Cboe Global Markets, Inc.
For the period ended Dec 31, 2025. Filed Feb 20, 2026.
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FY2025 · Filed Feb 20, 2026
CBOE$364.81+3.4%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Consolidated Statements of Income
(In millions, except per share data)
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| Revenues: | |||
| Cash and spot markets | $1,834.8 | $1,670.0 | $1,445.1 |
| Data Vantage | 635.5 | 576.6 | 539.2 |
| Derivatives markets | 2,243.9 | 1,847.9 | 1,789.2 |
| Total revenues | 4,714.2 | 4,094.5 | 3,773.5 |
| Cost of revenues: | |||
| Liquidity payments | 1,709.7 | 1,329.1 | 1,385.8 |
| Routing and clearing | 80.4 | 68.3 | 79.1 |
| Regulatory fees cost of revenues | 238.7 | 391.4 | 185.7 |
| Royalty fees and other cost of revenues | 256.3 | 233.3 | 204.9 |
| Total cost of revenues | 2,285.1 | 2,022.1 | 1,855.5 |
| Revenues less cost of revenues | 2,429.1 | 2,072.4 | 1,918.0 |
| Operating expenses: | |||
| Compensation and benefits | 500.8 | 462.4 | 425.8 |
| Depreciation and amortization | 122.4 | 133.0 | 158.0 |
| Technology support services | 107.6 | 102.8 | 99.7 |
| Professional fees and outside services | 91.5 | 94.8 | 92.0 |
| Travel and promotional expenses | 42.1 | 45.8 | 37.6 |
| Facilities costs | 26.2 | 24.6 | 25.7 |
| Acquisition-related costs | 0.3 | 1.3 | 7.4 |
| Impairment of assets | 46.7 | 81.0 | — |
| Other expenses | 24.4 | 28.3 | 13.9 |
| Total operating expenses | 962.0 | 974.0 | 860.1 |
| Operating income | 1,467.1 | 1,098.4 | 1,057.9 |
| Non-operating (expenses) income: | |||
| Interest expense | (52.3) | (51.5) | (62.4) |
| Interest income | 49.4 | 27.3 | 12.0 |
| Earnings on investments, net | 92.8 | 29.0 | 39.5 |
| Other income (expense), net | 9.6 | (19.4) | 0.6 |
| Income before income tax provision | 1,566.6 | 1,083.8 | 1,047.6 |
| Income tax provision | 466.6 | 318.9 | 286.2 |
| Net income | 1,100.0 | 764.9 | 761.4 |
| Net income allocated to participating securities | (5.2) | (3.9) | (3.9) |
| Net income allocated to common stockholders | $1,094.8 | $761.0 | $757.5 |
| Basic earnings per share | $10.46 | $7.24 | $7.16 |
| Diluted earnings per share | $10.42 | $7.21 | $7.13 |
| Basic weighted average shares outstanding | 104.7 | 105.1 | 105.8 |
| Diluted weighted average shares outstanding | 105.1 | 105.5 | 106.2 |
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