Cboe Global Markets (CBOE) Financials

$226.39 +5.18 (+2.34%)

As of 05/2/2025 04:00 PM Eastern

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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	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	204	185	397	422	373	467	527	234	758	761
Consolidated Net Income / (Loss)	205	186	401	425	371	468	529	235	761	765
Net Income / (Loss) Continuing Operations	205	186	401	425	371	468	529	235	761	765
Total Pre-Tax Income	324	307	334	571	501	660	756	433	1,048	1,084
Total Operating Income	320	298	372	599	537	662	806	490	1,058	1,098
Total Gross Profit	562	566	794	988	1,137	1,254	1,476	1,742	1,918	1,610
Total Revenue	664	703	2,229	2,769	2,496	3,427	3,495	3,959	3,774	4,095
Operating Revenue	644	703	2,229	2,769	2,496	3,427	3,495	3,959	3,774	4,095
Total Cost of Revenue	100	137	1,435	1,781	1,359	2,173	2,019	2,217	1,856	2,485
Operating Cost of Revenue	100	137	1,435	1,781	1,359	2,173	2,019	2,217	1,856	2,485
Total Operating Expenses	242	268	422	389	600	592	670	1,252	860	512
Selling, General & Admin Expense	182	194	118	130	352	364	455	556	631	226
Depreciation Expense	46	44	192	204	177	159	167	167	158	133
Other Operating Expenses / (Income)	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	8.40	-38	-28	-36	-1.80	-51	-57	-10	-15
Interest Expense	-	-	-	-	-	-	48	60	62	52
Interest & Investment Income	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	119	121	-66	146	131	192	227	198	286	319
Net Income / (Loss) Attributable to Noncontrolling Interest	0.90	-0.30	2.80	1.80	-2.40	1.20	1.70	0.90	3.90	3.90
Basic Earnings per Share	$2.46	$2.27	$3.70	$3.78	$3.35	$4.28	$4.93	$2.20	$7.16	$7.24
Weighted Average Basic Shares Outstanding	83.10M	81.40M	107.20M	111.80M	111.40M	109.10M	107M	106.30M	105.80M	105.10M
Diluted Earnings per Share	$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	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	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	$0.88	$0.96	$1.04	$1.16	$1.34	$1.56	$1.80	$1.96	$2.10	$2.36

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	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	9/30/2022	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
Net Income / (Loss) Attributable to Common Shareholders	150	160	173	167	207	211	208	140	217	196
Consolidated Net Income / (Loss)	150	160	173	168	208	212	210	140	219	197
Net Income / (Loss) Continuing Operations	150	160	173	168	208	212	210	140	219	197
Total Pre-Tax Income	229	236	248	242	270	288	292	203	309	280
Total Operating Income	237	251	248	245	271	294	282	210	307	299
Total Gross Profit	340	559	471	467	481	499	502	398	532	178
Total Revenue	994	1,005	988	908	909	969	957	974	1,056	1,108
Operating Revenue	994	1,005	988	908	909	969	957	974	1,056	1,108
Total Cost of Revenue	653	446	517	441	428	470	455	576	524	929
Operating Cost of Revenue	653	446	517	441	428	470	455	576	524	929
Total Operating Expenses	104	309	224	222	209	205	220	188	225	-120
Selling, General & Admin Expense	48	247	162	162	155	153	168	59	174	-175
Depreciation Expense	41	45	41	40	39	38	37	32	32	32
Other Operating Expenses / (Income)	12	15	14	20	15	15	14	15	19	23
Restructuring Charge	1.60	2.00	6.40	0.70	0.80	-0.50	0.60	0.60	0.00	0.10
Total Other Income / (Expense), net	-7.80	-15	0.30	-3.00	-1.10	-6.50	9.70	-7.10	1.60	-19
Interest Expense	16	-	17	17	15	13	13	13	13	13
Interest & Investment Income	0.80	35	17	12	14	8.30	18	19	12	7.00
Other Income / (Expense), net	7.50	-6.20	0.10	1.60	0.50	-1.60	4.60	-13	2.00	-13
Income Tax Expense	79	76	75	74	62	76	83	63	91	83
Net Income / (Loss) Attributable to Noncontrolling Interest	0.60	-0.10	0.80	0.80	1.10	1.20	1.20	0.70	1.10	0.90
Basic Earnings per Share	$1.41	$1.51	$1.63	$1.58	$1.96	$1.99	$1.97	$1.33	$2.08	$1.86
Weighted Average Basic Shares Outstanding	106.20M	106.30M	105.90M	105.70M	105.70M	105.80M	105.60M	105.10M	104.70M	105.10M
Diluted Earnings per Share	$1.41	$1.50	$1.63	$1.57	$1.95	$1.98	$1.96	$1.33	$2.07	$1.85
Weighted Average Diluted Shares Outstanding	106.40M	106.70M	106.20M	106.10M	106.10M	106.20M	106.10M	105.40M	105.10M	105.50M
Weighted Average Basic & Diluted Shares Outstanding	106.08M	105.74M	105.57M	105.52M	105.56M	105.58M	105.15M	104.63M	104.69M	104.70M

