Sound shipCboe Global Markets $CBOE
Grew revenue 15.1% in FY2025 to $4.7 billion, operating margin 31.1%, equity 55.2% of assets, and dividend per share up 11 years running.
Last filing10-Q, 30 Oct 2026
Edgarette’s full reading · exposure, experience, soundness, credibility, range
🫧 Edgar looked up Cboe Global Markets, Inc. ($CBOE). Last filing: 10-Q, 2026-10-30. 9 event filings (8-K) in the past twelve months.
🔖 Exposure: revenue $4.7B (FY2025), total debt $1.4B. Experience: revenue up 15.1% on the year, up 7.8% a year over 4 years; operating margin 31.1%, up from 26.8%. Soundness: equity 55.2% of assets, return on equity 21.4%, payout 25.8% of profit, dividend per share up 11 years running. Credibility: four or more audited years, reasonable weight. Range: 80% of past cases like this landed between $4.5B and $5.8B next year (method v4.1: its own 4-year record of growth weighed at 50% against $1B–10B filers; across 2019–2025, 69.0% landed inside, 83.4% on the one year the method never saw). In a shock year the stress range is $4.1B to $6.3B. A statistical range, not company guidance. Against peers (8 filers, $50M+ revenue, security & commodity brokers, dealers, exchanges & services): growth 15.1% against 15.3%.
Read from its own SEC filings · nothing written, nothing inferred
Gold paid out, navy kept. Kept share × return on equity = the growth it can fund itself. Facts from the filings, not a recommendation.
Speed and cash · fiscal 2025
Both views must agree for a label · a description, not advice.
| Cash flow (op · inv · fin · free) | $1.8B · $450M · −$372M · $1.7B |
| Investment book (cash · short · long) | $2.2B · $36M · — · current ratio 1.87 |
| Revenue swing · equity of assets | 8.6% · 55.2% |
Cboe Global Markets is growing faster than its size class, with steadier revenue. Its own audited SEC figures.
The figures, as filed
| Fiscal year end | 2025-12-31 |
| Revenue | $4.7B |
| Revenue, on the year | 15.1% |
| Revenue, a year over the record | 7.8% |
| Operating margin | 31.1% |
| Operating margin, prior year | 26.8% |
| Net margin | 23.3% |
| Research and development | not filed separately |
| Total debt | $1.4B |
| Equity of assets | 55.2% |
| Return on equity | 21.4% |
| Payout of profit | 25.8% |
| Dividend per share | $2.7 · up 11 years running |
| Earnings per share | $10.46 |
| Book value per share | $48.89 |
| Revenue per share | $44.85 |
| Shares outstanding | 105,100,000 |
| Audited years read | 5 |
Peers: the median of 8 filers with $50M+ revenue in security & commodity brokers, dealers, exchanges & services.
Classic signals · fiscal 2025Altman Z″ not covered: built for industrial balance sheets, not banks or insurersPiotroski F 8 of 9 strong 2000Beneish M not covered: built for industrial filersSloan accruals -7.6% earnings backed by cash 1996DuPont ROE 23.4% = margin 23.3% × turns 0.55 × leverage 1.82
What a terminal subscription used to buy, a filing and arithmetic now give anyone. Published method, from the same filings. Display only: nothing here moves the range or its receipt. Why? →
Health HarborCboe Global Markets sails as: Sound ship
Health watch · 12 monthsRestructuring or exit costsDirector or officer change
Sailing speed follows growth: 6.0% a year crosses the harbor in 62 seconds.
🌊 Visit the Bay →- filed restructuring or exit costs in the last 12 months
Boat condition = number of warning signs: a serious warning filing in 12 months; liabilities over assets; slow and jumpy; negative operating cash; an operating loss; negative free cash flow outside regulated utilities; an 80% revenue range of ±25% or wider. A picture of the signs, not a rating and not investment advice.
Brand success factors · calendar 2025
The Trillion Score: 512
Exponential Success Score
Built on over $200 trillion of sworn revenue, 13 years of data, 770,002 figures. Sealed by Edgarette.
How The Trillion Score works. We read eight measures of success from Cboe Global Markets's own SEC filings and test each one against the public companies in its field, here security & commodity brokers, dealers, exchanges & services. The longer and fuller the record, the more weight those results carry. A model built on past filings then turns them into the odds of thriving, which means outgrowing the field for three years without a severe decline. A score of 500 is about average, and every 100 points doubles the odds. Every company is ranked on this same scale.
What it says here. At 512, Cboe Global Markets's odds of thriving come to 38%, against about 37% for the typical filer. It meets 2 of 7 success points.
What the score means
The higher the score, the more often companies went on to thrive. At this level, about 38 of every 100 did.
Share of companies that beat their field for three years with no severe decline, tested on 2019 to 2022 filings.
Fall Risk: Medium
Separate from the score, this asks what could go wrong: the odds of sales falling 30% or the filings stopping within three years. In the tests, about 22 of every 100 companies in the Medium band did. That is the group's history, not a forecast for this company.
| Money | It keeps about 36 cents of free cash from each sales dollar after paying for its plants and equipment. It holds more cash than debt. | low |
| Swings | In its worst fifth of years, sales fell about 10% a year. | -10.4% a year |
| Filed events | In the last two years it told the SEC about 5 filings on leadership or auditor changes. | 5 |
The eight success points
| Point | What it means | Place in field | |
|---|---|---|---|
| Speed | Sales grew slower than much of its field. | 22 of 100 | Not yet |
| Steadiness | Growth swung a lot for what it delivered. | 38 of 100 | Not yet |
| Price premium | It keeps less of each sales dollar than the leaders in its field. | 50 of 100 | Not yet |
| Margin stays above the field | Its margin has not held above the field for long. | 50 of 100 | Not yet |
| Moat half-life | Its margin edge is fading fast, or it has none yet. | 50 of 100 | Not yet |
| Brand spend yield | Not filed. | ||
| Learning curve | Costs fell as a share of sales as it grew. | 100 of 100 | Met |
| Climb in the field | It has been moving up the size ranks in its field. | 75 of 100 | Met |
Price premium $0M is the extra gross profit over a field-median margin. Momentum -$78M is gross profit times growth above the field's pace.
The actuarial view
| Credibility | With 8 years of filings, the record earns 61% of the weight. The rest stays at the middle of the field. | 0.61 |
| Severe decline, class C | About 30 of every 100 companies with this many points fell 30% or stopped reporting within three years. | 30.1% |
| Actual vs expected | Sales are 9% lower than if it had simply kept pace with its field. | 0.91 |
Top of its field: #1 Nasdaq · #2 Tradeweb Markets · #3 Cboe Global Markets · #4 Cme · #5 Intercontinental Exchange
Ranked by The Trillion Score. See the method and score your own brand. Tested on 2019 to 2022 filings. Odds, class and Fall Risk figures are the experience of similar filers, not a forecast for this company. A statistical description of past filings, not a rating or advice.
- 10-Q · 2026-10-30
- 8-K · 2026-10-30 · 2.02 Results of Operations and Financial Condition; 9.01 Financial Statements and Exhibits
- 8-K · 2026-09-29 · 1.01 Entry into a Material Definitive Agreement; 7.01 Regulation FD Disclosure; 9.01 Financial Statements and Exhibits
- 10-Q · 2026-07-31
- 8-K · 2026-07-31 · 2.02 Results of Operations and Financial Condition; 9.01 Financial Statements and Exhibits
- 8-K · 2026-07-28 · 1.01 Entry into a Material Definitive Agreement; 2.03 Creation of a Direct Financial Obligation; 9.01 Financial Statements and Exhibits
Figures are as filed in audited 10-K reports and can move with restatements, acquisitions, disposals or a change in fiscal year. A range set from how past company-years turned out is not a promise about the next one, and says nothing about the share price. Reporting, not investment advice. No price targets and no trading recommendations. Figures from the SEC’s own data · every filing · this page as JSON · ask about another company