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SEGMENT REPORTING
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
SEGMENT REPORTING SEGMENT REPORTING
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”), which include our proprietary SPX and VIX 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 securities 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 fee 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 depositary 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. In January 2026, 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 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. The Futures segment also 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, and launched continuous Bitcoin and Ether futures contracts on December 15, 2025. There are no products currently listed for trading on the Cboe Digital Exchange.
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):
Three Months Ended March 31,
2026
OptionsNorth American EquitiesEurope and Asia PacificFuturesGlobal FXCorporate Items and EliminationsTotal
Revenues$668.4 $415.7 $119.4 $38.9 $30.4 $— $1,272.8 
Cost of revenues200.8 304.5 34.5 3.1 1.0 — 543.9 
Revenues less cost of revenues467.6 111.2 84.9 35.8 29.4 — 728.9 
Depreciation and amortization8.2 11.4 6.7 0.6 2.6 — 29.5 
Other segment operating expenses (a)99.8 33.3 38.5 11.1 9.0 2.1 193.8 
Operating income (loss)$359.6 $66.5 $39.7 $24.1 $17.8 $(2.1)$505.6 
Non-operating income (expenses):
Interest expense (b)$— $— $(2.4)$— $— $(10.9)$(13.3)
Interest income (b)— 0.8 1.1 0.5 — 15.3 17.7 
Loss on investments, net (b)— (0.3)— — — (0.4)(0.7)
Other income (expense), net (b)0.2 0.1 (0.4)— — 6.3 6.2 
Income before income tax provision359.8 67.1 38.0 24.6 17.8 8.2 515.5 
Income tax provision (c)— 1.2 — — — 128.6 129.8 
Net income (loss) (d)$359.8 $65.9 $38.0 $24.6 $17.8 $(120.4)$385.7 
Three Months Ended March 31,
2025
OptionsNorth American EquitiesEurope and Asia PacificFuturesGlobal FXCorporate Items and EliminationsTotal
Revenues$584.6 $460.1 $93.1 $35.3 $21.9 $— $1,195.0 
Cost of revenues232.2 365.5 29.0 2.5 0.6 — 629.8 
Revenues less cost of revenues352.4 94.6 64.1 32.8 21.3 — 565.2 
Depreciation and amortization6.9 12.0 7.9 0.6 2.9 — 30.3 
Other segment operating expenses (a)87.6 38.2 34.2 11.6 8.1 1.3 181.0 
Operating income (loss)$257.9 $44.4 $22.0 $20.6 $10.3 $(1.3)$353.9 
Non-operating (expenses) income:
Interest expense (b)$— $— $(1.8)$— $— $(11.0)$(12.8)
Interest income (b)0.2 0.7 1.1 0.6 — 5.8 8.4 
Earnings (loss) on investments, net (b)— 0.3 — — — (3.6)(3.3)
Other (expense) income, net (b)— (0.6)(0.2)— 0.2 4.6 4.0 
Income (loss) before income tax provision (benefit)258.1 44.8 21.1 21.2 10.5 (5.5)350.2 
Income tax provision (benefit) (c)0.1 0.9 — — (0.1)98.7 99.6 
Net income (loss) (d)$258.0 $43.9 $21.1 $21.2 $10.6 $(104.2)$250.6 
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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, 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.
Geographical Information
Long-lived assets by geographic area represent property and equipment, net, and operating lease right of use assets by geographic area. The following summarizes revenues less cost of revenues and long-lived assets by geographic area based on primary jurisdiction (in millions):
Revenues less cost of revenuesLong-lived assets
Three months endedThree months endedAs ofAs of
March 31, 2026March 31, 2025March 31, 2026December 31, 2025
United States$633.8 $492.1 $188.8 $184.5 
United Kingdom **26.2 30.0 
Other95.1 73.1 27.5 29.6 
Total$728.9 $565.2 $242.5 $244.1 
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*Jurisdiction is less than 10% of revenues less cost of revenues for the periods presented.