Cboe Global Markets (CBOE) Financials

$346.00 +2.02 (+0.59%)

Closing price 04:10 PM Eastern

Extended Trading

$345.50 -0.50 (-0.14%)

As of 05:57 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	2025
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	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	204	185	397	422	373	467	527	234	758	761	1,095
Consolidated Net Income / (Loss)	205	186	401	425	371	468	529	235	761	765	1,100
Net Income / (Loss) Continuing Operations	205	186	401	425	371	468	529	235	761	765	1,100
Total Pre-Tax Income	324	307	334	571	501	660	756	433	1,048	1,084	1,567
Total Operating Income	320	298	372	599	537	662	806	490	1,058	1,098	1,467
Total Gross Profit	562	566	794	988	1,137	1,254	1,476	1,742	1,918	1,610	1,928
Total Revenue	664	703	2,229	2,769	2,496	3,427	3,495	3,959	3,774	4,095	4,714
Operating Revenue	644	703	2,229	2,769	2,496	3,427	3,495	3,959	3,774	4,095	4,714
Total Cost of Revenue	100	137	1,435	1,781	1,359	2,173	2,019	2,217	1,856	2,485	2,786
Operating Cost of Revenue	100	137	1,435	1,781	1,359	2,173	2,019	2,217	1,856	2,485	2,786
Total Operating Expenses	242	268	422	389	600	592	670	1,252	860	512	461
Selling, General & Admin Expense	182	194	118	130	352	364	455	556	631	226	224
Depreciation Expense	46	44	192	204	177	159	167	167	158	133	122
Other Operating Expenses / (Income)	14	17	28	25	23	24	32	49	63	70	68
Impairment Charge	-	-	-	-	-	0.00	0.00	461	-	81	47
Restructuring Charge	0.00	14	84	30	49	45	16	20	7.40	1.30	0.30
Total Other Income / (Expense), net	4.10	8.40	-38	-28	-36	-1.80	-51	-57	-10	-15	100
Interest Expense	-	-	-	-	-	-	48	60	62	52	52
Interest & Investment Income	0.00	-5.70	-41	-38	-36	-38	0.60	11	52	56	142
Other Income / (Expense), net	4.10	14	3.80	10	0.10	36	-3.40	-7.50	0.60	-19	9.60
Income Tax Expense	119	121	-66	146	131	192	227	198	286	319	467
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	5.20
Basic Earnings per Share	$2.46	$2.27	$3.70	$3.78	$3.35	$4.28	$4.93	$2.20	$7.16	$7.24	$10.46
Weighted Average Basic Shares Outstanding	83.10M	81.40M	107.20M	111.80M	111.40M	109.10M	107M	106.30M	105.80M	105.10M	104.70M
Diluted Earnings per Share	$2.46	$2.27	$3.69	$3.76	$3.34	$4.27	$4.92	$2.19	$7.13	$7.21	$10.42
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	105.10M
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	104.67M
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	$2.70

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	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	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	9/30/2025	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	167	207	211	208	140	217	196	249	234	299	312
Consolidated Net Income / (Loss)	168	208	212	210	140	219	197	251	235	301	314
Net Income / (Loss) Continuing Operations	168	208	212	210	140	219	197	251	235	301	314
Total Pre-Tax Income	242	270	288	292	203	309	280	350	335	430	452
Total Operating Income	245	271	294	282	210	307	299	354	339	370	404
Total Gross Profit	467	481	499	387	398	532	178	449	459	476	544
Total Revenue	908	909	969	957	974	1,056	1,108	1,195	1,174	1,142	1,204
Operating Revenue	908	909	969	957	974	1,056	1,108	1,195	1,174	1,142	1,204
Total Cost of Revenue	441	428	470	570	576	524	929	746	714	665	660
Operating Cost of Revenue	441	428	470	570	576	524	929	746	714	665	660
Total Operating Expenses	222	209	205	104	188	225	-120	95	120	106	140
Selling, General & Admin Expense	162	155	153	53	59	174	-175	52	58	52	61
Depreciation Expense	40	39	38	37	32	32	32	30	30	31	31
Other Operating Expenses / (Income)	20	15	15	14	15	19	23	13	15	18	22
Restructuring Charge	0.70	0.80	-0.50	0.60	0.60	0.00	0.10	0.20	0.00	0.20	-0.10
Total Other Income / (Expense), net	-3.00	-1.10	-6.50	9.70	-7.10	1.60	-19	-3.70	-4.50	60	48
Interest Expense	17	15	13	13	13	13	13	13	13	13	13
Interest & Investment Income	12	14	8.30	18	19	12	7.00	5.10	10	67	60
Other Income / (Expense), net	1.60	0.50	-1.60	4.60	-13	2.00	-13	4.00	-1.80	6.10	1.30
Income Tax Expense	74	62	76	83	63	91	83	100	100	129	138
Net Income / (Loss) Attributable to Noncontrolling Interest	0.80	1.10	1.20	1.20	0.70	1.10	0.90	1.20	1.20	1.50	1.30
Basic Earnings per Share	$1.58	$1.96	$1.99	$1.97	$1.33	$2.08	$1.86	$2.38	$2.23	$2.86	$2.99
Weighted Average Basic Shares Outstanding	105.70M	105.70M	105.80M	105.60M	105.10M	104.70M	105.10M	104.70M	104.70M	104.60M	104.70M
Diluted Earnings per Share	$1.57	$1.95	$1.98	$1.96	$1.33	$2.07	$1.85	$2.37	$2.23	$2.85	$2.97
Weighted Average Diluted Shares Outstanding	106.10M	106.10M	106.20M	106.10M	105.40M	105.10M	105.50M	105.10M	105M	104.90M	105.10M
Weighted Average Basic & Diluted Shares Outstanding	105.52M	105.56M	105.58M	105.15M	104.63M	104.69M	104.70M	104.71M	104.59M	104.64M	104.67M

