Cboe Global Markets Inc. (CBOE) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$3.49	$3.56	+2.0%	—	$1.4B	—
Q1 26	$3.37	$3.7	+9.8%	—	$1.3B	—
Q4 25	$2.95	$3.06	+3.7%	—	$1.2B	—
Q3 25	$2.53	$2.67	+5.5%	—	$1.1B	—
Q2 25	$2.43	$2.46	+1.2%	—	$1.2B	—
Q1 25	$2.36	$2.5	+5.9%	—	$1.2B	—
Q4 24	$2.12	$2.1	-0.9%	—	$1.1B	—
Q3 24	$2.19	$2.22	+1.4%	—	$1.1B	—
Q2 24	$2.1	$2.15	+2.4%	—	$974M	—
Q1 24	$2.04	$2.15	+5.4%	—	$957.2M	—
Q4 23	$2.03	$2.06	+1.5%	—	$968.7M	—
Q3 23	$1.86	$2.06	+10.8%	—	$908.8M	—
Q2 23	$1.77	$1.78	+0.6%	—	$907.8M	—
Q1 23	$1.87	$1.9	+1.6%	—	$988.2M	—
Q4 22	$1.76	$1.8	+2.3%	—	$1B	—
Q3 22	$1.65	$1.74	+5.5%	—	$993.5M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$10.5	—	—	$4.7B	—
FY24	—	$7.24	—	—	$4.1B	—
FY23	—	$7.16	—	—	$3.8B	—
FY22	—	$2.2	—	—	$4B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$703.1M	$2.2B	$2.8B	$2.5B	$3.4B	$3.5B	$4B	$3.8B	$4.1B	$4.7B
YoY change	+5.92%	+217%	+24.2%	-9.85%	+37.3%	+1.98%	+13.3%	-4.67%	+8.51%	+15.1%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	703.1M	2.2B	2.8B	2.5B	3.4B	3.5B	4B	3.8B	4.1B	4.7B
Cost of revenue	249.9M	1.4B	1.8B	1.6B	2.2B	2.3B	2.6B	2.3B	2B	2.8B
Gross profit	453.2M	794.2M	988.1M	937.9M	1.3B	1.2B	1.4B	1.5B	2.1B	1.9B
Gross margin	64.5%	35.6%	35.7%	37.6%	36.6%	34%	34.8%	39.5%	50.6%	40.9%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	53.1M	66M	68.3M	68.3M	292.1M	93.4M	112.7M	129.6M	603M	133.6M
Operating expenses	97M	145.7M	154.7M	175.6M	388.4M	198.7M	241.5M	268.9M	758.7M	291.8M
Operating income	311.8M	456.3M	629.4M	585.7M	707.4M	821.5M	970.4M	1.1B	1.2B	1.5B
Operating margin	44.3%	20.5%	22.7%	23.5%	20.6%	23.5%	24.5%	28.2%	28.8%	32.1%
Non-operating income, net	500K	-80.6M	-20M	-48.4M	-9.4M	-18M	-481.1M	32.7M	-72.7M	55.4M
Pretax income	306.6M	334.4M	571.2M	501.4M	660.4M	756.1M	432.9M	1B	1.1B	1.6B
Income tax	120.9M	-66.2M	146M	130.6M	192.2M	227.1M	197.9M	286.2M	318.9M	466.6M
Net income	185.7M	400.6M	425.2M	370.8M	468.2M	529M	235M	761.4M	764.9M	1.1B
Net margin	26.4%	18%	15.4%	14.9%	13.7%	15.1%	5.94%	20.2%	18.7%	23.3%
EBITDA	370.3M	650.6M	843.2M	764.3M	902.8M	986.1M	1.1B	1.2B	1.3B	1.7B
EPS	2.27	3.7	3.78	3.35	4.28	4.93	2.2	7.16	7.24	10.5
Diluted EPS	2.27	3.69	3.76	3.34	4.27	4.92	2.19	7.13	7.21	10.4

