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 Nov 1, 2026, 10:30 UTC 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

Return on equity & assets (ROE / ROA)

ROEROA

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	ROE	ROA	FCF	Total debt	Cash
2025	$4.7B	$1.1B	51.5%	31.1%	21.4%	11.8%	$1.7B	$1.4B	$2.2B
2024	$4.1B	$765M	50.6%	26.8%	17.9%	9.8%	$1.0B	$1.4B	$920M
2023	$3.8B	$761M	50.8%	28.0%	19.1%	10.2%	$1.0B	$1.4B	$543M
2022	$4.0B	—	44.0%	12.4%	0.0%	0.0%	$591M	$1.7B	$433M
2021	$3.5B	$529M	42.2%	23.1%	14.7%	7.8%	$546M	$1.3B	$342M
2020	$3.4B	$468M	36.6%	19.3%	14.0%	7.2%	$1.4B	$1.2B	$245M
2019	$2.5B	$375M	45.5%	21.5%	11.2%	7.3%	$598M	$868M	$229M
2018	$2.8B	$427M	44.0%	21.6%	13.2%	8.0%	$498M	$1.2B	$275M
2017	$2.2B	$402M	44.7%	16.7%	12.9%	7.6%	$337M	$1.2B	$144M
2016	$703M	$187M	80.6%	42.4%	58.8%	39.2%	$185M	$0	$97M
2015	—	$205M	—	—	78.9%	53.3%	$206M	—	$102M
2014	—	$190M	—	—	75.9%	49.4%	—	—	$148M
2013	—	$176M	—	—	61.9%	39.9%	—	—	$221M
2012	—	$157M	—	—	65.8%	46.4%	—	—	$136M
2011	—	$139M	—	—	—	42.5%	—	—	$135M

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

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	ROE	ROA	FCF	Total debt	Cash
Sep '26	$1.4B	$428M	52.4%	39.3%	7.2%	3.8%	$793M	$1.4B	$2.7B
Jun '26	$1.4B	$353M	50.7%	33.0%	6.3%	3.3%	—	$1.4B	$2.3B
Mar '26	$1.3B	$386M	57.3%	39.7%	7.2%	3.5%	—	$1.4B	$2.1B
Dec '25	$1.2B	$314M	55.7%	33.5%	6.1%	3.4%	—	$1.4B	$2.2B
Sep '25	$1.1B	$301M	53.0%	32.4%	6.2%	3.3%	$138M	$1.4B	$1.5B
Jun '25	$1.2B	$235M	50.0%	28.9%	5.0%	2.6%	—	$1.4B	$1.3B
Mar '25	$1.2B	$251M	47.3%	29.6%	5.6%	2.9%	—	$1.4B	$1.0B
Dec '24	$1.1B	$197M	47.4%	27.0%	4.6%	2.5%	—	$1.4B	$920M
Sep '24	$1.1B	$219M	50.4%	29.1%	5.2%	2.5%	—	$1.4B	$763M
Jun '24	$974M	$140M	52.8%	21.6%	3.5%	1.5%	—	$1.4B	$615M
Mar '24	$957M	$210M	52.5%	29.5%	5.2%	2.6%	—	$1.4B	$536M
Dec '23	$969M	—	51.5%	30.3%	0.0%	0.0%	—	$1.4B	$543M
Sep '23	$909M	—	52.9%	29.8%	0.0%	0.0%	—	$1.5B	$403M
Jun '23	$908M	—	51.5%	27.0%	0.0%	0.0%	—	$1.6B	$414M
Mar '23	$988M	—	47.7%	25.1%	0.0%	0.0%	—	$1.7B	$436M
Dec '22	$1.0B	—	45.5%	24.9%	0.0%	0.0%	—	$1.7B	$433M
Sep '22	$994M	$150M	44.5%	23.8%	4.6%	2.1%	—	$1.9B	$353M
Jun '22	$986M	-$185M	43.0%	-24.1%	-5.7%	-2.5%	—	$2.0B	$373M
Mar '22	$975M	$110M	42.9%	24.6%	3.1%	1.3%	—	$1.6B	$659M
Dec '21	$866M	—	45.1%	25.5%	0.0%	0.0%	—	$1.3B	$342M

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 risen from 25.2× (Jan '24) to 32.6× (Nov '26).
The price-to-sales ratio has risen from 3.5× (Mar '23) to 7.6× (Nov '26).
The dividend yield has fallen from 1.2% (Jan '24) to 0.8% (Nov '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?

Cboe Global Markets's P/E (TTM) is 24.20 as of the 2026-11-03 close — market cap ÷ net income over the trailing twelve months where four consecutive quarters are reported, otherwise the latest fiscal year, the same figure as on the CBOE stock page. The valuation chart above sets each month-end's price against the latest annual net income instead, so its latest point (about 32.6× as of Nov '26) can differ. 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), split-adjusted; price return — dividends not reinvested · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.