At a glance
CBOE Global Markets, Inc. is worth $36.43B, about 34 times its fiscal 2025 earnings. Revenue grew 15.1% to $4.71B in fiscal 2025, with 23.3% kept as profit; over 5 years it has grown 6.6% a year. It pays a 0.86% dividend yield, raised every year for at least 9 years, and returned $1.70B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +43.6% over the past year with dividends reinvested and +22.5% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 38.5% in the 2020 crash (S&P 500: 33.7%) and 18.1% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 15 months and 6 months after the lows.
The business in plain English
Cboe Global Markets runs exchanges where stocks, options, futures and currencies trade. It also runs clearinghouses, which guarantee that trades settle. It owns the largest U.S. options exchange and is the third-largest U.S. stock exchange operator. It also runs Cboe Europe Equities, one of Europe's largest stock exchanges by value traded, and markets in Canada and Australia. Its customers are the brokers, trading firms and institutions that trade on its markets.
Most of its revenue comes from fees on each trade. In the fiscal year ended December 31, 2025, transaction and clearing fees were 76.3% of its $4.71 billion in revenue. Fees for access to its markets (8.7%) and market data sales (6.9%) came next. By segment, Options produced 51.6% of revenue, North American Equities 35.5%, Europe and Asia Pacific 8%, Futures 2.9% and Global FX 2%. Its flagship products are options on the S&P 500 index (SPX) and options and futures on the VIX, Cboe's gauge of expected stock market swings.
A strategic review in 2025 narrowed the company. Cboe began winding down its Japanese stock trading business, started a sale process for Cboe Australia and Cboe Canada, and dropped its U.S. and European corporate listings efforts. After December 31, 2025, it also began closing its European derivatives market.
Price history
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CBOE +43.6% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Transaction and clearing fees | $3.60B | 76.3% |
| Access and capacity fees | $408.7M | 8.7% |
| Market data fees | $326.6M | 6.9% |
| Regulatory fees cost of revenues | $285.4M | 6.1% |
| Other revenue | $95.9M | 2% |
By business segment
| Options | $2.43B | 51.6% |
| North American Equities | $1.67B | 35.5% |
| Europe and Asia Pacific | $378.6M | 8% |
| Futures | $135.9M | 2.9% |
| Global FX | $93.8M | 2% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $1.36B, up 19% from a year earlier, and net income was $428.2M (+42.4%).
- For fiscal 2025, revenue was $4.71B (+15.1% year over year; +6.6% a year from FY2020 to FY2025) with a 23.3% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +6.6% good |
|---|---|
| Operating margin | 31.1% good |
| Free cash flow margin | 35.7% good |
| Return on equity (FY2025) | 21.4% good |
| Return on assets (FY2025) | 11.8% good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $3.43B | $468.2M | $1.41B |
| FY2021 | $3.49B | $529.0M | $545.8M |
| FY2022 | $3.96B | $234.1M | $591.3M |
| FY2023 | $3.77B | $761.4M | $1.03B |
| FY2024 | $4.09B | $764.9M | $1.04B |
| FY2025 | $4.71B | $1.10B | $1.68B |
Valuation snapshot
| Market value | $36.43B |
|---|---|
| P/E ratio | 33.5 |
| Dividend yield | 0.86% |
Rank among 1514 US companies
Market value at each year end
CBOE Global Markets’s market value went from $6.01B at the end of 2016 to $36.43B on Nov 2, 2026, about 6.1 times as much; since the end of 2025 it is up 39%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $36.43B | +38.7% |
| 2025 | $26.27B | +28.4% |
| 2024 | $20.46B | +8.5% |
| 2023 | $18.85B | +41.6% |
| 2022 | $13.31B | -4.3% |
| 2021 | $13.91B | +38.2% |
| 2020 | $10.06B | -24.4% |
| 2019 | $13.30B | +21.2% |
| 2018 | $10.98B | -22.3% |
| 2017 | $14.14B | +135.4% |
| 2016 | $6.01B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| CBOE price data to Nov 2, 2026 | +40.2% | +43.6% | +30.4% | +22.5% | +20.3% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +40.2% |
| 2025 | +29.9% |
| 2024 | +10.8% |
| 2023 | +44.4% |
| 2022 | -2.2% |
| 2021 | +42.2% |
| 2020 | -21.2% |
| 2019 | +24.2% |
| 2018 | -20.6% |
| 2017 | +70.5% |
| 2016 | +15.5% |
| 2015 | +3.8% |
| 2014 | +23.8% |
| 2013 | +80.8% |
| 2012 | +19.1% |
| 2011 | +15.0% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 36.2% over that stretch · deepest drop along the way 38.5%, back to its old high 15.2 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 6.9% over that stretch · deepest drop along the way 18.1%, back to its old high 5.5 months after the low |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 0 open-market purchases and 3 sales ($772K), 2 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| May 18, 2026 | Janet P Froetscher Director | sell (plan) | $438K |
| Aug 12, 2026 | Janet P Froetscher Director | sell (plan) | $261K |
| Feb 23, 2026 | Allen Wilkinson SVP, CHIEF ACCOUNTING OFFICER | sell | $73K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 9% | Sep 30, 2025 |
| Vanguard Capital Management | 7.48% | Mar 31, 2026 |
| Vanguard Portfolio Management | 5.02% | Mar 31, 2026 |
| AllianceBernstein L.P. | 4.8% | Mar 31, 2026 |
ETFs with the most weight in CBOE
| BCDF Horizon Kinetics Blockchain Development ETF | 6.52% |
| BEEZ Honeytree U.S. Equity ETF | 4.83% |
| WBIF WBI BullBear Value 3000 ETF | 3.12% |
| IAI iShares U.S. Broker-Dealers & Securities Exchanges ETF | 3.05% |
| BCUS Bancreek U.S. Large Cap ETF | 2.55% |
| TOLL Tema Monopolies and Oligopolies ETF | 2.08% |
| NUMV Nuveen ESG Mid-Cap Value ETF | 2.02% |
| SRHQ SRH U.S. Quality GARP ETF | 1.85% |
What could go wrong
- Losing exclusivity on SPX and VIX products. Options and futures produced about 68% of 2025 net revenue, mostly from SPX options and VIX products. If Cboe lost its exclusive S&P 500 license, rivals could list competing options and take market share.
