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Cboe Global Mark Financials

CBOE
Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Cboe Global Mark (CBOE) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Profitability Growth Leverage Liquidity Cash Flow Returns 73 / 100
Financial Profile 73/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability
91

Cboe Global Mark has an operating margin of 31.1%, meaning the company retains $31 of operating profit per $100 of revenue. This strong profitability earns a score of 91/100, reflecting efficient cost management and pricing power. This is up from 26.8% the prior year.

Growth
59

Cboe Global Mark's revenue surged 15.1% year-over-year to $4.7B, reflecting rapid business expansion. This strong growth earns a score of 59/100.

Leverage
96

Cboe Global Mark carries a low D/E ratio of 0.28, meaning only $0.28 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 96/100, indicating a strong balance sheet with room for future borrowing.

Liquidity
33

Cboe Global Mark's current ratio of 1.87 indicates adequate short-term liquidity, earning a score of 33/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow
100

Cboe Global Mark converts 35.7% of revenue into free cash flow ($1.7B). This strong cash generation earns a score of 100/100.

Returns
59

Cboe Global Mark's ROE of 21.4% shows moderate profitability relative to equity, earning a score of 59/100. This is up from 17.9% the prior year.

Altman Z-Score Safe
6.20

Cboe Global Mark scores 6.20, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($30.3B) relative to total liabilities ($4.2B). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.

Piotroski F-Score Strong
8/9

Cboe Global Mark passes 8 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), all 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality Cash-Backed
1.59x

For every $1 of reported earnings, Cboe Global Mark generates $1.59 in operating cash flow ($1.8B OCF vs $1.1B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Safe
28.1x

Cboe Global Mark earns $28.1 in operating income for every $1 of interest expense ($1.5B vs $52.3M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.

Key Financial Metrics

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Earnings & Revenue

Revenue
$4.7B
YoY+15.1%
5Y CAGR+6.6%
10Y CAGR+21.7%

Cboe Global Mark generated $4.7B in revenue in fiscal year 2025. This represents an increase of 15.1% from the prior year.

EBITDA
$1.6B
YoY+29.1%
5Y CAGR+14.1%
10Y CAGR+15.8%

Cboe Global Mark's EBITDA was $1.6B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 29.1% from the prior year.

Net Income
$1.1B
YoY+43.8%
5Y CAGR+18.6%
10Y CAGR+18.3%

Cboe Global Mark reported $1.1B in net income in fiscal year 2025. This represents an increase of 43.8% from the prior year.

EPS (Diluted)
$10.42
YoY+44.5%
5Y CAGR+19.5%
10Y CAGR+15.5%

Cboe Global Mark earned $10.42 per diluted share (EPS) in fiscal year 2025. This represents an increase of 44.5% from the prior year.

Cash & Balance Sheet

Free Cash Flow
$1.7B
YoY+61.7%
5Y CAGR+3.6%
10Y CAGR+23.4%

Cboe Global Mark generated $1.7B in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 61.7% from the prior year.

Cash & Debt
$2.2B
YoY+140.8%
5Y CAGR+55.3%
10Y CAGR+36.0%

Cboe Global Mark held $2.2B in cash against $1.4B in long-term debt as of fiscal year 2025.

Dividends Per Share
$2.70
YoY+14.4%
5Y CAGR+11.6%
10Y CAGR+11.9%

Cboe Global Mark paid $2.70 per share in dividends in fiscal year 2025. This represents an increase of 14.4% from the prior year.

Shares Outstanding
105M
YoY-0.0%
5Y CAGR-0.5%
10Y CAGR+2.5%

Cboe Global Mark had 105M shares outstanding in fiscal year 2025. This represents a decrease of 0.0% from the prior year.

Margins & Returns

Gross Margin
51.5%
YoY+0.9pp
5Y CAGR+14.9pp
10Y CAGR-33.1pp

Cboe Global Mark's gross margin was 51.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 0.9 percentage points from the prior year.

Operating Margin
31.1%
YoY+4.3pp
5Y CAGR+11.8pp
10Y CAGR-17.1pp

Cboe Global Mark's operating margin was 31.1% in fiscal year 2025, reflecting core business profitability. This is up 4.3 percentage points from the prior year.

Net Margin
23.3%
YoY+4.7pp
5Y CAGR+9.7pp
10Y CAGR-7.6pp

Cboe Global Mark's net profit margin was 23.3% in fiscal year 2025, showing the share of revenue converted to profit. This is up 4.7 percentage points from the prior year.

Return on Equity
21.4%
YoY+3.5pp
5Y CAGR+7.4pp
10Y CAGR-57.5pp

Cboe Global Mark's ROE was 21.4% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 3.5 percentage points from the prior year.

Capital Allocation

R&D Spending
N/A
Share Buybacks
$66.7M
YoY-67.4%
5Y CAGR-28.2%
10Y CAGR-6.6%

Cboe Global Mark spent $66.7M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 67.4% from the prior year.

Capital Expenditures
$71.0M
YoY+16.6%
5Y CAGR+8.4%
10Y CAGR+6.1%

Cboe Global Mark invested $71.0M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 16.6% from the prior year.

CBOE Income Statement

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Revenue $1.2B+5.5% $1.1B-2.7% $1.2B-1.8% $1.2B+7.9% $1.1B+4.9% $1.1B+8.4% $974.0M+1.8% $957.2M
Cost of Revenue $532.9M-0.6% $536.2M-8.5% $586.2M-6.9% $629.8M+8.0% $583.1M+11.3% $523.7M+13.8% $460.2M+1.1% $455.1M
Gross Profit $671.1M+10.8% $605.5M+3.1% $587.3M+3.9% $565.2M+7.8% $524.5M-1.4% $532.0M+3.5% $513.8M+2.3% $502.1M
R&D Expenses N/A N/A N/A N/A N/A N/A N/A N/A
SG&A Expenses N/A N/A N/A N/A N/A N/A N/A N/A
Operating Income $403.8M+9.0% $370.3M+9.2% $339.1M-4.2% $353.9M+18.6% $298.5M-2.9% $307.4M+46.3% $210.1M-25.6% $282.4M
Interest Expense $13.3M0.0% $13.3M+3.1% $12.9M+0.8% $12.8M-0.8% $12.9M+0.8% $12.8M0.0% $12.8M-1.5% $13.0M
Income Tax $138.2M+6.9% $129.3M+29.9% $99.5M-0.1% $99.6M+19.7% $83.2M-8.1% $90.5M+44.6% $62.6M-24.2% $82.6M
Net Income $313.5M+4.2% $300.8M+27.9% $235.1M-6.2% $250.6M+27.5% $196.5M-10.1% $218.5M+55.6% $140.4M-33.0% $209.5M
EPS (Diluted) N/A $2.85+27.8% $2.23-5.9% $2.37 N/A $2.07+55.6% $1.33-32.1% $1.96

CBOE Balance Sheet

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Total Assets $9.3B+2.6% $9.1B+0.2% $9.0B+4.4% $8.7B+11.3% $7.8B-10.6% $8.7B-5.9% $9.3B+13.5% $8.2B
Current Assets $4.4B+18.2% $3.7B0.0% $3.7B+11.3% $3.4B+35.6% $2.5B-25.3% $3.3B-14.9% $3.9B+45.8% $2.7B
Cash & Equivalents $2.2B+48.1% $1.5B+19.1% $1.3B+20.0% $1.0B+13.8% $920.3M+20.6% $763.2M+24.2% $614.6M+14.6% $536.3M
Inventory N/A N/A N/A N/A N/A N/A N/A N/A
Accounts Receivable $391.4M-10.5% $437.3M-1.6% $444.3M-9.9% $493.0M+10.9% $444.6M+18.2% $376.2M+0.9% $372.7M+0.7% $370.2M
Goodwill $3.2B+0.1% $3.1B-0.3% $3.2B+0.8% $3.1B+0.2% $3.1B-0.8% $3.2B+0.6% $3.1B0.0% $3.1B
Total Liabilities $4.2B-0.4% $4.2B-4.6% $4.4B+4.0% $4.2B+20.1% $3.5B-22.1% $4.5B-14.0% $5.2B+26.8% $4.1B
Current Liabilities $2.4B+8.4% $2.2B-8.7% $2.4B+13.8% $2.1B+50.4% $1.4B-41.6% $2.4B-24.3% $3.2B+57.4% $2.0B
Long-Term Debt $1.4B0.0% $1.4B0.0% $1.4B0.0% $1.4B0.0% $1.4B0.0% $1.4B0.0% $1.4B0.0% $1.4B
Total Equity $5.1B+5.2% $4.9B+4.7% $4.7B+4.8% $4.5B+4.0% $4.3B+1.7% $4.2B+4.6% $4.0B-0.1% $4.0B
Retained Earnings $3.5B+4.4% $3.4B+7.1% $3.2B+5.6% $3.0B+6.5% $2.8B-3.3% $2.9B+5.5% $2.8B+3.1% $2.7B

CBOE Cash Flow Statement

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Operating Cash Flow $352.1M+128.8% $153.9M-53.9% $333.7M-63.4% $912.9M+228.5% -$710.4M-22.8% -$578.5M-138.7% $1.5B+66.8% $895.6M
Capital Expenditures $20.0M+25.0% $16.0M-21.2% $20.3M+38.1% $14.7M-38.2% $23.8M+98.3% $12.0M-32.6% $17.8M+143.8% $7.3M
Free Cash Flow $332.1M+140.8% $137.9M-56.0% $313.4M-65.1% $898.2M+222.3% -$734.2M-24.3% -$590.5M-140.0% $1.5B+66.2% $888.3M
Investing Cash Flow $419.3M+150.3% $167.5M+243.3% -$116.9M-493.4% -$19.7M+84.5% -$126.8M-458.2% $35.4M+195.4% -$37.1M-178.9% -$13.3M
Financing Cash Flow -$77.5M-2.2% -$75.8M+27.0% -$103.8M+9.3% -$114.5M-62.0% -$70.7M+9.5% -$78.1M+56.0% -$177.6M-5.3% -$168.6M
Dividends Paid $75.8M+0.1% $75.7M+14.0% $66.4M0.0% $66.4M0.0% $66.4M+0.2% $66.3M+13.9% $58.2M-0.5% $58.5M
Share Buybacks $0 $0-100.0% $36.7M+22.3% $30.0M+5900.0% $500K-98.1% $26.4M-73.9% $101.3M+32.2% $76.6M

CBOE Financial Ratios

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Gross Margin 55.7%+2.7pp 53.0%+3.0pp 50.0%+2.7pp 47.3%-0.1pp 47.3%-3.0pp 50.4%-2.4pp 52.8%+0.3pp 52.5%
Operating Margin 33.5%+1.1pp 32.4%+3.5pp 28.9%-0.7pp 29.6%+2.7pp 27.0%-2.2pp 29.1%+7.6pp 21.6%-7.9pp 29.5%
Net Margin 26.0%-0.3pp 26.4%+6.3pp 20.0%-0.9pp 21.0%+3.2pp 17.7%-3.0pp 20.7%+6.3pp 14.4%-7.5pp 21.9%
Return on Equity 6.1%-0.1pp 6.2%+1.1pp 5.0%-0.6pp 5.6%+1.0pp 4.6%-0.6pp 5.2%+1.7pp 3.5%-1.7pp 5.2%
Return on Assets 3.4%+0.1pp 3.3%+0.7pp 2.6%-0.3pp 2.9%+0.4pp 2.5%0.0pp 2.5%+1.0pp 1.5%-1.1pp 2.6%
Current Ratio 1.87+0.2 1.72+0.1 1.57-0.0 1.60-0.2 1.78+0.4 1.39+0.2 1.23-0.1 1.33
Debt-to-Equity 0.28-0.0 0.30-0.0 0.31-0.0 0.32-0.0 0.340.0 0.34-0.0 0.360.0 0.36
FCF Margin 27.6%+15.5pp 12.1%-14.6pp 26.7%-48.5pp 75.2%+141.5pp -66.3%-10.4pp -55.9%-207.5pp 151.6%+58.8pp 92.8%

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Frequently Asked Questions

Cboe Global Mark (CBOE) reported $4.7B in total revenue for fiscal year 2025. This represents a 15.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

Cboe Global Mark (CBOE) revenue grew by 15.1% year-over-year, from $4.1B to $4.7B in fiscal year 2025.

Yes, Cboe Global Mark (CBOE) reported a net income of $1.1B in fiscal year 2025, with a net profit margin of 23.3%.

Cboe Global Mark (CBOE) reported diluted earnings per share of $10.42 for fiscal year 2025. This represents a 44.5% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Cboe Global Mark (CBOE) had EBITDA of $1.6B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

As of fiscal year 2025, Cboe Global Mark (CBOE) had $2.2B in cash and equivalents against $1.4B in long-term debt.

Cboe Global Mark (CBOE) had a gross margin of 51.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

Cboe Global Mark (CBOE) had an operating margin of 31.1% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

Cboe Global Mark (CBOE) had a net profit margin of 23.3% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Yes, Cboe Global Mark (CBOE) paid $2.70 per share in dividends during fiscal year 2025.

Cboe Global Mark (CBOE) has a return on equity of 21.4% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

Cboe Global Mark (CBOE) generated $1.7B in free cash flow during fiscal year 2025. This represents a 61.7% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

Cboe Global Mark (CBOE) generated $1.8B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

Cboe Global Mark (CBOE) had $9.3B in total assets as of fiscal year 2025, including both current and long-term assets.

Cboe Global Mark (CBOE) invested $71.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Yes, Cboe Global Mark (CBOE) spent $66.7M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Cboe Global Mark (CBOE) had 105M shares outstanding as of fiscal year 2025.

Cboe Global Mark (CBOE) had a current ratio of 1.87 as of fiscal year 2025, which is generally considered healthy.

Cboe Global Mark (CBOE) had a debt-to-equity ratio of 0.28 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

Cboe Global Mark (CBOE) had a return on assets of 11.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Cboe Global Mark (CBOE) has an Altman Z-Score of 6.20, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

Cboe Global Mark (CBOE) has a Piotroski F-Score of 8 out of 9, indicating strong financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Cboe Global Mark (CBOE) has an earnings quality ratio of 1.59x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Cboe Global Mark (CBOE) has an interest coverage ratio of 28.1x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

Cboe Global Mark (CBOE) scores 73 out of 100 on our Financial Profile, indicating strong overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.

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