Company file · CBOE
Cboe Global Markets
Options was Cboe Global Markets' fastest-growing segment in FY2025, up 21.5%
Revenue rose 15.1% to $4.7B in FY2025, from $4.1B in FY2024. Net income rose 43.8% to $1.1B. Options was the largest segment, at 52% of revenue.
Key facts
Cboe Global Markets (CBOE: CBOE) closed fiscal 2025 on Dec 31, 2025 with revenue of $4.7B, up 15.1% from a year before; net income came to $1.1B, up 43.8%. Its newest quarterly report covers the three months to Sep 30, 2026: revenue of $1.4B, up 19.0% on the same stretch of the prior year, and net income of $428M. Broken down by segment, Options led with 52% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Feb 20, 2026) and 10-Q for the quarter ended Sep 30, 2026 (filed Oct 30, 2026).
Source: 10-K FY2025, filed Feb 20, 2026
Source: 10-Q filed May 1, 2026 · 10-Q filed Jul 31, 2026 · 10-Q filed Oct 30, 2026
How it makes money
By segment in FY2025: Options (52%), North American Equities (35%), Europe and Asia Pacific (8%) and Futures (3%), as shares of total revenue. Total revenue was $4.7B.
Source: 10-K FY2025
By product or service, FY2025
Share is of the FY2025 total; the last column is the change from FY2024.
Learn more: Revenue vs. net income · Gross, operating and net margin
What changed last quarter
Comparing Q3 2026 (Jul to Sep 2026) compared with Q3 2025 (Jul to Sep 2025)
Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.
Q3 2026Q3 2025
Company
Source: Cboe Global Markets 10-Q for the quarter ended Sep 30, 2026, filed Oct 30, 2026
By segment
Source: Cboe Global Markets 10-Q for the quarter ended Sep 30, 2026, filed Oct 30, 2026
The bull case and the bear case
The bull case
- Revenue rose 15.1% in FY2025 to $4.7B, from $4.1B a year earlier. 10-K, FY2025
- Net income rose 43.8% in FY2025 to $1.1B, from $765M. 10-K, FY2025
- Revenue in the quarter ended Sep 30, 2026 was $1.4B, up 19.0% on a year earlier. 10-Q, quarter ended Sep 30, 2026
- Net income in the quarter ended Sep 30, 2026 was $428M, up 42.4% on a year earlier. 10-Q, quarter ended Sep 30, 2026
The bear case
- Futures revenue fell 3.7% in FY2025 to $136M. 10-K, FY2025
- The company's own risk factors are in Item 1A of its 10-K. Risks common in this industry include markets and rates; credit and claims; regulation. 10-K, Item 1A
What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.
What the company does
Cboe Global Markets is in the financial exchanges & data industry, part of the financials sector. The SEC files it under Security & Commodity Brokers, Dealers, Exchanges & Services.
Cboe Global Markets reports 5 segments: Options, North American Equities, Europe and Asia Pacific, Futures and Global FX.
Its fiscal year ends in December; the latest, FY2025, ended Dec 31, 2025.
Source: 10-K, Item 1 Business
Risks common in this industry
These are general risks for companies in the financial exchanges & data industry. They are not a summary of Cboe Global Markets’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.
- Markets and ratesInterest rates, credit conditions and market levels move its revenue and results.
- Credit and claimsLosses on loans, claims or investments can reduce earnings.
- RegulationCapital, liquidity and conduct rules affect what it can do and what it costs.
- CompetitionBanks, insurers, asset managers and technology firms compete for the same customers.
- Cyber and operationsSecurity incidents and operational failures can cause losses and harm trust.
Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)
Three years of key numbers
Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.
- Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
- Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
- Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.
Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator · Market cap calculator · Free cash flow calculator · Return on equity and assets calculator
Explainers for this page
- Segment reporting
- Risk factors (Item 1A)
- The cash flow statement
- Return on equity (ROE)
- Market cap and enterprise value
- Off-balance-sheet arrangements
- Deferred revenue
Plain-English guides to terms this file uses, with real numbers from filings.
About these numbers
- Cboe Global Markets' revenue is the total revenue figure in its filings. For financial companies it can combine interest, fees, premiums and other income, so it isn't directly comparable with revenue at companies that sell products.
What we left out
- Operating cash flow, total debt and cash are left out: for this kind of financial company they mostly reflect lending, trading or investing flows and say little about the business, and they aren't comparable with other companies'.
Recent filings
| Form | Filed | Period |
|---|---|---|
| 10-Q | Oct 30, 2026 | Sep 30, 2026 |
| 10-Q | Jul 31, 2026 | Jun 30, 2026 |
| 10-Q | May 1, 2026 | Mar 31, 2026 |
| DEF 14A | Apr 2, 2026 | May 14, 2026 |
| 10-K | Feb 20, 2026 | Dec 31, 2025 |
Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters
Common questions about Cboe Global Markets
How does Cboe Global Markets make money?
Fiscal 2025 revenue: $4.7B. By segment in FY2025: Options (52%), North American Equities (35%), Europe and Asia Pacific (8%) and Futures (3%), as shares of total revenue. Total revenue was $4.7B. Source: 10-K for fiscal 2025, filed Feb 20, 2026.
What was Cboe Global Markets's revenue in fiscal 2025?
$4.7B, up 15.1% from fiscal 2024 ($4.1B). The year ended Dec 31, 2025; for fiscal 2023 the figure was $3.8B. Source: 10-K for fiscal 2025, filed Feb 20, 2026.
Is Cboe Global Markets profitable?
Net income was $1.1B in fiscal 2025 (up 43.8%; fiscal 2024 was $765M). That counts as a GAAP profit. The latest quarter, ended Sep 30, 2026: net income was $428M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 20, 2026.
What did Cboe Global Markets report in its latest quarterly filing?
For the three months to Sep 30, 2026: revenue $1.4B (up 19.0% from $1.1B) and net income $428M (up 42.4% from $301M). Source: 10-Q for the quarter ended Sep 30, 2026, filed Oct 30, 2026.
What are the main risks Cboe Global Markets faces?
Cboe Global Markets's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 20, 2026. Risks that are common among companies in the financial exchanges & data industry include Markets and rates; credit and claims; regulation; competition; cyber and operations. The first: Interest rates, credit conditions and market levels move its revenue and results. Source: 10-K, Item 1A Risk Factors.
Where do these Cboe Global Markets numbers come from?
The 10-K filed Feb 20, 2026 (fiscal 2025) and the 10-Q filed Oct 30, 2026 (quarter ended Sep 30, 2026), as published in the SEC's XBRL data. Click any number to open the filing it came from. Methodology explains how fiscal years and missing numbers are handled.
Tracked funds that report owning Cboe Global Markets
- Renaissance Technologies: 1,026,406 shares, reported value $249.1M at Jun 30, 2026 (−6.7% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 13, 2026.
- Citadel Advisors: 631,917 shares, reported value $153.3M at Jun 30, 2026 (+1,038.1% in shares since the filing for Mar 31, 2026). Form 13F filed Sep 2, 2026.
- Two Sigma Investments: 395,978 shares, reported value $96.1M at Jun 30, 2026 (+134.2% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Millennium Management: 202,611 shares, reported value $49.2M at Jun 30, 2026 (+5,862.7% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Bridgewater Associates: 51,486 shares, reported value $12.5M at Jun 30, 2026 (+246.8% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Markel Group: 43,700 shares, reported value $12.0M at Sep 30, 2026 (same number of shares as in the filing for Jun 30, 2026). Form 13F filed Oct 30, 2026.
From each fund’s latest Form 13F, which is filed up to 45 days after quarter end and lists long positions in US-listed stocks only. A listing here is a fact about a filing, not a view on the stock. What a 13F does and doesn’t show.
Disclosures
- Editor holdings in CBOE
- The editor holds no position in Cboe Global Markets (CBOE). As of Nov 11, 2026.
- Trading rule
- The editor does not buy or sell CBOE from 3 days before to 3 days after this page is published or substantively updated.
- Compensation
- Nobody paid for this page. No affiliate links on this page.
- Sources
- The company's SEC filings, linked next to each number or, for charts, in the source line under them.
- Last updated
- Nov 9, 2026
General education, the same for every reader. Not a recommendation to buy, sell or hold CBOE, and it doesn't consider your situation.
Compare with peers
| Company | Fiscal year | Revenue | Revenue growth | Net income |
|---|---|---|---|---|
| Cboe Global MarketsCBOE | FY2025 | $4.7B | +15.1% | $1.1B |
| S&P GlobalSPGI | FY2025 | $15.3B | +7.9% | $4.5B |
| CME GroupCME | FY2025 | $6.5B | +6.4% | $4.1B |
| Intercontinental ExchangeICE | FY2025 | $12.6B | +7.5% | $3.3B |
| Moody'sMCO | FY2025 | $7.7B | +8.9% | $2.5B |
Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.
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New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.