Tearsheet

Cboe Global Markets (CBOE)

Market Price (4/15/2026): $300.75 | Market Cap: $31.5 Bil
Sector: Financials | Industry: Financial Exchanges & Data

Cboe Global Markets (CBOE)

Market Price (4/15/2026): $300.75
Market Cap: $31.5 Bil
Sector: Financials
Industry: Financial Exchanges & Data

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 37%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 36%

Attractive yield
FCF Yield is 5.3%

Low stock price volatility
Vol 12M is 21%

Megatrend and thematic drivers
Megatrends include Crypto & Blockchain, AI in Financial Services, and Fintech & Digital Payments. Themes include Cryptocurrency Exchanges, Show more.

Trading close to highs
Dist 52W High is -1.2%, Dist 3Y High is -1.2%

Key risks
CBOE key risks include [1] the potential for lower trading volumes in its flagship VIX products during periods of reduced market volatility.

0	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 37%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 36%
1	Attractive yield FCF Yield is 5.3%
2	Low stock price volatility Vol 12M is 21%
3	Megatrend and thematic drivers Megatrends include Crypto & Blockchain, AI in Financial Services, and Fintech & Digital Payments. Themes include Cryptocurrency Exchanges, Show more.
4	Trading close to highs Dist 52W High is -1.2%, Dist 3Y High is -1.2%
5	Key risks CBOE key risks include [1] the potential for lower trading volumes in its flagship VIX products during periods of reduced market volatility.

Valuation, Metrics & Events

	4/15/26	2025	2024	2023	2022
Share Price CYE	$300.75	$226.29	$183.73	$134.24	$114.42
Market Cap CYE ($ Bil)	31.5	23.7	19.4	14.2	12.2
Total Debt ($ Bil)	1.6	1.6	1.6	1.9	1.7
Total Cash ($ Bil)	2.3	1.2	0.6	0.5	0.7
Enterprise Value ($ Bil)	30.8	25.3	21.0	16.1	13.9
Valuation Ratios
P/S TTM	6.7	5.5	5.2	3.6	3.5
P/EBIT TTM	19.5	19.9	16.9	27.3	14.6
P/E TTM	28.6	29.4	24.3	47.6	24.3
P/FCF TTM	18.7	22.6	21.5	39.4	10.1
Sector Ratios
P/S TTM (Sector)	3.2	2.9	2.7	2.4	3.3
P/EBIT TTM (Sector)	6.7	8.1	7.4	7.3	7.0
P/E TTM (Sector)	11.5	11.2	9.8	8.3	9.9
P/FCF TTM (Sector)	8.9	8.5	7.7	6.0	7.6

	4/15/26	2025	2024
Share Price CYE	$300.75	$226.29	$183.73
Market Cap CYE ($ Bil)	31.5	23.7	19.4
Total Debt ($ Bil)	1.6	1.6	1.6
Total Cash ($ Bil)	2.3	1.2	0.6
Enterprise Value ($ Bil)	30.8	25.3	21.0
Valuation Ratios
P/S TTM	6.7	5.5	5.2
P/EBIT TTM	19.5	19.9	16.9
P/E TTM	28.6	29.4	24.3
P/FCF TTM	18.7	22.6	21.5
Sector Ratios
P/S TTM (Sector)	3.2	2.9	2.7
P/EBIT TTM (Sector)	6.7	8.1	7.4
P/E TTM (Sector)	11.5	11.2	9.8
P/FCF TTM (Sector)	8.9	8.5	7.7

	CBOE	S&P 500
REVENUE GROWTH	FAIR
Rev LTM ($ Bil)	4.7
Rev Chg Q	8.7%	7.5%
Rev Chg LTM	15.1%	6.8%
Rev Chg 3Y Avg	6.3%	5.7%
PROFITABILITY	VERY GOOD
Op Inc LTM ($ Bil)	1.5
CFO LTM ($ Bil)	1.8
Net Inc LTM ($ Bil)	1.1
Op Mgn LTM	32.1%	18.6%
CFO/Rev LTM	37.2%	20.6%
Net Inc Mgn	23.3%	12.8%
VALUATION	HIGH
P/S	6.7	3.3
P/CFO	18.0	15.5
P/FCF	18.7	20.1
P/E	28.6	24.3
STABILITY	VERY GOOD
Debt/Equity	0.05	0.21
Cash/Assets	0.24	0.07

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Metric	Value	Date	Source
Total Options Average Daily Volume	18.78 million contracts	9302025	Link
Index Options Average Daily Volume	4.86 million contracts	9302025	Link
Multi-listed Options Average Daily Volume	13.91 million contracts	9302025	Link
Total Options Market Share	30.9%	9302025	Link
Global FX Average Daily Notional Value Traded	$49.9 billion	9302025	Link
Global FX Net Capture Rate Per One Million Dollars Traded	$2.89	9302025	Link
SPX 0DTE Options Average Daily Volume Year-over-Year Surge	62%	9302025	Link
Futures Average Revenue Per Contract	$1.75	9302025	Link
2025 Cboe Data Vantage Organic Net Revenue Growth Target	high single-digit to low double-digit	10312025	Link

Upcoming
5/01/2026	Earnings Release	Rev: $687 Mil (E) EPS: $3.23 (E)

Price Chart

Return (1M):

Why The Stock Moved

Qualitative Assessment

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Cboe Global Markets (CBOE) stock has gained about 20% since 12/31/2025 because of the following key factors:

1. Cboe Global Markets reported exceptional financial results for the fourth quarter of 2025, significantly surpassing analyst expectations.

The company announced record diluted earnings per share (EPS) of $2.97, marking a 60% increase year-over-year, and adjusted diluted EPS of $3.06, up 46% and exceeding analyst estimates of $2.85. Additionally, Cboe achieved record net revenue of $671.1 million, a 28% increase from the prior year, driven by double-digit revenue growth across all business segments, particularly a 38% rise in its derivatives franchise.

2. Robust derivatives trading volumes and continuous product innovation fueled growth.

Cboe experienced a 34% increase in options net revenue, primarily due to a 24% rise in total options average daily volume (ADV) in Q4 2025, including a 35% increase in index options ADV and a 20% increase in multi-listed options ADV. This growth was propelled by a strong demand for options products, notably Zero Days to Expiration (0DTE) options, and was supported by strategic initiatives such as the introduction of Monday and Wednesday expirations for options on specific stocks and ETFs starting January 26, 2026.

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Stock Movement Drivers

Fundamental Drivers

The 20.1% change in CBOE stock from 12/31/2025 to 4/14/2026 was primarily driven by a 9.6% change in the company's Net Income Margin (%).

(LTM values as of)	12312025	4142026	Change
Stock Price ($)	250.38	300.75	20.1%
Change Contribution By:
Total Revenues ($ Mil)	4,618	4,714	2.1%
Net Income Margin (%)	21.3%	23.3%	9.6%
P/E Multiple	26.6	28.6	7.4%
Shares Outstanding (Mil)	105	105	-0.1%
Cumulative Contribution			20.1%

LTM = Last Twelve Months as of date shown

Market Drivers

12/31/2025 to 4/14/2026

	Return	Correlation
CBOE	20.1%
Market (SPY)	-5.4%	-15.8%
Sector (XLF)	-5.5%	6.5%

Fundamental Drivers

The 23.3% change in CBOE stock from 9/30/2025 to 4/14/2026 was primarily driven by a 17.4% change in the company's Net Income Margin (%).

(LTM values as of)	9302025	4142026	Change
Stock Price ($)	243.96	300.75	23.3%
Change Contribution By:
Total Revenues ($ Mil)	4,532	4,714	4.0%
Net Income Margin (%)	19.9%	23.3%	17.4%
P/E Multiple	28.4	28.6	0.9%
Shares Outstanding (Mil)	105	105	0.0%
Cumulative Contribution			23.3%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2025 to 4/14/2026

	Return	Correlation
CBOE	23.3%
Market (SPY)	-2.9%	-14.1%
Sector (XLF)	-3.5%	11.1%

Fundamental Drivers

The 34.4% change in CBOE stock from 3/31/2025 to 4/14/2026 was primarily driven by a 24.9% change in the company's Net Income Margin (%).

(LTM values as of)	3312025	4142026	Change
Stock Price ($)	223.79	300.75	34.4%
Change Contribution By:
Total Revenues ($ Mil)	4,094	4,714	15.1%
Net Income Margin (%)	18.7%	23.3%	24.9%
P/E Multiple	30.7	28.6	-6.6%
Shares Outstanding (Mil)	105	105	0.1%
Cumulative Contribution			34.4%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2025 to 4/14/2026

	Return	Correlation
CBOE	34.4%
Market (SPY)	16.3%	-7.5%
Sector (XLF)	5.0%	9.3%

Fundamental Drivers

The 132.4% change in CBOE stock from 3/31/2023 to 4/14/2026 was primarily driven by a 293.0% change in the company's Net Income Margin (%).

(LTM values as of)	3312023	4142026	Change
Stock Price ($)	129.43	300.75	132.4%
Change Contribution By:
Total Revenues ($ Mil)	3,958	4,714	19.1%
Net Income Margin (%)	5.9%	23.3%	293.0%
P/E Multiple	58.4	28.6	-51.0%
Shares Outstanding (Mil)	106	105	1.2%
Cumulative Contribution			132.4%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2023 to 4/14/2026

	Return	Correlation
CBOE	132.4%
Market (SPY)	63.3%	-12.8%
Sector (XLF)	68.2%	3.7%

Return vs. Risk

Price Returns Compared

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
CBOE Return	42%	-2%	44%	11%	30%	18%	242%
Peers Return	38%	-23%	26%	21%	14%	-8%	70%
S&P 500 Return	27%	-19%	24%	23%	16%	-0%	81%
Monthly Win Rates [3]
CBOE Win Rate	58%	33%	75%	50%	75%	75%
Peers Win Rate	62%	37%	62%	55%	65%	30%
S&P 500 Win Rate	75%	42%	67%	75%	67%	50%
Max Drawdowns [4]
CBOE Max Drawdown	-5%	-19%	-5%	-6%	-2%	-1%
Peers Max Drawdown	-5%	-34%	-7%	-6%	-10%	-15%
S&P 500 Max Drawdown	-1%	-25%	-1%	-2%	-15%	-7%

[1] Cumulative total returns since the beginning of 2021
[2] Peers: CME, ICE, NDAQ, SPGI, MCO. See CBOE Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 4/14/2026 (YTD)

How Low Can It Go

Unique Key	Event	CBOE	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-22.4%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	28.8%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	321 days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-40.7%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	68.7%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	520 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-33.5%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	50.3%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	1,575 days	120 days

Compare to CME, ICE, NDAQ, SPGI, MCO

In The Past

Cboe Global Markets's stock fell -22.4% during the 2022 Inflation Shock from a high on 11/2/2021. A -22.4% loss requires a 28.8% gain to breakeven.

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About Cboe Global Markets (CBOE)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

Cboe Global Markets, Inc., through its subsidiaries, operates as an options exchange worldwide. It operates through five segments: Options, North American Equities, Futures, Europe and Asia Pacific, and Global FX. The Options segment trades in listed market indices. The North American Equities segment trades in listed U.S. and Canadian equities. This segment also offers exchange-traded products (ETP) transaction and ETP listing services. The Futures segment trades in futures. The Europe and Asia Pacific segment offers pan-European listed equities and derivatives transaction services, ETPs, exchange-traded commodities, and international depository receipts, as well as ETP listings and clearing services. The Global FX segment provides institutional foreign exchange (FX) trading and non-deliverable forward FX transactions services. The company has strategic relationships with S&P Dow Jones Indices, LLC; FTSE International Limited; Frank Russell Company; MSCI Inc.; and DJI Opco, LLC. The company was formerly known as CBOE Holdings, Inc. and changed its name to Cboe Global Markets, Inc. in October 2017. Cboe Global Markets, Inc. was founded in 1973 and is headquartered in Chicago, Illinois.

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The Nasdaq for global options, futures, and FX trading.

Like CME Group, but also operating major stock exchanges worldwide.

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Options Trading: Facilitates the trading of listed options, including those on market indices.
Equities Trading: Operates exchanges for trading U.S., Canadian, and pan-European listed equities.
Futures Trading: Provides platforms for trading various futures contracts.
Exchange-Traded Products (ETP) Trading: Offers transaction services for a wide range of exchange-traded products.
Foreign Exchange (FX) Trading: Delivers institutional foreign exchange trading and non-deliverable forward FX transaction services.
Listing Services: Provides services for listing exchange-traded products, equities, and other financial instruments.
Clearing Services: Offers clearing services for various traded instruments, particularly in European and Asia Pacific markets.

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Cboe Global Markets (CBOE) operates as a global exchange. Its primary customers are not individual retail investors but rather a broad range of financial institutions and market participants who utilize its trading platforms and listing services. Due to the nature of an exchange business, Cboe serves a vast network of participants rather than having a few named "major customers" in the traditional sense.

The major categories of customers Cboe serves are:

Broker-Dealer Firms and Financial Institutions: These entities connect investors (both institutional and retail) to Cboe's markets, executing trades in options, equities, futures, and foreign exchange. They pay transaction fees, market data fees, and other service charges for accessing Cboe's platforms.
Professional Trading Firms and Market Makers: These firms actively participate on Cboe's exchanges to provide liquidity and engage in proprietary trading across various asset classes. Their high trading volumes contribute significantly to Cboe's transaction-based revenues.
Exchange-Traded Product (ETP) Issuers: Companies that create and offer exchange-traded products, such as ETPs, exchange-traded commodities, and international depository receipts, list these products on Cboe's exchanges and pay listing fees and associated service charges.

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MSCI Inc. (MSCI)
DJI Opco, LLC
FTSE International Limited
Frank Russell Company
S&P Dow Jones Indices, LLC

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Craig Donohue

Chief Executive Officer and President

Craig Donohue became the Chief Executive Officer of Cboe Global Markets in May 2025, also assuming the title of President upon the departure of David Howson in August 2025. Prior to joining Cboe, Donohue served as Chairman of the Board of Directors at OCC (Options Clearing Corporation) from January 2024, after being Executive Chairman and CEO of OCC for three years starting in 2016. He initially joined OCC as Executive Chairman in January 2014. Before his time at OCC, Donohue was the Chief Executive Officer of CME Group from January 2004 until May 2012. During his tenure at CME Group, he spearheaded mergers and acquisitions totaling over $20 billion, including the significant merger with the Chicago Board of Trade in 2007 and the acquisition of both the New York Mercantile Exchange and the Commodity Exchange Inc. in 2008.

Jill Griebenow

Executive Vice President, Chief Financial Officer

Jill Griebenow is the Executive Vice President and Chief Financial Officer at Cboe Global Markets, a role she assumed effective July 10, 2023. In this position, she is responsible for all financial activities of the company, encompassing accounting, finance, tax, investor relations, treasury, and capital markets. Prior to her appointment as CFO, Griebenow served as the Senior Vice President, Chief Accounting Officer at Cboe since 2018. She also held the position of Chief Financial Officer of Cboe Europe. Griebenow began her career at Cboe in 2011 as a Financial Reporting Specialist. Before joining Cboe, she was a Senior Manager at Ernst & Young (EY), where her work focused on auditing public companies within the asset management and financial services sectors. She has over two decades of experience in the financial and public accounting industries.

Scott Johnston

Executive Vice President, Chief Operating Officer

Scott Johnston was appointed Executive Vice President, Chief Operating Officer of Cboe Global Markets, effective March 6, 2026. He assumed this role after Chris Isaacson retired.

Patrick Sexton

Executive Vice President, General Counsel and Corporate Secretary

Patrick Sexton has served as Executive Vice President, General Counsel and Corporate Secretary at Cboe Global Markets since March 1, 2018. Before this, he was the Deputy General Counsel of the company's subsidiary, Cboe Exchange, Inc., a position he held since July 2013. Sexton has accumulated extensive experience as legal, regulatory, and compliance counsel since joining Cboe in 1997. He played a key role in Cboe's demutualization in 2010 and the acquisition of Bats Global Markets in 2017.

Prashant Bhatia

Executive Vice President, Head of Enterprise Strategy & Corporate Development

Prashant Bhatia serves as the Executive Vice President, Head of Enterprise Strategy & Corporate Development at Cboe Global Markets. In this capacity, he collaborates with the executive leadership team to formulate and implement the company's enterprise business strategy, focusing on identifying opportunities for growth to enhance Cboe's market leadership. Bhatia brings over three decades of experience in the financial services industry, having previously held positions as a Finance Manager at Morgan Stanley & Co. and a Senior Associate at Coopers & Lybrand L.L.P.

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The key risks to Cboe Global Markets (CBOE) include intense market competition, the evolving regulatory landscape, and the potential loss of exclusive rights to its key proprietary products.

