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Cboe Global Markets (CBOE) Financials

Cboe Global Markets logo
$249.70 +56.33 (+29.13%)
Closing price 08/7/2025 03:59 PM Eastern
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$250.46 +0.76 (+0.31%)
As of 08:00 AM Eastern
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Annual Income Statements for Cboe Global Markets

Annual Income Statements for Cboe Global Markets

This table shows Cboe Global Markets' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Net Income / (Loss) Attributable to Common Shareholders
188 204 185 397 422 373 467 527 234 758 761
Consolidated Net Income / (Loss)
190 205 186 401 425 371 468 529 235 761 765
Net Income / (Loss) Continuing Operations
190 205 186 401 425 371 468 529 235 761 765
Total Pre-Tax Income
310 324 307 334 571 501 660 756 433 1,048 1,084
Total Operating Income
314 320 298 372 599 537 662 806 490 1,058 1,098
Total Gross Profit
429 562 566 794 988 1,137 1,254 1,476 1,742 1,918 1,610
Total Revenue
617 664 703 2,229 2,769 2,496 3,427 3,495 3,959 3,774 4,095
Operating Revenue
603 644 703 2,229 2,769 2,496 3,427 3,495 3,959 3,774 4,095
Total Cost of Revenue
188 100 137 1,435 1,781 1,359 2,173 2,019 2,217 1,856 2,485
Operating Cost of Revenue
188 100 137 1,435 1,781 1,359 2,173 2,019 2,217 1,856 2,485
Total Operating Expenses
116 242 268 422 389 600 592 670 1,252 860 512
Selling, General & Admin Expense
38 182 194 118 130 352 364 455 556 631 226
Depreciation Expense
40 46 44 192 204 177 159 167 167 158 133
Other Operating Expenses / (Income)
38 14 17 28 25 23 24 32 49 63 70
Impairment Charge
- - - - - - 0.00 0.00 461 0.00 81
Restructuring Charge
- 0.00 14 84 30 49 45 16 20 7.40 1.30
Total Other Income / (Expense), net
-4.10 4.10 8.40 -38 -28 -36 -1.80 -51 -57 -10 -15
Interest Expense
0.00 - - - - - - 48 60 62 52
Interest & Investment Income
-4.10 0.00 -5.70 -41 -38 -36 -38 0.60 11 52 56
Other Income / (Expense), net
- 4.10 14 3.80 10 0.10 36 -3.40 -7.50 0.60 -19
Income Tax Expense
120 119 121 -66 146 131 192 227 198 286 319
Net Income / (Loss) Attributable to Noncontrolling Interest
1.32 0.90 -0.30 2.80 1.80 -2.40 1.20 1.70 0.90 3.90 3.90
Basic Earnings per Share
$2.21 $2.46 $2.27 $3.70 $3.78 $3.35 $4.28 $4.93 $2.20 $7.16 $7.24
Weighted Average Basic Shares Outstanding
85.41M 83.10M 81.40M 107.20M 111.80M 111.40M 109.10M 107M 106.30M 105.80M 105.10M
Diluted Earnings per Share
$2.21 $2.46 $2.27 $3.69 $3.76 $3.34 $4.27 $4.92 $2.19 $7.13 $7.21
Weighted Average Diluted Shares Outstanding
85.41M 83.10M 81.40M 107.50M 112.20M 111.80M 109.30M 107.20M 106.70M 106.20M 105.50M
Weighted Average Basic & Diluted Shares Outstanding
84.00M 81.80M 81.29M 112.70M 111.60M 110.44M 107.21M 106.60M 105.74M 105.58M 104.70M
Cash Dividends to Common per Share
$0.78 $0.88 $0.96 $1.04 $1.16 $1.34 $1.56 $1.80 $1.96 $2.10 $2.36

Quarterly Income Statements for Cboe Global Markets

This table shows Cboe Global Markets' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025
Period end date 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025
Net Income / (Loss) Attributable to Common Shareholders
160 173 167 207 211 208 140 217 196 249 234
Consolidated Net Income / (Loss)
160 173 168 208 212 210 140 219 197 251 235
Net Income / (Loss) Continuing Operations
160 173 168 208 212 210 140 219 197 251 235
Total Pre-Tax Income
236 248 242 270 288 292 203 309 280 350 335
Total Operating Income
251 248 245 271 294 282 210 307 299 354 339
Total Gross Profit
559 471 467 481 499 387 398 532 178 449 459
Total Revenue
1,005 988 908 909 969 957 974 1,056 1,108 1,195 1,174
Operating Revenue
1,005 988 908 909 969 957 974 1,056 1,108 1,195 1,174
Total Cost of Revenue
446 517 441 428 470 570 576 524 929 746 714
Operating Cost of Revenue
446 517 441 428 470 570 576 524 929 746 714
Total Operating Expenses
309 224 222 209 205 104 188 225 -120 95 120
Selling, General & Admin Expense
247 162 162 155 153 53 59 174 -175 52 58
Depreciation Expense
45 41 40 39 38 37 32 32 32 30 30
Other Operating Expenses / (Income)
15 14 20 15 15 14 15 19 23 13 15
Impairment Charge
- - - - - - 81 - - - 17
Restructuring Charge
2.00 6.40 0.70 0.80 -0.50 0.60 0.60 0.00 0.10 0.20 0.00
Total Other Income / (Expense), net
-15 0.30 -3.00 -1.10 -6.50 9.70 -7.10 1.60 -19 -3.70 -4.50
Interest Expense
- 17 17 15 13 13 13 13 13 13 13
Interest & Investment Income
35 17 12 14 8.30 18 19 12 7.00 5.10 10
Other Income / (Expense), net
-6.20 0.10 1.60 0.50 -1.60 4.60 -13 2.00 -13 4.00 -1.80
Income Tax Expense
76 75 74 62 76 83 63 91 83 100 100
Preferred Stock Dividends Declared
- - - - - 1.20 0.70 - - 1.20 1.20
Net Income / (Loss) Attributable to Noncontrolling Interest
-0.10 0.80 0.80 1.10 1.20 1.20 0.70 1.10 0.90 1.20 1.20
Basic Earnings per Share
$1.51 $1.63 $1.58 $1.96 $1.99 $1.97 $1.33 $2.08 $1.86 $2.38 $2.23
Weighted Average Basic Shares Outstanding
106.30M 105.90M 105.70M 105.70M 105.80M 105.60M 105.10M 104.70M 105.10M 104.70M 104.70M
Diluted Earnings per Share
$1.50 $1.63 $1.57 $1.95 $1.98 $1.96 $1.33 $2.07 $1.85 $2.37 $2.23
Weighted Average Diluted Shares Outstanding
106.70M 106.20M 106.10M 106.10M 106.20M 106.10M 105.40M 105.10M 105.50M 105.10M 105M
Weighted Average Basic & Diluted Shares Outstanding
105.74M 105.57M 105.52M 105.56M 105.58M 105.15M 104.63M 104.69M 104.70M 104.71M 104.59M
Cash Dividends to Common per Share
- $0.50 $0.50 - - $0.55 $0.55 $0.63 - $0.63 $0.63