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	2025
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	12/31/2025
Net Change in Cash & Equivalents	-46	-5.00	46	132	-46	828	35	-112	417	369	2,103
Net Cash From Operating Activities	245	230	374	535	633	1,459	597	651	1,076	1,101	1,753
Net Cash From Continuing Operating Activities	245	230	374	535	633	1,459	597	651	1,076	1,101	1,753
Net Income / (Loss) Continuing Operations	205	186	401	425	371	468	529	235	761	765	1,100
Consolidated Net Income / (Loss)	205	186	401	425	371	468	529	235	761	765	1,100
Depreciation Expense	46	44	192	204	177	159	167	167	158	133	122
Non-Cash Adjustments To Reconcile Net Income	12	12	27	9.10	84	72	-145	381	198	333	357
Changes in Operating Assets and Liabilities, net	-18	-12	-249	-106	-0.40	759	43	-134	-41	-131	174
Net Cash From Investing Activities	-79	-84	-1,437	-26	-16	-431	-353	-835	-55	-142	450
Net Cash From Continuing Investing Activities	-79	-84	-1,437	-26	-16	-431	-353	-835	-55	-142	450
Purchase of Property, Plant & Equipment	-39	-44	-38	-36	-35	-47	-51	-60	-45	-61	-71
Purchase of Investments	0.00	0.00	-140	-166	-109	-235	-311	-119	-147	-156	-177
Sale of Property, Plant & Equipment	-	-	-	-	-	-	-	0.00	0.00	4.00	0.00
Divestitures	-	-	-	-	0.00	-	0.00	0.00	0.80	0.10	1.60
Sale and/or Maturity of Investments	0.00	0.00	155	179	98	203	160	52	136	71	255
Other Investing Activities, net	-37	-24	0.00	-1.80	30	0.50	0.60	0.00	0.30	0.10	442
Net Cash From Financing Activities	-212	-150	1,100	-372	-663	-202	-200	82	-656	-495	-372
Net Cash From Continuing Financing Activities	-212	-150	1,100	-372	-663	-202	-200	82	-656	-495	-372
Repayment of Debt	0.00	-8.20	-702	-364	-350	-230	-20	-225	-305	-6.00	0.00
Repurchase of Common Equity	-132	-61	0.00	-141	-157	-349	-81	-101	-84	-205	-67
Payment of Dividends	-73	-79	-118	-130	-150	-171	-193	-209	-224	-249	-284
Issuance of Common Equity	-	-	-	-	-	0.00	-0.40	-0.60	-17	8.60	9.20
Other Financing Activities, net	-5.90	-3.00	-24	-75	-6.00	-16	-15	-46	-27	-43	-30
Effect of Exchange Rate Changes	0.00	0.00	8.60	-	-	1.60	-9.10	-10	53	-95	272
Cash Interest Paid	0.00	0.00	27	39	33	29	42	51	57	100	92
Cash Income Taxes Paid	134	142	177	213	135	192	210	271	286	362	392

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	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	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	9/30/2025	12/31/2025
Net Change in Cash & Equivalents	-756	595	-335	689	1,263	-546	-1,036	904	287	213	699
Net Cash From Operating Activities	-503	737	-189	896	1,494	-579	-710	913	334	154	352
Net Cash From Continuing Operating Activities	-512	737	-189	896	1,494	-579	-710	913	334	154	352
Net Income / (Loss) Continuing Operations	168	208	212	210	140	219	197	251	235	301	314
Consolidated Net Income / (Loss)	168	208	212	210	140	219	197	251	235	301	314
Depreciation Expense	40	39	38	37	32	32	32	30	30	31	31
Non-Cash Adjustments To Reconcile Net Income	-695	517	-457	721	1,363	-830	-924	642	17	-282	-20
Changes in Operating Assets and Liabilities, net	-26	-28	17	-73	-42	0.20	-16	-10	51	104	29
Net Cash From Investing Activities	-45	26	-38	-13	-37	35	-127	-20	-117	168	419
Net Cash From Continuing Investing Activities	-45	26	-38	-13	-37	35	-127	-20	-117	168	419
Purchase of Property, Plant & Equipment	-7.80	-7.70	-17	-7.30	-18	-12	-24	-15	-20	-16	-20
Sale and/or Maturity of Investments	-	71	-	21	-	47	2.80	70	-	178	7.00
Other Investing Activities, net	2.10	-	0.30	0.10	-	-	-	4.60	-	4.90	432
Net Cash From Financing Activities	-208	-165	-143	-169	-178	-78	-71	-115	-104	-76	-78
Net Cash From Continuing Financing Activities	-208	-165	-143	-169	-178	-78	-71	-115	-104	-76	-78
Payment of Dividends	-53	-59	-59	-59	-58	-66	-66	-66	-66	-76	-76
Other Financing Activities, net	-5.60	-1.50	-2.30	-29	-12	-1.80	-7.40	-23	-0.70	-4.50	-1.70
Effect of Exchange Rate Changes	-0.80	-2.60	35	-25	-16	75	-129	126	174	-33	4.90
Cash Interest Paid	17	12	6.30	17	45	20	18	27	20	30	15
Cash Income Taxes Paid	120	74	83	77	102	93	91	8.00	141	92	151

