Cboe Global Markets (CBOE)

Financials · $37.7B market cap · SEC CIK 0001374310

Next reports on Feb 4, 2027, after the close, with analysts expecting $3.65 in earnings per share.

52-week range $227.15 to $371.18. 2% below its 52-week high and 61% above its low.

The case for CBOE

• Earns 26% back on shareholder equity.
• 27% of revenue drops through to net profit.
• Revenue growing 11.7% year over year.
• Earnings per share up 50.4%.
• Moves less than the market (beta 0.38).
• Pays a modest 1.2% dividend.

The case against

• Price/sales of 7.4× is higher than 88% of Financials companies.
• Weakest against its peers: P/E of 27.9× is higher than 82% of Financials companies.

What the score is made of

Each factor is half a curve over reported figures and half a rank among the other Financials companies (momentum is judged against fixed thresholds only), and the five are blended by weight. The score is where that blend places it in the S&P 500. It describes the last filing and the current price. It is not a forecast.

• Its debt and cash flow are not scored, as for every company in the Financials sector: for banks, insurers and brokers, borrowing is the business.
• Each factor except momentum is half fixed thresholds, half rank among the 76 Financials companies.

The financials

The financials, five years deep

Pulled from Cboe Global Markets's XBRL filings on SEC EDGAR. Italic rows are worked out from the others.

What Cboe Global Markets says it does

The following description of the business should be read in conjunction with the information included elsewhere in this Annual Report on Form 10-K for the year ended December 31, 2025. This description contains forward-looking statements that involve risks and uncertainties. Actual results could differ significantly from the results discussed in the forward-looking statements due to the factors set forth in “Risk Factors” and elsewhere in this Annual Report on Form 10-K. 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…

Risk factors CBOE lists in its 10-K

• Loss of our right to exclusively list and trade certain index options and futures could have a material adverse effect on our financial performance
• General economic conditions and other factors beyond our control could significantly reduce demand for our products and services and harm our business
• Our business may be adversely affected by price competition
• Revenues from our market data fees and access and capacity fees may be reduced due to declines in our market share, trading volumes or regulatory changes
• If we fail to attract or retain highly skilled management and other employees our business may be harmed
• Intense competition could materially adversely affect our market share and financial performance
• We may not effectively manage our growth, which could materially harm our business, financial condition, and operating results
• Our global operations are complex and subject us to increased business and economic risks that could adversely affect our financial results
• Global trade policies, including the assessment of tariffs and other impositions on imported goods, may have a material adverse impact on our business
• We and our licensors may not be able to protect our respective intellectual property rights
• Our clearinghouse operations expose us to associated risks, including credit, liquidity, market and other risks related to the defaults of clearing members and other counterparties, and risks related to investing of collateral
• Computer and communications systems failures and capacity constraints could harm our reputation and our business
• Our use of open source software code may subject our software to general release or require us to re
• engineer our software, which could harm our business
• Damage to our reputation could have a material adverse effect on our business, financial condition, and operating results
• A limited number of customers comprise a material portion of our revenues, and the loss of key customers or a significant reduction in trading or clearing volumes by key customers could adversely affect our operating results
• Financial or other problems experienced by third parties could have an adverse effect on our business
• We may be required to assume ownership of a position in securities in connection with our order routing service, which could subject us to trading losses when our broker-dealer disposes of that position
• We operate in a highly regulated industry and may be subject to censures, fines, and other legal proceedings if we fail to comply with legal and regulatory obligations
• Legislative or regulatory changes affecting our markets could have a material adverse effect on our business, financial condition, and operating results
• Any infringement by us on intellectual property rights of others could result in litigation and could have a material adverse effect on our operations
• Misconduct by our TPHs, members, participants or others could harm us
• Managing our business interests and our regulatory responsibilities may adversely affect our business
• Our ability to implement or amend rules could be limited or delayed by required regulatory review processes, which could negatively affect our ability to implement needed changes
• Changes in the tax laws and regulations affecting us, our offerings and our market participants could have a material adverse effect on our business
• We are subject to litigation risks and other liabilities
• If our goodwill, long-lived assets, investments in non-consolidated subsidiaries, and intangible assets become impaired, the resulting charge to earnings may be significant
• We have outstanding indebtedness and commitments, which may decrease our business flexibility and adversely affect our business, financial condition, and operating results
• Deterioration in our credit profile may increase our costs of borrowing money
• Certain provisions in our organizational documents and governing law could prevent or delay a change of control

Filings

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