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Operator of options and equities exchanges, best known for VIX volatility products and index options.
Operator of options and equities exchanges, best known for VIX volatility products and index options.
Earns per-contract and per-share trading fees, with its exclusive index options, SPX and VIX, carrying the most because only Cboe lists them, plus market data and access fees. It bought Bats in 2017, which added US equities and European exchanges to a business that began in options.
Moat: wide (network effects, regulatory licence, scale). Exclusive listing of cash-settled SPX/VIX options gives Cboe a franchise competitors cannot replicate.
Headquarters: Chicago, Illinois, US · Founded: 1973 · Employees: 1,661
Size Cboe Global Markets (CBOE) is a United States Financials company (Investment Banks/Brokers) with a market value of $36.9B, the 311th largest of 3,117 United States companies the cockpit tracks. Shares closed at $353.27 on 6 Nov 2026.
Performance Over six months the shares gained 1.6%, against -0.5% for the median peer and -1.1% for the United States market (cap-weighted) — 10th highest of 21 in its peer set.
Growth Revenue grew 14.3% over the last twelve months (peer median +12.9%); the operating margin is 35.5% (peer median 37.8%).
Valuation It trades at 23.4× forward earnings against a peer median of 16.2× (9th most expensive of 21).
Credit Cboe Global Markets has 3 bonds outstanding ($1.45B), rated A- by the agencies and trading like A at a weighted spread of 62 bp.
Next results Next results expected around 29 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $5.28B | $4.71B | $4.09B | $3.77B | $3.96B |
| Revenue growth | — | +15% | +9% | -5% | — |
| Gross profit | $2.73B | $2.31B | $1.94B | $1.76B | $1.57B |
| EBITDA | $1.99B | $1.64B | $1.31B | $1.22B | $1.14B |
| Net income | $1.47B | $1.09B | $761M | $758M | $234M |
| Free cash flow | $1.14B | $1.15B | $964M | $748M | $809M |
| Capital expenditure | $96.4M | $71.0M | $60.9M | $45.0M | $59.8M |
| Total debt | $1.58B | $1.59B | $1.60B | $1.61B | $1.89B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Cboe Global Markets CBOE | $36.9B | +2% | +14% | 36% | 23.4× | n/a |
| CME CME | $109B | +9% | +9% | 66% | 23.6× | n/a |
| Intercontinental Exchange ICE | $96.3B | +11% | +14% | 47% | 20.1× | n/a |
| Nasdaq NDAQ | $59.4B | +21% | +12% | 31% | 23.4× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | CBOE | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +20.1% | +0.1% | highest of 21 |
| 6-month return | +1.6% | -0.5% | 10th highest of 21 |
| Distance from 52-week high | -4.6% | -17.9% | 4th highest of 21 |
| Revenue growth (TTM) | +14.3% | +12.9% | 10th highest of 21 |
| Operating margin | 35.5% | 37.8% | 10th lowest of 21 |
| Forward P/E | 23.4× | 16.2× | 9th most expensive of 21 |
| Bond spread | 62 bp | 102 bp | 2nd tightest of 9 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Cboe Global Markets CBOE | United States | $36.9B | +2% | +14% | 36% | 23.4× | n/a | n/a |
| Coinbase COIN | United States | $35.7B | -33% | -48% | -33% | 99.3× | n/a | n/a |
| State Street STT | United States | $45.0B | +11% | +2% | 33% | 11.1× | n/a | n/a |
| Tradeweb Markets TW | United States | $29.7B | +17% | +14% | 44% | 27.9× | n/a | n/a |
| Yuanta Financial Holding Co. Lt 2885.TW | Taiwan | $28.1B | +28% | +78% | 28% | 14.2× | n/a | n/a |
| CITIC Securities 6030.HK | Hong Kong | $56.2B | -23% | +102% | 22% | 7.1× | n/a | n/a |
| LPL Financial LPLA | United States | $23.0B | -3% | +31% | 13% | 10.5× | n/a | n/a |
| Nasdaq NDAQ | United States | $59.4B | +21% | +12% | 31% | 23.4× | n/a | n/a |
| Huatai Securities 601688.SS | China | $22.7B | -7% | -6% | 38% | 8.3× | n/a | n/a |
| HKEX 0388.HK | Hong Kong | $62.2B | -10% | +23% | 75% | 24.6× | n/a | n/a |
| China International Capital 601995.SS | China | $21.6B | -18% | -20% | 55% | 10.0× | n/a | n/a |
| Macquarie MQG.AX | Australia | $63.5B | +5% | +5% | 20% | 18.1× | n/a | n/a |
| Deutsche Boerse DB1.DE | Germany | $63.8B | +32% | +7% | 41% | 24.7× | n/a | n/a |
| GF Securities 000776.SZ | China | $20.9B | -10% | +37% | 42% | 7.8× | n/a | n/a |
| Deutsche Bank Aktiengesellschaft DBK.DE | Germany | $65.0B | +15% | 0% | 30% | 9.5× | n/a | n/a |
| Euronext ENX.PA | France | $18.8B | +21% | +14% | 52% | 19.7× | n/a | n/a |
| Robinhood Markets HOOD | United States | $72.9B | +5% | +22% | 44% | 29.7× | n/a | n/a |
| Barclays BARC.L | United Kingdom | $75.1B | +1% | +7% | 22% | 8.2× | n/a | n/a |
| Singapore Exchange S68.SI | Singapore | $17.2B | -2% | +14% | 57% | 27.0× | n/a | n/a |
| BSE BSE.NS | India | $16.4B | -4% | +58% | 65% | 47.0× | n/a | n/a |
| China Galaxy Securities 601881.SS | China | $16.1B | -8% | -20% | 37% | 9.5× | n/a | n/a |
Cboe Global Markets has 3 bonds outstanding with $1.45B face value. The agencies rate it A-; its bonds trade like A. Weighted yield 5.22%, a spread of 62 bp over government bonds.