Feed / CBOE

Cboe Global Markets, Inc.

CBOE

Financial Services · 287.10 -1.7% today

Isolated · not yet confirmedMarket checked 10 Sept, 15:55 GMT-4

Market read

Cboe Global Markets, Inc.'s current read is isolated; its market group is not confirming.

No new filing conclusion is available. 0 of 1 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 9 directly disclosed connections are confirming.

Company-1.7% todayVolume comparison unavailable
Market group0 of 1 activeExchange Operators · unavailable
Disclosed network0 of 8 confirmingNo filing-linked name is confirming now
What would change this read
  • Interest expense increased for the periods ended June 30, 2026 primarily due to an increase in Cboe Clear Europe commitment fees on the Cboe Clear Europe Credit Facility.
  • Changes in margin deposits, default fund, interoperability fund and customer bank deposits materially drove operating cash flow and the reported cash balance.

Invalidation: The isolated read changes if CBOE's group or a disclosed connection begins moving with it.

Watch this read

Research brief

The story so far

Financial Services · Financial Data & Stock Exchanges

No new filing conclusion is available. 0 of 1 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 9 directly disclosed connections are confirming.

Evidence that supports

No thresholded supportive filing evidence is available yet.

Evidence that challenges

No thresholded adverse filing evidence is available yet.

What would clarify the read
  • Interest expense increased for the periods ended June 30, 2026 primarily due to an increase in Cboe Clear Europe commitment fees on the Cboe Clear Europe Credit Facility.
  • Changes in margin deposits, default fund, interoperability fund and customer bank deposits materially drove operating cash flow and the reported cash balance.

Company research

Understand the business, not just the ticker

As of Sep 11, 2026
Business model and earnings drivers

Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.

Key research questions
  • Which operating variable is changing?
  • Is that change durable, cyclical or one-off?
  • What evidence would disprove the current interpretation?
Annual periods9
Price observations601
Usable filing statements326
Verified relationships11
Evidence supporting the case
  • Latest annual revenue changed +15.1% year over year.
  • Operating margin changed +4.3 percentage points in the latest annual period.
  • Net margin changed +4.7 percentage points in the latest annual period.
  • Operating cash flow covered net income at 1.59x in the latest annual period.
  • Credit and interest rates has repeated favorable evidence across 5 filings.
  • Demand and volume has repeated favorable evidence across 5 filings.
Evidence challenging the case

No qualifying adverse evidence was identified; that is not proof there is no downside.

Questions before a position
  • EV/sales is 28% below the available filing-peer median; determine whether growth and quality justify the difference.
Longer-term price context

Price as of Sep 10, 2026

287.10
6m+1.1%12m+23.5%24m+35.9%
Annual trajectory

Reported annual revenue and per-share history. This is accounting history, not a forecast.

PeriodRevenueYoYDiluted EPSShare change
2021-12-31$3.5B+2.0%$4.92-1.9%
2022-12-31$4.0B+13.3%$2.19-0.5%
2023-12-31$3.8B-4.7%$7.13-0.5%
2024-12-31$4.1B+8.5%$7.21-0.7%
2025-12-31$4.7B+15.1%$10.42-0.4%

What management says matters

Persistent and emerging business drivers

Credit and interest ratesmixed · 5 filings
Interest Expense Interest expense increased for the three and six months ended June 30, 2026 compared to the same periods in 2025 primarily due to an increase in Cboe Clear Europe commitment fees on the Cboe Clear Europe Credit Facility.
10-Q · Jul 31, 2026
Demand and volumepositive · 5 filings
Access and capacity fees increased primarily due to increases in logical port fees and physical port fees in the Options, North American Equities, and Europe and Asia Pacific segments, driven by increased customer demand.
10-Q · Jul 31, 2026
Data center and AI demandmixed · 4 filings
Technology Support Services Technology support services decreased for the three months ended June 30, 2026 compared to the same period in 2025 due to a decrease in software-related expenses for Cboe Clear Europe, data center services, and network and phone co…
10-Q · Jul 31, 2026
Legal and regulatory exposuremixed · 4 filings
Professional Fees and Outside Services Professional fees and outside services decreased for the three months ended March 31, 2026 compared to the same period in 2025 primarily due to a decrease in regulatory costs related to CAT expenses, partially offset by…
10-Q · May 1, 2026

Valuation discipline

Descriptive valuation snapshot

Price/sales 6.4× · EV/sales 6.2×. Comparisons use only industry-matched filing peers.

Scenario scaffold

Scenarios are withheld for Financial Services until sector-specific earnings and capital metrics are available; generic revenue/P/S scaffolds would be misleading.

Price action

How the market is pricing the story

287.10-1.7% today

Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 10 Sept, 15:55 GMT-4; this is a coverage limitation, not a flat-price conclusion.

Developments

No sourced recent-development timeline yet

Jodie has not returned a relevant primary source or news item for CBOE. This is an evidence-coverage gap, not a conclusion that nothing material happened.

Business and financial condition

Reported financial figures are not available yet

Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.

Filing analysis

No comparable filing assessment is available yet

Jodie has not yet found a suitable current-versus-prior filing comparison for CBOE. This does not mean the latest filing was neutral or immaterial.

Business ecosystem

The relationships behind CBOE

Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.

Depends on

MSMorgan StanleypartnerFeb 20, 2026

Cboe Trading’s routing and clearing firms are Wedbush Securities, Inc.

ABXXFFiling-linked nameinvesteeMay 1, 2026

This amount does not include the CEO's annual long-term equity incentive awards that were prorated for 2025.

Depended on by

BGCBGC Group, Inc.competitorMar 2, 2026

Volumes for CME EBS spot FX and Cboe FX were up 7% and 10%, respectively, compared to the prior year period.

Filing peers

Companies whose filings use similar operating language.

Open the three relationships above to see Jodie’s filing proof. Pro unlocks 9 more links, every receipt, and alerts when connected names begin moving. Unlock the full network →

What is moving around it

Live connections

CBOE is currently a Leader in the organic co-movement group Exchange Operators. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 3 filing-linked names are in the relationship map; none is currently confirmed as moving with the group.

This group is retained as the last observed read for CBOE; it is not active in the latest market snapshot.

Context history

Theme membership history

No durable theme membership has been observed for this name yet.