# Cboe Global Markets, Inc. (CBOE)

Informational only - not investment advice.

CIK: 0001374310
SIC: 6200 Security & Commodity Brokers, Dealers, Exchanges & Services
SIC breadcrumb: [Finance, Insurance, And Real Estate](/division/H/) > [Security And Commodity Brokers, Dealers, Exchanges, And Services](/major-group/62/) > [SIC 6200 Security & Commodity Brokers, Dealers, Exchanges & Services](/industry/6200/)
Latest 10-K filed: 2026-02-20
SEC page: https://www.sec.gov/edgar/browse/?CIK=1374310
Filing source: https://www.sec.gov/Archives/edgar/data/1374310/000162828026010013/cboe-20251231.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-02-20 · accession 0001628280-26-010013 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001374310.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 4,714,200,000 USD | 2025 | verified |
| Net income | 1,100,000,000 USD | 2025 | verified |
| Assets | 9,305,300,000 USD | 2025 | verified |
| Free cash flow | 1,681,600,000 USD | 2025 | computed |
| Net margin | 23.33% | 2025 | computed |
| Operating margin | 31.12% | 2025 | computed |
| Revenue YoY | +15.13% | 2025 | computed |
| ROE | 21.41% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | CBOE | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 23.3% | 22.5% | 57 | 8 |
| Revenue growth | 15.1% | 17.0% | 43 | 8 |
| FCF margin | 35.7% | 29.0% | 71 | 8 |
| ROE | 21.4% | 14.4% | 100 | 8 |
| ROA | 11.8% | 4.1% | 100 | 8 |
| Liabilities / equity | 0.81 | 2.91 | 14 | 8 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 6200 Security & Commodity Brokers, Dealers, Exchanges & Services, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 4714200000 | USD | 2025 | 2026-02-20 |
| Net income | 1100000000 | USD | 2025 | 2026-02-20 |
| Assets | 9305300000 | USD | 2025 | 2026-02-20 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-20. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001374310.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2010 | 2011 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue |  |  |  | 703,100,000 | 2,229,100,000 | 2,768,800,000 | 2,496,100,000 | 3,427,100,000 | 3,494,800,000 | 3,958,500,000 | 3,773,500,000 | 4,094,500,000 | 4,714,200,000 |
| Net income |  |  | 205,000,000 | 186,800,000 | 401,700,000 | 426,500,000 | 374,900,000 | 468,200,000 | 529,000,000 |  | 761,400,000 | 764,900,000 | 1,100,000,000 |
| Operating income |  |  |  | 298,200,000 | 371,900,000 | 599,400,000 | 537,200,000 | 662,200,000 | 805,900,000 | 489,600,000 | 1,057,900,000 | 1,098,400,000 | 1,467,100,000 |
| Gross profit |  |  |  | 566,400,000 | 995,600,000 | 1,216,900,000 | 1,136,900,000 | 1,254,300,000 | 1,476,100,000 | 1,741,700,000 | 1,918,000,000 | 2,072,400,000 | 2,429,100,000 |
| Diluted EPS |  |  |  | 2.27 | 3.69 | 3.76 | 3.34 | 4.27 | 4.92 | 2.19 | 7.13 | 7.21 | 10.42 |
| Operating cash flow |  |  |  | 229,600,000 | 374,400,000 | 534,700,000 | 632,800,000 | 1,458,800,000 | 596,800,000 | 651,100,000 | 1,075,600,000 | 1,100,600,000 | 1,752,600,000 |
| Capital expenditures |  |  |  | 44,400,000 | 37,500,000 | 36,300,000 | 35,100,000 | 47,400,000 | 51,000,000 | 59,800,000 | 45,000,000 | 60,900,000 | 71,000,000 |
| Dividends paid | 113,417,000 | 0.00 |  |  |  |  |  |  |  |  | 223,500,000 | 249,400,000 | 284,300,000 |
| Share buybacks |  |  | 132,200,000 | 60,500,000 |  | 140,900,000 | 156,900,000 | 349,100,000 | 81,300,000 | 100,900,000 | 83,900,000 | 204,800,000 | 66,700,000 |
| Assets |  |  |  | 476,700,000 | 5,265,700,000 | 5,321,000,000 | 5,113,900,000 | 6,516,500,000 | 6,814,500,000 | 6,998,900,000 | 7,487,500,000 | 7,789,100,000 | 9,305,300,000 |
| Liabilities |  |  | 125,143,000 | 146,069,000 |  | 2,070,600,000 | 1,758,300,000 | 3,167,600,000 | 3,209,700,000 | 3,533,600,000 | 3,502,500,000 | 3,509,500,000 | 4,167,000,000 |
| Stockholders' equity |  |  |  | 317,900,000 | 3,110,600,000 | 3,241,000,000 | 3,355,600,000 | 3,348,900,000 | 3,604,800,000 | 3,465,300,000 | 3,985,000,000 | 4,279,600,000 | 5,138,300,000 |
| Cash and cash equivalents |  |  |  | 97,300,000 | 143,500,000 | 275,100,000 | 229,300,000 | 245,400,000 | 341,900,000 | 432,700,000 | 543,200,000 | 920,300,000 | 2,216,500,000 |
| Free cash flow |  |  |  | 185,200,000 | 336,900,000 | 498,400,000 | 597,700,000 | 1,411,400,000 | 545,800,000 | 591,300,000 | 1,030,600,000 | 1,039,700,000 | 1,681,600,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2010 | 2011 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin |  |  |  | 26.57% | 18.02% | 15.40% | 15.02% | 13.66% | 15.14% |  | 20.18% | 18.68% | 23.33% |
| Operating margin |  |  |  | 42.41% | 16.68% | 21.65% | 21.52% | 19.32% | 23.06% | 12.37% | 28.03% | 26.83% | 31.12% |
| Return on equity |  |  |  | 58.76% | 12.91% | 13.16% | 11.17% | 13.98% | 14.67% |  | 19.11% | 17.87% | 21.41% |
| Return on assets |  |  |  | 39.19% | 7.63% | 8.02% | 7.33% | 7.18% | 7.76% |  | 10.17% | 9.82% | 11.82% |
| Liabilities / equity |  |  |  | 0.46 |  | 0.64 | 0.52 | 0.95 | 0.89 | 1.02 | 0.88 | 0.82 | 0.81 |
| Current ratio |  |  |  | 2.62 | 1.30 | 1.15 | 2.16 | 1.19 | 1.31 | 1.05 | 1.43 | 1.78 | 1.87 |

