Cboe Global MarketsCBOEEarnings & Financial Report
Cboe Global Markets, Inc. is an American financial exchange operator headquartered in Chicago. It owns and operates a portfolio of exchanges and trading venues across equities, options, futures, and digital assets.
Revenue
$1.2B
Gross Profit
$671.1M
Operating Profit
$403.8M
Net Profit
$313.5M
Gross Margin
55.7%
Operating Margin
33.5%
Net Margin
26.0%
YoY Growth
8.7%
EPS
$2.97
Cboe Global Markets Q4 FY2025 Financial Summary
Cboe Global Markets reported revenue of $1.2B (up 8.7% YoY) for Q4 FY2025, with a net profit of $313.5M (up 59.5% YoY) (26.0% margin). Cost of goods sold was $532.9M, operating expenses totaled $267.3M.
Key Financial Metrics
| Total Revenue | $1.2B |
|---|---|
| Net Profit | $313.5M |
| Gross Margin | 55.7% |
| Operating Margin | 33.5% |
| Report Period | Q4 FY2025 |
Revenue Breakdown
Cboe Global Markets Q4 FY2025 revenue of $1.2B breaks down across 9 segments, led by Liquidity Payments at $443.6M (36.8% of total).
| Segment | Revenue | % of Total |
|---|---|---|
| Liquidity Payments | $443.6M | 36.8% |
| Cash And Spot Markets | $431.3M | 35.8% |
| Transferred Over Time | $84.3M | 7.0% |
| Market Data Fees | $82.7M | 6.9% |
| Royalty Fees | $68.9M | 5.7% |
| Futures | $36.1M | 3.0% |
| Global FX | $24.4M | 2.0% |
| Other Revenue | $23.1M | 1.9% |
| Routing And Clearing | $20.1M | 1.7% |
Cboe Global Markets Revenue by Segment — Quarterly Trend
Cboe Global Markets revenue by segment across the last 4 reported quarters, showing how each business line (such as Liquidity Payments and Cash And Spot Markets) has evolved quarter over quarter.
| Segment | Q1 FY2026 | Q4 FY2025 | Q3 FY2025 | Q2 FY2025 |
|---|---|---|---|---|
| Liquidity Payments | — | $443.6M | — | — |
| Cash And Spot Markets | — | $431.3M | $415.0M | — |
| Transferred Over Time | — | $84.3M | $84.2M | — |
| Market Data Fees | — | $82.7M | — | $82.4M |
| Royalty Fees | — | $68.9M | $62.9M | $62.2M |
Cboe Global Markets Annual Revenue by Year
Cboe Global Markets annual revenue history includes year-by-year totals (for example, 2025 revenue was $4.7B).
| Year | Annual Revenue |
|---|---|
| 2025 | $4.7B |
| 2024 | $4.1B |
| 2023 | $3.8B |
| 2022 | $4.0B |
Cboe Global Markets Quarterly Revenue & Net Profit History
Cboe Global Markets results over the last 8 reported quarters, including revenue, net profit and year-over-year growth.
| Quarter | Revenue | Revenue YoY | Net Profit | Net Margin |
|---|---|---|---|---|
| Q1 FY2026 | $1.3B | +6.5% | $385.7M | 30.3% |
| Q4 FY2025 | $1.2B | +8.7% | $313.5M | 26.0% |
| Q3 FY2025 | $1.1B | +8.1% | $300.8M | 26.3% |
| Q2 FY2025 | $1.2B | +20.5% | $235.1M | 20.0% |
| Q1 FY2025 | $1.2B | +24.8% | $250.6M | 21.0% |
| Q4 FY2024 | $1.1B | +14.3% | $196.5M | 17.7% |
| Q3 FY2024 | $1.1B | +16.2% | $218.5M | 20.7% |
| Q2 FY2024 | $974.0M | +7.3% | $140.4M | 14.4% |
Income Statement
| Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $974.0M | $1.06B | $1.11B | $1.20B | $1.17B | $1.14B | $1.20B | $1.27B |
| YoY Growth | 7.3% | 16.2% | 14.3% | 24.8% | 20.5% | 8.1% | 8.7% | 6.5% |
Balance Sheet
| Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | |
|---|---|---|---|---|---|---|---|---|
| Assets | $9.26B | $8.71B | $7.79B | $8.67B | $9.05B | $9.07B | $9.31B | $11.07B |
| Liabilities | $5.23B | $4.50B | $3.51B | $4.22B | $4.38B | $4.18B | $4.17B | $5.70B |
| Equity | $4.02B | $4.21B | $4.28B | $4.45B | $4.67B | $4.88B | $5.14B | $5.37B |
Cash Flow
| Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|---|
| Operating CF | $1.49B | $-578.5M | $-710.4M | $912.9M | $333.7M | $153.9M | $352.1M |