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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	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	-46	-5.00	46	132	-46	828	35	-112	417	369
Net Cash From Operating Activities	245	230	374	535	633	1,459	597	651	1,076	1,101
Net Cash From Continuing Operating Activities	245	230	374	535	633	1,459	597	651	1,076	1,101
Net Income / (Loss) Continuing Operations	205	186	401	425	371	468	529	235	761	765
Consolidated Net Income / (Loss)	205	186	401	425	371	468	529	235	761	765
Depreciation Expense	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	12	12	27	9.10	84	72	-145	381	195	331
Changes in Operating Assets and Liabilities, net	-18	-12	-249	-106	-0.40	759	43	-134	-41	-131
Net Cash From Investing Activities	-79	-84	-1,437	-26	-16	-431	-353	-835	-55	-142
Net Cash From Continuing Investing Activities	-79	-84	-1,437	-26	-16	-431	-353	-835	-55	-142
Purchase of Property, Plant & Equipment	-39	-44	-38	-36	-35	-47	-51	-60	-45	-61
Acquisitions	-3.00	-16	-1,414	0.00	0.00	-352	-152	-708	0.00	0.00
Purchase of Investments	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	-37	-24	0.00	-1.80	30	0.50	0.60	0.00	0.30	0.10
Net Cash From Financing Activities	-212	-150	1,100	-372	-663	-202	-200	82	-656	-495
Net Cash From Continuing Financing Activities	-212	-150	1,100	-372	-663	-202	-200	82	-656	-495
Repayment of Debt	0.00	-8.20	-702	-364	-350	-230	-20	-225	-305	0.00
Repurchase of Common Equity	-132	-61	0.00	-141	-157	-349	-81	-101	-84	-205
Payment of Dividends	-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	-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	134	142	177	213	135	192	210	271	286	362

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	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	9/30/2022	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
Net Change in Cash & Equivalents	22	-407	913	-756	595	-335	689	1,263	-546	-1,036
Net Cash From Operating Activities	169	-144	1,031	-503	737	-189	896	1,494	-579	-710
Net Cash From Continuing Operating Activities	169	-144	1,040	-512	737	-189	896	1,494	-579	-710
Net Income / (Loss) Continuing Operations	150	160	173	168	208	212	210	140	219	197
Consolidated Net Income / (Loss)	150	160	173	168	208	212	210	140	219	197
Depreciation Expense	41	45	41	40	39	38	37	32	32	32
Amortization Expense	0.60	0.70	0.70	0.60	0.60	0.70	0.60	0.60	0.60	0.50
Non-Cash Adjustments To Reconcile Net Income	-78	-100	830	-695	517	-457	721	1,363	-830	-924
Changes in Operating Assets and Liabilities, net	56	-249	-5.00	-26	-28	17	-73	-42	0.20	-16
Net Cash From Investing Activities	28	-91	1.90	-45	26	-38	-13	-37	35	-127
Net Cash From Continuing Investing Activities	28	-91	1.90	-45	26	-38	-13	-37	35	-127
Purchase of Property, Plant & Equipment	-10	-27	-12	-7.80	-7.70	-17	-7.30	-18	-12	-24
Purchase of Investments	-1.80	-64	-49	-39	-38	-21	-27	-23	-	-106
Sale of Property, Plant & Equipment	-	-	-	-	-	-	-	-	-	3.30
Divestitures	-	-	0.80	-	-	-	0.00	3.30	0.10	-3.30
Sale and/or Maturity of Investments	41	1.40	64	-	71	-	21	-	47	2.80
Net Cash From Financing Activities	-161	-193	-141	-208	-165	-143	-169	-178	-78	-71
Net Cash From Continuing Financing Activities	-161	-193	-141	-208	-165	-143	-169	-178	-78	-71
Repayment of Debt	-100	-120	-	-	-90	-75	-	-	-	6.00
Repurchase of Common Equity	-	-15	-70	-8.10	-	-5.80	-77	-101	-26	-0.50
Payment of Dividends	-53	-53	-53	-53	-59	-59	-59	-58	-66	-66
Issuance of Common Equity	-0.20	-0.20	-0.30	-0.60	-15	-0.90	-5.00	-0.40	16	-2.40
Other Financing Activities, net	-7.50	-4.10	-18	-5.60	-1.50	-2.30	-29	-12	-1.80	-7.40
Effect of Exchange Rate Changes	-15	21	21	-0.80	-2.60	35	-25	-16	75	-129
Cash Interest Paid	7.40	-1.40	21	17	12	6.30	17	45	20	18
Cash Income Taxes Paid	60	77	9.30	120	74	83	77	102	93	91