## As-reported value updates

No tracked differences above grepcent's stated thresholds and capped precision rule were found between the earliest XBRL-filed value and the value currently on file for the standardized annual metrics grepcent tracks.


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-07-31. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001374310.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2020-Q2 | 2020-03-31 |  | 157,400,000 |  | reported discrete quarter |
| 2020-Q3 | 2020-06-30 |  | 113,600,000 |  | reported discrete quarter |
| 2020-Q4 | 2020-12-31 |  | 87,300,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2022-Q1 | 2022-03-31 |  | 109,600,000 |  | reported discrete quarter |
| 2022-Q2 | 2022-03-31 |  | 109,600,000 |  | reported discrete quarter |
| 2022-Q3 | 2022-06-30 |  | -184,500,000 |  | reported discrete quarter |
| 2022-Q3 | 2022-09-30 |  |  | 1.41 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  |  | 1.63 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 |  |  | 1.57 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 908,800,000 |  | 1.95 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 968,700,000 |  |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 957,200,000 |  | 1.96 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 974,000,000 |  | 1.33 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 1,055,700,000 |  | 2.07 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 1,107,600,000 |  |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 1,195,000,000 | 250,600,000 | 2.37 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 1,173,500,000 | 235,100,000 | 2.23 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 1,141,700,000 | 300,800,000 | 2.85 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 1,204,000,000 | 313,500,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 1,272,800,000 | 385,700,000 | 3.66 | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 1,442,800,000 | 353,100,000 | 3.35 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from CBOE's latest 10-K: [/company/CBOE/business/](/company/CBOE/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from CBOE's latest 10-K: [/company/CBOE/risk-factors/](/company/CBOE/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1374310/000162828026051239/cboe-20260630.htm

Extracted from a substantive MD&A body after the formal Item 2 span was a TOC or reference stub.
Confidence: high
Filing date: 2026-07-31
Report date: 2026-06-30

Overview

Cboe Global Markets, Inc. is a leading global markets operator with a long history of innovation in equity derivatives. Since launching the world's first listed options exchange in 1973, Cboe has pioneered landmark products, including the introduction of S&P 500® index options and the creation of the VIX® Index, the world's leading gauge of market volatility, reshaping how investors manage risk and access opportunity. Today, Cboe operates derivatives, equities, and FX markets, providing trading, clearing, and investment solutions for customers worldwide.