Market Competition and Off-Exchange Trading: Cboe operates within a highly competitive financial exchange industry, facing rivalry from other established exchanges, emerging fintech firms, and the increasing prevalence of off-exchange trading. This intense competition can lead to a decline in market share, as seen in its U.S. Equities segment, and exert downward pressure on pricing and profitability. The existence of "copycat OTC options" further exemplifies this risk, as these off-exchange, privately-negotiated agreements can divert liquidity away from Cboe's listed markets.
Regulatory Changes and Scrutiny: As an exchange operator, Cboe is subject to a complex and dynamic regulatory environment. Changes in regulations or increased scrutiny can significantly impact its business model and revenue streams. Specific concerns include potential regulatory caps on Zero-Days-to-Expiration (0DTE) options, which have been a significant driver of trading volumes, and the European Union's ban on Payment for Order Flow (PFOF) which could disrupt retail liquidity in its European operations. Additionally, Cboe's attempts to define what constitutes a "facility" of the exchange have triggered debate regarding regulatory oversight.
Loss of Exclusive Rights to Key Proprietary Products: A substantial portion of Cboe's earnings is derived from its proprietary products, such as S&P 500 Index (SPX) options and Cboe Volatility Index (VIX) options. There is a specific risk that Cboe may not be able to maintain its exclusive trading rights for S&P 500 options. Its current agreement with S&P Global is in place through 2032, but renewal is not guaranteed, and S&P Global could potentially seek less favorable terms, which would negatively impact Cboe's future revenue.

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Addressable Market Sizes for Cboe Global Markets' Main Products and Services

Options Segment:
- Global listed options trading volume: 108.2 billion contracts in 2023.
- U.S. listed options trading volume: 15.2 billion contracts in 2025.
- U.S. index options average daily volume: 5 million contracts in 2025.
North American Equities Segment:
- U.S. stock market capitalization: $60.1 trillion as of February 2025.
- Canadian equities market capitalization: $2.75 trillion USD in 2023.
- Global Exchange-Traded Products (ETP) assets under management (AUM): $19.85 trillion at the end of December 2025.
Futures Segment:
- Global listed futures trading volume: 29.1 billion contracts in 2023.
- Global futures trading service market size: $5.2 billion in 2023, projected to reach $10.8 billion by 2032.
Europe and Asia Pacific Segment:
- European stock markets market capitalization: Approximately €22.71 trillion in 2025 (approximately $24.75 trillion USD, using an approximate conversion rate of 1 EUR = 1.09 USD).
- Asia Pacific public equity market capitalization: $34.4 trillion in 2024.
- Specific current European ETP AUM: Null
- Specific current Asia Pacific ETP AUM: Null
- Specific European or Asia Pacific derivatives market size (notional/volume): Null (global listed options and futures figures apply, see Options and Futures segments above).
Global FX Segment:
- Global daily foreign exchange (FX) turnover: Over $7.5 trillion per day in 2022.
- Global Over-The-Counter (OTC) FX derivatives notional outstanding: $155 trillion in June 2025.

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Cboe Global Markets (CBOE) is expected to drive future revenue growth over the next 2-3 years through several strategic initiatives and strong performance in key business areas.

1. Expansion and Innovation in Derivatives Trading: Cboe anticipates continued growth in its Derivatives segment, particularly through proprietary index options such as SPX and VIX, and the increasing adoption of Zero-Days-to-Expiration (0DTE) options. This segment has shown significant revenue increases and strong trading volumes, with 0DTE options demonstrating a substantial rise in average daily volume.

2. Geographical Expansion and International Market Penetration: The company is actively pursuing a strategy of global expansion, focusing on increasing its footprint and market share in regions like Europe and Asia Pacific. Initiatives include expanding clearing services (e.g., into the German market via Cboe Clear Europe) and onboarding more brokers in the EMEA and APAC regions. The Europe and Asia Pacific segment has already shown record net revenue growth.

3. Growth of the Data Vantage Business: Cboe's Data Vantage segment, which encompasses market data, access solutions, indices, and risk and market analytics, is a consistent revenue driver. Growth in this area is largely fueled by strong demand for new units and new sales, indicating sustained interest in their comprehensive data offerings. Cboe targets mid-to-high single-digit organic net revenue growth for Data Vantage in 2026.

4. Strategic Product Innovation and Emerging Opportunities: Cboe is committed to enhancing its product suite and exploring new growth avenues. This includes continuously developing new derivatives offerings, such as S&P 500 Equal Weight Index (EWI) options, and actively exploring emerging opportunities in event and prediction markets, as well as digital asset derivatives like Bitcoin and Ether futures.

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Share Repurchases

In August 2024, Cboe Global Markets authorized an additional $500 million for share repurchases, with $179.8 million remaining under existing authorizations as of July 31, 2024.
In October 2023, the company authorized an additional $250 million for share repurchases, with approximately $139.8 million of availability remaining under existing authorizations as of June 30, 2023.

Share Issuance

Cboe Global Markets has experienced a decline in shares outstanding over the last few years, with a 0.19% decline in 2025, a 0.85% decline in 2024, and a 0.47% decline in 2023, indicating net share repurchases.

Outbound Investments

Cboe completed the acquisition of Eris Digital Holdings, LLC (ErisX) in May 2022, which provided the company with entry into digital asset spot and derivatives markets.
In January 2021, Cboe completed its acquisition of BIDS Trading, a registered broker-dealer and operator of the largest block-trading ATS in the U.S., to expand its U.S. equities offerings.
In 2020, Cboe acquired risk analytics provider Hanweck Associates and the portfolio management platform FT Options, which were subsequently integrated into its Risk and Market Analytics Group by April 2022.

Capital Expenditures

Cboe Global Markets expects capital expenditures for fiscal year 2026 to be in the range of $73 million to $83 million.
Actual capital expenditures were $74 million in 2025, $61 million in 2024, and $45 million in 2023.

Interactive Breakdown

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Better Bets vs. Cboe Global Markets (CBOE)

INDUSTRY: Financial Exchanges & Data

Higher Rev Chg 3Y Avg | Lower P/S (Values for CBOE: 6.3% | 6.7x)

NDAQ (10.4% | 6.0x)

Nasdaq

MORN (9.4% | 2.8x)

Morningstar

VIRT (16.2% | 1.2x)

Virtu Financial

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for CBOE: 6.3% | 20.8x)

SPGI (11.1% | 20.8x)

S&P Global

ICE (9.7% | 18.4x)

Intercontinental Exchange

NDAQ (10.4% | 20.4x)

Nasdaq

MORN (9.4% | 13.8x)

Morningstar

VIRT (16.2% | 2.3x)

Virtu Financial

Higher Rev Chg LTM (Value for CBOE: 15.1%)

VIRT (26.2%)

Virtu Financial

Higher Rev Chg 3Y Avg (Value for CBOE: 6.3%)

COIN (39.3%)

Coinbase Global

MCO (12.3%)

Moodys

SPGI (11.1%)

S&P Global

ICE (9.7%)

Intercontinental Exchange

CME (9.1%)

CME

Higher Op Mgn LTM (Value for CBOE: 32.1%)

CME (64.9%)

CME

MSCI (54.7%)

MSCI

MCO (44.9%)

Moodys

SPGI (40.3%)

S&P Global

ICE (39.5%)

Intercontinental Exchange

Higher CFO/Rev LTM (Value for CBOE: 37.2%)

CME (65.6%)

CME

VALU (57.2%)

Value Line

MSCI (50.7%)

MSCI

MKTX (45.2%)

MarketAxess

MCO (37.6%)

Moodys

Higher FCF/Rev LTM (Value for CBOE: 35.7%)

CME (64.3%)

CME

VALU (57.1%)

Value Line

MSCI (46.5%)

MSCI

MKTX (38.3%)

MarketAxess

Higher Total Yield (Value for CBOE: 4.4%)

FDS (9.1%)

FactSet Research Systems

CME (6.2%)

CME

NDAQ (4.8%)

Nasdaq

ICE (4.8%)

Intercontinental Exchange

SPGI (4.4%)

S&P Global

SECTOR: Financials

Higher Rev Chg 3Y Avg | Lower P/S (Values for CBOE: 6.3% | 6.7x)

BRK-B (27.0% | 2.5x)

Berkshire Hathaway

JPM (12.8% | 4.7x)

JPMorgan Chase

MS (9.7% | 4.3x)

Morgan Stanley

GS (7.4% | 4.8x)

Goldman Sachs

RY (11.4% | 3.6x)

