Cboe Global Markets (CBOE) stock
Financials · Financial Exchanges & Data
Cboe Global Markets (CBOE) is a Financial Exchanges & Data company in the Financials sector, headquartered in Chicago, Illinois. As of October 23, 2026, CBOE closed at $340.42, a market capitalization of $35.55 billion, the 293rd largest company in the S&P 500. Over the last twelve months it generated $5.06 billion in revenue (+23% year over year) and $1.87 billion in free cash flow. The stock trades at 26.5x trailing earnings and 22.4x forward earnings.
- 1-year total return: +44.5% (dividends reinvested)
- 5-year return: +22.8% a year
- 52-week range: $227.15 – $371.18
- Gross margin 54.1%, operating margin 34.6%
- Dividend yield: 1.01%, 15 straight years of increases
- FI Handbook report card: B across 10 metrics
- 48th largest of 76 Financials stocks in the S&P 500
CBOE price chart
1Y price change: +43.5% (price only; total returns below include dividends)
| Total return | 1M | YTD | 1Y | 3Y | 5Y | 10Y | MAX |
|---|---|---|---|---|---|---|---|
| CBOE | +26.6% | +36.6% | +44.5% | +29.5% | +22.8% | +19.7% | +17.1% |
Dividends reinvested. 3Y and longer are annualized; MAX is annualized since 2010.
CBOE key statistics
- Market cap
- $35.6B
- #293 in S&P 500
- P/E (TTM)
- 26.5x
- Forward P/E
- 22.4x
- EPS (TTM)
- $12.83
- Revenue (TTM)
- $5.1B
- +23%
- Free cash flow
- $1.9B
- Gross margin
- 54.1%
- Operating margin
- 34.6%
- Return on equity
- 26.3%
- Dividend yield
- 1.01%
- 52-week range
- $227.15 – $371.18
- Beta
- 0.41
- Price / sales
- 7.0x
- EV / EBITDA
- 18.0x
- Debt / equity
- 0.28x
- Employees
- 1,661
CBOE report card
BTen fundamentals graded A to F against fixed thresholds. Not a buy or sell rating.
- Revenue growth22.9%A
- Gross margin54.1%B
- Operating margin34.6%A
- FCF margin37.0%A
- Return on equity26.3%A
- Net debt / EBITDA-0.4xA
- Forward P/E22.4xC
- PEG ratio2.5xD
- Shareholder yield1.2%D
- Share count change / yr-0.8%B
Cboe Global Markets financials
Revenue went from $703.1M in fiscal 2016 to $4.7B in fiscal 2025, growing 23.5% a year.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $703.1M | $2.2B | $2.8B | $2.5B | $3.4B | $3.5B | $4.0B | $3.8B | $4.1B | $4.7B |
| