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Cboe Global Markets CBOE Routing and clearing — Total cost of revenues

Other product segments

Liquidity payments
$446.1M+13.0%
Royalty fees and other cost of revenues
$77.8M+24.9%
Regulatory fees cost of revenues
$0

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$1.54B+15.4%
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$4.5M+40.6%
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NDAQTotal Cost of Revenue
$730M-15.0%
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HQYInterchange revenue — Total Cost of Revenue
$8.35M+7.3%
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SNEXClearing fees — Revenue
$97.8M+104%
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NDAQBrokerage, clearance and exchange fees — Cost of Product and Service Sold
$6M-97.8%

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 routing and clearing — total cost of revenues?
Cboe Global Markets (CBOE) reported routing and clearing — total cost of revenues of $20M in Q1 2026.
How has Cboe Global Markets's routing and clearing — total cost of revenues changed year-over-year?
Cboe Global Markets's routing and clearing — total cost of revenues increased by 2.0% year-over-year, from $19.6M to $20M.
What is the long-term trend for Cboe Global Markets's routing and clearing — total cost of revenues?
Over 4 years (2021 to 2025), Cboe Global Markets's routing and clearing — total cost of revenues has grown at a -2.2% compound annual growth rate (CAGR), from $87.8M to $80.4M.
What does routing and clearing — total cost of revenues mean?
This metric represents the direct expenses incurred by the exchange to facilitate the routing of orders to external venues and the clearing of trades. It captures the variable costs associated with connectivity, transaction processing, and regulatory clearing requirements necessary to complete market transactions. These costs are essential for maintaining the operational integrity and connectivity of the trading infrastructure.