Cboe Global Markets, Inc. (CBOE) financial statements: income statement, balance sheet and cash flow

Cboe Global Markets, Inc.'s income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Cboe Global Markets, Inc. reported revenue of $4.7B (+15.1% year on year) and net income of $1.1B (+43.8% year on year).

Income statement

Cboe Global Markets, Inc. income statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Total revenues	$4.7B	$4.1B	$3.8B	$4.0B
Total cost of revenues	$2.3B	$2.0B	$1.9B	$2.2B
Revenues less cost of revenues	$2.4B	$2.1B	$1.9B	$1.7B
Compensation and benefits	$500.8M	$462.4M	$425.8M	$363.0M
Depreciation and amortization	$122.4M	$133.0M	$158.0M	$166.8M
Technology support services	$107.6M	$102.8M	$99.7M	$77.7M
Professional fees and outside services	$91.5M	$94.8M	$92.0M	$89.0M
Travel and promotional expenses	$42.1M	$45.8M	$37.6M	$23.7M
Facilities costs	$26.2M	$24.6M	$25.7M	$25.1M
Acquisition-related costs	$300.0K	$1.3M	$7.4M	$19.9M
Impairment of assets	$46.7M	—	—	—
Other expenses	$24.4M	$28.3M	$13.9M	$26.0M
Total operating expenses	$962.0M	$974.0M	$860.1M	$1.3B
Operating income	$1.5B	$1.1B	$1.1B	$489.6M
Interest expense	($52.3M)	($51.5M)	($62.4M)	—
Interest income	$49.4M	$27.3M	$12.0M	—
Earnings on investments, net	$92.8M	$29.0M	$39.5M	—
Other income (expense), net	$9.6M	($19.4M)	$600.0K	($300.0K)
Income before income tax provision	$1.6B	$1.1B	$1.0B	$432.9M
Income tax provision	$466.6M	$318.9M	$286.2M	$197.9M
Net income	$1.1B	$764.9M	$761.4M	$235.0M
Net income allocated to participating securities	($5.2M)	($3.9M)	($3.9M)	($900.0K)
Net income allocated to common stockholders	$1.1B	$761.0M	$757.5M	$234.1M
Basic earnings per share (in dollars per share)	$10.46	$7.24	$7.16	$2.20
Diluted earnings per share (in dollars per share)	$10.42	$7.21	$7.13	$2.19
Basic weighted average shares outstanding (in shares)	104.7M	105.1M	105.8M	106.3M
Diluted weighted average shares outstanding (in shares)	105.1M	105.5M	106.2M	106.7M

Cboe Global Markets, Inc. income statement, quarters

Line item	Jun 30, 2026 · Q2	Mar 31, 2026 · Q1	Sep 30, 2025 · Q3	Jun 30, 2025 · Q2
Total revenues	$1.4B	$1.3B	$1.1B	$1.2B
Total cost of revenues	$711.2M	$543.9M	$536.2M	$586.2M
Revenues less cost of revenues	$731.6M	$728.9M	$605.5M	$587.3M
Compensation and benefits	$154.7M	$127.9M	$129.2M	$127.9M
Depreciation and amortization	$28.1M	$29.5M	$30.9M	$29.9M
Technology support services	$26.2M	$27.6M	$26.6M	$26.7M
Professional fees and outside services	$22.4M	$18.3M	$21.6M	$24.8M
Travel and promotional expenses	$13.2M	$8.0M	$12.0M	$8.2M
Facilities costs	$6.1M	$6.2M	$6.4M	$7.0M
Acquisition-related costs	$0	$0	$200.0K	$0
Impairment of assets	$0	—	$4.5M	—
Other expenses	$4.9M	$5.8M	$3.8M	$6.6M
Total operating expenses	$255.6M	$223.3M	$235.2M	$248.2M
Operating income	$476.0M	$505.6M	$370.3M	$339.1M
Interest expense	($13.2M)	($13.3M)	($13.3M)	($12.9M)
Interest income	$18.2M	$17.7M	$14.3M	$11.3M
Earnings (loss) on investments, net	$12.8M	($700.0K)	$52.7M	($1.1M)
Other income (expense), net	$900.0K	$6.2M	$6.1M	($1.8M)
Income before income tax provision	$494.7M	$515.5M	$430.1M	$334.6M
Income tax provision	$141.6M	$129.8M	$129.3M	$99.5M
Net income	$353.1M	$385.7M	$300.8M	$235.1M
Net income allocated to participating securities	($1.3M)	($1.6M)	($1.5M)	($1.2M)
Net income allocated to common stockholders	$351.8M	$384.1M	$299.3M	$233.9M
Basic earnings per share (in USD per share)	$3.36	$3.67	$2.86	$2.23
Diluted earnings per share (in USD per share)	$3.35	$3.66	$2.85	$2.23
Basic weighted average shares outstanding (in shares)	104.7M	104.7M	104.6M	104.7M
Diluted weighted average shares outstanding (in shares)	104.9M	105.0M	104.9M	105.0M

