AI interpretation based on checked source excerpts. Issuer assertions and evidence limitations remain explicit.
Policy quality-scores-3: six equally weighted categories. The overall score requires full coverage. Missing inputs are not zero. Qualitative grades are sourced interpretations, not probabilities. 6/6 · 31/10/2026
Moat63
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
structural advantage · 3/4 · Exclusive U.S. index-option rights and SPX's substantial transaction contribution establish a meaningful contractual barrier. Record SPX activity demonstrates commercial significance. These disclosures support an intangible-asset advantage; they do not separately establish network effects, superior costs or enterprise-wide customer lock-in.
durability · 3/4 · Explicit SPX exclusivity through December 2032 supports multiyear protection. The September extension reference supplies no replacement duration or exclusivity terms. Similar-exposure substitutes, index-provider dependence and revised royalty economics limit conclusions about protection beyond the disclosed contractual horizon.
customer dependency · 2/4 · Exclusive SPX access and four consecutive annual volume records indicate repeat demand indirectly. However, the top ten customers supplied approximately 57% of 2025 revenue, and customers can reduce or cease transactions without penalty. Product dependence is stronger than demonstrated customer lock-in.
erosion resilience · 2/4 · Growing consolidated operating earnings and repeated SPX records show core resilience. Japan's competitive decline and impairment, completed CEDX closure, and lower second-quarter options, U.S. equities and European equities shares demonstrate realized erosion elsewhere. This supports a bounded franchise advantage rather than broad immunity to competition.
Pricing power63
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
realized pricing · 3/4 · Second-quarter 2026 U.S. equities net capture per hundred touched shares rose 50%, attributed to implemented pricing changes. FX capture rose 6%, and index-options RPC rose 3%. These are strong observed outcomes, tempered by options mix effects, multi-listed pricing pressure and lower equities market share.
retention · 2/4 · Four consecutive SPX annual volume records demonstrate recurring product demand indirectly, rather than measured account retention. Concentrated customers can depart without penalty, while Japan suffered realized competitive losses. Repeat usage is evident, but durable customer retention across the group is mixed.
margin resilience · 3/4 · First-half 2026 operating income rose to $981.6 million from $693.0 million as revenue less cost of revenues increased to $1,460.5 million from $1,152.5 million. Royalty and compensation costs also increased. This demonstrates recent operating resilience, without establishing pricing-only causation or full-cycle durability.
contractual freedom · 2/4 · Fee schedules, liquidity incentives and implemented pricing changes demonstrate discretion over transaction terms. SEC oversight, potential European market-data restrictions and customers' penalty-free ability to withdraw activity constrain that freedom. Cboe also pays royalties whose terms change in 2027, limiting unilateral control over product economics.
Predictability87
Financial-sector stability over 5 consecutive reported annual periods: equal weights for nondeclining revenue frequency, revenue-growth volatility (5–40pp), positive consolidated earnings frequency, and net-income/revenue margin volatility (3–20pp). Uses reported accounting scope; not industrial FCF or a growth forecast.
- Nondeclining revenue years (%)
- 75.00
- Revenue growth volatility (pp)
- 7.74
- positiveEarningsShare
- 100.00
- netMarginStdDev
- 5.97
- observedAnnualPeriods
- 5.00
Financial strength69
Qualitative financial_services assessment: equal-weight average of four current evidence-backed grades (0–4), scaled to 100. Policy financial-services-1; not an industrial ratio score or credit rating.
capital adequacy · 3/4 · June 2026 subsidiary capital exceeds disclosed positive requirements, including Clear Europe at $141.4 million versus $88.8 million and Clear U.S. at $25.7 million versus $14.3 million. Consolidated equity is $5,625.8 million against $1,443.8 million of debt. Equity is not eligible regulatory capital, and subsidiary buffers are not freely transferable.
liquidity funding · 3/4 · June 2026 consolidated cash of $2,276.2 million and the adjusted-cash reconciliation support strong group liquidity against $649.6 million of current debt and $794.2 million of long-term debt. Clearing balances are excluded. Restricted default resources, subsidiary upstream constraints and absent facility terms limit conclusions about unrestricted parent funding.
asset liability risk · 2/4 · Clear Europe reported no default requiring a GAAP liability through June 2026. Collateral, daily reverse-repo valuation and a layered default waterfall mitigate exposure. Nevertheless, open-position obligations, interoperable CCP margin calls and sovereign/repo counterparty risk can reach corporate resources. Disclosed safeguards do not establish coverage of severe combined defaults.
earnings resilience · 3/4 · First-half net income rose to $738.8 million from $485.7 million, with higher transaction-related, derivatives and data revenues and stronger operating income. Reported GAAP results include realignment costs. The evidence demonstrates strong recent earnings resilience, but not performance through all volatility, interest-rate or clearing-default conditions.
Capital allocation63
Qualitative financial_services assessment: equal-weight average of four current evidence-backed grades (0–4), scaled to 100. Policy financial-services-1; not an industrial ratio score or credit rating.
capital efficiency · 3/4 · First-half 2026 common-stockholder earnings of $735.9 million divided by average December 2025 and June 2026 consolidated equity of $5,382.05 million yield approximately 13.7%, without annualization. This calculated accounting return supports strong capital efficiency; it is not a reported regulatory-capital return, and goodwill materially affects the denominator.
distributions and buffers · 3/4 · First-half actual dividends totaled $151.5 million and program repurchases $77.7 million, below $738.8 million of consolidated net income. Consolidated cash increased and disclosed subsidiaries retained capital above positive minima. These outcomes support disciplined distributions, subject to subsidiary upstream restrictions; unused repurchase authorization is not a distribution.
dilution and cost · 2/4 · First-half diluted weighted-average shares remained 105.0 million, while borrowing balances were broadly stable. Employee stock-compensation expense increased to $27.3 million from $24.0 million, and interest expense also rose modestly. Repurchases helped contain dilution but consumed cash; stable shares alone do not establish low compensation or financing costs.
investment discipline · 2/4 · Japan's $17.1 million impairment, multiple business wind-downs and completed CEDX closure demonstrate unsuccessful investment outcomes alongside corrective action. The core franchise continues to generate stronger earnings. However, the passages do not establish realized returns from the realignment, comprehensive acquisition returns or future benefits from new commitments.
Management56
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
capital discipline · 2/4 · Actual dividends and repurchases coexist with higher earnings, increased consolidated cash and broadly stable borrowing balances. Japan's impairment and multiple business wind-downs show unsuccessful investments. Corrective portfolio actions are observable, but their eventual returns and the complete deployment of operating cash are not established.
incentive alignment · 2/4 · Actual PSU grants and vesting link compensation to EPS and shareholder returns, with mandatory ownership guidelines disclosed. Normally half of target long-term incentives were time-based, and Tomczyk's allocation was entirely time-based. These structures support partial alignment; individual ownership amounts and exceptional alignment are not established.
execution · 3/4 · Reported first-half earnings growth, implemented pricing changes and repeated SPX volume records support strong execution in the core franchise. This assessment partly uses indirect operating outcomes rather than project-level delivery measures. Japan's impairment and CEDX's completed closure demonstrate that expansion execution has been uneven.
governance · 2/4 · Annual elections, majority voting, independent key committees, split leadership, shareholder meeting rights and executive safeguards provide accountability mechanisms. Historical SEC censures, fines and undertakings are adverse evidence. The disclosed framework supports a mixed assessment; governance structures alone do not demonstrate consistently effective oversight.
Evidence
We hold exclusive U.S. rights to list options on the S&P 500 Index, S&P 100 Index, S&P 500 ESG Index, and S&P Select Sector Indices.
2025 Form 10-K, exclusive U.S. index-option rights · Filed 20/02/2026
Our license with S&P extends through December 31, 2033, with exclusive rights to trade S&P 500 Index options through December 31, 2032.
2025 Form 10-K, S&P license and exclusivity expiration dates · Filed 20/02/2026
economy. The SPX options we offer on the S&P 500 Index are exclusive to Cboe and contribute substantially to our volumes and transaction fee revenues.
2025 Form 10-K, SPX commercial significance · Filed 20/02/2026
We also compete against certain multi-listed options products, such as SPY options and cash settled index options, and certain event prediction markets, which may offer similar market exposure of our proprietary products, such as SPX options.
