Cboe Global Markets, Inc.

Previous wording

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.

Current wording

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 equities 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 Clear U.S., an operator of a regulated clearinghouse, Cboe Canada, a recognized Canadian securities exchange, and Cboe Australia (sold as of July 31, 2026). Cboe subsidiaries also serve collectively as a leading market globally for exchange-traded products (“ETPs”) listings and trading.

Previous wording

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.

Current wording

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

Previous wording

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.

Current wording

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.

Previous wording

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.

Current wording

In January 2026, the Company formally initiated the wind down of the CEDX exchange service following a comprehensive strategic review of its global operations. The CEDX exchange service was decommissioned effective February 23, 2026.

Previous wording

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.

Current wording

On April 20, 2026, the Company’s Executive Committee of the Board of Directors approved the sale of Cboe Australia and Cboe Canada to a single buyer. On April 22, 2026, the Company announced a definitive agreement to sell its Cboe Australia and Cboe Canada businesses to TMX Group Limited (“TMX”), a leading market operator, for approximately $300 million. The transaction is subject to customary closing conditions, including applicable regulatory approvals. The sale of Cboe Australia closed on July 31, 2026, and the sale of Cboe Canada is expected to close after required approvals have been obtained.

Previous wording

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.

Current wording

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, Head of Cash and Spot Markets.

Previous wording

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.

Current wording

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 fee revenues generated from the consolidated tape plans, the licensing of proprietary options market data, index licensing, routing services, and access and capacity services.

Previous wording

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.

Current wording

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 formerly 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 until July 31, 2026, following the sale of Cboe 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

Previous wording

•continuing pressure in transaction fee pricing due to intense competition in the North American, European, and Asia Pacific markets;

Current wording

•continuing pressure in transaction fee pricing due to intense competition in the North American and European markets;

Previous wording

Liquidity payments are primarily correlated to the trading volumes on our markets. As stated above, we record the liquidity rebates paid to market participants providing liquidity, in the case of Cboe Options, C2, BZX, EDGX, Cboe Europe Equities and Derivatives, Cboe Clear U.S., Cboe Digital Exchange, and CFE as cost of revenue. BYX offers an inverted pricing model where we rebate liquidity takers for executing against an order resting on our book, which is also recorded as a cost of revenue. EDGA offers a maker-taker fee model under which liquidity providers receive a rebate, while liquidity takers pay a fee, all within a pricing model that does not include volume-based tiers.

Current wording

Liquidity payments are primarily correlated to the trading volumes on our markets. As stated above, we record the liquidity rebates paid to market participants providing liquidity, in the case of Cboe Options, C2, BZX, EDGX, Cboe Europe Equities, Cboe Clear U.S., Cboe Digital Exchange, and CFE as cost of revenue. BYX offers an inverted pricing model where we rebate liquidity takers for executing against an order resting on our book, which is also recorded as a cost of revenue. EDGA offers a maker-taker fee model under which liquidity providers receive a rebate, while liquidity takers pay a fee, all within a pricing model that does not include volume-based tiers.

Previous wording

Other expenses represent costs necessary to support our operations that are not already included in the above categories, including, but not limited to, office expenses, charitable contributions, insurance, and general corporate expenses.

Current wording

Other expenses represent costs necessary to support our operations that are not already included in the above categories, including, but not limited to, bad debt provisions, office expenses, charitable contributions, insurance, and general corporate expenses.

Previous wording

Income and expenses incurred through activities outside of our core operations are considered non-operating and are classified as interest expense, interest income, earnings (loss) on investments, net, or other income (expenses), net. These activities primarily include interest earned on the investing of excess cash, commitment fees and interest expense related to outstanding debt facilities, income and unrealized gains and losses related to investments held in a trust for the Company’s non-qualified retirement and benefit plans, including non-employee director deferred compensation, unrealized and realized gains or losses or income earned related to the Company’s minority investments, exchange gain and loss, and equity earnings or losses from our investments in other business ventures.

Current wording

Income and expenses incurred through activities outside of our core operations are considered non-operating and are classified as interest expense, interest income, earnings (loss) on investments, net, or other income (expenses), net. These activities primarily include interest earned on the investing of excess cash, commitment fees and interest expense related to outstanding debt facilities, income and unrealized gains and losses related to investments held in a trust for the Company’s non-qualified retirement and benefit plans, including non-employee director deferred compensation, unrealized and realized gains or losses or income earned related to the Company’s minority investments, transition services agreement income related to recent divestitures, exchange gain and loss, and equity earnings or losses from our investments in other business ventures.

Previous wording

We believe our presentation of these measures provides additional and comparative information to assess trends in our core operations and a means to evaluate period-to-period comparisons. Non-GAAP financial measures are provided as additional information to investors in order to provide them with an alternative method for assessing our financial condition and operating results. We have presented the following non-GAAP measures because we consider them important supplemental measures of our performance and believe that they are frequently used by analysts, investors, and other interested parties in the evaluation of companies. We use adjusted operating EBITDA as a measure of operating performance for preparation of our forecasts and we use adjusted EBITDA for evaluating our leverage ratio for the debt to earnings covenant included in our outstanding credit facility. In addition, we have presented adjusted earnings because we consider it an important supplemental measure of our performance and we use it as the basis for monitoring our own core operating financial performance relative to other operators of exchanges. We also believe that it is frequently used by analysts, investors, and other interested parties in the evaluation of companies. We believe that investors may find this non-GAAP measure useful in evaluating our performance compared to that of peer companies in our industry.

Current wording

We believe our presentation of these measures provides additional and comparative information to assess trends in our core operations and a means to evaluate period-to-period comparisons. Non-GAAP financial measures are provided as additional information to investors in order to provide them with an alternative method for assessing our financial condition and operating results. We have presented the following non-GAAP measures because we consider them important supplemental measures of our performance and believe that they are frequently used by analysts, investors, and other interested parties in the evaluation of companies. We use adjusted operating EBITDA as a measure of operating performance for preparation of our forecasts and we use adjusted EBITDA for evaluating our leverage ratio for the debt to earnings covenant included in our outstanding credit facility. In addition, we have presented adjusted earnings because we consider it an important supplemental measure of our performance and we use it as the basis for monitoring our own core operating financial performance relative to other operators of exchanges. We have presented organic net revenue because we consider it a useful measure for evaluating our operating financial performance before the effects of acquisitions or divestitures. We believe that investors may find these non-GAAP measures useful in evaluating our performance compared to that of peer companies in our industry, however, these non-GAAP financial measures are not presented in accordance with, or as an alternative to, GAAP financial measures and may be calculated differently from non-GAAP measures used by other companies, which reduces their usefulness as comparative measures. We encourage analysts, investors, and other interested parties to use these non-GAAP measures as supplemental information to the GAAP financial measures included herein, including our condensed consolidated financial statements, to enhance their analysis and understanding of our performance and in making comparisons. We note that non-GAAP measures have limitations as analytical tools and they should not be considered in isolation or as substitutes for analysis of our results as reported under GAAP. Please see the footnotes below for definitions, additional information, and reconciliations from the closest GAAP measure.

Previous wording

The following summarizes changes in financial performance for the three and six months ended June 30, 2026, compared to the three and six months ended June 30, 2025. “YTD” represents the six month periods ended June 30, 2026 and 2025, respectively:

Current wording

The following summarizes changes in financial performance for the three and nine months ended September 30, 2026, compared to the three and nine months ended September 30, 2025. “YTD” represents the nine month periods ended September 30, 2026 and 2025, respectively:

Previous wording

(1)Adjusted operating income is defined as operating income after relevant operating adjustments, which include revenue, cost of revenues, and operating expense adjustments, as applicable. Adjusted operating margin represents adjusted operating income divided by revenues less cost of revenues. Operating EBITDA is defined as operating income before depreciation and amortization. Operating EBITDA margin represents operating EBITDA divided by revenues less cost of revenues. Adjusted operating EBITDA is calculated by adding back to operating EBITDA relevant operating adjustments, which include revenue, cost of revenues, and operating expense adjustments, as applicable. Adjusted operating EBITDA margin represents adjusted operating EBITDA divided by revenues less cost of revenues. Relevant adjustments are detailed in the reconciliations that follow.