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	2025
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	12/31/2025
Total Assets	385	477	5,266	5,321	5,114	6,517	6,815	6,999	7,488	7,789	9,305
Total Current Assets	204	235	435	684	608	1,567	1,531	1,556	1,979	2,479	4,421
Cash & Equivalents	102	97	144	275	229	245	342	433	543	920	2,217
Short-Term Investments	-	0.00	47	36	71	92	37	92	58	110	36
Accounts Receivable	63	77	217	287	235	337	327	370	337	445	391
Current Deferred & Refundable Income Taxes	28	54	17	70	57	53	43	48	75	74	68
Other Current Assets	6.31	7.40	9.40	15	16	839	783	614	967	930	1,710
Plant, Property, & Equipment, net	60	4.90	4.90	4.90	0.00	0.00	2.30	2.30	0.00	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	4,884
Long-Term Investments	-	73	83	86	61	43	246	253	345	384	32
Goodwill	7.66	27	2,707	2,691	2,682	2,895	3,025	3,123	3,141	3,124	3,151
Intangible Assets	2.38	8.70	1,903	1,720	1,590	1,729	1,669	1,663	1,562	1,377	1,297
Other Noncurrent Operating Assets	67	129	133	135	173	283	341	402	461	425	404
Total Liabilities & Shareholders' Equity	385	477	5,266	5,321	5,114	6,517	6,815	6,999	7,488	7,789	9,305
Total Liabilities	125	146	2,146	2,071	1,758	3,168	3,210	3,534	3,503	3,510	4,167
Total Current Liabilities	74	90	334	596	282	1,313	1,169	1,477	1,383	1,395	2,362
Accounts Payable	60	82	154	199	172	250	295	420	413	360	687
Customer Deposits	-	-	-	-	0.00	812	746	543	849	846	1,618
Current Deferred Revenue	4.02	3.10	15	8.50	4.50	10	15	12	5.90	6.40	6.90
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	50
Other Current Liabilities	-	4.40	106	81	99	153	41	170	103	182	0.20
Total Noncurrent Liabilities	51	56	1,812	1,475	1,477	1,854	2,040	2,056	2,119	2,114	1,805
Long-Term Debt	-	0.00	1,238	916	868	1,135	1,299	1,437	1,439	1,441	1,443
Noncurrent Deferred Revenue	40	52	79	115	136	165	198	196	244	305	16
Noncurrent Deferred & Payable Income Tax Liabilities	5.31	0.00	488	437	400	378	373	223	218	187	185
Other Noncurrent Operating Liabilities	4.26	4.20	6.80	7.40	74	177	171	200	218	182	161
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	260	318	3,111	3,241	3,356	3,349	3,605	3,465	3,985	4,280	5,138
Total Preferred & Common Equity	260	318	3,111	3,241	3,356	3,349	3,605	3,465	3,985	4,280	5,138
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	260	318	3,111	3,241	3,356	3,349	3,605	3,465	3,985	4,280	5,138
Common Stock	125	140	2,625	2,661	2,693	2,715	1,511	1,456	1,480	1,514	1,566
Retained Earnings	604	711	993	1,288	1,513	1,810	2,146	2,171	2,525	2,816	3,544
Treasury Stock	-468	-532	-558	-720	-887	-1,250	-107	-131	-11	-1.40	-1.50
Accumulated Other Comprehensive Income / (Loss)	-0.82	-0.80	51	12	38	75	56	-31	-9.40	-48	30

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	Q3 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	9/30/2025
Total Assets	7,297	7,904	7,196	7,733	8,152	9,256	8,712	8,667	9,048	9,069
Total Current Assets	1,897	2,458	1,744	2,278	2,675	3,900	3,318	3,362	3,743	3,742
Cash & Equivalents	353	436	414	403	536	615	763	1,047	1,256	1,497
Short-Term Investments	27	80	104	34	59	84	39	106	208	34
Accounts Receivable	380	393	364	359	370	373	376	493	444	437
Current Deferred & Refundable Income Taxes	40	4.50	38	60	6.80	35	47	1.40	41	34
Other Current Assets	1,097	1,544	825	1,421	1,703	2,794	2,092	1,714	1,794	1,740
Plant, Property, & Equipment, net	0.00	2.30	2.30	0.00	106	0.00	0.00	119	0.00	0.00
Total Noncurrent Assets	5,400	5,443	5,449	5,455	5,371	5,356	5,394	5,186	5,305	5,327
Long-Term Investments	254	270	294	343	362	360	358	383	380	430
Goodwill	3,114	3,128	3,138	3,125	3,134	3,133	3,151	3,132	3,156	3,147
Intangible Assets	1,666	1,637	1,614	1,571	1,527	1,425	1,425	1,368	1,356	1,330
Other Noncurrent Operating Assets	367	409	402	416	349	439	460	303	414	419
Total Liabilities & Shareholders' Equity	7,297	7,904	7,196	7,733	8,152	9,256	8,712	8,667	9,048	9,069
Total Liabilities	4,004	4,365	3,532	3,944	4,128	5,234	4,503	4,215	4,383	4,184
Total Current Liabilities	1,545	2,304	1,468	1,850	2,007	3,159	2,390	2,098	2,387	2,179
Accounts Payable	401	368	391	376	305	291	305	299	467	518
Customer Deposits	1,029	1,453	719	1,325	-	2,729	-	-	1,670	1,641
Current Deferred Revenue	16	22	14	9.10	13	9.90	6.00	13	11	6.80
Current Deferred & Payable Income Tax Liabilities	0.00	19	0.00	0.00	0.00	0.00	0.00	7.80	0.00	13
Other Current Liabilities	62	117	165	52	1,681	128	2,079	1,778	238	0.20
Total Noncurrent Liabilities	2,458	2,061	2,063	2,095	2,121	2,075	2,113	2,117	1,997	2,005
Long-Term Debt	1,860	1,438	1,438	1,439	1,440	1,440	1,441	1,442	1,442	1,442
Noncurrent Deferred Revenue	185	211	224	234	257	271	287	324	213	235
Noncurrent Deferred & Payable Income Tax Liabilities	239	211	206	213	214	195	197	183	175	162
Other Noncurrent Operating Liabilities	175	202	195	209	210	169	189	169	167	165
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	3,294	3,539	3,664	3,788	4,024	4,022	4,208	4,452	4,665	4,885
Total Preferred & Common Equity	3,294	3,539	3,664	3,788	4,024	4,022	4,208	4,452	4,665	4,885
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	3,294	3,539	3,664	3,788	4,024	4,022	4,208	4,452	4,665	4,885
Common Stock	1,534	1,473	1,483	1,507	1,496	1,507	1,523	1,531	1,544	1,561
Retained Earnings	2,065	2,291	2,406	2,556	2,676	2,758	2,911	3,000	3,169	3,394
Treasury Stock	-201	-214	-222	-223	-125	-217	-243	-54	-91	-95
Accumulated Other Comprehensive Income / (Loss)	-104	-12	-2.40	-51	-23	-26	18	-25	42	25

