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SEGMENT REPORTING
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
SEGMENT REPORTING SEGMENT REPORTING
The Company previously operated six reportable business segments as of December 31, 2024. As of January 1, 2025, the Company operates five reportable business segments: Options, North American Equities, Europe and Asia Pacific, Futures, and Global FX, which are further described below and is reflective of how the Company's CODM reviews and operates the business, as discussed in Note 1 (“Organization and Basis of Presentation”). The Company's reportable business segments represent strategic business units that offer different products and services across different geographic areas. The Company's CODM is the chief executive officer. The CODM function is supported by business segment management and leadership personnel who lead the day-to-day operations of each reportable business segment.
Segment performance is primarily evaluated on operating income (loss). The CODM uses segment operating income (loss) to allocate resources (which includes, but is not limited to: employees, financial, or capital resources). The Company's CODM does not assess assets or income and expenses below operating income (loss) at the segment-level as key performance metrics. The Company has aggregated all of its corporate costs, as well as other business ventures, within the Corporate Items and Eliminations totals based on the decision that those activities should not be used to evaluate the operating performance of the segments; however, operating expenses that relate to activities of a specific segment have been allocated to that segment. The Company's CODM primarily reviews operating expenses at the consolidated level for purposes of evaluating actual results versus budgets.
The tables below represent the primary measure of segment performance evaluated by the CODM, as well as additional measures that are regularly provided to the CODM on a segment-level.
Options. The Options segment includes options on market indices (“index options”), as well as on the stocks of individual corporations (“equity options”) and on ETPs such as exchange-traded funds (“ETFs”) and exchange-traded notes (“ETNs”), which are “multi-listed” options and listed on a non-exclusive basis. These options are eligible to trade, as applicable, on Cboe Options, C2, BZX, EDGX, and/or other U.S. national security exchanges. Cboe Options is the Company’s primary options market and offers trading in listed options through a single system that integrates electronic trading and traditional open outcry trading on the Cboe Options trading floor in Chicago. C2 Options, BZX Options, and EDGX Options are all-electronic options exchanges, and typically operate with different market models and fee structures than Cboe Options. The Options segment also includes applicable market data fees revenues generated from the consolidated tape plans, the licensing of proprietary options market data, index licensing, routing services, and access and capacity services.
North American Equities. The North American Equities segment includes U.S. equities and ETP transaction services that occur on fully electronic exchanges owned and operated by BZX, BYX, EDGX, and EDGA, equities transactions that occur on the BIDS Trading platform in the U.S. and Canada, and Canadian equities and other transaction services that occur on or through Cboe Canada’s order books. The North American Equities segment also includes corporate listing services on Cboe Canada, ETP listings on BZX, the Cboe Global Markets, Inc. common stock listing, and applicable market data fees revenues generated from the consolidated tape plans, the licensing of proprietary equities market data, routing services, and access and capacity services.
Europe and Asia Pacific. The Europe and Asia Pacific segment includes the pan-European listed equities and derivatives transaction services, ETPs, including exchange traded funds, exchange traded notes, and exchange traded commodities, and international depository receipts that are hosted on MTFs operated by Cboe Europe Equities (Cboe Europe and Cboe NL equities exchanges) and Cboe Europe Derivatives (“CEDX”). It also includes the ETP listings business on RMs and clearing activities of Cboe Clear Europe, as well as the equities transaction services of Cboe Australia and Cboe Japan, operators of trading venues in Australia and Japan, respectively, along with equities transactions that occur on the BIDS Trading platform in Japan. Cboe Europe operates lit and dark books, a periodic auctions book, a closing cross book, and two BIDS orderbooks; a Large-in-Scale (“LIS”) trading negotiation facility and - predominantly for UK and Swiss symbols - a volume-weighted average price (“VWAP”) trajectory crossing facility. Cboe NL, based in Amsterdam, operates similar business functionality to that offered by Cboe Europe (with the exception of Trajectory Crossing), and provides for trading only in European Economic Area (“EEA”) symbols. Cboe Europe Derivatives, a pan-European derivatives platform, offers futures and options based on Cboe Europe equity indices, and single stock options. Cboe Clear Europe offers the clearing of equity and equity-like instruments for Cboe-operated and other regulated trading venues, the clearing of derivative transactions executed on CEDX, and has recently introduced a service to clear SFT. This segment also includes Cboe Europe, Cboe NL, CEDX, Cboe Australia and Cboe Japan revenue generated from the licensing of proprietary market data and from access and capacity services.
Futures. The Futures segment includes transaction services provided by CFE, a fully electronic futures exchange, which includes offerings for trading VIX futures and other futures products, the licensing of proprietary market data, as well as access and capacity services. As of January 1, 2025, the Futures segment prospectively includes all Digital operating activity, which includes Cboe Digital Exchange, a regulated futures exchange, and Cboe Clear U.S., a regulated clearinghouse, as well as revenue generated from the licensing of proprietary market data and from access and capacity services. The Company completed the migration of the Cboe Digital Exchange futures offerings to CFE on June 9, 2025. Cboe Digital Exchange no longer lists or trades any products.
Comparative-period results have been presented for historical purposes but have not been recast as the historic results of the Digital segment were not material, nor do they materially impact the financial results, trends, or forecasts of the Futures segment. As a result, for the three and six months ended June 30, 2025, operating results included within the Digital operating segment are presented within the Futures reporting segment. See Note 1 (“Organization and Basis of Presentation”) for more information.
Global FX. The Global FX segment includes institutional FX trading services that occur on the Cboe FX fully electronic trading platform, non-deliverable forward FX transactions (“NDFs”) offered for execution on Cboe SEF, as well as revenue generated from the licensing of proprietary market data and from access and capacity services. The segment includes transaction services for U.S. government securities executed on the Cboe Fixed Income fully electronic trading platform.
Summarized financial data of reportable segments were as follows (in millions):
Three Months Ended June 30,
2025
OptionsNorth American EquitiesEurope and Asia PacificFuturesGlobal FXDigital (e)Corporate Items and EliminationsTotal
Revenues$575.8 $441.8 $99.0 $32.5 $24.4 $— $— $1,173.5 
Cost of revenues211.0 343.4 28.6 2.4 0.8 — — 586.2 
Revenues less cost of revenues364.8 98.4 70.4 30.1 23.6 — — 587.3 
Depreciation and amortization7.0 11.5 8.1 0.5 2.7 — 0.1 29.9 
Other segment operating expenses (a)97.9 39.6 57.5 12.5 8.4 — 2.4 218.3 
Operating income (loss)$259.9 $47.3 $4.8 $17.1 $12.5 $— $(2.5)$339.1 
Non-operating (expenses) income:
Interest expense (b)$— $— $(2.0)$— $— $— $(10.9)$(12.9)
Interest income (b)0.2 0.9 1.0 0.6 0.1 — 8.5 11.3 
Earnings (loss) on investments, net (b)— 0.3 — — — — (1.4)(1.1)
Other (expense) income, net (b)(1.4)(0.6)(0.1)— — — 0.3 (1.8)
Income (loss) before income tax provision258.7 47.9 3.7 17.7 12.6 — (6.0)334.6 
Income tax provision (c)— 0.8 1.0 — — — 97.7 99.5 
Net income (loss) (d)$258.7 $47.1 $2.7 $17.7 $12.6 $— $(103.7)$235.1 
Three Months Ended June 30,
2024
OptionsNorth American EquitiesEurope and Asia PacificFuturesGlobal FXDigital (e)Corporate Items and EliminationsTotal
Revenues$482.3 $353.3 $81.6 $35.9 $20.5 $0.4 $— $974.0 
Cost of revenues175.6 255.0 27.3 1.1 0.7 0.5 — 460.2 
Revenues less cost of revenues306.7 98.3 54.3 34.8 19.8 (0.1)— 513.8 
Depreciation and amortization6.4 14.3 6.6 0.6 3.2 0.7 — 31.8 
Other segment operating expenses (a)84.7 38.7 38.5 7.9 7.4 89.5 5.2 271.9 
Operating income (loss)$215.6 $45.3 $9.2 $26.3 $9.2 $(90.3)$(5.2)$210.1 
Non-operating (expenses) income:
Interest expense (b)$— $— $(1.9)$— $— $— $(10.9)$(12.8)
Interest income (b)— 0.5 1.0 — — 1.1 2.0 4.6 
Earnings on investments, net (b)— — — — — — 14.2 14.2 
Other income (expense), net (b)1.0 0.1 (0.2)— — 1.0 (15.0)(13.1)
Income (loss) before income tax provision (benefit)216.6 45.9 8.1 26.3 9.2 (88.2)(14.9)203.0 
Income tax provision (benefit) (c)— 0.9 (1.9)— — — 63.6 62.6 
Net income (loss) (d)$216.6 $45.0 $10.0 $26.3 $9.2 $(88.2)$(78.5)$140.4 
Summarized financial data of reportable segments were as follows (in millions) (continued from previous page):
Six Months Ended June 30,
2025
OptionsNorth American EquitiesEurope and Asia PacificFuturesGlobal FXDigital (e)Corporate Items and EliminationsTotal
Revenues$1,160.4 $901.9 $192.1 $67.8 $46.3 $— $— $2,368.5 
Cost of revenues443.2 708.9 57.6 4.9 1.4 — — 1,216.0 
Revenues less cost of revenues717.2 193.0 134.5 62.9 44.9 — — 1,152.5 
Depreciation and amortization13.9 23.5 16.0 1.1 5.6 — 0.1 60.2 
Other segment operating expenses (a)185.5 77.8 91.7 24.1 16.5 — 3.7 399.3 
Operating income (loss)$517.8 $91.7 $26.8 $37.7 $22.8 $— $(3.8)$693.0 
Non-operating (expenses) income:
Interest expense (b)$— $— $(3.8)$— $— $— $(21.9)$(25.7)
Interest income (b)0.4 1.6 2.1 1.2 0.1 — 14.3 19.7 
Earnings (loss) on investments, net (b)— 0.6 — — — — (5.0)(4.4)
Other (expense) income, net (b)(1.4)(1.2)(0.3)— 0.2 — 4.9 2.2 
Income (loss) before income tax provision (benefit)516.8 92.7 24.8 38.9 23.1 — (11.5)684.8 
Income tax provision (benefit) (c)0.1 1.7 1.0 — (0.1)— 196.4 199.1 
Net income (loss) (d)$516.7 $91.0 $23.8 $38.9 $23.2 $— $(207.9)$485.7 
Six Months Ended June 30,
2024
OptionsNorth American EquitiesEurope and Asia PacificFuturesGlobal FXDigital (e)Corporate Items and EliminationsTotal
Revenues$959.7 $702.9 $162.3 $67.3 $39.3 $(0.3)$— $1,931.2 
Cost of revenues345.6 512.0 53.9 2.0 1.1 0.7 — 915.3 
Revenues less cost of revenues614.1 190.9 108.4 65.3 38.2 (1.0)— 1,015.9 
Depreciation and amortization13.5 30.1 14.5 1.2 7.3 2.5 — 69.1 
Other segment operating expenses (a)168.2 77.5 74.5 15.7 15.1 97.0 6.3 454.3 
Operating income (loss)$432.4 $83.3 $19.4 $48.4 $15.8 $(100.5)$(6.3)$492.5 
Non-operating income (expenses):
Interest expense (b)$0.1 $— $(4.0)$— $— $— $(21.9)$(25.8)
Interest income (b)— 0.8 1.9 — — 2.2 3.8 8.7 
Earnings on investments, net (b)— — — — — — 28.2 28.2 
Other income (expense), net (b)0.8 0.1 (0.4)— (0.1)1.5 (10.4)(8.5)
Income (loss) before income tax provision (benefit)433.3 84.2 16.9 48.4 15.7 (96.8)(6.6)495.1 
Income tax provision (benefit) (c)— 1.7 (1.6)— — — 145.1 145.2 
Net income (loss) (d)$433.3 $82.5 $18.5 $48.4 $15.7 $(96.8)$(151.7)$349.9 
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(a) Other segment operating expenses includes compensation and benefits, technology support services, professional fees and outside services, travel and promotional expenses, facilities costs, acquisition-related costs, impairment of intangible assets, and other expenses. The disaggregation of expenses is not regularly provided to the CODM at the segment-level.
(b) Non-operating (expenses) income at the segment-level is not regularly provided to the CODM, however non-operating (expenses) income is a component of a measure that is regularly provided to the CODM, and therefore have been disclosed separately.
(c) Income tax provision (benefit) at the segment-level is not regularly provided to the CODM, however income tax provision (benefit) is a component of a measure that is regularly provided to the CODM, and therefore has been disclosed separately.
(d) Net income (loss) at the segment-level is not regularly provided to the CODM, however net income (loss) is a component of a measure that is regularly provided to the CODM, and therefore has been disclosed separately.
(e) The Digital segment results are prospectively included in the Futures segment beginning in the first quarter of 2025. Digital results from the three and six month periods ended June 30, 2024 have been retained in the former Digital segment for comparative purposes. See Note 1 (“Organization and Basis of Presentation”) for additional information.
Geographical Information
The following summarizes revenues less cost of revenues based on primary jurisdiction (in millions):
United StatesNon-U.S.Total
Revenues less cost of revenues:
Three months ended June 30, 2025$508.1 $79.2 $587.3 
Three months ended June 30, 2024450.2 63.6 513.8 
United StatesNon-U.S.Total
Revenues less cost of revenues:
Six months ended June 30, 2025$1,000.2 $152.3 $1,152.5 
Six months ended June 30, 2024889.7 126.2 1,015.9