Current wording

(2)Adjusted operating income is defined as operating income after relevant operating adjustments, which include revenue, cost of revenues, operating expense adjustments, and other operating adjustments, as applicable. Adjusted operating margin represents adjusted operating income divided by revenues less cost of revenues. Operating EBITDA is defined as operating income before depreciation and amortization. Operating EBITDA margin represents operating EBITDA divided by revenues less cost of revenues. Adjusted operating EBITDA is calculated by adding back to operating EBITDA relevant operating adjustments, which include revenue, cost of revenues, operating expense adjustments, and other operating adjustments, as applicable. Adjusted operating EBITDA margin represents adjusted operating EBITDA divided by revenues less cost of revenues. Relevant adjustments are detailed in the reconciliations that follow.

Previous wording

(2)EBITDA is defined as income before interest, net, income taxes, and depreciation and amortization. EBITDA margin represents EBITDA divided by revenues less cost of revenues. Adjusted EBITDA is calculated by adding back to EBITDA relevant adjustments, which include revenue, cost of revenues, operating expense, and non-operating adjustments, as applicable. Adjusted EBITDA margin represents adjusted EBITDA divided by revenues less cost of revenues. Adjusted earnings is defined as net income after relevant adjustments, which include revenue, cost of revenues, operating expense, non-operating adjustments, certain tax adjustments, and net income or loss allocated to participating securities, net of income tax effects of these adjustments, as applicable. Adjusted diluted earnings per share represents adjusted earnings divided by diluted weighted average shares outstanding. Relevant adjustments are detailed in the reconciliations that follow.

Current wording

(3)EBITDA is defined as income before interest, net, income taxes, and depreciation and amortization. EBITDA margin represents EBITDA divided by revenues less cost of revenues. Adjusted EBITDA is calculated by adding back to EBITDA relevant adjustments, which include revenue, cost of revenues, operating expense, other operating adjustments, and non-operating adjustments, as applicable. Adjusted EBITDA margin represents adjusted EBITDA divided by revenues less cost of revenues. Adjusted earnings is defined as net income after relevant adjustments, which include revenue, cost of revenues, operating expense, other operating adjustments, non-operating adjustments, certain tax adjustments, and net income or loss allocated to participating securities, net of income tax effects of these adjustments, as applicable. Adjusted diluted earnings per share represents adjusted earnings divided by diluted weighted average shares outstanding. Relevant adjustments are detailed in the reconciliations that follow.

Previous wording

The following is a reconciliation of operating income to adjusted operating income (in millions) for the three and six months ended June 30, 2026 and 2025, respectively:

Current wording

The following is a reconciliation of operating income to adjusted operating income (in millions) for the three and nine months ended September 30, 2026 and 2025, respectively:

Previous wording

The following is a reconciliation of operating income to operating EBITDA and adjusted operating EBITDA by segment (in millions) for the three and six months ended June 30, 2026 and 2025, respectively:

Current wording

The following is a reconciliation of operating income (loss) to operating EBITDA and adjusted operating EBITDA by segment (in millions) for the three and nine months ended September 30, 2026 and 2025, respectively:

Previous wording

The following is a reconciliation of net income (loss) allocated to common stockholders to EBITDA and adjusted EBITDA (in millions) for the three and six months ended June 30, 2026 and 2025, respectively:

Current wording

The following is a reconciliation of net income allocated to common stockholders to EBITDA and adjusted EBITDA (in millions) for the three and nine months ended September 30, 2026 and 2025, respectively:

Previous wording

The following is a reconciliation of net income allocated to common stockholders to adjusted earnings (in millions):

Current wording

The following is a reconciliation of net income allocated to common stockholders to adjusted earnings (in millions) for the three and nine months ended September 30, 2026 and 2025, respectively:

Previous wording

(c) This amount represents certain strategic realignment costs related to announced strategic realignment initiatives. For the three months ended June 30, 2026, the costs included $21.7 million in compensation and benefits, $2.5 million in professional fees and outside services, and $0.1 million in technology support services, partially offset by a reversal of $0.6 million in other expenses, on the condensed consolidated statements of income. For the three months ended June 30, 2025, the costs included $17.1 million in impairment of assets and $0.2 million in compensation and benefits on the condensed consolidated statements of income. For the six months ended June 30, 2026, the costs included $23.3 million in compensation and benefits, $4.0 million in professional fees and outside services, and $1.9 million in technology support services, partially offset by a reversal of $0.4 million in other expenses, on the condensed consolidated statements of income. For the six months ended June 30, 2025, the costs included $17.1 million in impairment of assets and $0.5 million in compensation and benefits on the condensed consolidated statements of income.

