BATS : CBOE
Cboe Global Markets, Inc. — Financial statements
Financials · Financial Data & Stock Exchanges · United States
Last price 335.53 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 35.04B
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Financial statements
Cboe Global Markets, Inc. (CBOE) reported revenue of 5.28B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating Revenue | 5.28B | 4.71B | 4.09B | 3.77B | 3.96B | 3.49B |
| Revenue | 5.28B | 4.71B | 4.09B | 3.77B | 3.96B | 3.49B |
| Cost of Revenue | 2.43B | 2.29B | 2.02B | 1.86B | 2.22B | 2.02B |
| Gross Profit | 2.84B | 2.43B | 2.07B | 1.92B | 1.74B | 1.48B |
| Selling, General & Admin | 807.50M | 762.60M | 728.30M | 680.80M | 578.50M | 470.80M |
| Other Operating Expenses | 38.10M | 23.00M | 26.20M | 28.30M | 31.20M | 19.10M |
| Operating Expenses | 962.20M | 908.00M | 887.50M | 867.10M | 776.50M | 657.30M |
| Operating Income | 1.88B | 1.52B | 1.18B | 1.05B | 965.20M | 818.80M |
| Interest Expense | -52.90M | -52.30M | -51.50M | -62.40M | -60.00M | -48.00M |
| Interest & Investment Income | 132.20M | 142.20M | 56.30M | 51.50M | 10.80M | 1.60M |
| Other Non Operating Income (Expenses) | 12.30M | 4.50M | 11.20M | 2.40M | 1.80M | 2.20M |
| EBT Excluding Unusual Items | 1.97B | 1.62B | 1.20B | 1.04B | 917.80M | 774.60M |
| Merger & Restructuring Charges | -6.90M | -7.30M | -3.40M | -7.40M | -19.90M | -15.60M |
| Impairment of Goodwill | -460.90M | |||||
| Gain (Loss) on Sale of Investments | 5.10M | 5.10M | -31.60M | -1.80M | -10.60M | -5.60M |
| Gain (Loss) on Sale of Assets | 71.50M | 1.00M | ||||
| Asset Writedown | -26.50M | -46.70M | -81.00M | |||
| Other Unusual Items | -2.10M | 14.40M | 6.50M | 2.70M | ||
| Pretax Income | 2.02B | 1.57B | 1.08B | 1.05B | 432.90M | 756.10M |
| Income Tax Expense | 535.90M | 466.60M | 318.90M | 286.20M | 197.90M | 227.10M |
| Earnings From Continuing Operations | 1.48B | 1.10B | 764.90M | 761.40M | 235.00M | 529.00M |
| Net Income | 1.48B | 1.10B | 764.90M | 761.40M | 235.00M | 529.00M |
| Preferred Dividends & Other Adjustments | 5.70M | 5.20M | 3.90M | 3.90M | 900.00K | 1.70M |
| Net Income to Common | 1.47B | 1.09B | 761.00M | 757.50M | 234.10M | 527.30M |
| Shares Outstanding (Basic) | 104.62M | 104.70M | 105.10M | 105.80M | 106.30M | 107.00M |
| Shares Outstanding (Diluted) | 104.95M | 105.10M | 105.50M | 106.20M | 106.70M | 107.20M |
| EPS (Basic) | 14.10 | 10.46 | 7.24 | 7.16 | 2.20 | 4.93 |
| EPS (Diluted) | 14.05 | 10.42 | 7.21 | 7.13 | 2.19 | 4.92 |
| Free Cash Flow | 1.68B | 1.04B | 1.03B | 591.30M | 545.80M | |
| Free Cash Flow Per Share | 16.00 | 9.86 | 9.70 | 5.54 | 5.09 | |
| Dividend Per Share | 0.72 | 2.70 | 2.36 | 2.10 | 1.96 | 1.80 |
| Gross Margin | 53.88% | 51.53% | 50.61% | 50.83% | 44.00% | 42.24% |
| Operating Margin | 35.65% | 32.27% | 28.94% | 27.85% | 24.38% | 23.43% |
| Profit Margin | 27.94% | 23.22% | 18.59% | 20.07% | 5.91% | 15.09% |
| Free Cash Flow Margin | 35.67% | 25.39% | 27.31% | 14.94% | 15.62% | |
| EBITDA | 1.99B | 1.63B | 1.31B | 1.20B | 1.12B | 978.90M |
| EBITDA Margin | 37.65% | 34.65% | 31.94% | 31.81% | 28.42% | 28.01% |
| D&A For EBITDA | 105.80M | 112.20M | 122.70M | 149.60M | 159.60M | 160.10M |
| EBIT | 1.88B | 1.52B | 1.18B | 1.05B | 965.20M | 818.80M |
| EBIT Margin | 35.65% | 32.27% | 28.94% | 27.85% | 24.38% | 23.43% |
| Effective Tax Rate | 26.58% | 29.78% | 29.42% | 27.32% | 45.72% | 30.04% |
| Revenue as Reported | 5.28B | 4.71B | 4.09B | 3.77B | 3.96B | 3.49B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 2.66B | 2.22B | 920.30M | 543.20M | 432.70M | 341.90M |
| Short-Term Investments | 41.20M | 300.00K | 70.00M | 57.50M | 91.70M | 37.10M |
| Cash & Short-Term Investments | 2.70B | 2.22B | 990.30M | 600.70M | 524.40M | 379.00M |
| Accounts Receivable | 500.10M | 391.40M | 444.60M | 337.30M | 369.80M | 326.90M |
| Other Receivables | 97.50M | 67.90M | 73.80M | 74.50M | 48.30M | 42.70M |
| Receivables | 597.60M | 459.30M | 518.40M | 411.80M | 418.10M | 369.60M |
| Restricted Cash | 34.10M | 5.10M | 4.20M | 4.40M | ||
| Other Current Assets | 3.27B | 1.71B | 970.40M | 961.70M | 609.30M | 778.30M |
| Total Current Assets | 6.57B | 4.42B | 2.48B | 1.98B | 1.56B | 1.53B |
| Property, Plant & Equipment | 245.80M | 244.10M | 242.50M | 245.80M | 222.20M | 217.60M |
| Long-Term Investments | 39.10M | 32.40M | 383.70M | 345.30M | 253.20M | 245.80M |
| Goodwill | 3.05B | 3.15B | 3.12B | 3.14B | 3.12B | 3.03B |
| Other Intangible Assets | 1.17B | 1.34B | 1.42B | 1.60B | 1.72B | 1.71B |
| Other Long-Term Assets | 157.70M | 10.50M | 11.70M | 34.80M | 24.70M | 8.00M |
| Total Assets | 11.23B | 9.31B | 7.79B | 7.49B | 7.00B | 6.81B |
| Accounts Payable | 377.70M | 16.10M | 17.90M | 24.70M | 27.50M | 19.50M |
| Accrued Expenses | 326.60M | 321.80M | 284.90M | 302.30M | 260.30M | |
| Current Portion of Long-Term Debt | 649.80M | 304.70M | ||||
| Current Portion of Leases | 26.90M | 19.90M | 20.80M | 15.60M | ||
| Current Income Taxes Payable | 800.00K | 50.10M | 1.60M | 1.00M | 3.50M | 8.20M |
| Current Unearned Revenue | 12.50M | 6.90M | 6.40M | 5.90M | 11.70M | 15.20M |
| Other Current Liabilities | 3.05B | 1.94B | 1.03B | 1.05B | 827.50M | 850.50M |
| Total Current Liabilities | 4.09B | 2.36B | 1.40B | 1.38B | 1.48B | 1.17B |
| Long-Term Debt | 794.50M | 1.44B | 1.44B | 1.44B | 1.44B | 1.30B |
| Long-Term Leases | 108.00M | 120.90M | 138.40M | 150.80M | 129.30M | 129.20M |
| Long-Term Deferred Tax Liabilities | 237.10M | 185.30M | 186.80M | 217.80M | 222.90M | 372.70M |
| Other Long-Term Liabilities | 69.70M | 55.60M | 348.10M | 311.30M | 266.90M | 239.20M |
| Total Liabilities | 5.30B | 4.17B | 3.51B | 3.50B | 3.53B | 3.21B |
| Common Stock | 1.00M | 1.00M | 1.00M | 1.10M | 1.10M | 1.10M |
| Additional Paid-In Capital | 1.62B | 1.57B | 1.51B | 1.48B | 1.46B | 1.51B |
| Retained Earnings | 4.47B | 3.54B | 2.82B | 2.53B | 2.17B | 2.15B |
| Treasury Stock | -166.20M | -1.50M | -1.40M | -10.50M | -131.00M | -106.80M |
| Comprehensive Income & Other | 4.80M | 30.10M | -48.40M | -9.40M | -31.00M | 55.60M |
| Total Common Equity | 5.93B | 5.14B | 4.28B | 3.98B | 3.47B | 3.60B |
| Shareholders' Equity | 5.93B | 5.14B | 4.28B | 3.98B | 3.47B | 3.60B |
| Total Liabilities & Equity | 11.23B | 9.31B | 7.79B | 7.49B | 7.00B | 6.81B |
