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
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
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.
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.
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.
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.
Cboe Global Mark converts 35.7% of revenue into free cash flow ($1.7B). This strong cash generation earns a score of 100/100.
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.
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.
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.
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.
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
Earnings & Revenue
Cboe Global Mark generated $4.7B in revenue in fiscal year 2025. This represents an increase of 15.1% from the prior year.
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.
Cboe Global Mark reported $1.1B in net income in fiscal year 2025. This represents an increase of 43.8% from the prior year.
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
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.
Cboe Global Mark held $2.2B in cash against $1.4B in long-term debt as of fiscal year 2025.
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.
Cboe Global Mark had 105M shares outstanding in fiscal year 2025. This represents a decrease of 0.0% from the prior year.
Margins & Returns
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.
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.
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.
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
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.
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
What is Cboe Global Mark's annual revenue?
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.
How fast is Cboe Global Mark's revenue growing?
Cboe Global Mark (CBOE) revenue grew by 15.1% year-over-year, from $4.1B to $4.7B in fiscal year 2025.
Is Cboe Global Mark profitable?
Yes, Cboe Global Mark (CBOE) reported a net income of $1.1B in fiscal year 2025, with a net profit margin of 23.3%.
What is Cboe Global Mark's EBITDA?
Cboe Global Mark (CBOE) had EBITDA of $1.6B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Cboe Global Mark have?
As of fiscal year 2025, Cboe Global Mark (CBOE) had $2.2B in cash and equivalents against $1.4B in long-term debt.
What is Cboe Global Mark's gross margin?
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.
What is Cboe Global Mark's operating margin?
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.
What is Cboe Global Mark's net profit margin?
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.
Does Cboe Global Mark pay dividends?
Yes, Cboe Global Mark (CBOE) paid $2.70 per share in dividends during fiscal year 2025.
What is Cboe Global Mark's return on equity (ROE)?
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.
What is Cboe Global Mark's free cash flow?
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.
What is Cboe Global Mark's operating cash flow?
Cboe Global Mark (CBOE) generated $1.8B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Cboe Global Mark's total assets?
Cboe Global Mark (CBOE) had $9.3B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Cboe Global Mark's capital expenditures?
Cboe Global Mark (CBOE) invested $71.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Cboe Global Mark's current ratio?
Cboe Global Mark (CBOE) had a current ratio of 1.87 as of fiscal year 2025, which is generally considered healthy.
What is Cboe Global Mark's debt-to-equity ratio?
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.
What is Cboe Global Mark's return on assets (ROA)?
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.
What is Cboe Global Mark's Altman Z-Score?
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.
What is Cboe Global Mark's Piotroski F-Score?
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.
Are Cboe Global Mark's earnings high quality?
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.
Can Cboe Global Mark cover its interest payments?
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.
How financially healthy is Cboe Global Mark?
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.