Cboe’s subsidiaries include the largest options exchange and the third largest equities exchange operator in the U.S. In addition, the Company operates Cboe Europe Equities (Cboe Europe and Cboe NL equities exchanges), one of the largest equities exchanges by value traded in Europe, and owns Cboe Clear Europe, a leading pan-European clearinghouse, BIDS Holdings, which owns a leading block-trading ATS by volume in the U.S., and provides block-trading services with Cboe market operators in Europe and Canada, Cboe Australia, an operator of a regulated stock exchange in Australia, Cboe Clear U.S., an operator of a regulated clearinghouse, and Cboe Canada, a recognized Canadian securities exchange. Cboe subsidiaries also serve collectively as a leading market globally for exchange-traded products (“ETPs”) listings and trading.

The Company is headquartered in Chicago with offices in Amsterdam, Belfast, Hong Kong, Kansas City, London, Manila, New York, Washington D.C., Singapore, Sydney, Tokyo, and Toronto.

In 2025, following a comprehensive strategic review of its global business operations, Cboe initiated the wind down of its Japanese equities business, including the cessation of operations of its Cboe Japan proprietary trading system and Cboe BIDS Japan block trading platform, initiated a sales process for its Cboe Australia and Cboe Canada businesses, discontinued its U.S. and European Corporate Listings efforts, and reduced costs associated with its U.S. and European ETP Listings businesses, Cboe Europe Derivatives ("CEDX"), and several of Cboe’s smaller Risk and Market Analytics businesses.

In January 2026, the Company formally initiated the wind down of the CEDX exchange service following a comprehensive strategic review of its global operations. On January 9, 2026, CEDX issued a release to its market participants that Cboe NL is planning to wind down its CEDX exchange service. The CEDX exchange service was decommissioned effective February 23, 2026.

On April 22, 2026, the Company announced a definitive agreement to sell its Cboe Australia and Cboe Canada businesses to TMX, a leading market operator, for approximately $300 million. The transaction is subject to customary closing conditions, including applicable regulatory approvals. The sales of Cboe Australia and Cboe Canada are expected to close separately, each after required approvals have been obtained. The Company expects the sale of Cboe Australia to close in the third quarter of 2026. Upon closing, the Company will provide transition services support for a limited time.

Recent Developments

Strategic Realignment

On May 1, 2026, the Company announced additional actions related to its strategic realignment by optimizing resource allocation across the organization, which it expects to be substantially completed by the end of 2026. This follows a comprehensive strategic review of the Company’s global business operations that occurred in the fourth quarter of 2025 and is part of a broader effort to sharpen strategic focus and allocate resources more effectively.

Cboe Predicts

On June 23, 2026, the Company announced the launch of the first products in its new prediction markets suite, Cboe Predicts. The offering includes binary option contracts based on the Mini-S&P 500 Index (XSP), listed under the symbols XSPBW and XSPBX.

48

Table of Contents

Executive Transitions

On January 26, 2026, the Company announced the appointments of Scott Johnston as Executive Vice President, Chief Operating Officer, and Heidi Fischer as Executive Vice President, Global Head of Equities and Spot Markets.

Mr. Johnston took over Chief Operating Officer duties from Chris Isaacson, Executive Vice President and Chief Operating Officer, who retired from his role effective March 6, 2026. Effective June 1, 2026, Ms. Fischer assumed oversight of Cboe's global cash equities and spot markets, which Mr. Isaacson also oversaw. Mr. Isaacson will continue to serve as an advisor to the Company through the end of 2026.

Business Segments

The Company operates five reportable business segments: Options, North American Equities, Europe and Asia Pacific, Futures, and Global FX, which are reflective of how the Company's CODM reviews and operates the business, as discussed in Note 1 (“Organization and Basis of Presentation”). The Company's reportable business segments represent strategic business units that offer different products and services across different geographic areas. The Company's CODM is the chief executive officer. The CODM function is supported by business segment management and leadership personnel who lead the day-to-day operations of each reportable business segment.

