CBOE Financials Cboe Global Markets

15 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated 29 h ago Overview →

Growth & profitability

Revenue has grown 6.6% per year over the past 5 years.
Net income has grown faster than revenue (18.6% vs 6.6% per year).
Operating margin has expanded, at 31.1% in the latest year.
Free cash flow has grown 3.6% per year over the past 5 years.

Financial health

The company holds more cash ($2.2B) than total debt ($1.4B).
Total debt has grown in line with revenue (3.7% vs 6.6% per year).
Operating income covered interest expense 28× in the latest year.
Total debt is 0.9× EBITDA.

Shareholder returns

Dividends have been paid for 3 consecutive years, consuming 25.8% of earnings and 16.9% of free cash flow.
The dividend has grown 12.8% per year over the past 5 years.

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Free cash flow (CFO − capex)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key annual figures

FY	Revenue	Net income	Gross M	Op M	FCF	Total debt	Cash
2025	$4.7B	$1.1B	51.5%	31.1%	$1.7B	$1.4B	$2.2B
2024	$4.1B	$765M	50.6%	26.8%	$1.0B	$1.4B	$920M
2023	$3.8B	$761M	50.8%	28.0%	$1.0B	$1.4B	$543M
2022	$4.0B	—	44.0%	12.4%	$591M	$1.7B	$433M
2021	$3.5B	$529M	42.2%	23.1%	$546M	$1.3B	$342M
2020	$3.4B	$468M	36.6%	19.3%	$1.4B	$1.2B	$245M
2019	$2.5B	$375M	45.5%	21.5%	$598M	$868M	$229M
2018	$2.8B	$427M	44.0%	21.6%	$498M	$1.2B	$275M
2017	$2.2B	$402M	44.7%	16.7%	$337M	$1.2B	$144M
2016	$703M	$187M	80.6%	42.4%	$185M	$0	$97M
2015	—	$205M	—	—	$206M	—	$102M
2014	—	$190M	—	—	—	—	$148M
2013	—	$176M	—	—	—	—	$221M
2012	—	$157M	—	—	—	—	$136M
2011	—	$139M	—	—	—	—	$135M

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Free cash flow (CFO − capex, quarterly)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key quarterly figures

Quarter	Revenue	Net income	Gross M	Op M	FCF	Total debt	Cash
Mar '26	$1.3B	$386M	57.3%	39.7%	$1.9B	$1.4B	$2.1B
Dec '25	$1.2B	$314M	55.7%	33.5%	$332M	$1.4B	$2.2B
Sep '25	$1.1B	$301M	53.0%	32.4%	$138M	$1.4B	$1.5B
Jun '25	$1.2B	$235M	50.0%	28.9%	$313M	$1.4B	$1.3B
Mar '25	$1.2B	$251M	47.3%	29.6%	$898M	$1.4B	$1.0B
Dec '24	$1.1B	$197M	47.4%	27.0%	-$734M	$1.4B	$920M
Sep '24	$1.1B	$219M	50.4%	29.1%	-$591M	$1.4B	$763M
Jun '24	$974M	$140M	52.8%	21.6%	$1.5B	$1.4B	$615M
Mar '24	$957M	$210M	52.5%	29.5%	$888M	$1.4B	$536M
Dec '23	$969M	—	51.5%	30.3%	-$206M	$1.4B	$543M
Sep '23	$909M	—	52.9%	29.8%	$729M	$1.5B	$403M
Jun '23	$908M	—	51.5%	27.0%	-$511M	$1.6B	$414M
Mar '23	$988M	—	47.7%	25.1%	$1.0B	$1.7B	$436M
Dec '22	$1.0B	—	45.5%	24.9%	-$171M	$1.7B	$433M
Sep '22	$994M	$150M	44.5%	23.8%	$159M	$1.9B	$353M
Jun '22	$986M	-$185M	43.0%	-24.1%	-$646M	$2.0B	$373M
Mar '22	$975M	$110M	42.9%	24.6%	$1.2B	$1.6B	$659M
Dec '21	$866M	—	45.1%	25.5%	-$702M	$1.3B	$342M
Sep '21	$817M	$120M	45.2%	23.3%	$548M	$1.3B	$392M
Jun '21	$801M	$106M	43.8%	23.7%	$111M	$1.3B	$451M

Valuation over time

How the market has priced CBOE against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.

The price-to-earnings ratio has fallen from 25.2× (Jan '24) to 23.3× (Jun '26).
The price-to-sales ratio has risen from 3.5× (Mar '23) to 5.4× (Jun '26).
The dividend yield has fallen from 1.2% (Jan '24) to 1.1% (Jun '26).

Price / earnings (P/E)

P/E

Price / sales (P/S)

P/S

Dividend yield (%)

Dividend yield %

Frequently asked questions

Is CBOE growing its revenue and profit?

Over the past 5 years, Cboe Global Markets's revenue has grown 6.6% per year, and net income grown 18.6% per year. These are computed facts, not advice.

How much debt does CBOE have?

As of FY2025, Cboe Global Markets reported $1.4B of total debt against $2.2B of cash; operating income covered interest expense 28×.

What is CBOE's profit margin?

In FY2025, gross margin was 51.5%, operating margin 31.1%, and net margin 23.3%.

What is CBOE's P/E ratio?

As of Jun '26, Cboe Global Markets traded at a price-to-earnings ratio of about 23.3× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S and dividend yield have moved with the share price. These are computed facts, not advice.

Where does this data come from?

All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.

Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.