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	2025
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	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	7.55%	5.92%	434.08%	48.42%	-19.70%	37.30%	1.98%	13.27%	-4.67%	8.51%	15.13%
EBITDA Growth	4.66%	116.64%	273.90%	237.31%	-36.70%	-60.04%	13.23%	-33.00%	87.18%	-0.39%	31.94%
EBIT Growth	3.25%	280.79%	-119.55%	1,159.84%	-35.49%	-56.70%	14.97%	-39.93%	119.56%	1.94%	36.86%
NOPAT Growth	5.29%	-32.30%	1,180.04%	0.00%	-55.48%	18.17%	20.10%	-52.86%	189.29%	0.82%	32.89%
Net Income Growth	8.06%	-18.83%	347.17%	18.42%	-38.38%	26.27%	12.99%	-55.58%	224.00%	0.46%	43.81%
EPS Growth	11.31%	-15.45%	125.11%	5.69%	-33.51%	27.84%	15.22%	-55.49%	225.57%	1.12%	44.52%
Operating Cash Flow Growth	-6.61%	-19.20%	189.20%	128.45%	55.04%	130.53%	-59.09%	9.10%	65.20%	2.32%	59.24%
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%	8.48%
Invested Capital Growth	13.86%	113.52%	3,504.30%	-150.79%	-205.11%	-45.81%	3.72%	2.55%	0.81%	-4.09%	-0.23%
Revenue Q/Q Growth	2.90%	-17.39%	457.97%	9.61%	-7.13%	33.88%	0.64%	3.62%	-0.95%	3.51%	2.09%
EBITDA Q/Q Growth	-1.55%	254.12%	314.16%	-12.34%	-74.69%	1.56%	9.62%	4.32%	3.52%	-1.05%	7.85%
EBIT Q/Q Growth	-2.11%	147.57%	-113.48%	39.50%	-31.22%	2.27%	11.68%	5.24%	4.76%	-0.63%	8.80%
NOPAT Q/Q Growth	-1.57%	-56.41%	464.05%	0.00%	-138.04%	1.52%	16.27%	-2.37%	6.45%	-0.87%	7.32%
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%	11.90%
EPS Q/Q Growth	1.23%	-28.20%	505.46%	-71.20%	-36.32%	0.95%	17.70%	-2.23%	7.22%	-1.77%	12.04%
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%	153.96%
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%	-3.85%
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%	-1.60%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	84.62%	241.67%	124.96%	123.59%	136.64%	36.60%	42.24%	44.00%	50.83%	39.32%	40.90%
EBITDA Margin	55.78%	114.09%	112.05%	58.94%	86.07%	25.05%	27.82%	16.45%	32.31%	29.66%	33.92%
Operating Margin	48.19%	127.24%	50.05%	43.30%	64.56%	19.32%	23.06%	12.37%	28.04%	26.83%	31.12%
EBIT Margin	48.81%	133.25%	50.56%	66.03%	64.58%	20.37%	22.96%	12.18%	28.05%	26.35%	31.32%
Profit (Net Income) Margin	30.88%	79.23%	53.91%	30.71%	44.57%	13.66%	15.14%	5.94%	20.18%	18.68%	23.33%
Tax Burden Percent	63.27%	181.70%	359.39%	0.00%	147.91%	70.90%	69.96%	54.29%	72.68%	70.58%	70.22%
Interest Burden Percent	100.00%	294.52%	267.02%	0.00%	279.96%	94.61%	94.22%	89.79%	98.97%	100.44%	106.09%
Effective Tax Rate	36.73%	118.30%	-59.39%	0.00%	78.14%	29.10%	30.04%	45.71%	27.32%	29.42%	29.78%
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%	23.95%
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%	6.81%
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%	-0.59%
Return on Equity (ROE)	80.44%	0.00%	72.67%	19.62%	19.09%	10.02%	15.21%	6.65%	20.44%	18.51%	23.36%
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%	24.18%
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%	17.28%
Return on Assets (ROA)	53.34%	129.33%	44.38%	16.07%	28.15%	8.05%	7.94%	3.40%	10.51%	10.01%	12.87%
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%	23.36%
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%	0.00%
Net Operating Profit after Tax (NOPAT)	202	181	891	892	397	469	564	266	769	775	1,030
NOPAT Margin	30.49%	77.06%	39.97%	32.23%	47.75%	13.70%	16.13%	6.71%	20.38%	18.93%	21.85%
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%	17.14%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	5.08%	14.14%	13.55%	15.65%
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%	59.10%
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%	4.74%
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	36.43%	114.44%	74.90%	42.12%	48.05%	17.28%	19.18%	31.63%	22.79%	12.49%	9.78%
Earnings before Interest and Taxes (EBIT)	324	625	376	1,828	1,612	698	803	482	1,059	1,079	1,477
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	370	802	1,535	2,448	2,148	859	972	651	1,219	1,214	1,599
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	5.11
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	38.03
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	5.57
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	23.99
Dividend Yield	1.52%	4.29%	2.72%	4.05%	3.76%	1.77%	1.43%	1.60%	1.19%	1.21%	1.08%
Earnings Yield	4.29%	10.15%	9.47%	12.38%	8.86%	4.89%	3.93%	1.81%	4.07%	3.72%	4.17%
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	5.92
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	5.39
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	15.90
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	17.22
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	24.68
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	14.51
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	24.44
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	0.28
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	0.28
Financial Leverage	-0.57	-1.50	0.39	1.38	1.66	0.28	0.23	0.24	0.20	0.06	-0.09
Leverage Ratio	1.51	4.38	5.02	5.01	4.80	1.73	1.92	1.95	1.94	1.85	1.82
Compound Leverage Factor	1.51	4.31	4.49	0.00	4.48	1.64	1.81	1.75	1.92	1.86	1.93
Debt to Total Capital	0.76%	0.00%	87.97%	0.00%	0.00%	26.69%	27.44%	33.76%	26.69%	25.19%	21.92%
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%	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%	21.92%
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%	0.64%	0.00%	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%	78.08%
Debt to EBITDA	0.01	0.00	6.80	4.48	3.64	1.42	1.40	2.71	1.19	1.19	0.90
Net Debt to EBITDA	-0.27	0.00	5.36	3.02	2.13	0.98	0.76	1.52	0.41	0.02	-0.53
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	0.90
Debt to NOPAT	0.01	0.00	8.72	8.20	6.57	2.60	2.42	6.65	1.89	1.86	1.40
Net Debt to NOPAT	-0.50	0.00	6.88	5.53	3.84	1.79	1.31	3.72	0.66	0.03	-0.82
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	1.40
Altman Z-Score	29.93	0.00	13.72	8.51	17.11	3.12	3.91	3.44	4.73	5.15	5.61
Noncontrolling Interest Sharing Ratio	0.00%	6.41%	1.91%	0.89%	0.57%	0.00%	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	1.87
Quick Ratio	2.23	0.00	6.11	0.00	0.00	0.51	0.60	0.61	0.68	1.06	1.12
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	188	-24	-20,551	0.00	26,225	4,010	408	155	733	959	1,040
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%	2,468.45%
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	19.89
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	33.51
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	32.15
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.73	4.90	2.33	1.05	1.90	0.59	0.52	0.57	0.52	0.54	0.55
Accounts Receivable Turnover	10.98	10.10	15.16	21.95	19.13	11.98	10.52	11.36	10.67	10.47	11.28
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	10.44	64.64	454.92	565.06	0.00	0.00	0.00	1,721.09	0.00	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	5.32
Days Sales Outstanding (DSO)	33.25	108.42	72.21	99.78	114.50	30.46	34.68	32.12	34.20	34.85	32.36
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)	217.01	570.75	90.12	77.54	149.20	35.44	49.31	58.91	81.92	56.74	68.56
Cash Conversion Cycle (CCC)	-183.76	-289.97	-17.91	3.31	-16.78	-4.98	-14.62	-26.79	-47.72	-21.89	-36.20
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	116	321	8,282	12,218	7,728	4,188	4,343	4,454	4,490	4,306	4,296
Invested Capital Turnover	6.08	10.26	3.00	0.90	1.03	0.58	0.82	0.90	0.84	0.93	1.10
Increase / (Decrease) in Invested Capital	14	409	23,884	11,808	-13,466	-3,540	156	111	36	-184	-10
Enterprise Value (EV)	4,660	16,235	27,592	22,343	40,379	10,384	14,140	13,954	19,130	20,482	25,424
Market Capitalization	4,760	11,075	25,583	10,129	38,854	9,546	13,401	12,965	18,625	20,456	26,266
Book Value per Share	$3.15	$7.82	$85.29	$86.66	$30.27	$31.00	$33.80	$32.67	$37.75	$40.88	$49.10
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)	$6.60
Total Capital	262	331	13,244	13,409	12,676	4,568	4,968	5,231	5,436	5,721	6,581
Total Debt	2.00	0.00	3,884	3,658	2,609	1,219	1,363	1,766	1,451	1,441	1,443
Total Long-Term Debt	0.00	0.00	3,714	2,747	2,603	1,135	1,299	1,437	1,439	1,441	1,443
Net Debt	-100	-170	2,042	2,467	1,525	839	738	989	505	27	-842
Capital Expenditures (CapEx)	39	89	75	254	105	47	51	60	45	57	71
Debt-free, Cash-free Net Working Capital (DFCFNWC)	30	96	177	242	84	-0.40	47	-117	7.00	53	-194
Debt-free Net Working Capital (DFNWC)	132	290	907	1,175	985	337	426	408	608	1,084	2,059
Net Working Capital (NWC)	130	290	1,172	263	978	254	362	79	596	1,084	2,059
Net Nonoperating Expense (NNE)	-2.59	-5.09	90	0.00	26	1.28	35	31	7.49	10	-70
Net Nonoperating Obligations (NNO)	-143	-340	2,042	2,467	1,017	839	738	989	505	27	-842
Total Depreciation and Amortization (D&A)	46	178	783	1,446	536	161	170	169	161	135	122
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%	-4.10%
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%	43.68%
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%	43.68%
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	$10.46
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	104.70M
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	$10.42
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	105.10M
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	81.80M	81.29M	112.70M	111.60M	220.87M	107.21M	106.60M	105.74M	105.58M	104.70M	104.67M
Normalized Net Operating Profit after Tax (NOPAT)	202	378	639	937	433	502	575	527	774	833	1,063
Normalized NOPAT Margin	30.49%	80.58%	28.66%	50.76%	52.06%	14.63%	16.45%	13.31%	20.52%	20.35%	22.55%
Pre Tax Income Margin	48.81%	130.82%	45.00%	41.26%	60.26%	19.27%	21.64%	10.94%	27.76%	26.47%	33.23%
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	28.24
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	11.75	4.43	12.32	15.05	19.70
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	26.88
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	18.34
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%	25.85%
Augmented Payout Ratio	100.29%	523.96%	206.37%	127.56%	248.30%	111.00%	51.91%	132.04%	40.37%	59.38%	31.91%