Segment performance is primarily evaluated on operating income (loss). The CODM uses segment operating income (loss) to allocate resources, including but not limited to employees, financial resources, and capital resources. The Company's CODM does not assess assets or income and expenses below operating income (loss) at the segment-level as key performance metrics. The Company has aggregated all of its corporate costs, as well as other business ventures, within the Corporate Items and Eliminations totals based on the decision that those activities should not be used to evaluate the operating performance of the segments; however, operating expenses that relate to activities of a specific segment have been allocated to that segment. The Company's CODM primarily reviews operating expenses at the consolidated level for purposes of evaluating actual results versus budgets.

Options. The Options segment includes options on market indices (“index options”) which include our proprietary SPX and VIX options, as well as on the stocks of individual corporations (“equity options”) and on ETPs such as exchange-traded funds (“ETFs”) and exchange-traded notes (“ETNs”), which are “multi-listed” options and listed on a non-exclusive basis. These options are eligible to trade, as applicable, on Cboe Options, C2, BZX, EDGX, and/or other U.S. national securities exchanges. Cboe Options is the Company’s primary options market and offers trading in listed options through a single system that integrates electronic trading and traditional open outcry trading on the Cboe Options trading floor in Chicago. On June 23, 2026, the Company launched the first products in its new prediction markets suite, Cboe Predicts, a securities-based product that is listed on Cboe Options and centrally cleared by OCC. C2 Options, BZX Options, and EDGX Options are all-electronic options exchanges, and typically operate with different market models and fee structures than Cboe Options. The Options segment also includes applicable market data fees revenues generated from the consolidated tape plans, the licensing of proprietary options market data, index licensing, routing services, and access and capacity services.

North American Equities. The North American Equities segment includes U.S. equities and ETP transaction services that occur on fully electronic exchanges owned and operated by BZX, BYX, EDGX, and EDGA, equities transactions that occur on the BIDS Trading platform in the U.S. and the Cboe BIDS Canada platform, and Canadian equities and other transaction services that occur on or through Cboe Canada’s order books. The North American Equities segment also includes corporate listing services on Cboe Canada, ETP listings on BZX, the Cboe Global Markets, Inc. common stock listing, and applicable market data fee revenues generated from the consolidated tape plans, the licensing of proprietary equities market data, routing services, and access and capacity services.

Europe and Asia Pacific. The Europe and Asia Pacific segment includes the pan-European derivatives transaction services, ETPs, including exchange traded funds, exchange traded notes, and exchange traded commodities, and international depositary receipts that are hosted on MTFs operated by Cboe Europe Equities (Cboe Europe and Cboe NL equities exchanges) and CEDX. It also includes the ETP listings business on RMs and clearing activities of Cboe Clear Europe, as well as the equities services of Cboe Australia, an operator of a trading venue in Australia. Cboe Europe operates lit and dark books, a periodic auctions book, a closing cross book, and two BIDS order books, a Large-in-Scale (“LIS”) trading negotiation facility and a volume-weighted average price (“VWAP”) trajectory crossing facility. Cboe NL, based in Amsterdam, operates similar business functionality to that offered by Cboe Europe (with the exception of Trajectory Crossing), and provides for trading only in European Economic Area (“EEA”) symbols. In February 2026, Cboe completed the wind down of CEDX, its pan-European derivatives platform that offered futures and options based on Cboe Europe equity indices, FLEX options, and single stock options. Prior to the wind down, CEDX contributed derivatives transaction services to this segment. Cboe Clear Europe offers the clearing of equity and equity-like instruments for Cboe-operated and other regulated trading venues and clearing SFTs. Prior to the CEDX wind down, Cboe Clear Europe also provided clearing services for derivative transactions executed on CEDX. This segment also includes Cboe Europe, Cboe NL, and Cboe Australia revenue generated from the licensing of proprietary market data and from access and capacity services.

