Short answer
Cboe Global Markets (CBOE) filed its fiscal 2025 10-K annual report with the SEC on Feb 20, 2026. It reported revenue of $4.7B (+15.1% year over year) and net income of $1.1B.
- Top risk flagged: Regulatory risk: Potential non-renewal or loss of exclusive S&P 500 and VIX Index licenses generating 68% of 2025 revenues less cost of revenues
FY2025 key financial metrics · XBRL
- Revenue
- $4.7B
- +15.1% YoY
- Net income
- $1.1B
- +43.8% YoY
- Operating margin
- 31.1%
- +4.3 pp YoY
- Gross margin
- 51.5%
- +0.9 pp YoY
- EPS (diluted)
- $10.42
- +44.5% YoY
- ROE
- 21.4%
- +3.5 pp YoY
- Operating cash flow
- $1.8B
- +59.2% YoY
Source: XBRL data from the Cboe Global Markets (CBOE) FY2025 10-K on SEC EDGAR. USD.
Cboe Global Markets FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: global operator of derivatives, equities, FX markets and clearing with proprietary volatility products and market data services
- New products: launched cash-settled futures/options on Cboe Magnificent 10 Index, S&P 500 Equal Weight Index options, Cboe FTSE Bitcoin Index Futures, continuous Bitcoin and Ether futures
- Strategic shift: wind down of Japanese equities, CEDX pan-European derivatives; initiated sales process for Cboe Australia and Canada; discontinued U.S. and European corporate listings
- Quantitative highlight: added ~1,438 listings worldwide, total listings approx. 2,952 as of December 31, 2025; Cboe Clear Europe cleared average daily €69B with 73% netting
- Noteworthy fact: completed migration of Cboe Digital Exchange futures to CFE, retired Cboe Digital Exchange products; launched new exchange technology platform brand, Cboe Titanium
Management Discussion & Analysis
- Noted foreign currency net equity investments: British pounds $596.3M, Euros $222.5M, Canadian dollars $214.7M, 10% adverse FX impact up to $59.6M
- Credit risk mitigated by clearinghouses like NSCC, OCC, and collateral requirements totaling $1,617M at Cboe Clear Europe as of Dec 31, 2025
- Cash and investments $2,252.6M in 2025, up from $1,030.6M in 2024; debt $1,442.9M all fixed-rate senior notes, no borrowings on revolving credit as of Dec 31, 2025
- Liquidity risk from credit agreements and cross-default provisions could accelerate debt liabilities, posing business and financing constraints going forward
Risk Factors
- Regulatory risk: Potential non-renewal or loss of exclusive S&P 500 and VIX Index licenses generating 68% of 2025 revenues less cost of revenues
- Macroeconomic threat: Global economic, political, and geopolitical conditions impacting trading volumes across U.S., Europe, Canada, and Australia exposure
- Operational vulnerability: Cybersecurity threats including AI and quantum computing risks to critical infrastructure and hybrid work environment increasing incident risk
- Competitive risk: Pricing pressures from competitors on transaction fees, including multi-listed options and events prediction markets like SPY options
- Financial risk: Restrictive debt obligations and need to maintain investment-grade credit rating amid intensifying market competition and pricing adjustments
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