2025 Form 10-K, substitute products · Filed 20/02/2026
If an index provider from which we have a license or a service provider with respect to proprietary products fails to maintain the quality and integrity of their indices or fails to perform under our agreements with them, if we fail to maintain the quality and integrity of our proprietary indices or indices and other values that we calculate or disseminate for customers, or if customer preferences change, the revenues that are generated from the trading of proprietary products or the calculation and dissemination of index values may suffer.
2025 Form 10-K, index-provider and customer-preference risks · Filed 20/02/2026
108 Table of Contents In the second quarter of 2025, Cboe Japan experienced declines in its market share as a result of increased market competition.
2025 Form 10-K, Japan competitive market-share decline · Filed 20/02/2026
The Company concluded that the carrying value of Cboe Japan’s customer relationships long-lived intangible assets exceeded their estimated fair value, as their projected future cash flows did not support their valuation, and recorded an impairment charge of $17.1 million in the consolidated statements of income for the three and six months ended June 30, 2025.
2025 Form 10-K, Japan customer-relationship impairment · Filed 20/02/2026
For example, in 2025, our top ten customers accounted for approximately 57% of our revenues.
2025 Form 10-K, top-ten customer revenue concentration · Filed 20/02/2026
This revenue was spread across various global regions and business segments and our customers are not subject to agreements that prohibit them from reducing or ceasing their transactions with us with little
2025 Form 10-K, customers' ability to reduce transactions, continued in q144 · Filed 20/02/2026
or no warning and without penalty. In addition, from time to time, certain customers may represent a significant portion of the open interest in various of our individual products or business segments, and a substantial decrease in their trading activity could have a negative impact on the liquidity of the particular product or business segment.
2025 Form 10-K, penalty-free departures and concentrated open interest · Filed 20/02/2026
These changes have resulted in significant pricing pressures on us, especially on transaction fees and incentives for multi-listed products.
2025 Form 10-K, multi-listed product pricing pressure · Filed 20/02/2026
•offering fee schedules and pricing models that both attract order flow and provide incentives to liquidity providers;
2025 Form 10-K, fee schedules and liquidity-provider incentives · Filed 20/02/2026
As registered national securities exchanges, virtually all facets of our Exchange operations are subject to the SEC’s oversight, as prescribed by the Exchange Act.
2025 Form 10-K, SEC oversight · Filed 20/02/2026
As European regulators determine how market data should be disaggregated and what is a reasonable commercial basis for providing market data, it could affect our ability to offer market data products in the same manner that we do today thereby causing an adverse effect on our European market data revenues.
2025 Form 10-K, European market-data pricing regulation risk · Filed 20/02/2026
For example, in the past we have entered into consent orders with the SEC, under which our subsidiaries were censured, ordered to cease and desist from violating certain sections of the Exchange Act, paid fines, and completed certain undertakings.
2025 Form 10-K, historical SEC consent orders and sanctions · Filed 20/02/2026
For the period ended June 30, 2026, there have been no events of default for which a liability is required to be recognized in accordance with GAAP.
June 2026 Form 10-Q, Clear Europe default outcomes · Filed 31/07/2026
Cboe Clear Europe generally requires all clearing members to deposit collateral to help mitigate Cboe Clear Europe’s exposure to credit and market risk in the event that a clearing member fails to meet a financial or contractual obligation.
June 2026 Form 10-Q, Clear Europe collateral requirements · Filed 31/07/2026
To the extent that the positions remain open, Cboe Clear Europe is required to assume the defaulting clearing member's obligations related to the open positions.
June 2026 Form 10-Q, obligations on defaulted open positions · Filed 31/07/2026
Interoperability Fund
For the cash equity business line, Cboe Clear Europe has entered into interoperable arrangements with two other central counterparties (“CCPs”).
June 2026 Form 10-Q, interoperability with two unnamed CCPs · Filed 31/07/2026
The interoperability fund consists of collateral provided by clearing members that is pledged by Cboe Clear Europe to the other interoperable CCPs, to cover margin calls Cboe Clear Europe receives from such interoperable CCPs.
June 2026 Form 10-Q, collateral pledged to interoperable CCPs · Filed 31/07/2026
•First Skin In the Game: First, the Cboe Clear Europe default waterfall utilizes Cboe Clear Europe's dedicated own resources equal to 25% of Cboe Clear Europe capital requirements before the use of default fund contributions described below.