49

Table of Contents

Futures. The Futures segment includes transaction services provided by CFE, a fully electronic futures exchange, which includes offerings for trading of VIX futures and other futures products, the licensing of proprietary market data, as well as access and capacity services. The Futures segment also includes Cboe Digital Exchange, a regulated futures exchange, and Cboe Clear U.S., a regulated clearinghouse, as well as revenue generated from the licensing of proprietary market data and from access and capacity services. On June 9, 2025, Cboe successfully completed the migration of cash-settled Bitcoin and Ether futures contracts from Cboe Digital Exchange to CFE. CFE also subsequently launched continuous Bitcoin and Ether futures contracts on December 15, 2025. There are no products currently listed for trading on the Cboe Digital Exchange.

Global FX. The Global FX segment includes institutional FX trading services that occur on the Cboe FX fully electronic trading platform, non-deliverable forward FX transactions (“NDFs”) offered for execution on Cboe SEF, as well as revenue generated from the licensing of proprietary market data and from access and capacity services. The segment also includes transaction services for U.S. government securities executed on the Cboe Fixed Income fully electronic trading platform.

General Factors Affecting Results of Operations

In broad terms, our business performance is impacted by a number of drivers, including macroeconomic events affecting the risk and return of financial assets, investor sentiment, the regulatory environment for capital markets, geopolitical events, tax policies, central bank policies and changing technology, particularly in the financial services industry. We believe our future revenues and net income will continue to be influenced by a number of domestic and international economic trends, including:

•trading volumes on our proprietary products such as VIX options and futures an

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1374310/000162828026010013/cboe-20251231.htm
Complete FY 2025 MD&A: /company/CBOE/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-02-20
Report date: 2025-12-31

Item 7.      Management’s Discussion and Analysis of Financial Condition and Results of Operations

Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) is provided to assist the reader in understanding the results of operations, liquidity and capital resources, and critical accounting estimates and policies through the eyes of our management team. The following discussion should be read in conjunction with the consolidated financial statements of the Company and the notes thereto included in Item 8 of this Annual Report on Form 10-K. The following discussion contains forward-looking statements. Actual results could differ materially from the results discussed in the forward-looking statements. See “Risk Factors” and “Forward-Looking Statements” above.

A detailed comparison of the Company’s 2024 operating results to its 2023 operating results can be found in the Management’s Discussion and Analysis of Financial Condition and Results of Operations section in the Company’s 2024 Annual Report on Form 10-K filed February 21, 2025 at www.sec.gov.

INTRODUCTION

Management’s Discussion and Analysis of Financial Condition and Results of Operations is organized as follows:

•Executive Summary – Includes an overview of the Company’s business; a description of notable recent developments, current economic, competitive, and regulatory trends relevant to our business; the Company’s current business strategy; and the Company’s primary sources of operating and non-operating revenues and expenses.

•Results of Operations – Includes an analysis of the Company’s 2025 and 2024 financial results and a discussion of any known events or trends which are likely to impact future results.

•Liquidity and Capital Resources – Includes a discussion of the Company’s future cash requirements, capital resources, and financing arrangements.

•Critical Accounting Estimates – Provides an explanation of accounting estimates which may have a significant impact on the Company’s financial results and the judgments, assumptions, and uncertainties associated with those estimates.

•Recent Accounting Pronouncements – Includes an evaluation of recent accounting pronouncements and the potential impact of their future adoption on the Company’s financial results.

EXECUTIVE SUMMARY

Overview

Cboe Global Markets, Inc., the world's leading derivatives and securities exchange network, delivers cutting-edge trading, clearing, and investment solutions to people around the world. Cboe provides trading solutions and products in multiple asset classes, including equities, derivatives, and FX, across North America, Europe, and Asia Pacific. Above all, the Company is committed to building a trusted, inclusive global marketplace that enables people to pursue a sustainable financial future.

Cboe’s subsidiaries include the largest options exchange and the third largest equities exchange operator in the U.S. In addition, the Company operates Cboe Europe Equities (Cboe Europe and Cboe NL equities exchanges), one of the largest equities exchanges by value traded in Europe, and owns Cboe Clear Europe, a leading pan-European clearinghouse, BIDS Holdings, which owns a leading block-trading ATS by volume in the U.S., and provides block-trading services with Cboe market operators in Europe and Canada, Cboe Australia, an operator of a regulated stock exchange in Australia, Cboe Clear U.S., an operator of a regulated clearinghouse, and Cboe Canada, a recognized Canadian securities exchange. Cboe subsidiaries also serve collectively as a leading market globally for exchange-traded products (“ETPs”) listings and trading.

