Cboe Global Markets (CBOE) financial statements

Financial Services · Financial Data & Stock Exchanges · Market cap $31.5B

Cboe Global Markets reported revenue of $4.7B in fiscal 2025, up 23.5% a year over 9 years.

Net income was $1.1B and the operating margin 31.1%, against 42.4% in 2016.

Free cash flow was $1.7B, and the company returned $284M in dividends and $67M in net buybacks.

The diluted share count rose 29% over the period (dilution).

Revenue and free cash flow

Fiscal years, $ billions.

02462016201720182019202020212022202320242025RevenueFree cash flow
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Income statement

Fiscal years, from Cboe Global Markets's 10-K filings with the SEC.

Fiscal year2016201720182019202020212022202320242025
Revenue$703M$2.2B$2.8B$2.5B$3.4B$3.5B$4.0B$3.8B$4.1B$4.7B
Cost of revenue$137M$1.2B$1.6B$1.4B$2.2B$2.0B$2.2B$1.9B$2.0B$2.3B
Gross profit$566M$996M$1.2B$1.1B$1.3B$1.5B$1.7B$1.9B$2.1B$2.4B
Operating income$298M$372M$599M$537M$662M$806M$490M$1.1B$1.1B$1.5B
Interest expense$6M$43M$40M$38M$39M$48M$60M$62M$52M$52M
Pre-tax income$307M$334M$571M$501M$660M$756M$433M$1.0B$1.1B$1.6B
Income tax$121M-$66M$146M$131M$192M$227M$198M$286M$319M$467M
Net income$187M$402M$426M$375M$468M$529M$234M$761M$765M$1.1B
EPS (diluted)$2.27$3.69$3.76$3.34$4.27$4.92$2.19$7.13$7.21$10.42
Diluted shares81M108M112M112M109M107M107M106M106M105M
Gross margin80.6%44.7%44.0%45.5%36.6%42.2%44.0%50.8%50.6%51.5%
Operating margin42.4%16.7%21.6%21.5%19.3%23.1%12.4%28.0%26.8%31.1%
Net margin26.6%18.0%15.4%15.0%13.7%15.1%5.9%20.2%18.7%23.3%

Balance sheet

Fiscal years, from Cboe Global Markets's 10-K filings with the SEC.

Fiscal year2016201720182019202020212022202320242025
Cash and short-term investments$97M$191M$311M$300M$338M$379M$524M$601M$1.0B$2.3B
Receivables$77M$217M$287M$235M$337M$327M$370M$337M$445M$391M
Total current assets$235M$435M$684M$608M$1.6B$1.5B$1.6B$2.0B$2.5B$4.4B
Property, plant and equipment$56M$74M$72M$47M$83M$105M$108M$109M$118M$133M
Goodwill$26M$2.7B$2.7B$2.7B$2.9B$3.0B$3.1B$3.1B$3.1B$3.2B
Total assets$477M$5.3B$5.3B$5.1B$6.5B$6.8B$7.0B$7.5B$7.8B$9.3B
Total current liabilities$90M$334M$596M$282M$1.3B$1.2B$1.5B$1.4B$1.4B$2.4B
Long-term debt$0$1.2B$916M$868M$1.1B$1.3B$1.4B$1.4B$1.4B$1.4B
Total liabilities$146M$2.2B$2.1B$1.8B$3.2B$3.2B$3.5B$3.5B$3.5B$4.2B
Shareholders' equity$318M$3.1B$3.2B$3.4B$3.3B$3.6B$3.5B$4.0B$4.3B$5.1B
Net debt-$97M$1.1B$940M$638M$958M$957M$1.3B$896M$521M-$774M

Cash flow

Fiscal years, from Cboe Global Markets's 10-K filings with the SEC.

Fiscal year2016201720182019202020212022202320242025
Operating cash flow$230M$374M$535M$633M$1.5B$597M$651M$1.1B$1.1B$1.8B
Capital spending$44M$38M$36M$35M$47M$51M$60M$45M$61M$71M
Free cash flow$185M$337M$498M$598M$1.4B$546M$591M$1.0B$1.0B$1.7B
Stock-based compensation$14M$53M$35M$22M$22M$27M$31M$41M$42M$50M
Dividends paid$78M$118M$130M$150M$171M$193M$209M$224M$249M$284M
Share buybacks (net)-$60M—-$141M-$157M-$349M-$81M-$101M-$84M-$205M-$67M
Net borrowing—$1.2B-$25M-$350M$339M$90M$444M-$305M$0$0
Free cash flow margin26.3%15.1%18.0%23.9%41.2%15.6%14.9%27.3%25.4%35.7%
Dividends per share$0.96$1.10$1.16$1.34$1.56$1.80$1.96$2.10$2.36$2.71
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Questions

What was Cboe Global Markets's revenue in 2025?

$4.7B in fiscal 2025, from its 10-K filing.

How much free cash flow does Cboe Global Markets generate?

$1.7B in fiscal 2025 (operating cash flow minus capital spending).

From Cboe Global Markets's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.