Annual Cash Flow Statements for Cboe Global Markets

This table details how cash moves in and out of Cboe Global Markets' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Net Change in Cash & Equivalents
-73 -46 -5.00 46 132 -46 828 35 -112 417 369
Net Cash From Operating Activities
263 245 230 374 535 633 1,459 597 651 1,076 1,101
Net Cash From Continuing Operating Activities
263 245 230 374 535 633 1,459 597 651 1,076 1,101
Net Income / (Loss) Continuing Operations
190 205 186 401 425 371 468 529 235 761 765
Consolidated Net Income / (Loss)
190 205 186 401 425 371 468 529 235 761 765
Depreciation Expense
40 46 44 192 204 177 159 167 167 158 133
Amortization Expense
- 0.00 0.00 3.60 2.50 2.20 2.00 2.20 2.40 2.60 2.30
Non-Cash Adjustments To Reconcile Net Income
20 12 12 27 9.10 84 72 -145 381 195 331
Changes in Operating Assets and Liabilities, net
13 -18 -12 -249 -106 -0.40 759 43 -134 -41 -131
Net Cash From Investing Activities
-52 -79 -84 -1,437 -26 -16 -431 -353 -835 -55 -142
Net Cash From Continuing Investing Activities
-52 -79 -84 -1,437 -26 -16 -431 -353 -835 -55 -142
Purchase of Property, Plant & Equipment
-50 -39 -44 -38 -36 -35 -47 -51 -60 -45 -61
Acquisitions
0.00 -3.00 -16 -1,414 0.00 0.00 -352 -152 -708 0.00 0.00
Purchase of Investments
-1.99 0.00 0.00 -140 -166 -109 -235 -311 -119 -147 -156
Sale of Property, Plant & Equipment
- - - - - - - - 0.00 0.00 4.00
Divestitures
- - - - - 0.00 - 0.00 0.00 0.80 0.10
Sale and/or Maturity of Investments
- 0.00 0.00 155 179 98 203 160 52 136 71
Other Investing Activities, net
0.00 -37 -24 0.00 -1.80 30 0.50 0.60 0.00 0.30 0.10
Net Cash From Financing Activities
-284 -212 -150 1,100 -372 -663 -202 -200 82 -656 -495
Net Cash From Continuing Financing Activities
-284 -212 -150 1,100 -372 -663 -202 -200 82 -656 -495
Repayment of Debt
0.00 0.00 -8.20 -702 -364 -350 -230 -20 -225 -305 0.00
Repurchase of Common Equity
-168 -132 -61 0.00 -141 -157 -349 -81 -101 -84 -205
Payment of Dividends
-111 -73 -79 -118 -130 -150 -171 -193 -209 -224 -249
Issuance of Debt
- 0.00 0.00 1,944 339 0.00 564 110 664 0.00 0.00
Issuance of Common Equity
- - - - - - 0.00 -0.40 -0.60 -17 8.60
Other Financing Activities, net
-4.78 -5.90 -3.00 -24 -75 -6.00 -16 -15 -46 -27 -49
Effect of Exchange Rate Changes
- 0.00 0.00 8.60 - - 1.60 -9.10 -10 53 -95
Cash Interest Paid
- 0.00 0.00 27 39 33 29 42 51 57 100
Cash Income Taxes Paid
104 134 142 177 213 135 192 210 271 286 362

Quarterly Cash Flow Statements for Cboe Global Markets

This table details how cash moves in and out of Cboe Global Markets' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025
Period end date 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025
Net Change in Cash & Equivalents
-407 913 -756 595 -335 689 1,263 -546 -1,036 904 287
Net Cash From Operating Activities
-144 1,031 -503 737 -189 896 1,494 -579 -710 913 334
Net Cash From Continuing Operating Activities
-144 1,040 -512 737 -189 896 1,494 -579 -710 913 334
Net Income / (Loss) Continuing Operations
160 173 168 208 212 210 140 219 197 251 235
Consolidated Net Income / (Loss)
160 173 168 208 212 210 140 219 197 251 235
Depreciation Expense
45 41 40 39 38 37 32 32 32 30 30
Amortization Expense
0.70 0.70 0.60 0.60 0.70 0.60 0.60 0.60 0.50 0.60 0.60
Non-Cash Adjustments To Reconcile Net Income
-100 830 -695 517 -457 721 1,363 -830 -924 642 17
Changes in Operating Assets and Liabilities, net
-249 -5.00 -26 -28 17 -73 -42 0.20 -16 -10 51
Net Cash From Investing Activities
-91 1.90 -45 26 -38 -13 -37 35 -127 -20 -117
Net Cash From Continuing Investing Activities
-91 1.90 -45 26 -38 -13 -37 35 -127 -20 -117
Purchase of Property, Plant & Equipment
-27 -12 -7.80 -7.70 -17 -7.30 -18 -12 -24 -15 -20
Purchase of Investments
-64 -49 -39 -38 -21 -27 -23 - -106 -80 -97
Divestitures
- 0.80 - - - 0.00 3.30 0.10 -3.30 0.30 0.50
Net Cash From Financing Activities
-193 -141 -208 -165 -143 -169 -178 -78 -71 -115 -104
Net Cash From Continuing Financing Activities
-193 -141 -208 -165 -143 -169 -178 -78 -71 -115 -104
Repurchase of Common Equity
-15 -70 -8.10 - -5.80 -77 -101 -26 -0.50 -30 -37
Payment of Dividends
-53 -53 -53 -59 -59 -59 -58 -66 -66 -66 -66
Other Financing Activities, net
-4.10 -18 -5.60 -1.50 -2.30 -29 -12 -1.80 -7.40 -23 -0.70
Effect of Exchange Rate Changes
21 21 -0.80 -2.60 35 -25 -16 75 -129 126 174
Cash Interest Paid
-1.40 21 17 12 6.30 17 45 20 18 27 20
Cash Income Taxes Paid
77 9.30 120 74 83 77 102 93 91 8.00 141

Annual Balance Sheets for Cboe Global Markets

This table presents Cboe Global Markets' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Total Assets
384 385 477 5,266 5,321 5,114 6,517 6,815 6,999 7,488 7,789
Total Current Assets
244 204 235 435 684 608 1,567 1,531 1,556 1,979 2,479
Cash & Equivalents
148 102 97 144 275 229 245 342 433 543 920
Short-Term Investments
- - 0.00 47 36 71 92 37 92 58 110
Accounts Receivable
58 63 77 217 287 235 337 327 370 337 445
Current Deferred & Refundable Income Taxes
22 28 54 17 70 57 53 43 48 75 74
Other Current Assets
12 6.31 7.40 9.40 15 16 839 783 614 967 930
Plant, Property, & Equipment, net
67 60 4.90 4.90 4.90 0.00 0.00 2.30 2.30 0.00 0.00
Total Noncurrent Assets
73 120 237 4,826 4,632 4,506 4,950 5,281 5,441 5,508 5,310
Long-Term Investments
- - 73 83 86 61 43 246 253 345 384
Goodwill
0.00 7.66 27 2,707 2,691 2,682 2,895 3,025 3,123 3,141 3,124
Intangible Assets
56 2.38 8.70 1,903 1,720 1,590 1,729 1,669 1,663 1,562 1,377
Other Noncurrent Operating Assets
17 67 129 133 135 173 283 341 402 461 425
Total Liabilities & Shareholders' Equity
384 385 477 5,266 5,321 5,114 6,517 6,815 6,999 7,488 7,789
Total Liabilities
134 125 146 2,146 2,071 1,758 3,168 3,210 3,534 3,503 3,510
Total Current Liabilities
74 74 90 334 596 282 1,313 1,169 1,477 1,383 1,395
Accounts Payable
59 60 82 154 199 172 250 295 420 413 360
Customer Deposits
- - - - - 0.00 812 746 543 849 846
Current Deferred Revenue
1.99 4.02 3.10 15 8.50 4.50 10 15 12 5.90 6.40
Current Deferred & Payable Income Tax Liabilities
1.77 1.63 0.00 2.60 4.10 4.00 4.20 8.20 3.50 1.00 1.60
Other Current Liabilities
0.10 - 4.40 106 81 99 153 41 170 103 182
Total Noncurrent Liabilities
60 51 56 1,812 1,475 1,477 1,854 2,040 2,056 2,119 2,114
Long-Term Debt
- - 0.00 1,238 916 868 1,135 1,299 1,437 1,439 1,441
Noncurrent Deferred Revenue
41 40 52 79 115 136 165 198 196 244 305
Noncurrent Deferred & Payable Income Tax Liabilities
14 5.31 0.00 488 437 400 378 373 223 218 187
Other Noncurrent Operating Liabilities
4.20 4.26 4.20 6.80 7.40 74 177 171 200 218 182
Commitments & Contingencies
0.00 0.00 - 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests
250 260 318 3,111 3,241 3,356 3,349 3,605 3,465 3,985 4,280
Total Preferred & Common Equity
250 260 318 3,111 3,241 3,356 3,349 3,605 3,465 3,985 4,280
Preferred Stock
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity
250 260 318 3,111 3,241 3,356 3,349 3,605 3,465 3,985 4,280
Common Stock
111 125 140 2,625 2,661 2,693 2,715 1,511 1,456 1,480 1,514
Retained Earnings
472 604 711 993 1,288 1,513 1,810 2,146 2,171 2,525 2,816
Treasury Stock
-332 -468 -532 -558 -720 -887 -1,250 -107 -131 -11 -1.40
Accumulated Other Comprehensive Income / (Loss)
-0.69 -0.82 -0.80 51 12 38 75 56 -31 -9.40 -48

