Cboe Global Markets, Inc. (CBOE)
Cboe Global Markets, Inc., through its subsidiaries, operates as a derivatives and securities exchange network that delivers trading, clearing, and investment solutions in the United States and internationally. It operates through five segments: Options, North American Equities, Europe and Asia Pacific, Futures, and Global FX. The Options segment includes options on market indices, stocks of individual corporations, and exchange-traded products (ETPs), such as exchange-traded funds (ETFs) and exchange-traded notes (ETNs). This segment also offers trading in listed options through a single system. The North American Equities segment comprises U.S. equities and ETP transaction services. This segment also includes listing services on Cboe Canada, ETP listings on BZX, the Cboe Global Markets, Inc. common stock listing, and applicable market data. The Europe and Asia Pacific segment provides pan-European derivatives transaction services; ETPs, including exchange-traded funds, exchange-traded notes, and exchange-traded commodities; international depository receipts; and an ETP listings business on regulated markets and clearing activities, as well as equities services. The Futures segment offers transaction services, including trading in VIX futures and other futures products, the licensing of proprietary market data, and access and capacity services. The Global FX segment provides institutional foreign exchange (FX) trading and non-deliverable forward FX transaction services. The company also provides trading solutions and products in multiple asset classes, including equities, derivatives, and FX across North America, Europe, and Asia Pacific. It has strategic relationships with S&P Dow Jones Indices, LLC; Frank Russell Company; and FTSE International Limited. The company was formerly known as CBOE Holdings, Inc. and changed its name to Cboe Global Markets, Inc. in October 2017. Cboe Global Markets, Inc. was founded in 1973 and is headquartered in Chicago, Illinois.
- Symbol
- CBOE
- Exchange
- CBOE
- Sector
- Financial Services
- Industry
- Financial Data & Stock Exchanges
- Market cap
- $28.36B
- 52 week range
- 227.15 - 371.18
Valuation
- Share price
- $271.26 (close of 2026-10-02)
- P/E (TTM)
- 21.06x
- Price to book
- 5.04x
- Price to free cash flow
- 15.13x
- Enterprise value
- $27.67B
- Book value per share
- $53.81
Price performance
| Period | Change |
|---|---|
| 1 day | -2.14% |
| 5 days | +5.13% |
| 1 month | -7.77% |
| 3 months | +8.94% |
| 6 months | -6.45% |
| Year to date | +8.07% |
| 1 year | +12.33% |
| 3 years | +73.00% |
| 5 years | +119.75% |
| 10 years | +318.29% |
| All time | +734.90% |
Members of Congress who disclosed CBOE trades
Jefferson Shreve · Gilbert Ray Cisneros · John Boozman · Alan Armstrong
Super investors holding CBOE
Ken Griffin (Citadel) · Ray Dalio (Bridgewater Associates)
Profitability and growth
- Return on equity
- 21.41%
- Return on invested capital
- 22.17%
- Return on assets
- 11.82%
- Return on capital employed
- 21.13%
- Gross margin
- 51.53%
- Net margin
- 23.33%
- EBITDA margin
- 33.72%
- Revenue growth
- 15.13%
- Net income growth
- 43.81%
- Free cash flow growth
- 61.74%
Cash flow and balance sheet
- Free cash flow yield (TTM)
- 6.61%
- Current ratio
- 1.57x
- Net debt to EBITDA
- -0.34x