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	908.8M	968.7M	957.2M	974M	1.1B	1.1B	1.2B	1.2B	1.1B	1.2B	1.3B	1.4B
Cost of revenue	524.4M	582.5M	455.1M	460.2M	523.7M	583.1M	746M	714.1M	665.4M	660.4M	671.8M	865.9M
Gross profit	384.4M	386.2M	502.1M	513.8M	532M	524.5M	449M	459.4M	476.3M	543.6M	601M	576.9M
Gross margin	42.3%	39.9%	52.5%	52.8%	50.4%	47.4%	37.6%	39.1%	41.7%	45.1%	47.2%	40%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	33.3M	32.3M	150.8M	151.2M	153.6M	153.9M	33.4M	33M	33.6M	39.8M	26.3M	22.4M
Operating expenses	73.6M	54.7M	181.8M	190.3M	192.8M	193.8M	64.6M	73.3M	70.4M	83.5M	65.9M	72.8M
Operating income	272M	293.5M	283M	291.7M	307.4M	298.6M	354.1M	356.2M	375M	428.8M	505.6M	476M
Operating margin	29.9%	30.3%	29.6%	29.9%	29.1%	27%	29.6%	30.4%	32.8%	35.6%	39.7%	33%
Non-operating income, net	10M	3.5M	18M	-80.5M	3M	-13.2M	500K	-20M	54.1M	20.8M	5.5M	13.7M
Pretax income	270.1M	287.5M	292.1M	203M	309M	279.7M	350.2M	334.6M	430.1M	451.7M	515.5M	494.7M
Income tax	61.9M	75.5M	82.6M	62.6M	90.5M	83.2M	99.6M	99.5M	129.3M	138.2M	129.8M	141.6M
Net income	208.2M	212M	209.5M	140.4M	218.5M	196.5M	250.6M	235.1M	300.8M	313.5M	385.7M	353.1M
Net margin	22.9%	21.9%	21.9%	14.4%	20.7%	17.7%	21%	20%	26.3%	26%	30.3%	24.5%
EBITDA	325.1M	298.7M	329M	315M	352.6M	325M	396.8M	395.6M	426.3M	476.8M	559M	523.2M
EPS	1.96	1.99	1.97	1.33	2.08	1.87	2.38	2.23	2.86	2.98	3.67	3.36
Diluted EPS	1.95	1.98	1.96	1.33	2.07	1.86	2.37	2.23	2.85	2.97	3.66	3.35

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	6B	—	10.9B	13.4B	10.2B	14B	13.3B	18.9B	20.5B	26.3B	26.4B
Enterprise value	5.9B	—	11.8B	14B	11.2B	15B	14.7B	19.9B	21.1B	25.6B	26.2B
Shares outstanding	81.4M	107.2M	111.8M	111.4M	109.1M	107M	106.3M	105.8M	105.1M	104.7M	104.7M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	32.4	—	25.7	36.1	21.7	26.4	56.8	24.8	26.8	23.9	20.1
P/S	8.56	—	3.95	5.36	2.96	3.99	3.37	5.01	5.02	5.57	5.32
P/B	18.9	—	3.37	3.98	3.03	3.87	3.85	4.74	4.8	5.11	4.8
EV/EBITDA	16	—	14	18.3	12.4	15.2	13	16.1	16	15.1	13.6
EV/Sales	8.42	—	4.28	5.6	3.26	4.29	3.71	5.27	5.15	5.43	5.17
Earnings yield	3.09%	—	3.89%	2.77%	4.61%	3.79%	1.76%	4.03%	3.72%	4.19%	4.97%
FCF yield	3.08%	—	4.56%	4.47%	13.9%	3.91%	4.43%	5.46%	5.06%	6.4%	2.56%
PEG	—	—	—	—	—	—	—	—	—	—	0.4

