Cboe Global Markets, Inc. (CBOE) SEC Filings & Earnings Calls
EquiReason read 13 Cboe Global Markets, Inc. SEC filings in the last 12 months. Latest: 8-K on 2026-09-29 — Cboe signed 25-year exclusive licensing extension with S&P DJI for S&P 500 index options through 2051; includes updated per-contract fees and innovation collaboration..
Source: SEC EDGAR filings · figures as of 2026-06-30 · read by EquiReason
- Market cap
- 35.6B
- P/E TTM
- 26.5
- Dividend yield
- 0.8%
- 52-week
- —
- Next earnings
- 30 Oct, in 6 days
Every filing, read
last 12 months · SECWhat happened, the numbers inside, guidance and risks. The original is one click away.
29 Sep 20268-K · 1.01, 7.01Cboe signed 25-year exclusive licensing extension with S&P DJI for S&P 500 index options through 2051; includes updated per-contract fees and innovation collaboration.open
Figures in the filing · each found in the filing text
| SPX Options Annual Volume · SPX Options · FY2025 | 970,600,000 | +25% y/y |
| SPX Options Average Daily Volume · SPX Options · FY2025 | 3,900,000 | +25% y/y |
Risks flagged
Dependence on single licensing agreement; renewal terms could change in 2051.
“Agreement effective until December 31, 2051”
31 Jul 20268-K · 2.02Cboe Global Markets reports record Q2 2026 net revenue $731.6M (+25% YoY), diluted EPS $3.35 (+50%), raises organic total net revenue growth target to 'mid to high teens', and increases capex guidance.earningsopen
Figures in the filing · each found in the filing text
| Total Revenues Less Cost of Revenues (Net Revenue) · Q2-2026 | $732M | +25% y/y |
| Diluted Earnings Per Share · Q2-2026 | $3.35 | +50% y/y |
| Adjusted Diluted EPS · Q2-2026 | $3.56 | +45% y/y |
| Net Income Allocated to Common Stockholders · Q2-2026 | $352M | +50% y/y |
| Operating Income · Q2-2026 | $476M | +40% y/y |
| Operating EBITDA · Q2-2026 | $504M | +37% y/y |
| Options Net Revenue · Options · Q2-2026 | $474M | +30% y/y |
| North American Equities Net Revenue · North American Equities · Q2-2026 | $115M | +17% y/y |
| Europe and Asia Pacific Net Revenue · Europe and Asia Pacific · Q2-2026 | $85M | +20% y/y |
| Futures Net Revenue · Futures · Q2-2026 | $31M | +2% y/y |
Guidance
FY2026 organic total net revenue growth raised to 'mid to high teens' from 'low double-digit to mid teens'; Data Vantage organic net revenue growth raised to 'low teens' from 'low double-digit'; Adjusted operating expenses reaffirmed $838M-$853M; Depreciation & amortization $54M-$58M (down from $56M-$60M); Effective tax rate on adjusted earnings 27.5%-29.5% reaffirmed; Capital expenditures raised
Cboe raised organic total net revenue growth and Data Vantage growth targets, increased capex guidance, and reaffirmed expense guidance, reflecting strong momentum and investment in growth.
Risks flagged
Futures segment revenue growth minimal at 2% YoY, indicating potential headwinds.
“Futures $30.6 million vs $30.1 million (+2%)”
31 Jul 202610-QTotal revenues $1.44B (+23% y/y); Net income allocated to common stockholders $352M (+50% y/y); Operating income $476M (+40% y/y)open
Figures in the filing · each found in the filing text
| Total revenues · Q2-2026 | $1.44B | +23% y/y |
| Net income allocated to common stockholders · Q2-2026 | $352M | +50% y/y |
| Operating income · Q2-2026 | $476M | +40% y/y |
| Adjusted operating EBITDA · Q2-2026 | $528M | +37% y/y |
| Index options ADV · Options · Q2-2026 | 6,200,000 | +32% y/y |
| Multi-listed options ADV · Options · Q2-2026 | 15,700,000 | +24% y/y |
| European equities matched ADNV · Europe and Asia Pacific · Q2-2026 | $15.50B | +13% y/y |
| Global FX ADNV · Global FX · Q2-2026 | $60.60B | +8% y/y |
| U.S. Equities - Exchange net capture per 100 touched shares · North American Equities · Q2-2026 | $0.02 | +50% y/y |
| Options segment operating income · Options · Q2-2026 | $341M | +31% y/y |
Risks flagged
Strategic realignment execution risk
“Strategic realignment costs of $23.7M in Q2 2026, including severance and professional fees.”
Market share loss in options
“Total Options market share 30.0% vs 30.2% (-0.2pp); multi-listed options market share 23.5% vs 24.0% (-0.5pp).”
28 Jul 20268-K · 1.01, 2.03Cboe Global Markets entered into a $400M five-year revolving credit facility (expandable to $600M) with Bank of America, replacing prior facility.open
Risks flagged
Increased leverage from the credit facility could strain financial flexibility if earnings decline.
“Maximum consolidated leverage ratio of 3.50x, with potential step-ups to 4.25x and 4.00x.”
26 Jun 20268-K · 1.01, 2.03Cboe Global Markets amended and restated its Cboe Clear Europe credit facility; extended term to June 2027, maintained €1.2B commitment (€1.7B with accordion).open
Risks flagged
Guarantee of Cboe Clear Europe facility exposes Cboe to potential credit risk from clearing operations.
“Cboe Global Markets, Inc. acts as guarantor for the facility.”
1 May 202610-QTotal revenues $1.27B (+7% y/y); Net income allocated to common stockholders $384M (+54% y/y); Operating income $506M (+43% y/y)open
Figures in the filing · each found in the filing text
| Total revenues · Q1-2026 | $1.27B | +7% y/y |
| Net income allocated to common stockholders · Q1-2026 | $384M | +54% y/y |
| Operating income · Q1-2026 | $506M | +43% y/y |
| Adjusted operating EBITDA · Q1-2026 | $541M | +41% y/y |
| Index options ADV · Options · Q1-2026 | 6,100,000 | +29% y/y |
| U.S. Equities - Exchange total matched shares ADV · North American Equities · Q1-2026 | 2,000,000,000 | +20% y/y |
| European equities matched ADNV · Europe and Asia Pacific · Q1-2026 | $17.30B | +25% y/y |
| Global FX ADNV · Global FX · Q1-2026 | $70.40B | +36% y/y |
| U.S. Equities - Exchange net capture per 100 touched shares · North American Equities · Q1-2026 | $0.02 | +19% y/y |
| Options segment operating income · Options · Q1-2026 | $360M | +39% y/y |
Risks flagged
Strategic realignment execution risk
“Business realignment costs of $5.1M in Q1 2026, including compensation and technology support services.”
Market share loss in options
“Total Options market share 29.1% vs 31.1% (-2.0pp); multi-listed options market share 22.3% vs 25.0% (-2.7pp).”
1 May 20268-K · 2.02, 2.05Workforce reduction 20earningsopen
Figures in the filing · each found in the filing text
| Workforce reduction · FY2026 | 20.0% |
Risks flagged
Restructuring execution risk and potential disruption to operations.
“Actions subject to local law and consultation requirements; estimates subject to assumptions.”
2 Apr 2026DEF 14ANet Revenue $2.43B (+17% y/y); Adjusted EBITDA $1.66B; Net Income $1.09Bopen
Figures in the filing · each found in the filing text
| Net Revenue · FY2025 | $2.43B | +17% y/y |
| Adjusted EBITDA · FY2025 | $1.66B | |
| Net Income · FY2025 | $1.09B | |
| Total Shareholder Return (1-year) · FY2025 | 30.0% | |
| Total Shareholder Return (3-year CAGR) · FY2025 | 28.0% | |
| Total Shareholder Return (5-year CAGR) · FY2025 | 24.0% | |
| Dividend per Share · Q4-2025 | $0.72 | +14% y/y |
| Share Repurchases · FY2025 | $65M | |
| 3-Year Relative TSR Percentile · 2023-2025 | 86.0% | |
| 3-Year Cumulative Adjusted Diluted EPS · 2023-2025 | $27.08 |
Risks flagged
Strategic realignment execution risk
“Conducted a comprehensive strategic review of the Company's global business operations, resulting in a strategic realignment of the Company's business portfolio” · word for word
Key executive transition risk
“Successfully navigated key executive transitions” · word for word
Competition and regulatory risk
“We operate in a very competitive and rapidly changing environment.” · word for word
20 Feb 202610-KListings added 1,438; Total listings 2,952; Average daily cleared value 69,000,000,000open
Figures in the filing · each found in the filing text
| Listings added · Listings · FY2025 | 1,438 | |
| Total listings · Listings · 2025-12-31 | 2,952 | |
| Average daily cleared value · Europe and Asia Pacific · FY2025 | $69.00B | |
| Netting percentage · Europe and Asia Pacific · FY2025 | $73.00 |
Risks flagged
SEC regulatory changes impacting volumes and costs
“Rule 605 may result in increased technology and compliance costs to Cboe. The Tick Size/Access Fee Cap rule is also likely to result in increased technology and compliance costs to Cboe, as well as potential adverse impact to Cboe’s trading volume and transaction fee revenue.” · word for word
Competition from new options exchanges
“The Company anticipates that two additional U.S. options exchanges will come to market in the first half of 2026.” · word for word
6 Feb 20268-K · 2.02Diluted EPS $2.97 (+60% y/y); Adjusted diluted EPS $3.06 (+46% y/y); Net revenue $671M (+28% y/y); Guidance: 2026 organic total net revenue growth target 'mid single-digit'; Data Vantage target 'mid to high single-digit'; adjusted operatingearningsopen
Figures in the filing · each found in the filing text
| Diluted EPS · Q4-2025 | $2.97 | +60% y/y |
| Adjusted diluted EPS · Q4-2025 | $3.06 | +46% y/y |
| Net revenue · Q4-2025 | $671M | +28% y/y |
| Full year diluted EPS · FY2025 | $10.42 | +45% y/y |
| Full year adjusted diluted EPS · FY2025 | $10.67 | +24% y/y |
| Full year net revenue · FY2025 | $2.40B | +17% y/y |
| Adjusted operating expenses guidance 2026 · FY2026 | $864M | |
| Options net revenue · Options · Q4-2025 | $433M | +34% y/y |
| North American Equities net revenue · North American Equities · Q4-2025 | $111M | +17% y/y |
| Data Vantage net revenue growth · Data Vantage · Q4-2025 | 9.0% |
Guidance
2026 organic total net revenue growth target 'mid single-digit'; Data Vantage target 'mid to high single-digit'; adjusted operating expense guidance $864-$879M
Positive guidance for 2026 with continued growth expectations in core businesses and Data Vantage.
