CBOE: CBOE
Cboe Global Markets
Financials · Security & Commodity Brokers, Dealers, Exchanges & Services
52-week range
$227.15$371.18
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$28.7B
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| Period | Market cap |
|---|---|
| FY2016, ended Dec 31, 2016 | $6.01B |
| FY2017, ended Dec 31, 2017 | $14.0B |
| FY2018, ended Dec 31, 2018 | $10.9B |
| FY2019, ended Dec 31, 2019 | $13.3B |
| FY2020, ended Dec 31, 2020 | $9.98B |
| FY2021, ended Dec 31, 2021 | $13.9B |
| FY2022, ended Dec 31, 2022 | $13.3B |
| FY2023, ended Dec 31, 2023 | $18.9B |
| FY2024, ended Dec 31, 2024 | $20.5B |
| FY2025, ended Dec 31, 2025 | $26.3B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $28.7B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$5.28B
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| Period | Revenue |
|---|---|
| FY2016, ended Dec 31, 2016 | $703M |
| FY2017, ended Dec 31, 2017 | $2.23B |
| FY2018, ended Dec 31, 2018 | $2.77B |
| FY2019, ended Dec 31, 2019 | $2.50B |
| FY2020, ended Dec 31, 2020 | $3.43B |
| FY2021, ended Dec 31, 2021 | $3.49B |
| FY2022, ended Dec 31, 2022 | $3.96B |
| FY2023, ended Dec 31, 2023 | $3.77B |
| FY2024, ended Dec 31, 2024 | $4.09B |
| FY2025, ended Dec 31, 2025 | $4.71B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $5.28B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $187M | $185M |
| FY2017, ended Dec 31, 2017 | $402M | $337M |
| FY2018, ended Dec 31, 2018 | $427M | $498M |
| FY2019, ended Dec 31, 2019 | $375M | $598M |
| FY2020, ended Dec 31, 2020 | $468M | $1.41B |
| FY2021, ended Dec 31, 2021 | $529M | $546M |
| FY2022, ended Dec 31, 2022 | $234M | $591M |
| FY2023, ended Dec 31, 2023 | $761M | $1.03B |
| FY2024, ended Dec 31, 2024 | $765M | $1.04B |
| FY2025, ended Dec 31, 2025 | $1.10B | $1.68B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $1.48B | $2.53B |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$2.66B
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| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Dec 31, 2016 | $97.3M |
| FY2017, ended Dec 31, 2017 | $144M |
| FY2018, ended Dec 31, 2018 | $275M |
| FY2019, ended Dec 31, 2019 | $229M |
| FY2020, ended Dec 31, 2020 | $245M |
| FY2021, ended Dec 31, 2021 | $342M |
| FY2022, ended Dec 31, 2022 | $433M |
| FY2023, ended Dec 31, 2023 | $543M |
| FY2024, ended Dec 31, 2024 | $920M |
| FY2025, ended Dec 31, 2025 | $2.22B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $2.66B |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$1.44B
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| Period | Total debt |
|---|---|
| FY2016, ended Dec 31, 2016 | $0 |
| FY2017, ended Dec 31, 2017 | $1.24B |
| FY2018, ended Dec 31, 2018 | $1.22B |
| FY2019, ended Dec 31, 2019 | $868M |
| FY2020, ended Dec 31, 2020 | $1.20B |
| FY2021, ended Dec 31, 2021 | $1.30B |
| FY2022, ended Dec 31, 2022 | $1.74B |
| FY2023, ended Dec 31, 2023 | $1.44B |
| FY2024, ended Dec 31, 2024 | $1.44B |
| FY2025, ended Dec 31, 2025 | $1.44B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $1.44B |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Up 28.4% since 2016.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.104M
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| Period | Shares outstanding |
|---|---|
| FY2016, ended Dec 31, 2016 | 81.3M |
| FY2017, ended Dec 31, 2017 | 113M |
| FY2018, ended Dec 31, 2018 | 112M |
| FY2019, ended Dec 31, 2019 | 110M |
| FY2020, ended Dec 31, 2020 | 107M |
| FY2021, ended Dec 31, 2021 | 107M |
| FY2022, ended Dec 31, 2022 | 106M |
| FY2023, ended Dec 31, 2023 | 106M |
| FY2024, ended Dec 31, 2024 | 105M |
| FY2025, ended Dec 31, 2025 | 105M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | 104M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.Net: $76.8M more bought back than issued
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| Period | Bought back | Paid to employees | Used in acquisitions |
|---|---|---|---|
| FY2016, ended Dec 31, 2016 | $60.5M | $14.5M | — |
| FY2017, ended Dec 31, 2017 | — | $52.6M | $2.42B |
| FY2018, ended Dec 31, 2018 | $141M | $35.1M | — |
| FY2019, ended Dec 31, 2019 | $157M | $21.8M | — |
| FY2020, ended Dec 31, 2020 | $349M | $21.7M | — |
| FY2021, ended Dec 31, 2021 | $81.3M | $26.6M | — |
| FY2022, ended Dec 31, 2022 | $101M | $30.7M | — |
| FY2023, ended Dec 31, 2023 | $83.9M | $41.3M | — |
| FY2024, ended Dec 31, 2024 | $205M | $41.8M | — |
| FY2025, ended Dec 31, 2025 | $66.7M | $50.4M | — |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $132M | $55.2M | — |
Revenue (TTM)
$5.28B
+14.3% YoY
Net income (TTM)
$1.48B
+50.6% YoY
Cash
$2.66B
+77.9% YoY
Total debt
$1.44B
+0.1% YoY
Valuation
At current price- Market Cap
- $35.0B
- P/E
- 23.6×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 6.6×
- Price / Book
- 5.9×
- EV / EBITDA
- 16.6×
Growth
Trailing 12 months- Revenue (TTM)
- $5.28B
- Revenue Growth YoY
- 14.3%
- Revenue CAGR 3Y
- 6.0%
- Revenue CAGR 5Y
- 6.6%
- EPS Growth YoY
- 51.1%
- Net Income Growth YoY
- 50.6%
Profitability
Trailing 12 months- Gross Margin
- 53.9%
- Operating Margin
- 36.4%
- Net Margin
- 28.0%
- FCF Margin
- 47.9%
- Return on Equity
- 27.4%
Earnings
Trailing 12 months- Net Income
- $1.48B
- EPS (diluted)
- $14.05
- EBITDA
- $2.04B
- Operating Income
- $1.92B
Balance Sheet
As of Sep 30, 2026- Cash and cash equivalents
- $2.66B
- Total Debt
- $1.44B
- Net Cash
- $1.22B
- Total Assets
- $11.2B
- Total Liabilities
- $5.30B
- Shareholders' Equity
- $5.93B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $2.63B
- Capital Expenditure
- $96.4M
- Free Cash Flow
- $2.53B
Dividends and risk
Last 12 months- Dividend Yield
- 0.7%
- Dividend / Share
- $2.30
- Beta (5Y)
- 0.42
Every ratio is calculated from the company’s reported figures.
Strength
Revenue is up 14.3% year over year, at $5.28B.
Strength
Operating margin widened 6.9 pts in a year, to 36.4%.
Strength
Turns 47.9% of revenue into free cash flow.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-Q for the quarter ended Sep 30, 2026 · filed Oct 30, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2025 · 10-K71Good news
71Good news
10-K for the fiscal year ended Dec 31, 2025
Filed Feb 20, 2026 · Read the filing on EDGAR
- Revenue rose 15% to $4.71B, operating income rose 34% to $1.47B and net income rose 44% to $1.10B, driven by record options volumes.
- New CEO Craig Donohue started in May 2025. Cboe is shutting its Japan and European derivatives (CEDX) businesses, trying to sell Australia and Canada, and ending corporate listings.
- Asset write-downs of $46.7M (Japan, Canada, CEDX) were smaller than 2024's $81M crypto write-down. A $90.8M gain from selling the Trading Technologies stake lifted profit.
- Cash rose to $2.2B against $1.44B of fixed-rate debt, with nothing drawn on credit lines.