Current wording

(e) This amount represents certain strategic realignment costs related to announced strategic realignment initiatives. For the three months ended September 30, 2026, the costs included $13.0 million in compensation and benefits, $2.1 million in professional fees and outside services, $1.4 million in impairment of assets, and $0.2 million in other expenses on the condensed consolidated statements of income. For the three months ended September 30, 2025, the costs included $4.5 million in impairment of assets and $2.5 million in compensation and benefits on the condensed consolidated statements of income. For the nine months ended September 30, 2026, the costs included $36.3 million in compensation and benefits, $6.1 million in professional fees and outside services, $1.9 million in technology support services, and $1.4 million in impairment of assets, partially offset by a reversal of $0.2 million in other expenses on the condensed consolidated statements of income. For the nine months ended September 30, 2025, the costs included $21.6 million in impairment of assets and $3.0 million in compensation and benefits on the condensed consolidated statements of income.

Previous wording

(e) This amount represents net gains and losses associated with the PYTH token intangible assets and the Company's minority investments in Abaxx Singapore Pte, American Financial Exchange, LLC, and Eris Innovations Holdings, LLC, which are included in earnings (loss) on investments, net on the condensed consolidated statements of income.

Current wording

(g) This amount represents gains associated with the Company's former investment in 7Ridge Fund (which owns Trading Technologies) as a result of Trading Technologies' sale, as well as the net gains and losses associated with the Company's minority investments, in addition to PYTH token intangible assets which are included in earnings on investments, net on the condensed consolidated statements of income.

Previous wording

(f) These amounts represent the tax impact related to the resolution of uncertain tax positions for the three and six months ended June 30, 2026 and the remeasurements of deferred tax assets and liabilities at prevailing effective tax rates for the three and six months ended June 30, 2025.

Current wording

(h) These amounts represent the remeasurements of deferred tax assets and liabilities at prevailing effective tax rates for the three and nine months ended September 30, 2026 and 2025, the tax impact related to the resolution of uncertain tax positions and prior year state provision-to-return adjustments for the three and nine months ended September 30, 2026.

Previous wording

The following summarizes changes in certain operational and financial metrics for the six months ended June 30, 2026, compared to the six months ended June 30, 2025 (continued from previous page):

Current wording

The following summarizes changes in certain operational and financial metrics for the nine months ended September 30, 2026, compared to the nine months ended September 30, 2025 (continued from previous page):

Previous wording

The following table includes operational and financial metrics for our Options, North American Equities, Europe and Asia Pacific, Futures, and Global FX segments. The following summarizes changes in certain operational and financial metrics for the three and six months ended June 30, 2026 compared to the three and six months ended June 30, 2025:

Current wording

The following table includes operational and financial metrics for our Options, North American Equities, Europe and Asia Pacific, Futures, and Global FX segments. The following summarizes changes in certain operational and financial metrics for the three and nine months ended September 30, 2026 compared to the three and nine months ended September 30, 2025:

Previous wording

(15)Net capture per one million dollars traded refers to net transaction fees less liquidity payments, if any, divided by the product of one-thousandth of ADNV traded on Cboe FX Markets and the number of trading days for Spot and SEF, divided by two, which represents the buyer and seller that are both charged on the transaction.

Current wording

(14)Net capture per one million dollars traded refers to net transaction fees less liquidity payments, if any, divided by the product of one-thousandth of ADNV traded on Cboe FX Markets and the number of trading days for Spot and SEF, divided by two, which represents the buyer and seller that are both charged on the transaction.

Previous wording

Total revenues for the three months ended June 30, 2026 increased $269.3 million, or 23%, compared to the same period in 2025 primarily due to an increase in derivatives markets and cash and spot markets revenue driven by an increase in transaction and clearing fees as a result of increased volumes traded on the Cboe options, Cboe U.S. equities, and Cboe European equities exchanges, coupled with an increase in the Section 31 fee rate following a rate change in April 2026. Total revenues for the six months ended June 30, 2026 increased $347.1 million, or 15%, compared to the same period in 2025 primarily due to an increase in derivatives markets and cash and spot markets revenue driven by an increase in transaction and clearing fees as a result of increased volumes traded on the Cboe options, Cboe U.S. equities, and Cboe European equities exchanges, partially offset by a decrease in the average Section 31 fee rate following a rate change in May 2025, decreasing the rate to $0 per million dollars of covered sales, which remained in effect until April 2026.