Quarterly Balance Sheets for Cboe Global Markets

This table presents Cboe Global Markets' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025
Period end date 9/30/2022 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025
Total Assets
7,297 7,904 7,196 7,733 8,152 9,256 8,712 8,667 9,048
Total Current Assets
1,897 2,458 1,744 2,278 2,675 3,900 3,318 3,362 3,743
Cash & Equivalents
353 436 414 403 536 615 763 1,047 1,256
Short-Term Investments
27 80 104 34 59 84 39 106 208
Accounts Receivable
380 393 364 359 370 373 376 493 444
Current Deferred & Refundable Income Taxes
40 4.50 38 60 6.80 35 47 1.40 41
Other Current Assets
1,097 1,544 825 1,421 1,703 2,794 2,092 1,714 1,794
Plant, Property, & Equipment, net
0.00 2.30 2.30 0.00 106 0.00 0.00 119 0.00
Total Noncurrent Assets
5,400 5,443 5,449 5,455 5,371 5,356 5,394 5,186 5,305
Long-Term Investments
254 270 294 343 362 360 358 383 380
Goodwill
3,114 3,128 3,138 3,125 3,134 3,133 3,151 3,132 3,156
Intangible Assets
1,666 1,637 1,614 1,571 1,527 1,425 1,425 1,368 1,356
Other Noncurrent Operating Assets
367 409 402 416 349 439 460 303 414
Total Liabilities & Shareholders' Equity
7,297 7,904 7,196 7,733 8,152 9,256 8,712 8,667 9,048
Total Liabilities
4,004 4,365 3,532 3,944 4,128 5,234 4,503 4,215 4,383
Total Current Liabilities
1,545 2,304 1,468 1,850 2,007 3,159 2,390 2,098 2,387
Accounts Payable
401 368 391 376 305 291 305 299 467
Customer Deposits
1,029 1,453 719 1,325 - 2,729 - - 1,670
Current Deferred Revenue
16 22 14 9.10 13 9.90 6.00 13 11
Current Deferred & Payable Income Tax Liabilities
0.00 19 0.00 0.00 0.00 0.00 0.00 7.80 0.00
Other Current Liabilities
62 117 165 52 1,681 128 2,079 1,778 238
Total Noncurrent Liabilities
2,458 2,061 2,063 2,095 2,121 2,075 2,113 2,117 1,997
Long-Term Debt
1,860 1,438 1,438 1,439 1,440 1,440 1,441 1,442 1,442
Noncurrent Deferred Revenue
185 211 224 234 257 271 287 324 213
Noncurrent Deferred & Payable Income Tax Liabilities
239 211 206 213 214 195 197 183 175
Other Noncurrent Operating Liabilities
175 202 195 209 210 169 189 169 167
Commitments & Contingencies
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests
3,294 3,539 3,664 3,788 4,024 4,022 4,208 4,452 4,665
Total Preferred & Common Equity
3,294 3,539 3,664 3,788 4,024 4,022 4,208 4,452 4,665
Preferred Stock
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity
3,294 3,539 3,664 3,788 4,024 4,022 4,208 4,452 4,665
Common Stock
1,534 1,473 1,483 1,507 1,496 1,507 1,523 1,531 1,544
Retained Earnings
2,065 2,291 2,406 2,556 2,676 2,758 2,911 3,000 3,169
Treasury Stock
-201 -214 -222 -223 -125 -217 -243 -54 -91
Accumulated Other Comprehensive Income / (Loss)
-104 -12 -2.40 -51 -23 -26 18 -25 42

Annual Metrics And Ratios for Cboe Global Markets

This table displays calculated financial ratios and metrics derived from Cboe Global Markets' official financial filings.

