Cboe Global Markets Inc (CBOE)
BATS:CBOE
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Cboe Global Markets
(BATS:CBOE)
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Rating:80Outperform
Price Target:
$342.00
â–²(15.56% Upside)
Action:ReiteratedDate:03/06/26
The score is driven primarily by strong financial performance (expanding margins, robust cash generation, and improving leverage). Technicals also support the rating with a clear uptrend, though momentum is getting stretched. Valuation is a mild headwind due to a moderate P/E and low dividend yield, while the earnings call adds support but is tempered by slower 2026 growth guidance and strategic/competitive uncertainties.
Positive Factors
Balance sheet strength
Cboe’s low leverage and strong ROE reflect a conservative capital structure that preserves financial flexibility. Over the medium term this supports investment in product development, selective M&A, and resilience through market cycles, enabling steady capital returns and risk management.
Negative Factors
Weakening cash flow growth
A sharp 66% decline in FCF growth and modest OCF-to-net-income conversion reduce capacity to fund capex, buybacks, or acquisitions from operations. If cash conversion remains impaired, the company may face tougher choices on capital allocation or increased reliance on balance-sheet measures.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance sheet strength
Cboe’s low leverage and strong ROE reflect a conservative capital structure that preserves financial flexibility. Over the medium term this supports investment in product development, selective M&A, and resilience through market cycles, enabling steady capital returns and risk management.
Read all positive factors
Cboe Global Markets (CBOE) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$30.98B
Dividend Yield1.06%
Average Volume (3M)873.79K
Price to Earnings (P/E)23.9
Beta (1Y)-0.03
Revenue Growth16.74%
EPS Growth26.74%
CountryUS
Employees1,685
SectorFinancial
Sector Strength70
IndustryFinancial - Data & Stock Exchanges
Share Statistics
EPS (TTM)3.06
Shares Outstanding104,667,694
10 Day Avg. Volume668,027
30 Day Avg. Volume873,790
Financial Highlights & Ratios
PEG Ratio0.54
Price to Book (P/B)5.11
Price to Sales (P/S)5.57
P/FCF Ratio22.79
Enterprise Value/Market Cap0.98
Enterprise Value/Revenue6.46
Enterprise Value/Gross Profit12.70
Enterprise Value/Ebitda17.86
Forecast
1Y Price Target
$297.88Price Target Upside0.65% Upside
Rating ConsensusHold
Number of Analyst Covering10
EPS Forecast (FY)12.2
Revenue Forecast (FY)$2.67B
Cboe Global Markets Business Overview & Revenue Model
Company Description
Cboe Global Markets, Inc., through its subsidiaries, operates as an options exchange worldwide. It operates through five segments: Options, North American Equities, Futures, Europe and Asia Pacific, and Global FX. The Options segment trades in lis...
How the Company Makes Money
Cboe Global Markets generates revenue primarily through transaction fees, which are charged for trades executed on its exchanges. These fees are collected from market participants, including retail and institutional investors, as well as market ma...
Cboe Global Markets Earnings Call Summary
Earnings Call Date:Feb 06, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 01, 2026
Earnings Call Sentiment Positive
The call conveyed a predominantly positive message: Cboe reported record revenue, earnings, and margins with broad-based strength across derivatives, cash/spot, FX and solid DataVantage momentum driven by new sales and product innovation. The company also has a strong balance sheet and returned meaningful capital to shareholders while repositioning leadership and refocusing on core businesses. Notable negatives include the FedEx wind-down, active divestitures (Canada, Australia) that create outcome uncertainty, a 2026 revenue growth target that moderates vs 2025, and rising competition/structural issues in the multi-list options space. Overall, the positive operational and financial performance and clear strategic focus outweigh the outlined challenges.Positive Updates
Record quarterly and annual financials
Q4 net revenue of $671 million, up 28% year-over-year; Q4 adjusted diluted EPS of $3.06, up 46% YoY (both records). Full-year net revenue of $2.4 billion, up 17% YoY, and full-year adjusted diluted EPS of $10.67, up 24% YoY.
Negative Updates
FedEx (Cboe Europe derivatives exchange) wind-down
Management decided to close FedEx in January 2026 after determining it was unlikely to meet targeted revenue and profitability metrics in Europe. The financial impact is expected to be largely realized in 2026 (included in guidance) and represents a failed initiative in that market.
Read all updates
Q4-2025 Updates
Positive
Negative
Record quarterly and annual financials
Q4 net revenue of $671 million, up 28% year-over-year; Q4 adjusted diluted EPS of $3.06, up 46% YoY (both records). Full-year net revenue of $2.4 billion, up 17% YoY, and full-year adjusted diluted EPS of $10.67, up 24% YoY.
