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Cboe Global Markets CBOE Q4 2025 Annual earnings

Reported February 6, 2026 · Before market open

Revenue$671.1MBeat by $11.6MDiluted EPS$3.06Beat by $0.12
Revenue estimate$659.5M
EPS estimate$2.94

Next report

Jul 31, 2026 (In 3 weeks)
Revenue estimate$698.3M
EPS estimate$3.31

Financials

Q4 2025

Income statement

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Revenue$1.2B+8.7%
Gross profit$671.1M+28.0%
Operating income$403.8M+35.3%
Net income$313.5M+59.5%
EPS (diluted)$2.97+60.5%

Balance sheet

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Cash & equivalents$3.9B+119%
Total debt$1.6B-0.5%
Total equity$5.1B+20.1%
Total assets$9.3B+19.5%

Cash flow

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Operating cash flow$352.1M—
CapEx$20.0M-16.0%
Free cash flow$332.1M—

Valuation & ratios

Valuation

as of 12/31/25
See full
Market cap$26.27B+28.4%
Enterprise value$23.99B+18.2%
P/E23.9×-2.9×
P/S5.6×+0.6×

Profitability

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Gross margin51.5%+0.9pp
Operating margin31.1%+4.3pp
Net margin23.3%+4.7pp
FCF margin35.7%—

Returns & leverage

See full
Return on equity23.4%+4.8pp
Debt / equity0.3×-0.1×
Current ratio1.9×+0.1×

Segments

By segment

See full
Options$657.2M+23.4%
North American Equities$392.6M-10.8%
Europe and Asia Pacific$93.7M+16.0%
Futures$36.1M+6.5%
Global FX$24.4M+22.6%

By product

See full
Derivatives markets$610.1M+24.4%
Cash and spot markets$431.3M-8.0%

Versus estimates

Revenue

Q1 2026$728.9MBeat by $39.2M
Q4 2025$671.1MBeat by $11.6M
Q3 2025$1.1BBeat by $517.4MQ2 2025$1.2BBeat by $599.2MQ1 2025$1.2BBeat by $634.3MQ4 2024$1.1BBeat by $576.9M

Diluted EPS

Q1 2026$3.70Beat by $0.36
Q4 2025$3.06Beat by $0.12
Q3 2025$2.67Beat by $0.14Q2 2025$2.46Beat by $0.04Q1 2025$2.50Beat by $0.14Q4 2024$2.10Miss by $0.03

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Questions, answered.

When did Cboe Global Markets report Q4 2025 earnings?
Cboe Global Markets (CBOE) reported Q4 2025 earnings on February 6, 2026 before market open.
What were Cboe Global Markets's Q4 2025 revenue and EPS?
Cboe Global Markets reported revenue of $671.1M and diluted EPS of $3.06 for Q4 2025.
Did Cboe Global Markets beat estimates in Q4 2025?
Revenue beat the consensus estimate of $659.5M by $11.6M. EPS beat the consensus estimate of $2.94 by $0.12.
How did Cboe Global Markets's Q4 2025 results compare year-over-year?
Compared to the same quarter a year prior, revenue declined 39.4% from $1.1B a year earlier and diluted EPS grew 45.7% from $2.10.
Where can I find Cboe Global Markets's Q4 2025 SEC filings?
You can read the 8-K earnings release (0001628280-26-005944) and the 10-K periodic report (0001628280-26-010013) directly on SEC EDGAR. The filing index links above go to sec.gov.