Current wording

Total revenues for the three months ended September 30, 2026 increased $217.1 million, or 19%, compared to the same period in 2025 primarily due to an increase in the Section 31 fee rate following a rate change in April 2026, coupled with an increase in derivatives markets revenue driven by an increase in transaction and clearing fees as a result of increased volumes traded on the Cboe options exchanges, partially offset by a decrease in volumes traded on the Cboe U.S. equities exchanges. Total revenues for the nine months ended September 30, 2026 increased $564.2 million, or 16%, compared to the same period in 2025 primarily due to an increase in derivatives markets and cash and spot markets revenue driven by an increase in transaction and clearing fees as a result of increased volumes traded on the Cboe options, Cboe U.S. equities, and Cboe European equities exchanges, coupled with an increase in Section 31 fees due to an increase in volumes traded on the Cboe U.S. equity and options exchanges.

Previous wording

The following summarizes changes in revenues for the three and six months ended June 30, 2026 compared to the three and six months ended June 30, 2025 (in millions, except percentages):

Current wording

The following summarizes changes in revenues for the three and nine months ended September 30, 2026 compared to the three and nine months ended September 30, 2025 (in millions, except percentages):

Previous wording

Cash and spot markets revenue increased for the three months ended June 30, 2026 compared to the same period in 2025 primarily due to an increase in regulatory fees and transaction and clearing fees. Regulatory fees increased primarily due to an increase in the Section 31 fee rate, from an average of $13.24 per million dollars of covered sales for the three months ended June 30, 2025 to an average rate of $19.95 per million dollars of covered sales for the three months ended June 30, 2026, following a rate change effective April 2026 to $20.60 per million dollars of covered sales. Regulatory fees revenue related to Section 31 fees is directly offset by regulatory fees cost of revenues related to Section 31 fees. Transaction and clearing fees increased primarily due to pricing changes implemented from late second quarter through the third quarter of 2025 on Cboe U.S. equity exchanges (BZX, BYX, EDGX, and EDGA, collectively, the "Cboe U.S. equity exchanges") and a 13% increase in Cboe European equities exchanges matched ADNV.

Current wording

Cash and spot markets revenue increased for the three months ended September 30, 2026 compared to the same period in 2025 primarily due to an increase in regulatory fees, partially offset by a decrease in transaction and clearing fees on Cboe U.S. equity exchanges (BZX, BYX, EDGX, EDGA, collectively, the "Cboe U.S. equity exchanges"). Regulatory fees increased primarily due to an increase in the Section 31 fee rate, from an average of $0 per million dollars of covered sales for the three months ended September 30, 2025 to an average rate of $20.60 per million dollars of covered sales for the three months ended September 30, 2026, following a rate change effective April 2026 to $20.60 per million dollars of covered sales. Regulatory fees revenue related to Section 31 fees is directly offset by regulatory fees cost of revenues related to Section 31 fees. Transaction and clearing fees decreased primarily due to a 12% decrease in total matched shares on Cboe U.S. equity exchanges.

Previous wording

Cash and spot markets revenue increased for the six months ended June 30, 2026 compared to the same period in 2025 primarily due to an increase in transaction and clearing fees, partially offset by a decrease in regulatory fees. Transaction and clearing fees increased primarily due to an 8% increase in total matched shares on Cboe U.S. equity exchanges, a 19% increase in Cboe European equities exchanges matched ADNV, and a 22% increase in Cboe Clear Europe's net settlement volume. Regulatory fees decreased primarily due to a decrease in the Section 31 fee rate, from an average of $20.52 per million dollars of covered sales for the six months ended June 30, 2025 to an average rate of $9.97 per million dollars of covered sales for the six months ended June 30, 2026, following a rate change in May 2025 to $0 per million dollars of covered sales, which remained in effect until April 2026. Regulatory fees revenue related to Section 31 fees is directly offset by regulatory fees cost of revenues related to Section 31 fees.

