Cboe has achieved structural margin expansion, with gross margins reaching 52.6% in 2026Q1, driven by a favorable product mix shift toward high-margin proprietary index options.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 |
|---|
| Sales/Revenue | 4.79B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 2.5B | 2.31B | 2.07B | 1.92B | 1.74B | 1.48B | 1.25B | 1.14B | 1.22B | 995.6M | 566.4M | 561.7M | 551.12M | 515.47M | 466.2M | 460.32M | 395.75M | 426.08M | 416.78M |
| Gross Margin % | 52.22% | 48.93% | 50.61% | 50.83% | 44% | 42.24% | 36.6% | 45.55% | 43.95% | 44.66% | 87.8% | 88.52% | 89.29% | 90.11% | 91% | 90.59% | 90.54% | 100% | 100% |
| Gross Profit Growth % | - | 11.31% | 8.05% | 10.12% | 17.99% | 17.68% | 10.33% | -6.57% | 22.23% | 75.78% | 0.84% | 1.92% | 6.91% | 10.57% | 1.28% | 16.32% | -7.12% | 2.23% | - |
| Operating Expenses | 858.7M | 792.6M | 974M | 860.1M | 1.25B | 670.2M | 592.1M | 599.7M | 617.5M | 623.7M | 268.2M | 241.8M | 237.31M | 229.66M | 222.11M | 218.69M | 228.41M | 248.5M | 229.47M |
| OpEx % of Revenue | - | 16.81% | 23.79% | 22.79% | 31.63% | 19.18% | 17.28% | 24.03% | 22.3% | 27.98% | 41.57% | 38.11% | 38.45% | 40.15% | 43.35% | 43.04% | 52.26% | 58.32% | 55.06% |
| Selling, General & Admin | 374.3M | 91.5M | 603M | 555.4M | 475.7M | 381.9M | 292.1M | 267.3M | 297.1M | 267.4M | 166.3M | 156M | 157.79M | 156.91M | 104.2M | 104.45M | 106.24M | 215.35M | 196.96M |
| SG&A % of Revenue | - | 1.94% | 14.73% | 14.72% | 12.02% | 10.93% | 8.52% | 10.71% | 10.73% | 12% | 25.78% | 24.58% | 25.56% | 27.43% | 20.34% | 20.56% | 24.31% | 50.54% | 47.26% |
| Research & Development | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | 1.64B | 1.51B | 1.1B | 1.06B | 489.6M | 805.9M | 662.2M | 537.2M | 599.4M | 371.9M | 298.2M | 319.9M | 313.8M | 285.81M | 244.1M | 241.63M | 167.34M | 177.59M | 187.31M |
| Operating Margin % | 34.3% | 32.12% | 26.83% | 28.04% | 12.37% | 23.06% | 19.32% | 21.52% | 21.65% | 16.68% | 46.23% | 50.41% | 50.84% | 49.96% | 47.64% | 47.55% | 38.28% | 41.68% | 44.94% |
| Operating Income Growth % | - | 37.85% | 3.83% | 116.07% | -39.25% | 21.7% | 23.27% | -10.38% | 61.17% | 24.71% | -6.78% | 1.94% | 9.79% | 17.09% | 1.02% | 44.4% | -5.77% | -5.19% | - |
| EBITDA | 1.77B | 1.64B | 1.23B | 1.22B | 656.4M | 973.3M | 820.7M | 713.8M | 803.4M | 564.1M | 342.6M | 366.2M | 353.8M | 320.42M | 275.67M | 275.82M | 197.3M | 205.31M | 212.97M |
| EBITDA Margin % | 36.84% | 34.71% | 30.07% | 32.22% | 16.58% | 27.85% | 23.95% | 28.6% | 29.02% | 25.31% | 53.11% | 57.71% | 57.32% | 56.01% | 53.81% | 54.28% | 45.14% | 48.19% | 51.1% |
| EBITDA Growth % | 36.23% | 32.9% | 1.27% | 85.24% | -32.56% | 18.59% | 14.98% | -11.15% | 42.42% | 64.65% | -6.44% | 3.5% | 10.42% | 16.23% | -0.05% | 39.79% | -3.9% | -3.59% | - |
| D&A (Non-Cash Add-back) | 121.6M | 122.4M | 133M | 158M | 166.8M | 167.4M | 158.5M | 176.6M | 204M | 192.2M | 44.4M | 46.3M | 40M | 34.6M | 31.57M | 34.18M | 29.96M | 27.73M | 25.66M |
| EBIT | 1.78B | 1.62B | 1.14B | 1.11B | 492.9M | 804.1M | 699.1M | 539.2M | 609.2M | 374M | 312.3M | 324M | 309.7M | 285.81M | 244.1M | 240.96M | 165.52M | 178.1M | 193.43M |
| Net Interest Income | 5.9M | -2.9M | -24.2M | -50.4M | -56.4M | -47.4M | -37.6M | -35.9M | -38.2M | -41.3M | -5.7M | 0 | 0 | 0 | 0 | -879K | -896K | -875K | -19K |
| Interest Income | 58.7M | 49.4M | 27.3M | 12M | 3.6M | 600K | 1.1M | 1.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 52.8M | 52.3M | 51.5M | 62.4M | 60M | 48M | 38.7M | 37.8M | 38.2M | 41.3M | 5.75M | 43K | 0 | 0 | 0 | 879K | 896K | 875K | 19K |
| Other Income/Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | 1.73B | 1.57B | 1.08B | 1.05B | 432.9M | 756.1M | 660.4M | 501.4M | 571.2M | 334.4M | 306.6M | 324.02M | 309.7M | 283.66M | 242.55M | 240.08M | 164.62M | 177.23M | 193.41M |
| Pretax Margin % | 36.14% | 33.23% | 26.47% | 27.76% | 10.94% | 21.63% | 19.27% | 20.09% | 20.63% | 15% | 47.53% | 51.06% | 50.18% | 49.59% | 47.34% | 47.25% | 37.66% | 41.6% | 46.4% |
| Income Tax | 496.8M | 466.6M | 318.9M | 286.2M | 197.9M | 227.1M | 192.2M | 130.6M | 146M | -66.2M | 120.88M | 119M | 119.98M | 107.66M | 85.16M | 100.68M | 65.23M | 70.78M | 78.12M |
| Effective Tax Rate % | 28.69% | 29.78% | 29.42% | 27.32% | 45.71% | 30.04% | 29.1% | 26.05% | 25.56% | -19.8% | 39.43% | 36.73% | 38.74% | 37.95% | 35.11% | 41.93% | 39.62% | 39.94% | 40.39% |
| Net Income | 1.24B | 1.1B | 764.9M | 761.4M | 235M | 529M | 468.2M | 374.9M | 426.5M | 401.7M | 186.82M | 205.02M | 189.71M | 176M | 157.4M | 139.41M | 99.4M | 106.45M | 115.29M |
| Net Margin % | 25.77% | 23.33% | 18.68% | 20.18% | 5.94% | 15.14% | 13.66% | 15.02% | 15.4% | 18.02% | 28.96% | 32.31% | 30.74% | 30.77% | 30.72% | 27.43% | 22.74% | 24.98% | 27.66% |
| Net Income Growth % | 53.24% | 43.81% | 0.46% | 224% | -55.58% | 12.99% | 24.89% | -12.1% | 6.17% | 115.02% | -8.88% | 8.07% | 7.79% | 11.82% | 12.9% | 40.25% | -6.63% | -7.67% | - |
| Net Income (Continuing) | 1.24B | 1.1B | 764.9M | 761.4M | 235M | 529M | 468.2M | 370.8M | 425.2M | 400.6M | 185.7M | 205M | 189.71M | 176M | 157.4M | 139.41M | 99.4M | 106.45M | 115.29M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 11.76 | 10.42 | 7.21 | 7.13 | 2.20 | 4.92 | 4.27 | 3.35 | 3.80 | 3.69 | 2.27 | 2.46 | 2.21 | 1.99 | 1.78 | 1.52 | 1.03 | 1.17 | 1.24 |
| EPS Growth % | 53.47% | 44.52% | 1.12% | 224.09% | -55.28% | 15.22% | 27.46% | -11.84% | 2.98% | 62.56% | -7.72% | 11.31% | 11.06% | 11.8% | 17.11% | 47.57% | -11.97% | -5.65% | - |
| EPS (Basic) | - | 10.46 | 7.24 | 7.16 | 2.21 | 4.93 | 4.28 | 3.37 | 3.81 | 3.70 | 2.27 | 2.46 | 2.21 | 1.99 | 1.78 | 1.52 | 1.03 | 1.17 | 1.27 |
| Diluted Shares Outstanding | 105M | 105.1M | 105.5M | 106.2M | 106.7M | 107.2M | 109.3M | 111.8M | 112.2M | 107.5M | 105.9M | 105.9M | 105.9M | 105.9M | 105.9M | 105.9M | 105.9M | 105.9M | 105.9M |
| Basic Shares Outstanding | 104.7M | 104.7M | 105.1M | 105.8M | 106.3M | 107M | 109.1M | 111.4M | 111.8M | 107.2M | 105.9M | 105.9M | 105.9M | 105.9M | 105.9M | 105.9M | 105.9M | 105.9M | 105.9M |
| Dividend Payout Ratio | - | 25.85% | 32.61% | 29.35% | 89.11% | 36.54% | 36.44% | 40.01% | 30.55% | 29.4% | 42.02% | 35.8% | 58.42% | 33.16% | 72.45% | 28.96% | 133.89% | - | - |
Regulatory 0DTE volume constraints
As reported in recent financial statements, CBOE has demonstrated a clear upward trajectory in top-line performance, with quarterly revenue reaching $1.3 billion in 2026Q1, suggesting that the adoption of proprietary index options and 0DTE strategies is successfully driving sustained volume growth across the firm's core platforms.
