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MARKETS / CBOE / CBOE
CBOE · SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES · LARGE CAP

Cboe Global Markets, Inc. CBOE

17 fiscal years on record · USD · FY2025 reported · SEC filings only
11 YEARS OF DIVIDEND GROWTH
$4.7B
▲ 15.1% YoY
$1.1B
▲ 43.8% YoY
$1.7B
▲ 61.7% YoY
In brief

What this company does

Cboe Global Markets, Inc. provides trading solutions and products in multiple asset classes, including equities, derivatives, and FX, across North America, Europe, and Asia Pacific. As of December 31, 2025, the company employed 1,661 individuals, of whom 591 were involved in technology operations and 205 in direct support of trading operations. Cboe's subsidiaries include an options exchange and an equities exchange operator in the U.S., Cboe Europe Equities, comprising the Cboe Europe and Cboe NL equities exchanges, Cboe Clear Europe, a pan-European equities and derivatives clearinghouse, BIDS Holdings, which provides block-trading services with Cboe market operators in the U.S., Europe and Canada, Cboe Australia, an operator of a regulated stock exchange in Australia, Cboe Clear U.S., an operator of a regulated clearinghouse, and Cboe Canada, a recognized Canadian securities exchange. Cboe reports on five business segments: Options, North American Equities, Europe and Asia Pacific, Futures, and Global FX. The Options segment includes options on market indices and on the stocks of individual corporations and exchange-traded products; the North American Equities segment includes U.S. and Canadian equities and exchange-traded product transaction services; the Europe and Asia Pacific segment includes pan-European derivatives and equities transaction services along with the equities services of Cboe Australia; the Futures segment includes transaction services provided by CFE, a fully electronic futures exchange; and the Global FX segment includes institutional foreign exchange trading services offered on the Cboe FX platform.

Written from the business description in Cboe Global Markets, Inc.'s annual report to the U.S. Securities and Exchange Commission, filed 20 February 2026. Every sentence was checked against that document before publication.

Growth
USD 4.7B
Revenue, FY2025 · full 17-year series below
Revenue $B Net income $B
FY2025 · Revenue 4.7 · Net income 1.1
2B4B200920112013201520172019202120232025
Compound annual growth
+6.0%
+6.6%
+21.7%
+17.2%
+18.3%
+68.2%
+19.5%
+15.5%
+16.7%
+11.3%
+11.6%
+11.9%
+4.2%
−7.5%
+5.5%
+7.8%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +6.6% a year over five years.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability
23 cents
of every revenue dollar became profit
Operating margin Net margin
FY2025 · Operating 31.1% · Net 23.3%
20%40%200920112013201520172019202120232025
ROE
FY2025 · ROE 23.4%
50%200920112013201520172019202120232025

Each USD of equity produced 23 cents of profit this year.

Cash & shareholders
USD 351.0M
returned in FY2025 · dividends + net buybacks
Free cash flow $B
FY2025 · FCF 1.7
0.8B1.6B200920112013201520172019202120232025
Net buybacks $M Dividends $M
FY2025 · Dividends 284.3 · Net buybacks 66.7
200M400MDividendsNet buybacks201020122014201620182020202220242025

USD 284.3M in dividends and USD 66.7M in buybacks — 32% of the year's profit went back to shareholders.

Total assetsUSD 9.3B
EquityUSD 5.1B
CashUSD 2.2B
Gross debtUSD 1.4B
Net debtUSD -773.6M
Current ratio1.87×

The company holds more cash than debt.

The 17-year record
17 fiscal years
Every figure from documents filed with the SEC · USD
row low → row highnegative
Metric 20252024202320222021202020192018201720162015201420132012201120102009
Revenue $B4.74.13.84.03.53.42.52.82.20.70.70.60.60.50.50.40.4
Operating income $B1.51.11.10.50.80.70.50.60.40.30.30.30.30.20.20.20.2
EBITDA $B1.61.21.20.71.00.80.70.80.60.30.4······
Income tax $B0.50.30.30.20.20.20.10.1−0.10.10.10.10.10.10.10.10.1
Net income $B1.10.80.80.20.50.50.40.40.40.20.20.20.20.20.10.10.1
Free cash flow $B1.71.01.00.60.51.40.60.50.30.20.2······
EPS, diluted $10.427.217.132.194.924.273.343.763.692.272.462.211.991.781.521.031.17
Dividend / sh $2.702.362.101.961.801.561.341.161.040.960.880.78·····
Payout %2633298937364031294236··300114·
ROE %23.418.520.46.615.214.011.413.423.464.780.471.067.265.8···
Shares out B0.100.100.110.110.110.110.110.110.110.080.08······

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

Provenance
Company facts, as filed
How we verify · 0 failures in 77 reconciliationsAUDITED

Reconciled in 17 of 19 fiscal years. 18 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures
ActivitySecurity & Commodity Brokers, Dealers, Exchanges & Services
Listed onCBOE
Incorporated inDelaware
Fiscal year endsDecember 31
Data on record since2009

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