June 2026 Form 10-Q, first own-resource default layer · Filed 31/07/2026
•Default fund: Second, the Cboe Clear Europe default waterfall utilizes traditional CCP risk mutualization, in the event that default losses fully exhaust Cboe Clear Europe’s dedicated own resources amount.
June 2026 Form 10-Q, second default layer · Filed 31/07/2026
•Second Skin In the Game: third, Cboe Clear Europe's default waterfall uses Cboe Clear Europe's dedicated own resources in an amount between 10%-25% of capital requirements as discussed in Note 16 ("Regulatory Capital").
June 2026 Form 10-Q, third default layer · Filed 31/07/2026
29
Table of Contents
•Pro rata contributions: Fourth, if the default losses caused cannot be covered by the first three layers, the non-defaulting clearing members shall on demand make additional payments to Cboe Clear Europe on a pro rata basis in proportion to the amount of their default fund contributions to cover any such remaining losses, which is limited to an amount equal to twice their default fund contribution as established under Cboe Clear Europe’s rules and regulations.
June 2026 Form 10-Q, capped additional member contributions · Filed 31/07/2026
As of June 30, 2026, Cboe Clear U.S.
June 2026 Form 10-Q, date for Clear U.S. default-resource contribution · Filed 31/07/2026
held $25.0 million as a clearinghouse contribution to default financial resources, to be utilized in the event a clearing member is declared in default.
June 2026 Form 10-Q, Clear U.S. $25 million default-resource contribution · Filed 31/07/2026
The clearinghouse corporate contribution is considered restricted cash and is included in other current assets on the condensed consolidated balance sheet.
June 2026 Form 10-Q, restricted classification of corporate contribution · Filed 31/07/2026
The Company includes customer cash related to the clearing activity in margin deposits, default fund, and interoperability fund, with a corresponding liability, on the condensed consolidated balance sheets.
June 2026 Form 10-Q, customer cash and corresponding clearing liability · Filed 31/07/2026
Cboe Clear U.S. maintains its own operating funds in separate bank accounts from its customer funds.
June 2026 Form 10-Q, separation of operating and customer funds · Filed 31/07/2026
Reverse repurchase transactions are valued daily and are subject to collateral provisions based on which the counterparty must provide additional collateral if the underlying securities decrease in value, in an amount sufficient to maintain collateralization of at least 102%.
June 2026 Form 10-Q, daily reverse-repo valuation and 102% collateralization requirement · Filed 31/07/2026
Collateral received from the respective counterparties consists of sovereign bonds, consistent with Cboe Clear Europe's investment policy.
June 2026 Form 10-Q, sovereign-bond reverse-repo collateral · Filed 31/07/2026
•Investment Risk – Cboe Clear Europe, as of June 30, 2026, held $2.5 billion of clearing member margin deposits, default fund, and interoperability fund which are held or invested primarily to provide security of capital while minimizing credit, market and liquidity risks.
June 2026 Form 10-Q, Clear Europe clearing-member investment exposure · Filed 31/07/2026
In the event that a sovereign government or reverse repurchase agreement counterparty defaults, the value we hold as collateral might not be sufficient to cover our capital requirements in the event of defaults.
June 2026 Form 10-Q, sovereign and reverse-repo counterparty default risk · Filed 31/07/2026
While Cboe Clear Europe has policies and procedures that strive to help ensure that clearing member collateral is protected, Cboe Clear Europe cannot absolutely assure that these measures and safeguards will be sufficient to protect margin deposits, default fund, and interoperability fund from a default or that we will not be materially and adversely affected in the event of a significant default.
June 2026 Form 10-Q, limits of collateral safeguards · Filed 31/07/2026
The following table presents the Company’s subsidiaries with regulatory capital requirements discussed above, as well as the actual and minimum regulatory capital requirements of the subsidiary as of June 30, 2026 (in millions):
Subsidiary
Regulatory Authority
Actual
Minimum
Requirement
Cboe Trading
FINRA/SEC
$
16.8
$
1.2
BIDS Trading
FINRA/SEC
13.5
0.2
Cboe Fixed Income
FINRA/SEC
6.8
0.1
Cboe Europe
FCA
58.8
37.1
Cboe Chi-X Europe
FCA
0.7
0.1
Cboe NL
Dutch Authority for Financial Markets
14.6
5.7
Cboe Clear Europe
DNB
141.4
88.8
CFE
CFTC
151.9
40.8
Cboe SEF
CFTC
18.9
2.5
Cboe Digital Exchange
CFTC
12.9
—
Cboe Clear U.S.
