AI Takeaway
CBOE delivered a standout FY2025 with net income surging 43.8% to $1.10B and operating cash flow jumping 59.2% to $1.75B, driven by strong revenue growth and significant operating leverage.
Cost of Revenue
$2.29B
++13.01% YoY
EPS (Basic)
$10.46
++44.48% YoY
Operating Income
$1.47B
++33.57% YoY
Filed · Analysis updated · Source: SEC EDGAR 10-K filing
Total revenue (gross profit + cost of revenue) reached approximately $4.71B in FY2025, up ~15.0% year-over-year, with gross profit growing 17.2% to $2.43B, reflecting robust demand for CBOE's exchange and data services.
Source: Source: 10-K Income Statement (XBRL Financial Data)
Operating income surged 33.6% to $1.47B while operating margin expanded meaningfully, demonstrating that revenue growth outpaced cost growth and that CBOE is scaling efficiently. Cost of revenue grew 13.0% versus gross profit growth of 17.2%, indicating favorable operating leverage.
Source: Source: 10-K Income Statement (XBRL Financial Data)
Cash and equivalents increased 140.8% year-over-year to $2.22B, supported by record operating cash flow of $1.75B (+59.2% YoY) and positive investing cash flow of $450.2M, significantly strengthening the balance sheet.
Source: Source: 10-K Balance Sheet & Cash Flow (XBRL Financial Data)
2 more insights available
Upgrade to unlockCBOE's revenue is heavily tied to trading volumes in options, futures, and equities markets. A sustained decline in market volatility or trading activity could materially reduce transaction-based revenues. The company's cost base, while partially variable, may not decline proportionally in a low-volume environment.
Source: Source: 10-K Risk Factors (XBRL Financial Data — inferred from business model)
Unlock 4 more detailed risk analysis
Upgrade to unlockReported EPS of $3.06 versus the $3.00 analyst consensus — a +2.1% beat for FY2025.
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Cost of Revenue | $2.29B | $2.02B | +13.01% |
Gross Profit | $2.43B | $2.07B | +17.21% |
Operating Income | $1.47B | $1.1B | +33.57% |
Net Income | $1.1B | $764.9M | +43.81% |
EPS (Basic) | $10.46 | $7.24 | +44.48% |
EPS (Diluted) | $10.42 | $7.21 | +44.52% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Total Assets | $9.31B | $7.79B | +19.47% |
Current Assets | $4.42B | $2.48B | +78.35% |
Total Liabilities | $4.17B | $3.51B | +18.73% |
Current Liabilities | $2.36B | $1.4B | +69.32% |
Stockholders' Equity | $5.14B | $4.28B | +20.06% |
Cash & Equivalents | $2.22B | $920.3M | +140.85% |
Long-Term Debt | $1.44B | $1.44B | +0.13% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Operating Cash Flow | $1.75B | $1.1B | +59.24% |
Investing Cash Flow | $450.2M | $-141.8M | +417.49% |
Financing Cash Flow | $-371.6M | $-495M | +24.93% |
Share Buybacks | $66.7M | $204.8M | -67.43% |
D&A | $122.4M | $133M | -7.97% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
ROE | 21.4% | — | — |
ROA | 11.8% | — | — |
Current Ratio | $1.872 | — | — |
Debt to Equity | $0.811 | — | — |
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CBOE had an exceptional FY2025, with net income rising 43.8% to $1.10B and diluted EPS growing 44.5% to $10.42. Operating cash flow hit a record $1.75B, up 59.2% year-over-year, reflecting strong trading volumes and significant operating leverage.
CBOE's earnings growth in FY2025 was driven by strong revenue expansion — gross profit grew 17.2% to $2.43B — combined with disciplined cost management that allowed operating income to surge 33.6% to $1.47B. The company demonstrated clear operating leverage, with costs growing more slowly than revenues.
CBOE's financial health appears very strong after FY2025: cash and equivalents more than doubled to $2.22B (+140.8%), the current ratio stands at a healthy 1.87, and stockholders' equity grew 20.1% to $5.14B. Long-term debt remained essentially flat at $1.44B, keeping the debt-to-equity ratio at a manageable 0.81.
CBOE significantly reduced its share buyback activity in FY2025, repurchasing only $66.7M worth of shares compared to $204.8M in the prior year — a 67.4% decline. This suggests management prioritized building cash reserves, with cash and equivalents growing to $2.22B by year-end.
Key risks for CBOE include dependence on trading volumes and market volatility for transaction-based revenues, significant regulatory oversight from the SEC and CFTC that could impact business operations, and cybersecurity and technology risks inherent to operating critical market infrastructure. Integration risk from acquisitions is also worth monitoring given the 19.5% jump in total assets to $9.31B in FY2025.