26 Jan 20268-K · 5.02, 8.01Reported the departure of a director or principal officer (CEO/CFO change); disclosed a material event under other events (litigation, recall, contract loss, or major announcement)open
Risks flagged
Transition risk from departure of long-tenured executive; mitigated by planned succession
“retirement of Christopher A. Isaacson ... Mr. Johnston’s planned succession”
31 Oct 20258-K · 2.02Diluted EPS $2.85 (+38% y/y); Adjusted Diluted EPS $2.67 (+20% y/y); Net Revenue $606M (+14% y/y); Guidance: Organic total net revenue growth target raised to 'low double-digit to mid-teens' from 'high single-digit'; Data Vantage target raiearningsopen
Figures in the filing · each found in the filing text
| Diluted EPS · Q3-2025 | $2.85 | +38% y/y |
| Adjusted Diluted EPS · Q3-2025 | $2.67 | +20% y/y |
| Net Revenue · Q3-2025 | $606M | +14% y/y |
| Adjusted Operating Expense Guidance · FY2025 | $827M |
Guidance
Organic total net revenue growth target raised to 'low double-digit to mid-teens' from 'high single-digit'; Data Vantage target raised to 'high single-digit to low double-digit' from 'mid to high sing
Raised revenue growth guidance and lowered expense guidance, indicating strong momentum and margin expansion.
Risks flagged
Execution risk from strategic realignment and divestitures.
“Initiating sales process for Cboe Australia and Cboe Canada; exiting corporate listings.”
Revenue reduction from divested businesses estimated at ~3% annualized.
“Annualized run-rate impact ... will result in a roughly 3% reduction in net revenue.”
31 Oct 202510-QCboe reported strong Q3 2025 results with revenue up 8% YoY, operating margin expansion, and robust options and European equities volumes.earningsopen
Figures in the filing · each found in the filing text
| Total revenues · Q3-2025 | $1.14B | +8% y/y |
| Net income · Q3-2025 | $301M | +38% y/y |
| Diluted earnings per share · Q3-2025 | $2.85 | +38% y/y |
| Operating income · Q3-2025 | $370M | +20% y/y |
| Options ADV (multi-listed) · Options · Q3-2025 | 13.9 | +31% y/y |
| Options ADV (index) · Options · Q3-2025 | 4.9 | +15% y/y |
| European equities matched ADNV · Europe and Asia Pacific · Q3-2025 | $11.70B | +26% y/y |
| Futures ADV · Futures · Q3-2025 | 200,700 | -27% y/y |
| Global FX ADNV · Global FX · Q3-2025 | $49.90B | +3% y/y |
| Operating margin · Q3-2025 | 61.2% |
Risks flagged
Futures volume decline
“Futures: ADV (in thousands) 200.7 vs 273.7, -27%”
Japan wind-down execution
“On July 23, 2025, the Company announced its decision to wind down Cboe's Japanese equities business... The Company suspended operations for these businesses on August 29, 2025 and expects to formally close the businesses subject to consultation with regulators.” · word for word
CEO transition
“On May 1, 2025, the Company announced that its Board of Directors appointed longtime global financial markets executive Craig S. Donohue as the Company's new Chief Executive Officer and a member of the Board, effective May 7, 2025.” · word for word
Cboe Global Markets, Inc. — questions
- What did Cboe Global Markets, Inc. file recently?
- 13 SEC filings in the last 12 months. Latest: 8-K on 2026-09-29 — Cboe signed 25-year exclusive licensing extension with S&P DJI for S&P 500 index options through 2051; includes updated per-contract fees and innovation collaboration.
Every figure on this page comes from Cboe Global Markets, Inc.'s own SEC filings — see them on SEC EDGAR. Price data is licensed and shown only inside the product.
How these figures are read: methodology · EquiReason.