Balance sheet

Cboe Global Markets, Inc. balance sheet, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Cash and cash equivalents	$2.2B	$920.3M	$543.2M	$432.7M
Financial investments	$36.1M	$110.3M	$57.5M	$91.7M
Accounts receivable, net of $6.8 allowance for credit losses at December 31, 2025 and $6.6 at December 31, 2024	$391.4M	$444.6M	$337.3M	$369.8M
Income taxes receivable	$67.9M	$73.8M	$74.5M	$48.3M
Other current assets (includes restricted cash of $34.1 at December 31, 2025 and $— at December 31, 2024)	$91.3M	$84.6M	$66.7M	$47.6M
Total current assets	$4.4B	$2.5B	$2.0B	$1.6B
Investments	$32.4M	$383.7M	$345.3M	$253.2M
Property and equipment, net	$133.1M	$118.0M	$109.2M	$108.2M
Operating lease right of use assets	$111.0M	$124.5M	$136.6M	$111.7M
Goodwill	$3.2B	$3.1B	$3.1B	$3.1B
Intangible assets, net	$1.3B	$1.4B	$1.6B	$1.7B
Other assets, net	$159.7M	$182.7M	$206.3M	$181.9M
Total assets	$9.3B	$7.8B	$7.5B	$7.0B
Accounts payable and accrued liabilities	$686.9M	$359.7M	$412.7M	$420.2M
Section 31 fees payable	$200.0K	$182.0M	$51.9M	$147.1M
Deferred revenue	$6.9M	$6.4M	$5.9M	$11.7M
Margin deposits, clearing funds, and interoperability funds	$1.6B	$845.5M	$848.8M	—
Income taxes payable	$50.1M	$1.6M	$1.0M	$3.5M
Total current liabilities	$2.4B	$1.4B	$1.4B	$1.5B
Long-term debt	$1.4B	$1.4B	$1.4B	$1.4B
Non-current unrecognized tax benefits	$15.8M	$305.0M	$243.8M	$196.1M
Deferred income taxes	$185.3M	$186.8M	$217.8M	$222.9M
Non-current operating lease liabilities	$120.9M	$138.4M	$150.8M	$129.3M
Other non-current liabilities	$39.8M	$43.1M	$67.5M	$55.8M
Total liabilities	$4.2B	$3.5B	$3.5B	$3.5B
Preferred stock, $0.01 par value: 20,000,000 shares authorized, no shares issued and outstanding at December 31, 2025 and December 31, 2024	0	0	—	—
Common stock, $0.01 par value: 325,000,000 shares authorized, 104,654,764 and 104,647,739 shares issued and outstanding, respectively at December 31, 2025 and 104,693,373 and 104,686,478 shares issued and outstanding, respectively at December 31, 2024	1.0M	1.0M	1.1M	1.1M
Common stock in treasury, at cost, 7,025 shares at December 31, 2025 and 6,895 shares at December 31, 2024	-1.5M	-1.4M	-10.5M	-131.0M
Additional paid-in capital	$1.6B	$1.5B	$1.5B	$1.5B
Retained earnings	$3.5B	$2.8B	$2.5B	$2.2B
Accumulated other comprehensive income (loss), net	$30.1M	($48.4M)	($9.4M)	($31.0M)
Total stockholders’ equity	$5.1B	$4.3B	$4.0B	$3.5B
Total liabilities and stockholders' equity	$9.3B	$7.8B	$7.5B	$7.0B

Cboe Global Markets, Inc. balance sheet, quarters

Line item	Jun 30, 2026	Mar 31, 2026	Sep 30, 2025	Jun 30, 2025
Cash and cash equivalents	$2.3B	$2.1B	$1.5B	$1.3B
Financial investments	$114.5M	$35.9M	$34.2M	$207.6M
Accounts receivable, net of $5.4 allowance for credit losses at June 30, 2026 and $6.8 at December 31, 2025	$570.6M	$514.6M	$437.3M	$444.3M
Income taxes receivable	$76.9M	$0	$33.7M	$40.6M
Assets held for sale	$261.0M	—	—	—
Other current assets (includes restricted cash of $28.4 at June 30, 2026 and $34.1 at December 31, 2025)	$85.3M	$95.3M	$99.3M	$123.7M
Total current assets	$5.9B	$6.2B	$3.7B	$3.7B
Investments	$40.6M	$31.4M	$430.2M	$379.6M
Property and equipment, net	$136.7M	$137.4M	$126.1M	$127.9M
Operating lease right of use assets	$101.6M	$105.1M	$116.1M	$122.2M
Goodwill	$3.0B	$3.1B	$3.1B	$3.2B
Intangible assets, net	$1.2B	$1.3B	$1.3B	$1.4B
Other assets, net	$172.0M	$155.6M	$177.0M	$163.6M
Total assets	$10.6B	$11.1B	$9.1B	$9.0B
Accounts payable and accrued liabilities	$389.1M	$332.8M	$517.7M	$467.3M
Current portion of long-term debt	$649.6M	$649.5M	—	—
Section 31 fees payable	$155.5M	$200.0K	$200.0K	$238.4M
Deferred revenue	$13.0M	$16.8M	$6.8M	$10.5M
Margin deposits, default fund, and interoperability fund	$2.5B	$3.4B	—	—
Income taxes payable	$5.3M	$50.4M	$13.2M	$0
Liabilities held for sale	$31.7M	—	—	—
Total current liabilities	$3.8B	$4.5B	$2.2B	$2.4B
Long-term debt	$794.2M	$793.9M	$1.4B	$1.4B
Non-current unrecognized tax benefits	$23.4M	$22.0M	$235.2M	$212.6M
Deferred income taxes	$224.7M	$233.0M	$162.0M	$175.1M
Non-current operating lease liabilities	$111.5M	$114.6M	$127.2M	$133.8M
Other non-current liabilities	$43.2M	$40.0M	$38.2M	$33.1M
Total liabilities	$5.0B	$5.7B	$4.2B	$4.4B
Preferred stock, $0.01 par value: 20,000,000 shares authorized, no shares issued and outstanding at June 30, 2026 and December 31, 2025	0	0	0	0
Common stock, $0.01 par value: 325,000,000 shares authorized, 104,944,263 and 104,554,843 shares issued and outstanding, respectively at June 30, 2026 and 104,654,764 and 104,647,739 shares issued and outstanding, respectively at December 31, 2025	1.0M	1.0M	1.0M	1.0M
Common stock in treasury, at cost: 389,420 shares at June 30, 2026 and 7,025 shares at December 31, 2025	-109.4M	-75.1M	-95.0M	-90.5M
Additional paid-in capital	$1.6B	$1.6B	$1.6B	$1.5B
Retained earnings	$4.1B	$3.9B	$3.4B	$3.2B
Accumulated other comprehensive income, net	$4.7M	$11.1M	$24.6M	$42.4M
Total stockholders’ equity	$5.6B	$5.4B	$4.9B	$4.7B
Total liabilities and stockholders’ equity	$10.6B	$11.1B	$9.1B	$9.0B

Cash flow statement

Cboe Global Markets, Inc. cash flow statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Net income	$1.1B	$764.9M	$761.4M	$235.0M
Depreciation and amortization	$122.4M	$133.0M	$158.0M	$166.8M
Impairment of assets	$46.7M	—	—	—
Stock-based compensation expense	$50.4M	$41.8M	$41.3M	$30.7M
(Gain) impairment of minority investments	($5.1M)	—	—	—
Change in contingent consideration	$0	$2.0M	($14.4M)	($5.2M)
Equity earnings on investments	($84.2M)	($26.5M)	($36.9M)	($4.2M)
Benefit for deferred income taxes	($8.4M)	($23.6M)	($15.2M)	($155.7M)
Other loss (gain) adjustments, net	$2.2M	($3.7M)	—	—
Accounts receivable	$79.4M	($124.3M)	$39.4M	($49.8M)
Restricted cash and cash equivalents and customer bank deposits (included in margin deposits, clearing funds, and interoperability funds)	$528.5M	$76.0M	$282.6M	($217.5M)
Income taxes receivable	$6.1M	$500.0K	($26.3M)	($5.4M)
Other current assets	$17.1M	($26.0M)	($17.4M)	($4.0M)
Other assets	$24.8M	$17.3M	($26.7M)	($20.8M)
Accounts payable and accrued liabilities	$6.5M	($36.4M)	($19.1M)	$38.8M
Section 31 fees payable	($181.8M)	$130.1M	($95.2M)	$106.3M
Deferred revenue	$500.0K	$500.0K	($5.8M)	($4.1M)
Income taxes payable	$48.5M	$800.0K	($2.8M)	($3.8M)
Unrecognized tax benefits	$0	$61.2M	$47.7M	$89.1M
Other liabilities	($1.0M)	($2.6M)	($800.0K)	($12.9M)
Net cash flows provided by operating activities	$1.8B	$1.1B	$1.1B	$651.1M
Proceeds from investments	$441.8M	$0	—	$1.1M
Contributions to investments	($2.5M)	($40.2M)	($57.1M)	($14.6M)
Purchases of available-for-sale financial investments	($174.8M)	($115.6M)	($89.8M)	($104.7M)
Proceeds from maturities of available-for-sale financial investments	$248.1M	$67.9M	$135.7M	$51.2M
Proceeds from sale of intangible assets	$1.6M	$100.0K	$800.0K	—
Proceeds from sale of property held for sale	$0	$3.3M	—	—
Proceeds from sale of property and equipment	$0	$700.0K	—	—
Proceeds from notes receivable	$7.0M	$2.8M	—	—
Proceeds from insurance	$0	$100.0K	$300.0K	—
Purchases of property and equipment and leasehold improvements, net	($71.0M)	($60.9M)	($45.0M)	($59.8M)
Net cash flows provided by (used in) investing activities	$450.2M	($141.8M)	($55.1M)	($835.1M)
Principal payments of current portion of long-term debt	$0	$0	($305.0M)	($220.0M)
Cash dividends on common stock	($284.3M)	($249.4M)	($223.5M)	($209.4M)
Repurchases of common stock from employee stock plans	($29.8M)	($29.5M)	($13.9M)	($8.9M)
Shares issued under employee stock purchase plan	9.2M	8.6M	-16.7M	-600.0K
Payments of contingent consideration related to acquisitions	$0	($13.9M)	($13.1M)	($38.7M)
Payments for Cboe Digital non-recourse notes and warrants wind down	$0	—	—	—
Purchase of common stock, including commissions and excise taxes	($66.7M)	($204.8M)	($83.9M)	($100.9M)
Net cash flows used in financing activities	($371.6M)	($495.0M)	($656.1M)	$81.7M
Effect of foreign currency exchange rates on cash, cash equivalents, and restricted cash and cash equivalents	$271.8M	($95.1M)	$52.8M	($10.0M)
Increase in cash, cash equivalents, and restricted cash and cash equivalents	$2.1B	$368.7M	$417.2M	($112.3M)
Beginning of period	$1.8B	$1.4B	$979.9M	$1.1B
End of period	$3.9B	$1.8B	—	—
Cash and cash equivalents	$2.2B	$915.3M	—	—

Cboe Global Markets, Inc. cash flow statement, quarters

Line item	Jun 30, 2026 · YTD	Mar 31, 2026 · Q1	Sep 30, 2025 · YTD	Jun 30, 2025 · YTD
Net income	$738.8M	$385.7M	$786.5M	$485.7M
Depreciation and amortization	$57.6M	$29.5M	$91.1M	$60.2M
Provision (benefit) for deferred income taxes	$53.0M	$48.9M	($30.5M)	($19.1M)
Stock-based compensation expense	$28.5M	$12.9M	$38.7M	$25.7M
Impairment of assets	$0	—	$21.6M	—
Equity loss on investments	$0	$0	($39.0M)	$6.6M
Gain on minority investments	($9.9M)	—	—	—
Other loss (gain) adjustments, net	$100.0K	($100.0K)	($2.8M)	($4.4M)
Accounts receivable	($195.7M)	($129.7M)	$32.2M	$28.1M
Restricted cash and cash equivalents and customer bank deposits (included in margin deposits, default fund, and interoperability fund)	$943.2M	$1.9B	$554.2M	$555.6M
Income taxes receivable	($9.3M)	$67.8M	$40.3M	$33.3M
Other current assets	($1.6M)	($3.6M)	$17.4M	—
Other assets	$8.9M	$5.4M	$14.6M	$16.2M
Accounts payable and accrued liabilities	($282.0M)	($351.7M)	($1.4M)	($55.9M)
Section 31 fees payable	$155.3M	$0	($181.8M)	$56.4M
Deferred revenue	$6.9M	$9.8M	$300.0K	$4.1M
Income taxes payable	($43.9M)	$200.0K	$11.9M	($1.0M)
Unrecognized tax benefits	$7.6M	$6.2M	$60.4M	$37.9M
Other liabilities	($700.0K)	$700.0K	($1.0M)	($3.3M)
Net cash flows provided by operating activities	$1.5B	$2.0B	$1.4B	$1.2B
Purchases of available-for-sale financial investments	($73.8M)	$0	($174.8M)	($174.8M)
Proceeds from maturities of available-for-sale financial investments	$0	$0	$248.1M	$70.3M
Proceeds from investments	$1.5M	$1.5M	$9.5M	$4.6M
Proceeds from sale of intangible assets	$0	$0	$1.6M	$800.0K
Contributions to investments	$0	$0	($2.5M)	($2.5M)
Purchases of property and equipment, data processing software, and leasehold improvements, net	($52.3M)	—	—	—
Net cash flows used in investing activities	($124.6M)	($17.7M)	$30.9M	($136.6M)
Cash dividends on common stock	($151.5M)	($75.8M)	($208.5M)	($132.8M)
Repurchases of common stock from employee stock plans	($30.0M)	($28.5M)	($28.1M)	($23.6M)
Shares issued under employee stock purchase plan	5.0M	5.0M	9.2M	4.8M
Purchase of common stock, including commissions and excise taxes	($75.3M)	($40.9M)	($66.7M)	($66.7M)
Net cash flows used in financing activities	($251.8M)	($140.2M)	($294.1M)	($218.3M)
Effect of foreign currency exchange rates on cash, cash equivalents, and restricted cash and cash equivalents	($25.9M)	($58.1M)	$266.9M	$299.4M
Increase in cash, cash equivalents, and restricted cash and cash equivalents	$1.1B	$1.7B	$1.4B	$1.2B
Beginning of period	$3.9B	$3.9B	$1.8B	$1.8B
End of period	$4.9B	$5.6B	$3.2B	$3.0B
Cash and cash equivalents	$2.3B	$2.1B	$1.5B	$1.3B
Cash and cash equivalents (included in assets held for sale)	$70.3M	—	—	—
Restricted cash and cash equivalents (included in margin deposits, default fund, and interoperability fund)	$2.5B	$3.4B	—	—
Restricted cash and cash equivalents (included in assets held for sale)	$6.1M	—	—	—
Restricted cash and cash equivalents (included in other current assets)	$28.4M	$34.5M	$32.5M	$30.2M
Customer bank deposits (included in margin deposits, default fund, and interoperability fund)	$3.8M	$1.3M	$1.0M	$1.9M
Total	$4.9B	$5.6B	$3.2B	$3.0B
Cash paid for income taxes, net of refunds	$577.3M	$320.7M	$240.9M	$148.6M
Cash paid for interest	$51.9M	$28.6M	$76.9M	$46.6M

Cboe Global Markets, Inc. score and earnings-call analysis · All covered companies

Figures as reported in SEC filings. General information, not investment advice.