Metric 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Growth Metrics
- - - - - - - - - - -
Revenue Growth
7.90% 7.55% 5.92% 434.08% 48.42% -19.70% 37.30% 1.98% 13.27% -4.67% 8.51%
EBITDA Growth
11.17% 4.66% 116.64% 273.90% 237.31% -36.70% -60.04% 13.23% -33.00% 87.18% -0.39%
EBIT Growth
10.63% 3.25% 280.79% -119.55% 1,159.84% -35.49% -56.70% 14.97% -39.93% 119.56% 1.94%
NOPAT Growth
8.40% 5.29% -32.30% 1,180.04% 0.00% -55.48% 18.17% 20.10% -52.86% 189.29% 0.82%
Net Income Growth
7.79% 8.06% -18.83% 347.17% 18.42% -38.38% 26.27% 12.99% -55.58% 224.00% 0.46%
EPS Growth
11.06% 11.31% -15.45% 125.11% 5.69% -33.51% 27.84% 15.22% -55.49% 225.57% 1.12%
Operating Cash Flow Growth
17.06% -6.61% -19.20% 189.20% 128.45% 55.04% 130.53% -59.09% 9.10% 65.20% 2.32%
Free Cash Flow Firm Growth
4.79% 3.14% -225.17% -31,812.96% 0.00% 0.00% -84.71% -89.82% -62.01% 372.46% 30.88%
Invested Capital Growth
10.51% 13.86% 113.52% 3,504.30% -150.79% -205.11% -45.81% 3.72% 2.55% 0.81% -4.09%
Revenue Q/Q Growth
-15.00% 2.90% -17.39% 457.97% 9.61% -7.13% 33.88% 0.64% 3.62% -0.95% 3.51%
EBITDA Q/Q Growth
-61.87% -1.55% 254.12% 314.16% -12.34% -74.69% 1.56% 9.62% 4.32% 3.52% -1.05%
EBIT Q/Q Growth
-63.17% -2.11% 147.57% -113.48% 39.50% -31.22% 2.27% 11.68% 5.24% 4.76% -0.63%
NOPAT Q/Q Growth
-73.80% -1.57% -56.41% 464.05% 0.00% -138.04% 1.52% 16.27% -2.37% 6.45% -0.87%
Net Income Q/Q Growth
1.73% 0.51% -28.76% 494.25% -65.47% -37.64% 0.45% 17.45% -2.57% 7.38% -1.99%
EPS Q/Q Growth
2.79% 1.23% -28.20% 505.46% -71.20% -36.32% 0.95% 17.70% -2.23% 7.22% -1.77%
Operating Cash Flow Q/Q Growth
202.77% -46.30% 2,114.66% 185.86% 30.32% 5.36% 2.22% -61.62% 513.67% -4.05% -32.15%
Free Cash Flow Firm Q/Q Growth
0.00% -55.42% 0.00% -547.14% 0.00% 20,597.57% -51.88% 334.08% 29.52% -1.44% 15.64%
Invested Capital Q/Q Growth
-67.16% 23.12% -90.37% 583.98% -3.85% -104.90% 4.35% -1.38% -2.25% -1.00% -4.05%
Profitability Metrics
- - - - - - - - - - -
Gross Margin
69.57% 84.62% 241.67% 124.96% 123.59% 136.64% 36.60% 42.24% 44.00% 50.83% 39.32%
EBITDA Margin
57.32% 55.78% 114.09% 112.05% 58.94% 86.07% 25.05% 27.82% 16.45% 32.31% 29.66%
Operating Margin
50.84% 48.19% 127.24% 50.05% 43.30% 64.56% 19.32% 23.06% 12.37% 28.04% 26.83%
EBIT Margin
50.84% 48.81% 133.25% 50.56% 66.03% 64.58% 20.37% 22.96% 12.18% 28.05% 26.35%
Profit (Net Income) Margin
30.74% 30.88% 79.23% 53.91% 30.71% 44.57% 13.66% 15.14% 5.94% 20.18% 18.68%
Tax Burden Percent
61.26% 63.27% 181.70% 359.39% 0.00% 147.91% 70.90% 69.96% 54.29% 72.68% 70.58%
Interest Burden Percent
98.69% 100.00% 294.52% 267.02% 0.00% 279.96% 94.61% 94.22% 89.79% 98.97% 100.44%
Effective Tax Rate
38.74% 36.73% 118.30% -59.39% 0.00% 78.14% 29.10% 30.04% 45.71% 27.32% 29.42%
Return on Invested Capital (ROIC)
197.60% 185.32% 261.19% 19.97% 7.22% 4.94% 7.88% 13.22% 6.04% 17.19% 17.63%
ROIC Less NNEP Spread (ROIC-NNEP)
199.08% 183.54% 384.46% 28.81% 11.51% 9.48% 7.74% 8.80% 2.48% 16.19% 13.75%
Return on Net Nonoperating Assets (RNNOA)
-126.62% -104.89% -167.02% 6.62% 5.18% 4.27% 2.14% 2.00% 0.61% 3.25% 0.88%
Return on Equity (ROE)
70.98% 80.44% 0.00% 72.67% 19.62% 19.09% 10.02% 15.21% 6.65% 20.44% 18.51%
Cash Return on Invested Capital (CROIC)
187.61% 172.36% -51.40% -950.83% 0.00% 182.35% 67.30% 9.57% 3.53% 16.38% 21.80%
Operating Return on Assets (OROA)
76.03% 84.30% 217.51% 40.44% 23.03% 40.79% 12.00% 12.04% 6.98% 14.61% 14.13%
Return on Assets (ROA)
45.96% 53.34% 129.33% 44.38% 16.07% 28.15% 8.05% 7.94% 3.40% 10.51% 10.01%
Return on Common Equity (ROCE)
70.98% 80.44% 184.77% 63.51% 29.35% 22.48% 10.02% 15.21% 6.65% 20.44% 18.51%
Return on Equity Simple (ROE_SIMPLE)
75.87% 78.95% 175.24% 38.64% 26.24% 22.10% 13.98% 14.67% 6.78% 19.11% 17.87%
Net Operating Profit after Tax (NOPAT)
192 202 181 891 892 397 469 564 266 769 775
NOPAT Margin
31.14% 30.49% 77.06% 39.97% 32.23% 47.75% 13.70% 16.13% 6.71% 20.38% 18.93%
Net Nonoperating Expense Percent (NNEP)
-1.48% 1.78% 9.74% 39.60% 2.93% 5.34% 0.14% 4.42% 3.56% 1.00% 3.88%
Return On Investment Capital (ROIC_SIMPLE)
- - - - - - - - 5.08% 14.14% 13.55%
Cost of Revenue to Revenue
30.43% 15.03% 90.53% 193.11% 192.94% 179.30% 63.40% 57.76% 56.00% 49.17% 60.68%
SG&A Expenses to Revenue
6.10% 27.34% 82.56% 15.91% 14.11% 28.18% 10.63% 13.03% 14.04% 16.73% 5.52%
R&D to Revenue
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue
18.73% 36.43% 114.44% 74.90% 42.12% 48.05% 17.28% 19.18% 31.63% 22.79% 12.49%
Earnings before Interest and Taxes (EBIT)
314 324 625 376 1,828 1,612 698 803 482 1,059 1,079
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)
354 370 802 1,535 2,448 2,148 859 972 651 1,219 1,214
Valuation Ratios
- - - - - - - - - - -
Price to Book Value (P/BV)
18.78 18.33 34.84 8.24 9.62 11.58 2.85 3.72 3.74 4.67 4.78
Price to Tangible Book Value (P/TBV)
24.16 19.07 39.10 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Price to Revenue (P/Rev)
7.61 7.17 23.76 11.50 7.56 15.57 2.79 3.83 3.28 4.94 5.00
Price to Earnings (P/E)
24.93 23.32 90.36 96.58 75.23 103.25 20.44 25.42 55.38 24.59 26.88
Dividend Yield
2.30% 1.52% 4.29% 2.72% 4.05% 3.76% 1.77% 1.43% 1.60% 1.19% 1.21%
Earnings Yield
4.01% 4.29% 10.15% 9.47% 12.38% 8.86% 4.89% 3.93% 1.81% 4.07% 3.72%
Enterprise Value to Invested Capital (EV/IC)
44.53 40.07 101.28 9.99 5.48 10.34 2.48 3.26 3.13 4.26 4.76
Enterprise Value to Revenue (EV/Rev)
7.37 7.02 23.03 18.57 12.37 16.09 3.03 4.05 3.53 5.07 5.00
Enterprise Value to EBITDA (EV/EBITDA)
12.85 12.58 45.70 48.62 41.39 55.87 12.10 14.55 21.42 15.69 16.87
Enterprise Value to EBIT (EV/EBIT)
14.49 14.38 51.99 110.07 36.66 74.46 14.88 17.62 28.94 18.07 18.98
Enterprise Value to NOPAT (EV/NOPAT)
23.66 23.02 59.33 93.15 75.40 101.07 22.12 25.08 52.50 24.88 26.42
Enterprise Value to Operating Cash Flow (EV/OCF)
17.31 19.00 71.18 110.45 63.00 63.46 7.12 23.69 21.43 17.79 18.61
Enterprise Value to Free Cash Flow (EV/FCFF)
24.92 24.75 0.00 0.00 0.00 8.22 2.59 34.64 89.98 26.11 21.36
Leverage & Solvency
- - - - - - - - - - -
Debt to Equity
0.00 0.01 0.00 1.24 0.00 0.00 0.36 0.38 0.51 0.36 0.34
Long-Term Debt to Equity
0.00 0.00 0.00 0.79 0.00 0.00 0.34 0.36 0.41 0.36 0.34
Financial Leverage
-0.64 -0.57 -1.50 0.39 1.38 1.66 0.28 0.23 0.24 0.20 0.06
Leverage Ratio
1.54 1.51 4.38 5.02 5.01 4.80 1.73 1.92 1.95 1.94 1.85
Compound Leverage Factor
1.52 1.51 4.31 4.49 0.00 4.48 1.64 1.81 1.75 1.92 1.86
Debt to Total Capital
0.00% 0.76% 0.00% 87.97% 0.00% 0.00% 26.69% 27.44% 33.76% 26.69% 25.19%
Short-Term Debt to Total Capital
0.00% 0.76% 0.00% 2.56% 20.38% 0.00% 1.84% 1.28% 6.29% 0.22% 0.00%
Long-Term Debt to Total Capital
0.00% 0.00% 0.00% 56.08% 61.45% 0.00% 24.85% 26.15% 27.47% 26.48% 25.19%
Preferred Equity to Total Capital
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital
0.00% 0.00% 0.00% 0.64% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital
100.00% 99.24% 288.56% 211.39% 0.00% 0.00% 73.31% 72.56% 66.24% 73.31% 74.81%
Debt to EBITDA
0.00 0.01 0.00 6.80 4.48 3.64 1.42 1.40 2.71 1.19 1.19
Net Debt to EBITDA
0.00 -0.27 0.00 5.36 3.02 2.13 0.98 0.76 1.52 0.41 0.02
Long-Term Debt to EBITDA
0.00 0.00 0.00 6.50 3.37 3.63 1.32 1.34 2.21 1.18 1.19
Debt to NOPAT
0.00 0.01 0.00 8.72 8.20 6.57 2.60 2.42 6.65 1.89 1.86
Net Debt to NOPAT
0.00 -0.50 0.00 6.88 5.53 3.84 1.79 1.31 3.72 0.66 0.03
Long-Term Debt to NOPAT
0.00 0.00 0.00 8.34 6.16 6.55 2.42 2.30 5.41 1.87 1.86
Altman Z-Score
27.61 29.93 0.00 13.72 8.51 17.11 3.12 3.91 3.44 4.73 5.15
Noncontrolling Interest Sharing Ratio
0.00% 0.00% 6.41% 1.91% 0.89% 0.57% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios
- - - - - - - - - - -
Current Ratio
3.31 2.76 0.00 6.51 0.00 0.00 1.19 1.31 1.05 1.43 1.78
Quick Ratio
2.80 2.23 0.00 6.11 0.00 0.00 0.51 0.60 0.61 0.68 1.06
Cash Flow Metrics
- - - - - - - - - - -
Free Cash Flow to Firm (FCFF)
183 188 -24 -20,551 0.00 26,225 4,010 408 155 733 959
Operating Cash Flow to CapEx
523.70% 624.17% 1,551.35% 2,995.20% 4,419.01% 5,408.55% 3,077.64% 1,170.20% 1,088.80% 2,390.22% 1,934.27%
Free Cash Flow to Firm to Interest Expense
0.00 0.00 0.00 0.00 0.00 0.00 0.00 8.51 2.58 11.74 18.62
Operating Cash Flow to Interest Expense
0.00 0.00 0.00 0.00 0.00 0.00 0.00 12.43 10.85 17.24 21.37
Operating Cash Flow Less CapEx to Interest Expense
0.00 0.00 0.00 0.00 0.00 0.00 0.00 11.37 9.86 16.52 20.27
Efficiency Ratios
- - - - - - - - - - -
Asset Turnover
1.50 1.73 4.90 2.33 1.05 1.90 0.59 0.52 0.57 0.52 0.54
Accounts Receivable Turnover
11.40 10.98 10.10 15.16 21.95 19.13 11.98 10.52 11.36 10.67 10.47
Inventory Turnover
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover
9.20 10.44 64.64 454.92 565.06 0.00 0.00 0.00 1,721.09 0.00 0.00
Accounts Payable Turnover
3.37 1.68 8.93 12.15 20.22 7.34 10.30 7.40 6.20 4.46 6.43
Days Sales Outstanding (DSO)
32.01 33.25 108.42 72.21 99.78 114.50 30.46 34.68 32.12 34.20 34.85
Days Inventory Outstanding (DIO)
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)
108.35 217.01 570.75 90.12 77.54 149.20 35.44 49.31 58.91 81.92 56.74
Cash Conversion Cycle (CCC)
-76.34 -183.76 -289.97 -17.91 3.31 -16.78 -4.98 -14.62 -26.79 -47.72 -21.89
Capital & Investment Metrics
- - - - - - - - - - -
Invested Capital
102 116 321 8,282 12,218 7,728 4,188 4,343 4,454 4,490 4,306
Invested Capital Turnover
6.34 6.08 10.26 3.00 0.90 1.03 0.58 0.82 0.90 0.84 0.93
Increase / (Decrease) in Invested Capital
9.71 14 409 23,884 11,808 -13,466 -3,540 156 111 36 -184
Enterprise Value (EV)
4,548 4,660 16,235 27,592 22,343 40,379 10,384 14,140 13,954 19,130 20,482
Market Capitalization
4,696 4,760 11,075 25,583 10,129 38,854 9,546 13,401 12,965 18,625 20,456
Book Value per Share
$2.96 $3.15 $7.82 $85.29 $86.66 $30.27 $31.00 $33.80 $32.67 $37.75 $40.88
Tangible Book Value per Share
$2.30 $3.03 $3.48 ($39.65) ($31.30) ($24.73) ($11.80) ($10.21) ($12.45) ($6.79) ($2.12)
Total Capital
250 262 331 13,244 13,409 12,676 4,568 4,968 5,231 5,436 5,721
Total Debt
0.00 2.00 0.00 3,884 3,658 2,609 1,219 1,363 1,766 1,451 1,441
Total Long-Term Debt
0.00 0.00 0.00 3,714 2,747 2,603 1,135 1,299 1,437 1,439 1,441
Net Debt
-148 -100 -170 2,042 2,467 1,525 839 738 989 505 27
Capital Expenditures (CapEx)
50 39 89 75 254 105 47 51 60 45 57
Debt-free, Cash-free Net Working Capital (DFCFNWC)
23 30 96 177 242 84 -0.40 47 -117 7.00 53
Debt-free Net Working Capital (DFNWC)
170 132 290 907 1,175 985 337 426 408 608 1,084
Net Working Capital (NWC)
170 130 290 1,172 263 978 254 362 79 596 1,084
Net Nonoperating Expense (NNE)
2.51 -2.59 -5.09 90 0.00 26 1.28 35 31 7.49 10
Net Nonoperating Obligations (NNO)
-148 -143 -340 2,042 2,467 1,017 839 738 989 505 27
Total Depreciation and Amortization (D&A)
40 46 178 783 1,446 536 161 170 169 161 135
Debt-free, Cash-free Net Working Capital to Revenue
3.65% 4.50% 20.44% 7.94% 5.83% 3.35% -0.01% 1.34% -2.95% 0.19% 1.30%
Debt-free Net Working Capital to Revenue
27.61% 19.90% 61.95% 60.17% 42.42% 39.45% 9.85% 12.18% 10.30% 16.10% 26.47%
Net Working Capital to Revenue
27.61% 19.60% 61.95% 52.55% 6.34% 39.18% 7.40% 10.36% 1.99% 15.79% 26.47%
Earnings Adjustments
- - - - - - - - - - -
Adjusted Basic Earnings per Share
$2.21 $2.46 $2.27 $3.70 $3.78 $6.70 $4.28 $4.93 $2.20 $7.16 $7.24
Adjusted Weighted Average Basic Shares Outstanding
85.41M 83.08M 81.43M 107.20M 111.80M 222.80M 109.10M 107M 106.30M 105.80M 105.10M
Adjusted Diluted Earnings per Share
$2.21 $2.46 $2.27 $3.69 $3.76 $6.68 $4.27 $4.92 $2.19 $7.13 $7.21
Adjusted Weighted Average Diluted Shares Outstanding
85.41M 83.08M 81.43M 107.50M 112.20M 223.60M 109.30M 107.20M 106.70M 106.20M 105.50M
Adjusted Basic & Diluted Earnings per Share
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding
84.00M 81.80M 81.29M 112.70M 111.60M 220.87M 107.21M 106.60M 105.74M 105.58M 104.70M
Normalized Net Operating Profit after Tax (NOPAT)
192 202 378 639 937 433 502 575 527 774 833
Normalized NOPAT Margin
31.14% 30.49% 80.58% 28.66% 50.76% 52.06% 14.63% 16.45% 13.31% 20.52% 20.35%
Pre Tax Income Margin
50.18% 48.81% 130.82% 45.00% 41.26% 60.26% 19.27% 21.64% 10.94% 27.76% 26.47%
Debt Service Ratios
- - - - - - - - - - -
EBIT to Interest Expense
0.00 0.00 0.00 0.00 0.00 0.00 0.00 16.72 8.04 16.96 20.95
NOPAT to Interest Expense
0.00 0.00 0.00 0.00 0.00 0.00 0.00 11.75 4.43 12.32 15.05
EBIT Less CapEx to Interest Expense
0.00 0.00 0.00 0.00 0.00 0.00 0.00 15.66 7.04 16.24 19.85
NOPAT Less CapEx to Interest Expense
0.00 0.00 0.00 0.00 0.00 0.00 0.00 10.68 3.43 11.60 13.95
Payout Ratios
- - - - - - - - - - -
Dividend Payout Ratio
58.42% 35.80% 295.91% 88.44% 61.29% 121.36% 36.44% 36.54% 89.11% 29.35% 32.61%
Augmented Payout Ratio
147.15% 100.29% 523.96% 206.37% 127.56% 248.30% 111.00% 51.91% 132.04% 40.37% 59.38%