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

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	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	9/30/2025	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-7.91%	-8.53%	-3.58%	-3.14%	7.29%	16.16%	14.34%	24.84%	20.48%	8.15%	8.70%
EBITDA Growth	242.40%	8.81%	14.29%	12.00%	-20.01%	9.87%	-3.90%	19.67%	60.33%	19.34%	37.36%
EBIT Growth	201.73%	11.22%	19.69%	15.73%	-20.05%	13.88%	-2.33%	24.70%	71.22%	21.65%	41.84%
NOPAT Growth	202.23%	34.60%	27.78%	16.95%	-14.46%	3.98%	-3.27%	25.03%	63.97%	19.14%	33.64%
Net Income Growth	190.95%	38.62%	32.75%	20.82%	-16.33%	4.95%	-7.31%	19.62%	67.45%	37.67%	59.54%
EPS Growth	190.23%	38.30%	32.00%	20.25%	-15.29%	6.15%	-6.57%	20.92%	67.67%	37.68%	60.54%
Operating Cash Flow Growth	20.70%	335.26%	-31.62%	-13.12%	396.94%	-178.50%	-275.87%	1.93%	-77.66%	126.60%	149.56%
Free Cash Flow Firm Growth	146.49%	8,072.92%	206.32%	337.83%	-25.37%	14.96%	117.84%	103.84%	81.68%	44.00%	-26.19%
Invested Capital Growth	-2.42%	-0.46%	0.81%	0.01%	-1.43%	-1.04%	-4.09%	-3.51%	-3.23%	-2.72%	-0.23%
Revenue Q/Q Growth	-8.14%	0.11%	6.59%	-1.19%	1.76%	8.39%	4.92%	7.89%	-1.80%	-2.71%	5.46%
EBITDA Q/Q Growth	-1.14%	8.47%	6.43%	1.28%	-29.39%	49.00%	-6.90%	22.19%	-5.40%	10.90%	6.99%
EBIT Q/Q Growth	-0.65%	10.27%	7.62%	1.74%	-31.36%	57.06%	-7.69%	25.32%	-5.76%	11.59%	7.62%
NOPAT Q/Q Growth	-1.91%	23.05%	3.71%	-6.57%	-28.26%	49.59%	-3.52%	20.76%	-5.92%	8.69%	8.22%
Net Income Q/Q Growth	-3.23%	24.08%	1.83%	-1.18%	-32.98%	55.63%	-10.07%	27.53%	-6.19%	27.95%	4.22%
EPS Q/Q Growth	-3.68%	24.20%	1.54%	-1.01%	-32.14%	55.64%	-10.63%	28.11%	-5.91%	27.80%	4.21%
Operating Cash Flow Q/Q Growth	-148.81%	246.47%	-125.65%	573.86%	66.80%	-138.72%	-22.80%	228.51%	-63.45%	-53.88%	128.78%
Free Cash Flow Firm Q/Q Growth	430.45%	-17.97%	-21.53%	11.82%	3.70%	26.34%	48.70%	4.64%	-7.58%	0.14%	-23.79%
Invested Capital Q/Q Growth	-1.00%	1.47%	-1.00%	0.57%	-2.43%	1.87%	-4.05%	1.18%	-2.15%	2.41%	-1.60%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	51.45%	52.87%	51.51%	52.46%	40.83%	50.39%	16.09%	37.57%	39.15%	41.72%	45.15%
EBITDA Margin	31.59%	34.23%	34.18%	33.94%	23.55%	32.38%	28.73%	32.54%	31.34%	35.73%	36.25%
Operating Margin	26.97%	29.84%	30.35%	29.50%	21.57%	29.12%	26.95%	29.62%	28.90%	32.43%	33.54%
EBIT Margin	27.14%	29.90%	30.18%	29.98%	20.23%	29.31%	25.79%	29.95%	28.74%	32.97%	33.65%
Profit (Net Income) Margin	18.48%	22.91%	21.89%	21.89%	14.41%	20.70%	17.74%	20.97%	20.03%	26.35%	26.04%
Tax Burden Percent	69.40%	77.08%	73.74%	71.72%	69.16%	70.71%	70.25%	71.56%	70.26%	69.94%	69.40%
Interest Burden Percent	98.13%	99.41%	98.32%	101.78%	103.05%	99.87%	97.93%	97.85%	99.20%	114.27%	111.50%
Effective Tax Rate	30.60%	22.92%	26.26%	28.28%	30.84%	29.29%	29.75%	28.44%	29.74%	30.06%	30.60%
Return on Invested Capital (ROIC)	16.10%	19.28%	18.88%	17.54%	12.80%	18.05%	17.63%	20.70%	21.23%	23.66%	25.51%
ROIC Less NNEP Spread (ROIC-NNEP)	15.91%	19.19%	18.24%	18.49%	11.98%	18.27%	12.66%	19.36%	57.57%	-11.37%	17.36%
Return on Net Nonoperating Assets (RNNOA)	4.88%	5.45%	3.66%	3.59%	1.85%	2.35%	0.81%	0.91%	-0.12%	0.30%	-1.50%
Return on Equity (ROE)	20.98%	24.72%	22.54%	21.13%	14.66%	20.40%	18.44%	21.60%	21.11%	23.96%	24.01%
Cash Return on Invested Capital (CROIC)	17.21%	16.35%	16.38%	17.66%	18.88%	18.38%	21.80%	22.18%	24.47%	24.44%	24.18%
Operating Return on Assets (OROA)	14.41%	15.16%	15.73%	13.98%	9.37%	14.10%	13.82%	15.43%	14.23%	17.12%	18.56%
Return on Assets (ROA)	9.81%	11.61%	11.40%	10.20%	6.67%	9.96%	9.51%	10.80%	9.92%	13.69%	14.36%
Return on Common Equity (ROCE)	20.98%	24.72%	22.54%	21.13%	14.66%	20.40%	18.44%	21.60%	21.11%	23.96%	24.01%
Return on Equity Simple (ROE_SIMPLE)	17.77%	18.72%	0.00%	19.82%	19.15%	18.54%	0.00%	18.10%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	170	209	217	203	145	217	210	253	238	259	280
NOPAT Margin	18.71%	23.00%	22.38%	21.16%	14.92%	20.59%	18.93%	21.19%	20.30%	22.68%	23.28%
Net Nonoperating Expense Percent (NNEP)	0.20%	0.08%	0.64%	-0.95%	0.83%	-0.22%	4.97%	1.34%	-36.34%	35.03%	8.15%
