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SEGMENT REPORTING
 12 Months Ended
Dec. 31, 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 (“Nature of Operations”). 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.
The accounting policies of the reportable business segments are the same as those described in Note 2 ("Summary of Significant Accounting Policies").
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 the Cboe BIDS Canada platform, 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 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 CEDX. It also includes the ETP listings business on RMs and clearing activities of Cboe Clear Europe, as well as the equities services of Cboe Australia, an operator of a trading venue in Australia. Cboe Europe operates lit and dark books, a periodic auctions book, a closing cross book, and two BIDS order books; a Large-in-Scale (“LIS”) trading negotiation facility and 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. Subsequent to December 31, 2025, Cboe initiated 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. Prior to the wind down, CEDX contributed derivatives transaction services and market data revenues to this segment. Cboe Clear Europe offers the clearing of equity and equity-like instruments for Cboe-operated and other regulated trading venues and clearing SFTs. Prior to the CEDX wind down, Cboe Clear Europe also provided clearing services for derivative transactions executed on CEDX. This segment also includes Cboe Europe, Cboe NL, and Cboe Australia 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 of 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. On June 9, 2025, Cboe successfully completed the migration of cash-settled Bitcoin and Ether futures contracts from Cboe Digital Exchange to CFE. There are no products currently listed for trading on the Cboe Digital Exchange.
Comparative-period results for the Digital segment have been presented for historical purposes but have not been recast as the historical 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 year ended December 31, 2025, operating results included within the Digital operating segment are presented within the Futures reporting segment.
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 also 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):
Year Ended December 31,
2025
OptionsNorth American EquitiesEurope and Asia PacificFuturesGlobal FXDigital (e)Corporate Items and EliminationsTotal
Revenues$2,433.6 $1,672.3 $378.6 $135.9 $93.8 $— $— $4,714.2 
Cost of revenues902.5 1,265.1 105.1 9.7 2.7 — — 2,285.1 
Revenues less cost of revenues1,531.1 407.2 273.5 126.2 91.1 — — 2,429.1 
Depreciation and amortization29.3 47.0 32.4 2.3 11.2 — 0.2 122.4 
Other segment operating expenses (a)388.5 172.1 187.2 50.0 33.9 — 7.9 839.6 
Operating income (loss)$1,113.3 $188.1 $53.9 $73.9 $46.0 $— $(8.1)$1,467.1 
Non-operating income (expenses):
Interest expense (b)$— $— $(8.6)$— $— $— $(43.7)$(52.3)
Interest income (b)1.1 3.3 4.3 2.4 0.1 — 38.2 49.4 
Earnings on investments, net (b)— 0.9 — — — — 91.9 92.8 
Other (expense) income, net (b)(1.4)(1.2)1.7 — 0.2 — 10.3 9.6 
Income before income tax provision (benefit)1,113.0 191.1 51.3 76.3 46.3 — 88.6 1,566.6 
Income tax provision (benefit) (c)373.7 27.2 18.7 12.9 (0.1)— 34.2 466.6 
Net income (d)$739.3 $163.9 $32.6 $63.4 $46.4 $— $54.4 $1,100.0 
Year Ended December 31,
2024
OptionsNorth American EquitiesEurope and Asia PacificFuturesGlobal FXDigital (e)Corporate Items and EliminationsTotal
Revenues$2,002.6 $1,546.8 $324.2 $141.1 $79.9 $(0.1)$— $4,094.5 
Cost of revenues743.3 1,163.0 104.0 7.6 2.3 1.9 — 2,022.1 
Revenues less cost of revenues1,259.3 383.8 220.2 133.5 77.6 (2.0)— 2,072.4 
Depreciation and amortization27.0 58.2 29.3 2.3 13.5 2.8 (0.1)133.0 
Other segment operating expenses (a)353.9 157.0 149.2 32.3 30.9 107.6 10.1 841.0 
Operating income (loss)$878.4 $168.6 $41.7 $98.9 $33.2 $(112.4)$(10.0)$1,098.4 
Non-operating (expenses) income:
Interest expense (b)$0.1 $— $(7.8)$— $— $— $(43.8)$(51.5)
Interest income (b)0.5 2.4 4.1 — 0.1 3.7 16.5 27.3 
Earnings on investments, net (b)— — — — — — 29.0 29.0 
Other income (expense), net (b)0.8 0.7 (0.1)— — 1.5 (22.3)(19.4)
Income (loss) before income tax provision (benefit)879.8 171.7 37.9 98.9 33.3 (107.2)(30.6)1,083.8 
Income tax provision (benefit) (c)299.1 23.1 13.3 28.4 0.1 (28.6)(16.5)318.9 
Net income (loss) (d)$580.7 $148.6 $24.6 $70.5 $33.2 $(78.6)$(14.1)$764.9 
Summarized financial data of reportable segments were as follows (in millions) (continued from previous page):
Year Ended December 31,
2023
OptionsNorth American EquitiesEurope and Asia PacificFuturesGlobal FXDigital (e)Corporate Items and EliminationsTotal
Revenues$1,939.5 $1,353.0 $281.2 $129.0 $74.9 $(4.1)$— $3,773.5 
Cost of revenues770.3 987.7 91.0 3.9 1.4 1.2 — 1,855.5 
Revenues less cost of revenues1,169.2 365.3 190.2 125.1 73.5 (5.3)— 1,918.0 
Depreciation and amortization30.1 69.4 30.7 2.0 18.4 7.4 — 158.0 
Other segment operating expenses (a)287.8 177.9 126.8 37.0 30.4 34.0 8.2 702.1 
Operating income (loss)$851.3 $118.0 $32.7 $86.1 $24.7 $(46.7)$(8.2)$1,057.9 
Non-operating (expenses) income:
Interest expense (b)$0.2 $— $(7.8)$— $— $— $(54.8)$(62.4)
Interest income (b)(0.1)1.4 3.0 — — 2.0 5.7 12.0 
Earnings on investments, net (b)— — — — — — 39.5 39.5 
Other (expense) income, net (b)(0.1)— (0.6)— (0.2)— 1.5 0.6 
Income (loss) before income tax provision (benefit)851.3 119.4 27.3 86.1 24.5 (44.7)(16.3)1,047.6 
Income tax provision (benefit) (c)275.7 14.8 6.8 33.4 0.5 (10.4)(34.6)286.2 
Net income (loss) (d)$575.6 $104.6 $20.5 $52.7 $24.0 $(34.3)$18.3 $761.4 
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(a) Other segment operating expenses include compensation and benefits, technology support services, professional fees and outside services, travel and promotional expenses, facilities costs, acquisition-related costs, impairment of assets, and other expenses. The disaggregation of expenses is not regularly provided to the CODM at the segment-level.
(b) Non-operating income (expenses) at the segment-level is not regularly provided to the CODM, however non-operating income (expenses) is a component of a measure that is regularly provided to the CODM, and therefore has 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 2024 and 2023 have been retained in the former Digital segment for comparative purposes.
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:
Year ended December 31, 2025$2,119.3$309.8$2,429.1
Year ended December 31, 20241,817.6254.82,072.4
Year ended December 31, 20231,681.8236.21,918.0
Long-lived assets by geographic area represent property and equipment, net, and operating lease right of use assets by geographic area, respectively. The following summarizes long-lived assets by geographic area (in millions):
Year Ended December 31,
20252024
United States$184.5 $182.7 
United Kingdom30.0 23.8 
Other29.6 36.0 
Total long-lived assets by geographic area$244.1 $242.5