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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	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	385	477	5,266	5,321	5,114	6,517	6,815	6,999	7,488	7,789
Total Current Assets	204	235	435	684	608	1,567	1,531	1,556	1,979	2,479
Cash & Equivalents	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	63	77	217	287	235	337	327	370	337	445
Current Deferred & Refundable Income Taxes	28	54	17	70	57	53	43	48	75	74
Other Current Assets	6.31	7.40	9.40	15	16	839	783	614	967	930
Plant, Property, & Equipment, net	60	4.90	4.90	4.90	0.00	0.00	2.30	2.30	0.00	0.00
Total Noncurrent Assets	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	7.66	27	2,707	2,691	2,682	2,895	3,025	3,123	3,141	3,124
Intangible Assets	2.38	8.70	1,903	1,720	1,590	1,729	1,669	1,663	1,562	1,377
Other Noncurrent Operating Assets	67	129	133	135	173	283	341	402	461	425
Total Liabilities & Shareholders' Equity	385	477	5,266	5,321	5,114	6,517	6,815	6,999	7,488	7,789
Total Liabilities	125	146	2,146	2,071	1,758	3,168	3,210	3,534	3,503	3,510
Total Current Liabilities	74	90	334	596	282	1,313	1,169	1,477	1,383	1,395
Short-Term Debt	2.00	0.00	57	304	2.20	84	64	329	12	0.00
Accounts Payable	60	82	154	199	172	250	295	420	413	360
Customer Deposits	-	-	-	-	0.00	812	746	543	849	846
Current Deferred Revenue	4.02	3.10	15	8.50	4.50	10	15	12	5.90	6.40
Current Deferred & Payable Income Tax Liabilities	1.63	0.00	2.60	4.10	4.00	4.20	8.20	3.50	1.00	1.60
Other Current Liabilities	-	4.40	106	81	99	153	41	170	103	182
Total Noncurrent Liabilities	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	40	52	79	115	136	165	198	196	244	305
Noncurrent Deferred & Payable Income Tax Liabilities	5.31	0.00	488	437	400	378	373	223	218	187
Other Noncurrent Operating Liabilities	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
Total Equity & Noncontrolling Interests	260	318	3,111	3,241	3,356	3,349	3,605	3,465	3,985	4,280
Total Preferred & Common Equity	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
Total Common Equity	260	318	3,111	3,241	3,356	3,349	3,605	3,465	3,985	4,280
Common Stock	125	140	2,625	2,661	2,693	2,715	1,511	1,456	1,480	1,514
Retained Earnings	604	711	993	1,288	1,513	1,810	2,146	2,171	2,525	2,816
Treasury Stock	-468	-532	-558	-720	-887	-1,250	-107	-131	-11	-1.40
Accumulated Other Comprehensive Income / (Loss)	-0.82	-0.80	51	12	38	75	56	-31	-9.40	-48

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
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024
Total Assets	7,297	7,904	7,196	7,733	8,152	9,256	8,712
Total Current Assets	1,897	2,458	1,744	2,278	2,675	3,900	3,318
Cash & Equivalents	353	436	414	403	536	615	763
Short-Term Investments	27	80	104	34	59	84	39
Accounts Receivable	380	393	364	359	370	373	376
Current Deferred & Refundable Income Taxes	40	4.50	38	60	6.80	35	47
Other Current Assets	1,097	1,544	825	1,421	1,703	2,794	2,092
Plant, Property, & Equipment, net	0.00	2.30	2.30	0.00	106	0.00	0.00
Total Noncurrent Assets	5,400	5,443	5,449	5,455	5,371	5,356	5,394
Long-Term Investments	254	270	294	343	362	360	358
Goodwill	3,114	3,128	3,138	3,125	3,134	3,133	3,151
Intangible Assets	1,666	1,637	1,614	1,571	1,527	1,425	1,425
Other Noncurrent Operating Assets	367	409	402	416	349	439	460
Total Liabilities & Shareholders' Equity	7,297	7,904	7,196	7,733	8,152	9,256	8,712
Total Liabilities	4,004	4,365	3,532	3,944	4,128	5,234	4,503
Total Current Liabilities	1,545	2,304	1,468	1,850	2,007	3,159	2,390
Short-Term Debt	37	324	179	88	8.80	1.80	0.00
Accounts Payable	401	368	391	376	305	291	305
Current Deferred Revenue	16	22	14	9.10	13	9.90	6.00
Current Deferred & Payable Income Tax Liabilities	0.00	19	0.00	0.00	0.00	0.00	0.00
Other Current Liabilities	62	117	165	52	1,681	128	2,079
Total Noncurrent Liabilities	2,458	2,061	2,063	2,095	2,121	2,075	2,113
Long-Term Debt	1,860	1,438	1,438	1,439	1,440	1,440	1,441
Noncurrent Deferred Revenue	185	211	224	234	257	271	287
Noncurrent Deferred & Payable Income Tax Liabilities	239	211	206	213	214	195	197
Other Noncurrent Operating Liabilities	175	202	195	209	210	169	189
Commitments & Contingencies	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
Total Preferred & Common Equity	3,294	3,539	3,664	3,788	4,024	4,022	4,208
Preferred Stock	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
Common Stock	1,534	1,473	1,483	1,507	1,496	1,507	1,523
Retained Earnings	2,065	2,291	2,406	2,556	2,676	2,758	2,911
Treasury Stock	-201	-214	-222	-223	-125	-217	-243
Accumulated Other Comprehensive Income / (Loss)	-104	-12	-2.40	-51	-23	-26	18

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

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	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	7.55%	5.92%	434.08%	48.42%	-19.70%	37.30%	1.98%	13.27%	-4.67%	8.51%
EBITDA Growth	4.66%	116.64%	273.90%	237.31%	-36.70%	-60.04%	13.23%	-33.00%	87.18%	-0.39%
EBIT Growth	3.25%	280.79%	-119.55%	1,159.84%	-35.49%	-56.70%	14.97%	-39.93%	119.56%	1.94%
NOPAT Growth	5.29%	-32.30%	1,180.04%	0.00%	-55.48%	18.17%	20.10%	-52.86%	189.29%	0.82%
Net Income Growth	8.06%	-18.83%	347.17%	18.42%	-38.38%	26.27%	12.99%	-55.58%	224.00%	0.46%
EPS Growth	11.31%	-15.45%	125.11%	5.69%	-33.51%	27.84%	15.22%	-55.49%	225.57%	1.12%
Operating Cash Flow Growth	-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	3.14%	-225.17%	-31,812.96%	0.00%	0.00%	-84.71%	-89.82%	-62.01%	372.46%	30.88%
Invested Capital Growth	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	2.90%	-17.39%	457.97%	9.61%	-7.13%	33.88%	0.64%	3.62%	-0.95%	3.51%
EBITDA Q/Q Growth	-1.55%	254.12%	314.16%	-12.34%	-74.69%	1.56%	9.62%	4.32%	3.52%	-1.05%
EBIT Q/Q Growth	-2.11%	147.57%	-113.48%	39.50%	-31.22%	2.27%	11.68%	5.24%	4.76%	-0.63%
NOPAT Q/Q Growth	-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	0.51%	-28.76%	494.25%	-65.47%	-37.64%	0.45%	17.45%	-2.57%	7.38%	-1.99%
EPS Q/Q Growth	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	-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	-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	23.12%	-90.37%	583.98%	-3.85%	-104.90%	4.35%	-1.38%	-2.25%	-1.00%	-4.05%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	84.62%	241.67%	124.96%	123.59%	136.64%	36.60%	42.24%	44.00%	50.83%	39.32%
EBITDA Margin	55.78%	114.09%	112.05%	58.94%	86.07%	25.05%	27.82%	16.45%	32.31%	29.66%
Operating Margin	48.19%	127.24%	50.05%	43.30%	64.56%	19.32%	23.06%	12.37%	28.04%	26.83%
EBIT Margin	48.81%	133.25%	50.56%	66.03%	64.58%	20.37%	22.96%	12.18%	28.05%	26.35%
Profit (Net Income) Margin	30.88%	79.23%	53.91%	30.71%	44.57%	13.66%	15.14%	5.94%	20.18%	18.68%
Tax Burden Percent	63.27%	181.70%	359.39%	0.00%	147.91%	70.90%	69.96%	54.29%	72.68%	70.58%
Interest Burden Percent	100.00%	294.52%	267.02%	0.00%	279.96%	94.61%	94.22%	89.79%	98.97%	100.44%
Effective Tax Rate	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)	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)	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)	-104.89%	-167.02%	6.62%	5.18%	4.27%	2.14%	2.00%	0.61%	3.25%	0.88%
Return on Equity (ROE)	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)	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)	84.30%	217.51%	40.44%	23.03%	40.79%	12.00%	12.04%	6.98%	14.61%	14.13%
Return on Assets (ROA)	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)	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)	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)	202	181	891	892	397	469	564	266	769	775
NOPAT Margin	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)	1.78%	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	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	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%
Operating Expenses to Revenue	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)	324	625	376	1,828	1,612	698	803	482	1,059	1,079
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	370	802	1,535	2,448	2,148	859	972	651	1,219	1,214
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	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)	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)	7.17	23.76	11.50	7.56	15.57	2.79	3.83	3.28	4.94	5.00
Price to Earnings (P/E)	23.32	90.36	96.58	75.23	103.25	20.44	25.42	55.38	24.59	26.88
Dividend Yield	1.52%	4.29%	2.72%	4.05%	3.76%	1.77%	1.43%	1.60%	1.19%	1.21%
Earnings Yield	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)	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)	7.02	23.03	18.57	12.37	16.09	3.03	4.05	3.53	5.07	5.00
Enterprise Value to EBITDA (EV/EBITDA)	12.58	45.70	48.62	41.39	55.87	12.10	14.55	21.42	15.69	16.87
Enterprise Value to EBIT (EV/EBIT)	14.38	51.99	110.07	36.66	74.46	14.88	17.62	28.94	18.07	18.98
Enterprise Value to NOPAT (EV/NOPAT)	23.02	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)	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)	24.75	0.00	0.00	0.00	8.22	2.59	34.64	89.98	26.11	21.36
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.01	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	0.79	0.00	0.00	0.34	0.36	0.41	0.36	0.34
Financial Leverage	-0.57	-1.50	0.39	1.38	1.66	0.28	0.23	0.24	0.20	0.06
Leverage Ratio	1.51	4.38	5.02	5.01	4.80	1.73	1.92	1.95	1.94	1.85