The consistent revenue expansion appears to be decoupled from traditional market volatility, indicating that the firm's proprietary index products have become a structural necessity for institutional hedging. Investors should monitor whether this growth remains durable if market participants shift away from short-dated options in response to potential regulatory oversight.
Based on the provided income statement data, CBOE's gross margin has trended upward to 52.6% in 2026Q1, reflecting a favorable shift in product mix toward higher-margin proprietary index options that require less intensive liquidity rebates compared to the commoditized equity options segment.
This margin improvement suggests that management is successfully leveraging its intellectual property moat to capture more value per contract. The ability to maintain these levels while scaling volume implies significant operating leverage, though competitive pricing pressures in the equities segment warrant continued scrutiny.
According to the latest quarterly filings, CBOE's operating income has scaled significantly to $505.6 million in 2026Q1, indicating that the firm is effectively managing its fixed-cost infrastructure while benefiting from the high incremental margins inherent in its proprietary trading ecosystem.
The divergence between revenue growth and SG&A expenses suggests that the company is achieving meaningful operating leverage. This efficiency appears to be a primary driver of the recent EPS growth, though investors should assess whether this trend is sustainable without further significant investment in technology and clearing infrastructure.
Based on the reported figures, CBOE's net income quality appears robust, characterized by minimal stock-based compensation and a lack of significant non-operating distortions, which has allowed the firm to deliver consistent EPS growth of 54.4% year-over-year as of the most recent quarter.
The absence of material SBC expenses suggests that management is not overly reliant on equity-based incentives, which enhances the transparency of reported earnings. This disciplined approach to expense management supports the view that the firm's profitability is driven by core operational performance rather than accounting adjustments.
While current volume trends appear favorable, the reliance on 0DTE options as a primary growth engine warrants caution, as any regulatory intervention or shift in institutional risk appetite could lead to a rapid contraction in the highest-margin segment of the company's income statement.
Short-sellers may focus on the potential for margin compression if competitive pressures force the company to increase liquidity rebates to defend its market share in the equities segment. The current valuation may be overly optimistic regarding the permanence of recent volume spikes, necessitating a closer look at long-term RPC trends.
Quick answers to the most common questions about buying CBOE stock.
Cboe Global Markets, Inc. (CBOE) is profitable, generating $1.10B in net income for the fiscal year ending 2025 with a net profit margin of 23.3%.
Cboe Global Markets, Inc. (CBOE) reported an operating income of $1.51B, resulting in an operating profit margin of 32.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Cboe Global Markets, Inc. (CBOE) generated $2.31B in gross profit for the year, representing a gross profit margin of 48.9%. This demonstrates the company's core pricing power and production efficiency.