Cboe Global Markets, Inc.CBOE
Cboe Global Markets, Inc. Financial Overview 2021–2025
Updated Aug 8, 2026A 44% surge in net income to $1.1 billion in FY2025 proves that a ruthless pivot back to core exchange strengths yields massive profitability. After years of experimenting with global expansion, Cboe Global Markets has systematically pruned distractions—including winding down its spot crypto market and divesting its Canadian and Australian operations. This strategic realignment cements a highly profitable investment thesis: Cboe is successfully transforming into a leaner transaction network anchored by its high-margin derivatives and proprietary data ecosystems.
This disciplined focus drove total revenue from $3.49 billion in FY2021 to a record $4.71 billion in FY2025. The backbone of this long-term expansion is the core Derivatives Markets segment, which delivered a 21% revenue increase in FY2025 on the back of relentless options trading volume. Freed from the hefty $460.9 million impairment charge that dragged down earnings in FY2022, the company optimized its expense structure, sparking a 34% jump in operating income for the latest fiscal year. The market aggressively rewarded this structural efficiency. At the close of FY2025, Cboe boasted a $26.3 billion market cap, trading at 24.1x earnings with a stock price of $251.00.
Recent Developments (Q1 and Q2 2026)
Cboe accelerated its momentum through the first half of 2026, highlighted by a 23% year-over-year revenue increase in Q2 2026. Operating income jumped 40% during the quarter, driven by higher options trading volumes and a 19% first-quarter expansion in the Data Vantage segment. The company executed a strategic realignment featuring a 20% workforce reduction, designed to generate $40 million to $50 million in annualized cost savings. Concurrently, Cboe expects to close the $300 million sale of its Australian and Canadian businesses in Q3 2026.
Bulls assert that structural cost reductions and targeted divestitures will continually expand operating leverage. Bears warn that abandoning international operations leaves revenues heavily reliant on U.S. options volumes to support the stock trading at 29.8x earnings as of the July 31, 2026 reporting date.
What to watch: completion of the $300 million international divestitures; realization of the projected $20 million to $25 million in immediate cost savings.
Rev
$4.71B
FY2025
NI
$1.10B
FY2025
EPS
$10.46
FY2025
OCF
$1.75B
FY2025
Year-over-year comparison from 10-K annual reports
Data from SEC Company Facts
All CBOE Financial Metrics(60)
Income Statement
Balance Sheet
- Cash & ST Investments
- Total Assets
- Current Assets
- Cash
- Short-Term Investments
- Receivables
- Prepaid & Other
- PP&E
- Goodwill
- Intangibles
- Other Non-current
- Total Liabilities
- Current Liabilities
- Accounts Payable
- Accrued Liabilities
- Short-Term Debt
- Deferred Revenue
- Long-Term Debt
- Other Non-current Liab.
- Equity
- Retained Earnings
- Accumulated OCI
- APIC
- Treasury Stock
- Total L&E
- Shares Outstanding
Cash Flow
Recent SEC Filings
Cboe Global Markets, Inc. 8-K Report, Financial Results (Jul 31, 2026)
Cboe Global Markets, Inc. (CBOE) has filed an 8-K report on July 31, 2026, to disclose its financial results for the quarter ended June 30, 2026. The core of this filing is the press release, attached as Exhibit 99.1, which provides the company's performance details for the period. Investors should review this press release for specific figures on revenue, profitability, and any other key financial metrics reported by Cboe for the second quarter of 2026. While the 8-K itself is a notification of the results announcement, the detailed financial performance and operational commentary are contained within the referenced press release. This filing serves as a formal notification of the release of Cboe's quarterly earnings, and investors are directed to the accompanying exhibit for a comprehensive understanding of the company's financial condition and results of operations for the specified quarter. It's important to note that the information within this 8-K, including the press release, is not considered "filed" for certain regulatory purposes unless specifically incorporated by reference into other filings.
Cboe Global Markets, Inc. 8-K Report, Material Agreement (Jul 28, 2026)
Cboe Global Markets, Inc. (CBOE) has entered into a Third Amended and Restated Credit Agreement, significantly enhancing its financial flexibility. This new agreement provides a $400 million senior unsecured revolving credit facility with a potential to expand to $600 million, maturing in July 2031. This facility offers borrowers options for interest rate calculations, including Term SOFR, SONIA, or EURIBOR for USD, Sterling, and Euros respectively, plus a margin based on public debt ratings. It also includes a $25 million swing line sub-facility and allows for subsidiaries to be added as borrowers with Cboe's guarantee. This updated credit facility is crucial for Cboe's ongoing operations and strategic initiatives. Key financial covenants include a minimum consolidated interest coverage ratio of 4.00:1.00 and a maximum consolidated leverage ratio of 3.50:1.00, with provisions allowing temporary increases to the leverage ratio under specific conditions. The agreement also incorporates updated legal requirements and provides additional permissions for Cboe's clearing activities. Investors should note the facility's substantial size, flexibility in borrowing and interest rate options, and the financial covenants designed to ensure the company maintains a strong financial position.
Cboe Global Markets, Inc. 8-K Report, Material Agreement (Jun 26, 2026)
Cboe Global Markets, Inc. (CBOE) has filed an 8-K report detailing an amendment and restatement of its credit facility agreement for Cboe Clear Europe N.V. This action, effective June 26, 2026, primarily extends the facility's term to June 25, 2027, and importantly, maintains the aggregate commitment at Euro 1.2 billion, with an accordion increase option to Euro 1.7 billion. Cboe Global Markets, Inc. continues to serve as the guarantor for this facility.
Cboe Global Markets, Inc. 8-K Report, Shareholder Vote Results (May 18, 2026)
Cboe Global Markets, Inc. (CBOE) filed an 8-K report on May 18, 2026, detailing the outcomes of its Annual Meeting of Stockholders held on May 14, 2026. The primary focus of this filing is the voting results on several key proposals. Investors can take comfort in the strong approval of Cboe's slate of directors, indicating continued confidence in the current leadership and governance. Additionally, the company received shareholder ratification for its independent registered public accounting firm, KPMG LLP, for the fiscal year 2026, reinforcing transparency and audit integrity. While executive compensation was approved on an advisory basis, the rejection of a shareholder proposal regarding the right to act by written consent suggests a preference among a significant portion of shareholders for the current governance structure. Overall, the meeting results reflect broad support for the company's strategic direction and operational oversight.
Cboe Global Markets, Inc. 8-K Report, Financial Results (May 1, 2026)
Cboe Global Markets, Inc. (CBOE) filed an 8-K on May 1, 2026, primarily to report its first-quarter 2026 financial results and to disclose details regarding a strategic realignment initiative. The company announced additional actions to optimize resource allocation, which are expected to result in pre-tax restructuring charges of approximately $36 million to $46 million, mainly for severance costs, to be incurred primarily from the second through fourth quarters of 2026. These actions, combined with prior business optimizations, are projected to lead to a workforce reduction of approximately 20% and are anticipated to generate annualized pre-tax cost savings of $40 million to $50 million, with $20 million to $25 million expected to be realized in 2026. While the press release detailing the financial results for the quarter ended March 31, 2026, is attached, the core of the filing focuses on the operational restructuring. Investors should note that these restructuring charges are a one-time event, but the associated cost savings are expected to improve future profitability. The company cautions that actual expenses and savings may differ from estimates due to various assumptions and potential delays related to local laws and consultation requirements. The full financial details for Q1 2026 would be found in the referenced press release.
View all 8-K filings →