CBOECBOESecurity & Commodity Brokers, Dealers, Exchanges & ServicesFiscal year ends December 31
Cboe Global Markets, Inc.
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Jul 31, 2026
$306.47−8.51 (-2.70%)
Close on Oct 19, 2026
- Market cap
- $32.15B
- P/E (TTM)
- 23.9
- Dividend yield
- 0.88%
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
51.5%+14.9 pts over 5 years
Operating margin
31.1%+11.8 pts over 5 years
Net margin
23.3%+9.7 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +15.1% | +6.0% | +6.6% | +21.7% | |
| Gross profit | +17.2% | +11.7% | +14.1% | +15.8% | |
| Operating income | +33.6% | +44.2% | +17.2% | +16.5% | |
| Net income | +43.8% | – | +18.6% | +18.3% | |
| EPS, diluted | +44.5% | +68.2% | +19.5% | +15.5% | |
| Free cash flow | +61.7% | +41.7% | +3.6% | +23.4% | |
| Dividend per share | +14.4% | +11.3% | +11.6% | +11.9% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 64.7% | 14.0% | 23.4% | |
| Return on assets | 43.4% | 8.1% | 12.9% | |
| Current ratio | 2.62 | 1.19 | 1.87 | |
| Debt to equity | 0.00 | 0.36 | 0.28 | |
| Net debt to EBITDA | -0.28× | 0.18× | -0.49× | |
| Interest coverage | 52.3× | 17.1× | 28.1× | |
| Capex to revenue | 6.3% | 1.4% | 1.5% | |
| Diluted shares | 81M | 109M | 105M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Cboe Global Markets generated $5.18B from operations and spent $1.99B on capital expenditure, dividends and share buybacks. 14% of that went back into the business.
Generated
$5.18B
Used
$1.99B
Capital expenditure$287.70M14%Dividends$1.16B58%Share buybacks$537.60M27%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin23.3%
×Asset turnover0.55×
×Equity multiplier1.82×
=Return on equity, FY202523.4%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 23.3% | 0.55× | 1.82× | 23.4% |
| FY2024 | 18.7% | 0.54× | 1.85× | 18.5% |
| FY2023 | 20.2% | 0.52× | 1.94× | 20.4% |
| FY2021 | 15.1% | 0.52× | 1.92× | 15.2% |
| FY2020 | 13.7% | 0.59× | 1.73× | 14.0% |
| FY2019 | 15.0% | 0.48× | 1.58× | 11.4% |
| FY2018 | 15.4% | 0.52× | 1.67× | 13.4% |
| FY2017 | 18.0% | 0.78× | 1.67× | 23.4% |
| FY2016 | 26.6% | 1.63× | 1.49× | 64.7% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
9of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero$1.10B
- Cash generatingOperating cash flow above zero$1.75B
- Return on assets improvedROA up on the prior year10.2% → 14.1%
- Earnings backed by cashOperating cash flow above net income$1.75B vs $1.10B
- Less leverageLong-term debt to assets fell18.5% → 15.5%
- Better liquidityCurrent ratio rose1.78 → 1.87
- No dilutionShare count did not rise106M → 105M
- Gross margin improvedGross margin up on the prior year50.61% → 51.53%
- More efficientAsset turnover rose0.55 → 0.61