Quarterly Metrics And Ratios for Cboe Global Markets

This table displays calculated financial ratios and metrics derived from Cboe Global Markets' official financial filings.

Metric Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025
Period end date 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025
Growth Metrics
- - - - - - - - - - -
Revenue Growth
15.96% 1.41% -7.91% -8.53% -3.58% -3.14% 7.29% 16.16% 14.34% 24.84% 20.48%
EBITDA Growth
10.28% 4.69% 242.40% 8.81% 14.29% 12.00% -20.01% 9.87% -3.90% 19.67% 60.33%
EBIT Growth
10.89% 5.22% 201.73% 11.22% 19.69% 15.73% -20.05% 13.88% -2.33% 24.70% 71.22%
NOPAT Growth
-2.56% 48.26% 202.23% 34.60% 27.78% 16.95% -14.46% 3.98% -3.27% 25.03% 63.97%
Net Income Growth
-3.74% 58.21% 190.95% 38.62% 32.75% 20.82% -16.33% 4.95% -7.31% 19.62% 67.45%
EPS Growth
-3.23% 59.80% 190.23% 38.30% 32.00% 20.25% -15.29% 6.15% -6.57% 20.92% 67.67%
Operating Cash Flow Growth
79.15% -18.18% 20.70% 335.26% -31.62% -13.12% 396.94% -178.50% -275.87% 1.93% -77.66%
Free Cash Flow Firm Growth
218.54% -222.33% 146.49% 8,072.92% 206.32% 337.83% -25.37% 14.96% 117.84% 103.84% 81.68%
Invested Capital Growth
2.55% 6.06% -2.42% -0.46% 0.81% 0.01% -1.43% -1.04% -4.09% -3.51% -3.23%
Revenue Q/Q Growth
1.13% -1.64% -8.14% 0.11% 6.59% -1.19% 1.76% 8.39% 4.92% 7.89% -1.80%
EBITDA Q/Q Growth
1.33% 0.14% -1.14% 8.47% 6.43% 1.28% -29.39% 49.00% -6.90% 22.19% -5.40%
EBIT Q/Q Growth
0.00% 1.51% -0.65% 10.27% 7.62% 1.74% -31.36% 57.06% -7.69% 25.32% -5.76%
NOPAT Q/Q Growth
9.23% 2.08% -1.91% 23.05% 3.71% -6.57% -28.26% 49.59% -3.52% 20.76% -5.92%
Net Income Q/Q Growth
6.32% 8.58% -3.23% 24.08% 1.83% -1.18% -32.98% 55.63% -10.07% 27.53% -6.19%
EPS Q/Q Growth
6.38% 8.67% -3.68% 24.20% 1.54% -1.01% -32.14% 55.64% -10.63% 28.11% -5.91%
Operating Cash Flow Q/Q Growth
-184.82% 817.83% -148.81% 246.47% -125.65% 573.86% 66.80% -138.72% -22.80% 228.51% -63.45%
Free Cash Flow Firm Q/Q Growth
1,993.62% -244.02% 430.45% -17.97% -21.53% 11.82% 3.70% 26.34% 48.70% 4.64% -7.58%
Invested Capital Q/Q Growth
-2.25% 1.37% -1.00% 1.47% -1.00% 0.57% -2.43% 1.87% -4.05% 1.18% -2.15%
Profitability Metrics
- - - - - - - - - - -
Gross Margin
55.65% 47.70% 51.45% 52.87% 51.51% 52.46% 40.83% 50.39% 16.09% 37.57% 39.15%
EBITDA Margin
28.83% 29.36% 31.59% 34.23% 34.18% 33.94% 23.55% 32.38% 28.73% 32.54% 31.34%
Operating Margin
24.93% 25.09% 26.97% 29.84% 30.35% 29.50% 21.57% 29.12% 26.95% 29.62% 28.90%
EBIT Margin
24.32% 25.10% 27.14% 29.90% 30.18% 29.98% 20.23% 29.31% 25.79% 29.95% 28.74%
Profit (Net Income) Margin
15.90% 17.55% 18.48% 22.91% 21.89% 21.89% 14.41% 20.70% 17.74% 20.97% 20.03%
Tax Burden Percent
67.73% 69.86% 69.40% 77.08% 73.74% 71.72% 69.16% 70.71% 70.25% 71.56% 70.26%
Interest Burden Percent
96.52% 100.08% 98.13% 99.41% 98.32% 101.78% 103.05% 99.87% 97.93% 97.85% 99.20%
Effective Tax Rate
32.27% 30.14% 30.60% 22.92% 26.26% 28.28% 30.84% 29.29% 29.75% 28.44% 29.74%
Return on Invested Capital (ROIC)
15.20% 15.87% 16.10% 19.28% 18.88% 17.54% 12.80% 18.05% 17.63% 20.70% 21.23%
ROIC Less NNEP Spread (ROIC-NNEP)
14.04% 15.90% 15.91% 19.19% 18.24% 18.49% 11.98% 18.27% 12.66% 19.36% 57.57%
Return on Net Nonoperating Assets (RNNOA)
3.43% 3.73% 4.88% 5.45% 3.66% 3.59% 1.85% 2.35% 0.81% 0.91% -0.12%
Return on Equity (ROE)
18.63% 19.60% 20.98% 24.72% 22.54% 21.13% 14.66% 20.40% 18.44% 21.60% 21.11%
Cash Return on Invested Capital (CROIC)
3.53% 1.55% 17.21% 16.35% 16.38% 17.66% 18.88% 18.38% 21.80% 22.18% 24.47%
Operating Return on Assets (OROA)
13.94% 12.38% 14.41% 15.16% 15.73% 13.98% 9.37% 14.10% 13.82% 15.43% 14.23%
Return on Assets (ROA)
9.11% 8.66% 9.81% 11.61% 11.40% 10.20% 6.67% 9.96% 9.51% 10.80% 9.92%
Return on Common Equity (ROCE)
18.63% 19.60% 20.98% 24.72% 22.54% 21.13% 14.66% 20.40% 18.44% 21.60% 21.11%
Return on Equity Simple (ROE_SIMPLE)
0.00% 8.44% 17.77% 18.72% 0.00% 19.82% 19.15% 18.54% 0.00% 18.10% 0.00%
Net Operating Profit after Tax (NOPAT)
170 173 170 209 217 203 145 217 210 253 238
NOPAT Margin
16.89% 17.53% 18.71% 23.00% 22.38% 21.16% 14.92% 20.59% 18.93% 21.19% 20.30%
Net Nonoperating Expense Percent (NNEP)
1.15% -0.03% 0.20% 0.08% 0.64% -0.95% 0.83% -0.22% 4.97% 1.34% -36.34%
Return On Investment Capital (ROIC_SIMPLE)
3.24% - - - 3.99% - - - 3.67% 4.30% 3.90%
Cost of Revenue to Revenue
44.35% 52.30% 48.55% 47.13% 48.49% 47.54% 59.17% 49.61% 83.91% 62.43% 60.85%
SG&A Expenses to Revenue
24.57% 16.38% 17.86% 17.01% 15.77% 17.53% 6.04% 16.51% -15.80% 4.35% 4.95%
R&D to Revenue
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue
30.72% 22.62% 24.49% 23.03% 21.16% 22.95% 19.26% 21.28% -10.86% 7.96% 10.25%
Earnings before Interest and Taxes (EBIT)
244 248 246 272 292 287 197 309 286 358 337
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)
290 290 287 311 331 325 229 342 318 389 368
Valuation Ratios
- - - - - - - - - - -
Price to Book Value (P/BV)
3.74 3.95 3.93 4.30 4.67 4.80 4.45 5.09 4.78 5.32 5.23
Price to Tangible Book Value (P/TBV)
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 159.61
Price to Revenue (P/Rev)
3.28 3.52 3.69 4.27 4.94 5.17 4.70 5.42 5.00 5.47 5.39
Price to Earnings (P/E)
55.38 46.94 22.17 23.05 24.59 24.37 23.35 27.62 26.88 29.54 27.25
Dividend Yield
1.60% 1.50% 1.47% 1.33% 1.19% 1.17% 1.29% 1.11% 1.21% 1.08% 1.08%
Earnings Yield
1.81% 2.13% 4.51% 4.34% 4.07% 4.10% 4.28% 3.62% 3.72% 3.39% 3.67%
Enterprise Value to Invested Capital (EV/IC)
3.13 3.31 3.40 3.76 4.26 4.39 4.15 4.84 4.76 5.42 5.63
Enterprise Value to Revenue (EV/Rev)
3.53 3.76 3.90 4.47 5.07 5.30 4.80 5.49 5.00 5.45 5.30
Enterprise Value to EBITDA (EV/EBITDA)
21.42 22.49 13.18 14.46 15.69 15.81 15.27 17.70 16.87 18.46 16.96
Enterprise Value to EBIT (EV/EBIT)
28.94 30.22 15.45 16.86 18.07 18.06 17.43 20.00 18.98 20.52 18.62
Enterprise Value to NOPAT (EV/NOPAT)
52.50 45.82 22.73 23.58 24.88 24.84 23.61 27.77 26.42 28.58 26.15
Enterprise Value to Operating Cash Flow (EV/OCF)
21.43 35.39 27.45 15.19 17.79 21.08 6.22 13.39 18.61 21.11 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)
89.98 219.87 19.50 22.91 26.11 24.86 21.80 26.19 21.36 23.98 22.64
Leverage & Solvency
- - - - - - - - - - -
Debt to Equity
0.51 0.50 0.44 0.40 0.36 0.36 0.36 0.34 0.34 0.32 0.31
Long-Term Debt to Equity
0.41 0.41 0.39 0.38 0.36 0.36 0.36 0.34 0.34 0.32 0.31
Financial Leverage
0.24 0.23 0.31 0.28 0.20 0.19 0.15 0.13 0.06 0.05 0.00
Leverage Ratio