Return On Investment Capital (ROIC_SIMPLE)	-	-	3.99%	-	-	-	3.67%	4.30%	3.90%	4.09%	4.26%
Cost of Revenue to Revenue	48.55%	47.13%	48.49%	47.54%	59.17%	49.61%	83.91%	62.43%	60.85%	58.28%	54.85%
SG&A Expenses to Revenue	17.86%	17.01%	15.77%	17.53%	6.04%	16.51%	-15.80%	4.35%	4.95%	4.55%	5.10%
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	24.49%	23.03%	21.16%	22.95%	19.26%	21.28%	-10.86%	7.96%	10.25%	9.28%	11.61%
Earnings before Interest and Taxes (EBIT)	246	272	292	287	197	309	286	358	337	376	405
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	287	311	331	325	229	342	318	389	368	408	436
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.93	4.30	4.67	4.80	4.45	5.09	4.78	5.32	5.23	5.25	5.11
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	159.61	62.92	38.03
Price to Revenue (P/Rev)	3.69	4.27	4.94	5.17	4.70	5.42	5.00	5.47	5.39	5.55	5.57
Price to Earnings (P/E)	22.17	23.05	24.59	24.37	23.35	27.62	26.88	29.54	27.25	26.22	23.99
Dividend Yield	1.47%	1.33%	1.19%	1.17%	1.29%	1.11%	1.21%	1.08%	1.08%	1.06%	1.08%
Earnings Yield	4.51%	4.34%	4.07%	4.10%	4.28%	3.62%	3.72%	3.39%	3.67%	3.81%	4.17%
Enterprise Value to Invested Capital (EV/IC)	3.40	3.76	4.26	4.39	4.15	4.84	4.76	5.42	5.63	5.76	5.92
Enterprise Value to Revenue (EV/Rev)	3.90	4.47	5.07	5.30	4.80	5.49	5.00	5.45	5.30	5.44	5.39
Enterprise Value to EBITDA (EV/EBITDA)	13.18	14.46	15.69	15.81	15.27	17.70	16.87	18.46	16.96	16.95	15.90
Enterprise Value to EBIT (EV/EBIT)	15.45	16.86	18.07	18.06	17.43	20.00	18.98	20.52	18.62	18.52	17.22
Enterprise Value to NOPAT (EV/NOPAT)	22.73	23.58	24.88	24.84	23.61	27.77	26.42	28.58	26.15	26.18	24.68
Enterprise Value to Operating Cash Flow (EV/OCF)	27.45	15.19	17.79	21.08	6.22	13.39	18.61	21.11	0.00	36.42	14.51
Enterprise Value to Free Cash Flow (EV/FCFF)	19.50	22.91	26.11	24.86	21.80	26.19	21.36	23.98	22.64	23.23	24.44
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.44	0.40	0.36	0.36	0.36	0.34	0.34	0.32	0.31	0.30	0.28
Long-Term Debt to Equity	0.39	0.38	0.36	0.36	0.36	0.34	0.34	0.32	0.31	0.30	0.28
Financial Leverage	0.31	0.28	0.20	0.19	0.15	0.13	0.06	0.05	0.00	-0.03	-0.09
Leverage Ratio	2.12	2.12	1.94	2.12	2.14	2.06	1.85	1.98	2.11	1.96	1.82
Compound Leverage Factor	2.08	2.11	1.91	2.16	2.21	2.05	1.81	1.94	2.09	2.23	2.02
Debt to Total Capital	30.62%	28.73%	26.69%	26.47%	26.39%	25.50%	25.19%	24.46%	23.61%	22.80%	21.92%
Short-Term Debt to Total Capital	3.39%	1.66%	0.22%	0.16%	0.03%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	27.23%	27.07%	26.48%	26.31%	26.36%	25.50%	25.19%	24.46%	23.61%	22.80%	21.92%
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	69.38%	71.27%	73.31%	73.53%	73.61%	74.50%	74.81%	75.54%	76.39%	77.20%	78.08%
Debt to EBITDA	1.40	1.30	1.19	1.16	1.21	1.17	1.19	1.13	1.02	0.97	0.90
Net Debt to EBITDA	0.70	0.63	0.41	0.39	0.32	0.23	0.02	-0.07	-0.28	-0.35	-0.53
Long-Term Debt to EBITDA	1.25	1.22	1.18	1.15	1.20	1.17	1.19	1.13	1.02	0.97	0.90
Debt to NOPAT	2.42	2.11	1.89	1.81	1.86	1.84	1.86	1.75	1.57	1.50	1.40
Net Debt to NOPAT	1.21	1.03	0.66	0.62	0.50	0.36	0.03	-0.11	-0.44	-0.54	-0.82
Long-Term Debt to NOPAT	2.15	1.99	1.87	1.80	1.86	1.84	1.86	1.75	1.57	1.50	1.40
Altman Z-Score	3.61	3.62	4.39	3.94	3.05	4.02	4.82	4.67	4.64	5.06	5.23
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	1.19	1.23	1.43	1.33	1.23	1.39	1.78	1.60	1.57	1.72	1.87
Quick Ratio	0.60	0.43	0.68	0.48	0.34	0.49	1.06	0.78	0.80	0.90	1.12
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	281	230	181	202	209	265	393	412	380	381	290
Operating Cash Flow to CapEx	-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%	961.88%	1,760.50%
Free Cash Flow to Firm to Interest Expense	16.80	14.94	13.68	15.53	16.36	20.67	30.50	32.16	29.49	28.64	21.83
Operating Cash Flow to Interest Expense	-30.13	47.85	-14.32	68.89	116.71	-45.20	-55.07	71.32	25.87	11.57	26.47
Operating Cash Flow Less CapEx to Interest Expense	-30.59	47.35	-15.61	68.33	115.32	-46.13	-56.66	70.17	24.29	10.37	24.97
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.53	0.51	0.52	0.47	0.46	0.48	0.54	0.52	0.50	0.52	0.55
Accounts Receivable Turnover	10.32	10.31	10.67	9.80	10.35	10.76	10.47	10.04	11.09	11.35	11.28
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	0.00	0.00	0.00	69.11	0.00	0.00	0.00	38.49	0.00	0.00	0.00
Accounts Payable Turnover	6.07	5.65	4.46	6.60	6.90	7.20	6.43	8.81	7.38	7.15	5.32
Days Sales Outstanding (DSO)	35.38	35.42	34.20	37.24	35.28	33.92	34.85	36.36	32.90	32.15	32.36
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)	60.15	64.61	81.92	55.33	52.87	50.68	56.74	41.41	49.46	51.06	68.56
Cash Conversion Cycle (CCC)	-24.77	-29.19	-47.72	-18.09	-17.59	-16.75	-21.89	-5.05	-16.55	-18.91	-36.20
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	4,470	4,535	4,490	4,516	4,406	4,488	4,306	4,357	4,264	4,366	4,296
Invested Capital Turnover	0.86	0.84	0.84	0.83	0.86	0.88	0.93	0.98	1.05	1.04	1.10
Increase / (Decrease) in Invested Capital	-111	-21	36	0.60	-64	-47	-184	-158	-142	-122	-10
Enterprise Value (EV)	15,192	17,032	19,130	19,824	18,267	21,716	20,482	23,598	24,019	25,132	25,424
Market Capitalization	14,387	16,285	18,625	19,333	17,883	21,436	20,456	23,693	24,420	25,651	26,266
Book Value per Share	$34.71	$35.90	$37.75	$38.11	$38.25	$40.22	$40.88	$42.52	$44.55	$46.71	$49.10
Tangible Book Value per Share	($10.31)	($8.60)	($6.79)	($6.03)	($5.10)	($3.51)	($2.12)	($0.46)	$1.46	$3.90	$6.60
Total Capital	5,281	5,315	5,436	5,473	5,464	5,649	5,721	5,894	6,107	6,327	6,581
Total Debt	1,617	1,527	1,451	1,448	1,442	1,441	1,441	1,442	1,442	1,442	1,443
Total Long-Term Debt	1,438	1,439	1,439	1,440	1,440	1,441	1,441	1,442	1,442	1,442	1,443
Net Debt	806	747	505	492	384	280	27	-95	-402	-519	-842
Capital Expenditures (CapEx)	7.80	7.70	17	7.30	18	12	21	15	20	16	20
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-62	79	7.00	82	44	126	53	111	-108	32	-194
Debt-free Net Working Capital (DFNWC)	455	517	608	677	742	928	1,084	1,264	1,356	1,563	2,059
Net Working Capital (NWC)	276	428	596	668	741	928	1,084	1,264	1,356	1,563	2,059
Net Nonoperating Expense (NNE)	2.08	0.85	4.79	-6.96	4.91	-1.13	13	2.65	3.16	-42	-33
Net Nonoperating Obligations (NNO)	806	747	505	492	384	280	27	-95	-402	-519	-842
Total Depreciation and Amortization (D&A)	40	39	39	38	32	32	33	31	31	32	31
Debt-free, Cash-free Net Working Capital to Revenue	-1.60%	2.08%	0.19%	2.19%	1.16%	3.18%	1.30%	2.56%	-2.37%	0.70%	-4.10%
Debt-free Net Working Capital to Revenue	11.68%	13.56%	16.10%	18.09%	19.49%	23.47%	26.47%	29.18%	29.93%	33.85%	43.68%
Net Working Capital to Revenue	7.09%	11.25%	15.79%	17.85%	19.45%	23.47%	26.47%	29.18%	29.93%	33.85%	43.68%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.58	$1.96	$1.99	$1.97	$1.33	$2.08	$1.86	$2.38	$2.23	$2.86	$2.99
Adjusted Weighted Average Basic Shares Outstanding	105.70M	105.70M	105.80M	105.60M	105.10M	104.70M	105.10M	104.70M	104.70M	104.60M	104.70M
Adjusted Diluted Earnings per Share	$1.57	$1.95	$1.98	$1.96	$1.33	$2.07	$1.85	$2.37	$2.23	$2.85	$2.97
Adjusted Weighted Average Diluted Shares Outstanding	106.10M	106.10M	106.20M	106.10M	105.40M	105.10M	105.50M	105.10M	105M	104.90M	105.10M
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	105.52M	105.56M	105.58M	105.15M	104.63M	104.69M	104.70M	104.71M	104.59M	104.64M	104.67M
Normalized Net Operating Profit after Tax (NOPAT)	170	210	216	203	202	217	210	253	250	262	280
Normalized NOPAT Margin	18.77%	23.07%	22.34%	21.20%	20.71%	20.59%	18.94%	21.20%	21.33%	22.97%	23.27%
Pre Tax Income Margin	26.64%	29.72%	29.68%	30.52%	20.84%	29.27%	25.25%	29.31%	28.51%	37.67%	37.52%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	14.75	17.64	22.15	22.08	15.39	24.17	22.14	27.96	26.15	28.30	30.46
NOPAT to Interest Expense	10.17	13.57	16.42	15.58	11.35	16.98	16.26	19.79	18.47	19.47	21.07
EBIT Less CapEx to Interest Expense	14.29	17.14	20.86	21.52	14.00	23.23	20.55	26.81	24.57	27.10	28.95
NOPAT Less CapEx to Interest Expense	9.71	13.07	15.13	15.02	9.96	16.04	14.67	18.64	16.90	18.27	19.57
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	32.76%	30.80%	29.35%	28.68%	30.35%	30.95%	32.61%	31.92%	29.48%	27.97%	25.85%
Augmented Payout Ratio	47.10%	43.97%	40.37%	40.03%	54.20%	57.87%	59.38%	51.55%	39.87%	34.80%	31.91%

