
FY2022: 3.0%
|
Futures, FY2025
$135.9M Sources
|
Mix |
|
Global FX
Mix
|
2.0%
FY2022: 1.7%
|
Global FX, FY2025
$93.8M Sources
|
Mix |
|
Digital
|
0.0%
FY2022: <0.1%
|
Digital, FY2025
$0 Sources
|
Who Are Their Customers?
Financial institutions, broker-dealers and investors use Cboe markets as members or participants or trade through brokerage firms. Market data reaches customers directly, through vendors and Cboe Global Cloud.
10-K for FY2025, filed Feb 20, 2026
10-K for FY2025, filed Feb 20, 2026
For each of the years ended December 31, 2025, 2024, and 2023, one customer accounted for approximately 10% of the Company’s total revenue.…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 23 cents of every revenue dollar as net income in FY2025 and turned 36 cents into free cash flow.
10-K for FY2025, filed Feb 20, 2026
$1.5BView ↗
10-K for FY2025, filed Feb 20, 2026
$1.1BView ↗
10-K for FY2025, filed Feb 20, 2026
$1.7BView ↗
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Jul 31, 2026
$353.1MView ↗
- ▲ +50%
- vs $235.1M in Q2 FY2025
10-Q for Q2 FY2026, filed Jul 31, 2026
Open tableView ↗
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Jul 31, 2026
Raised its 2026 organic revenue growth target
Raised the organic total net revenue growth target to 'mid to high teens' from 'low double-digit to mid teens'.
Sources
8-K, filed Jul 31, 2026
Diluted EPS for the Quarter of $3.35, Up 50 percent Adjusted Diluted EPS1 for the Quarter of $3.56, Up 45 percent Record Net Revenue for…View ↗
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May 1, 2026
Agreed to sell Cboe Canada and Cboe Australia
The first-quarter announcement also increased 2026 growth targets and reduced adjusted operating expense guidance.
Sources
8-K, filed May 1, 2026
Record Diluted EPS for the Quarter of $3.66, Up 54 percent Record Adjusted Diluted EPS1 for the Quarter of $3.70, Up 48 percent Record Net…View ↗
Growing. Revenue grew 35% in 4 years, from $3.5B in FY2021 to $4.7B in FY2025, about 8% a year.
Digital trading moved into Futures
Cboe closed its digital spot market, moved cash-settled Bitcoin and Ether futures to CFE, and now includes Digital operating results in the Futures segment rather than reporting Digital separately.
10-K for FY2022, filed Feb 17, 2023 10-K for FY2025, filed Feb 20, 2026Digital. The Digital segment includes Cboe Digital, an operator of a U.S. based digital asset spot market and a regulated futures exchange…View ↗
On April 25, 2024, the Company announced plans to refocus the digital asset business to leverage its core strengths in derivatives…View ↗
Futures. The Futures segment includes transaction services provided by CFE, a fully electronic futures exchange, which includes offerings…View ↗
Comparative-period results for the Digital segment have been presented for historical purposes but have not been recast as the historical…View ↗
Portfolio exit plans
The earlier report describes operations in Japan, Australia and Canada; the latest report says Cboe is winding down Japanese equities and pursuing sales of its Australia and Canada businesses.
10-K for FY2022, filed Feb 17, 2023 10-K for FY2025, filed Feb 20, 2026Cboe’s subsidiaries include the largest options exchange and the third largest stock exchange operator in the U.S. In addition, the Company…View ↗
In 2025, following a comprehensive strategic review of its global business operations, Cboe initiated the wind down of its Japanese…View ↗
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