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Cboe Global Markets (CBOE) stock

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CBOE: CBOE CBOE Financial Exchanges & Data Next results ~February 5, 2027

B Fundamentals grade

Cboe Global Markets operates exchanges and clearinghouses for trading equities, derivatives and foreign exchange, together with associated clearing, listing and investment services. Its traded products include multi-listed equity and ETP options, index options such as SPX options on the S&P 500, and volatility products including VIX options and futures. Through its Cboe Data Vantage business it also sells market data, access and connectivity, proprietary indices, and risk and market analytics platforms such as Cboe Silexx and LiveVol Pro.

Customers include financial institutions, trading platforms, broker-dealers, banks, hedge funds, asset managers, proprietary trading firms and individual investors. Revenue comes mainly from transaction and clearing fees, market-data and index licensing, listing services, and access and capacity charges.

The company reports five segments: Options, North American Equities, Europe and Asia Pacific, Futures, and Global FX, with operations across North America, Europe and Asia Pacific. Its subsidiaries run the largest US options exchange and the third-largest US equities exchange operator. Cboe introduced VIX futures in 2004 and VIX options in 2006.

Based on Cboe Global Markets's 10-K filed February 20, 2026.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$540

Cash-flow model

Base case. Range ~$410–$700 across our lower- and higher-growth cases (7.9%–17.9% a year).

Price vs value

Undervalued

The price is below our entire value range; our base value is 58% above it.

Price used: $340.64, November 3, 2026

Cboe Global Markets valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Cboe Global Markets files

10-Q filed October 30: Cboe Global Markets

Model value +17.8%

Cboe Global Markets grew revenue to $5.28bn in the twelve months to September 2026, up 14.3% on the prior year and an acceleration from 11.7% growth the quarter before. Among the eleven financial exchanges and data companies we cover, that pace ranks second. Profitability improved sharply too: free-cash-flow margin climbed to 47.9% from 13.3% a year earlier, while operating margin widened to 36.4% from 29.5%. These gains lift our model value from $456 to $537 a share. With the stock trading at $336, well below our updated estimate, we keep the rating at Buy.

Source: 10-Q filed October 30, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (2)

10-Q filed July 31: Cboe Global Markets

Cboe Global Markets grew revenue to $5.28bn in the twelve months to June 2026, up 14.3% on a year earlier and an acceleration from the 11.7% pace recorded a quarter earlier. Among the eleven financial exchanges and data companies we cover, that growth ranks second. Profitability also improved markedly: free-cash-flow margin climbed to 47.9% from 13.3% a year earlier, while operating margin widened to 36.4% from 29.5%. These gains lift the fundamentals grade from C+ to B. Our model value is little changed at $456 a share, well above the current share price of $314. The rating remains Buy.

10-Q on SEC EDGAR

Where Cboe Global Markets stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $5.06bn, up 11.7% on a year earlier, faster than 10.6% a quarter earlier. That growth ranks 1 of 8 among the financial exchanges & data companies we cover. Free-cash-flow margin rose to 37.0% from -2.5% a year earlier. Operating margin widened to 34.7% from 28.7%. Against its peers on growth, profitability, cash generation and balance sheet, it grades B. It passes 7 of our 7 financial-health checks. Our cash-flow model value is $450 a share, against a share price of $314.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~February 5, 2027 (estimated)

Cboe Global Markets's trailing-twelve-month revenue grew 14.3% year on year, with a free-cash-flow margin of 47.9%. Where it stands out: stock pay as % of revenue of 1.0% ranks 1 of 11 financial exchanges & data companies we cover. Where it lags: change in share count of -0.1% ranks 10 of 11 financial exchanges & data companies we cover.

Our discounted-cash-flow model values the business at ~$540 per share in the base case (~$410–$700 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 311.1% while net income grew 50.6%: a 261pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Priced below our value. The share price of $349.22 is 54% below our value per share of $540.
  • High operating margin. 36.4% of revenue is left as operating profit, against a median of 40.5% for financial exchanges & data companies we cover.
  • Margins widening. Operating margin is up 6.9 points on a year ago.
  • Strong cash generation. 47.9% of revenue turned into free cash flow, against a median of 37.6% for financial exchanges & data companies we cover.
  • Net cash. Cash exceeds long-term debt by $1.9bn.

Things to watch

  • Below peers: change in share count. Change in share count of -0.1% ranks 10 of 11 financial exchanges & data companies we cover (median -1.7%).

Latest results: FY2026 Q3

Filed October 30, 2026
Earnings per share
$3.63 against an average estimate of $3.43: beat by 5.7%
Revenue
$1.36bn, up 19.0% on a year earlier
Share reaction
+11.1% in the first session after the results on October 30, 2026, against -2.2% for the S&P 500
Guidance given
adjusted operating expenses $830m to $845m (2026); depreciation and amortization expense $54m to $58m (2026)
Next report
October 30, 2026; average EPS estimate $3.45

Cboe Global Markets' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-2.5%
  • 1 week+4.9%
  • 1 month+25.6%
  • This year+40.2%
  • 1 year+39.0%
  • 5 years+172.9%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$5.3B
Operating margin
36.4%
Net margin
28.0%
EPS (TTM, diluted)
$14.10

Growth

Revenue growth
+14.3%
Change in growth rate
+2.6 pts
Share count change
−0.1%

Cash

Free cash flow (TTM)
$2.5B
FCF margin
47.9%
Stock pay % of revenue
1.0%

Earnings

Last results
October 30, 2026
Next results (est.)
February 5, 2027

News & updates

Updated November 2, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Our research
  2. Results
  3. Guidance
  4. Regulatory
  5. Dividend
  6. Announcement
  7. Product
  8. Announcement
  9. Product
  10. Announcement
  11. Announcement
  12. Agreement
  13. Results
  14. Agreement

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Cboe Global Markets valuation models and calculator

What the price is pricing in

The share price implies about 4.5% a year of cash-flow growth for five years.That is close to the 8.6% a year revenue growth Cboe Global Markets has delivered.

Read with care: free cash flow has swung sharply in the past year (often a one-off tax, legal or working-capital item), so the cash-flow base behind this reading may be unusually low or high.

  • Priced in4.5%
  • Last 12 months14.3%
  • 3 years a year11.5%
  • 5 years a year8.6%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($340.32, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Buy12-month view
12-month price target
~$540
Price used
$340.32close November 3, 2026
Implied change
▲ +58%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Cboe Global Markets's free cash flow after stock-based pay with after-tax interest added back ($1.8B, FY2026 Q3 TTM), growing 12.9% a year for five years and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$410–~$700 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Cboe Global Markets's free cash flow after stock-based pay ( $1.8B, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Cboe Global Markets as an asset manager, broker or exchange, with every model that fits that kind of business. Cost of equity 7.9%: the 10-year Treasury yield (4.9%) plus a beta of 0.67 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$540 ~$410–$700 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$220 ~$170–$340 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$180 ~$130–$270 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$180 ~$150–$230 Included
Price-to-book vs peers Book value per share times peers' typical (harmonic-mean) price-to-book. ~$5.6 ~$59–$240 Left out: out of range vs price (0.02x)
Dividend discount (two-stage) Dividends for five years at the growth the business can fund, then a steady payout and growth. ~$210 ~$170–$270 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$310 ~$180–$540 5 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Cboe Global Markets with brokers, investment banks and exchanges in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −24%
  • Revenue growth 5 points higher ▲ +31%
  • Free-cash-flow margin 1 point lower ▼ −2%
  • Last year's free-cash-flow margin change, if it persists ▲ more than doubles
  • Discount rate 1 point higher ▼ −15%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $259$347$465$619$820$1081
8.5% $201$265$350$460$604$788
10% $166$216$281$365$474$615

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$56.64$65.43$111.55$88.57$109.97$86.68$123.29$120.62$174.14$192.85$249.17$349.22
Market value$4.7bn$5.3bn$12.0bn$9.9bn$12.3bn$9.5bn$13.2bn$12.9bn$18.5bn$20.3bn$26.2bn$36.7bn
+ Net debt (− = net cash)−$102m−$97m$1.1bn$950m$646m$975m$968m$1.3bn$907m$530m−$767m−$1.2bn
Enterprise value$4.6bn$5.2bn$13.1bn$10.9bn$12.9bn$10.4bn$14.2bn$14.2bn$19.4bn$20.9bn$25.4bn$35.5bn
Multiples
Price / sales 7.1x7.6x5.4x3.6x4.9x2.8x3.8x3.3x4.9x5.0x5.6x6.9x
Price / earnings 23.0x28.5x29.9x23.3x32.8x20.2x25.0x55.0x24.3x26.6x23.8x24.8x
Price / free cash flow 22.8x28.8x35.6x19.9x20.6x6.7x24.2x21.8x17.9x19.6x15.6x14.5x
EV / EBITDA 12.6x15.3x23.2x13.6x18.1x12.7x14.6x21.6x16.0x17.0x16.0x17.4x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

73 /100

Strong moat

How hard Cboe Global Markets's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 12 / 20

    Net income has been a median 8.1% of total assets over 10 years.

