Cboe Global Markets Inc.

CBOE
Financial Analysis · Updated May 13, 2026 · Coverage 2026-Q2
Latest Q Revenue
$587.3M
Q2 2025 · +14% YoY
TTM ROIC
16.5%
FY2025 · NOPAT / Net Invested Capital (ex-cash); NOPAT = Adjusted Operating Income × (1 - 30% tax rate) · WACC ~9% · Moat spread +7.5pp

Financial Snapshot


ticker: CBOE step: 04 generated: 2026-05-13 source: quick-research

Cboe Global Markets, Inc. (CBOE) — Financial Snapshot

Income Statement Summary

Metric FY2022 FY2023 FY2024 YoY
Revenue (gross) ~$3.75B ~$3.77B ~$4.09B +8.5%
Net Revenue* ~$1.85B ~$1.90B ~$2.00B +5%
Adjusted Operating Margin ~57% ~60% ~62%
Net Income ~$550M ~$590M ~$640M
EPS (diluted, GAAP) ~$5.20 ~$5.50 ~$7.21 +31%
EPS (adjusted, diluted) ~$6.90 ~$7.80 ~$8.50+

Net revenue excludes pass-through liquidity payments and routing/clearing costs — the most meaningful profitability measure for exchanges. FY2025 was a breakout year with net revenue growing 17% YoY to $4.62B (gross basis), driven by 0DTE options volume explosion and VIX volatility spike environment; Q4 2025 record net revenue $671M (+28% YoY) with 67.1% adjusted operating margins.

Cash Flow & Balance Sheet (FY2024)

Metric Value
Operating Cash Flow ~$900M
Free Cash Flow ~$800M
Capital Expenditures ~$100M
Cash & Equivalents ~$2.2B
Total Debt ~$3.5B

FCF grew 62% in FY2025, demonstrating the exceptional operating leverage of the exchange business model — incremental revenue requires virtually no incremental capital expenditure.

Key Ratios (approximate)

  • P/E: ~22–25x (adjusted) | EV/EBITDA: ~18x | FCF Yield: ~3–4%
  • Net Revenue Growth (FY2024): +5–7% | Adjusted Operating Margin: ~62–67%
  • Data and Access Solutions: ~20% of net revenue, growing ~7–9%/year; recurring subscription model
  • Dividend Yield: ~1.3%; dividend growing ~8–10%/year

Growth Profile

Cboe's net revenue has grown at 7–10%/year over the past decade, driven by secular growth in options trading (retail democratization, institutional hedging demand) and proprietary index product expansion. FY2025 was exceptional — 17% net revenue growth, 62% FCF growth — driven by the 0DTE SPX options surge (retail vertical spreads), elevated VIX volatility (spike environment from macro uncertainty), and the Robinhood retail channel expansion. The Data Vantage/Access Solutions segment adds recurring revenue that is less volatile than transaction-based revenue.

Forward Estimates

  • FY2025 Net Revenue: ~$4.62B gross reported (+17% YoY — exceptional year)
  • FY2025 Adjusted EPS: Record ~$3.06/share in Q4 2025 alone (+45% YoY for the quarter)
  • FY2026: Analysts project more normalized growth vs. FY2025 volatility-fueled results; consensus mid-to-high single digit net revenue growth
  • Capital position: $2.2B cash with cautious deployment — modest buybacks and dividend increases

Deeper Financial Analysis

The fundamental tier adds 9 additional research dimensions for $CBOE.

Revenue Breakdown
Segment revenue, geographic mix, product-line contribution margins, and cohort dynamics.
Financial Trends
Quarter-over-quarter momentum, leading indicators, and inflection point analysis.
Balance Sheet
Debt structure, liquidity runway, dilution risk, and working capital dynamics.
Capital Allocation
Buyback cadence, M&A appetite, dividend policy, and reinvestment priorities.
Returns on Capital (ROIC)
Multi-year ROIC vs. WACC, marginal returns on reinvestment, sales-to-invested-capital efficiency, and moat spread.
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