Compound Leverage Factor	1.51	4.31	4.49	0.00	4.48	1.64	1.81	1.75	1.92	1.86
Debt to Total Capital	0.76%	0.00%	87.97%	0.00%	0.00%	26.69%	27.44%	33.76%	26.69%	25.19%
Short-Term Debt to Total Capital	0.76%	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%	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%
Noncontrolling Interests to Total Capital	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	99.24%	288.56%	211.39%	0.00%	0.00%	73.31%	72.56%	66.24%	73.31%	74.81%
Debt to EBITDA	0.01	0.00	6.80	4.48	3.64	1.42	1.40	2.71	1.19	1.19
Net Debt to EBITDA	-0.27	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	6.50	3.37	3.63	1.32	1.34	2.21	1.18	1.19
Debt to NOPAT	0.01	0.00	8.72	8.20	6.57	2.60	2.42	6.65	1.89	1.86
Net Debt to NOPAT	-0.50	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	8.34	6.16	6.55	2.42	2.30	5.41	1.87	1.86
Altman Z-Score	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%	6.41%	1.91%	0.89%	0.57%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.76	0.00	6.51	0.00	0.00	1.19	1.31	1.05	1.43	1.78
Quick Ratio	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)	188	-24	-20,551	0.00	26,225	4,010	408	155	733	959
Operating Cash Flow to CapEx	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	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	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	11.37	9.86	16.52	20.27
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.73	4.90	2.33	1.05	1.90	0.59	0.52	0.57	0.52	0.54
Accounts Receivable Turnover	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
Fixed Asset Turnover	10.44	64.64	454.92	565.06	0.00	0.00	0.00	1,721.09	0.00	0.00
Accounts Payable Turnover	1.68	8.93	12.15	20.22	7.34	10.30	7.40	6.20	4.46	6.43
Days Sales Outstanding (DSO)	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
Days Payable Outstanding (DPO)	217.01	570.75	90.12	77.54	149.20	35.44	49.31	58.91	81.92	56.74
Cash Conversion Cycle (CCC)	-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	116	321	8,282	12,218	7,728	4,188	4,343	4,454	4,490	4,306
Invested Capital Turnover	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	14	409	23,884	11,808	-13,466	-3,540	156	111	36	-184
Enterprise Value (EV)	4,660	16,235	27,592	22,343	40,379	10,384	14,140	13,954	19,130	20,482
Market Capitalization	4,760	11,075	25,583	10,129	38,854	9,546	13,401	12,965	18,625	20,456
Book Value per Share	$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	$3.03	$3.48	($39.65)	($31.30)	($24.73)	($11.80)	($10.21)	($12.45)	($6.79)	($2.12)
Total Capital	262	331	13,244	13,409	12,676	4,568	4,968	5,231	5,436	5,721
Total Debt	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	3,714	2,747	2,603	1,135	1,299	1,437	1,439	1,441
Net Debt	-100	-170	2,042	2,467	1,525	839	738	989	505	27
Capital Expenditures (CapEx)	39	89	75	254	105	47	51	60	45	57
Debt-free, Cash-free Net Working Capital (DFCFNWC)	30	96	177	242	84	-0.40	47	-117	7.00	53
Debt-free Net Working Capital (DFNWC)	132	290	907	1,175	985	337	426	408	608	1,084
Net Working Capital (NWC)	130	290	1,172	263	978	254	362	79	596	1,084
Net Nonoperating Expense (NNE)	-2.59	-5.09	90	0.00	26	1.28	35	31	7.49	10
Net Nonoperating Obligations (NNO)	-143	-340	2,042	2,467	1,017	839	738	989	505	27
Total Depreciation and Amortization (D&A)	46	178	783	1,446	536	161	170	169	161	135
Debt-free, Cash-free Net Working Capital to Revenue	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	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	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	$2.46	$2.27	$3.70	$3.78	$6.70	$4.28	$4.93	$2.20	$7.16	$7.24
Adjusted Weighted Average Basic Shares Outstanding	83.08M	81.43M	107.20M	111.80M	222.80M	109.10M	107M	106.30M	105.80M	105.10M
Adjusted Diluted Earnings per Share	$2.46	$2.27	$3.69	$3.76	$6.68	$4.27	$4.92	$2.19	$7.13	$7.21
Adjusted Weighted Average Diluted Shares Outstanding	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
Adjusted Weighted Average Basic & Diluted Shares Outstanding	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)	202	378	639	937	433	502	575	527	774	833
Normalized NOPAT Margin	30.49%	80.58%	28.66%	50.76%	52.06%	14.63%	16.45%	13.31%	20.52%	20.35%
Pre Tax Income Margin	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	16.72	8.04	16.96	20.95
NOPAT to Interest Expense	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	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	10.68	3.43	11.60	13.95
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	35.80%	295.91%	88.44%	61.29%	121.36%	36.44%	36.54%	89.11%	29.35%	32.61%
Augmented Payout Ratio	100.29%	523.96%	206.37%	127.56%	248.30%	111.00%	51.91%	132.04%	40.37%	59.38%