Royal Bank of Canada

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for CBOE: 6.3% | 20.8x)

BLK (11.0% | 20.7x)

BlackRock

SPGI (11.1% | 20.8x)

S&P Global

ICE (9.7% | 18.4x)

Intercontinental Exchange

MRSH (9.2% | 13.6x)

Marsh & McLennan

AON (11.3% | 14.8x)

Aon

Higher Rev Chg LTM (Value for CBOE: 15.1%)

COF (36.5%)

Capital One Financial

SCHW (22.0%)

Charles Schwab

BLK (18.7%)

BlackRock

MA (16.4%)

Mastercard

PGR (16.3%)

Progressive

Higher Rev Chg 3Y Avg (Value for CBOE: 6.3%)

BRK-B (27.0%)

Berkshire Hathaway

MA (13.8%)

Mastercard

JPM (12.8%)

JPMorgan Chase

V (11.1%)

Visa

MS (9.7%)

Morgan Stanley

Higher Op Mgn LTM (Value for CBOE: 32.1%)

V (67.0%)

Visa

CME (64.9%)

CME

MA (59.5%)

Mastercard

SPGI (40.3%)

S&P Global

BLK (32.7%)

BlackRock

Higher CFO/Rev LTM (Value for CBOE: 37.2%)

RY (91.5%)

Royal Bank of Canada

V (59.1%)

Visa

MA (53.8%)

Mastercard

COF (51.9%)

Capital One Financial

SCHW (38.9%)

Charles Schwab

Higher FCF/Rev LTM (Value for CBOE: 35.7%)

RY (88.3%)

Royal Bank of Canada

V (55.4%)

Visa

MA (50.1%)

Mastercard

COF (48.9%)

Capital One Financial

SCHW (36.6%)

Charles Schwab

Higher Total Yield (Value for CBOE: 4.4%)

BAC (7.8%)

Bank of America

JPM (6.7%)

JPMorgan Chase

BRK-B (6.5%)

Berkshire Hathaway

GS (6.2%)

Goldman Sachs

MS (5.9%)

Morgan Stanley

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for CBOE: 6.3% | 6.7x)

AMZN (11.7% | 3.7x)

Amazon.com

COST (6.9% | 1.5x)

Costco Wholesale

UNH (11.4% | 0.6x)

UnitedHealth

RTX (9.9% | 3.1x)

RTX

PM (8.6% | 6.1x)

Philip Morris International

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for CBOE: 6.3% | 20.8x)

MSFT (14.4% | 20.5x)

Microsoft

META (19.9% | 20.1x)

Meta Platforms

MU (45.3% | 18.6x)

Micron Technology

UNH (11.4% | 15.0x)

UnitedHealth

PM (8.6% | 16.6x)

Philip Morris International

Higher Rev Chg LTM (Value for CBOE: 15.1%)

NVDA (65.5%)

NVIDIA

LLY (44.7%)

Eli Lilly

AVGO (25.2%)

Broadcom

META (22.2%)

Meta Platforms

MSFT (16.7%)

Microsoft

Higher Rev Chg 3Y Avg (Value for CBOE: 6.3%)

NVDA (101.8%)

NVIDIA

AVGO (26.2%)

Broadcom

MSFT (14.4%)

Microsoft

GOOGL (12.5%)

Alphabet

AMZN (11.7%)

Amazon.com

Higher Op Mgn LTM (Value for CBOE: 32.1%)

NVDA (60.4%)

NVIDIA

MSFT (46.7%)

Microsoft

AVGO (41.5%)

Broadcom

META (41.4%)

Meta Platforms

AAPL (32.4%)

Apple

Higher CFO/Rev LTM (Value for CBOE: 37.2%)

META (57.6%)

Meta Platforms

MSFT (52.5%)

Microsoft

NVDA (47.6%)

NVIDIA

AVGO (43.5%)

Broadcom

GOOGL (40.9%)

Alphabet

Higher FCF/Rev LTM (Value for CBOE: 35.7%)

ANET (47.2%)

Arista Networks

PLTR (46.9%)

Palantir Technologies

NVDA (44.8%)

NVIDIA

AVGO (42.3%)

Broadcom

ADI (38.8%)

Analog Devices

Higher Total Yield (Value for CBOE: 4.4%)

XOM (7.3%)

Exxon Mobil

JNJ (6.8%)

Johnson & Johnson

MSFT (4.9%)

Microsoft

MU (4.7%)

Micron Technology

ORCL (4.7%)

Oracle

Best Bets in Financials

What You Pay

P/EBIT (Value for CBOE: 19.5x)

FG (6.9x)

F&G Annuities & Life

MTG (6.3x)

MGIC Investment

CME (19.4x)

CME

KNSL (12.5x)

Kinsale Capital

NHI (20.8x)

National Health Investors

NMIH (5.6x)

NMI

ENVA (9.4x)

Enova International

TW (22.0x)

Tradeweb Markets

FNF (7.9x)

Fidelity National Financial

MA (23.8x)

Mastercard

P/E (Value for CBOE: 28.6x)

FG (12.6x)

F&G Annuities & Life

MTG (8.2x)

MGIC Investment

CME (26.2x)

CME

KNSL (16.0x)

Kinsale Capital

NHI (28.5x)

National Health Investors

NMIH (7.7x)

NMI

ENVA (12.3x)

Enova International

TW (31.8x)

Tradeweb Markets

FNF (21.4x)

Fidelity National Financial

MA (30.7x)

Mastercard

What You Get

Rev Chg 3Y Avg (Value for CBOE: 6.3%)

FG (39.3%)

F&G Annuities & Life

MTG (1.2%)

MGIC Investment

CME (9.1%)

CME

KNSL (31.5%)

Kinsale Capital

NHI (10.6%)

National Health Investors

NMIH (10.5%)

NMI

ENVA (22.0%)

Enova International

TW (20.2%)

Tradeweb Markets

FNF (7.5%)

Fidelity National Financial

MA (13.8%)

Mastercard

Rev Chg LTM (Value for CBOE: 15.1%)

FG (0.1%)

F&G Annuities & Life

MTG (0.5%)

MGIC Investment

CME (6.4%)

CME

KNSL (18.0%)

Kinsale Capital

NHI (12.1%)

National Health Investors

NMIH (8.5%)

NMI

ENVA (18.6%)

Enova International

TW (18.9%)

Tradeweb Markets

FNF (5.9%)

Fidelity National Financial

MA (16.4%)

Mastercard

Rev Chg Q (Value for CBOE: 8.7%)

FG (13.5%)

F&G Annuities & Life

MTG (-0.9%)

MGIC Investment

CME (8.1%)

CME

KNSL (17.3%)

Kinsale Capital

NHI (23.4%)

National Health Investors

NMIH (8.5%)

NMI

ENVA (15.1%)

Enova International

TW (12.5%)

Tradeweb Markets

FNF (12.0%)

Fidelity National Financial

MA (17.6%)

Mastercard

FCF/Rev 3Y Avg (Value for CBOE: 29.5%)

FG (110.7%)

F&G Annuities & Life

MTG (63.9%)

MGIC Investment

CME (61.2%)

CME

KNSL (60.8%)

Kinsale Capital

NHI (60.1%)

National Health Investors

NMIH (58.5%)

NMI

ENVA (55.1%)

Enova International

TW (50.0%)

Tradeweb Markets

FNF (48.4%)

Fidelity National Financial

MA (47.2%)

Mastercard

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 21%, alpha of 9.1%, and sharpe of 0.94

Latest Trefis Analyses

	Title	Date
0	DASHBOARDS
1	CBOE Stock Surges 9% With An 8-day Winning Spree On Record Earnings	02/25/2026
2	CBOE Stock Surges 9% With A 8-day Winning Spree On Record Earnings	02/25/2026
3	CBOE Stock Surges 8% With A 7-day Winning Spree On Record Earnings	02/24/2026
4	CBOE Stock Surges 6.5% With A 5-day Winning Spree On Record Earnings	02/20/2026
5	CBOE Stock Surges 6.7% With A 5-day Winning Spree On UBS Target Hike To $280	01/14/2026
6	Cboe Global Markets Earnings Notes	12/29/2026
7	Day 10 of Gains Streak for Cboe Global Markets Stock with 12% Return (vs. 35% YTD) [11/12/2025]TREFISDASH	11/13/2025
8	Day 9 of Gains Streak for Cboe Global Markets Stock with 11% Return (vs. 34% YTD) [11/11/2025]TREFISDASH	11/12/2025
9	ARTICLES
10	Mid Cap Stocks Trading At 52-Week High	02/28/2026
11	Cboe Global Markets Stock 10-Day Winning Spree: Stock Climbs 12%	11/13/2025
12	9-Day Rally Sends Cboe Global Markets Stock Up 11%	11/12/2025
13	Cboe Global Markets Stock Rockets 11% With 8-Day Winning Streak	11/11/2025
14	6-Day Rally Sends Cboe Global Markets Stock Up 8.6%	11/07/2025