| Total Debt | 1.55B | 1.59B | 1.60B | 1.61B | 1.87B | 1.44B |
| Net Cash (Debt) | 1.15B | 626.10M | -609.00M | -1.01B | -1.35B | -1.07B |
| Net Cash Per Share | 10.97 | 5.96 | -5.77 | -9.51 | -12.62 | -9.94 |
| Filing Date Shares Outstanding | 104.50M | 104.67M | 104.70M | 105.58M | 105.74M | 106.60M |
| Total Common Shares Outstanding | 104.50M | 104.65M | 104.69M | 105.53M | 105.95M | 106.65M |
| Working Capital | 2.48B | 2.06B | 1.08B | 595.90M | 78.80M | 362.00M |
| Book Value Per Share | 56.71 | 49.10 | 40.88 | 37.76 | 32.71 | 33.80 |
| Tangible Book Value | 1.71B | 643.50M | -268.30M | -760.40M | -1.37B | -1.13B |
| Tangible Book Value Per Share | 16.36 | 6.15 | -2.56 | -7.21 | -12.97 | -10.57 |
| Land | 2.30M | 2.30M | ||||
| Buildings | 68.80M | 68.80M | ||||
| Machinery | 347.90M | 306.30M | 322.90M | 291.30M | 256.50M | |
| Construction In Progress | 1.60M | 3.30M | 1.50M | 7.70M | 17.30M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 1.10B | 764.90M | 761.40M | 235.00M | 529.00M | |
| Depreciation & Amortization | 112.20M | 122.70M | 149.60M | 159.60M | 160.10M | |
| Other Amortization | 10.20M | 10.30M | 8.40M | 9.60M | 9.50M | |
| Loss (Gain) From Sale of Assets | 400.00K | |||||
| Asset Writedown & Restructuring Costs | 46.70M | 81.00M | 460.90M | |||
| Loss (Gain) From Sale of Investments | -5.10M | 31.60M | 1.80M | 3.10M | 5.60M | |
| Loss (Gain) on Equity Investments | -84.20M | -26.50M | -36.90M | -4.20M | 400.00K | |
| Stock-Based Compensation | 50.40M | 41.80M | 41.30M | 30.70M | 26.60M | |
| Provision & Write-off of Bad Debts | 1.10M | 400.00K | ||||
| Other Operating Activities | -6.20M | -22.30M | -25.60M | -160.60M | -21.60M | |
| Change in Accounts Receivable | 79.40M | -124.30M | 39.40M | -49.80M | 12.00M | |
| Change in Accounts Payable | 6.50M | -36.40M | -19.10M | 38.80M | 45.00M | |
| Change in Unearned Revenue | 500.00K | 500.00K | -5.80M | -4.10M | 4.90M | |
| Change in Income Taxes | 54.60M | 62.50M | 18.60M | 79.90M | 47.40M | |
| Change in Other Net Operating Assets | 387.60M | 194.80M | 142.50M | -148.90M | -222.90M | |
| Operating Cash Flow | 1.75B | 1.10B | 1.08B | 651.10M | 596.80M | |
| Capital Expenditures | -71.00M | -60.90M | -45.00M | -59.80M | -51.00M | |
| Sale of Property, Plant & Equipment | 4.00M | |||||
| Cash Acquisitions | -708.30M | -151.50M | ||||
| Sale (Purchase) of Intangibles | 1.60M | 100.00K | 800.00K | |||
| Investment in Securities | 512.60M | -87.90M | -11.20M | -67.00M | -150.80M | |
| Other Investing Activities | 7.00M | 2.90M | 300.00K | 600.00K | ||
| Investing Cash Flow | 450.20M | -141.80M | -55.10M | -835.10M | -352.70M | |
| Long-Term Debt Issued | 663.60M | 110.00M | ||||
| Total Debt Issued | 663.60M | 110.00M | ||||
| Long-Term Debt Repaid | -305.00M | -220.00M | -20.00M | |||
| Total Debt Repaid | -305.00M | -220.00M | -20.00M | |||
| Net Debt Issued (Repaid) | -305.00M | 443.60M | 90.00M | |||
| Issuance of Common Stock | 9.20M | 8.60M | ||||
| Repurchase of Common Stock | -96.50M | -234.30M | -97.80M | -109.80M | -87.50M | |
| Common Dividends Paid | -284.30M | -249.40M | -223.50M | -209.40M | -193.30M | |
| Other Financing Activities | -19.90M | -29.80M | -42.70M | -9.50M | ||
| Financing Cash Flow | -371.60M | -495.00M | -656.10M | 81.70M | -200.30M | |
| Foreign Exchange Rate Adjustments | 271.80M | -95.10M | 52.80M | -10.00M | -9.10M | |
| Net Cash Flow | 2.10B | 368.70M | 417.20M | -112.30M | 34.70M | |
| Free Cash Flow | 1.68B | 1.04B | 1.03B | 591.30M | 545.80M | |
| Free Cash Flow Margin | 35.67% | 25.39% | 27.31% | 14.94% | 15.62% | |
| Free Cash Flow Per Share | 16.00 | 9.86 | 9.70 | 5.54 | 5.09 | |
| Levered Free Cash Flow | 1.27B | 725.08M | 616.01M | 847.25M | 625.25M | |
| Unlevered Free Cash Flow | 1.30B | 757.26M | 655.01M | 882.35M | 653.05M | |
| Cash Interest Paid | 91.70M | 100.10M | 56.70M | 51.00M | 42.10M | |
| Cash Income Tax Paid | 391.60M | 362.40M | 286.40M | 271.10M | 209.80M | |
| Change in Working Capital | 528.60M | 97.10M | 175.60M | -84.10M | -113.60M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 35.04B | 26.27B | 20.46B | 18.85B | 13.31B | 13.91B |
| Enterprise Value | 33.89B | 26.36B | 21.26B | 20.07B | 14.94B | 14.93B |
| Last Close Price | 314.25 | 249.17 | 191.72 | 173.12 | 119.92 | 122.57 |
| PE Ratio | 23.88 | 23.99 | 26.88 | 24.88 | 56.86 | 26.37 |
| Forward PE | 22.87 | 23.00 | 21.90 | 22.15 | 17.81 | 22.16 |
| PS Ratio | 6.61 | 5.57 | 5.00 | 5.00 | 3.36 | 3.98 |
| PB Ratio | 5.54 | 5.11 | 4.78 | 4.73 | 3.84 | 3.86 |
| P/TBV Ratio | 20.42 | 40.82 | ||||
| P/FCF Ratio | 18.62 | 15.62 | 19.68 | 18.29 | 22.51 | 25.48 |
| P/OCF Ratio | 17.78 | 14.99 | 18.59 | 17.52 | 20.44 | 23.30 |
| PEG Ratio | 1.24 | 1.55 | 1.88 | 2.59 | 3.30 | 2.97 |
| EV/Sales Ratio | 6.39 | 5.59 | 5.19 | 5.32 | 3.77 | 4.27 |
| EV/EBITDA Ratio | 16.98 | 16.14 | 16.26 | 16.72 | 13.28 | 15.26 |
| EV/EBIT Ratio | 17.94 | 17.33 | 17.94 | 19.10 | 15.48 | 18.24 |
| EV/FCF Ratio | 18.00 | 15.68 | 20.45 | 19.48 | 25.27 | 27.36 |
| Debt / Equity Ratio | 0.26 | 0.31 | 0.37 | 0.40 | 0.54 | 0.40 |
| Debt / EBITDA Ratio | 0.77 | 0.95 | 1.19 | 1.30 | 1.62 | 1.44 |
| Debt / FCF Ratio | 0.95 | 1.54 | 1.56 | 3.17 | 2.65 | |
| Net Debt / Equity Ratio | -0.19 | -0.12 | 0.14 | 0.25 | 0.39 | 0.29 |
| Net Debt / EBITDA Ratio | -0.58 | -0.38 | 0.47 | 0.84 | 1.20 | 1.09 |
| Net Debt / FCF Ratio | -0.37 | 0.59 | 0.98 | 2.28 | 1.95 | |
| Asset Turnover | 0.52 | 0.55 | 0.54 | 0.52 | 0.57 | 0.52 |
| Quick Ratio | 0.81 | 1.13 | 1.08 | 0.73 | 0.64 | 0.64 |
| Current Ratio | 1.60 | 1.87 | 1.78 | 1.43 | 1.05 | 1.31 |
| Return on Equity (ROE) | 27.39% | 23.36% | 18.51% | 20.44% | 6.65% | 15.21% |
| Return on Assets (ROA) | 11.59% | 11.12% | 9.70% | 9.07% | 8.73% | 7.68% |
| Return on Invested Capital (ROIC) | 28.70% | 22.72% | 16.92% | 15.58% | 11.05% | 12.69% |
| Return on Capital Employed (ROCE) | 26.40% | 21.90% | 18.50% | 17.20% | 17.50% | 14.50% |
| Earnings Yield | 4.19% | 4.19% | 3.74% | 4.04% | 1.77% | 3.80% |
| FCF Yield | 5.37% | 6.40% | 5.08% | 5.47% | 4.44% | 3.92% |
| Dividend Yield | 1.03% | 1.08% | 1.21% | 1.18% | 1.56% | 1.38% |
| Payout Ratio | 24.63% | 25.85% | 32.61% | 29.35% | 89.11% | 36.54% |
| Buyback Yield / Dilution | 0.07% | 0.38% | 0.66% | 0.47% | 0.47% | 1.92% |
| Total Shareholder Return | 1.10% | 1.46% | 1.87% | 1.65% | 2.03% | 3.30% |