Cboe Global Markets, Inc.CBOE
Cboe US•Financial Services•Financial Data & Stock Exchanges
Cboe Global Markets, Inc., through its subsidiaries, operates as a derivatives and securities exchange network that delivers cutting-edge trading, clearing, and investment solutions in the United States and internationally. It operates through five segments: Options, North American Equities, Europe and Asia Pacific, Futures, and Global FX. The Options segment includes options on market indices, as well as on the stocks of individual corporations and on trading solutions and products in multiple asset classes, including equities, derivatives, and FX, across North America, Europe, and Asia Pacific (ETPs), such as exchange-traded funds (ETFs) and exchange-traded notes (ETNs); and trading in listed options through a single system. The North American Equities segment comprising U.S. equities and ETP transaction services. This segment also includes listing services on Cboe Canada, ETP listings on BZX, the Cboe Global Markets, Inc. common stock listing, and applicable market data. The Europe and Asia Pacific segment provides pan-European derivatives transaction services, ETPs, including exchange traded funds, exchange traded notes, and exchange traded commodities, and international depository receipts; and ETP listings business on regulated markets and clearing activities, as well as the equities services. The Futures segment offers transaction services, which includes trading of VIX futures and other futures products, the licensing of proprietary market data, as well as access and capacity services. The Global FX segment provides institutional foreign exchange (FX) trading and non-deliverable forward FX transactions services. It has strategic relationships with S&P Dow Jones Indices, LLC; Frank Russell Company; and FTSE International Limited. The company was formerly known as CBOE Holdings, Inc. and changed its name to Cboe Global Markets, Inc. in October 2017. Cboe Global Markets, Inc. was founded in 1973 and is headquartered in Chicago, Illinois.
Cboe Global Markets, Inc. (CBOE) reported trailing twelve months revenue of $4.79B as of March 2026, a 10.6% increase year-over-year. Quarterly revenue reached $1.27B, reflecting continued top-line momentum.
Cboe Global Markets, Inc. generated $1.24B in TTM net income, with quarterly EBITDA of $535.10M. The operating margin expanded from 29.6% to 39.7%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (39.7%) and net margin (30.3%) indicates moderate non-operating costs. Net margin has improved from 21.0% a year ago, signaling stronger bottom-line efficiency.
CBOE trades at a P/E of 23.9x (in line with broad market averages) and a P/S of 6.2x. The price-to-book ratio of 5.5x indicates a significant premium over book value.
The company generated $1.94B in free cash flow over the trailing twelve months, a 116.1% increase year-over-year, indicating strong cash generation ability. The balance sheet shows $11.07B in total assets with $793.90M in long-term debt against $5.37B in stockholders equity for a debt-to-equity ratio of 0.1, a conservative capital structure. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are expanding at ~30.2%, suggesting durable pricing power and cost discipline.
Consistently high ROE averaging 19.7% suggests a durable competitive advantage and efficient capital allocation.
6 of the last 8 quarters generated positive FCF. The company generally funds itself but has occasional cash consumption quarters.
TTM revenue has grown consistently (7 of 7 quarters up), with ~25.8% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~33.6% — no sign of cost or pricing stress.
FCF/Net Income has dropped below 0.7x in 3 quarters — monitor for earnings quality deterioration.
D/E ratio is 0.1 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
FCF turned negative in 2 of the last 8 quarters — occasional cash consumption.
Share count is stable — no significant dilution or buyback activity.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation