Cboe Global Markets IncCboe Global Markets Inc
Cboe Global Markets Inc

Cboe Global Markets Inc

CBOE
Financials·Capital Markets

Cboe Global Markets, Inc. engages in the provision of trading and investment solutions to investors. It operates through the following business segments: Options, North American Equities, Futures, Europe and Asia Pacific, Global FX, and Digital. The Options segment includes the options exchange business, which lists trading options on market indexes and on non-exclusive multiply listed options. The North American Equities segment covers listed cash equities and ETP transaction services that occur on BZX, BYX, EDGX, and EDGA. The Futures segment refers to the business of futures exchange, CFE, which includes offering for trading futures on the VIX Index and bitcoin and other futures products. The Europe and Asia Pacific segment relates to the pan-European listed cash equities transaction services, ETPs, exchange-traded commodities, and international depository receipts that occur on the RIE, operated by Cboe Europe Equities. The Global FX segment represents the institutional FX trading services that occur on the Cboe FX platform. The Digital segment focuses on Cboe Digital, which operates a digital asset spot market and a regulated futures exchange. The company was founded in 1973 and is headquartered in Chicago, IL.

Illinois; U.S.A
Market cap
No dataNo data
Revenue
$4.7B+15.1% YoY
Net income
$1.1B+43.8% YoY
Free cash flow
$1.7B+61.7% YoY

Market

Listed stock
Tokenized stocks
CBOEPriceCBOE
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Financial performance

Revenue
$4.7B+15.1% YoY
Operating income
$1.5B+33.6% YoY
Net income
$1.1B+43.8% YoY
Free cash flow
$1.7B+61.7% YoY

Revenue, profit & cash trend

Revenue
Operating income
Net income
Free cash flow
Reference
Revenue: 2021 $3.5B, 2022 $4B, 2023 $3.8B, 2024 $4.1B, 2025 $4.7B. Operating income: 2021 $805.9M, 2022 $489.6M, 2023 $1.1B, 2024 $1.1B, 2025 $1.5B. Net income: 2021 $529M, 2022 $235M, 2023 $761.4M, 2024 $764.9M, 2025 $1.1B. Free cash flow: 2021 $545.8M, 2022 $591.3M, 2023 $1B, 2024 $1B, 2025 $1.7B. Reference line: Reference at $0.

Growth & profitability

Revenue growth
15.1%+663 bps YoY
Gross margin
No dataNo data
Operating margin
No dataNo data
FCF margin
No dataNo data

Earnings power over time

Operating income
Net income
Free cash flow
Operating income: 2021-12-31 $805.9M, 2022-12-31 $489.6M, 2023-12-31 $1.1B, 2024-12-31 $1.1B, 2025-12-31 $1.5B. Net income: 2021-12-31 $529M, 2022-12-31 $235M, 2023-12-31 $761.4M, 2024-12-31 $764.9M, 2025-12-31 $1.1B. Free cash flow: 2021-12-31 $545.8M, 2022-12-31 $591.3M, 2023-12-31 $1B, 2024-12-31 $1B, 2025-12-31 $1.7B

Growth heatmap

2022202320242025CAGR
Revenue
+13.3%
-4.7%
+8.5%
+15.1%
+7.8%
Gross profit
+18.0%
+10.1%
+8.1%
+17.2%
+13.3%
Operating income
-39.2%
+116.1%
+3.8%
+33.6%
+16.2%
Free cash flow
+8.3%
+74.3%
+0.9%
+61.7%
+32.5%

Earnings quality

Operating cash flow
$1.8B+59.2% YoY
Net income
$1.1B+43.8% YoY
Free cash flow
$1.7B+61.7% YoY
Diluted EPS
No dataNo data

Cash conversion quality

Operating cash flow
Free cash flow
Net income = 100%
Operating cash flow: 2025-12-31 159%, 2024-12-31 144%, 2023-12-31 141%, 2022-12-31 277%, 2021-12-31 113%. Free cash flow: 2025-12-31 153%, 2024-12-31 136%, 2023-12-31 135%, 2022-12-31 252%, 2021-12-31 103%. Reference line: Net income = 100% at 100%.

Per-share economics

Diluted EPS
Latest
No data
FCF / share
Latest
No data
Diluted shares
Latest
No data

Financial flexibility

Cash & equivalents
No dataNo data
Total debt
No dataNo data
Net debt
No dataNo data
Current ratio
No dataNo data

Cash Coverage of Debt

Cash / Total debt
No data

Returns

Return on equity
No dataNo data
Return on assets
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Return on invested capital
No dataNo data
Asset turnover
No dataNo data

Return on capital

No data

Valuation

Price to earnings
No dataNo data
Price to sales
No dataNo data
EV / EBITDA
No dataNo data
Free cash flow yield
No dataNo data

Valuation vs its own 5Y history

Metric
Own five-year range
Current
Own 5Y median
Position in own range
Price to earnings
No data
No data
No data
No data
Price to sales
No data
No data
No data
No data
EV / EBITDA
No data
No data
No data
No data
Free cash flow yield
No data
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No data
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