1.95 2.27 2.12 2.12 1.94 2.12 2.14 2.06 1.85 1.98 2.11
Compound Leverage Factor
1.89 2.27 2.08 2.11 1.91 2.16 2.21 2.05 1.81 1.94 2.09
Debt to Total Capital
33.76% 33.24% 30.62% 28.73% 26.69% 26.47% 26.39% 25.50% 25.19% 24.46% 23.61%
Short-Term Debt to Total Capital
6.29% 6.11% 3.39% 1.66% 0.22% 0.16% 0.03% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital
27.47% 27.13% 27.23% 27.07% 26.48% 26.31% 26.36% 25.50% 25.19% 24.46% 23.61%
Preferred Equity to Total Capital
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital
66.24% 66.76% 69.38% 71.27% 73.31% 73.53% 73.61% 74.50% 74.81% 75.54% 76.39%
Debt to EBITDA
2.71 2.65 1.40 1.30 1.19 1.16 1.21 1.17 1.19 1.13 1.02
Net Debt to EBITDA
1.52 1.47 0.70 0.63 0.41 0.39 0.32 0.23 0.02 -0.07 -0.28
Long-Term Debt to EBITDA
2.21 2.16 1.25 1.22 1.18 1.15 1.20 1.17 1.19 1.13 1.02
Debt to NOPAT
6.65 5.40 2.42 2.11 1.89 1.81 1.86 1.84 1.86 1.75 1.57
Net Debt to NOPAT
3.72 2.99 1.21 1.03 0.66 0.62 0.50 0.36 0.03 -0.11 -0.44
Long-Term Debt to NOPAT
5.41 4.41 2.15 1.99 1.87 1.80 1.86 1.84 1.86 1.75 1.57
Altman Z-Score
3.33 2.95 3.61 3.62 4.39 3.94 3.05 4.02 4.82 4.67 4.64
Noncontrolling Interest Sharing Ratio
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios
- - - - - - - - - - -
Current Ratio
1.05 1.07 1.19 1.23 1.43 1.33 1.23 1.39 1.78 1.60 1.57
Quick Ratio
0.61 0.39 0.60 0.43 0.68 0.48 0.34 0.49 1.06 0.78 0.80
Cash Flow Metrics
- - - - - - - - - - -
Free Cash Flow to Firm (FCFF)
59 -85 281 230 181 202 209 265 393 412 380
Operating Cash Flow to CapEx
-524.09% 8,312.90% -6,450.00% 9,570.13% -1,105.26% 12,268.49% 8,392.70% -4,820.83% -3,465.37% 6,210.20% 1,643.84%
Free Cash Flow to Firm to Interest Expense
0.00 -4.97 16.80 14.94 13.68 15.53 16.36 20.67 30.50 32.16 29.49
Operating Cash Flow to Interest Expense
0.00 60.28 -30.13 47.85 -14.32 68.89 116.71 -45.20 -55.07 71.32 25.87
Operating Cash Flow Less CapEx to Interest Expense
0.00 59.56 -30.59 47.35 -15.61 68.33 115.32 -46.13 -56.66 70.17 24.29
Efficiency Ratios
- - - - - - - - - - -
Asset Turnover
0.57 0.49 0.53 0.51 0.52 0.47 0.46 0.48 0.54 0.52 0.50
Accounts Receivable Turnover
11.36 10.27 10.32 10.31 10.67 9.80 10.35 10.76 10.47 10.04 11.09
Inventory Turnover
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover
1,721.09 1,727.04 0.00 0.00 0.00 69.11 0.00 0.00 0.00 38.49 0.00
Accounts Payable Turnover
6.20 6.73 6.07 5.65 4.46 6.60 6.90 7.20 6.43 8.81 7.38
Days Sales Outstanding (DSO)
32.12 35.55 35.38 35.42 34.20 37.24 35.28 33.92 34.85 36.36 32.90
Days Inventory Outstanding (DIO)
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)
58.91 54.26 60.15 64.61 81.92 55.33 52.87 50.68 56.74 41.41 49.46
Cash Conversion Cycle (CCC)
-26.79 -18.72 -24.77 -29.19 -47.72 -18.09 -17.59 -16.75 -21.89 -5.05 -16.55
Capital & Investment Metrics
- - - - - - - - - - -
Invested Capital
4,454 4,515 4,470 4,535 4,490 4,516 4,406 4,488 4,306 4,357 4,264
Invested Capital Turnover
0.90 0.91 0.86 0.84 0.84 0.83 0.86 0.88 0.93 0.98 1.05
Increase / (Decrease) in Invested Capital
111 258 -111 -21 36 0.60 -64 -47 -184 -158 -142
Enterprise Value (EV)
13,954 14,940 15,192 17,032 19,130 19,824 18,267 21,716 20,482 23,598 24,019
Market Capitalization
12,965 13,963 14,387 16,285 18,625 19,333 17,883 21,436 20,456 23,693 24,420
Book Value per Share
$32.67 $33.47 $34.71 $35.90 $37.75 $38.11 $38.25 $40.22 $40.88 $42.52 $44.55
Tangible Book Value per Share
($12.45) ($11.60) ($10.31) ($8.60) ($6.79) ($6.03) ($5.10) ($3.51) ($2.12) ($0.46) $1.46
Total Capital
5,231 5,301 5,281 5,315 5,436 5,473 5,464 5,649 5,721 5,894 6,107
Total Debt
1,766 1,762 1,617 1,527 1,451 1,448 1,442 1,441 1,441 1,442 1,442
Total Long-Term Debt
1,437 1,438 1,438 1,439 1,439 1,440 1,440 1,441 1,441 1,442 1,442
Net Debt
989 976 806 747 505 492 384 280 27 -95 -402
Capital Expenditures (CapEx)
27 12 7.80 7.70 17 7.30 18 12 21 15 20
Debt-free, Cash-free Net Working Capital (DFCFNWC)
-117 -37 -62 79 7.00 82 44 126 53 111 -108
Debt-free Net Working Capital (DFNWC)
408 479 455 517 608 677 742 928 1,084 1,264 1,356
Net Working Capital (NWC)
79 155 276 428 596 668 741 928 1,084 1,264 1,356
Net Nonoperating Expense (NNE)
9.96 -0.21 2.08 0.85 4.79 -6.96 4.91 -1.13 13 2.65 3.16
Net Nonoperating Obligations (NNO)
989 976 806 747 505 492 384 280 27 -95 -402
Total Depreciation and Amortization (D&A)
45 42 40 39 39 38 32 32 33 31 31
Debt-free, Cash-free Net Working Capital to Revenue
-2.95% -0.94% -1.60% 2.08% 0.19% 2.19% 1.16% 3.18% 1.30% 2.56% -2.37%
Debt-free Net Working Capital to Revenue
10.30% 12.05% 11.68% 13.56% 16.10% 18.09% 19.49% 23.47% 26.47% 29.18% 29.93%
Net Working Capital to Revenue
1.99% 3.89% 7.09% 11.25% 15.79% 17.85% 19.45% 23.47% 26.47% 29.18% 29.93%
Earnings Adjustments
- - - - - - - - - - -
Adjusted Basic Earnings per Share
$1.51 $1.63 $1.58 $1.96 $1.99 $1.97 $1.33 $2.08 $1.86 $2.38 $2.23
Adjusted Weighted Average Basic Shares Outstanding
106.30M 105.90M 105.70M 105.70M 105.80M 105.60M 105.10M 104.70M 105.10M 104.70M 104.70M
Adjusted Diluted Earnings per Share
$1.50 $1.63 $1.57 $1.95 $1.98 $1.96 $1.33 $2.07 $1.85 $2.37 $2.23
Adjusted Weighted Average Diluted Shares Outstanding
106.70M 106.20M 106.10M 106.10M 106.20M 106.10M 105.40M 105.10M 105.50M 105.10M 105M
Adjusted Basic & Diluted Earnings per Share
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding
105.74M 105.57M 105.52M 105.56M 105.58M 105.15M 104.63M 104.69M 104.70M 104.71M 104.59M
Normalized Net Operating Profit after Tax (NOPAT)
171 178 170 210 216 203 202 217 210 253 250
Normalized NOPAT Margin
17.02% 17.98% 18.77% 23.07% 22.34% 21.20% 20.71% 20.59% 18.94% 21.20% 21.33%
Pre Tax Income Margin
23.47% 25.12% 26.64% 29.72% 29.68% 30.52% 20.84% 29.27% 25.25% 29.31% 28.51%
Debt Service Ratios
- - - - - - - - - - -
EBIT to Interest Expense
0.00 14.50 14.75 17.64 22.15 22.08 15.39 24.17 22.14 27.96 26.15
NOPAT to Interest Expense
0.00 10.13 10.17 13.57 16.42 15.58 11.35 16.98 16.26 19.79 18.47
EBIT Less CapEx to Interest Expense
0.00 13.78 14.29 17.14 20.86 21.52 14.00 23.23 20.55 26.81 24.57
NOPAT Less CapEx to Interest Expense
0.00 9.40 9.71 13.07 15.13 15.02 9.96 16.04 14.67 18.64 16.90
Payout Ratios
- - - - - - - - - - -
Dividend Payout Ratio
89.11% 70.72% 32.76% 30.80% 29.35% 28.68% 30.35% 30.95% 32.61% 31.92% 29.48%
Augmented Payout Ratio
132.04% 104.48% 47.10% 43.97% 40.37% 40.03% 54.20% 57.87% 59.38% 51.55% 39.87%