- Revenue depends on trading volume. Transaction and clearing fees made up 76.3% of fiscal 2025 revenue. Revenue would likely fall if trading volume drops, trading shifts to lower-fee products, or a few large customers cut back.
- Price and product competition from rivals. Multi-listed options, such as those on single stocks and ETFs, can trade on rival exchanges, so Cboe faces price competition. Rivals may also launch look-alike products, including event prediction markets, that draw volume away.
- Clearinghouse losses if members default. Cboe runs clearinghouses in Europe and the U.S. that guarantee trades between members. If a member defaults, Cboe could take credit, liquidity or market losses. It also invests the collateral members post, which carries risk.
- Exiting businesses may not go smoothly. Cboe began winding down its Japanese equities business and its European derivatives platform, and started a sale process for Cboe Australia and Cboe Canada. These exits may not go as planned, and write-downs could hit earnings.
- Outages and cyberattacks. System failures, capacity limits during trading surges, or a security breach could disrupt Cboe's markets and damage its reputation. Cboe says its role in the markets puts it at higher cyber risk than other public companies.
Recent events
- Quarterly results released
- Major agreement signed; Investor presentation or announcement
- Quarterly results released
- Major agreement signed; New debt or financial obligation
- Major agreement signed; New debt or financial obligation
- Shareholder vote results
- Quarterly results released; Restructuring or exit costs
- Quarterly results released
- Executive or board change; Other company announcement
- Quarterly results released
For income and retirement investors
Cboe has raised its dividend per share for at least nine fiscal years in a row through fiscal 2025. The dividend rose from $1.56 in fiscal 2020 to $2.70 in fiscal 2025, about 11.6% a year. The fiscal 2025 dividend used 25.8% of earnings and 16.9% of free cash flow (cash left after running and investing in the business). The yield was 0.94% as of October 28, 2026, so the shares produce little income on their own. Buybacks totaled $537.6 million over fiscal 2021–2025, less than half the $1.16 billion paid in dividends. Shares outstanding fell 2.1% from October 2021 to July 2026.
In the 2020 COVID crash, the stock fell 38.5% from February 26 to March 18, 2020, and took about 15 months to recover. In the 2022 bear market, it fell 18.1% by May 18, 2022, then regained its peak by November 1, 2022. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Cboe make money?
Mostly from trading fees. In fiscal 2025, transaction and clearing fees made up 76.3% of Cboe's $4.71 billion in revenue. Much of the rest came from access and capacity fees (8.7%), which firms pay to connect to its markets, and from market data fees (6.9%). By segment, Options brought in 51.6% of revenue and North American Equities 35.5%. Its flagship products are SPX options, based on the S&P 500, and VIX options and futures.
Does Cboe raise its dividend every year?
Yes, through fiscal 2025. Cboe's dividend per share has risen at least nine years in a row, and the true streak may be longer. It grew from $1.56 in fiscal 2020 to $2.70 in fiscal 2025, about 11.6% a year, and used 25.8% of fiscal 2025 earnings. The yield was 0.94% as of October 28, 2026. Cboe's board decides each dividend, and its 10-K says there is no guarantee of future payments.
What is the biggest risk to Cboe's business?
Losing its exclusive index rights, which Cboe lists first among its risk factors. It holds exclusive licenses to list options on the S&P 500 and Russell 2000 indexes, and it owns the method behind the VIX volatility index. In 2025, about 68% of net revenue (revenue minus cost of revenues) came from the options and futures segments, mostly from SPX options and VIX options and futures. If those rights ended or stopped being exclusive, rivals could list similar products.
How did Cboe stock hold up in market crashes?
It fell hard in 2020 but held up better in 2022. In the 2020 COVID crash, the shares fell 38.5% between February 26 and March 18, 2020, and took about 15 months to recover. While the market fell from January 3 to October 12, 2022, Cboe shares lost 6.9%. They dropped 18.1% by May 18, 2022, and regained their peak by November 1, 2022. The available price history does not go back to the 2008 financial crisis.
Which businesses is Cboe exiting?
Several non-core ones, according to its 10-K filed February 20, 2026. After a 2025 strategic review, Cboe began winding down its Japanese equities business, started a sale process for Cboe Australia and Cboe Canada, and ended its U.S. and European corporate listings efforts. After December 31, 2025, it began winding down Cboe Europe Derivatives (CEDX), its pan-European futures and options market. The goal is to focus on core businesses: index options, options listed on many exchanges, futures, U.S. and European stock trading, and global FX.