June 2026 Form 10-Q, regulatory capital actuals and requirements, continued in q255 · Filed 31/07/2026
CFTC
25.7
14.3
Cboe Australia
ASIC
16.0
6.1
39
Table of Contents
17.
June 2026 Form 10-Q, Clear U.S. and Australia regulatory capital table continuation · Filed 31/07/2026
The Company recognized stock-based compensation expense related to employee awards of $15.0 million and $12.0 million for the three months ended June 30, 2026 and 2025, respectively, and $27.3 million and $24.0 million for the six months ended June 30, 2026 and 2025, respectively.
June 2026 Form 10-Q, employee stock-compensation expense · Filed 31/07/2026
40
Table of Contents
PSUs
The following table summarizes restricted stock units contingent upon achievement of performance conditions, also known as PSUs, activity during the six months ended June 30, 2026:
Number of
Shares
Weighted
average grant
date fair value
Nonvested stock at December 31, 2025
88,960
$
237.75
Granted
67,344
279.24
Vested
(61,914)
168.81
Forfeited
(6,350)
264.44
Nonvested stock at June 30, 2026
88,040
$
316.05
PSUs include awards related to earnings per share during the performance period as well as awards related to total shareholder return during the performance period.
June 2026 Form 10-Q, actual PSU grants, vesting and performance measures · Filed 31/07/2026
42
Table of Contents
As a holding company, the Company’s ability to declare and continue to pay dividends in the future with respect to its common stock will also be dependent upon the ability of its subsidiaries to pay dividends to it under applicable corporate law.
June 2026 Form 10-Q, holding-company dividend dependence · Filed 31/07/2026
In connection with the various programs and actions, including, but not limited to, the wind downs of Cboe Digital, Cboe Japan, and CEDX, and optimizing
18
Table of Contents
resource allocation across the organization, the Company recorded charges primarily for severance, relocation, other post-employment benefits, professional fees, contract services terminations, and certain other costs.
June 2026 Form 10-Q, business wind-down and realignment charges · Filed 31/07/2026
In February 2026, Cboe completed the wind down of CEDX, its pan-European derivatives platform that offered futures and options based on Cboe Europe equity indices, FLEX options, and single stock options.
June 2026 Form 10-Q, completed CEDX wind-down · Filed 31/07/2026
and Subsidiaries Condensed Consolidated Statements of Income (unaudited) (in millions, except per share data) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Revenues: Cash and spot markets $ 580.3 $ 487.6 $ 1,062.5 $ 988.5 Data Vantage 181.6 158.3 362.9 310.8 Derivatives markets 680.9 527.6 1,290.2 1,069.2 Total revenues 1,442.8 1,173.5 2,715.6 2,368.5 Cost of revenues: Liquidity payments 453.7 418.0 899.8 812.8 Routing and clearing 20.8 20.7 40.8 40.3 Regulatory fees cost of revenues 153.9 85.3 153.9 238.4 Royalty fees and other cost of revenues 82.8 62.2 160.6 124.5 Total cost of revenues 711.2 586.2 1,255.1 1,216.0 Revenues less cost of revenues 731.6 587.3 1,460.5 1,152.5 Operating expenses: Compensation and benefits 154.7 127.9 282.6 244.1 Depreciation and amortization 28.1 29.9 57.6 60.2 Technology support services 26.2 26.7 53.8 52.3 Professional fees and outside services 22.4 24.8 40.7 45.6 Travel and promotional expenses 13.2 8.2 21.2 14.6 Facilities costs 6.1 7.0 12.3 13.2 Acquisition-related costs — — — 0.2 Impairment of assets — 17.1 — 17.1 Other expenses 4.9 6.6 10.7 12.2 Total operating expenses 255.6 248.2 478.9 459.5 Operating income 476.0 339.1 981.6 693.0 Non-operating income (expense): Interest expense (13.2) (12.9) (26.5) (25.7) Interest income 18.2 11.3 35.9 19.7 Earnings (loss) on investments, net 12.8 (1.1) 12.1 (4.4) Other income (expense), net 0.9 (1.8) 7.1 2.2 Income before income tax provision 494.7 334.6 1,010.2 684.8 Income tax provision 141.6 99.5 271.4 199.1 Net income 353.1 235.1 738.8 485.7 Net income allocated to participating securities (1.3) (1.2) (2.9) (2.4) Net income allocated to common stockholders $ 351.8 $ 233.9 $ 735.9 $ 483.3 Basic earnings per share $ 3.36 $ 2.23 $ 7.03 $ 4.62 Diluted earnings per share 3.35 2.23 7.01 4.60 Basic weighted average shares outstanding 104.7 104.7 104.7 104.7 Diluted weighted average shares outstanding 104.9 105.0 105.0 105.0 See accompanying notes to condensed consolidated financial statements.
June 2026 Form 10-Q, consolidated income statement and share denominators · Filed 31/07/2026
Revenues less cost of revenues increased $16.3 million for the three months ended June 30, 2026 compared to the three months ended June 30, 2025 primarily due to a 50% increase in net capture per one hundred touched shares on Cboe U.S.
June 2026 Form 10-Q, quarterly U.S. equities net-capture increase, continued in q266 · Filed 31/07/2026
equity exchanges due to pricing changes implemented from late second quarter through the third quarter of 2025, coupled with an increase in access and capacity fees and market data revenue.
June 2026 Form 10-Q, implemented pricing changes and additional revenue drivers · Filed 31/07/2026
Mandatory stock ownership and holding guidelines.
2026 proxy, mandatory ownership and holding guidelines · Filed 02/04/2026
Once the Compensation and Human Capital Committee set the target long-term incentive value for each NEO, one-half of the target value was granted in the form of time-based RSUs and one-half of the target value was granted in the form of PSUs, except that in the case of Mr.
2026 proxy, actual time-based and performance-based grant allocation · Filed 02/04/2026
Tomczyk all of the target value was granted in the form of time-based RSUs.
2026 proxy, Tomczyk time-based grant exception · Filed 02/04/2026
Stockholders can call special meetings; Proxy access Bylaw provision for director nominations; Directors are elected annually; Majority voting standard in director elections; Majority voting standard for Bylaw and Charter amendments; 10 of the 12 director nominees are independent; Independent Audit, Compensation and Human Capital, and Nominating and Governance Committees; Robust annual Board and committee self-evaluation process; Split Chairman and CEO roles; Risk oversight by Board and committees, including a Risk Committee; Human capital and succession oversight by Board and Compensation and Human Capital Committee; Executive sessions of Board and committees; and Anti-hedging, anti-pledging, and clawback policies for executive officers.
2026 proxy, governance structures and executive safeguards · Filed 02/04/2026
(in millions)
June 30,
2026
December 31,
2025
Assets
Current assets:
Cash and cash equivalents
$
2,276.2
$
2,216.5
Financial investments
114.5
36.1
Accounts receivable, net
570.6
391.4
Margin deposits, default fund, and interoperability fund
2,542.3
1,618.2
Income taxes receivable
76.9
67.9
Assets held for sale
261.0
—
Other current assets
85.3
91.3
Total current assets
5,926.8
4,421.4
Investments
40.6
32.4
Property and equipment, net
136.7
133.1
Operating lease right of use assets
101.6
111.0
Goodwill
3,047.6
3,150.5
Intangible assets, net
1,184.0
1,297.2
Other assets, net
172.0
159.7
Total assets
$
10,609.3
$
9,305.3
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable and accrued liabilities
$
389.1
$
686.9
Current portion of long-term debt
649.6
—
Section 31 fees payable
155.5
0.2
Deferred revenue
13.0
6.9
Margin deposits, default fund, and interoperability fund
2,542.3
1,618.2
Income taxes payable
5.3
50.1
Liabilities held for sale
31.7
—
Total current liabilities
3,786.5
2,362.3
Long-term debt
794.2
1,442.9
Non-current unrecognized tax benefits
23.4
15.8
Deferred income taxes
224.7
185.3
Non-current operating lease liabilities
111.5
120.9
Other non-current liabilities
43.2
39.8
Total liabilities
4,983.5
4,167.0
Stockholders’ Equity:
Preferred stock
—
—
Common stock
1.0
1.0
Treasury stock, at cost
(109.4)
(1.5)
Additional paid-in capital
1,598.5
1,565.1
Retained earnings
4,131.0
3,543.6
Accumulated other comprehensive income, net
4.7
30.1
Total stockholders’ equity
5,625.8
5,138.3
Total liabilities and stockholders’ equity
$
10,609.3
$
9,305.3
Second-quarter 2026 results, consolidated balance sheets in millions · Filed 31/07/2026
The company paid cash dividends of $75.7 million, or $0.72 per share, during the second quarter of 2026 and utilized $32.6 million to repurchase approximately 127 thousand shares of its common stock under its share repurchase program at an average price of $256.61 per share.
Second-quarter 2026 results, actual dividends and program repurchases · Filed 31/07/2026
•Cboe’s U.S. Equities exchanges had market share of 9.4 percent for the second quarter of 2026, down compared to 10.5 percent in the second quarter of 2025.
Second-quarter 2026 results, U.S. equities market share · Filed 31/07/2026
•For the second quarter of 2026, Cboe European Equities had 24.4 percent market share, down from 25.1 percent in the second quarter of 2025.
Second-quarter 2026 results, European equities market share · Filed 31/07/2026
ADNV traded on the Cboe FX platform was $60.6 billion for the quarter, up 8 percent compared to last year’s second quarter, and net capture rate per one million dollars traded was $2.96 for the second quarter of 2026, up 6 percent compared to $2.81 in the second quarter of 2025.
Second-quarter 2026 results, FX activity and net capture · Filed 31/07/2026
The increase in total options RPC was due to a product mix shift, with index options representing a higher percentage of total options volume, paired with a 3 percent increase in index options RPC.
Second-quarter 2026 results, options mix and index-options RPC · Filed 31/07/2026
•Cboe’s Options exchanges had total market share of 30.0 percent for the second quarter of 2026, down compared to 30.2 percent in the second quarter of 2025.
Second-quarter 2026 results, options market share · Filed 31/07/2026
(in millions)
June 30,
December 31,
Reconciliation of Cash and Cash Equivalents to Adjusted Cash
2026
2025
Cash and cash equivalents
$
2,276.2
$
2,216.5
Cash and cash equivalents (included in assets held for sale)
70.3
—
Financial investments
114.5
36.1
Less deferred compensation plan assets
(40.0)
(35.8)
Less cash collected for Section 31 Fees
(74.2)
—
Adjusted Cash
$
2,346.8
$
2,216.8
- More -
News Release
Page 15 of 15
Table 8
(in millions)
Three Months Ended
June 30,
Six Months Ended
June 30,
Reconciliation of GAAP Net Revenue to Net Revenue in Constant Currency
2026
2025
2026
2025
Europe and Asia Pacific net revenue
$
84.8
$
70.4
$
169.7
$
134.5
Constant currency adjustment
(1.8)
—
(10.0)
—
Europe and Asia Pacific net revenue in constant currency1
$
83.0
$
70.4
$
159.7
$
134.5
(1)Net revenue in constant currency is calculated by converting the current period GAAP net revenue in local currency using the foreign currency exchange rates that were in effect during the previous comparable period.
Second-quarter 2026 results, adjusted-cash reconciliation and scope · Filed 31/07/2026
agreement, there will be no impact on the 2026 royalty fee terms; the updated royalty fee terms will begin in 2027.
September 29, 2026 filing, royalty-term effective year · Filed 29/09/2026
Cboe believes the extended contract, as structured,
September 29, 2026 filing, management reference to extended contract · Filed 29/09/2026
positions Cboe for growth, with future royalty fee adjustments smaller than the 2027 reset.
September 29, 2026 filing, management expectations for future royalty adjustments · Filed 29/09/2026
markets, SPX options set a record annual volume of 970.6 million contracts in 2025, with average daily volume of 3.9 million contracts
September 29, 2026 announcement, 2025 SPX annual volume and ADV · Filed 29/09/2026
– a 25% increase over the prior year and the 4th consecutive year of record trading activity.
September 29, 2026 announcement, SPX growth and consecutive record years · Filed 29/09/2026
The company paid cash dividends of $75.8 million, or $0.72 per share, during the first quarter of 2026 and utilized $45.1 million to repurchase approximately 161 thousand shares of its common stock under its share repurchase program at an average price of $280.20 per share.
First-quarter 2026 results, actual dividends and program repurchases · Filed 01/05/2026