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	64.5%	35.6%	35.7%	37.6%	36.6%	34%	34.8%	39.5%	50.6%	40.9%	40%
Operating margin	44.3%	20.5%	22.7%	23.5%	20.6%	23.5%	24.5%	28.2%	28.8%	32.1%	34.6%
Net margin	26.4%	18%	15.4%	14.9%	13.7%	15.1%	5.94%	20.2%	18.7%	23.3%	26.7%
ROE	58.4%	12.9%	13.1%	11.1%	14%	14.7%	6.78%	19.1%	17.9%	21.4%	26.3%
ROA	39%	7.61%	7.99%	7.25%	7.18%	7.76%	3.36%	10.2%	9.82%	11.8%	11.6%
ROIC	85.6%	11%	11.3%	10.9%	11.5%	12.3%	10.9%	15.5%	17.2%	23.7%	26.5%
Return on tangible assets	66.2%	-9.93%	-11.9%	-10.6%	-16.7%	-20%	-8.77%	-38%	-58.5%	348.4%	67.3%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	2.62	1.3	1.15	2.16	1.19	1.31	1.05	1.43	1.78	1.87	1.56
Quick ratio	2.62	1.3	1.15	2.16	1.19	1.31	1.05	1.43	1.78	1.87	1.57
Debt / equity	—	0.4	0.38	0.27	0.4	0.4	0.54	0.4	0.37	0.31	0.28
Debt / assets	—	0.24	0.23	0.18	0.21	0.21	0.27	0.22	0.21	0.17	0.15
Net debt / EBITDA	—	1.61	1.07	0.8	1.11	1.06	1.19	0.82	0.43	-0.39	-0.41
Interest coverage	54.8	9.44	16	14.3	18.1	16.8	8.21	17.8	22	31	36.6
Effective tax rate	39.4%	0%	25.6%	26%	29.1%	30%	45.7%	27.3%	29.4%	29.8%	28.5%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	8.63	20.8	24.8	22.4	31.4	32.7	37.2	35.7	39	45	48.3
EPS (basic)	2.27	3.7	3.78	3.35	4.28	4.93	2.2	7.16	7.24	10.5	10.5
EPS (diluted)	2.27	3.69	3.76	3.34	4.27	4.92	2.19	7.13	7.21	10.4	12.8
Book value per share	3.9	29	29	30.1	30.7	33.7	32.6	37.7	40.7	49.1	53.8
FCF per share	2.27	3.14	4.46	5.37	12.9	5.1	5.56	9.74	9.89	16.1	17.9
Cash per share	1.19	1.78	2.78	2.7	3.1	3.54	4.93	5.68	9.81	21.5	22.5
Capex per share	0.55	0.35	0.32	0.32	0.43	0.48	0.56	0.43	0.57	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	6.31%	1.68%	1.31%	1.41%	1.38%	1.46%	1.51%	1.19%	1.47%	—	—
Capex / operating cash flow	20.2%	8.31%	6.48%	6.15%	3.44%	7.3%	68.4%	3.73%	6.84%	—	—
Payout ratio	42.3%	29.5%	30.6%	40.5%	36.4%	36.5%	89.1%	29.4%	32.6%	25.8%	22.4%
Dividend yield	1.3%	—	1.19%	1.12%	1.68%	1.39%	1.57%	1.18%	1.21%	1.08%	1.36%

Yield

1.36%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.86

ex-dividend Aug 31, 2026

Payout ratio

22%

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Aug 31, 2026	$0.86
May 29, 2026	$0.72
Feb 27, 2026	$0.72