Financials Breakdown Chart

Key Financial Trends

Here's a concise, data-driven snapshot of Cboe Global Markets (NASDAQ:CBOE) using the last four years of quarterly statements. The focus is on notable trend signals in revenue, profitability, cash flow, and balance-sheet health.

Q4 2025 sales and margins: Operating revenue of 1,204,000,000 with total gross profit of 543,600,000 yields a gross margin of roughly 45%, indicating solid profitability at year-end.
Q4 2025 net income and EPS: Net income attributable to common shareholders of 312,200,000 with basic EPS of 2.99 and diluted EPS of 2.97, signaling strong quarterly profitability and favorable earnings per share.
Strong cash flow from operations: Net cash from continuing operating activities in Q4 2025 was 352,100,000, supporting a large positive net change in cash of 698,800,000 and indicating robust cash generation.
Healthy liquidity on the balance sheet: Cash & equivalents around 1.50B; total current assets about 3.74B vs. total current liabilities about 2.18B, suggesting solid near-term liquidity and financial flexibility.
Investing activities show constructive cash inflows: Net cash from continuing investing activities in Q4 2025 was 419,300,000, driven by asset sales and other investing activities, signaling some capital recycling opportunities.
Steady capital returns through dividends: The company maintains a regular dividend program, contributing to shareholder returns and perceived cash-on-cash yield stability.
Conservative debt profile: Long-term debt around 1.44B with no near-term liquidity crunches, reflecting a manageable leverage position and financial resilience.
Capex remains modest: Quarterly purchases of property, plant & equipment are modest (roughly in the teens of millions), indicating limited ongoing capital expenditure requirements.
Shares outstanding are relatively stable: Weighted average shares outstanding sit around the 104–105 million range, helping maintain EPS visibility over time.
Occasional one-time charges: Notable one-time items in 2025 include an impairment charge of about 4.5 million in Q3 2025 and restructuring charges in the same period (approximately 0.2 million), with a small restructuring impact also in Q4 2025; these mildly compress pretax income in those periods.

05/06/26 06:04 PM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Cboe Global Markets' Financials

When does Cboe Global Markets' financial year end?

According to the most recent income statement we have on file, Cboe Global Markets' fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

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 $1.10 billion in 2025, rising from $205 million in 2015. The previous period was $764.90 million in 2024. See where experts think Cboe Global Markets is headed by visiting Cboe Global Markets' forecast page.

What is Cboe Global Markets' operating income?

Cboe Global Markets' total operating income in 2025 was $1.47 billion, based on the following breakdown:

Total Gross Profit: $1.93 billion
Total Operating Expenses: $461.20 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 $663.80 million in 2015 to $4.71 billion in 2025, a change of 610.2%.

How much debt does Cboe Global Markets have?

Cboe Global Markets' total liabilities were at $4.17 billion at the end of 2025, a 18.7% increase from 2024, and a 3,229.8% increase since 2015.

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 $2.22 billion in 2025, and is currently $2.22 billion as of their latest financial filing in 2025.

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 3.15 in 2015 to 49.10 in 2025, a change of 1,459.4%.

Related Companies

Financial statements for BATS:CBOE last updated on 2/22/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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