PROPERTY AND EQUIPMENT, NET

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Property and equipment, net consisted of the following as of December 31, 2025 and 2024 (in millions):


	December 31, 2025		December 31, 2024
Construction in progress	$	1.6	$	3.3
Furniture, equipment, and leasehold improvements	347.9		306.3
Total property and equipment	349.5		309.6
Less accumulated depreciation	(216.4)		(191.6)
Property and equipment, net	$	133.1	$	118.0

Depreciation expense using the straight-line method was $42.0 million, $34.0 million, and $33.0 million for the years ended December 31, 2025, 2024, and 2023, respectively.

On July 23, 2025, the Company announced its decision to wind down Cboe's Japanese equities business, including the operations of its Cboe Japan proprietary trading system and Cboe BIDS Japan block trading platform. The Company suspended operations for these businesses on August 29, 2025, and expects to formally close the businesses, subject to consultation with regulators. As a result, the Company recorded an impairment charge of $1.8 million related to fixed assets in the consolidated statements of income for the year ended December 31, 2025.