CBOECBOESecurity & Commodity Brokers, Dealers, Exchanges & ServicesUS GAAP · USD

Cboe Global Markets, Inc.

Cboe Global Markets operates a network of exchanges, clearinghouses, and market-data businesses spanning options, equities, futures, and foreign exchange. Its core franchise is built around proprietary products such as SPX and VIX options and futures, alongside cash-equity trading venues in the U.S., Europe, Canada, Australia, and Japan. The company also monetizes market access, connectivity, indices, and data through Cboe Data Vantage, which extends the economics of its trading venues beyond pure transaction fees. In practice, Cboe is a market-infrastructure business that earns revenue from trading activity, clearing, listings, and the distribution of data tied to those markets.

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Revenue4,714m USD
+15.1 %y/y
Operating profit (EBIT)1,467m USD
+33.6 %y/y
EBIT margin31.1%
+4.3 ppy/y
Net income1,100m USD
+43.8 %y/y
Free cash flow1,682m USD
+61.7 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

01,0002,0003,0004,0005,000m USD2020: 3,427 m USD2020: EBIT 662 m USD20202021: 3,495 m USD2021: EBIT 806 m USD20212022: 3,959 m USD2022: EBIT 490 m USD20222023: 3,774 m USD2023: EBIT 1,058 m USD20232024: 4,095 m USD2024: EBIT 1,098 m USD20242025: 4,714 m USD2025: EBIT 1,467 m USD20254,7141,467
RevenueOperating profit (EBIT)

Business

Share of revenue
Derivatives markets45 %

Transaction, clearing, and related data fees from options and futures markets, including flagship index and volatility products.

Cash and spot markets30 %

Equities and FX trading, clearing, and related regulatory and market-data fees across North America, Europe, and Asia Pacific.

Cboe Data Vantage20 %

Market data, access and capacity, proprietary indices, licensing, and analytics products sold to market participants and vendors.

Clearing and settlement services5 %

Clearinghouse services for equities, derivatives, and selected third-party venues, including collateral and margin-related activity.

Products

Reported · share of revenue
76.3%8.7%FY2025100 %
  • Transaction and Clearing Fees76.3 %
  • Access and Capacity Fees8.7 %
  • Market Data Fees6.9 %
  • Regulatory Fees6.1 %
  • Other Revenue2.0 %

Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

Cboe sells primarily to financial institutions and professional market participants rather than retail end users. Its exchange and clearing customers include broker-dealers, trading permit holders, investment dealers, banks, futures commission merchants, hedge funds, asset managers, proprietary trading firms, commodity trading advisors, and corporates. In equities and options, customers access Cboe venues to trade listed products, route orders, and obtain market access rights; in FX and futures, they use the venues for execution, hedging, and liquidity access. Data and analytics products are purchased by firms that need real-time market information, connectivity, index licensing, or surveillance and trading tools to support trading, market-making, and portfolio management.

Broker-dealers and exchange members

They buy trading rights, access, and execution services on Cboe's options, equities, and FX venues because they intermediate client flow and need liquidity access.

Institutional investors and asset managers

They use listed options, futures, FX, and market data to hedge portfolios, express views, and source liquidity efficiently.

Market makers and proprietary trading firms

They rely on Cboe's venues for high-volume execution, quoting, and low-latency connectivity where spread capture and market access matter.

Banks and futures commission merchants

They clear and route derivatives and FX activity for themselves and their clients, often using Cboe's clearing and market infrastructure.

ETP issuers and index users

They use Cboe's listings, index licensing, and data products to launch and support exchange-traded products.

Corporates and hedgers

They use FX and derivatives products to manage currency, rate, and market risk tied to operating or investment exposures.

Strategy

Cboe's strategy is to concentrate capital and management attention on its core franchises: index options, multi-listed options, futures, U.S. equities, European equities, and global FX. The company is also expanding Cboe Data Vantage by monetizing the market data, access, index, and analytics generated by those core venues. Management has emphasized rationalizing the portfolio, which includes reviewing businesses, realigning resources, and focusing on areas with stronger secular growth and better return potential. The strategy is designed to reinforce network effects in trading and clearing while increasing the share of recurring or less volume-sensitive revenue.