Key Financial Trends

Cboe Global Markets (NASDAQ: CBOE) has demonstrated solid financial performance and underlying strength over the last several quarters. The latest Q1 2025 results reflect continued revenue growth and improved profitability, supported by efficient cost management and strong cash flow generation.

  • Operating revenue increased to $1.195 billion in Q1 2025, up from $957 million in Q1 2024, showing steady top-line growth.
  • Gross profit improved significantly, reaching $449 million in Q1 2025 compared to $502 million in Q1 2024, supported by a favorable cost of revenue structure.
  • Net income attributable to common shareholders rose to $249.4 million in Q1 2025 from $208.3 million in Q1 2024, indicating higher profitability.
  • Basic and diluted earnings per share both increased to $2.38 and $2.37 respectively in Q1 2025 versus $1.97 and $1.96 in Q1 2024, demonstrating improved shareholder returns.
  • Operating cash flow was strong, with net cash from continuing operating activities at $913 million in Q1 2025, up from $896 million in Q1 2024.
  • Total assets grew to $8.67 billion as of Q1 2025, supported by strong current assets and goodwill, reflecting continued investment and acquisition activity.
  • The company maintained a healthy balance sheet with total equity of $4.45 billion and manageable long-term debt of $1.44 billion as of Q1 2025.
  • Selling, general & administration (SG&A) expenses increased modestly to $52 million in Q1 2025 but remain controlled relative to revenue.
  • Depreciation and other operating expenses remained largely stable with slight fluctuations over recent quarters.
  • Cash dividends per share increased to $0.63 in Q1 2025, up from $0.55 in Q1 2024, reflecting ongoing shareholder return policy.
  • Operating cost of revenue rose to $746 million in Q1 2025 from $455 million in Q1 2024, which compresses gross margins somewhat.
  • The company recorded restructuring and minor impairment charges in prior quarters, which have fluctuated but generally remain limited.
  • Cash used for repurchases of common equity and dividend payments totaled approximately $130 million in Q1 2025, impacting free cash flow availability.
  • Net cash from investing activities was negative $19.7 million in Q1 2025 primarily due to investments, which may constrain liquidity in the short term.

Summary: Overall, Cboe Global Markets has shown a positive trend in revenue growth, strong profitability improvements, and robust cash flow generation over the past year. The company’s balance sheet appears solid, and shareholder returns are increasing. While rising operating costs and ongoing investing activities slightly temper margins and cash flow, the operational performance remains well positioned for continued growth.

08/08/25 07:43 AMAI Generated. May Contain Errors.

Frequently Asked Questions About Cboe Global Markets' Financials

When does Cboe Global Markets' fiscal year end?

According to the most recent income statement we have on file, Cboe Global Markets' financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Cboe Global Markets' net income changed over the last 10 years?

Cboe Global Markets' net income appears to be on an upward trend, with a most recent value of $764.90 million in 2024, rising from $189.71 million in 2014. The previous period was $761.40 million in 2023. View Cboe Global Markets' forecast to see where analysts expect Cboe Global Markets to go next.

What is Cboe Global Markets' operating income?
Cboe Global Markets' total operating income in 2024 was $1.10 billion, based on the following breakdown:
  • Total Gross Profit: $1.61 billion
  • Total Operating Expenses: $511.60 million
How has Cboe Global Markets' revenue changed over the last 10 years?

Over the last 10 years, Cboe Global Markets' total revenue changed from $617.23 million in 2014 to $4.09 billion in 2024, a change of 563.4%.

How much debt does Cboe Global Markets have?

Cboe Global Markets' total liabilities were at $3.51 billion at the end of 2024, a 0.2% increase from 2023, and a 2,522.3% increase since 2014.

How much cash does Cboe Global Markets have?

In the past 10 years, Cboe Global Markets' cash and equivalents has ranged from $97.30 million in 2016 to $920.30 million in 2024, and is currently $920.30 million as of their latest financial filing in 2024.

How has Cboe Global Markets' book value per share changed over the last 10 years?

Over the last 10 years, Cboe Global Markets' book value per share changed from 2.96 in 2014 to 40.88 in 2024, a change of 1,279.7%.



This page (BATS:CBOE) was last updated on 8/8/2025 by MarketBeat.com Staff
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