“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 ↗
Cboe Global Markets, Inc.
CBOE
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.
- 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.
Research brief
The story so far
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.
No thresholded supportive filing evidence is available yet.
No thresholded adverse filing evidence is available yet.
- 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
Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.
- Which operating variable is changing?
- Is that change durable, cyclical or one-off?
- What evidence would disprove the current interpretation?
- 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.
No qualifying adverse evidence was identified; that is not proof there is no downside.
- EV/sales is 28% below the available filing-peer median; determine whether growth and quality justify the difference.
Price as of Sep 10, 2026
287.10Reported annual revenue and per-share history. This is accounting history, not a forecast.
What management says matters
Persistent and emerging business drivers
“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 ↗
“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 ↗
“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.
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
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
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.