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$908.8M	$968.7M	$957.2M	$974M	$1.1B	$1.1B	$1.2B	$1.2B	$1.1B	$1.2B	$1.3B	$1.4B
YoY change	-8.53%	-3.58%	-3.14%	+7.29%	+16.2%	+14.3%	+24.8%	+20.5%	+8.15%	+8.7%	+6.51%	+22.9%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	97.3M	190.8M	310.8M	300.3M	337.8M	379M	524.4M	600.7M	1B	2.3B
Receivables	76.7M	217.3M	287.3M	234.7M	337.3M	326.9M	369.8M	337.3M	444.6M	391.4M
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	235.1M	434.7M	683.7M	607.6M	1.6B	1.5B	1.6B	2B	2.5B	4.4B
Property, plant & equipment	-16.2M	1.4M	-5.1M	100.4M	193.6M	148.8M	153.4M	245.8M	242.5M	244.1M
Goodwill & intangibles	196.2M	9.3B	8.9B	8.6B	9.3B	9.5B	9.7B	9.5B	9.1B	9B
Total assets	476.7M	5.3B	5.3B	5.1B	6.5B	6.8B	7B	7.5B	7.8B	9.3B
Accounts payable	6.5M	43.2M	12.8M	21M	28.5M	19.5M	27.5M	24.7M	17.9M	16.1M
Short-term debt	—	—	299.8M	—	68.7M	—	304.7M	20.8M	19.9M	26.9M
Total current liabilities	89.9M	334M	595.9M	281.6M	1.3B	1.2B	1.5B	1.4B	1.4B	2.4B
Long-term debt	—	1.2B	915.6M	914.3M	1.3B	1.4B	1.6B	1.6B	1.6B	1.6B
Total liabilities	158.8M	2.2B	2.1B	1.8B	3.2B	3.2B	3.5B	3.5B	3.5B	4.2B
Shareholders' equity	317.9M	3.1B	3.2B	3.4B	3.3B	3.6B	3.5B	4B	4.3B	5.1B
Total debt	—	1.2B	1.2B	914.3M	1.3B	1.4B	1.9B	1.6B	1.6B	1.6B
Net debt	—	1.1B	940.3M	685M	1.1B	1.1B	1.4B	1.1B	679M	-625.8M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	437.1M	600.7M	595.1M	698.3M	802.6M	1B	1.2B	1.5B	1.5B	2.3B	2.2B	2.4B
Receivables	359.1M	337.3M	370.2M	372.7M	376.2M	444.6M	493M	444.3M	437.3M	391.4M	514.6M	570.6M
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	2.3B	2B	2.7B	3.9B	3.3B	2.5B	3.4B	3.7B	3.7B	4.4B	6.2B	5.9B
Property, plant & equipment	217.5M	245.8M	236.6M	230.4M	239.4M	242.5M	244.9M	250.1M	242.2M	244.1M	242.5M	238.3M
Goodwill & intangibles	9.5B	9.5B	9.4B	9.2B	9.2B	9.1B	9.1B	9.1B	9.1B	9B	8.8B	8.6B
Total assets	7.7B	7.5B	8.2B	9.3B	8.7B	7.8B	8.7B	9B	9.1B	9.3B	11B	10.6B
Accounts payable	13.5M	24.7M	11.3M	24.7M	17.3M	17.9M	15.1M	22.6M	14.7M	16.1M	19.4M	16.3M
Short-term debt	92.8M	20.8M	21M	21.6M	20.4M	19.9M	24.1M	25M	25.1M	26.9M	676.1M	674.6M
Total current liabilities	1.8B	1.4B	2B	3.2B	2.4B	1.4B	2.1B	2.4B	2.2B	2.4B	4.5B	3.8B
Long-term debt	1.6B	1.6B	1.6B	1.6B	1.6B	1.6B	1.6B	1.6B	1.6B	1.6B	908.5M	905.7M
Total liabilities	3.9B	3.5B	4.1B	5.2B	4.5B	3.5B	4.2B	4.4B	4.2B	4.2B	5.7B	5B
Shareholders' equity	3.8B	4B	4B	4B	4.2B	4.3B	4.5B	4.7B	4.9B	5.1B	5.4B	5.6B
Total debt	1.7B	1.6B	1.6B	1.6B	1.6B	1.6B	1.6B	1.6B	1.6B	1.6B	1.6B	1.6B
Net debt	1.3B	1.1B	1.1B	973.4M	841.7M	679M	556.4M	344.5M	98M	-625.8M	-549.8M	-695.9M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	185.7M	400.6M	425.2M	370.8M	468.2M	529M	235M	761.4M	764.9M	1.1B
Depreciation & amortization	44.4M	192.2M	204M	176.6M	158.5M	167.4M	166.8M	158M	133M	122.4M
Stock-based compensation	14.5M	52.6M	35.1M	21.8M	21.7M	26.6M	30.7M	41.3M	41.8M	50.4M
Change in working capital	-14.2M	39.8M	-62.7M	34.1M	790.6M	-5.4M	-186.6M	273.6M	-33.8M	661.9M
Operating cash flow	220.2M	451.4M	560.3M	570.9M	1.4B	698.2M	87.4M	1.2B	880.5M	1.8B
Capital expenditure	-44.4M	-37.5M	-36.3M	-35.1M	-47.4M	-51M	-59.8M	-45M	-60.2M	—
Investing cash flow	-84.8M	-1.4B	-25.6M	-15.9M	-430.5M	-352.7M	-835.1M	-55.9M	-145.2M	519.6M
Dividends paid	-78.5M	-118.1M	-130.3M	-150M	-170.6M	-193.3M	-209.4M	-223.5M	-249.4M	-284.3M
Share repurchases	-64.6M	-26.1M	-140.9M	-156.9M	-349.1M	-81.3M	-100.9M	-83.9M	-204.8M	-66.7M
Financing cash flow	-150.2M	1.1B	-391.8M	-661.2M	-257.7M	-213.7M	-128.8M	-930.5M	-474.1M	-351M
Net change in cash	-14.8M	112.6M	142.9M	-106.2M	689.3M	131.8M	-876.5M	220.9M	261.2M	1.9B
Free cash flow	185.2M	336.9M	498.4M	597.7M	1.4B	545.8M	591.3M	1B	1B	1.7B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	208.2M	212M	209.5M	140.4M	218.5M	196.5M	250.6M	235.1M	300.8M	313.5M	385.7M	353.1M
Depreciation & amortization	38.8M	38M	37.3M	31.8M	31.8M	32.1M	30.3M	29.9M	30.9M	31.3M	29.5M	28.1M
Stock-based compensation	9.1M	6.2M	11.7M	10.3M	10.1M	9.7M	12.4M	13.3M	13M	11.7M	12.9M	15.6M
Change in working capital	578.3M	-463.6M	660.3M	1.2B	-757.2M	-1.1B	648.6M	-32.6M	101M	-55.1M	1.5B	-1B
Operating cash flow	845.4M	-229.4M	917.3M	1.3B	-499.2M	-870M	930M	234.4M	153.9M	352.1M	2B	-503.2M
Capital expenditure	-6.9M	-17.9M	-7.3M	-17.1M	-11.9M	-23.9M	-14.7M	-19.5M	—	—	—	—
Investing cash flow	26.7M	-39.3M	-13.3M	-40.4M	35.4M	-126.9M	-20M	-116.6M	173.2M	439.3M	1.5M	-73.8M
Dividends paid	-58.5M	-58.5M	-58.5M	-58.2M	-66.3M	-66.4M	-66.4M	-66.4M	-75.7M	-75.8M	-75.8M	-75.7M
Share repurchases	0	-5.8M	-76.6M	-101.3M	-26.4M	-500K	-30M	-36.7M	0	0	-40.9M	-34.4M
Financing cash flow	-149.2M	-141.5M	-138.1M	-175.5M	-93.6M	-66.9M	-96.4M	-103.1M	-75.7M	-75.8M	-116.7M	-110.1M
Net change in cash	722.9M	-410.2M	765.9M	1.1B	-557.4M	-1.1B	813.6M	14.7M	251.4M	715.6M	1.8B	-687.1M
Free cash flow	729.2M	-206.1M	888.3M	1.5B	-590.5M	-734.2M	898.2M	313.4M	137.9M	332.1M	1.9B	-536.3M

Cboe Global Markets Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement