Cboe Global Markets Inc【CBOE】株式ニュース

Cboe Global Markets Reports Results for First Quarter 2026 and Continued Execution of Strategic RealignmentMay 1, 2026 7:30 AM
PR Newswire (US)

First Quarter Highlights*Record Diluted EPS for the Quarter of $3.66, Up 54 percentRecord Adjusted Diluted EPS1 for the Quarter of $3.70, Up 48 percentRecord Net Revenue for the Quarter of $728.9 million, Up 29 percentIncreases 2026 Organic Total Net Revenue Growth Target2 to 'low double-digit to mid-teens' from 'mid single-digit' and Cboe Data Vantage3 Organic Net Revenue Growth Target2 to 'low double-digit' from 'mid to high single-digit'Decreases 2026 Adjusted Operating Expense Guidance2 to $838 to $853 million from $864 to $879 millionAnnounces continued execution of strategic realignment to strengthen core businesses and enable greater investment for growthCHICAGO, May 1, 2026 /PRNewswire/ -- Cboe Global Markets, Inc. (Cboe: CBOE) today reported financial results for the first quarter of 2026 and announced additional actions related to its strategic realignment.

"Cboe delivered an exceptional first quarter, building on our 2025 momentum by producing 29 percent net revenue growth, 54 percent diluted EPS growth, and 48 percent adjusted diluted EPS1 growth," said Jill Griebenow, Cboe Global Markets Executive Vice President, Chief Financial Officer. "Our Cash and Spot Markets net revenue rose 34 percent on strong market activity. Our Derivatives business was up 32 percent on another quarter of record volumes across our index options products, and our Data Vantage business grew 19 percent on a year-over-year basis. Moving forward, we anticipate 2026 total organic net revenue growth2 will be in the 'low double-digit to mid-teens' range, up from our prior guidance of 'mid single-digit', and we anticipate 2026 Data Vantage organic net revenue growth2 will be in the 'low double-digit' range, up from our prior guidance of 'mid to high single-digit'. In addition, given disciplined expense management and incorporating the impact from today's additional actions related to our strategic realignment, we are reducing our full year 2026 adjusted operating expense guidance2 range to $838 to $853 million from $864 to $879 million. We are pleased with the strong start to the year and remain focused on producing durable shareholder returns in the quarters ahead.""As I reflect on my first twelve months at Cboe, it is clear that the decisive steps we have taken are moving the company closer to realizing its full potential," said Craig Donohue, Chief Executive Officer of Cboe Global Markets. "Following a thorough strategic review and the adoption of a more rigorous financial and strategic framework in the second half of 2025, we announced a realignment to increase focus and investment in the core businesses that drive our earnings. We moved quickly to reorient the portfolio, winding down non–core initiatives, optimizing resource allocation across the organization, and reaching a definitive agreement last week to sell Cboe Canada and Cboe Australia."Today, we announced the next phase of our plan by realigning our organization to build more agile teams positioned to operate effectively in a fast–changing environment. Our earlier actions to sell, wind down, and optimize certain businesses, combined with today's strategic realignment, are expected to reduce our workforce by approximately 20 percent."As evidenced by our record results, we are executing these changes from a position of strength. These actions position us to invest more resources, including adding talent in emerging areas such as financial and economic event markets, tokenization initiatives, scaling and expanding our clearing services in the U.S. and Europe, and broadening our sales, marketing, and investor education efforts on a global basis. I have been in this industry for several decades, and I have never been as excited about the road ahead as I am now as we continue to build long–term value for shareholders through disciplined execution and focused investment efforts."*All comparisons are first quarter 2026 compared to the same period in 2025.(1) A full reconciliation of our non-GAAP results to our GAAP ("Generally Accepted Accounting Principles") results is included in the attached tables. See "Non-GAAP Information" in the accompanying financial tables.(2) Specific quantifications of the amounts that would be required to reconcile the company's organic net revenue growth guidance and adjusted operating expenses guidance are not available. The company believes that there is uncertainty and unpredictability with respect to certain of its GAAP measures, primarily related to acquisition-related revenues and costs that would be required to reconcile to GAAP revenues less cost of revenues, and GAAP operating expenses, which preclude the company from providing accurate guidance on certain forward-looking GAAP to non-GAAP reconciliations. The company believes that providing estimates of the amounts that would be required to reconcile the range of the company's organic net revenue growth guidance and adjusted operating expenses would imply a degree of precision that would be confusing or misleading to investors for the reasons identified above.(3) Cboe Data Vantage refers to the company's Cboe Data Vantage business (formerly known as Data and Access Solutions). Cboe Data Vantage is subsequently referred to as Data Vantage throughout this press release.Consolidated First Quarter ResultsTable 1 below presents summary selected unaudited condensed consolidated financial information for the company as reported and on an adjusted basis for the three months ended March 31, 2026 and 2025.Table 1

Consolidated First Quarter Results
($ in millions except per share
amounts and percentages)1Q261Q25Change1Q26Adjusted¹1Q25Adjusted¹ChangeTotal Revenues Less Cost of
Revenues$        728.9$        565.229 %$        728.9$        565.229 %Total Operating Expenses$        223.3$        211.36 %$        200.9$        192.44 %Operating Income$        505.6$        353.943 %$        528.0$        372.842 %Operating Margin %69.4 %62.6 %       6.8 pp72.4 %66.0 %       6.4 ppNet Income Allocated to Common
Stockholders$        384.1$        249.454 %$        388.2$        263.148 %Net Income Allocated to Common
Stockholders Margin %52.7 %44.1 %       8.6 pp53.3 %46.5 %       6.8 ppDiluted Earnings Per Share$          3.66$          2.3754 %$          3.70$          2.5048 %Operating EBITDA¹$        535.1$        384.239 %$        540.8$        384.741 %Operating EBITDA Margin %¹ 73.4 %68.0 %       5.4 pp74.2 %68.1 %       6.1 ppEBITDA¹$        539.0$        383.740 %$        544.6$        383.842 %EBITDA Margin %¹73.9 %67.9 %       6.0 pp74.7 %67.9 %       6.8 ppTotal revenues less cost of revenues (referred to as "net revenue"2) of $728.9 million increased 29 percent, compared to $565.2 million in the prior-year period, a result of increases across all net revenue2 captions.Total operating expenses were $223.3 million versus $211.3 million in the first quarter of 2025, an increase of $12.0 million. Adjusted operating expenses1 of $200.9 million were up $8.5 million compared to $192.4 million in the first quarter of 2025. These increases were primarily due to an increase in compensation and benefits, driven by an increase in accrued bonuses as a result of strong company performance, increase in payroll benefits, and an increase in salaries primarily due to merit increases.The effective tax rate for the first quarter of 2026 was 25.2 percent as compared with 28.4 percent in the first quarter of 2025. The lower effective tax rate in 2026 is primarily due to the resolution of uncertain tax positions with state and local taxing authorities. The effective tax rate on adjusted earnings1 was 27.5 percent, a decrease of 0.8 percentage points when compared with 28.3 percent in last year's first quarter. The change was primarily due to reduced interest on uncertain tax positions.Diluted EPS for the first quarter of 2026 increased 54 percent to $3.66 compared to the first quarter of 2025. Adjusted diluted EPS1 of $3.70 increased 48 percent compared to 2025 first quarter results.Business Segment Information:Table 2

Total Revenues Less Cost of Revenues by Business Segment (in millions)   1Q261Q25ChangeOptions$           467.6$           352.433 %North American Equities111.294.618 %Europe and Asia Pacific84.964.132 %Futures35.832.89 %Global FX29.421.338 %Total$           728.9$           565.229 %

(1) A full reconciliation of our non-GAAP results to our GAAP results is included in the attached tables. See "Non-GAAP Information" in the accompanying financial tables.(2) See the attached tables on page 10 for "Net Revenue by Revenue Caption."Discussion of Results by Business Segment:Options:Record Options net revenue of $467.6 million was up $115.2 million, or 33 percent, from the first quarter of 2025. Net transaction and clearing fees1 increased primarily as a result of a 10 percent increase in total options average daily volume ("ADV"), coupled with a 21 percent increase in multi-listed options revenue per contract ("RPC") versus the first quarter of 2025. Market data fees were 31 percent higher and access and capacity fees were 21 percent higher as compared to the first quarter of 2025.Net transaction and clearing fees1 increased $106.6 million, or 34 percent, reflecting a 29 percent increase in index options ADV and a 4 percent increase in multi-listed options ADV. Total options RPC increased 19 percent compared to the first quarter of 2025. The increase in total options RPC was primarily due to a 21 percent increase in multi-listed options RPC and a mix shift, with index options representing a higher percentage of total options volume.Cboe's Options exchanges had total market share of 29.1 percent for the first quarter of 2026, down compared to 31.1 percent in the first quarter of 2025.North American (N.A.) Equities:Record N.A. Equities net revenue of $111.2 million increased $16.6 million, or 18 percent, from the first quarter of 2025, reflecting higher net transaction and clearing fees1, access and capacity fees, and market data fees.Net transaction and clearing fees1 increased $10.7 million, or 40 percent, compared to the first quarter of 2025. The increase was driven by stronger industry volumes and improved net capture rates for on-exchange U.S. Equities exchanges versus the first quarter of 2025.Cboe's U.S. Equities exchanges had market share of 9.8 percent for the first quarter of 2026, down compared to 10.5 percent in the first quarter of 2025. Cboe's U.S. Equities off-exchange market share was 17.0 percent, down from 17.1 percent in the first quarter of 2025.Europe and Asia Pacific (APAC):Record Europe and APAC net revenue of $84.9 million increased $20.8 million, or 32 percent, from the first quarter of 2025, reflecting growth in net transaction and clearing fees1 and non-transaction revenues. On a constant currency basis2, net revenue was $76.7 million, up 20 percent on a year-over-year basis. European Equities average daily notional value ("ADNV") traded on Cboe European Equities was €17.3 billion, up 25 percent compared to the first quarter of 2025 given a 21 percent increase in industry market volumes. Cboe Clear Europe net settlement volume reached 3,931.2 thousand shares, up 23 percent from the first quarter of 2025.For the first quarter of 2026, Cboe European Equities had 25.5 percent market share, up from 24.8 percent in the first quarter of 2025.Futures:Futures net revenue of $35.8 million increased $3.0 million, or 9 percent, from the first quarter of 2025 driven by an 11 percent increase in net transaction and clearing fees1.Net transaction and clearing fees1 increased $2.7 million, reflecting a 14 percent increase in ADV during the quarter.Global FX:Record Global FX net revenue of $29.4 million increased $8.1 million, or 38 percent, from the first quarter of 2025. The increase was due to higher net transaction and clearing fees1. ADNV traded on the Cboe FX platform was $70.4 billion for the quarter, up 36 percent compared to last year's first quarter, and net capture rate per one million dollars traded was $2.87 for the first quarter of 2026, up 4 percent compared to $2.77 in the first quarter of 2025.(1) See the attached tables on page 10 for "Net Transaction and Clearing Fees by Business Segment."(2) A full reconciliation of our non-GAAP results to our GAAP results is included in the attached tables. See "Non-GAAP Information" in the accompanying financial tables.2026 Fiscal Year Financial Guidance1Cboe provided guidance for the 2026 fiscal year as noted below.Organic total net revenue growth2 is expected to be in the 'low double-digit to mid-teens' range, up from prior guidance of 'mid single-digit' in 2026.Organic net revenue growth2 from Data Vantage is expected to be in the 'low double-digit' range, up from prior guidance of 'mid to high single-digit' in 2026.Adjusted operating expenses2 in 2026 are expected to be in the range of $838 to $853 million, down from $864 to $879 million. Our 2026 guidance incorporates roughly $20 to $25 million of expected savings in 2026 as a result of the additional actions related to the strategic realignment. The guidance excludes the expected amortization of acquired intangible assets of $63 million; the company adjusts for this amount in its non-GAAP reconciliation.Reaffirms depreciation and amortization expense for 2026 is expected to be in the range of $56 to $60 million, excluding the expected amortization of acquired intangible assets.Reaffirms the effective tax rate on adjusted earnings2 for the full year 2026 is expected to be in the range of 27.5 to 29.5 percent. Significant changes in trading volume, expenses, tax laws or rates, and other items could materially impact this expectation.Reaffirms capital expenditures for 2026 are expected to be in the range of $73 to $83 million.(1) 2026 guidance includes the anticipated impacts from discontinuing U.S. and European Corporate Listings, CEDX, and Cboe's Japanese equities business, as well as the planned cost reductions in U.S. and European ETP Listings businesses and several of Cboe's smaller Risk and Market Analytics businesses, as announced in 2025 and early 2026. 2026 guidance also includes the anticipated business-as-usual financial contribution from Cboe Canada and Cboe Australia, which Cboe announced divestiture plans for in October 2025. 2026 guidance will be updated as further actions are announced.(2) Specific quantifications of the amounts that would be required to reconcile the company's organic and inorganic growth guidance, adjusted operating expenses guidance, and the effective tax rate on adjusted earnings guidance are not available. Acquisitions are considered organic after 12 months of closing. The company believes that there is uncertainty and unpredictability with respect to certain of its GAAP measures, primarily related to acquisition-related revenues and costs that would be required to reconcile to GAAP revenues less cost of revenues, and GAAP operating expenses, which preclude the company from providing accurate guidance on certain forward-looking GAAP to non-GAAP reconciliations. The company believes that providing estimates of the amounts that would be required to reconcile the range of the company's organic growth, adjusted operating expenses, and the effective tax rate on adjusted earnings would imply a degree of precision that would be confusing or misleading to investors for the reasons identified above.Capital ManagementAt March 31, 2026, the company had cash and cash equivalents of $2,134.4 million and adjusted cash3 of $2,134.9 million. Total debt as of March 31, 2026 was $1,443.4 million.The company paid cash dividends of $75.8 million, or $0.72 per share, during the first quarter of 2026 and utilized $45.1 million to repurchase approximately 161 thousand shares of its common stock under its share repurchase program at an average price of $280.20 per share. As of March 31, 2026, the company had approximately $569.4 million of availability remaining under its existing share repurchase authorizations.Earnings Conference CallExecutives of Cboe Global Markets will host a conference call to review its first quarter financial results today, May 1, 2026, at 8:30 a.m. ET/7:30 a.m. CT. The conference call and any accompanying slides will be publicly available via live webcast from the Investor Relations section of the company's website at www.cboe.com, under Events & Presentations. Participants may also listen via telephone by dialing (800) 715-9871 (toll-free) or (646) 307-1963 (toll) and using the Conference ID 8939587. Telephone participants should place calls 10 minutes prior to the start of the call. The webcast will be archived on the company's website for replay.(3) A full reconciliation of our non-GAAP results to our GAAP results is included in the attached tables. See "Non-GAAP Information" in the accompanying financial tables.About Cboe Global MarketsCboe Global Markets, Inc. is a leading global markets operator with a long history of innovation in equities derivatives. Since launching the world's first listed options exchange in 1973, Cboe has pioneered landmark products, including the introduction of S&P 500® index options and the creation of the VIX® Index, the world's leading gauge of market volatility, reshaping how investors manage risk and access opportunity. Today, Cboe operates derivatives, equities, and FX markets, providing trading, clearing, and investment solutions for customers worldwide. To learn more about Cboe, visit www.cboe.com. Cautionary Statements Regarding Forward-Looking InformationThis press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve a number of risks and uncertainties. You can identify these statements by forward-looking words such as "may," "might," "should," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential," or "continue," and the negative of these terms and other comparable terminology. All statements that reflect our expectations, assumptions, or projections about the future other than statements of historical fact are forward-looking statements. These forward-looking statements, which are subject to known and unknown risks, uncertainties, and assumptions about us, may include projections of our future financial performance based on our growth strategies and anticipated trends in our business. These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from those expressed or implied by the forward-looking statements.We operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible to predict all risks and uncertainties, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.Some factors that could cause actual results to differ include: the loss of our right to exclusively list and trade certain index options and futures products; economic, political and market conditions; compliance with legal and regulatory obligations; price and new products and services competition and consolidation in our industry; decreases in trading or clearing volumes, market data fees, or a shift in the mix of products traded on our exchanges; legislative or regulatory changes or changes in tax regimes; our ability to protect our systems and communication networks from security vulnerabilities and breaches; our ability to attract and retain skilled management and other personnel; increasing competition by foreign and domestic entities; our business and operational dependence on and exposure to risk from third parties; factors that impact the quality and integrity of our and other applicable indices; our ability to manage our global operations, growth, and strategic acquisitions, wind-downs, divestitures or alliances effectively; increases in the cost of the products and services we use; our ability to operate our business without violating the intellectual property rights of others and the costs associated with protecting our intellectual property rights; our ability to minimize the risks, including our credit, liquidity, market, investment, counterparty, and default risks, associated with operating our clearinghouses; our ability to accommodate trading and clearing volume and transaction traffic, including significant increases, without failure or degradation of performance of our systems; misconduct by those who use our markets or our products or for whom we clear transactions; challenges to our use of open source software code; our ability to meet our compliance obligations, including managing our business interests and our regulatory responsibilities; the loss of key customers or a significant reduction in trading or clearing volumes by key customers; separate from and not integrated with our registered national securities exchanges; damage to our reputation; the ability of our compliance and risk management methods to effectively monitor and manage our risks; restrictions imposed by our debt obligations and our ability to make payments on or refinance our debt obligations; our ability to maintain an investment grade credit rating; impairment of our goodwill, long-lived assets, investments, or intangible assets; the accuracy of our estimates and expectations; and litigation risks and other liabilities. More detailed information about factors that may affect our actual results to differ may be found in our filings with the SEC, including in our Annual Report on Form 10-K for the year ended December 31, 2025 and other filings made from time to time with the SEC.We do not undertake, and we expressly disclaim, any duty to update any forward-looking statement whether as a result of new information, future events or otherwise, except as required by law. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof.The condensed consolidated statements of income and balance sheets are unaudited and subject to revision.Cboe Media Contacts:

Analyst Contact:Angela Tu
Tim Cave
Kenneth Hill, CFA(646) 856-8734
+44 (0) 7593-506-719
(312) 786-7559atu@cboe.com
tcave@cboe.com
khill@cboe.com CBOE-FTrademarks:Cboe®, Cboe Global Markets®, Cboe Volatility Index®, Cboe Clear®, Cboe Datashop®, BIDS Trading®, BZX®, BYX®, EDGX®, EDGA®, and VIX® are registered trademarks and Cboe Data VantageSM is a service mark of Cboe Global Markets, Inc. and its subsidiaries. All other trademarks and service marks are the property of their respective owners.Cboe Global Markets, Inc.Key Performance Statistics by Business Segment

1Q 20264Q 20253Q 20252Q 20251Q 2025Options

Total industry ADV (in thousands)68,89466,60860,79857,20358,444Total Company Options ADV (in thousands):20,07619,41918,77517,30118,183Multi-listed options13,94013,96513,91112,61513,412Index options6,1365,4544,8644,6864,771Total Options Market Share:29.1 %29.2 %30.9 %30.2 %31.1 %Multi-listed options22.3 %22.9 %24.9 %24.0 %25.0 %Total Options RPC:$        0.343$        0.317$        0.281$        0.300$        0.287Multi-listed options$        0.080$        0.075$        0.055$        0.068$        0.066Index options$        0.940$        0.938$        0.926$        0.923$        0.908

North American Equities

U.S. Equities - Exchange:

Total industry ADV (shares in billions)20.018.617.618.415.7Market share %9.8 %9.4 %9.8 %10.5 %10.5 %Net capture (per 100 touched shares)$        0.017$        0.018$        0.015$        0.012$        0.014U.S. Equities - Off-Exchange:

ADV (touched shares, in millions)249.2197.0202.3125.590.6Off-Exchange ATS block market share % (reported on a one-month lag)17.0 %17.0 %17.9 %14.9 %17.1 %Net capture (per 100 touched shares)$        0.063$        0.064$        0.064$        0.082$        0.117Canadian Equities:

ADV (matched shares, in millions)215.8195.9163.8150.6159.6Total market share %12.5 %12.7 %12.5 %12.7 %13.8 %Net capture (per 10,000 shares, in Canadian dollars)$        4.329$        3.962$        4.142$        4.222$        4.250

Europe and Asia Pacific

European Equities:

Total industry ADNV (Euros - in billions)€          67.8€          49.1€          46.1€          54.5€          55.8Market share %25.5 %24.8 %25.4 %25.1 %24.8 %Net capture (per matched notional value (bps), in Euros)€        0.272€        0.278€        0.288€        0.261€        0.252Cboe Clear Europe:

Trades cleared (in thousands)434,717.3322,339.2329,293.1400,935.8412,072.2Fee per trade cleared (in Euros)€        0.009€        0.010€        0.010€        0.008€        0.008Net settlement volume (shares in thousands)3,931.23,603.73,541.93,289.33,200.7Net fee per settlement (in Euros)€        1.044€        1.113€        1.015€        0.956€        0.951Australian Equities:

ADNV (Australian Dollars - in billions)$            1.2$            1.0$            1.0$            1.0$            0.8Market share % - Continuous20.6 %20.6 %20.6 %20.0 %19.4 %Net capture (per matched notional value (bps), in Australian dollars)$        0.208$        0.207$        0.206$        0.160$        0.156

Futures

ADV (in thousands)283.3239.2200.7220.5249.4RPC$        1.649$        1.717$        1.745$        1.691$        1.740

Global FX

ADNV ($ - in billions)$          70.4$          53.3$          49.9$          55.9$          51.9Net capture (per one million dollars traded)$          2.87$          2.95$          2.89$          2.81$          2.77
Note, in the second quarter of 2025, Digital futures products were transitioned to Cboe Futures Exchange. Futures metrics prior to the second quarter of 2025
exclude Digital futures products.ADV = average daily volume; ADNV = average daily notional value.RPC, average revenue per contract, for options and futures, represents total net transaction fees recognized for the period divided by total contracts traded during the period.Touched volume represents the total number of shares of equity securities and ETFs internally matched on our exchanges or routed to and executed on an external market center.Matched volume represents the total number of shares of equity securities and ETFs executed on our exchanges.U.S. Equities - Exchange, "net capture per 100 touched shares" refers to transaction fees less liquidity payments and routing and clearing costs divided by the product of one-hundredth ADV of touched shares on BZX, BYX, EDGX and EDGA and the number of trading days. U.S. Equities - Off-Exchange data reflects BIDS Trading. For U.S. Equities - Off-Exchange, "net capture per 100 touched shares" refers to transaction fees less order and execution management system (OMS/EMS) fees and clearing costs divided by the product of one-hundredth ADV of touched shares on BIDS Trading and the number of trading days for the period.Canadian Equities, "net capture per 10,000 shares" refers to transaction fees divided by the product of one-ten thousandth ADV of shares for Cboe Canada and the number of trading days. Total market share represents Cboe Canada volume divided by the total volume of the Canadian Equities market.European Equities, "net capture per matched notional value" refers to transaction fees less liquidity payments in Euros divided by the product of ADNV in Euros of shares matched on Cboe Europe Equities and the number of trading days. "Trades cleared" refers to the total number of non-interoperable trades cleared, "Fee per trade cleared" refers to clearing fees divided by number of non-interoperable trades cleared, "Net settlement volume" refers to the total number of settlements executed after netting, and "Net fee per settlement" refers to settlement fees less direct costs incurred to settle divided by the number of settlements executed after netting.Australian Equities data reflects data from Cboe Australia. Australian Equities, "net capture per matched notional value" refers to transaction fees less liquidity payments in Australian dollars divided by the product of ADNV in Australian dollars of shares matched on Cboe Australia and the number of Australian Equities trading days.Global FX, "net capture per one million dollars traded" refers to transaction fees less liquidity payments, if any, divided by the Spot and SEF products of one-thousandth of ADNV traded on the Cboe FX Markets and the number of trading days, divided by two, which represents the buyer and seller that are both charged on the transaction.Average transaction fees per contract can be affected by various factors, including exchange fee rates, volume-based discounts, and transaction mix by contract type and product type.Cboe Global Markets, Inc. and SubsidiariesCondensed Consolidated Statements of Income (Unaudited)Three Months Ended March 31, 2026 and 2025

Three Months Ended March 31,(in millions, except per share amounts)
2026
2025Revenues:

Cash and spot markets
$           482.2
$           500.9Data Vantage
181.3
152.5Derivatives markets
609.3
541.6Total Revenues
1,272.8
1,195.0Cost of Revenues:

Liquidity payments
446.1
394.8Routing and clearing
20.0
19.6Regulatory fees cost of revenues
—
153.1Royalty fees and other cost of revenues
77.8
62.3Total Cost of Revenues
543.9
629.8Revenues Less Cost of Revenues
728.9
565.2Operating Expenses:

Compensation and benefits
127.9
116.2Depreciation and amortization
29.5
30.3Technology support services
27.6
25.6Professional fees and outside services
18.3
20.8Travel and promotional expenses
8.0
6.4Facilities costs
6.2
6.2Acquisition-related costs
—
0.2Other expenses
5.8
5.6Total Operating Expenses
223.3
211.3Operating Income
505.6
353.9Non-operating Income (Expenses):

Interest expense
(13.3)
(12.8)Interest income
17.7
8.4Loss on investments, net
(0.7)
(3.3)Other income, net
6.2
4.0Total Non-operating Income (Expenses)
9.9
(3.7)Income Before Income Tax Provision
515.5
350.2Income tax provision
129.8
99.6Net Income
385.7
250.6Net income allocated to participating securities
(1.6)
(1.2)Net Income Allocated to Common Stockholders
$           384.1
$           249.4Net Income Per Share Allocated to Common Stockholders:

Basic earnings per share
$             3.67
$             2.38Diluted earnings per share
3.66
2.37Weighted average shares used in computing income per share:

Basic
104.7
104.7Diluted
105.0
105.1 Cboe Global Markets, Inc. and SubsidiariesCondensed Consolidated Balance Sheets (Unaudited)March 31, 2026 and December 31, 2025
(in millions)March 31,
2026
December 31,
2025Assets

Current assets:

Cash and cash equivalents$          2,134.4
$          2,216.5Financial investments35.9
36.1Accounts receivable, net514.6
391.4Margin deposits, default fund, and interoperability fund   3,443.9
1,618.2Income taxes receivable—
67.9Other current assets95.3
91.3Total current assets6,224.1
4,421.4

Investments31.4
32.4Property and equipment, net137.4
133.1Operating lease right of use assets105.1
111.0Goodwill3,142.4
3,150.5Intangible assets, net1,274.6
1,297.2Other assets, net155.6
159.7Total assets$        11,070.6
$          9,305.3

Liabilities and Stockholders' Equity

Current liabilities:

Accounts payable and accrued liabilities$             332.8
$             686.9Current portion of long-term debt649.5
—Section 31 fees payable0.2
0.2Deferred revenue16.8
6.9Margin deposits, default fund, and interoperability fund3,443.9
1,618.2Income taxes payable50.4
50.1Total current liabilities4,493.6
2,362.3

Long-term debt793.9
1,442.9Non-current unrecognized tax benefits22.0
15.8Deferred income taxes233.0
185.3Non-current operating lease liabilities114.6
120.9Other non-current liabilities40.0
39.8Total liabilities5,697.1
4,167.0

Stockholders' Equity:

Preferred stock—
—Common stock1.0
1.0Treasury stock, at cost(75.1)
(1.5)Additional paid-in capital1,583.0
1,565.1Retained earnings3,853.5
3,543.6Accumulated other comprehensive income, net11.1
30.1Total stockholders' equity5,373.5
5,138.3

Total liabilities and stockholders' equity$        11,070.6
$          9,305.3 Table 3Net Transaction and
Clearing Fees by
Business Segment
Three Months Ended
March 31, 2026 and 2025
(in millions)Consolidated
March 31,Options
March 31,N.A. Equities
March 31,Europe and APAC
March 31,Futures
March 31,Global FX
March 31,202620252026202520262025202620252026202520262025Transaction and clearing fees$ 1,026.4$ 832.6$ 559.2$ 464.5$ 342.0$ 271.7$   68.6$   50.8$   30.3$   27.1$   26.3$   18.5Liquidity payments(446.1)(394.8)(135.2)(146.8)(295.9)(235.3)(13.1)(11.3)(1.9)(1.4)——Routing and clearing(20.0)(19.6)(4.0)(4.3)(8.6)(9.6)(6.7)(5.3)——(0.7)(0.4)Net transaction and
clearing fees$ 560.3$ 418.2$ 420.0$ 313.4$   37.5$   26.8$   48.8$   34.2$   28.4$   25.7$   25.6$   18.1 Table 4Net Revenue by Revenue CaptionThree Months Ended March 31, 2026 and 2025
(in millions)Cash and Spot Markets
March 31,Data Vantage
March 31,Derivatives Markets
March 31,Total
March 31,20262025202620252026202520262025Transaction and clearing fees$    436.9$    341.0$         —$         —$   589.5$   491.6$ 1,026.4$   832.6Access and capacity fees——113.297.8——113.297.8Market data fees15.715.767.154.09.08.191.877.8Regulatory fees0.3120.7——10.141.110.4161.8Other revenue29.323.51.00.70.70.831.025.0Total revenues$    482.2$    500.9$   181.3$     152.5$   609.3$   541.6$ 1,272.8$ 1,195.0

Liquidity payments$    308.6$    245.7$         —$         —$   137.5$   149.1$   446.1$   394.8Routing and clearing15.915.3——4.14.320.019.6Regulatory fees cost of revenues—120.6———32.5—153.1Royalty fees and other cost of revenues15.012.63.53.159.346.677.862.3Total cost of revenues$    339.5$    394.2$        3.5$        3.1$   200.9$   232.5$   543.9$   629.8

Net revenue$    142.7$    106.7$   177.8$     149.4$   408.4$   309.1$   728.9$   565.2Non-GAAP InformationIn addition to disclosing results determined in accordance with GAAP, Cboe Global Markets has disclosed certain non-GAAP measures of operating performance. These measures are not in accordance with, or a substitute for, GAAP, and may be different from or inconsistent with non-GAAP financial measures used by other companies. The non-GAAP measures provided in this press release include adjusted operating expenses, adjusted operating income, adjusted operating margin, adjusted net income allocated to common stockholders, adjusted diluted earnings per share, effective tax rate on adjusted earnings, adjusted income before income taxes, operating EBITDA, operating EBITDA margin, adjusted operating EBITDA, adjusted operating EBITDA margin, EBITDA, EBITDA margin, adjusted EBITDA, adjusted EBITDA margin, adjusted cash, and net revenue in constant currency.Management believes that the non-GAAP financial measures presented in this press release provide additional and comparative information to assess trends in our core operations and a means to evaluate period-to-period comparisons. Non-GAAP financial measures disclosed by management are provided as additional information to investors in order to provide them with an alternative method for assessing our financial condition and operating results.The tables below show the reconciliation of each financial measure from GAAP to non-GAAP. The non-GAAP financial measures exclude the impact of those items detailed below and are referred to as adjusted financial measures. Reconciliation of GAAP and Non-GAAP Information
Table 5
Three Months EndedMarch 31,(in millions, except percentages and per share amounts)
2026
2025Reconciliation of Net Income Allocated to Common S
tockholders to Non-GAAP (As shown on Table 1)

Net income allocated to common stockholders
$          384.1
$          249.4Non-GAAP adjustments

Acquisition-related costs (1)
—
0.2Amortization of acquired intangible assets (2)
16.7
18.4Business realignment costs (3)
5.1
0.3Executive compensation adjustment (4)
0.6
—Non-operating investment adjustments, net (5)
(0.1)
(0.4)Total Non-GAAP adjustments
22.3
18.5Income tax expense related to the items above
(6.1)
(4.7)Deferred tax re-measurements (6)
(0.6)
—Tax reserves (6)
(11.4)
—Net income allocated to participating securities - effect on reconciling items
(0.1)
(0.1)Adjusted earnings
$          388.2
$          263.1

Reconciliation of Diluted EPS to Non-GAAP

Diluted earnings per common share
$            3.66
$            2.37Per share impact of non-GAAP adjustments noted above
0.04
0.13Adjusted diluted earnings per common share
$            3.70
$            2.50

Reconciliation of Operating Margin to Non-GAAP

Revenues less cost of revenues
$          728.9
$          565.2Operating expenses (7)
$          223.3
$          211.3Non-GAAP adjustments noted above
22.4
18.9Adjusted operating expenses
$          200.9
$          192.4Operating income
$          505.6
$          353.9Non-GAAP adjustments noted above
22.4
18.9Adjusted operating income
$          528.0
$          372.8Adjusted operating margin (8)
72.4 %
66.0 %

Reconciliation of Income Tax Rate to Non-GAAP

Income before income taxes
$          515.5
$          350.2Non-GAAP adjustments noted above
22.3
18.5Adjusted income before income taxes
$          537.8
$          368.7

Income tax expense
$          129.8
$            99.6Non-GAAP adjustments noted above
18.1
4.7Adjusted income tax expense
$          147.9
$          104.3Adjusted income tax rate
27.5 %
28.3 %

(1)This amount includes acquisition-related costs primarily from the Company's Cboe Digital, Cboe Canada, and Cboe Asia Pacific acquisitions, which
are included in acquisition-related costs on the condensed consolidated statements of income.(2)This amount represents the amortization of acquired intangible assets related to the Company's acquisitions, which is included in depreciation and
amortization on the condensed consolidated statements of income.(3)This amount represents certain business realignment costs related to announced business realignment initiatives. For the three months ended March
31, 2026, the costs included $1.6 million in compensation and benefits, $1.8 million in technology support services, $1.5 million in professional fees
and outside services, and $0.2 million in other expenses, respectively, on the condensed consolidated statements of income. For the three months
ended March 31, 2025, the costs included $0.3 million in compensation and benefits on the condensed consolidated statements of income.(4)This amount represents the CEO sign-on long-term equity awards granted in 2025 with a grant date value of $6.0 million (comprised of a mixture of
time and performance-based awards) that are subject to a 3-year cliff vesting requirement associated with the hiring of Craig Donohue as Chief
Executive Officer, which is included in compensation and benefits on the condensed consolidated statements of income. This amount does not include
the CEO's annual long-term equity incentive awards that were prorated for 2025.(5)This amount represents net gains and losses associated with the PYTH token intangible assets and from the Company's minority investments in Abaxx
Singapore Pte and American Financial Exchange, LLC, which are included in loss on investments, net on the condensed consolidated statements of
income.(6)These amounts represent the tax impact related to resolution of uncertain tax positions for the three months ended March 31, 2026.(7)The company sponsors deferred compensation plans held in a trust. The expenses or income related to the deferred compensation plans are included
in compensation and benefits ($0.4 million and $12.4 million in expense for the three months ended March 31, 2026 and 2025, respectively) and are
directly offset by deferred compensation income and expenses included in loss on investments, net, and dividends included in other income, net ($0.4
million and $12.4 million in income, expense, and dividends in the three months ended March 31, 2026 and 2025, respectively) on the condensed
consolidated statements of income. The deferred compensation plans' expenses are not excluded from adjusted operating expenses and do not have
an impact on income before income taxes.(8)Adjusted operating margin represents adjusted operating income divided by revenues less cost of revenues.EBITDA ReconciliationsEBITDA (earnings before interest, income taxes, depreciation and amortization) and Adjusted EBITDA are widely used non-GAAP financial measures of operating performance. These metrics are presented as supplemental information that the company believes are useful to investors to evaluate the company's results because they exclude certain items that are not directly related to the company's core operating performance. Operating EBITDA is calculated by adding back to operating income depreciation and amortization. Adjusted Operating EBITDA is calculated by adding back to Operating EBITDA relevant adjustments. Operating EBITDA margin represents Operating EBITDA divided by revenues less cost of revenues. Adjusted Operating EBITDA margin represents Adjusted Operating EBITDA divided by revenues less cost of revenues. EBITDA is calculated by adding back to net income interest (income) expense, net, income tax expense, and depreciation and amortization. EBITDA margin represents EBITDA divided by revenues less cost of revenues. Adjusted EBITDA is calculated by adding back to EBITDA relevant adjustments. Adjusted EBITDA margin represents Adjusted EBITDA divided by revenues less cost of revenues. Relevant adjustments are detailed in the reconciliations that follow. Operating EBITDA, Adjusted Operating EBITDA, EBITDA, and Adjusted EBITDA should not be considered as substitutes either for net income, as an indicator of the company's operating performance, or for cash flow as a measure of the company's liquidity. In addition, because Operating EBITDA, Operating EBITDA margin, Adjusted Operating EBITDA, Adjusted Operating EBITDA margin, EBITDA, EBITDA margin, Adjusted EBITDA, and Adjusted EBITDA margin may not be calculated identically by all companies, the presentation here may not be comparable to other similarly titled measures of other companies.Table 6
Three Months Ended(in millions, except percentages)
March 31,Reconciliation of Operating Income to Operating EBITDA and Adjusted Operating EBITDA
(Per Table 1)
2026
2025Operating income
$ 505.6
$ 353.9Depreciation and amortization
29.5
30.3Operating EBITDA
$ 535.1
$ 384.2Operating EBITDA Margin
73.4 %
68.0 %

Non-GAAP adjustments not included in above line items

Acquisition-related costs
$ —
$ 0.2Business realignment costs
5.1
0.3Executive compensation adjustment
0.6
—Adjusted Operating EBITDA
$ 540.8
$ 384.7Adjusted Operating EBITDA Margin
74.2 %
68.1 %

Reconciliation of Net Income Allocated to Common Stockholders to EBITDA and
Adjusted EBITDA (Per Table 1)
2026
2025Net income allocated to common stockholders
$ 384.1
$ 249.4Interest (income) expense, net
(4.4)
4.4Income tax provision
129.8
99.6Depreciation and amortization
29.5
30.3EBITDA
$ 539.0
$ 383.7EBITDA Margin
73.9 %
67.9 %

Non-GAAP adjustments not included in above line items

Acquisition-related costs
—
0.2Business realignment costs
5.1
0.3Executive compensation adjustment
0.6
—Non-operating investment adjustments, net
(0.1)
(0.4)Adjusted EBITDA
$ 544.6
$ 383.8Adjusted EBITDA Margin
74.7 %
67.9 %

Table 7(in millions)
March 31,
December 31,Reconciliation of Cash and Cash Equivalents to Adjusted Cash
2026
2025Cash and cash equivalents
$        2,134.4
$        2,216.5Financial investments
35.9
36.1Less deferred compensation plan assets
(35.4)
(35.8)Adjusted Cash
$        2,134.9
$        2,216.8

Table 8(in millions)
Three Months Ended
March 31,Reconciliation of GAAP Net Revenue to Net Revenue in Constant Currency
2026
2025Europe and Asia Pacific net revenue
$             84.9
$             64.1Constant currency adjustment
(8.2)
—Europe and Asia Pacific net revenue in constant currency1
$             76.7
$             64.1
(1) Net revenue in constant currency is calculated by converting the current period GAAP net revenue in local currency using the foreign
currency exchange rates that were in effect during the previous comparable period.

View original content to download multimedia:https://www.prnewswire.com/news-releases/cboe-global-markets-reports-results-for-first-quarter-2026-and-continued-execution-of-strategic-realignment-302759891.htmlSOURCE Cboe Global Markets, Inc.

Original: Cboe Global Markets Reports Results for First Quarter 2026 and Continued Execution of Strategic Realignment

Cboe Global Markets Reports Results for Fourth Quarter 2025 and Full YearFebruary 6, 2026 7:30 AM
PR Newswire (US)

Fourth Quarter and Full Year Highlights*Record Diluted EPS for the Quarter of $2.97, Up 60 percent; Record Diluted EPS for the Full Year of $10.42, Up 45 percentRecord Adjusted Diluted EPS1 for the Quarter of $3.06, Up 46 percent; Record Adjusted Diluted EPS1 for the Full Year of $10.67, Up 24 percentRecord Net Revenue for the Quarter of $671.1 million, Up 28 percent; Record Net Revenue for the Full Year of $2.4 billion, Up 17 percentEstablishing 2026 Organic Total Net Revenue Growth Target2 of 'mid single-digit' and Cboe Data Vantage3 Organic Net Revenue Growth Target2 of 'mid to high single-digit'Establishing 2026 Adjusted Operating Expense Guidance2 of $864 to $879 millionCHICAGO, Feb. 6, 2026 /PRNewswire/ -- Cboe Global Markets, Inc. (Cboe: CBOE) today reported financial results for the fourth quarter of 2025 and full year.

"Cboe delivered an exceptional fourth quarter, marking the culmination of a year characterized by record growth – including 17 percent net revenue growth, 45 percent diluted EPS growth, and 24 percent adjusted diluted EPS1 growth," said Craig Donohue, Chief Executive Officer of Cboe Global Markets. "Our recent strategic realignment is enabling us to allocate more resources toward growth and value creation in our core businesses, while also better positioning Cboe to capitalize on emerging opportunities. We are starting 2026 with a very strong foundation – a focused growth strategy, a highly seasoned and impressive leadership team, and continued strong secular trends in our core businesses.""Cboe produced another quarter of record net revenue, diluted EPS, and adjusted diluted EPS1 to conclude an extraordinary year," said Jill Griebenow, Cboe Global Markets Executive Vice President, Chief Financial Officer. "In our Derivatives business, record volumes across our index and multi-listed options products drove robust net revenue growth of 38 percent versus the fourth quarter of 2024. Cash and Spot Markets net revenue rose 27 percent, and Data Vantage net revenue increased 9 percent on a year-over-year basis. Moving forward, we anticipate 2026 total organic net revenue growth2 will be in the 'mid single-digit' range, and we anticipate 2026 Data Vantage organic net revenue growth2 will be in the 'mid to high single-digit' range. In addition, we are introducing our full year 2026 adjusted operating expense guidance2 range of $864 million to $879 million. We are pleased with the record results we achieved in 2025, and we remain focused on driving durable shareholder returns in the year ahead." * All comparisons are fourth quarter 2025 or full year compared to the same period in 2024.(1) A full reconciliation of our non-GAAP results to our GAAP ("Generally Accepted Accounting Principles") results is included in the attached tables. See "Non-GAAP Information" in the accompanying financial tables.(2) Specific quantifications of the amounts that would be required to reconcile the company's organic net revenue growth guidance and adjusted operating expenses guidance are not available. The company believes that there is uncertainty and unpredictability with respect to certain of its GAAP measures, primarily related to acquisition-related revenues and costs that would be required to reconcile to GAAP revenues less cost of revenues, GAAP operating expenses and GAAP effective tax rate, which preclude the company from providing accurate guidance on certain forward-looking GAAP to non-GAAP reconciliations. The company believes that providing estimates of the amounts that would be required to reconcile the range of the company's organic net revenue growth guidance and adjusted operating expenses would imply a degree of precision that would be confusing or misleading to investors for the reasons identified above.(3) Cboe Data Vantage refers to the company's Cboe Data Vantage business (formerly known as Data and Access Solutions). Cboe Data Vantage is subsequently referred to as Data Vantage throughout this press release.Consolidated Fourth Quarter Results Table 1 below presents summary selected unaudited condensed consolidated financial information for the company as reported and on an adjusted basis for the three months ended December 31, 2025 and 2024.Table 1

Consolidated Fourth Quarter Results
($ in millions except per share
amounts and percentages)4Q254Q24Change4Q25
Adjusted¹4Q24
Adjusted¹ChangeTotal Revenues Less Cost of
Revenues$        671.1$        524.528 %$        671.1$        524.528 %Total Operating Expenses      $        267.3$        226.018 %$        220.6$        204.88 %Operating Income$        403.8$        298.535 %$        450.5$        319.741 %Operating Margin %60.2 %56.9 %       3.3 pp67.1 %61.0 %       6.1 ppNet Income Allocated to Common
Stockholders$        312.2$        195.660 %$        321.0$        221.245 %Net Income Allocated to Common
Stockholders Margin %46.5 %37.3 %       9.2 pp47.8 %42.2 %       5.6 ppDiluted Earnings Per Share$          2.97$          1.8660 %$          3.06$          2.1046 %Operating EBITDA1$        435.1$        330.632 %$        464.7$        331.240 %Operating EBITDA Margin %164.8 %63.0 %       1.8 pp69.2 %63.1 %       6.1 ppEBITDA1$        479.6$        316.651 %$        464.1$        331.640 %EBITDA Margin %171.5 %60.4 %         11.1 pp69.2 %63.2 %       6.0 ppTotal revenues less cost of revenues (referred to as "net revenue"2) of $671.1 million increased 28 percent, compared to $524.5 million in the prior-year period, a result of increases across all net revenue2 captions.Total operating expenses were $267.3 million versus $226.0 million in the fourth quarter of 2024, an increase of $41.3 million. This increase was primarily due to the impairment of assets and higher compensation and benefits, driven by an increase in accrued bonuses as a result of strong company performance in the fourth quarter of 2025. Adjusted operating expenses1 of $220.6 were up $15.8 million compared to $204.8 million in the fourth quarter of 2024. This increase was primarily due to higher compensation and benefits, driven by an increase in accrued bonuses as a result of strong company performance.The effective tax rate for the fourth quarter of 2025 was 30.6 percent as compared with 29.7 percent in the fourth quarter of 2024. The higher effective tax rate in 2025 is primarily related to remeasuring deferred tax assets and liabilities due to changes in state and local filing positions. The effective tax rate on adjusted earnings1 was 28.9 percent, down 0.6 percentage points when compared with 29.5 percent in last year's fourth quarter. The change was primarily due to benefits recognized by filing 2024 tax returns.Diluted EPS for the fourth quarter of 2025 increased 60 percent to $2.97 compared to the fourth quarter of 2024. Adjusted diluted EPS1 of $3.06 increased 46 percent compared to 2024 fourth quarter results.Business Segment InformationTable 2

Total Revenues Less Cost of Revenues by Business Segment (in millions) 4Q254Q24ChangeOptions$           433.1$           324.334 %North American Equities110.794.917 %Europe and Asia Pacific69.956.224 %Futures33.730.212 %Global FX23.719.422 %Digital3—(0.5)*Total$           671.1$           524.528 %

(1) A full reconciliation of our non-GAAP results to our GAAP results is included in the attached tables. See "Non-GAAP Information" in the accompanying financial tables.(2) See the attached tables on page 10 for "Net Revenue by Revenue Caption."(3) The Digital segment results are prospectively included in the Futures segment beginning in the first quarter of 2025. Digital results from 2024 have been retained in the former Digital segment for comparative purposes.*Not meaningfulDiscussion of Results by Business Segment1:Options:Record Options net revenue of $433.1 million was up $108.8 million, or 34 percent, from the fourth quarter of 2024. Net transaction and clearing fees2 increased primarily as a result of a 24 percent increase in total options average daily volume ("ADV") versus the fourth quarter of 2024. Access and capacity fees increased 13 percent as compared to the fourth quarter of 2024.Net transaction and clearing fees2 increased $112.4 million, or 40 percent, reflecting a 35 percent increase in index options ADV and a 20 percent increase in multi-listed options ADV. Total options revenue per contract ("RPC") increased 13 percent compared to the fourth quarter of 2024. The increase in total options RPC was primarily due to a mix shift, with index options representing a higher percentage of total options volume, and a 17 percent increase in multi-listed options RPC.Cboe's Options exchanges had total market share of 29.2 percent for the fourth quarter of 2025 compared to 30.4 percent in the fourth quarter of 2024.North American (N.A.) Equities:Record N.A. Equities net revenue of $110.7 million increased $15.8 million, or 17 percent, from the fourth quarter of 2024, reflecting higher net transaction and clearing fees2, access and capacity fees, and market data fees.Net transaction and clearing fees2 increased by $5.4 million, or 18 percent, compared to the fourth quarter of 2024. The increase was driven by stronger industry volumes, partially offset by lower market share in on-exchange U.S. Equities as compared to the fourth quarter of 2024.Cboe's U.S. Equities exchanges had market share of 9.4 percent for the fourth quarter of 2025 compared to 10.8 percent in the fourth quarter of 2024. Cboe's U.S. Equities off-exchange market share was 17.0 percent, up 0.5 percentage points from 16.5 percent in the fourth quarter of 2024. Canadian Equities market share decreased to 12.7 percent as compared to 14.3 percent in the fourth quarter of 2024.Europe and Asia Pacific (APAC):Europe and APAC net revenue of $69.9 million increased $13.7 million, or 24 percent, from the fourth quarter of 2024, reflecting growth in net transaction and clearing fees2 and non-transaction revenues. On a constant currency basis3, net revenues were $65.8 million, up 17 percent compared to the fourth quarter of 2024. European Equities average daily notional value ("ADNV") traded on Cboe European Equities was €12.2 billion, up 17 percent compared to the fourth quarter of 2024 given a 16 percent increase in industry market volumes. Cboe Clear Europe net settlement volume reached 3,603.7 thousand shares, up 22 percent from the fourth quarter of 2024. Australian Equities ADNV was 28 percent higher than the fourth quarter of 2024.For the fourth quarter of 2025, Cboe European Equities had 24.8 percent market share, up compared to 24.6 percent in the fourth quarter of 2024. Cboe Australia had 20.6 percent market share for the fourth quarter of 2025, down from 20.8 percent in the fourth quarter of 2024.Futures:Futures net revenue of $33.7 million increased $3.5 million, or 12 percent, from the fourth quarter of 2024 driven by a 13 percent increase in net transaction and clearing fees2.Net transaction and clearing fees2 increased $3.1 million, reflecting a 16 percent increase in ADV during the quarter.Global FX:Record Global FX net revenue of $23.7 million increased $4.3 million, or 22 percent, from the fourth quarter of 2024. The increase was due to higher net transaction and clearing fees2. ADNV traded on the Cboe FX platform was $53.3 billion for the quarter, up 17 percent compared to last year's fourth quarter, and net capture rate per one million dollars traded was $2.95 for the quarter, up 8 percent compared to $2.72 in the fourth quarter of 2024.(1) The Digital segment results are prospectively included in the Futures segment beginning in the first quarter of 2025. Digital results from 2024 have been retained in the former Digital segment for comparative purposes.(2) See the attached tables on page 10 for "Net Transaction and Clearing Fees by Business Segment."(3) A full reconciliation of our non-GAAP results to our GAAP results is included in the attached tables. See "Non-GAAP Information" in the accompanying financial tables.2026 Fiscal Year Financial Guidance1Cboe provided guidance for the 2026 fiscal year as noted below.Organic total net revenue growth2 is expected to be in the 'mid single-digit' range in 2026.Organic net revenue growth2 from Data Vantage is expected to be in the 'mid to high single-digit' range in 2026.Adjusted operating expenses2 in 2026 are expected to be in the range of $864 to $879 million. The guidance excludes the expected amortization of acquired intangible assets of $63 million; the company adjusts for this amount in its non-GAAP reconciliation.Depreciation and amortization expense for 2026 is expected to be in the range of $56 to $60 million, excluding the expected amortization of acquired intangible assets.The effective tax rate on adjusted earnings2 for the full year 2026 is expected to be in the range of 27.5 to 29.5 percent. Significant changes in trading volume, expenses, tax laws or rates, and other items could materially impact this expectation.Capital expenditures for 2026 are expected to be in the range of $73 to $83 million.(1) 2026 guidance includes the anticipated impacts from discontinuing U.S. and European Corporate Listings, CEDX, and Cboe's Japanese equities business, as well as the planned cost reductions in U.S. and European ETP Listings businesses and several of Cboe's smaller Risk and Market Analytics businesses, as announced in 2025 and early 2026. 2026 guidance also includes the anticipated business-as-usual financial contribution from Cboe Canada and Cboe Australia, which Cboe announced divestiture plans for in October 2025. 2026 guidance will be updated as further actions are announced.(2) Specific quantifications of the amounts that would be required to reconcile the company's organic and inorganic growth guidance, adjusted operating expenses guidance, and the effective tax rate on adjusted earnings guidance are not available. Acquisitions are considered organic after 12 months of closing. The company believes that there is uncertainty and unpredictability with respect to certain of its GAAP measures, primarily related to acquisition-related revenues and costs that would be required to reconcile to GAAP revenues less cost of revenues, GAAP operating expenses and GAAP effective tax rate, which preclude the company from providing accurate guidance on certain forward-looking GAAP to non-GAAP reconciliations. The company believes that providing estimates of the amounts that would be required to reconcile the range of the company's organic growth, adjusted operating expenses, and the effective tax rate on adjusted earnings would imply a degree of precision that would be confusing or misleading to investors for the reasons identified above.Capital ManagementAt December 31, 2025, the company had cash and cash equivalents of $2,216.5 million and adjusted cash3 of $2,216.8 million. Total debt as of December 31, 2025 was $1,442.9 million.The company paid cash dividends of $75.8 million, or $0.72 per share, and there were no share repurchases in the fourth quarter of 2025. As of December 31, 2025, the company had approximately $614.5 million of availability remaining under its existing share repurchase authorizations.Earnings Conference CallExecutives of Cboe Global Markets will host a conference call to review its fourth quarter financial results today, February 6, 2026, at 8:30 a.m. ET/7:30 a.m. CT. The conference call and any accompanying slides will be publicly available via live webcast from the Investor Relations section of the company's website at www.cboe.com under Events & Presentations. Participants may also listen via telephone by dialing (800) 715-9871 (toll-free) or (646) 307-1963 (toll) and using the Conference ID 6775785. Telephone participants should place calls 10 minutes prior to the start of the call. The webcast will be archived on the company's website for replay.(3) A full reconciliation of our non-GAAP results to our GAAP results is included in the attached tables. See "Non-GAAP Information" in the accompanying financial tables.About Cboe Global MarketsCboe Global Markets (Cboe: CBOE), the world's leading derivatives and securities exchange network, delivers cutting-edge trading, clearing and investment solutions to people around the world. Cboe provides trading solutions and products in multiple asset classes, including equities, derivatives, and FX, across North America, Europe, and Asia Pacific. Above all, Cboe is committed to building a trusted, inclusive global marketplace that enables people to pursue a sustainable financial future. To learn more about Cboe, visit www.cboe.com. Cautionary Statements Regarding Forward-Looking InformationThis press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve a number of risks and uncertainties. You can identify these statements by forward-looking words such as "may," "might," "should," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential", or "continue," and the negative of these terms and other comparable terminology. All statements that reflect our expectations, assumptions or projections about the future other than statements of historical fact are forward-looking statements. These forward-looking statements, which are subject to known and unknown risks, uncertainties and assumptions about us, may include projections of our future financial performance based on our growth strategies and anticipated trends in our business. These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from those expressed or implied by the forward-looking statements.We operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible to predict all risks and uncertainties, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.Some factors that could cause actual results to differ include: the loss of our right to exclusively list and trade certain index options and futures products; economic, political and market conditions; compliance with legal and regulatory obligations; price competition and consolidation in our industry; decreases in trading or clearing volumes, market data fees or a shift in the mix of products traded on our exchanges; legislative or regulatory changes or changes in tax regimes; our ability to protect our systems and communication networks from security vulnerabilities and breaches; our ability to attract and retain skilled management and other personnel; increasing competition by foreign and domestic entities; our dependence on and exposure to risk from third parties; factors that impact the quality and integrity of our and other applicable indices; our ability to manage our global operations, growth, and strategic acquisition, wind-downs, divestitures or alliances effectively; increases in the cost of the products and services we use; our ability to operate our business without violating the intellectual property rights of others and the costs associated with protecting our intellectual property rights; our ability to minimize the risks, including our credit, liquidity, market, investment, counterparty, and default risks, associated with operating our clearinghouses; our ability to accommodate trading and clearing volume and transaction traffic, including significant increases, without failure or degradation of performance of our systems; misconduct by those who use our markets or our products or for whom we clear transactions; challenges to our use of open source software code; our ability to meet our compliance obligations, including managing our business interests and our regulatory responsibilities; the loss of key customers or a significant reduction in trading or clearing volumes by key customers; separate from and not integrated with our registered national securities exchanges; damage to our reputation; the ability of our compliance and risk management methods to effectively monitor and manage our risks; restrictions imposed by our debt obligations and our ability to make payments on or refinance our debt obligations; our ability to maintain an investment grade credit rating; impairment of our goodwill, long-lived assets, investments, or intangible assets; the accuracy of our estimates and expectations; and litigation risks and other liabilities. More detailed information about factors that may affect our actual results to differ may be found in our filings with the SEC, including in our Annual Report on Form 10-K for the year ended December 31, 2024 and other filings made from time to time with the SEC.We do not undertake, and we expressly disclaim, any duty to update any forward-looking statement whether as a result of new information, future events or otherwise, except as required by law. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof.The condensed consolidated statements of income and balance sheets are unaudited and subject to revision.Cboe Media Contacts:

Analyst Contact:Angela Tu
Tim Cave
Kenneth Hill, CFA(646) 856-8734
+44 (0) 7593 506 719
(312) 786-7559atu@cboe.com
tcave@cboe.com
khill@cboe.comCBOE-FTrademarks:Cboe®, Cboe Global Markets®, Cboe Volatility Index®, Cboe Clear®, Cboe Datashop®, BIDS Trading®, BZX®, BYX®, Cboe Clear®, EDGX®, EDGA®, MATCHNow®, and VIX® are registered trademarks and Cboe Data VantageSM is a service mark of Cboe Global Markets, Inc. and its subsidiaries. All other trademarks and service marks are the property of their respective owners.Cboe Global Markets, Inc.Key Performance Statistics by Business Segment

4Q 20253Q 20252Q 20251Q 20254Q 2024Options

Total industry ADV (in thousands)66,60860,79857,20358,44451,635Total Company Options ADV (in thousands):19,41918,77517,30118,18315,673Multi-listed options13,96513,91112,61513,41211,633Index options5,4544,8644,6864,7714,040Total Options market share:29.2 %30.9 %30.2 %31.1 %30.4 %Multi-listed options22.9 %24.9 %24.0 %25.0 %24.5 %Total Options RPC:$        0.317$        0.281$        0.300$        0.287$        0.281Multi-listed options$        0.075$        0.055$        0.068$        0.066$        0.064Index options$        0.938$        0.926$        0.923$        0.908$        0.905

North American Equities

U.S. Equities - Exchange:

Total industry ADV (shares in billions)18.617.618.415.713.6Market share %9.4 %9.8 %10.5 %10.5 %10.8 %Net capture (per 100 touched shares)$        0.018$        0.015$        0.012$        0.014$        0.018U.S. Equities - Off-Exchange:

ADV (touched shares, in millions)197.0202.3125.590.680.0Off-Exchange ATS Block Market Share %17.0 %17.9 %14.9 %17.1 %16.5 %Net capture (per 100 touched shares)$        0.064$        0.064$        0.082$        0.117$        0.126Canadian Equities:

ADV (matched shares, in millions)195.9163.8150.6159.6157.4Total market share %12.7 %12.5 %12.7 %13.8 %14.3 %Net capture (per 10,000 shares, in Canadian Dollars)$        3.962$        4.142$        4.222$        4.250$        4.008

Europe and Asia Pacific

European Equities:

Total industry ADNV (Euros - in billions)€          49.1€          46.1€          54.5€          55.8€          42.3Market share %24.8 %25.4 %25.1 %24.8 %24.6 %Net capture (per matched notional value (bps), in Euros)€        0.278€        0.288€        0.261€        0.252€        0.261Cboe Clear Europe:

Trades cleared (in thousands)322,339.2329,293.1400,935.8412,072.2328,976.1Fee per trade cleared (in Euros)€        0.010€        0.010€        0.008€        0.008€        0.008Net settlement volume (shares in thousands)3,603.73,541.93,289.33,200.72,962.6Net fee per settlement (in Euros)€        1.113€        1.015€        0.956€        0.951€        1.002Australian Equities:

ADNV (Australian dollars - in billions)$            1.0$            1.0$            1.0$            0.8$            0.8Market share - Continuous20.6 %20.6 %20.0 %19.4 %20.8 %Net capture (per matched notional value (bps), in Australian Dollars) $        0.207$        0.206$        0.160$        0.156$        0.154

Futures

ADV (in thousands)239.2200.7220.5249.4206.4RPC$        1.717$        1.745$        1.691$        1.740$        1.765

Global FX

ADNV ($ - in billions)$          53.3$          49.9$          55.9$          51.9$          45.6Net capture (per one million dollars traded)$          2.95$          2.89$          2.81$          2.77$          2.72
*In the second quarter of 2025, Digital futures products were transitioned to Cboe Futures Exchange. Futures metrics prior to the second quarter of 2025 exclude Digital futures products.ADV = average daily volume; ADNV = average daily notional value.RPC, average revenue per contract, for options and futures, represents total net transaction fees recognized for the period divided by total contracts traded during the period.Touched volume represents the total number of shares of equity securities and ETFs internally matched on our exchanges or routed to and executed on an external market center.Matched volume represents the total number of shares of equity securities and ETFs executed on our exchanges.U.S. Equities - Exchange, "net capture per 100 touched shares" refers to transaction fees less liquidity payments and routing and clearing costs divided by the product of one-hundredth ADV of touched shares on BZX, BYX, EDGX and EDGA and the number of trading days. U.S. Equities – Off-Exchange data reflects BIDS Trading. For U.S. Equities – Off-Exchange, "net capture per 100 touched shares" refers to transaction fees less order and execution management system (OMS/EMS) fees and clearing costs divided by the product of one-hundredth ADV of touched shares on BIDS Trading and the number of trading days for the period.Canadian Equities, "net capture per 10,000 shares" refers to transaction fees divided by the product of one-ten thousandth ADV of shares for Cboe Canada and the number of trading days. Total market share represents Cboe Canada volume divided by the total volume of the Canadian Equities market.European Equities, "net capture per matched notional value" refers to transaction fees less liquidity payments in Euros divided by the product of ADNV in Euros of shares matched on Cboe Europe Equities and the number of trading days. "Trades cleared" refers to the total number of non-interoperable trades cleared, "Fee per trade cleared" refers to clearing fees divided by number of non-interoperable trades cleared, "Net settlement volume" refers to the total number of settlements executed after netting, and "Net fee per settlement" refers to settlement fees less direct costs incurred to settle divided by the number of settlements executed after netting.Australian Equities data reflects data from Cboe Australia. Australian Equities, "net capture per matched notional value" refers to transaction fees less liquidity payments in Australian dollars divided by the product of ADNV in Australian dollars of shares matched on Cboe Australia and the number of Australian Equities trading days.Global FX, "net capture per one million dollars traded" refers to transaction fees less liquidity payments, if any, divided by the Spot and SEF products of one-thousandth of ADNV traded on the Cboe FX Markets and the number of trading days, divided by two, which represents the buyer and seller that are both charged on the transaction.Average transaction fees per contract can be affected by various factors, including exchange fee rates, volume-based discounts and transaction mix by contract type and product type.Cboe Global Markets, Inc. and SubsidiariesCondensed Consolidated Statements of Income (Unaudited)Three and Twelve Months Ended December 31, 2025 and 2024

Three Months Ended December 31,
Twelve Months Ended December 31,(in millions, except per share amounts)2025
2024
2025
2024Revenues:

Cash and spot markets$         431.3
$         468.6
$      1,834.8
$      1,670.0Data Vantage162.6
148.7
635.5
576.6Derivatives markets610.1
490.3
2,243.9
1,847.9Total Revenues1,204.0
1,107.6
4,714.2
4,094.5Cost of Revenues:

Liquidity payments443.6
365.7
1,709.7
1,329.1Routing and clearing20.1
18.3
80.4
68.3Regulatory fees cost of revenues0.3
142.1
238.7
391.4Royalty fees and other cost of revenues68.9
57.0
256.3
233.3Total Cost of Revenues532.9
583.1
2,285.1
2,022.1Revenues Less Cost of Revenues671.1
524.5
2,429.1
2,072.4Operating Expenses:

Compensation and benefits127.5
111.9
500.8
462.4Depreciation and amortization31.3
32.1
122.4
133.0Technology support services28.7
28.5
107.6
102.8Professional fees and outside services24.3
25.6
91.5
94.8Travel and promotional expenses15.5
16.4
42.1
45.8Facilities costs6.6
6.1
26.2
24.6Acquisition-related costs(0.1)
0.1
0.3
1.3Impairment of assets25.1
—
46.7
81.0Other expenses8.4
5.3
24.4
28.3Total Operating Expenses267.3
226.0
962.0
974.0Operating Income403.8
298.5
1,467.1
1,098.4Non-operating Income (Expenses):

Interest expense(13.3)
(12.9)
(52.3)
(51.5)Interest income15.4
7.2
49.4
27.3Earnings (loss) on investments, net44.5
(0.2)
92.8
29.0Other income (expense), net1.3
(12.9)
9.6
(19.4)Total Non-operating Income (Expenses)47.9
(18.8)
99.5
(14.6)Income Before Income Tax Provision451.7
279.7
1,566.6
1,083.8Income tax provision138.2
83.2
466.6
318.9Net Income313.5
196.5
1,100.0
764.9Net income allocated to participating securities(1.3)
(0.9)
(5.2)
(3.9)Net Income Allocated to Common Stockholders$ 312.2
$ 195.6
$      1,094.8
$ 761.0Net Income Per Share Allocated to Common Stockholders:

Basic earnings per share$            2.98
$            1.87
$         10.46
$            7.24Diluted earnings per share2.97
1.86
10.42
7.21Weighted average shares used in computing income per share:

Basic104.7
104.8
104.7
105.1Diluted105.0
105.1
105.1
105.5 Cboe Global Markets, Inc. and SubsidiariesCondensed Consolidated Balance Sheets (Unaudited)December 31, 2025 and December 31, 2024
(in millions)December 31,
2025
December 31,
2024AssetsCurrent assets:

Cash and cash equivalents$         2,216.5
$            920.3Financial investments36.1
110.3Accounts receivable, net391.4
444.6Margin deposits, clearing funds, and interoperability funds1,618.2
845.5Income taxes receivable67.9
73.8Other current assets (includes restricted cash of $34.1 at December 31, 2025 and $— at
December 31, 2024)91.3
84.6Total current assets4,421.4
2,479.1

Investments32.4
383.7Property and equipment, net133.1
118.0Operating lease right of use assets111.0
124.5Goodwill3,150.5
3,124.2Intangible assets, net1,297.2
1,376.9Other assets, net159.7
182.7Total assets$         9,305.3
$         7,789.1

Liabilities and Stockholders' EquityCurrent liabilities:

Accounts payable and accrued liabilities$            686.9
$            359.7Section 31 fees payable0.2
182.0Deferred revenue6.9
6.4Margin deposits, clearing funds, and interoperability funds1,618.2
845.5Income taxes payable50.1
1.6Total current liabilities2,362.3
1,395.2

Long-term debt1,442.9
1,441.0Non-current unrecognized tax benefits15.8
305.0Deferred income taxes185.3
186.8Non-current operating lease liabilities120.9
138.4Other non-current liabilities39.8
43.1Total liabilities4,167.0
3,509.5

Stockholders' equity:

Preferred stock—
—Common stock1.0
1.0Treasury stock, at cost(1.5)
(1.4)Additional paid-in capital1,565.1
1,512.5Retained earnings3,543.6
2,815.9Accumulated other comprehensive income (loss), net   30.1
(48.4)Total stockholders' equity5,138.3
4,279.6

Total liabilities and stockholders' equity$         9,305.3
$         7,789.1 Table 3

Net Transaction and Clearing
Fees by Business Segment
Three Months Ended December
31, 2025 and 2024 (in millions)ConsolidatedDecember 31,OptionsDecember 31,N.A. EquitiesDecember 31,Europe and APACDecember 31,FuturesDecember 31,Global FXDecember 31,Digital1December 31,

20252024202520242025202420252024202520242025202420252024
Transaction and clearing fees$ 977.4$ 762.6$ 559.7$ 418.0$ 316.3$ 260.6$   52.7$   41.4$ 27.8$ 25.9$ 20.9$ 16.6$     —$    0.1
Liquidity payments(443.6)(365.7)(160.7)(131.7)(272.6)(222.2)(8.8)(8.5)(1.5)(2.7)———(0.6)
Routing and clearing(20.1)(18.3)(4.6)(4.3)(9.0)(9.1)(6.0)(4.5)——(0.5)(0.4)——
Net transaction and clearing fees$ 513.7$ 378.6$ 394.4$ 282.0$ 34.7$ 29.3$   37.9$   28.4$ 26.3$ 23.2$ 20.4$ 16.2$     —$ (0.5)
Table 4

Net Revenue by Revenue Caption Three Months Ended
December 31, 2025 and 2024 (in millions)Cash and Spot MarketsDecember 31,Data VantageDecember 31,Derivatives MarketsDecember 31,TotalDecember 31,

20252024202520242025202420252024
Transaction and clearing fees$   390.0$   318.6$         —$         —$   587.4$   444.0$   977.4$   762.6
Access and capacity fees——105.895.0——105.895.0
Market data fees16.714.356.053.010.08.382.775.6
Regulatory fees3.0114.2——12.037.015.0151.2
Other revenue21.621.50.80.70.71.023.123.2
Total revenues$   431.3$   468.6$   162.6$   148.7$   610.1$   490.3$ 1,204.0$ 1,107.6

Liquidity payments$   280.6$   229.7$         —$         —$   163.0$   136.0$   443.6$   365.7
Routing and clearing15.514.1——4.64.220.118.3
Regulatory fees cost of revenues0.3114.1———28.00.3142.1
Royalty fees and other cost of revenues9.311.83.12.856.542.468.957.0
Total cost of revenues$   305.7$   369.7$        3.1$        2.8$   224.1$   210.6$   532.9$   583.1

Net revenue$   125.6$     98.9$   159.5$   145.9$   386.0$   279.7$   671.1$   524.5

(1) The Digital segment results are prospectively included in the Futures segment beginning in the first quarter of 2025. Digital results from 2024 have been retained in the former Digital segment for comparative purposes.Non-GAAP InformationIn addition to disclosing results determined in accordance with GAAP, Cboe Global Markets has disclosed certain non-GAAP measures of operating performance. These measures are not in accordance with, or a substitute for, GAAP, and may be different from or inconsistent with non-GAAP financial measures used by other companies. The non-GAAP measures provided in this press release include adjusted revenues less cost of revenues, adjusted operating expenses, adjusted operating income, adjusted operating margin, adjusted net income allocated to common stockholders, adjusted diluted earnings per share, effective tax rate on adjusted earnings, adjusted income before income taxes, operating EBITDA, operating EBITDA margin, adjusted operating EBITDA, adjusted operating EBITDA margin, EBITDA, EBITDA margin, adjusted EBITDA, adjusted EBITDA margin, adjusted cash, and net revenues in constant currency.Management believes that the non-GAAP financial measures presented in this press release provide additional and comparative information to assess trends in our core operations and a means to evaluate period-to-period comparisons. Non-GAAP financial measures disclosed by management are provided as additional information to investors in order to provide them with an alternative method for assessing our financial condition and operating results.The tables below show the reconciliation of each financial measure from GAAP to non-GAAP. The non-GAAP financial measures exclude the impact of those items detailed below and are referred to as adjusted financial measures. Reconciliation of GAAP and Non-GAAP Information

Three Months Ended
Twelve Months EndedTable 5
December 31,
December 31,(in millions, except percentages and per share amounts)
2025
2024
2025
2024Reconciliation of Net Income Allocated to Common
Stockholders to Non-GAAP (As shown on Table 1)

Net income allocated to common stockholders
$          312.2
$          195.6
$       1,094.8
$          761.0Non-GAAP adjustments

Acquisition-related costs (1)
(0.1)
0.1
0.3
1.3Amortization of acquired intangible assets (2)
17.1
20.6
69.9
88.7Business realignment costs (3)
4.0
0.5
7.0
2.1Cboe Digital syndication wind down (4)
—
—
—
(1.0)Change in contingent consideration (5)
—
—
—
2.1Non-operating investment adjustments, net (6)
(45.1)
14.4
(96.8)
31.4Executive compensation adjustment (7)
0.6
—
1.6
—Gain on Cboe Digital non-recourse notes and warrants wind
down (8)
—
—
—
(1.4)Gain on sale of property held for sale (9)
—
—
—
(1.0)Impairment of assets (10)
25.1
—
46.7
81.0Total Non-GAAP adjustments
1.6
35.6
28.7
203.2Income tax expense related to the items above
(0.5)
(7.9)
(8.2)
(52.2)Deferred tax re-measurements (11)
14.3
—
13.3
—Tax reserves (11)
(6.6)
(2.5)
(6.6)
(8.1)Valuation allowances (12)
—
0.6
—
5.0Net income allocated to participating securities - effect on
reconciling items
—
(0.2)
(0.3)
(0.9)Adjusted earnings
$          321.0
$          221.2
$       1,121.7
$          908.0

Reconciliation of Diluted EPS to Non-GAAP

Diluted earnings per common share
$            2.97
$            1.86
$          10.42
$            7.21Per share impact of non-GAAP adjustments noted above
0.09
0.24
0.25
1.40Adjusted diluted earnings per common share
$            3.06
$            2.10
$          10.67
$            8.61

Reconciliation of Operating Margin to Non-GAAP

Revenues less cost of revenue
$          671.1
$          524.5
$       2,429.1
$       2,072.4Non-GAAP adjustments noted above
—
—
—
(1.0)Adjusted revenues less cost of revenue
$          671.1
$          524.5
$       2,429.1
$       2,071.4Operating expenses (13)
$          267.3
$          226.0
$          962.0
$          974.0Non-GAAP adjustments noted above
46.7
21.2
125.5
175.2Adjusted operating expenses
$          220.6
$          204.8
$          836.5
$          798.8Operating income
$          403.8
$          298.5
$       1,467.1
$       1,098.4Non-GAAP adjustments noted above
46.7
21.2
125.5
174.2Adjusted operating income
$          450.5
$          319.7
$       1,592.6
$       1,272.6Adjusted operating margin (14)
67.1 %
61.0 %
65.6 %
61.4 %

Reconciliation of Income Tax Rate to Non-GAAP

Income before income taxes
$          451.7
$          279.7
$       1,566.6
$       1,083.8Non-GAAP adjustments noted above
1.6
35.6
28.7
203.2Adjusted income before income taxes
$          453.3
$          315.3
$       1,595.3
$       1,287.0

Income tax expense
$          138.2
$            83.2
$          466.6
$          318.9Non-GAAP adjustments noted above
(7.2)
9.8
1.5
55.3Adjusted income tax expense
$          131.0
$            93.0
$          468.1
$          374.2Adjusted income tax rate
28.9 %
29.5 %
29.3 %
29.1 %

(1)This amount includes acquisition-related costs primarily from the company's Cboe Digital, Cboe Canada, and Cboe Asia Pacific acquisitions, which are included in acquisition-related costs on the condensed consolidated statements of income.(2)This amount represents the amortization of acquired intangible assets related to the company's acquisitions, which is included in depreciation and amortization on the condensed consolidated statements of income.(3)This amount represents certain business realignment costs related to announced business realignment initiatives. For the three and twelve months ended December 31, 2025, the costs included $2.1 million and $5.1 million in compensation and benefits, respectively, $0.5 million in professional fees and outside services, and $1.4 million in other expenses, respectively, on the condensed consolidated statements of income. For the three and twelve months ended December 31, 2024, the costs included $0.5 million and $2.1 million in compensation and benefits, respectively, on the condensed consolidated statements of income.(4)This amount represents the contra-revenue that was reversed as a result of the Cboe Digital syndication wind down, which is included in transaction and clearing fees on the condensed consolidated statements of income.(5)This amount represents the gains and losses related to contingent consideration liabilities achieved related to the acquisitions of Cboe Canada and Cboe Asia Pacific, which is included in other expenses on the condensed consolidated statements of income.(6)This amount represents the net gains associated with the partial sale of PYTH token intangible assets and from the company's various minority investments, as well as the gain associated with the completion of the investment transaction within the company's investment in the 7Ridge Fund (which owned Trading Technologies International Inc.), which included $45.1 million, and $96.8 million in earnings on investments, net on the condensed consolidated statements of income, for the three and twelve months ended December 31, 2025, respectively, and the net impairments related to the company's minority investments, which included $14.4 million and $31.6 million in other income (expense), net on the condensed consolidated statements of income, for the three and twelve months ended December 31, 2024, respectively, and $0.2 million in earnings on investments, net on the condensed consolidated statements of income for the twelve months ended December 31, 2024.(7)This amount represents the CEO sign-on long-term equity awards with a grant date value of $6.0 million (comprised of a mixture of time and performance-based awards) and subject to a 3-year cliff vesting requirement associated with the hiring of Craig Donohue as Chief Executive Officer, which is included in compensation and benefits on the condensed consolidated statements of income. This amount does not include the CEO's annual long-term equity incentive awards that were prorated for 2025.(8)This amount represents the revaluation and the gain associated with the wind down of the Cboe Digital non-recourse notes and warrants, which is included in other income (expense), net on the condensed consolidated statements of income.(9)This amount represents the net gain on the sale of the company's former headquarters, which is included in other income (expense), net on the condensed consolidated statements of income.(10)This amount represents the impairment of assets related to Cboe Canada, Cboe European Derivatives ("CEDX"), and Cboe Japan in 2025, as well as the impairment of assets related to the Cboe Digital wind down in 2024, which are included in impairment of assets on the condensed consolidated statements of income.(11)These amounts represent the tax impact related to changes in state and local filing positions for the three and twelve months ended December 31, 2025 and the tax reserves related to Section 199 matters for the three and twelve months ended December 31, 2024, respectively.(12)This amount represents the valuation allowances related to the impairments of the company's minority investments in Globacap Technology Limited and StratiFi Technologies Inc.(13)The company sponsors deferred compensation plans held in a trust. The expenses or income related to the deferred compensation plans are included in compensation and benefits ($1.9 million and $1.4 million in expense for the three months ended December 31, 2025 and 2024, respectively, and $4.5 million and $3.6 million in expense for the twelve months ended December 31, 2025 and 2024, respectively), and are directly offset by deferred compensation income, expenses and dividends included within other income (expense), net ($1.9 million and $1.4 million in income, expense and dividends in the three months ended December 31, 2025 and 2024, respectively, and $4.5 million and $3.6 million in income, expense and dividends in the twelve months ended December 31, 2025 and 2024, respectively), on the condensed consolidated statements of income. The deferred compensation plans' expenses are not excluded from adjusted operating expenses and do not have an impact on income before income taxes.(14)Adjusted operating margin represents adjusted operating income divided by revenues less cost of revenues.EBITDA ReconciliationsEBITDA (earnings before interest, income taxes, depreciation and amortization) and Adjusted EBITDA are widely used non-GAAP financial measures of operating performance. These metrics are presented as supplemental information that the company believes are useful to investors to evaluate the company's results because they exclude certain items that are not directly related to the company's core operating performance. Operating EBITDA is calculated by adding back to operating income depreciation and amortization. Adjusted Operating EBITDA is calculated by adding back to Operating EBITDA relevant adjustments. Operating EBITDA margin represents Operating EBITDA divided by revenues less cost of revenues. Adjusted Operating EBITDA margin represents Adjusted Operating EBITDA divided by revenues less cost of revenues. EBITDA is calculated by adding back to net income interest (income) expense, net, income tax expense, and depreciation and amortization. EBITDA margin represents EBITDA divided by revenues less cost of revenues. Adjusted EBITDA is calculated by adding back to EBITDA relevant adjustments. Adjusted EBITDA margin represents Adjusted EBITDA divided by revenues less cost of revenues. Relevant adjustments are detailed in the reconciliations that follow. Operating EBITDA, Adjusted Operating EBITDA, EBITDA, and Adjusted EBITDA should not be considered as substitutes either for net income, as an indicator of the company's operating performance, or for cash flow as a measure of the company's liquidity. In addition, because Operating EBITDA, Operating EBITDA margin, Adjusted Operating EBITDA, Adjusted Operating EBITDA margin, EBITDA, EBITDA margin, Adjusted EBITDA, and Adjusted EBITDA margin may not be calculated identically by all companies, the presentation here may not be comparable to other similarly titled measures of other companies.Table 6
Three Months Ended
Twelve Months Ended(in millions, except percentages)
December 31,
December 31,Reconciliation of Operating Income to Operating EBITDA and
Adjusted Operating EBITDA (Per Table 1)
2025
2024
2025
2024Operating income
$         403.8
$         298.5
$      1,467.1
$      1,098.4Depreciation and amortization
31.3
32.1
122.4
133.0Operating EBITDA
$         435.1
$         330.6
$      1,589.5
$      1,231.4Operating EBITDA Margin
64.8 %
63.0 %
65.4 %
59.4 %

Non-GAAP adjustments not included in above line items

Acquisition-related costs
(0.1)
0.1
0.3
1.3Business realignment costs
4.0
0.5
7.0
2.1Cboe Digital syndication wind down
—
—
—
(1.0)Change in contingent consideration
—
—
—
2.1Executive compensation adjustment
0.6
—
1.6
—Impairment of assets
25.1
—
46.7
81.0Adjusted Operating EBITDA
$         464.7
$         331.2
$      1,645.1
$      1,316.9Adjusted Operating EBITDA Margin
69.2 %
63.1 %
67.7 %
63.5 %

Reconciliation of Net Income Allocated to Common Stockholders
to EBITDA and Adjusted EBITDA (Per Table 1)
2025
2024
2025
2024Net income allocated to common stockholders
$         312.2
$         195.6
$      1,094.8
$         761.0Interest expense, net
(2.1)
5.7
2.9
24.2Income tax provision
138.2
83.2
466.6
318.9Depreciation and amortization
31.3
32.1
122.4
133.0EBITDA
$         479.6
$         316.6
$      1,686.7
$      1,237.1EBITDA Margin
71.5 %
60.4 %
69.4 %
59.7 %

Non-GAAP adjustments not included in above line items

Acquisition-related costs
(0.1)
0.1
0.3
1.3Business realignment costs
4.0
0.5
7.0
2.1Cboe Digital syndication wind down
—
—
—
(1.0)Change in contingent consideration
—
—
—
2.1Non-operating investment adjustments, net
(45.1)
14.4
(96.8)
31.4Executive compensation adjustment
0.6
—
1.6
—Gain on Cboe Digital non-recourse notes and warrants wind down
—
—
—
(1.4)Gain on sale of property held for sale
—
—
—
(1.0)Impairment of assets
25.1
—
46.7
81.0Adjusted EBITDA
$         464.1
$         331.6
$      1,645.5
$      1,351.6Adjusted EBITDA Margin
69.2 %
63.2 %
67.7 %
65.2 % Table 7

(in millions)
December 31,Reconciliation of Cash and Cash Equivalents to Adjusted Cash
2025
2024Cash and cash equivalents
$        2,216.5
$            920.3Financial investments
36.1
110.3Less deferred compensation plan assets
(35.8)
(40.3)Less cash collected for Section 31 Fees
—
(110.8)Adjusted Cash
$        2,216.8
$            879.5 Table 8
Three Months Ended
Twelve Months Ended(in millions)
December 31,
December 31,Reconciliation of GAAP Net Revenue to Net Revenue in
Constant Currency
2025
2024
2025
2024Europe and Asia Pacific net revenue
$              69.9
$              56.2
$            273.5
$            220.2Constant currency adjustment
(4.1)
—
(8.4)
—Europe and Asia Pacific net revenue in constant currency1
$              65.8
$              56.2
$            265.1
$            220.2
(1) Net revenue in constant currency is calculated by converting the current period GAAP net revenue in local currency using the foreign currency exchange rates that were in effect during the previous comparable period.

View original content to download multimedia:https://www.prnewswire.com/news-releases/cboe-global-markets-reports-results-for-fourth-quarter-2025-and-full-year-302680925.htmlSOURCE Cboe Global Markets, Inc.

Original: Cboe Global Markets Reports Results for Fourth Quarter 2025 and Full Year

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Cboe Global Markets Reports Trading Volume for May 2026

Form 3 - Initial statement of beneficial ownership of securities

Cboe Receives SEC Approval to Offer Extended Trading Hours for Select Multi-Listed Single Stock Options

Cboe Hires Boudewijn Duinstra as Executive Vice President, Chief Risk Officer

Form 4 - Statement of changes in beneficial ownership of securities

Form 4 - Statement of changes in beneficial ownership of securities

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Cboe Global Markets Inc (CBOE) ニュース

Cboe Global Markets Reports Trading Volume for May 2026

Form 3 - Initial statement of beneficial ownership of securities

Cboe Receives SEC Approval to Offer Extended Trading Hours for Select Multi-Listed Single Stock Options

Cboe Hires Boudewijn Duinstra as Executive Vice President, Chief Risk Officer

Form 4 - Statement of changes in beneficial ownership of securities

Form 4 - Statement of changes in beneficial ownership of securities

Form 8-K - Current report

Form 4 - Statement of changes in beneficial ownership of securities

Form 4 - Statement of changes in beneficial ownership of securities

Form 4 - Statement of changes in beneficial ownership of securities

Form 4 - Statement of changes in beneficial ownership of securities

Form 4 - Statement of changes in beneficial ownership of securities

Form 4 - Statement of changes in beneficial ownership of securities

Form 144 - Report of proposed sale of securities

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