Concentrate on core trading franchisesMedium term

The company believes its best growth and earnings opportunities come from venues where it already has scale, liquidity, and product differentiation.

Grow Cboe Data VantageMedium term

Data, access, and analytics can monetize the same market activity with more recurring economics than pure transaction fees.

Rationalize the portfolioShort term

Portfolio simplification can improve return on invested capital and reduce distraction from non-core businesses.

Geography

Cboe is headquartered in Chicago and operates across North America, Europe, and Asia Pacific, with offices in the U.S., UK, continental Europe, Canada, Hong Kong, Australia, Japan, the Philippines, and Singapore. The business is anchored in the U.S. options and equities markets, but a meaningful part of the platform now comes from Europe and Asia Pacific through Cboe Europe, Cboe NL, Cboe Clear Europe, Cboe Australia, and Cboe Japan. Geography matters because exchange and clearing businesses are tightly linked to local regulation, market structure, and membership rules, while data and access services can be distributed globally. The company also faces currency, tax, and regulatory complexity from operating multiple venues and clearinghouses across jurisdictions.

Risks

Cboe's earnings are exposed to trading volumes, product mix, and market volatility, so weaker activity or a shift away from higher-margin products can pressure revenue. The company also faces regulatory and legal risk because exchanges and clearinghouses operate under intensive oversight, and changes in market structure, tape plans, or tax regimes can alter economics. Its clearing businesses add credit, liquidity, and counterparty risk because defaults or margin shortfalls could create losses, operational disruption, or regulatory sanctions. Global operations increase exposure to currency swings, geopolitical tensions, and local compliance burdens, while competition from domestic and foreign venues can erode market share and pricing power.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Declining trading or clearing volumes1Regulatory and market-structure changes2Cybersecurity and systems disruption3Clearing member or counterparty default4Foreign exchange and geopolitical exposure5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Declining trading or clearing volumesImpact: HighLikelihood: Medium

    A large share of revenue depends on transaction activity, so lower market participation directly reduces fees.

    ExposureOptionsEquitiesFuturesFX venues
  2. Regulatory and market-structure changesImpact: HighLikelihood: Medium

    Exchange and tape-plan economics depend on rules that can change fee pools, access rights, and product eligibility.

    ExposureU.S. tape plansExchange rulesClearing oversight
  3. Cybersecurity and systems disruptionImpact: HighLikelihood: Medium

    Trading venues and market-data platforms require continuous uptime and secure connectivity.

    ExposureExchange matching enginesMarket dataConnectivity services
  4. Clearing member or counterparty defaultImpact: HighLikelihood: Low

    Cboe Clear Europe and Cboe Clear U.S. are exposed to margin, collateral, and default-management risk.

    Exposure: Clearinghouses and collateral investment activities

  5. Foreign exchange and geopolitical exposureImpact: MediumLikelihood: Medium

    International operations create translation and operating risk across Europe and Asia Pacific.

    ExposureUKEuropeCanadaAustraliaJapanHong KongSingapore

Accounting

Judgemental items
Goodwill and indefinite-lived intangible asset impairment

Acquisitions such as Bats, Silexx, LiveVol, Hanweck, FT Options, Trade Alert, BIDS, Cboe Asia Pacific, Cboe Digital, and Cboe Canada created significant intangible balances that must be tested for impairment.

Impact: Can cause large non-cash charges if expected cash flows weaken.

Revenue recognition across multiple fee types

Transaction, clearing, market-data, access, and licensing revenues may have different recognition patterns and judgments.

Impact: Affects timing and comparability of reported revenue.

U.S. tape plan revenue allocation

CTA, UTP, and OPRA fees are distributed under formulas and can be presented net of plan costs.

Impact: Can create volatility and complexity in market-data revenue.

Fair value assumptions in acquisition accounting

Valuation of acquired businesses depends on forecasted revenue growth, discount rates, and operating expense assumptions.

Impact: Influences purchase accounting, amortization, and impairment risk.

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Last updated: 24/09/2026