Current wording

Cash and spot markets revenue increased for the nine months ended September 30, 2026 compared to the same period in 2025 primarily due to an increase in transaction and clearing fees, coupled with an increase in regulatory fees. Transaction and clearing fees increased primarily due to pricing changes implemented from late second quarter through the third quarter of 2025 on Cboe U.S. equity exchanges, a 15% increase in Cboe European equities exchanges matched ADNV, and a 22% increase in Global FX ADNV. Regulatory fees increased primarily due to an increase in the volumes on the Cboe U.S. equity and options exchanges, partially offset by a decrease in the Section 31 fee rate, from an average of $13.68 per million dollars of covered sales for the nine months ended September 30, 2025 to an average rate of $13.52 per million dollars of covered sales for the nine months ended September 30, 2026, following a rate change in May 2025 to $0 per million dollars of covered sales, which remained in effect until April 2026. Regulatory fees revenue related to Section 31 fees is directly offset by regulatory fees cost of revenues related to Section 31 fees.

Previous wording

Data Vantage revenue increased for the three and six months ended June 30, 2026 compared to the same periods in 2025 primarily due to increases in access and capacity fees and proprietary market data fees. Access and capacity fees increased primarily due to increases in logical port fees and physical port fees in the Options, North American Equities, and Europe and Asia Pacific segments, driven by increased customer demand. Proprietary market data fees increased primarily due to increases in customer demand for existing data products as a result of increased new unit sales and a strong contribution from new product sales, complementing continued demand for access to our markets and a durable and growing international contribution.

Current wording

Data Vantage revenue increased for the three and nine months ended September 30, 2026 compared to the same periods in 2025 primarily due to increases in access and capacity fees and proprietary market data fees. Access and capacity fees increased primarily due to increases in logical port fees and physical port fees in the Options and North American Equities segments, driven by increased customer demand. Proprietary market data fees increased primarily due to increases in customer demand for existing data products as a result of increased new unit sales and a strong contribution from new product sales, complementing continued demand for access to our markets and a durable and growing international contribution.

Previous wording

Derivatives markets revenue increased for the three months ended June 30, 2026 compared to the same period in 2025 primarily due to an increase in transaction and clearing fees, coupled with an increase in regulatory fees. Transaction and clearing fees increased primarily due to a 32% increase in index options ADV and a 24% increase in multi-listed options ADV. Regulatory fees increased primarily due to an increase in the Section 31 fee rate, from an average of $13.24 per million dollars of covered sales for the three months ended June 30, 2025 to an average rate of $19.95 per million dollars of covered sales for the three months ended June 30, 2026, following a rate change effective April 2026 to $20.60 per million dollars of covered sales. Regulatory fees revenue related to Section 31 fees is directly offset by regulatory fees cost of revenues related to Section 31 fees.

Current wording

Derivatives markets revenue increased for the three months ended September 30, 2026 compared to the same period in 2025 primarily due to an increase in transaction and clearing fees, coupled with an increase in regulatory fees. Transaction and clearing fees increased primarily due to a 24% increase in index options ADV. Regulatory fees increased primarily due to an increase in the Section 31 fee rate, from an average of $0 per million dollars of covered sales for the three months ended September 30, 2025 to an average rate of $20.60 per million dollars of covered sales for the three months ended September 30, 2026, following a rate change effective April 2026 to $20.60 per million dollars of covered sales. Regulatory fees revenue related to Section 31 fees is directly offset by regulatory fees cost of revenues related to Section 31 fees.

Previous wording

Derivatives markets revenue increased for the six months ended June 30, 2026 compared to the same period in 2025 primarily due to an increase in transaction and clearing fees, partially offset by a decrease in regulatory fees. Transaction and clearing fees increased primarily due to a 31% increase in index options ADV and a 14% increase in multi-listed options ADV. Regulatory fees decreased primarily due to a decrease in the Section 31 fee rate, from an average of $20.52 per million dollars of covered sales for the six months ended June 30, 2025 to an average rate of $9.97 per million dollars of covered sales for the six months ended June 30, 2026, following a rate change in May 2025 to $0 per million dollars of covered sales, which remained in effect until April 2026. Regulatory fees revenue related to Section 31 fees is directly offset by regulatory fees cost of revenues related to Section 31 fees.

Current wording

Derivatives markets revenue increased for the nine months ended September 30, 2026 compared to the same period in 2025 primarily due to an increase in transaction and clearing fees, coupled with an increase in regulatory fees. Transaction and clearing fees increased primarily due to a 28% increase in index options ADV and a 12% increase in multi-listed options ADV. Regulatory fees increased primarily due to an increase in volumes traded on the Cboe U.S. equity and options exchanges, partially offset by a decrease in the Section 31 fee rate, from an average of $13.68 per million dollars of covered sales for the nine months ended September 30, 2025 to an average rate of $13.52 per million dollars of covered sales for the nine months ended September 30, 2026, following a rate change in May 2025 to $0 per million dollars of covered sales, which remained in effect until April 2026. Regulatory fees revenue related to Section 31 fees is directly offset by regulatory fees cost of revenues related to Section 31 fees.

Previous wording

The following tables reconcile the disaggregated cost of revenues captions presented on the condensed consolidated statements of income to the revenue captions presented on the condensed consolidated statements of income for the three and six months ended June 30, 2026 and 2025, respectively (in millions):

Current wording

The following tables reconcile the disaggregated cost of revenues categories presented on the condensed consolidated statements of income to the revenue categories presented on the condensed consolidated statements of income for the three and nine months ended September 30, 2026 and 2025, respectively (in millions):

Previous wording

Total cost of revenues increased for the six months ended June 30, 2026 compared to the same period in 2025 primarily due to an increase in liquidity payments as a result of an increase in total matched shares on the Cboe U.S. equity exchanges and an increase in royalty fees due to increased volumes on Cboe options exchanges, partially offset by a decrease in regulatory fees cost of revenues as a result of a decrease in the average Section 31 fee rate.

Current wording

Total cost of revenues increased for the three months ended September 30, 2026 compared to the same period in 2025 primarily due to an increase in regulatory fees cost of revenues as a result of an increase in the Section 31 fee rate, partially offset by a decrease in liquidity payments due to a decrease in total matched shares on Cboe U.S. equity exchanges.

Previous wording

The following summarizes changes in the disaggregated cost of revenues for the three and six months ended June 30, 2026 compared to the three and six months ended June 30, 2025 (in millions, except percentages):

Current wording

The following summarizes changes in the disaggregated cost of revenues for the three and nine months ended September 30, 2026 compared to the three and nine months ended September 30, 2025 (in millions, except percentages):

Previous wording

Liquidity payments increased for the six months ended June 30, 2026 compared to the same period in 2025 primarily due to an increase in liquidity payments on the Cboe U.S. equity exchanges as a result of an 8% increase in total matched shares, coupled with an increase in liquidity payments on the Cboe options exchanges as a result of liquidity payments fee tier shifts, largely within multi-listed options.

Current wording

Liquidity payments decreased for the three months ended September 30, 2026 compared to the same period in 2025 primarily due to a decrease in liquidity payments on the Cboe U.S. equity exchanges as a result of a 12% decrease in total matched shares.

Previous wording

Liquidity payments increased for the three months ended June 30, 2026 compared to the same period in 2025 primarily due to an increase in liquidity payments on the Cboe options exchanges as a result of a 24% increase in multi-listed options ADV, coupled with an increase in liquidity payments on the Cboe U.S. equity exchanges primarily due to pricing changes implemented from late second quarter through the third quarter of 2025 on Cboe U.S. equity exchanges.

Current wording

Liquidity payments increased for the nine months ended September 30, 2026 compared to the same period in 2025 primarily due to an increase in liquidity payments on the Cboe U.S. equity exchanges primarily due to pricing changes implemented in 2025 on Cboe U.S. equity exchanges.

Previous wording

Routing and clearing fees increased for the three and six months ended June 30, 2026 compared to the same periods in 2025 primarily due to 21% and 22% increases in Cboe Clear Europe net settlement volume, respectively, partially offset by a decrease in routed trades on the Cboe U.S. equity exchanges.

Current wording

Routing and clearing fees decreased for the three and nine months ended September 30, 2026 compared to the same periods in 2025 primarily due to a decrease in routed trades on the Cboe U.S. equity exchanges, partially offset by 19% and 21% increases in Cboe Clear Europe net settlement volume, respectively.

Previous wording

Royalty fees and other cost of revenues increased for the three and six months ended June 30, 2026 compared to the same period in 2025 primarily due to an increase in trading volumes of index products in the Options segment.

Current wording

Royalty fees and other cost of revenues increased for the three and nine months ended September 30, 2026 compared to the same periods in 2025 primarily due to an increase in trading volumes of index products in the Options segment.