SUBSEQUENT EVENTS

12 Months Ended

Dec. 31, 2025

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

In January 2026, the Company formally initiated the wind down of the CEDX exchange service following a comprehensive strategic review of its global operations. On January 9, 2026, CEDX issued a release to its market participants that Cboe NL is planning to wind down its CEDX exchange service. The CEDX exchange service will be decommissioned effective February 23, 2026.

On January 26, 2026, the Company announced the planned appointments of Scott Johnston as Executive Vice President, Chief Operating Officer, and Heidi Fischer as Executive Vice President, Global Head of Equities and Spot Markets. Mr. Johnston will take over chief operating duties from Chris Isaacson, Executive Vice President and Chief Operating Officer, who is retiring from his role effective March 6, 2026. Ms. Fischer will assume oversight of Cboe’s global cash equities and spot markets, which Mr. Isaacson also oversaw. Mr. Isaacson will continue to serve as an advisor to Cboe through the end of 2026.

On February 12 and 13, 2026, the Company’s Board of Directors and Compensation and Human Capital Committee, as applicable, approved granting $37.8 million of RSUs and $6.4 million of PSUs, with an effective date of February 19, 2026, to certain officers and employees at a fair value, based on the closing price of the Company’s stock on the pricing date of February 19, 2026. The shares will have a three year vesting period based on achievement of certain service, performance and/or market conditions and vesting accelerates upon the occurrence of a termination of employment following a change in control of the Company or in the event of earlier death, or disability.

On February 13, 2026, the Company's Board of Directors declared a quarterly cash dividend of $0.72 per share. The dividend is payable on March 13, 2026 to stockholders of record at the close of business on February 27, 2026.

Subsequent to the year ended December 31, 2025, from January 1, 2026 through February 18, 2026, the Company repurchased 11,500 shares of its common stock under its share repurchase program at an average cost per share of $269.59, for a total value of $3.1 million. As of February 18, 2026, the Company had $611.4 million of availability remaining under its existing share repurchase authorizations.

There have been no other subsequent events that would require disclosure in, or adjustment to, the consolidated financial statements as of and for the year ended December 31, 2025.