# Cboe Global Markets Inc. (CBOE) — Financial Analysis

**Exchange:** CBOE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-13  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/CBOE/thesis · /stocks/CBOE/memo

## 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 ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/CBOE/fundamental

## Navigation

- Overview: /stocks/CBOE
- Financials (this page): /stocks/CBOE/financials
- Thesis: /stocks/CBOE/thesis
- Investment Memo: /stocks/CBOE/memo
- Coverage universe: /stocks