In 2025, following a comprehensive strategic review of its global business operations, Cboe initiated the wind down of its Japanese equities business, including the cessation of operations of its Cboe Japan proprietary trading system and Cboe BIDS Japan block trading platform, initiated a sales process for its Cboe Australia and Cboe Canada businesses, discontinued its U.S. and European Corporate Listings efforts, and reduced costs associated with its U.S. and European ETP Listings businesses, Cboe Europe Derivatives ("CEDX"), and several of Cboe’s smaller Risk and Market Analytics businesses. Subsequent to the year ended December 31, 2025, after further review of its global business operations, Cboe initiated the wind down of CEDX.

The Company is headquartered in Chicago with offices in Amsterdam, Belfast, Hong Kong, Kansas City, London, Manila, New York, San Francisco, Sarasota Springs, Singapore, Sydney, Tokyo, and Toronto.

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Executive Transitions

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. Mr. Donohue succeeded Fredric J. Tomczyk who, as previously announced, has stepped down as Chief Executive Officer and will remain on the Board.

On May 28, 2025, the Company announced that Dave Howson, Executive Vice President and Global President, resigned from the Company, with his employment terminating at the end of the day on August 1, 2025. In connection with Mr. Howson's resignation, the Board appointed Mr. Donohue, Chief Executive Officer of the Company, as President of the Company, effective following August 1, 2025.

On August 18, 2025, the Company announced the appointment of Prashant A. Bhatia as Executive Vice President, Head of Enterprise Strategy & Corporate Development, effective September 2, 2025. Mr. Bhatia has advised the Company since December 2023 and previously led enterprise strategy and corporate development at TD Ameritrade for 11 years.

On September 30, 2025, the Company announced the appointment of two industry veterans to lead its Derivatives and Data Vantage businesses. Effective October 1, 2025, Robert A. Hocking rejoined as Executive Vice President, Global Head of Derivatives, and Brian McElligott joined as Senior Vice President, Global Head of Cboe Data Vantage. Mr. Hocking succeeded Cathy Clay who departed the Company in October 2025.

Subsequent to December 31, 2025, on January 26, 2026, the Company announced the planned appointments of Scott Johnston as Executive Vice President, Chief Operating Officer, and Heidi Fischer as Executive Vice President, Global Head of Equities and Spot Markets. Mr. Johnston will take over chief operating duties from Chris Isaacson, Executive Vice President and Chief Operating Officer, who is retiring from his role effective March 6, 2026. Ms. Fischer will assume oversight of Cboe’s global cash equities and spot markets, which Mr. Isaacson also oversaw. Mr. Isaacson will continue to serve as an advisor to Cboe through the end of 2026.

Business Segments

The Company previously operated as six reportable business segments as of December 31, 2024. As of January 1, 2025, the Company operates five reportable business segments: Options, North American Equities, Europe and Asia Pacific, Futures, and Global FX, which is reflective of how the Company's chief operating decision maker ("CODM") reviews and operates the business, as discussed in Note 1 ("Nature of Operations"). The Company's reportable business segments represent strategic business units that offer different products and services across different geographic areas. The Company's CODM is the chief executive officer. The CODM function is supported by business segment management and executive leadership personnel who lead the day-to-day operations of each reportable business segment.

Segment performance is primarily evaluated on operating income (loss). The CODM uses segment operating income (loss) to allocate resources, including but not limited to employees, financial, and capital resources. The Company's CODM does not assess assets or income and expenses below operating income (loss) at the segment-level as key performance metrics. The Company has aggregated all of its corporate costs, as well as other business ventures, within the Corporate Items and Eliminations totals based on the decision that those activities should not be used to evaluate the operating performance of the segments; however, operating expenses that relate to activities of a specific segment have been allocated to that segment. The Company's CODM primarily reviews operating expenses at the consolidated level for purposes of evaluating actual results versus budgets.