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

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	9/30/2022	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
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	21.63%	15.96%	1.41%	-7.91%	-8.53%	-3.58%	-3.14%	7.29%	16.16%	14.34%
EBITDA Growth	25.01%	10.28%	4.69%	242.40%	8.81%	14.29%	12.00%	-20.01%	9.87%	-3.90%
EBIT Growth	31.70%	10.89%	5.22%	201.73%	11.22%	19.69%	15.73%	-20.05%	13.88%	-2.33%
NOPAT Growth	17.57%	-2.56%	48.26%	202.23%	34.60%	27.78%	16.95%	-14.46%	3.98%	-3.27%
Net Income Growth	24.75%	-3.74%	58.21%	190.95%	38.62%	32.75%	20.82%	-16.33%	4.95%	-7.31%
EPS Growth	25.89%	-3.23%	59.80%	190.23%	38.30%	32.00%	20.25%	-15.29%	6.15%	-6.57%
Operating Cash Flow Growth	-69.96%	79.15%	-18.18%	20.70%	335.26%	-31.62%	-13.12%	396.94%	-178.50%	-275.87%
Free Cash Flow Firm Growth	101.09%	218.54%	-222.33%	146.49%	8,072.92%	206.32%	337.83%	-25.37%	14.96%	117.84%
Invested Capital Growth	3.46%	2.55%	6.06%	-2.42%	-0.46%	0.81%	0.01%	-1.43%	-1.04%	-4.09%
Revenue Q/Q Growth	0.78%	1.13%	-1.64%	-8.14%	0.11%	6.59%	-1.19%	1.76%	8.39%	4.92%
EBITDA Q/Q Growth	241.96%	1.33%	0.14%	-1.14%	8.47%	6.43%	1.28%	-29.39%	49.00%	-6.90%
EBIT Q/Q Growth	200.87%	0.00%	1.51%	-0.65%	10.27%	7.62%	1.74%	-31.36%	57.06%	-7.69%
NOPAT Q/Q Growth	193.46%	9.23%	2.08%	-1.91%	23.05%	3.71%	-6.57%	-28.26%	49.59%	-3.52%
Net Income Q/Q Growth	181.41%	6.32%	8.58%	-3.23%	24.08%	1.83%	-1.18%	-32.98%	55.63%	-10.07%
EPS Q/Q Growth	181.03%	6.38%	8.67%	-3.68%	24.20%	1.54%	-1.01%	-32.14%	55.64%	-10.63%
Operating Cash Flow Q/Q Growth	126.69%	-184.82%	817.83%	-148.81%	246.47%	-125.65%	573.86%	66.80%	-138.72%	-22.80%
Free Cash Flow Firm Q/Q Growth	100.47%	1,993.62%	-244.02%	430.45%	-17.97%	-21.53%	11.82%	3.70%	26.34%	48.70%
Invested Capital Q/Q Growth	-0.53%	-2.25%	1.37%	-1.00%	1.47%	-1.00%	0.57%	-2.43%	1.87%	-4.05%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	34.26%	55.65%	47.70%	51.45%	52.87%	51.51%	52.46%	40.83%	50.39%	16.09%
EBITDA Margin	28.78%	28.83%	29.36%	31.59%	34.23%	34.18%	33.94%	23.55%	32.38%	28.73%
Operating Margin	23.83%	24.93%	25.09%	26.97%	29.84%	30.35%	29.50%	21.57%	29.12%	26.95%
EBIT Margin	24.59%	24.32%	25.10%	27.14%	29.90%	30.18%	29.98%	20.23%	29.31%	25.79%
Profit (Net Income) Margin	15.12%	15.90%	17.55%	18.48%	22.91%	21.89%	21.89%	14.41%	20.70%	17.74%
Tax Burden Percent	65.59%	67.73%	69.86%	69.40%	77.08%	73.74%	71.72%	69.16%	70.71%	70.25%
Interest Burden Percent	93.74%	96.52%	100.08%	98.13%	99.41%	98.32%	101.78%	103.05%	99.87%	97.93%
Effective Tax Rate	34.41%	32.27%	30.14%	30.60%	22.92%	26.26%	28.28%	30.84%	29.29%	29.75%
Return on Invested Capital (ROIC)	13.33%	15.20%	15.87%	16.10%	19.28%	18.88%	17.54%	12.80%	18.05%	17.63%
ROIC Less NNEP Spread (ROIC-NNEP)	12.86%	14.04%	15.90%	15.91%	19.19%	18.24%	18.49%	11.98%	18.27%	12.66%
Return on Net Nonoperating Assets (RNNOA)	4.11%	3.43%	3.73%	4.88%	5.45%	3.66%	3.59%	1.85%	2.35%	0.81%
Return on Equity (ROE)	17.44%	18.63%	19.60%	20.98%	24.72%	22.54%	21.13%	14.66%	20.40%	18.44%
Cash Return on Invested Capital (CROIC)	2.67%	3.53%	1.55%	17.21%	16.35%	16.38%	17.66%	18.88%	18.38%	21.80%
Operating Return on Assets (OROA)	12.63%	13.94%	12.38%	14.41%	15.16%	15.73%	13.98%	9.37%	14.10%	13.82%
Return on Assets (ROA)	7.76%	9.11%	8.66%	9.81%	11.61%	11.40%	10.20%	6.67%	9.96%	9.51%
Return on Common Equity (ROCE)	17.44%	18.63%	19.60%	20.98%	24.72%	22.54%	21.13%	14.66%	20.40%	18.44%
Return on Equity Simple (ROE_SIMPLE)	7.32%	0.00%	8.44%	17.77%	18.72%	0.00%	19.82%	19.15%	18.54%	0.00%
Net Operating Profit after Tax (NOPAT)	155	170	173	170	209	217	203	145	217	210
NOPAT Margin	15.63%	16.89%	17.53%	18.71%	23.00%	22.38%	21.16%	14.92%	20.59%	18.93%
Net Nonoperating Expense Percent (NNEP)	0.47%	1.15%	-0.03%	0.20%	0.08%	0.64%	-0.95%	0.83%	-0.22%	4.97%
Return On Investment Capital (ROIC_SIMPLE)	-	3.24%	-	-	-	3.99%	-	-	-	3.67%
Cost of Revenue to Revenue	65.74%	44.35%	52.30%	48.55%	47.13%	48.49%	47.54%	59.17%	49.61%	83.91%
SG&A Expenses to Revenue	4.82%	24.57%	16.38%	17.86%	17.01%	15.77%	17.53%	6.04%	16.51%	-15.80%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	10.43%	30.72%	22.62%	24.49%	23.03%	21.16%	22.95%	19.26%	21.28%	-10.86%
Earnings before Interest and Taxes (EBIT)	244	244	248	246	272	292	287	197	309	286