	Title
0	DASHBOARDS
1	CBOE Stock Surges 9% With An 8-day Winning Spree On Record Earnings
2	CBOE Stock Surges 9% With A 8-day Winning Spree On Record Earnings
3	CBOE Stock Surges 8% With A 7-day Winning Spree On Record Earnings
4	CBOE Stock Surges 6.5% With A 5-day Winning Spree On Record Earnings
5	CBOE Stock Surges 6.7% With A 5-day Winning Spree On UBS Target Hike To $280
6	Cboe Global Markets Earnings Notes
7	Day 10 of Gains Streak for Cboe Global Markets Stock with 12% Return (vs. 35% YTD) [11/12/2025]TREFISDASH
8	Day 9 of Gains Streak for Cboe Global Markets Stock with 11% Return (vs. 34% YTD) [11/11/2025]TREFISDASH
9	ARTICLES
10	Mid Cap Stocks Trading At 52-Week High
11	Cboe Global Markets Stock 10-Day Winning Spree: Stock Climbs 12%
12	9-Day Rally Sends Cboe Global Markets Stock Up 11%
13	Cboe Global Markets Stock Rockets 11% With 8-Day Winning Streak
14	6-Day Rally Sends Cboe Global Markets Stock Up 8.6%

Trade Ideas

Select ideas related to CBOE.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
HBAN_3312026_Insider_Buying_45D_2Buy_200K	03312026	HBAN	Huntington Bancshares	Insider	Insider Buys 45DStrong Insider Buying Companies with multiple insider buys in the last 45 days	0.0%	0.0%	0.0%
NP_3312026_Insider_Buying_45D_2Buy_200K	03312026	NP	Neptune Insurance	Insider	Insider Buys 45DStrong Insider Buying Companies with multiple insider buys in the last 45 days	0.0%	0.0%	0.0%
JKHY_3272026_Monopoly_xInd_xCD_Getting_Cheaper	03272026	JKHY	Jack Henry & Associates	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	3.1%	3.1%	0.0%
MKTX_3202026_Dip_Buyer_FCFYield	03202026	MKTX	MarketAxess	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	-5.2%	-5.2%	-5.7%
RYAN_3202026_Insider_Buying_GTE_1Mil_EBITp+DE_V2	03202026	RYAN	Ryan Specialty	Insider	Insider Buys \| Low D/EStrong Insider Buying Companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap	-2.7%	-2.7%	-8.5%
CBOE_4302021_Monopoly_xInd_xCD_Getting_Cheaper	04302021	CBOE	Cboe Global Markets	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	27.4%	9.9%	0.0%
CBOE_10312020_Dip_Buyer_ValueBuy	10312020	CBOE	Cboe Global Markets	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	29.5%	65.0%	0.0%

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
AVNS	Avanos Medical	1.1	69.5%	119.3%
TVTX	Travere Therapeutics	3.8	37.2%	10.3%
BE	Bloom Energy	57.8	24.0%	152.1%
IONQ	IonQ	12.4	20.2%	-20.3%
CRDO	Credo Technology	29.1	18.7%	10.9%
MGTX	MeiraGTx	0.9	17.2%	42.0%
JBLU	JetBlue Airways	2.1	16.9%	23.1%
QBTS	D-Wave Quantum	6.0	15.8%	-35.1%
REPL	Replimune	0.2	14.7%	-79.9%
APLD	Applied Digital	8.7	14.0%	28.3%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
ALLO	Allogene Therapeutics	0.5	-25.5%	66.4%
KMX	CarMax	6.1	-15.1%	7.8%
FSLY	Fastly	3.2	-14.0%	105.8%
REPX	Riley Exploration Permian	0.7	-13.4%	34.0%
ASTS	AST SpaceMobile	25.2	-10.5%	21.9%
STAA	Staar Surgical	1.2	-9.0%	5.8%
POET	POET Technologies	0.6	-8.1%	6.0%
DOCN	DigitalOcean	6.7	-8.0%	52.6%
BKSY	BlackSky Technology	1.1	-7.9%	70.9%
WTI	W&T Offshore	0.4	-7.9%	72.4%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
AVNS	Avanos Medical	1.1	79.9%	119.3%
CAR	Avis Budget	14.5	61.3%	220.7%
BE	Bloom Energy	57.8	61.2%	152.1%
RVMD	Revolution Medicines	28.6	52.7%	84.6%
CRDO	Credo Technology	29.1	49.4%	10.9%
LWLG	Lightwave Logic	1.7	48.8%	277.2%
AXTI	AXT	3.0	48.0%	311.6%
AEHR	Aehr Test Systems	2.2	48.0%	268.4%
ALAB	Astera Labs	28.9	43.4%	2.5%
OGN	Organon	2.3	42.2%	21.6%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
REPL	Replimune	0.2	-75.0%	-79.9%
FSLY	Fastly	3.2	-33.7%	105.8%
BETR	Better Home & Finance	0.5	-22.5%	6.7%
AKAM	Akamai Technologies	12.8	-22.0%	1.8%
TBN	Tamboran Resources	0.7	-21.8%	30.2%
VG	Venture Global	30.6	-21.8%	83.7%
SMPL	Simply Good Foods	1.1	-21.2%	-43.3%
OKTA	Okta	11.4	-19.2%	-25.9%
KOS	Kosmos Energy	1.2	-17.5%	175.5%
NET	Cloudflare	62.7	-17.4%	-9.4%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
XLO	Xilio Therapeutics	0.6	1584.0%	-4.2%
CAR	Avis Budget	14.5	308.7%	220.7%
SATL	Satellogic	1.0	145.8%	290.4%
APLS	Apellis Pharmaceuticals	5.2	115.7%	62.6%
AEHR	Aehr Test Systems	2.2	108.5%	268.4%
KOD	Kodiak Sciences	2.4	94.4%	61.2%
AVNS	Avanos Medical	1.1	79.9%	119.3%
HTZ	Hertz Global	2.2	79.7%	36.0%
KODK	Eastman Kodak	1.2	77.8%	46.5%
CBIO	Crescent Biopharma	0.6	74.6%	64.6%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
REPL	Replimune	0.2	-72.7%	-79.9%
VRDN	Viridian Therapeutics	1.4	-47.0%	-51.2%
MAZE	Maze Therapeutics	1.3	-44.9%	-33.2%
WVE	WAVE Life Sciences	1.3	-43.2%	-56.5%
BUR	Burford Capital	1.0	-40.5%	-47.2%
TE	T1 Energy	0.8	-36.2%	-27.2%
FRMI	Fermi	3.1	-33.7%	-34.0%
ADMA	ADMA Biologics	2.5	-30.8%	-42.5%
FIG	Figma	9.5	-29.2%	-50.7%
SAIL	SailPoint	6.2	-28.0%	-45.0%

Peer Comparisons

Peers to compare with:

Financials

	CBOE	CME	ICE	NDAQ	SPGI	MCO	Median
Name	Cboe Glo.	CME	Intercon.	Nasdaq	S&P Glob.	Moodys
Mkt Price	300.75	297.03	162.04	86.71	425.24	438.06	298.89
Mkt Cap	31.5	106.8	92.2	49.5	128.3	77.9	85.1
Rev LTM	4,714	6,521	12,640	8,262	15,336	7,718	7,990
Op Inc LTM	1,514	4,230	4,999	2,431	6,176	3,462	3,846
FCF LTM	1,682	4,194	3,871	1,989	5,456	2,575	3,223
FCF 3Y Avg	1,251	3,722	3,594	1,753	4,863	2,325	2,960
CFO LTM	1,753	4,277	4,662	2,255	5,651	2,901	3,589
CFO 3Y Avg	1,310	3,807	4,271	1,963	5,017	2,630	3,219

