Cboe Global Markets, Inc. (CBOE)

Price—Loading quote

AI: Fair-priced

Price checkThe shares look fairly priced because strong growth already carries a demanding valuation.

At the August 14 close, Cboe traded at $296.14. Reported earnings for the latest four quarters total about $12.83 a share, putting the price at 23.1 times earnings; buyers pay $23.10 for each dollar of annual profit. Using June’s 104.6 million shares, the market value is roughly $31.0 billion. The multiple is not cheap, but 25% second-quarter net-revenue growth and net cash support it. With little margin for disappointment, the evidence fits Fair-priced, not a clear bargain or excess.

Big pictureProfits and annual cash generation have strengthened, though busy markets amplified recent growth.

Net income rose from $761 million in 2023 to $765 million in 2024 and $1.10 billion in 2025; the first two 2026 quarters produced another $739 million. In 2025, operating cash flow was $1.75 billion and spending on long-lived assets was only $71 million, leaving about $1.68 billion of free cash flow—cash left after running and investing in the business. Quarterly cash is noisy: the second quarter of 2026 was negative $503 million after the first quarter’s $1.96 billion. Multi-year results matter more than either quarter.

Business strengthA net-cash balance sheet and restrained share count strengthen downside protection.

At June 30, cash was $2.28 billion versus $1.44 billion of debt, creating a net-cash cushion of $832 million. Shares outstanding fell from 107.3 million in 2020 to 104.6 million, so owners were not diluted overall. Cboe paid $284 million of dividends and spent $67 million on buybacks in 2025; first-half 2026 added $152 million and $75 million, respectively. Stock-based pay was $50 million in 2025, so some repurchases merely offset employee awards. Low capital needs provide further balance-sheet flexibility.

What could change the storyThe price works if options demand stays strong and data sales keep growing.

Second-quarter net revenue rose 25%, including 30% in derivatives and 15% in Data Vantage, while management lifted 2026 organic—excluding acquisitions and disposals—growth guidance to the mid-to-high teens. The bull case is that daily and overnight index-option use, data, and new products make growth repeatable. The bear case is normalization after unusually heavy trading, which would reduce high-margin transaction fees quickly. As a valuation inference, roughly 23 times trailing earnings requires sustained high-single-digit profit growth; a retreat toward 2025’s $10.42 per share would make the stock look expensive.

$296.14 price considered

AI: News

Record second quarterEarnings and revenue climbed sharply, prompting management to raise its full-year growth target.

On July 31, Cboe reported second-quarter net revenue of $731.6 million, up 25%, and diluted earnings of $3.35 a share, up 50%. It raised 2026 organic net-revenue growth guidance to the mid-to-high teens. The stock closed 4.62% higher at $310.23 that day, while the broad market rose 0.7%. The timing is consistent with a favorable earnings response, but it does not prove the report alone caused the move.

July options growthJuly options activity stayed well above last year, supporting continued transaction-fee growth.

On August 5, Cboe said July average daily index-options volume rose 34% from a year earlier, while multi-listed options rose 28.4%. Zero-days-to-expiry contracts—options expiring that same day—reached a record 66.2% of S&P 500 options volume. This supports fee growth but also highlights concentration in a trading style that may cool. Shares rose 1.55% on August 6; attribution is uncertain because no source tied the move solely to volumes.

Australia sale completedThe Australia sale sharpened Cboe’s focus, while the larger Canada transaction remains unfinished.

On August 2, Cboe completed the Australia sale to TMX. Australia and Canada together were agreed at $300 million, but Australia-only proceeds were not disclosed; Canada still awaited approvals. The move removes a noncore exchange and helps redirect costs and capital. Management had already cut 2026 adjusted expense guidance by $11 million for the expected Australia exit. Shares fell 4.00% on August 3, but timing alone cannot establish that the sale caused the decline.

Dividend raised sharplyA large dividend increase signals confidence, though the cash yield remains modest.

On August 13, the board raised the quarterly dividend 19%, from $0.72 to $0.86 a share, its sixteenth consecutive annual increase. Annualized, $3.44 equals only about a 1.16% yield at $296.14, so the direct cash return remains modest. Strong cash generation makes the increase affordable on current figures. The stock gained 1.04% on August 14; without reporting that links the move to the dividend, causation remains uncertain.

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Free cash flow

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Total cash / debt

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009
Revenue	$4.71B	$4.09B	$3.77B	$3.96B	$3.49B	$3.43B	$2.50B	$2.77B	$2.23B	$703.1M	$663.8M	$617.2M	$572.0M	$512.3M	$508.1M	$437.1M	$426.1M
Gross profit	$2.43B	$2.07B	$1.92B	$1.74B	$1.48B	$1.25B	$1.14B	$1.22B	$995.6M	$566.4M	$561.7M	—	—	—	—	—	—
Operating expenses	$962.0M	$974.0M	$860.1M	$1.25B	$670.2M	$592.1M	$599.7M	$617.5M	$623.7M	$268.2M	$241.8M	$303.4M	$286.2M	$268.2M	$266.5M	$269.8M	$248.5M
Operating income	$1.47B	$1.10B	$1.06B	$489.6M	$805.9M	$662.2M	$537.2M	$599.4M	$371.9M	$298.2M	$319.9M	$313.8M	$285.8M	$244.1M	$241.6M	$167.3M	$177.6M
EBITDAderived	$1.59B	$1.23B	$1.22B	$656.4M	$973.3M	$820.7M	$713.8M	$803.4M	$564.1M	$342.6M	$366.2M	$353.7M	$320.3M	$275.6M	$275.7M	$197.2M	$205.1M
Net income	$1.10B	$764.9M	$761.4M	$235.0M	$529.0M	$468.2M	$374.9M	$426.5M	$401.7M	$186.8M	$205.0M	$189.7M	$176.0M	$157.4M	$139.4M	$99.4M	$106.5M
Basic EPSper diluted share	$10.46	$7.24	$7.16	$2.20	$4.93	$4.28	$3.35	$3.78	$3.70	$2.27	$2.46	$2.21	$1.99	$1.78	$1.52	$1.03	$1.17
Diluted EPSper diluted share	$10.42	$7.21	$7.13	$2.19	$4.92	$4.27	$3.34	$3.76	$3.69	$2.27	$2.46	$2.21	$1.99	$1.78	$1.52	$1.03	$1.17

Review source filings at SEC.gov ↗

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)33$13.96M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
May 18, 2026Form 4 · 10b5-1	Froetscher Janet PDirector	SellCommon Stock	1.2K	$358.09	$437.9K	13.8K
Feb 23, 2026Form 4	Wilkinson AllenSVP, CHIEF ACCOUNTING OFFICER	SellCommon Stock	248	$292.79	$72.6K	410
Feb 18, 2026Form 4	Matturri Alexander JRDirector	SellCommon Stock	1.5K	$285.36	$428.0K	4.8K
Feb 18, 2026Form 4	Fitzpatrick Edward J.Director	SellCommon Stock	3.9K	$285.87	$1.13M	12.9K
Sep 2, 2025Form 4 · 10b5-1	Isaacson Christopher AEVP, COO	SellCommon Stock	5.0K	$236.66	$1.18M	37.6K

Review ownership filings at SEC.gov ↗

Cboe Global Markets, Inc. (CBOE)

Financial charts

Financial statements

Insider buys & sells