Latest reported year
- Period end
- 2025-12-31
- Fiscal year
- 2025
- Revenue
- $4.71B
- Cost of revenue
- $2.29B
- Gross profit
- $2.43B
- EBITDA
- $1.59B
- Net income
- $1.10B
- Earnings per share
- $10.46
- Shares outstanding
- 104.70M
Income statement by year
| Period end | Revenue | Gross profit | Net income | EPS |
|---|---|---|---|---|
| 2025-12-31 | $4.71B | $2.43B | $1.10B | $10.46 |
| 2024-12-31 | $4.09B | $2.07B | $764.90M | $7.24 |
| 2023-12-31 | $3.77B | $1.92B | $761.40M | $7.16 |
| 2022-12-31 | $3.96B | $1.74B | $235.00M | $2.20 |
| 2021-12-31 | $3.49B | $1.48B | $529.00M | $4.93 |
| 2020-12-31 | $3.43B | $1.25B | $468.20M | $4.28 |
| 2019-12-31 | $2.50B | $1.14B | $374.90M | $3.35 |
| 2018-12-31 | $2.77B | $1.22B | $426.50M | $3.78 |
| 2017-12-31 | $2.23B | $995.60M | $401.70M | $3.70 |
| 2016-12-31 | $703.10M | $566.40M | $186.80M | $2.27 |
Margins and returns by year
| Period end | Gross margin | Net margin | Return on equity | Return on capital |
|---|---|---|---|---|
| 2025-12-31 | 51.53% | 23.33% | 21.41% | 22.17% |
| 2024-12-31 | 50.61% | 18.68% | 17.87% | 15.72% |
| 2023-12-31 | 50.83% | 20.18% | 19.11% | 15.27% |
| 2022-12-31 | 44.00% | 5.94% | 6.78% | 5.95% |
| 2021-12-31 | 42.24% | 15.14% | 14.67% | 12.30% |
| 2020-12-31 | 36.60% | 13.66% | 13.98% | 10.56% |
| 2019-12-31 | 45.55% | 15.02% | 11.17% | 10.04% |
| 2018-12-31 | 43.95% | 15.40% | 13.16% | 10.84% |
| 2017-12-31 | 44.66% | 18.02% | 12.91% | 8.84% |
| 2016-12-31 | 80.56% | 26.57% | 58.75% | 80.35% |
Cash and debt by year
| Period end | Cash | Debt |
|---|---|---|
| 2025-12-31 | $2.22B | $1.44B |
| 2024-12-31 | $920.30M | $1.44B |
| 2023-12-31 | $543.20M | $1.44B |
| 2022-12-31 | $432.70M | $1.44B |
| 2021-12-31 | $341.90M | $1.30B |
| 2020-12-31 | $245.40M | $1.14B |
| 2019-12-31 | $229.30M | $867.60M |
| 2018-12-31 | $275.10M | $915.60M |
| 2017-12-31 | $143.50M | $1.24B |
| 2016-12-31 | $97.30M | - |
Free cash flow by year
| Period end | Free cash flow | Stock-based compensation |
|---|---|---|
| 2025-12-31 | $1.68B | $50.40M |
| 2024-12-31 | $1.04B | $41.80M |
| 2023-12-31 | $1.03B | $41.30M |
| 2022-12-31 | $591.30M | $30.70M |
| 2021-12-31 | $545.80M | $26.60M |
| 2020-12-31 | $1.41B | $21.70M |
| 2019-12-31 | $597.70M | $21.80M |
| 2018-12-31 | $498.40M | $35.10M |
| 2017-12-31 | $336.90M | $52.60M |
| 2016-12-31 | $185.20M | $14.50M |
Dividend history
- Most recent payment
- 2026-08-31
- Paid in the last twelve months
- $2.30
| Payment date | Dividend per share |
|---|---|
| 2026-08-31 | $0.86 |
| 2026-05-29 | $0.72 |
| 2026-02-27 | $0.72 |
| 2025-05-30 | $0.63 |
| 2025-02-28 | $0.63 |
| 2024-11-29 | $0.63 |
| 2024-08-30 | $0.63 |
| 2024-05-31 | $0.55 |
Investor relations
Next earnings report
- Next confirmed report
- 2026-10-30
- Consensus EPS estimate
- $3.40
Past earnings dates
| Reported | Fiscal period | EPS estimate |
|---|---|---|
| 2026-07-31 | Jun/2026 | $3.45 |
| 2026-05-01 | Mar/2026 | $3.37 |
| 2026-02-06 | Dec/2025 | $2.93 |
| 2025-10-31 | Sep/2025 | $2.53 |
| 2025-08-01 | Jun/2025 | $2.42 |
| 2025-07-31 | - | - |
| 2025-05-02 | Mar/2025 | $2.36 |
| 2025-05-01 | - | - |
Filings and sources
- Company website
- cboe.com
- SEC filings
- 10-K, 10-Q and 8-K on EDGAR
- Earnings calendar
- All upcoming reports
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