Growth & Margins

	CBOE	CME	ICE	NDAQ	SPGI	MCO	Median
Name	Cboe Glo.	CME	Intercon.	Nasdaq	S&P Glob.	Moodys
Rev Chg LTM	15.1%	6.4%	7.5%	11.7%	7.9%	8.9%	8.4%
Rev Chg 3Y Avg	6.3%	9.1%	9.7%	10.4%	11.1%	12.3%	10.0%
Rev Chg Q	8.7%	8.1%	3.7%	4.6%	9.0%	13.0%	8.4%
QoQ Delta Rev Chg LTM	2.1%	1.9%	0.9%	1.2%	2.2%	2.9%	2.0%
Op Mgn LTM	32.1%	64.9%	39.5%	29.4%	40.3%	44.9%	39.9%
Op Mgn 3Y Avg	29.7%	63.5%	39.0%	28.5%	37.1%	41.5%	38.1%
QoQ Delta Op Mgn LTM	2.1%	-0.1%	0.9%	1.0%	0.1%	1.0%	1.0%
CFO/Rev LTM	37.2%	65.6%	36.9%	27.3%	36.8%	37.6%	37.0%
CFO/Rev 3Y Avg	30.9%	62.6%	37.3%	27.2%	35.5%	38.0%	36.4%
FCF/Rev LTM	35.7%	64.3%	30.6%	24.1%	35.6%	33.4%	34.5%
FCF/Rev 3Y Avg	29.5%	61.2%	31.4%	24.3%	34.4%	33.6%	32.5%

Valuation

	CBOE	CME	ICE	NDAQ	SPGI	MCO	Median
Name	Cboe Glo.	CME	Intercon.	Nasdaq	S&P Glob.	Moodys
Mkt Cap	31.5	106.8	92.2	49.5	128.3	77.9	85.1
P/S	6.7	16.4	7.3	6.0	8.4	10.1	7.8
P/EBIT	19.5	19.4	17.9	19.8	19.7	22.8	19.6
P/E	28.6	26.2	27.8	27.7	28.7	31.7	28.2
P/CFO	18.0	25.0	19.8	21.9	22.7	26.9	22.3
Total Yield	4.4%	6.2%	4.8%	4.8%	4.4%	4.1%	4.6%
Dividend Yield	0.9%	2.4%	1.2%	1.2%	0.9%	0.9%	1.1%
FCF Yield 3Y Avg	5.6%	4.3%	4.3%	4.1%	3.2%	2.8%	4.2%
D/E	0.1	0.0	0.2	0.2	0.1	0.1	0.1
Net D/E	-0.0	-0.0	0.2	0.1	0.1	0.1	0.1

Returns

	CBOE	CME	ICE	NDAQ	SPGI	MCO	Median
Name	Cboe Glo.	CME	Intercon.	Nasdaq	S&P Glob.	Moodys
1M Rtn	3.7%	-4.6%	1.8%	1.4%	0.7%	1.9%	1.6%
3M Rtn	13.0%	13.3%	-2.5%	-12.0%	-21.4%	-17.9%	-7.3%
6M Rtn	26.9%	14.3%	3.0%	-2.6%	-12.3%	-8.6%	0.2%
12M Rtn	40.0%	16.9%	2.6%	20.6%	-9.1%	0.9%	9.8%
3Y Rtn	128.1%	77.5%	56.5%	63.9%	25.3%	48.5%	60.2%
1M Excs Rtn	-1.3%	-9.7%	-3.3%	-3.7%	-4.4%	-3.2%	-3.5%
3M Excs Rtn	14.4%	14.9%	-2.1%	-12.4%	-21.6%	-17.8%	-7.2%
6M Excs Rtn	17.2%	6.2%	-2.8%	-8.2%	-18.5%	-15.5%	-5.5%
12M Excs Rtn	12.5%	-12.9%	-26.6%	-7.4%	-38.6%	-27.9%	-19.8%
3Y Excs Rtn	59.6%	3.5%	-14.3%	-5.0%	-41.9%	-19.4%	-9.6%

FDIC Bank Data

Bank Capital

null

Bank Deposits

null

Bank Assets

null

Bank Loans

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FDA Approved Drugs Data

Expand for Morenull

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2025	2024	2023	2022	2021	2020
Period End	12/31/2025	12/31/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020
Filing Date	2/20/2026	2/20/2026	2/21/2025	2/16/2024	2/17/2023	2/18/2022	2/19/2021
Key Financials
Total Revenue	4,714	4,714	4,094	3,774	3,958	3,495	3,427
EBITDA	1,741	1,741	1,268	1,268	660	972	858
Operating Income	1,514	1,514	1,181	1,065	970	822	707
Net Income	1,100	1,100	765	761	235	529	468
EPS	10.45	10.46	7.24	7.16	2.20	4.93	4.28
Growth Rates
Total Revenue Growth	15.1%	15.1%	8.5%	-4.7%	13.3%	2.0%	37.3%
EBITDA Growth	37.3%	37.3%	0.0%	92.2%	-32.1%	13.3%	19.8%
Operating Income Growth	28.2%	28.2%	10.8%	9.8%	18.1%	16.1%	20.8%
Net Income Growth	43.8%	43.8%	0.5%	224.0%	-55.6%	13.0%	24.9%
Margins
EBITDA Margin	36.9%	36.9%	31.0%	33.6%	16.7%	27.8%	25.0%
Operating Income Margin	32.1%	32.1%	28.8%	28.2%	24.5%	23.5%	20.6%
Net Income Margin	23.3%	23.3%	18.7%	20.2%	5.9%	15.1%	13.7%
Cash & Debt
Total Cash	2,253	2,253	1,031	601	524	379	338
Total Debt	1,591	1,591	1,599	1,611	1,871	1,428	1,336
Net Debt / (Cash)	-662	-662	569	1,010	1,347	1,050	998
Cash Flows
Net Cash from Operations	1,753	1,753	1,101	1,076	651	597	1,459
Free Cash from Operations	1,682	1,682	1,040	1,031	591	546	1,411
Returns to Shareholders
Dividends	284	284	249	224	209	193	171
Share Repurchases	67	67	205	84	101	81	349

$ Mil \| FY: 12/31	2025Q4	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1
Period End	12/31/2025	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023
Filing Date	2/20/2026	10/31/2025	8/1/2025	5/2/2025	2/21/2025	11/1/2024	8/2/2024	5/3/2024	2/16/2024	11/3/2023	8/4/2023	5/5/2023
Key Financials Quarterly
Total Revenue	1,204	1,142	1,174	1,195	1,108	1,056	974	957	969	909	908	988
Ebitda	496	474	377	393	325	354	248	342	339	324	298	307
Operating Income	429	375	356	354	299	307	292	283	294	272	246	254
Net Income	314	301	235	251	196	218	140	210	212	208	168	173
EPS	2.98	2.86	2.23	2.38	1.87	2.08	1.33	1.97	1.99	1.96	1.58	1.63
Key Financials TTM
Total Revenue TTM	4,714	4,618	4,532	4,332	4,094	3,956	3,809	3,742	3,774	3,810	3,894	3,972
Ebitda TTM	1,741	1,570	1,449	1,319	1,268	1,282	1,253	1,304	1,268	1,227	1,189	689
Operating Income TTM	1,514	1,384	1,316	1,252	1,181	1,176	1,140	1,094	1,065	1,024	992	983
Net Income TTM	1,100	983	901	806	765	780	770	798	761	709	651	299
Growth Rates Quarterly
Total Revenue Growth	8.7%	8.1%	20.5%	24.8%	14.3%	16.2%	7.3%	-3.1%	-3.6%	-8.5%	-7.9%	1.4%
EBITDA Growth	52.8%	34.1%	52.4%	14.9%	-4.1%	9.0%	-17.0%	11.6%	13.8%	13.4%	248.0%	10.5%
Operating Income Growth	43.6%	22.0%	22.1%	25.1%	1.7%	13.0%	18.8%	11.3%	16.2%	13.7%	3.6%	5.2%
Net Income Growth	59.5%	37.7%	67.5%	19.6%	-7.3%	4.9%	-16.3%	20.8%	32.7%	38.6%	190.9%	58.2%
Margins Quarterly
EBITDA Margin	41.2%	41.5%	32.2%	32.9%	29.3%	33.5%	25.4%	35.8%	35.0%	35.7%	32.9%	31.0%
Operating Income Margin	35.6%	32.8%	30.4%	29.6%	27.0%	29.1%	29.9%	29.6%	30.3%	29.9%	27.0%	25.7%
Net Income Margin	26.0%	26.3%	20.0%	21.0%	17.7%	20.7%	14.4%	21.9%	21.9%	22.9%	18.5%	17.5%
Cash & Debt
Total Cash	2,253	1,531	1,464	1,153	1,031	803	698	595	601	437	517	516
Total Debt	1,591	1,595	1,601	1,604	1,599	1,605	1,588	1,605	1,611	1,660	1,744	1,888
Net Debt / (Cash)	-662	64	137	450	569	802	890	1,010	1,010	1,223	1,226	1,372
Cash Flows Quarterly
FCF from Operations	352	154	334	913	-710	-578	1,494	896	-189	737	-503	1,031
Cash Flows TTM
FCF from Operations TTM	1,753	690	-42	1,118	1,101	1,622	2,937	940	1,076	1,121	553	422
Returns to Shareholders Quarterly
Dividends	76	76	66	66	66	66	58	58	58	58	53	53
Share Repurchases	-0	-0	37	30	0	26	101	77	6	-0	8	70
Return on Invested Capital (ROIC) Quarterly
ROIC	127.8%	71.9%	64.9%	54.8%	41.3%	46.8%	41.7%	36.4%	35.2%	37.6%	30.1%	29.5%
Return on Invested Capital (ROIC) TTM
ROIC TTM	114.2%	66.8%	60.4%	47.8%	41.0%	45.3%	43.1%	35.8%	31.5%	32.7%	29.9%	26.8%