Business momentum
Strong improvement
“Total revenues for the year ended December 31, 2025 increased $619.7 million, or 15%, compared to the year ended December 31, 2024”
Outlook
Neutral
“We expect our cash on hand at December 31, 2025 and other available resources, including cash generated from operations, to be sufficient to continue to meet our cash requirements for the foreseeable future.”
Financial stress
Low
“Together with adjusted cash, we had approximately $2.6 billion available to fund our operations, capital expenditures, potential acquisitions, debt repayments, and any dividends”
Tone against the previous report
More positive
Red flags
- Minor
Large write-down
“the impairment of Cboe Japan's assets of $23.4 million as a result of the wind down of the Company's Japanese equities business, $17.7 million in cumulative impairment charges of intangible assets related to Cboe Canada”
Positives
Options business surged
“For the year ended December 31, 2025, operating income for the Options segment increased $234.9 million compared to the year ended December 31, 2024”
Much higher profit margins
“Operating margin 60.4 % 53.0 %”
Cash pile more than doubled
“Cash and cash equivalents as of December 31, 2025 increased $1,296.2 million from December 31, 2024”
Concerns
Futures segment profit fell
“For the year ended December 31, 2025, operating income for the Futures segment decreased $25.0 million compared to the year ended December 31, 2024”
U.S. stock trading market share and fees per trade fell
“U.S. Equities - Exchange (net capture per one hundred touched shares) (3) $ 0.015 $ 0.022 $ (0.007) (32) %”
Reliance on a few large customers
“in 2025, our top ten customers accounted for approximately 57% of our revenues.”
New risks since the previous report
European clearinghouse credit line expires mid-2026
“The Facility is expected to terminate on June 26, 2026 and we may not be able to enter into a replacement facility on commercially reasonable terms, or at all.”
Risks from shutting and selling businesses
“These actions may involve transitional disruptions, regulatory complexities, loss of customer relationships, reputational impacts, or challenges in retaining key personnel during the transition.”
Heavy leadership turnover
“Failure to ensure effective transfer of knowledge and smooth transitions involving our management team and key employees, including the recent transitions of our Chief Executive Officer, our Chief Operating Officer”
Competition from prediction markets and tokenization
“We also compete against certain event prediction market or multi-listed options products, such as SPY options, which offer some of the features of our proprietary products, such as SPX options.”
Lower stock exchange access fee cap being implemented
“implementation of the SEC's reduced equity access fee cap and other potential market structure changes may lead to decreased exchange trading, and reduced transaction fee revenue”
Biggest risks named
- Losing exclusive licenses for S&P 500 and VIX products
- Lower trading volumes and price competition
- SEC market structure and access fee rule changes
- Clearinghouse defaults and replacing Cboe Clear Europe's credit line
- Heavy reliance on a few large customers and OCC clearing
Artificial intelligence in this business: Mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | +12 | |
| Outlook | 0 | |
| Tone against the previous report | +2 | |
| Financial stress | 0 | |
| Red flags | −1.5 | |
| New risks | −2 | |
| Score | 71 | |
Written by AI (Claude Opus 5.5) from the report’s text. 15 of 15 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-Q | Oct 30, 2026 | Pro | |||
| 10-K | Feb 20, 2026 | 71 | Strong improvement | 1 minor | |
| 10-K | Feb 21, 2025 | 59 | Improving | 2 medium | |
| 10-K | Feb 16, 2024 | 65 | Improving | 1 minor | |
| 10-K | Feb 17, 2023 | 37 | Sharp deterioration | 1 medium1 minor | |
| 10-K | Feb 18, 2022 | 67 | Strong improvement | 1 minor | |
| 10-K | Feb 19, 2021 | 70 | Strong improvement | None | |
| 10-K | Feb 21, 2020 | 49 | Weakening | 1 minor | |
| 10-K | Feb 22, 2019 | 67 | Strong improvement | 1 medium1 minor | |
| 10-K | Feb 22, 2018 | 74 | Strong improvement | 1 minor |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q3 FY2026 (period ended Sep 30, 2026), filed Oct 30, 2026. View filings on SEC EDGAR