Read all positive updates
Company Guidance
For 2026 Cboe guided DataVantage organic net revenue growth of mid‑ to high‑single digits and total organic net revenue growth of mid‑single digits, set adjusted operating expenses at $864 million to $879 million (implying ~3.3%–5.1% growth), forecast CapEx of $73 million–$83 million, depreciation & amortization of $56 million–$60 million, and an adjusted effective tax rate of 27.5%–29.5% (midpoint ~80 bps below 2025); they expect net interest income to be a $3 million–$4 million positive contributor, contemplate a small 2026 revenue contribution from new prediction/event contracts, have a roughly 3% net‑revenue headwind contemplated from strategic realignment actions (with Canada and Australia still included in the guide and FedEx wind‑down impacts largely realized in 2026), and enter the year with $2.2 billion of adjusted cash and a 0.9x leverage ratio while retaining flexibility for opportunistic buybacks and dividends.Cboe Global Markets Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
83
Very Positive
Cash Flow
78
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 4.71B | 4.09B | 3.77B | 3.96B | 3.49B |
| Gross Profit | 2.31B | 2.07B | 1.92B | 1.74B | 1.48B |
| EBITDA | 1.64B | 1.27B | 1.27B | 659.70M | 971.50M |
| Net Income | 1.10B | 764.90M | 761.40M | 235.00M | 529.00M |
Balance Sheet | |||||
| Total Assets | 9.31B | 7.79B | 7.49B | 7.00B | 6.81B |
| Cash, Cash Equivalents and Short-Term Investments | 2.25B | 1.03B | 600.70M | 524.40M | 379.00M |
| Total Debt | 1.68B | 1.60B | 1.61B | 1.87B | 1.43B |
| Total Liabilities | 4.17B | 3.51B | 3.50B | 3.53B | 3.21B |
| Stockholders Equity | 5.14B | 4.28B | 3.98B | 3.47B | 3.60B |
Cash Flow | |||||
| Free Cash Flow | 1.15B | 963.70M | 748.00M | 808.80M | 545.80M |
| Operating Cash Flow | 1.22B | 1.02B | 793.00M | 868.60M | 596.80M |
| Investing Cash Flow | 450.20M | -141.80M | -55.10M | -835.10M | -352.70M |
| Financing Cash Flow | -371.60M | -495.00M | -656.10M | 81.70M | -200.30M |
Cboe Global Markets Technical Analysis
Positive
295.95
Price Trends
284.92
Positive
271.01
Positive
255.17
Positive
Market Momentum
2.50
Negative
59.05
Neutral
78.61
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CBOE, the sentiment is Positive. The current price of 295.95 is above the 20-day moving average (MA) of 286.82, above the 50-day MA of 284.92, and above the 200-day MA of 255.17, indicating a bullish trend. The MACD of 2.50 indicates Negative momentum. The RSI at 59.05 is Neutral, neither overbought nor oversold. The STOCH value of 78.61 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for CBOE.
Cboe Global Markets Risk Analysis
Cboe Global Markets disclosed 36 risk factors in its most recent earnings report. Cboe Global Markets reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Cboe Global Markets Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
85 Outperform | $105.90B | 24.28 | 14.48% | 3.92% | 5.84% | 8.51% | |
80 Outperform | $30.98B | 23.89 | 22.99% | 1.06% | 16.74% | 26.74% | |
76 Outperform | $39.23B | 36.82 | -74.96% | 1.24% | 9.02% | 3.45% | |
72 Outperform | $90.97B | 28.00 | 11.60% | 1.19% | 8.96% | 30.16% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
67 Neutral | $124.13B | 35.63 | 13.62% | 0.73% | 9.04% | 21.35% | |
65 Neutral | $47.27B | 26.70 | 15.03% | 1.07% | 16.41% | 68.03% |
* Financial Sector Average
CBOE
Cboe Global Markets
295.95
81.20
37.81%
CME
CME Group
295.30
41.33
16.27%
ICE
Intercontinental Exchange
160.60
2.67
1.69%
SPGI
S&P Global
415.42
-52.46
-11.21%
MSCI
MSCI
536.48
-7.43
-1.37%
NDAQ
Nasdaq
83.16
11.25
15.65%
Cboe Global Markets Corporate Events
Business Operations and StrategyExecutive/Board Changes
Cboe Global Markets Announces Major Leadership Reshuffle
Positive
Jan 26, 2026
On January 26, 2026, Cboe Global Markets announced a sweeping leadership reshuffle that will see long-serving Chief Operating Officer Chris Isaacson retire from his role effective March 6, 2026, after which he will remain with the company as an ad...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.