  • Pricing power 13 / 20

    Gross margin has been a median 47.0%, moving by 4.8 percentage points (standard deviation) across 10 years.

  • Durability 15 / 20

    Operating margin has been a median 21.6%; its worst year was 12.0%.

  • Cash conversion 20 / 20

    Free cash flow was positive in 10 of 10 years, at a median 25.1% of revenue.

  • Discipline 17 / 20

    The diluted share count fell 2.2% over five years; stock-based pay has been a median 0.9% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (78 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $14.10 +32% $2.9bn +18%
Next $15.15 +8% $3.0bn +3%

Next year's EPS estimate has moved +0.9% in 90 days, across 14 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +0.9% on 90 days ago. In the last 30 days, 3 analysts raised Cboe Global Markets's forecast and 4 cut it.

Consensus EPS forecast Cboe Global Markets, last 90 days
$13.50 $14.00 $14.50 $15.00 $15.50 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $13.98 Current fiscal year, 60 days ago: $14.17 Current fiscal year, 30 days ago: $14.11 Current fiscal year, 7 days ago: $14.14 Current fiscal year, Now: $14.10 $14.10 Next fiscal year, 90 days ago: $15.02 Next fiscal year, 60 days ago: $15.24 Next fiscal year, 30 days ago: $15.22 Next fiscal year, 7 days ago: $15.20 Next fiscal year, Now: $15.15 $15.15

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $13.98$15.02
60 days ago $14.17$15.24
30 days ago $14.11$15.22
7 days ago $14.14$15.20
Now $14.10$15.15

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $3.43 $3.63 +5.7%
Jun 2026 $3.49 $3.56 +2.0%
Mar 2026 $3.38 $3.70 +9.5%
Dec 2025 $2.95 $3.06 +3.8%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 30, 2026
  • Adjusted operating expenses 2026 $830m to $845m Non-GAAP Lowered
    “Adjusted operating expenses 2 in 2026 are expected to be in the range of $830 to $845 million, down from prior guidance of $838 to $853 million.” source
  • Depreciation and amortization expense 2026 $54m to $58m Maintained
    “Reaffirms depreciation and amortization expense for 2026 is expected to be in the range of $54 to $58 million, excluding the expected amortization of acquired intangible assets.” source
  • Effective tax rate on adjusted earnings full year 2026 27.5% to 29.5% Non-GAAP Maintained
    “Reaffirms the effective tax rate on adjusted earnings 2 for the full year 2026 is expected to be in the range of 27.5 to 29.5 percent.” source
  • Capital expenditures 2026 $98m to $108m Maintained
    “Reaffirms capital expenditures for 2026 are expected to be in the range of $98 to $108 million.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

Our model doesn't use the consensus here: consensus revenue is defined differently from reported revenue (0.52x last year's): not used.

Analyst recommendations

18 analysts, Oct 2026
Buy528%
Hold1267%
Sell16%

Monthly trend

  1. Oct 2026321218
  2. Sep 2026310217
  3. Aug 2026211217
  4. Jul 2026211217

Counts of recommendations published by analysts covering Cboe Global Markets, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
3.0%
of tradable shares
Days to cover
2.87
at average volume
Short interest, 1 month
−1%
to August 31, 2018
Held by institutions
91%
of shares
Held by insiders
0.3%
of shares
Employees
1,661
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +43.2%

$243.84 on October 31, 2025 to $349.22

ThenNowEffect
Revenue (last 12 months) $4.5bn $5.1bn +11.7%
Net margin 19.9% 26.7% +34.5%
P/E multiple 28.5x 27.1x −4.8%
Share count 105m 105m +0.1%

Biggest factor: net margin.

Last 3 years +111.9%

$164.80 on November 3, 2023 to $349.22

ThenNowEffect
Revenue (last 12 months) $3.9bn $5.1bn +30.0%
Net margin 16.7% 26.7% +60.4%
P/E multiple 27.0x 27.1x +0.3%
Share count 107m 105m +1.4%

Biggest factor: net margin.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
CBOE+42%−2%+44%+11%+29%+40%
Industry peers (median)+41%−28%+31%+18%−3%+9%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
CBOE58%33%75%50%75%64%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
CBOE−13%−19%−8%−15%−9%−37%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 43% from January 25, 2018 to March 18, 2020. Getting back needed a 76% gain, reached on October 26, 2021, 587 days after the low.

Price behaviour

52-week range
$230.87 – $364.92
From 52-week high
−4.3%
vs 50-day average
+18.2%
vs 200-day average
+19.6%
Volatility (1 year)
36%
Beta vs S&P 500
-0.50

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
10 up, 2 down
typical move ±4.6%
After a week
6 up, 5 down
typical move ±5.5%
After a month
8 up, 3 down
typical move ±4.5%
Results releasedNext dayS&P 500 next day5 days21 days
October 30, 2026 +11.1% −2.2% — —
July 31, 2026 +0.4% +2.2% −3.4% +1.5%
May 1, 2026 +12.9% −0.1% +16.2% −8.0%
February 6, 2026 +2.0% +2.4% −0.1% +4.0%
October 31, 2025 +4.3% +0.5% +8.4% +7.4%
August 1, 2025 +4.1% −0.1% +4.8% −3.8%
May 2, 2025 +4.7% +0.9% +4.7% +3.0%
February 7, 2025 +1.3% −0.2% −2.3% +2.3%
November 1, 2024 −1.9% +0.2% −7.8% −0.4%
August 2, 2024 +5.7% −4.7% +8.1% +14.9%
May 3, 2024 +5.0% +2.3% +4.0% +1.2%
February 2, 2024 −1.6% +0.7% −0.7% +3.3%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Cboe Global Markets’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 3, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Options look cheap

Option prices imply less movement than the shares have recently shown. Selling options pays little for the risk taken.

  • Implied is 0.98× the last 60 days’ realised volatility , richer than 15% of the 175 stocks we screen today.
  • Puts and calls are priced at about the same implied volatility.
  • Why: implied is below 60-day realised: selling options pays little for the risk taken.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: fundamentals grade B (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Cboe Global Markets in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Cboe Global Markets
$3.5B $4B $4.5B $5B $5.5B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $3.8B Revenue (TTM), FY24 Q1: $3.7B Revenue (TTM), FY24 Q2: $3.8B Revenue (TTM), FY24 Q3: $4B Revenue (TTM), FY24 Q4: $4.1B Revenue (TTM), FY25 Q1: $4.3B Revenue (TTM), FY25 Q2: $4.5B Revenue (TTM), FY25 Q3: $4.6B Revenue (TTM), FY25 Q4: $4.7B Revenue (TTM), FY26 Q1: $4.8B Revenue (TTM), FY26 Q2: $5.1B Revenue (TTM), FY26 Q3: $5.3B $5.3B

Source: SEC EDGAR filings. Retrieved November 3, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $3.8B
FY24 Q1 $3.7B
FY24 Q2 $3.8B
FY24 Q3 $4B
FY24 Q4 $4.1B
FY25 Q1 $4.3B
FY25 Q2 $4.5B
FY25 Q3 $4.6B
FY25 Q4 $4.7B
FY26 Q1 $4.8B
FY26 Q2 $5.1B
FY26 Q3 $5.3B
Revenue growth, TTM YoY Cboe Global Markets
-10% 0% 10% 20% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: -4.7% Revenue growth, TTM YoY, FY24 Q1: -5.8% Revenue growth, TTM YoY, FY24 Q2: -2.2% Revenue growth, TTM YoY, FY24 Q3: 3.8% Revenue growth, TTM YoY, FY24 Q4: 8.5% Revenue growth, TTM YoY, FY25 Q1: 15.8% Revenue growth, TTM YoY, FY25 Q2: 19.0% Revenue growth, TTM YoY, FY25 Q3: 16.7% Revenue growth, TTM YoY, FY25 Q4: 15.1% Revenue growth, TTM YoY, FY26 Q1: 10.6% Revenue growth, TTM YoY, FY26 Q2: 11.7% Revenue growth, TTM YoY, FY26 Q3: 14.3% 14.3%

Source: SEC EDGAR filings. Retrieved November 3, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 -4.7%
FY24 Q1 -5.8%
FY24 Q2 -2.2%
FY24 Q3 3.8%
FY24 Q4 8.5%
FY25 Q1 15.8%
FY25 Q2 19.0%
FY25 Q3 16.7%
FY25 Q4 15.1%
FY26 Q1 10.6%
FY26 Q2 11.7%
FY26 Q3 14.3%
Operating margin (TTM) Cboe Global Markets
25% 30% 35% 40% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 28.0% Operating margin (TTM), FY24 Q1: 29.2% Operating margin (TTM), FY24 Q2: 27.8% Operating margin (TTM), FY24 Q3: 27.7% Operating margin (TTM), FY24 Q4: 26.8% Operating margin (TTM), FY25 Q1: 27.0% Operating margin (TTM), FY25 Q2: 28.7% Operating margin (TTM), FY25 Q3: 29.5% Operating margin (TTM), FY25 Q4: 31.1% Operating margin (TTM), FY26 Q1: 33.8% Operating margin (TTM), FY26 Q2: 34.7% Operating margin (TTM), FY26 Q3: 36.4% 36.4%

Source: SEC EDGAR filings. Retrieved November 3, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 28.0%
FY24 Q1 29.2%
FY24 Q2 27.8%
FY24 Q3 27.7%
FY24 Q4 26.8%
FY25 Q1 27.0%
FY25 Q2 28.7%
FY25 Q3 29.5%
FY25 Q4 31.1%
FY26 Q1 33.8%
FY26 Q2 34.7%
FY26 Q3 36.4%
FCF margin (TTM) Cboe Global Markets
-20% 0% 20% 40% 60% 80% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 27.3% FCF margin (TTM), FY24 Q1: 24.1% FCF margin (TTM), FY24 Q2: 75.8% FCF margin (TTM), FY24 Q3: 39.6% FCF margin (TTM), FY24 Q4: 25.4% FCF margin (TTM), FY25 Q1: 24.2% FCF margin (TTM), FY25 Q2: -2.5% FCF margin (TTM), FY25 Q3: 13.3% FCF margin (TTM), FY25 Q4: 35.7% FCF margin (TTM), FY26 Q1: 56.8% FCF margin (TTM), FY26 Q2: 37.0% FCF margin (TTM), FY26 Q3: 47.9% 47.9%

Source: SEC EDGAR filings. Retrieved November 3, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 27.3%
FY24 Q1 24.1%
FY24 Q2 75.8%
FY24 Q3 39.6%
FY24 Q4 25.4%
FY25 Q1 24.2%
FY25 Q2 -2.5%
FY25 Q3 13.3%
FY25 Q4 35.7%
FY26 Q1 56.8%
FY26 Q2 37.0%
FY26 Q3 47.9%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Cboe Global Markets took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $4.7B
  2. Other income $99.5M · 2.1%
  3. Cost of revenue $2.3B · 48.5%
  4. Gross profit $2.4B · 51.5%
  5. Other operating costs $962M · 20.4%
  6. Operating income $1.5B · 31.1%
  7. Income tax $467M · 9.9%
  8. Net income $1.1B · 23.3%

Shares of revenue. Source: Cboe Global Markets's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained. Other income is income outside operations, such as investment gains.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 426 437 508 512 572 617 664 703 2,229 2,769 2,496 3,427 3,495 3,959 3,774 4,095 4,714 5,278
Gross profit — — — — — — 562 566 996 1,217 1,137 1,254 1,476 1,742 1,918 2,072 2,429 2,844
EBITDA 205 197 276 276 320 354 366 343 564 803 714 821 973 656 1,216 1,231 1,590 2,036
Operating income 178 167 242 244 286 314 320 298 372 599 537 662 806 490 1,058 1,098 1,467 1,920
Net income 106 98 139 157 176 190 205 187 402 427 375 468 529 234 761 765 1,100 1,481
Diluted EPS $1.17 $1.03 $1.52 $1.78 $1.99 $2.21 $2.46 $2.27 $3.69 $3.76 $3.34 $4.27 $4.92 $2.19 $7.13 $7.21 $10.42 $14.10
Growth (year on year)
Revenue — +2.6% +16.3% +0.8% +11.7% +7.9% +7.5% +5.9% +217.0% +24.2% −9.8% +37.3% +2.0% +13.3% −4.7% +8.5% +15.1% +14.3%
EBITDA — −3.8% +39.8% −0.1% +16.2% +10.4% +3.5% −6.4% +64.7% +42.4% −11.2% +15.0% +18.6% −32.6% +85.2% +1.3% +29.1% +37.1%
Operating income — −5.8% +44.4% +1.0% +17.1% +9.8% +1.9% −6.8% +24.7% +61.2% −10.4% +23.3% +21.7% −39.2% +116.1% +3.8% +33.6% +41.0%
Net income — −7.8% +42.0% +12.9% +11.8% +7.8% +8.1% −8.9% +115.0% +6.2% −12.1% +24.9% +13.0% −55.7% +225.2% +0.5% +43.8% +50.6%
Diluted EPS — −12.0% +47.6% +17.1% +11.8% +11.1% +11.3% −7.7% +62.6% +1.9% −11.2% +27.8% +15.2% −55.5% +225.6% +1.1% +44.5% +50.8%
Margins
Gross margin — — — — — — 84.6% 80.6% 44.7% 44.0% 45.5% 36.6% 42.2% 44.0% 50.8% 50.6% 51.5% 53.9%
EBITDA margin 48.1% 45.1% 54.3% 53.8% 56.0% 57.3% 55.2% 48.7% 25.3% 29.0% 28.6% 23.9% 27.8% 16.6% 32.2% 30.1% 33.7% 38.6%
Operating margin 41.7% 38.3% 47.6% 47.6% 50.0% 50.8% 48.2% 42.4% 16.7% 21.6% 21.5% 19.3% 23.1% 12.4% 28.0% 26.8% 31.1% 36.4%
Net margin 25.0% 22.5% 27.4% 30.7% 30.8% 30.7% 30.9% 26.6% 18.0% 15.4% 15.0% 13.7% 15.1% 5.9% 20.2% 18.7% 23.3% 28.0%
Free-cash-flow margin — — — — — — 31.0% 26.3% 15.1% 18.0% 23.9% 41.2% 15.6% 14.9% 27.3% 25.4% 35.7% 47.9%
Cash flow
Cash from operations 113 135 203 201 224 263 245 230 374 535 633 1,459 597 651 1,076 1,101 1,753 2,626
Capital spending — — — — — — 39 44 38 36 35 47 51 60 45 61 71 96
Free cash flow — — — — — — 206 185 337 498 598 1,411 546 591 1,031 1,040 1,682 2,530
Stock-based pay 0 21 13 12 21 16 12 15 53 35 22 22 27 31 41 42 50 55
Free cash flow after stock pay — — — — — — 194 171 284 463 576 1,390 519 561 989 998 1,631 2,474
Balance sheet
Cash 384 54 135 136 221 148 102 97 144 275 229 245 342 433 543 920 2,217 2,663
Total debt 0 0 0 0 0 0 0 0 1,250 1,225 875 1,220 1,310 1,755 1,450 1,450 1,450 1,450
Net debt (negative = net cash) −384 −54 −135 −136 −221 −148 −102 −97 1,107 950 646 975 968 1,322 907 530 −767 −1,213
Diluted shares 91m 96m 90m 87m 87m 85m 83m 81m 108m 112m 112m 109m 107m 107m 106m 106m 105m 105m
Returned to shareholders
Dividends — 20 40 48 58 67 73 79 118 130 150 171 193 209 224 249 284 318
Buybacks — — 47 50 45 168 132 61 — 141 157 349 81 101 84 205 67 132
Total returned — 20 87 98 104 235 206 139 118 271 307 520 275 310 307 454 351 450

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

7 of 7 checks passed · September 30, 2026
What it owns · $11.2bn
Short-term assets $6.6bnLonger-term assets $4.7bn
What it owes, and who funded it · $11.2bn
Short-term liabilities $4.1bnLonger-term liabilities $1.2bnShareholders' equity $5.9bn
  • Short-term assets cover short-term liabilities $6.6bn of assets due within a year against $4.1bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $6.6bn short-term assets against $1.2bn of longer-dated liabilities.
  • More cash than debt $2.7bn of cash against $1.4bn of debt.
  • Debt below 40% of shareholders' equity Debt is 24% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 45% to 24% over five years.
  • A year's operating cash flow covers at least 20% of debt $2.6bn of operating cash flow against $1.4bn of debt.
  • Operating profit covers interest at least five times over Operating income of $1.9bn against $53m of interest.

From Cboe Global Markets's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$132M
Dividends (TTM)
$318M
Returned to shareholders
18%
of free cash flow
Buybacks, last 3 fiscal years
$355M
Diluted share count
−0.1%
year over year
Total shareholder yield
1.2%
dividends 0.9% + buybacks 0.4% of market value
Dividend payout ratio
21%
of net income paid out
Days sales outstanding
35 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in financial exchanges & data
Last 12 months unless stated CBOE COIN CME MSCI MCO NDAQ Median
Revenue, last 12 months $5.3bn $5.6bn $7.0bn $3.4bn $8.2bn $9.1bn $5.3bn
Revenue growth, last 12 months 14.3% −26.6% 9.0% 12.3% 9.0% 11.5% 9.4%
Revenue growth, 3-year average 11.5% 26.5% 9.2% 12.4% 12.6% 15.1% 12.4%
Revenue growth, latest quarter 19.0% −35.0% 13.0% 12.4% 0.8% 20.9% 12.4%
Gross margin 53.9% — — 82.4% 74.6% 63.2% 63.1%
Operating margin 36.4% 3.6% 65.7% 55.7% 44.6% 29.8% 40.5%
Operating margin, 3-year average 31.2% 19.6% 64.8% 54.4% 42.4% 26.7% 38.4%
Net margin 28.0% −12.5% 63.5% 40.3% 35.3% 22.8% 29.6%
Cash from operations / revenue 49.7% 25.0% 63.5% 47.0% 40.7% 27.8% 40.7%
Free-cash-flow margin 47.9% 25.0% 62.1% 45.9% 36.4% 24.7% 36.4%
Free-cash-flow margin, 3-year average 33.6% 31.2% 62.0% 48.5% 34.0% 23.7% 34.0%
Stock pay / revenue 1.0% 16.9% 1.4% 3.7% 2.9% 1.9% 2.9%
Change in share count −0.1% −0.9% 0.2% −5.5% −2.5% −1.7% −1.7%

Median of all 11 companies we cover in financial exchanges & data. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

11 financial exchanges & data companies
Measure Company Peer median Rank
Revenue growth Growth 14.3% 9.4% 2 of 11
Change in growth rate Growth +2.6pp +0.4pp 4 of 11
Operating margin Profitability 36.4% 40.5% 7 of 11
Net margin Profitability 28.0% 29.6% 7 of 11
Free-cash-flow margin Cash generation 47.9% 37.6% 2 of 8
Stock pay as % of revenue Cash generation 1.0% 2.9% 1 of 11
Long-term debt as % of assets Balance sheet 7.1% 21.7% 2 of 8
Change in share count Balance sheet -0.1% -1.7% 10 of 11
Days sales outstanding Balance sheet 35 days 44 days 2 of 6

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue YoY
Transaction and Clearing Fees $3.6B ▲ 23.9%
Derivatives Markets $2.2B ▲ 21.4%
Cash and Spot Markets $1.8B ▲ 9.9%
Data Vantage $636M ▲ 10.2%
Access and Capacity Fees $409M ▲ 10.5%
Market Data Fees $327M ▲ 10.8%
Regulatory Fees $285M ▼ 33.1%
Other Revenue $95.9M ▼ 3.1%

These categories overlap or exclude eliminations, so shares aren't shown.

From Cboe Global Markets's 10-K filed February 20, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$22.6B
Institutions reporting
976
Shares held vs prior quarter
▲ 1.2%
Positions opened / closed
110 / 111

Top buyers and sellers, Q2 2026: 502 institutions bought and 455 sold ; the biggest buyer was Deutsche Bank Ag\ (+957K shares) and the biggest seller Alliancebernstein L.P (−994K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $2.5B 10.2M 10.9% ▼ 3.0%
Vanguard Capital Management LLC $1.7B 6.8M 7.3% ▲ 0.6%
Vanguard Portfolio Management LLC $1.3B 5.3M 5.6% ▲ 0.3%
State Street Corp $1.2B 5.0M 5.4% ▲ 1.4%
Alliancebernstein L.P. $1.1B 4.1M 5.0% ▼ 19.6%
FMR LLC $1B 4.3M 4.6% ▼ 8.6%
Geode Capital Management, LLC $755M 3.1M 3.3% ▲ 0.3%
Morgan Stanley $690M 2.8M 3.0% ▼ 15.2%
Invesco Ltd. $518M 2.1M 2.3% ▼ 9.9%
Deutsche Bank Ag\ $491M 2.0M 2.2% ▲ 89.5%
Norges Bank $342M 1.4M 1.5% —
Northern Trust Corp $317M 1.3M 1.4% ▼ 1.9%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Cboe Global Markets's complete shareholder register. Values are as reported by the filers ; 3 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $2.3M 5 trades by 4 insiders · 30% under pre-set plans
Net ▼ $2.3M net selling
Insider Date Trade Shares Price Value
Froetscher Janet P Director August 12, 2026 Sell pre-set plan 937 $278.95 $261,376
Froetscher Janet P Director May 18, 2026 Sell pre-set plan 1,223 $358.09 $437,944
Wilkinson Allen SVP, CHIEF ACCOUNTING OFFICER February 23, 2026 Sell 248 $292.79 $72,612
Fitzpatrick Edward J. Director February 18, 2026 Sell 3,947 $285.87 $1.1M
Matturri Alexander Jr Director February 18, 2026 Sell 1,500 $285.36 $428,040

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 18 trades and filings

In the last 12 months, 1 member of Congress disclosed 1 purchase and 1 sale of Cboe Global Markets shares.

  • Gilbert Ray Cisneros, Jr.(D-CA 31):Sale (partial), $1,001 - $15,000, traded December 19, 2025, filed January 12, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Purchase, $1,001 - $15,000, traded November 12, 2025, filed December 15, 2025
  • Jefferson Shreve(R-IN 6):Sale (full), $50,001 - $100,000, traded May 12, 2025, filed June 22, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around February 5, 2027 estimated from the company's past filing pattern, not announced

  • October 30, 2026
  • July 31, 2026
  • May 1, 2026
  • February 6, 2026
  • October 31, 2025
  • August 1, 2025

Recent SEC filings

Data status

When each part of this page on Cboe Global Markets was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Cboe Global Markets in brief

What does Cboe Global Markets do?
Cboe Global Markets is a US-listed company in the financial exchanges & data industry. Its financial year ends in December.
What is Cboe Global Markets's stock ticker?
Cboe Global Markets trades under the ticker CBOE on CBOE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Cboe Global Markets's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Cboe Global Markets reported revenue of $5.3B, 14.3% higher than a year earlier, according to its SEC filings.
What is Cboe Global Markets's free cash flow?
Cboe Global Markets's free-cash-flow margin is 47.9% of revenue over the trailing twelve months, ranking 2 of the 8 financial exchanges & data companies we cover.
What is Cboe Global Markets's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Cboe Global Markets's free cash flow after stock-based pay gives ~$540 per share in the base case, and ~$410–$700 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Cboe Global Markets's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and Vanguard Portfolio Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Cboe Global Markets buying back stock, and does it pay a dividend?
Cboe Global Markets spent $132M on share repurchases over the trailing twelve months, and its diluted share count fell 0.1% over the year.
What is Cboe Global Markets's market cap?
On November 2, 2026, Cboe Global Markets's market capitalisation was about $36.7B, with a price-to-earnings ratio of 24.8 and net debt of -$1.2B. Market figures come from third-party market data and may be delayed.
Does Cboe Global Markets pay a dividend?
Yes: Cboe Global Markets paid $318M in dividends over the trailing twelve months, a dividend yield of 0.87% and a payout ratio of 21.4%.
How much debt does Cboe Global Markets have?
Cboe Global Markets's debt-to-equity ratio is 24.4%, from its latest balance sheet (44.7% five years earlier). The financial health section below sets out its other solvency checks.
Who are Cboe Global Markets's competitors?
In our Financial Exchanges & Data peer group, the companies closest to Cboe Global Markets are Coinbase, CME Group, MSCI, Moody's Corporation and Nasdaq, Inc. The side-by-side comparison below sets their revenue, margins and growth against Cboe Global Markets's.
Are insiders buying or selling Cboe Global Markets stock?
Over the last 12 months, Cboe Global Markets's directors and officers reported 0 open-market purchases and 5 sales on Form 4. The insider trading page charts every trade.
When is Cboe Global Markets's next earnings date?
Around February 5, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Cboe Global Markets announces its own schedule.