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	286	290	290	287	311	331	325	229	342	318
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.69	3.74	3.95	3.93	4.30	4.67	4.80	4.45	5.09	4.78
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
Price to Revenue (P/Rev)	3.18	3.28	3.52	3.69	4.27	4.94	5.17	4.70	5.42	5.00
Price to Earnings (P/E)	50.71	55.38	46.94	22.17	23.05	24.59	24.37	23.35	27.62	26.88
Dividend Yield	1.69%	1.60%	1.50%	1.47%	1.33%	1.19%	1.17%	1.29%	1.11%	1.21%
Earnings Yield	1.97%	1.81%	2.13%	4.51%	4.34%	4.07%	4.10%	4.28%	3.62%	3.72%
Enterprise Value to Invested Capital (EV/IC)	2.94	3.13	3.31	3.40	3.76	4.26	4.39	4.15	4.84	4.76
Enterprise Value to Revenue (EV/Rev)	3.51	3.53	3.76	3.90	4.47	5.07	5.30	4.80	5.49	5.00
Enterprise Value to EBITDA (EV/EBITDA)	21.48	21.42	22.49	13.18	14.46	15.69	15.81	15.27	17.70	16.87
Enterprise Value to EBIT (EV/EBIT)	29.28	28.94	30.22	15.45	16.86	18.07	18.06	17.43	20.00	18.98
Enterprise Value to NOPAT (EV/NOPAT)	49.27	52.50	45.82	22.73	23.58	24.88	24.84	23.61	27.77	26.42
Enterprise Value to Operating Cash Flow (EV/OCF)	126.41	21.43	35.39	27.45	15.19	17.79	21.08	6.22	13.39	18.61
Enterprise Value to Free Cash Flow (EV/FCFF)	112.02	89.98	219.87	19.50	22.91	26.11	24.86	21.80	26.19	21.36
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.58	0.51	0.50	0.44	0.40	0.36	0.36	0.36	0.34	0.34
Long-Term Debt to Equity	0.56	0.41	0.41	0.39	0.38	0.36	0.36	0.36	0.34	0.34
Financial Leverage	0.32	0.24	0.23	0.31	0.28	0.20	0.19	0.15	0.13	0.06
Leverage Ratio	2.19	1.95	2.27	2.12	2.12	1.94	2.12	2.14	2.06	1.85
Compound Leverage Factor	2.05	1.89	2.27	2.08	2.11	1.91	2.16	2.21	2.05	1.81
Debt to Total Capital	36.55%	33.76%	33.24%	30.62%	28.73%	26.69%	26.47%	26.39%	25.50%	25.19%
Short-Term Debt to Total Capital	0.72%	6.29%	6.11%	3.39%	1.66%	0.22%	0.16%	0.03%	0.00%	0.00%
Long-Term Debt to Total Capital	35.83%	27.47%	27.13%	27.23%	27.07%	26.48%	26.31%	26.36%	25.50%	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%
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%
Common Equity to Total Capital	63.45%	66.24%	66.76%	69.38%	71.27%	73.31%	73.53%	73.61%	74.50%	74.81%
Debt to EBITDA	3.04	2.71	2.65	1.40	1.30	1.19	1.16	1.21	1.17	1.19
Net Debt to EBITDA	2.02	1.52	1.47	0.70	0.63	0.41	0.39	0.32	0.23	0.02
Long-Term Debt to EBITDA	2.98	2.21	2.16	1.25	1.22	1.18	1.15	1.20	1.17	1.19
Debt to NOPAT	6.97	6.65	5.40	2.42	2.11	1.89	1.81	1.86	1.84	1.86
Net Debt to NOPAT	4.64	3.72	2.99	1.21	1.03	0.66	0.62	0.50	0.36	0.03
Long-Term Debt to NOPAT	6.83	5.41	4.41	2.15	1.99	1.87	1.80	1.86	1.84	1.86
Altman Z-Score	2.91	3.33	2.95	3.61	3.62	4.39	3.94	3.05	4.02	4.82
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.23	1.05	1.07	1.19	1.23	1.43	1.33	1.23	1.39	1.78
Quick Ratio	0.49	0.61	0.39	0.60	0.43	0.68	0.48	0.34	0.49	1.06
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	2.82	59	-85	281	230	181	202	209	265	393
Operating Cash Flow to CapEx	1,659.80%	-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%
Free Cash Flow to Firm to Interest Expense	0.17	0.00	-4.97	16.80	14.94	13.68	15.53	16.36	20.67	30.50
Operating Cash Flow to Interest Expense	10.52	0.00	60.28	-30.13	47.85	-14.32	68.89	116.71	-45.20	-55.07
Operating Cash Flow Less CapEx to Interest Expense	9.88	0.00	59.56	-30.59	47.35	-15.61	68.33	115.32	-46.13	-56.66
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.51	0.57	0.49	0.53	0.51	0.52	0.47	0.46	0.48	0.54
Accounts Receivable Turnover	10.85	11.36	10.27	10.32	10.31	10.67	9.80	10.35	10.76	10.47
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	1,721.09	1,727.04	0.00	0.00	0.00	69.11	0.00	0.00	0.00
Accounts Payable Turnover	6.80	6.20	6.73	6.07	5.65	4.46	6.60	6.90	7.20	6.43
Days Sales Outstanding (DSO)	33.65	32.12	35.55	35.38	35.42	34.20	37.24	35.28	33.92	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
Days Payable Outstanding (DPO)	53.66	58.91	54.26	60.15	64.61	81.92	55.33	52.87	50.68	56.74
Cash Conversion Cycle (CCC)	-20.01	-26.79	-18.72	-24.77	-29.19	-47.72	-18.09	-17.59	-16.75	-21.89
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	4,557	4,454	4,515	4,470	4,535	4,490	4,516	4,406	4,488	4,306
Invested Capital Turnover	0.85	0.90	0.91	0.86	0.84	0.84	0.83	0.86	0.88	0.93
Increase / (Decrease) in Invested Capital	153	111	258	-111	-21	36	0.60	-64	-47	-184