Segment Financials

Revenue by Segment

$ Mil	2025	2024	2023	2022	2021
Options	2,003	1,940	1,823	1,505	1,330
North American Equities	1,547	1,353	1,682	1,570	1,790
Europe and Asia Pacific	324	281	265	240	140
Futures	141	129	120	121	109
Global FX	80	75	69	58	58
Corporate Items and Eliminations	0	0	0	0
Digital	-0	-4	0
Total	4,094	3,774	3,958	3,495	3,427

Operating Income by Segment

$ Mil	2025	2024	2023	2022	2021
Options	878	851	740	538	430
North American Equities	169	118	147	156	160
Futures	99	86	55	66	54
Europe and Asia Pacific	42	33	38	56	34
Global FX	33	25	9	3	6
Corporate Items and Eliminations	-10	-8	-8	-13	-21
Digital	-112	-47	-491
Total	1,098	1,058	490	806	662

Net Income by Segment

$ Mil	2025	2024
Options	581	576
North American Equities	149	105
Futures	70	53
Global FX	33	24
Europe and Asia Pacific	25	20
Corporate Items and Eliminations	-14	18
Digital	-79	-34
Total	765	761

Price Behavior

Price Behavior

Market Price	$300.75
Market Cap ($ Bil)	31.5
First Trading Date	06/15/2010
Distance from 52W High	-1.2%
	50 Days	200 Days
DMA Price	$286.36	$255.91
DMA Trend	up	up
Distance from DMA	5.0%	17.5%
	3M	1YR
Volatility	24.6%	21.4%
Downside Capture	-0.24	-0.20
Upside Capture	18.61	12.78
Correlation (SPY)	-14.8%	-14.6%

CBOE Betas & Captures as of 3/31/2026

	1M	2M	3M	6M	1Y	3Y
Beta	-0.58	-0.39	-0.26	-0.24	-0.08	-0.17
Up Beta	0.02	-1.22	-0.72	-0.31	-0.20	-0.22
Down Beta	-1.34	-1.26	-0.52	-0.71	-0.03	-0.25
Up Capture	-106%	29%	21%	17%	9%	2%
Bmk +ve Days	7	16	27	65	139	424
Stock +ve Days	8	22	34	68	136	404
Down Capture	18%	-14%	-30%	-20%	-20%	-89%
Bmk -ve Days	12	23	33	58	110	323
Stock -ve Days	14	20	29	58	116	344

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with CBOE
CBOE	45.0%	21.4%	1.64	-
Sector ETF (XLF)	14.0%	15.4%	0.65	6.4%
Equity (SPY)	24.2%	12.9%	1.49	-13.7%
Gold (GLD)	53.4%	27.6%	1.55	6.9%
Commodities (DBC)	26.8%	16.2%	1.47	-4.3%
Real Estate (VNQ)	18.7%	13.8%	1.00	19.5%
Bitcoin (BTCUSD)	-6.8%	42.9%	-0.05	-6.7%

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Based On 5-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with CBOE
CBOE	26.3%	21.8%	1.02	-
Sector ETF (XLF)	10.0%	18.7%	0.42	21.5%
Equity (SPY)	11.1%	17.0%	0.50	15.5%
Gold (GLD)	22.5%	17.8%	1.03	3.3%
Commodities (DBC)	11.7%	18.8%	0.51	3.1%
Real Estate (VNQ)	3.9%	18.8%	0.11	23.0%
Bitcoin (BTCUSD)	5.8%	56.5%	0.32	7.1%

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Based On 10-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with CBOE
CBOE	18.0%	24.6%	0.69	-
Sector ETF (XLF)	13.1%	22.2%	0.54	37.5%
Equity (SPY)	14.0%	17.9%	0.67	33.1%
Gold (GLD)	14.3%	15.9%	0.75	3.2%
Commodities (DBC)	8.8%	17.6%	0.42	11.7%
Real Estate (VNQ)	5.4%	20.7%	0.23	35.3%
Bitcoin (BTCUSD)	67.7%	66.9%	1.07	7.0%

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Short Interest

Short Interest: As Of Date	3312026
Short Interest: Shares Quantity	3.2 Mil
Short Interest: % Change Since 3152026	-1.2%
Average Daily Volume	0.8 Mil
Days-to-Cover Short Interest	3.9 days
Basic Shares Quantity	104.7 Mil
Short % of Basic Shares	3.1%

Returns Analyses

	Title
0	How Low Can Cboe Global Markets Stock Really Go?
1	CBOE YTD Stock Return Of 12% Outperforms MKTX by 18% and Underperforms SCHW by -7.3%
2	Cboe Global Markets Stock Return Comparison
3	Cboe Global Markets Total Shareholder Return (TSR): -2.3% in 2022 and 3.1% 3-yr returns (below peer average)
4	[9/28/2021] CBOE (CBOE) Stock Price Forecast: AI Forecasts CBOE Stock Price To Be Around $125 In A Month (Up 1.5%)

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
2/6/2026	-0.7%	-1.7%	9.0%
10/31/2025	3.7%	6.7%	7.7%
8/1/2025	2.8%	3.5%	-1.8%
5/2/2025	2.3%	3.1%	4.8%
2/7/2025	2.0%	0.6%	6.1%
11/1/2024	-1.7%	-6.5%	-0.5%
8/2/2024	4.3%	9.9%	10.9%
5/3/2024	3.2%	5.1%	0.8%
...
SUMMARY STATS
# Positive	16	16	18
# Negative	8	8	6
Median Positive	2.8%	3.9%	6.9%
Median Negative	-1.7%	-3.3%	-1.5%
Max Positive	4.3%	9.9%	15.8%
Max Negative	-5.8%	-7.5%	-4.2%

	Forward Returns
2/6/2026	-0.7%	-1.7%	9.0%
10/31/2025	3.7%	6.7%	7.7%
8/1/2025	2.8%	3.5%	-1.8%
5/2/2025	2.3%	3.1%	4.8%
2/7/2025	2.0%	0.6%	6.1%
11/1/2024	-1.7%	-6.5%	-0.5%
8/2/2024	4.3%	9.9%	10.9%
5/3/2024	3.2%	5.1%	0.8%
2/2/2024	-1.1%	-0.3%	2.8%
11/3/2023	4.1%	8.3%	12.0%
8/4/2023	4.0%	6.0%	7.8%
5/5/2023	-0.4%	1.4%	-1.1%
2/3/2023	2.8%	4.0%	4.1%
11/4/2022	2.7%	-3.2%	2.3%
7/29/2022	-1.8%	-5.2%	-4.2%
4/29/2022	-2.0%	-3.5%	-2.5%
2/4/2022	3.1%	3.8%	0.2%
10/29/2021	0.6%	1.0%	-0.8%
7/30/2021	2.2%	4.4%	8.2%
4/30/2021	1.0%	3.8%	8.1%
2/5/2021	-5.8%	-7.5%	11.3%
10/30/2020	2.6%	4.8%	15.8%
7/31/2020	0.9%	-2.2%	6.1%
5/1/2020	-5.4%	0.1%	6.1%
SUMMARY STATS
# Positive	16	16	18
# Negative	8	8	6
Median Positive	2.8%	3.9%	6.9%
Median Negative	-1.7%	-3.3%	-1.5%
Max Positive	4.3%	9.9%	15.8%
Max Negative	-5.8%	-7.5%	-4.2%

