Cboe Global Markets, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Cboe Global Markets, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	703	2,229	2,769	2,496	3,427	3,495	3,959	3,774	4,095	4,714
Cost of revenue	137	1,234	1,552	1,359	2,173	2,019	2,217	1,856	2,022	2,285
Gross profit	566	996	1,217	1,137	1,254	1,476	1,742	1,918	2,072	2,429
Operating expenses	268	624	618	600	592	670	1,252	860	974	962
Operating income	298	372	599	537	662	806	490	1,058	1,098	1,467
Interest expense	5.7	42.6	40.5	37.8	38.7	48	60	62.4	51.5	52.3
Interest income		1.3	2.3	1.9	1.1	0.6	3.6	12	27.3	49.4
Other non-operating income	14.1	3.8	10	0.1	35.8	-3.4	-7.5	0.6	-19.4	9.6
Pre-tax income	307	334	571	501	660	756	433	1,048	1,084	1,567
Income tax	121	-66.2	146	131	192	227	198	286	319	467
Net income to minority interests	-1.1	-1.1	-1.3	-4.1
Net income	187	402	427	375	468	529	234	761	765	1,100
EBITDA	343	564	803	714	821	973	656	1,216	1,231	1,590
EPS, basic	2.27	3.70	3.78	3.35	4.28	4.93	2.20	7.16	7.24	10.46
EPS, diluted	2.27	3.69	3.76	3.34	4.27	4.92	2.19	7.13	7.21	10.42
Shares, basic (weighted)	81.4	107	112	111	109	107	106	106	105	105
Shares, diluted (weighted)	81.4	108	112	112	109	107	107	106	106	105
Dividend per share	0.96	1.04	1.16	1.34	1.56	1.80	1.96	2.10	2.36	2.70

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	97.3	144	275	229	245	342	433	543	920	2,217
Short-term investments	0	47.3	35.7	71	92.4	37.1	91.7	57.5	110	36.1
Receivables	76.7	217	287	235	337	327	370	337	445	391
Other current assets	7.4	9.4	15.2	15.8	26.5	36.8	47.6	66.7	84.6	91.3
Total current assets	235	435	684	608	1,567	1,531	1,556	1,979	2,479	4,421
Property, plant and equipment	55.9	73.9	71.7	47	82.6	105	108	109	118	133
Lease right-of-use assets				53.4	111	110	112	137	125	111
Goodwill	26.5	2,707	2,691	2,682	2,895	3,025	3,123	3,141	3,124	3,151
Intangible assets	8.7	1,903	1,720	1,590	1,729	1,669	1,663	1,562	1,377	1,297
Other non-current assets	72.7	59.5	62.9	51.6	76.3	126	182	206	183	160
Total assets	477	5,266	5,321	5,114	6,517	6,815	6,999	7,488	7,789	9,305
Accounts payable	6.5	43.2	12.8	21	28.5	19.5	27.5	24.7	17.9	16.1
Accrued liabilities	25.1	18	52.4	35.2	49.1	68.6	90.2	77.1	89.8	110
Deferred revenue	3.1	15.4	8.5	4.5	10.2	15.2	11.7	5.9	6.4	6.9
Short-term debt			300		68.7		305			0
Total current liabilities	89.9	334	596	282	1,313	1,169	1,477	1,383	1,395	2,362
Long-term debt	0	1,238	916	868	1,135	1,299	1,437	1,439	1,441	1,443
Lease liabilities				46.7	132	129	129	151	138	121
Other non-current liabilities	4.2	6.8	7.4	26.8	27.2	34.6	55.8	67.5	43.1	39.8
Total liabilities	146	2,155	2,071	1,758	3,168	3,210	3,534	3,503	3,510	4,167
Total debt	0	1,238	1,215	868	1,204	1,299	1,742	1,439	1,441	1,443
Paid-in capital	139	2,624	2,660	2,691	2,713	1,509	1,455	1,479	1,513	1,565
Retained earnings	711	993	1,288	1,513	1,810	2,146	2,171	2,525	2,816	3,544
Treasury stock	-532	-558	-720	-887	-1,250	-107	-131	-10.5	-1.4	-1.5
Other comprehensive income	-0.8	50.7	11.5	37.6	75	55.6	-31	-9.4	-48.4	30.1
Shareholders' equity	318	3,111	3,241	3,356	3,349	3,605	3,465	3,985	4,280	5,138
Total equity	318	3,111	3,241	3,356	3,349	3,605	3,465	3,985	4,280	5,138
Total liabilities and equity	477	5,266	5,321	5,114	6,517	6,815	6,999	7,488	7,789	9,305
Shares outstanding	81.3	113	112	111	107	107	106	106	105	105

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	186	401	425	371	468	529	235	761	765	1,100
Depreciation and amortization	44.4	192	204	177	159	167	167	158	133	122
Stock-based compensation	14.5	52.6	35.1	21.8	21.7	26.6	30.7	41.3	41.8	50.4
Deferred income tax	-8.8	-238	-47.7	-37.2	-30.9	-18.9	-156	-15.2	-23.6	-8.4
Change in receivables	-8.4	-20.6	-70.3	50.3	-90	12	-49.8	39.4	-124	79.4
Change in payables	21	10.3	46.8	-25.7	59.4	45	38.8	-19.1	-36.4	6.5
Cash from operations	230	374	535	633	1,459	597	651	1,076	1,101	1,753
Capital expenditures	-44.4	-37.5	-36.3	-35.1	-47.4	-51	-59.8	-45	-60.9	-71
Acquisitions	-14.3	-1,414			-352	-152	-708	0	0
Purchases of investments		-136	-166	-109	-223	-101	-105	-89.8	-116	-175
Sales and maturities of investments		155	179	98	203	160	51.2	136	67.9	248
Cash from investing	-84.4	-1,437	-25.6	-15.9	-431	-353	-835	-55.1	-142	450
Debt issued		1,944	300		494	110	664	0	0
Debt repaid		-700	-325	-350	-155	-20	-220	-305	0	0
Stock issued		2	2.1	9.3	0.2
Share buybacks	-60.5		-141	-157	-349	-81.3	-101	-83.9	-205	-66.7
Dividends paid	-78.5	-118	-130	-150	-171	-193	-209	-224	-249	-284
Cash from financing	-150	1,100	-372	-663	-202	-200	81.7	-656	-495	-372
Exchange rate effect		8.6
Net change in cash	-5	46.2	132	-45.8	828	34.7	-112	417	369	2,103
Free cash flow	185	337	498	598	1,411	546	591	1,031	1,040	1,682
Interest paid		27	38.7	32.7	29.2	42.1	51	56.7	100	91.7
Income taxes paid	142	177	213	135	192	210	271	286	362	392

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $253.26 on September 28, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	54.1%	Gross profit / revenue.
Operating margin	34.7%	Operating income / revenue.
EBITDA margin	37.1%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	37.4%	Pre-tax income / revenue.
Net margin	26.7%	Net income / revenue.
Operating cash flow margin	38.8%	Cash from operations / revenue.
Effective tax rate	28.5%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	24.1%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	12.8%	Net income / average total assets.
Return on invested capital (ROIC)	26.2%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	1.1%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	2.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	15.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	6.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	6.6%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	17.2%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	11.7%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	14.1%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	33.6%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	44.2%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	17.2%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	29.1%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	34.3%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	14.1%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	43.8%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	67.5%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	18.6%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	44.5%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	68.2%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	19.5%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	59.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	39.1%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	3.7%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	61.7%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	41.7%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	3.6%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	14.4%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	11.3%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	11.6%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	20.1%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	14.0%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	8.9%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	19.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	10.0%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	7.4%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-0.4%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-0.5%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-0.8%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.57x	Current assets / current liabilities.
Quick ratio	0.78x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.63x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.26x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	13.6%	Total debt / total assets.
Liabilities / assets	47.0%	Total liabilities / total assets.
Net debt	-$946.9M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-0.50x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	33.1x	Operating income / interest expense.
Working capital	$2.14B	Current assets - current liabilities.
Goodwill and intangibles / assets	39.9%	(Goodwill + intangible assets) / total assets.
Tangible book value	$1.39B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.48x	Revenue / average total assets.
Fixed asset turnover	37.0x	Revenue / average property, plant and equipment.
Receivables turnover	8.87x	Revenue / average receivables.
Days sales outstanding	41 days	365 x average receivables / revenue.
Days payables	3 days	365 x average accounts payable / cost of revenue.

Per share

Metric	Value	How it is calculated
EPS, diluted	$12.90	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$48.25	Revenue / diluted weighted shares.
Operating cash flow per share	$18.71	Cash from operations / diluted weighted shares.
Book value per share	$53.81	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$13.33	Tangible book value / shares outstanding.
Cash per share	$22.87	(Cash + short-term investments) / shares outstanding.
Payout ratio	22.4%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$28.32B	Share price x shares outstanding.
Enterprise value	$27.37B	Market cap + total debt - cash - short-term investments.
P/E	20.9x	Market cap / net income. Only when net income is positive.
P/S	5.60x	Market cap / revenue.
P/B	5.03x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	20.3x	Market cap / tangible book value, when positive.
P/OCF	14.4x	Market cap / cash from operations, when positive.
EV/Sales	5.41x	Enterprise value / revenue.
EV/EBIT	15.6x	Enterprise value / operating income, when both are positive.
EV/EBITDA	14.6x	Enterprise value / EBITDA, when both are positive.
Earnings yield	4.8%	Net income / market cap (the inverse of P/E).
Dividend yield	1.1%	Dividends paid over the period / market cap.
Shareholder yield	1.3%	(Dividends paid + share buybacks) / market cap.
PEG	0.31x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was Cboe Global Markets, Inc.'s revenue in fiscal 2025?

Cboe Global Markets, Inc. reported revenue of $4.71B for fiscal 2025, 15.1% higher than the year before.

Was Cboe Global Markets, Inc. profitable in fiscal 2025?

Yes. Net income was $1.10B, a net margin of 23.3%.

How much free cash flow did Cboe Global Markets, Inc. generate in fiscal 2025?

Cash from operations of $1.75B minus capital expenditures of $71.0M left free cash flow of $1.68B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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