On April 25, 2024, the Company announced plans to refocus the digital asset business to leverage its core strengths in derivatives, technology, and product innovation. Effective May 31, 2024, the Cboe Digital spot market closed for all participant and trading purposes. The Company has brought Cboe Clear U.S. under unified leadership with the Global Head of Clearing and continues to facilitate the clearing of cash-settled margin Bitcoin and Ether futures contracts. The Company retained and presented Digital as a reportable segment through December 31, 2024. As of January 1, 2025, the Company prospectively reorganized the Digital operating segment results into the Futures reporting segment as the Company expected to transition its cash-settled margin Bitcoin and Ether futures contracts, formerly available for trading on the Cboe Digital Exchange to CFE, which was completed on June 9, 2025. Cboe Digital Exchange no longer lists or trades any products. Comparative-period results have been presented for historical purposes but have not been recast as the historical results of the Digital segment were not material, nor do they materially impact the financial results, trends, or forecasts of the Futures segment. As a result, for the year ended December 31, 2025, operating results included within the Digital operating segment are presented within the Futures reporting segment.

Options. The Options segment includes options on market indices (“index options”), as well as on the stocks of individual corporations (“equity options”) and on ETPs such as exchange-traded funds (“ETFs”) and exchange-traded notes (“ETNs”), which are “multi-listed” options and listed on a non-exclusive basis. These options are eligible to trade, as applicable, on Cboe Options, C2, BZX, EDGX, and/or other U.S. national security exchanges. Cboe Options is the Company’s primary options market and offers trading in listed options through a single system that integrates electronic trading and traditional open outcry trading on the Cboe Options trading floor in Chicago. C2 Options, BZX Options, and

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EDGX Options are all-electronic options exchanges, and typically operate with different market models and fee structures than Cboe Options. The Options segment also includes applicable market data fees revenues generated from the consolidated tape plans, the licensing of proprietary options market data, index licensing, routing services, and access and capacity services.

North American Equities. The North American Equities segment includes U.S. equities and ETP transaction services that occur on fully electronic exchanges owned and operated by BZX, BYX, EDGX, and EDGA, equities transactions that occur on the BIDS Trading platform in the U.S. and the Cboe BIDS Canada platform, and Canadian equities and other transaction services that occur on or through Cboe Canada’s order books. The North American Equities segment also includes corporate listing services on Cboe Canada, ETP listings on BZX, the Cboe Global Markets, Inc. common stock listing, and applicable market data fees revenues generated from the consolidated tape plans, the licensing of proprietary equities market data, routing services, and access and capacity services.

Europe and Asia Pacific. The Europe and Asia Pacific segment includes the pan-European derivatives transaction services, ETPs, including exchange traded funds, exchange traded notes, and exchange traded commodities, and inte

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/CBOE/mda/fy2025/
All MD&A years: /company/CBOE/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/CBOE/mda/fy2024/): filed 2025-02-21; accession 0001628280-25-006984 (https://www.sec.gov/Archives/edgar/data/1374310/000162828025006984/cboe-20241231.htm)
- [FY 2023 MD&A](/company/CBOE/mda/fy2023/): filed 2024-02-16; accession 0001558370-24-001277 (https://www.sec.gov/Archives/edgar/data/1374310/000155837024001277/cboe-20231231x10k.htm)
- [FY 2022 MD&A](/company/CBOE/mda/fy2022/): filed 2023-02-17; accession 0001558370-23-001489 (https://www.sec.gov/Archives/edgar/data/1374310/000155837023001489/cboe-20221231x10k.htm)
- [FY 2021 MD&A](/company/CBOE/mda/fy2021/): filed 2022-02-18; accession 0001558370-22-001386 (https://www.sec.gov/Archives/edgar/data/1374310/000155837022001386/cboe-20211231x10k.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 6200 Security & Commodity Brokers, Dealers, Exchanges & Services) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate
- [DGS2](/indicator/DGS2/): Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [T10Y2Y](/indicator/T10Y2Y/): 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity
- [M2SL](/indicator/M2SL/): M2

Macro-to-micro threads including this sector: [Interest rates & the Fed](/thread/interest-rates-fed/), [Money & trade](/thread/money-trade/), [Consumer & credit](/thread/consumer-credit/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/CBOE.md · JSON record: /company/CBOE.json · verified financials: /company/CBOE/financials.json / /company/CBOE/financials.csv · machine TOC for the whole site: /llms.txt