# Cboe Global Markets, Inc. (CBOE)

> Source: Nexqual · https://nexqual.com/CBOE · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Cboe Global Markets, Inc. (CBOE), nexqual.com/CBOE" · informational, not investment advice.

**Price:** USD 327.72 (+2.79% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 318.82 · day 320–330.55 · 52w 227.15–371.18 · market cap $34.2B · BTS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $5.06B, net income $1.35B (26.7% margin), free cash flow $1.87B (SEC filings).
- Valuation: P/E 25.3x (avg 25.3x at the last 3 fiscal year-ends), EV/EBITDA 17.7x, net cash $947M.
- 1 of 80 tracked superinvestors hold CBOE (13F, Q2 2026): 0 new, 0 added, 0 reduced, 1 unchanged.
- Analysts: Hold (mean 2.67 on a 1–5 scale) (18 analysts), mean target USD 328.47 (range 288–450).
- Total return with dividends: 1Y +39.1% vs S&P 500 +14.9%; 5Y +169.0% vs S&P 500 +80.3%.
- Next earnings: 2026-10-30, EPS estimate USD 3.43, revenue estimate $706M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $3.49B | $3.96B | $3.77B | $4.09B | $4.71B | $5.06B |
| Gross profit | $1.48B | $1.74B | $1.92B | $2.07B | $2.43B | — |
| Operating income | $806M | $490M | $1.06B | $1.10B | $1.47B | $1.76B |
| Net income | $529M | $235M | $761M | $765M | $1.10B | $1.35B |
| EPS (diluted) | $4.92 | $2.19 | $7.13 | $7.21 | $10.42 | — |
| Free cash flow | $546M | $591M | $1.03B | $1.04B | $1.68B | $1.87B |
| Gross margin | 42.2% | 44.0% | 50.8% | 50.6% | 51.5% | — |
| Operating margin | 23.1% | 12.4% | 28.0% | 26.8% | 31.1% | 34.7% |
| Net margin | 15.1% | 5.9% | 20.2% | 18.7% | 23.3% | 26.7% |
| Revenue growth | +2.0% | +13.3% | -4.7% | +8.5% | +15.1% | — |
| Cash + short-term investments | $379M | $524M | $601M | $1.03B | $2.25B | — |
| Total debt | $1.30B | $1.74B | $1.44B | $1.44B | $1.44B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 25.3x · P/S 6.8x · EV/EBITDA 17.7x · EV/Sales 6.6x · P/FCF 18.3x · P/B 6.1x · FCF yield 5.48% · Earnings yield 3.95% · Dividend yield (paid, TTM) 0.89% · Buyback yield (TTM) 0.22% · Net cash $947M · EV $33.3B
P/E at fiscal year-ends: Dec 2025 24.0x, Dec 2024 27.0x, Dec 2023 24.9x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold CBOE. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Thomas Gayner | Markel Group | 0.08% | $10.6M | Unchanged |

## Analysts
Consensus Hold (mean 2.67 on a 1–5 scale), 18 analysts; mean target USD 328.47 (low 288, high 450).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-14 | Wells Fargo | Target raised | Equal-Weight | $301 → $309 |
| 2026-10-12 | TD Cowen | Target raised | Buy | $334 → $342 |
| 2026-10-09 | Morgan Stanley | Upgrade | Underweight → Overweight | $258 → $358 |
| 2026-10-07 | Barclays | Target lowered | Overweight | $354 → $343 |
| 2026-10-05 | TD Cowen | Upgrade | Hold → Buy | $315 → $334 |
| 2026-10-02 | Wells Fargo | Initiated | Equal-Weight | $301 |
| 2026-10-02 | Goldman Sachs | Upgrade | Sell → Neutral | $304 → $300 |
| 2026-08-03 | TD Cowen | Target raised | Hold | $304 → $315 |
| 2026-08-03 | Barclays | Target raised | Overweight | $347 → $354 |
| 2026-07-28 | JP Morgan | Target raised | Underweight | $277 → $288 |
| 2026-07-20 | TD Cowen | Target raised | Hold | $259 → $304 |
| 2026-07-15 | Piper Sandler | Target lowered | Overweight | $355 → $320 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +39.1% | +169.0% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +39.3% | +21.8% |
| Volatility (annualized) | 35.7% | 24.9% |
| Max drawdown | -36.7% (May 2026→Jun 2026) | -33.1% (May 2026→Jun 2026) |

## Peers (Financial Data & Stock Exchanges)
COIN (Coinbase Global, Inc.) USD 169.09 -4.51% · MSCI (MSCI Inc.) USD 620.24 +2.61% · NDAQ (Nasdaq, Inc.) USD 103.3 +7.47% · TRU (TransUnion) USD 83.46 +5.74% · MCO (Moody's Corporation) USD 491.05 +2.08% · ICE (Intercontinental Exchange Inc.) USD 163.84 +3.90%

## More
Full page: https://nexqual.com/CBOE · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $3.43 | $3.41 | +0.7% | $705.9M | 12 |
| Next quarter (ends 2026-12-31) | $3.45 | $3.44 | +0.2% | $709.4M | 11 |
| Current fiscal year (ends 2026-12-31) | $14.14 | $13.98 | +1.1% | $2.87B | 14 |
| Next fiscal year (ends 2027-12-31) | $15.20 | $15.02 | +1.2% | $2.96B | 14 |