📊 CBOE Key Takeaways
Investment Thesis
Cboe demonstrates exceptional financial health with strong revenue growth of 15.1% YoY, industry-leading profitability margins (23.3% net margin, 31.1% operating margin), and robust cash generation with $1.7B free cash flow. The company maintains fortress-like balance sheet strength with conservative leverage (0.28x debt-to-equity), substantial liquidity (1.87x current ratio), and excellent interest coverage (28.1x), positioning it well for sustained shareholder returns.
CBOE Strengths
- Strong revenue growth of 15.1% YoY with net income growth despite modest earnings increase, indicating margin expansion
- Exceptional profitability with net margin of 23.3% and operating margin of 31.1%, well above peer averages for financial exchanges
- Outstanding cash generation with $1.7B free cash flow (35.7% FCF margin) providing significant capital allocation flexibility
- Conservative capital structure with debt-to-equity of 0.28x and interest coverage of 28.1x providing substantial financial flexibility
- Strong return on equity of 21.4% and ROA of 11.8% demonstrating efficient capital deployment
- Solid balance sheet with $2.2B cash against only $1.4B long-term debt, providing strategic optionality
CBOE Risks
- EPS growth of 44.5% appears driven by share buybacks rather than earnings growth (net income up only 0.5%), raising questions about organic profitability growth
- As an exchange operator, revenues are highly dependent on trading volumes and market volatility, creating cyclical earnings exposure
- Regulatory risks inherent to commodity and derivatives exchanges could impact fee structures and operational flexibility
- Integration and execution risks from potential acquisitions given the sector's consolidation trends
Key Metrics to Watch
- Operating margin trajectory and revenue growth sustainability given the modest net income growth
- Free cash flow generation and capital allocation decisions (dividends, buybacks, acquisitions)
- Trading volume trends and volatility index levels impacting core exchange revenues
- Debt levels and leverage ratios to ensure continued financial flexibility
CBOE Financial Metrics
💡 AI Analyst Insight
The 35.7% free cash flow margin provides substantial flexibility for dividends, buybacks, and strategic investments.
CBOE Profitability Ratios
CBOE vs Finance Sector
How Cboe Global Markets, Inc. compares to Finance sector averages
Sector benchmarks are approximate industry averages. Actual sector performance may vary.
CBOE Balance Sheet & Liquidity
CBOE 5-Year Financial Trend
5-Year Trend Summary: Cboe Global Markets, Inc.'s revenue has grown significantly by 35% over the 5-year period, indicating strong business expansion. The most recent EPS of $7.13 reflects profitable operations.
CBOE Growth Metrics (YoY)
CBOE Quarterly Performance
| Quarter | Revenue | Net Income | EPS |
|---|---|---|---|
| Q3 2025 | $1.1B | $218.5M | $2.07 |
| Q2 2025 | $974.0M | $140.4M | $1.33 |
| Q1 2025 | $957.2M | $209.5M | $1.96 |
| Q3 2024 | $908.8M | N/A | $1.95 |
| Q2 2024 | $907.8M | N/A | $1.33 |
| Q1 2024 | $957.2M | N/A | $1.63 |
| Q3 2023 | $908.8M | N/A | $0.70 |
| Q2 2023 | $907.8M | N/A | $-0.70 |
Data sourced from SEC EDGAR 10-Q quarterly filings. Figures may represent quarterly or cumulative values.
CBOE Capital Allocation
CBOE SEC Filings
Access official SEC EDGAR filings for Cboe Global Markets, Inc. (CIK: 0001374310)
📋 Recent SEC Filings
| Date | Form | Document | Action |
|---|---|---|---|
| Feb 25, 2026 | 4 | xslF345X05/form4-02252026_040202.xml | View → |
| Feb 23, 2026 | 4 | xslF345X05/form4-02232026_040218.xml | View → |
| Feb 23, 2026 | 4 | xslF345X05/form4-02232026_040220.xml | View → |
| Feb 23, 2026 | 4 | xslF345X05/form4-02232026_040216.xml | View → |
| Feb 23, 2026 | 4 | xslF345X05/form4-02232026_040214.xml | View → |
❓ Frequently Asked Questions about CBOE
What is the AI rating for CBOE?
Cboe Global Markets, Inc. (CBOE) has an AI rating of STRONG BUY with 87% confidence, based on fundamental analysis of SEC EDGAR filings.
What are CBOE's key strengths?
Strong revenue growth of 15.1% YoY with net income growth despite modest earnings increase, indicating margin expansion. Exceptional profitability with net margin of 23.3% and operating margin of 31.1%, well above peer averages for financial exchanges.
What are the risks of investing in CBOE?
EPS growth of 44.5% appears driven by share buybacks rather than earnings growth (net income up only 0.5%), raising questions about organic profitability growth. As an exchange operator, revenues are highly dependent on trading volumes and market volatility, creating cyclical earnings exposure.
What is CBOE's revenue and growth?
Cboe Global Markets, Inc. reported revenue of $4.7B.
Does CBOE pay dividends?
Cboe Global Markets, Inc. pays dividends, with $284.3M distributed to shareholders in the trailing twelve months.
Where can I find CBOE SEC filings?
Official SEC filings for Cboe Global Markets, Inc. (CIK: 0001374310) including 10-K, 10-Q, and 8-K reports are available on SEC EDGAR.
What is CBOE's EPS?
Cboe Global Markets, Inc. has a diluted EPS of $10.42.
How is the AI analysis conducted?
Our AI (Claude) analyzes publicly available SEC EDGAR filings including 10-K annual reports and 10-Q quarterly reports to evaluate financial health, profitability ratios, balance sheet strength, and growth metrics.