Cboe Global Markets (CBOE) FY2025 10-K Annual Report
Cboe Global Markets (CBOE) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 20, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Cboe Global Markets FY2025 10-K Analysis
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
- • No revenue or profitability metrics disclosed in this MD&A excerpt
- • 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
Cboe Global Markets FY2025 Key Financial MetricsXBRL
Revenue
$4.7B
▲ +15.1% YoY
Net Income
$1.1B
▲ +43.8% YoY
Gross Margin
51.5%
▲ +91bp YoY
Operating Margin
31.1%
▲ +429bp YoY
Net Margin
23.3%
▲ +465bp YoY
ROE
21.4%
▲ +353bp YoY
Total Assets
$9.3B
▲ +19.5% YoY
EPS (Diluted)
$10.42
▲ +44.5% YoY
Operating Cash Flow
$1.8B
▲ +59.2% YoY
Source: XBRL data from Cboe Global Markets FY2025 10-K filing on SEC EDGAR. All figures in USD.
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