Latest revenue
$1.27B
as of 2026-03-31
Latest net income
$385.7M
as of 2026-03-31
Net margin
30.3%
as of 2026-03-31
Price · 5Y
Live market
delayed ≤15 min- Market cap
- $37.40B
- Enterprise value
- $37.42B
- P/E (trailing)
- 34.0×
- Forward P/E
- —
- P/B
- 7.66×
- Dividend yield
- 0.8%
- 52-wk high
- $371.18
- 52-wk low
- $218.14
- Beta
- —
- Shares out
- 104.7M
5-year trend
What this company does
Cboe Global Markets operates securities and derivatives exchanges, running options, futures, equities, and FX trading venues across the U.S., Europe, and Asia-Pacific. It earns the bulk of its revenue from derivatives trading fees—particularly proprietary index options like SPX and VIX—supplemented by cash equities transactions and a growing Data Vantage market-data and analytics business. Derivatives revenue jumped 19% year-over-year to $1.63 billion for the nine months, driving operating income up 33% as index options volumes and data subscriptions expand.
Generated from CBOE's filing dated 2026-02-20
Key risks
- Liquidity payments surged to $1,266.1M YTD (+31% YoY), compressing cash/spot market margins as transaction-based costs outpace revenue growth.
- Asset impairments of $21.6M YTD 2025 follow $81.0M in 2024, signaling recurring write-downs on digital/minority investments and acquired assets.
- Derivatives concentration: $1,633.8M (47% of revenue) drives growth; any volatility decline or SPX/VIX competition would disproportionately hit earnings.
Generated from CBOE's filing dated 2026-02-20
Profitability
Gross margin
51.5%
1.8%Operating margin
31.1%
16.0%Net margin
23.3%
24.9%Return on equity
21.4%
19.8%Return on assets
11.8%
20.4%Leverage
Debt / equity
0.81×
1.1%Long-term debt / equity
0.28×
16.6%Debt / assets
44.8%
0.6%Earnings tracker
| Quarter | Revenue | YoY | Net income | YoY | Net margin |
|---|---|---|---|---|---|
Q1 2026 2026-03-31 | $1.27B | +6.5% | $385.7M | +53.9% | 30.3% |
Q4 2025 2025-12-31 | $1.20B | +8.7% | $313.5M | +59.5% | 26.0% |
Q3 2025 2025-09-30 | $1.14B | +8.1% | $300.8M | +37.7% | 26.3% |
Q2 2025 2025-06-30 | $1.17B | +20.5% | $235.1M | +67.5% | 20.0% |
Q1 2025 2025-03-31 | $1.20B | +24.8% | $250.6M | +19.6% | 21.0% |
Q4 2024 2024-12-31 | $1.11B | — | $196.5M | — | 17.7% |
Q3 2024 2024-09-30 | $1.06B | +16.2% | $218.5M | — | 20.7% |
Q2 2024 2024-06-30 | $974.0M | +7.3% | $140.4M | — | 14.4% |
Year-over-year change vs the same fiscal quarter one year prior. Revenue + net income sourced from SEC 10-Q / 10-K filings — no analyst-consensus dependency.
Industry trend
Security & Commodity Brokers, Dealers, Exchanges & Services · SIC 6200
Your notes
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Insider activity
Insider buying
$0
Insider selling
$4.4M
Net activity
−$4.4M
Distinct insiders
5
Open-market trades over the last 365 days.
Recent transactions
| Date | Insider | Type | Shares | Price | Value | |
|---|---|---|---|---|---|---|
| 2026-05-18 | Janet P Froetscher Director | Sale | 1,223 | $358.09 | $437.9K | |
| 2026-02-23 | Allen Wilkinson SVP, CHIEF ACCOUNTING OFFICER | Sale | 248 | $292.79 | $72.6K |
Source: SEC Form 4 filings. Officers, directors, and 10%+ owners must disclose share transactions within two business days. RSU grants and tax-withholding rows are excluded by default — compensation activity is not a trading signal.
Who owns CBOE
Institutional value
$13.32B
Total shares held
48.8M
Distinct holders
695
As of
2026-03-31
Filers with $100M+ AUM disclose holdings 45 days after quarter end.
Top institutional holders
| # | Manager | Shares | Value | QoQ change | Action |
|---|---|---|---|---|---|
| 1 | BlackRock, Inc. | 10.5M | $2.95B | — | New |
| 2 | VANGUARD CAPITAL MANAGEMENT LLC | 6.8M | $1.91B | — | New |
| 3 | VANGUARD PORTFOLIO MANAGEMENT LLC | 5.2M | $1.47B | — | New |
| 4 | Invesco Ltd. | 2.4M | $666.5M | — | New |
| 5 | FIRST TRUST ADVISORS LP | 1.2M | $341.7M | — | New |
| 6 | DEUTSCHE BANK AG\ | 1.1M | $300.4M | — | New |
| 7 | UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | 935.8K | $263.0M | — | New |
| 8 | NORDEA INVESTMENT MANAGEMENT AB | 904.4K | $254.5M | — | New |
| 9 | Legal & General Group Plc | 738.0K | $207.4M | — | New |
| 10 | MACKENZIE FINANCIAL CORP | 708.3K | $199.1M | — | New |
| 11 | DIMENSIONAL FUND ADVISORS LP | 672.7K | $189.1M | — | New |
| 12 | UBS Group AG | 646.2K | $181.6M | — | New |
| 13 | VANGUARD FIDUCIARY TRUST CO | 588.9K | $165.5M | — | New |
| 14 | Allianz Asset Management GmbH | 587.9K | $165.2M | — | New |
| 15 | Robeco Institutional Asset Management B.V. | 561.7K | $157.9M | — | New |
| 16 | Bank of New York Mellon Corp | 501.1K | $140.9M | — | New |
| 17 | JPMORGAN CHASE & CO | 384.9K | $108.6M | — | New |
| 18 | Nuveen, LLC | 380.8K | $107.0M | — | New |
| 19 | TD ASSET MANAGEMENT INC | 350.8K | $98.6M | — | New |
| 20 | NOMURA ASSET MANAGEMENT CO LTD | 301.6K | $84.8M | — | New |
Source: SEC Form 13F-HR. Positions aggregated across sub-managers within each firm. Options (puts/calls) excluded — common stock only.
Top questions investors are asking
- 1
Liquidity payments jumped to $1.27B YTD versus $963M—what's the marginal economics of incremental derivatives volume if rebates are scaling faster than revenue?
- 2
Data Vantage grew only 11% YTD to $473M; what's keeping organic growth sub-teens given peers' double-digit data trajectories, and when does it reaccelerate?
- 3
You took $21.6M in impairments YTD plus $81M last year—which specific assets or geographies remain at risk, and is digital fully written down?
Refreshed when CBOE files a new report · last from 2026-02-20