Enterprise Value (EV)	13,412	13,954	14,940	15,192	17,032	19,130	19,824	18,267	21,716	20,482
Market Capitalization	12,149	12,965	13,963	14,387	16,285	18,625	19,333	17,883	21,436	20,456
Book Value per Share	$31.06	$32.67	$33.47	$34.71	$35.90	$37.75	$38.11	$38.25	$40.22	$40.88
Tangible Book Value per Share	($14.01)	($12.45)	($11.60)	($10.31)	($8.60)	($6.79)	($6.03)	($5.10)	($3.51)	($2.12)
Total Capital	5,191	5,231	5,301	5,281	5,315	5,436	5,473	5,464	5,649	5,721
Total Debt	1,897	1,766	1,762	1,617	1,527	1,451	1,448	1,442	1,441	1,441
Total Long-Term Debt	1,860	1,437	1,438	1,438	1,439	1,439	1,440	1,440	1,441	1,441
Net Debt	1,263	989	976	806	747	505	492	384	280	27
Capital Expenditures (CapEx)	10	27	12	7.80	7.70	17	7.30	18	12	21
Debt-free, Cash-free Net Working Capital (DFCFNWC)	8.30	-117	-37	-62	79	7.00	82	44	126	53
Debt-free Net Working Capital (DFNWC)	389	408	479	455	517	608	677	742	928	1,084
Net Working Capital (NWC)	352	79	155	276	428	596	668	741	928	1,084
Net Nonoperating Expense (NNE)	5.12	9.96	-0.21	2.08	0.85	4.79	-6.96	4.91	-1.13	13
Net Nonoperating Obligations (NNO)	1,263	989	976	806	747	505	492	384	280	27
Total Depreciation and Amortization (D&A)	42	45	42	40	39	39	38	32	32	33
Debt-free, Cash-free Net Working Capital to Revenue	0.22%	-2.95%	-0.94%	-1.60%	2.08%	0.19%	2.19%	1.16%	3.18%	1.30%
Debt-free Net Working Capital to Revenue	10.18%	10.30%	12.05%	11.68%	13.56%	16.10%	18.09%	19.49%	23.47%	26.47%
Net Working Capital to Revenue	9.21%	1.99%	3.89%	7.09%	11.25%	15.79%	17.85%	19.45%	23.47%	26.47%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.41	$1.51	$1.63	$1.58	$1.96	$1.99	$1.97	$1.33	$2.08	$1.86
Adjusted Weighted Average Basic Shares Outstanding	106.20M	106.30M	105.90M	105.70M	105.70M	105.80M	105.60M	105.10M	104.70M	105.10M
Adjusted Diluted Earnings per Share	$1.41	$1.50	$1.63	$1.57	$1.95	$1.98	$1.96	$1.33	$2.07	$1.85
Adjusted Weighted Average Diluted Shares Outstanding	106.40M	106.70M	106.20M	106.10M	106.10M	106.20M	106.10M	105.40M	105.10M	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
Adjusted Weighted Average Basic & Diluted Shares Outstanding	106.08M	105.74M	105.57M	105.52M	105.56M	105.58M	105.15M	104.63M	104.69M	104.70M
Normalized Net Operating Profit after Tax (NOPAT)	157	171	178	170	210	216	203	202	217	210
Normalized NOPAT Margin	15.79%	17.02%	17.98%	18.77%	23.07%	22.34%	21.20%	20.71%	20.59%	18.94%
Pre Tax Income Margin	23.05%	23.47%	25.12%	26.64%	29.72%	29.68%	30.52%	20.84%	29.27%	25.25%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	15.17	0.00	14.50	14.75	17.64	22.15	22.08	15.39	24.17	22.14
NOPAT to Interest Expense	9.65	0.00	10.13	10.17	13.57	16.42	15.58	11.35	16.98	16.26
EBIT Less CapEx to Interest Expense	14.54	0.00	13.78	14.29	17.14	20.86	21.52	14.00	23.23	20.55
NOPAT Less CapEx to Interest Expense	9.01	0.00	9.40	9.71	13.07	15.13	15.02	9.96	16.04	14.67
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	86.03%	89.11%	70.72%	32.76%	30.80%	29.35%	28.68%	30.35%	30.95%	32.61%
Augmented Payout Ratio	121.52%	132.04%	104.48%	47.10%	43.97%	40.37%	40.03%	54.20%	57.87%	59.38%

Frequently Asked Questions About Cboe Global Markets' Financials

When does Cboe Global Markets's 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 9 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 $205 million in 2015. The previous period was $761.40 million in 2023. Find out what analysts predict for Cboe Global Markets in the coming months.

What is Cboe Global Markets's operating income?

Cboe Global Markets's 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 9 years?

Over the last 9 years, Cboe Global Markets' total revenue changed from $663.80 million in 2015 to $4.09 billion in 2024, a change of 516.8%.

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 2,704.4% increase since 2015.

How much cash does Cboe Global Markets have?

In the past 9 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 9 years?

Over the last 9 years, Cboe Global Markets' book value per share changed from 3.15 in 2015 to 40.88 in 2024, a change of 1,198.2%.

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This page (NASDAQ:CBOE) was last updated on 5/5/2025 by MarketBeat.com Staff

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Cboe Global Markets (CBOE) Financials

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