SEC Filings

Expand for More

Report Date	Filing Date	Filing
12/31/2025	02/20/2026	10-K
09/30/2025	10/31/2025	10-Q
06/30/2025	08/01/2025	10-Q
03/31/2025	05/02/2025	10-Q
12/31/2024	02/21/2025	10-K
09/30/2024	11/01/2024	10-Q
06/30/2024	08/02/2024	10-Q
03/31/2024	05/03/2024	10-Q
12/31/2023	02/16/2024	10-K
09/30/2023	11/03/2023	10-Q
06/30/2023	08/04/2023	10-Q
03/31/2023	05/05/2023	10-Q
12/31/2022	02/17/2023	10-K
09/30/2022	11/04/2022	10-Q
06/30/2022	07/29/2022	10-Q
03/31/2022	04/29/2022	10-Q

Recent Forward Guidance [BETA]

Latest: Q4 2025 Earnings Reported 2/6/2026

Forward Guidance				Guidance Change
Metric	Low	Mid	High	% Chg	% Delta	Change	Prior
2026 Organic Total Net Revenue Growth		5.0%		-60.0%	-7.5%	Lower New	Actual: 12.5% for 2025
2026 Data Vantage Organic Net Revenue Growth		7.0%		-26.3%	-2.5%	Lower New	Actual: 9.5% for 2025
2026 Adjusted Operating Expenses	864.00 Mil	871.50 Mil	879.00 Mil	4.4%		Higher New	Actual: 834.50 Mil for 2025
2026 Depreciation and Amortization Expense	56.00 Mil	58.00 Mil	60.00 Mil	11.5%		Higher New	Actual: 52.00 Mil for 2025
2026 Effective Tax Rate on Adjusted Earnings	27.5%	28.5%	29.5%	-3.4%	-1.0%	Lower New	Actual: 29.5% for 2025
2026 Capital Expenditures	73.00 Mil	78.00 Mil	83.00 Mil	0		Same New	Actual: 78.00 Mil for 2025

Prior: Q3 2025 Earnings Reported 10/31/2025

Forward Guidance				Guidance Change
Metric	Low	Mid	High	% Chg	% Delta	Change	Prior
2025 Organic Total Net Revenue Growth	10.0%	12.5%		47.1%	4.0%	Raised	Guidance: 8.5% for 2025
2025 Data Vantage Organic Net Revenue Growth	7.0%	9.5%		26.7%	2.0%	Raised	Guidance: 7.5% for 2025
2025 Adjusted Operating Expenses	827.00 Mil	834.50 Mil	842.00 Mil	-0.6%		Raised	Guidance: 839.50 Mil for 2025
2025 Depreciation and Amortization Expense	50.00 Mil	52.00 Mil	54.00 Mil	-5.4%		Raised	Guidance: 55.00 Mil for 2025
2025 Effective Tax Rate on Adjusted Earnings	28.5%	29.5%	30.5%	0	0	Affirmed	Guidance: 29.5% for 2025
2025 Capital Expenditures	73.00 Mil	78.00 Mil	83.00 Mil	-2.5%		Raised	Guidance: 80.00 Mil for 2025

Insider Activity

Expand for More

#	Owner	Title	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Isaacson, Christopher A	EVP, COO	Direct	Sell	9042025	236.66	5,000	1,183,300	8,893,683	Form
2	Isaacson, Christopher A	EVP, COO	Direct	Sell	6112025	221.37	5,000	1,106,850	9,425,935	Form
3	Clay, Catherine R	EVP, GLOBAL DERIVATIVES	Direct	Sell	5282025	226.58	3,598	815,235	494,624	Form
4	Goodman, Jill R		Direct	Sell	3142025	206.24	1,300	268,112	2,593,056	Form
5	Goodman, Jill R		Direct	Sell	3142025	211.33	1,384	292,481	2,364,571	Form

CBOE Trade Sentinel

Stock Conviction

null

CONVICTION RATIONALE

null

STOCK ARCHETYPE

null

INVESTMENT THESIS

null

Mechanism: null

Supporting Evidence:

PRIMARY RISK

null

Mechanism: null

Supporting Evidence:

Key KPI Watchlist

KPI	Threshold	Rationale

Core Investment Debate

BULL VIEW

CORE TENSION

PREVAILING SENTIMENT

BEAR VIEW

Next 6 months: Risks and Catalysts

Timeline	Event & Metric To Watch

Key Events in Last 6 Months

Date	Event	Stock Impact

Risk Management

Position Sizing

null

Diversification Alternatives

How Is The Market Pricing CBOE?

What will confirm the thesis

What will damage the thesis

Noise: Real but irrelevant to thesis

Repricing Catalyst

What CBOE Makes & Who Pays

TTM figures based on

CBOE Evolution: Price Return by Era

① Structure

② Volume / Momentum

③ Catalyst

Combined Score

0 / 12

1 Price Structure & Trend · ▾

2 Momentum ▾

3 Relative Strength vs. SPY ▾

4 Institutional Footprint & Volume ▾

5 Volatility ▾

6 Key Price Levels Range · Vol ▾

7 Earnings Reaction History ▾

8 How the Verdict Is Derived Three Pillars ▾

Pillar	Score
① Structure	0
② Vol / Mom	0
③ Catalyst	0

ℹ Bull Pillars: 0 · Bear Pillars: 0 · Combined Score: 0 →

Industry Resources

Financials Resources

Federal Reserve Economic Data

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Cboe Global Markets (CBOE)

Market Price (4/15/2026): $300.75 | Market Cap: $31.5 BilSector: Financials | Industry: Financial Exchanges & Data

Cboe Global Markets (CBOE)

Market Price (4/15/2026): $300.75Market Cap: $31.5 BilSector: FinancialsIndustry: Financial Exchanges & Data

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

About Cboe Global Markets (CBOE)

Craig Donohue

Jill Griebenow

Scott Johnston

Patrick Sexton

Prashant Bhatia

Addressable Market Sizes for Cboe Global Markets' Main Products and Services

Interactive Breakdown

Better Bets vs. Cboe Global Markets (CBOE)

INDUSTRY: Financial Exchanges & Data

Higher Rev Chg 3Y Avg | Lower P/S (Values for CBOE: 6.3% | 6.7x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for CBOE: 6.3% | 20.8x)

Higher Rev Chg LTM (Value for CBOE: 15.1%)

Higher Rev Chg 3Y Avg (Value for CBOE: 6.3%)

Higher Op Mgn LTM (Value for CBOE: 32.1%)

Higher CFO/Rev LTM (Value for CBOE: 37.2%)

Higher FCF/Rev LTM (Value for CBOE: 35.7%)

Higher Total Yield (Value for CBOE: 4.4%)

SECTOR: Financials

Higher Rev Chg 3Y Avg | Lower P/S (Values for CBOE: 6.3% | 6.7x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for CBOE: 6.3% | 20.8x)

Higher Rev Chg LTM (Value for CBOE: 15.1%)

Higher Rev Chg 3Y Avg (Value for CBOE: 6.3%)

Higher Op Mgn LTM (Value for CBOE: 32.1%)

Higher CFO/Rev LTM (Value for CBOE: 37.2%)

Higher FCF/Rev LTM (Value for CBOE: 35.7%)

Higher Total Yield (Value for CBOE: 4.4%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for CBOE: 6.3% | 6.7x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for CBOE: 6.3% | 20.8x)

Higher Rev Chg LTM (Value for CBOE: 15.1%)

Higher Rev Chg 3Y Avg (Value for CBOE: 6.3%)

Higher Op Mgn LTM (Value for CBOE: 32.1%)

Higher CFO/Rev LTM (Value for CBOE: 37.2%)

Higher FCF/Rev LTM (Value for CBOE: 35.7%)

Higher Total Yield (Value for CBOE: 4.4%)

Best Bets in Financials

P/EBIT (Value for CBOE: 19.5x)

P/E (Value for CBOE: 28.6x)

Rev Chg 3Y Avg (Value for CBOE: 6.3%)

Rev Chg LTM (Value for CBOE: 15.1%)

Rev Chg Q (Value for CBOE: 8.7%)

FCF/Rev 3Y Avg (Value for CBOE: 29.5%)

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Market Price (4/15/2026): $300.75 | Market Cap: $31.5 Bil
Sector: Financials | Industry: Financial Exchanges & Data

Market Price (4/15/2026): $300.75
Market Cap: $31.5 Bil
Sector: Financials
Industry: Financial Exchanges & Data