01—Abstract
Summary
Summary of the 10-K filed February 20, 2026. Cited figures are marked; the original filing is the authoritative source.
Cboe Global Markets, Inc. (CBOE) reported strong financial performance for the year ended December 31, 2025, with total revenues increasing by 15% to $4.71 billiona and net income growing by 44% to $1.1 billion.
This growth was primarily driven by robust performance in its Derivatives Markets segment, which saw a 21%b revenue increase, and solid contributions from its Cash and Spot Markets and Data Vantage segments. The company also demonstrated effective cost management, leading to a significant increase in operating income. During 2025, Cboe executed a strategic realignment, initiating wind-downs of certain businesses and divesting others to focus on core strengths and growth opportunities.
This strategic review included the wind-down of Japanese equities, initiation of sales processes for Australian and Canadian businesses, and cost reductions in ETP Listings and other smaller analytics businesses. The company also successfully completed key technology migrations, including the transition of Digital Exchange futures to CFE, and unveiled its new exchange technology platform, Cboe Titanium. Looking ahead, Cboe remains focused on optimizing its core businesses, capitalizing on emerging industry trends, and maintaining a disciplined capital allocation strategy.
Despite facing a competitive landscape and evolving regulatory environment, the company's strong revenue growth, improved profitability, and strategic portfolio adjustments position it well for continued success. Investors should monitor the ongoing integration of acquired businesses, the competitive dynamics in key markets, and the impact of regulatory changes, particularly in the U.S. equity market structure.
02—Key points
Key Highlights
- Total revenues increased 15% to $4.71 billion in 2025, driven by strong performance across all segments.
- Net income surged 44% to $1.1 billion, reflecting revenue growth and effective cost management.
- The Derivatives Markets segment was a key growth driver, with revenues increasing 21%, supported by strong options volumes.
- Cboe completed a comprehensive strategic review, initiating wind-downs and sales processes for non-core businesses to focus on core strengths.
- Successful completion of key technology migrations, including the transition of Digital Exchange futures to CFE.
- The company successfully managed operating expenses, resulting in a 34% increase in operating income.
- Cboe's stock performance significantly outperformed the S&P 500 and its peer group over the five-year period ending December 31, 2025.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in FY2025, Cboe Global Markets, Inc. kept $0.23.
- Revenue$4.71B100.0%
- Cost of revenue−$2.29B48.5%
- Gross profit$2.43B51.5%
- Operating costs−$962.0M20.4%
- Operating income$1.47B31.1%
- Interest, other & tax−$367.1M7.8%
- Net income$1.10B23.3%
Where FY2025 revenue went
$4.71B- Cost of revenue: $2.29B, 48% of revenue
- Net income: $1.10B, 23% of revenue
- Operating costs: $962.0M, 20% of revenue
- Interest, other & tax: $367.1M, 7.8% of revenue
Kept 23% as net income
Full revenue history →04—Financials
Financial Highlights
Figures from 10-KFY2025filed February 20, 2026Financial Statements
FY2025 against FY2024
| Line item | FY2025FY2024 | Change |
|---|---|---|
| Revenue | $4.71B$4.09B | +15.1% |
| Cost of Revenue | $2.29B$2.02B | +13.0% |
| Gross Profit | $2.43B$2.07B | +17.2% |
| Operating Expenses | $962.00M$974.00M | −1.2% |
| Operating Income | $1.47B$1.10B | +33.6% |
| Interest Expense | $52.30M$51.50M | +1.6% |
| Net Income | $1.10B$764.90M | +43.8% |
| EPS (Basic) | $10.46$7.24 | +44.5% |
| EPS (Diluted) | $10.42$7.21 | +44.5% |
| Shares Outstanding (Basic) | 104.70M105.10M | −0.4% |
| Shares Outstanding (Diluted) | 105.10M105.50M | −0.4% |
05—Questions
Frequently Asked Questions
What was Cboe's revenue performance in 2025?
Cboe Global Markets reported total revenues of $4.71 billion for the year ended December 31, 2025, representing a 15% increase compared to 2024. This growth was broad-based, with strong contributions from the Derivatives Markets, Cash and Spot Markets, and Data Vantage segments.
How did Cboe's strategic realignment impact its operations?
In 2025, Cboe conducted a strategic review that led to significant portfolio realignments. This included initiating the wind-down of its Japanese equities business, starting sales processes for its Australian and Canadian businesses, and reducing costs in other non-core areas. These actions are aimed at optimizing the business portfolio, focusing on core strengths, and enhancing the company's growth trajectory.
What are the key drivers of Cboe's profitability?
Cboe's profitability is driven by several factors, including increasing trading volumes across its proprietary products like SPX options and VIX futures, growth in market data and access and capacity fees from its Data Vantage business, and effective management of operating expenses. The company's focus on high-margin derivatives and data products also contributes significantly to its strong operating income and net income growth.
What is Cboe's outlook on future growth and capital allocation?
Cboe's strategic focus is on leveraging its core strengths, capitalizing on emerging industry trends, and maintaining a disciplined approach to capital allocation. The company plans to optimize its core businesses, expand its Data Vantage offerings, and continue its share repurchase program and dividend payments, subject to market conditions and board discretion.
06—Continue