What is the primary revenue source for Cboe Global Markets (CBOE)?

According to the latest financial reports, the company's revenue is driven by its core business segments and operational services. You can explore the exact breakdown and proportions of each revenue stream using the interactive charts on this page.

How can I visualize and analyze CBOE's financial statements?

gkcal provides interactive Sankey diagrams and profit waterfall charts that map out Cboe Global Markets's total revenue, cost of goods sold, operating expenses, and net income, making it easy to understand their business model and cash flow at a glance.

How Cboe Global Markets Makes Money: CBOE Revenue Breakdown (2026)

Operations

Where did the money come from, and where was it spent?

Steady

Revenue and operating profit grew together, indicating healthy core operations.

Operating margin improved by 6.89 percentage points year over year.

Revenue: USD 2.72B
Largest revenue segment share (Derivatives Markets): 47.51%
Cost of revenue: USD 1.26B
Income tax expense: USD 271.40M

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

RevenueTotal revenues · RevenueFromContractWithCustomerIncludingAssessedTax
Cost of revenueTotal cost of revenues · CostOfRevenue
Income tax expenseIncome tax provision · IncomeTaxExpenseBenefit
Largest revenue segment share (Derivatives Markets)Derivatives Markets · segment_value / revenue * 100
Operating marginOperating income · operating_income / revenue * 100

Assets

Where is the money tied up, and how is the company financed?

Steady

The company has a net cash position and relies primarily on its own capital.

Goodwill: USD 3.05B
Cash and cash equivalents: USD 2.28B
Accounts receivable: USD 570.60M
Total liabilities: USD 4.98B
Shareholder equity: USD 5.63B

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

GoodwillGoodwill · Goodwill
Shareholder equityTotal stockholders’ equity · StockholdersEquity
Total liabilitiesTotal liabilities · Liabilities
Accounts receivableAccounts receivable, net of $5.4 allowance for credit losses at june 30, 2026 and $6.8 at december 31, 2025 · AccountsReceivableNetCurrent
Cash and cash equivalentsCash and cash equivalent · CashAndCashEquivalentsAtCarryingValue

Cash

Did accounting profit ultimately turn into cash?

Steady

Operating cash flow covers accounting profit, showing good cash conversion.

Operating cash flow equals 197.18% of net income.

Free cash flow remains positive after capital expenditure.

Net income: USD 738.80M
Operating cash flow: USD 1.46B
Cash conversion: 197.18%
Free cash flow: USD 1.40B

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

Net incomeNet income · NetIncomeLoss
Free cash flowcfo - capex
Cash conversionoperating_cash_flow / net_income * 100
Operating cash flowsum(waterfull.operating)

Shareholders

Did the money earned actually make its way back to shareholders?

Steady

Dividends and net buybacks are covered by free cash flow, so cash genuinely reached shareholders.

Cash dividends: USD 151.50M
Share repurchases: USD 75.30M
Net shareholder return: USD 226.80M

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

Cash dividendsPayments of ordinary dividends, common stock · PaymentsOfDividendsCommonStock · abs(node_value)
Net shareholder returndividends_paid + share_repurchases - stock_issuance_proceeds
Share repurchasesPayments for repurchase of common stock · PaymentsForRepurchaseOfCommonStock · abs(node_value)

Diluted share count is missing, so dilution cannot be assessed against buybacks.

Financial Insights

Please select a report to view

Where did the money come from, and where was it spent?

Where is the money tied up, and how is the company financed?

Did accounting profit ultimately turn into cash?

Did the money earned actually make its way back to shareholders?