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Cboe Global Markets CBOE Liquidity payments — Total cost of revenues

Other product segments

Royalty fees and other cost of revenues
$77.8M+24.9%
Routing and clearing
$20M+2.0%
Regulatory fees cost of revenues
$0—

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Other financials

Income statement

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Revenue$1.3B+6.5%
Gross profit$728.9M+29.0%
Operating income$505.6M+42.9%
Net income$385.7M+53.9%
EPS (diluted)$3.66+54.4%

Balance sheet

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Cash & equivalents$5.6B+110%
Total debt$1.6B-1.2%
Total equity$5.4B+20.7%
Total assets$11.1B+27.7%

Cash flow

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Operating cash flow$2.0B+115%
CapEx$19.2M+30.6%
Free cash flow$1.9B+116%

Valuation

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Market cap$25.35B+5.6%
Enterprise value$21.32B-5.9%
P/E20.5×-6.1×
P/S5.3×0.0×

Profitability

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Gross margin54.1%+4.8pp
Operating margin33.8%+6.8pp
Net margin25.8%+7.2pp
FCF margin56.8%—

Returns & leverage

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Return on equity25.1%+6.1pp
Debt / equity0.3×-0.1×
Current ratio1.4×-0.2×

Where this comes from

Reported directly by Cboe Global Markets in its filing.

Tagged under the XBRL concept us-gaap:CostOfRevenue.

The official record: Cboe Global Markets’s 10-Q, filed May 1, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Cboe Global Markets's liquidity payments — total cost of revenues?
Cboe Global Markets (CBOE) reported liquidity payments — total cost of revenues of $446.1M in Q1 2026.
How has Cboe Global Markets's liquidity payments — total cost of revenues changed year-over-year?
Cboe Global Markets's liquidity payments — total cost of revenues increased by 13.0% year-over-year, from $394.8M to $446.1M.
What is the long-term trend for Cboe Global Markets's liquidity payments — total cost of revenues?
Over 4 years (2021 to 2025), Cboe Global Markets's liquidity payments — total cost of revenues has grown at a 0.9% compound annual growth rate (CAGR), from $1.65B to $1.71B.
What does liquidity payments — total cost of revenues mean?
This metric represents the aggregate financial outlays paid to market participants who provide liquidity to the exchange's trading platforms. These payments are a core component of the exchange's incentive structure designed to attract order flow and maintain tight bid-ask spreads. As a variable cost, it fluctuates directly with trading volume and the specific pricing models employed to incentivize market makers.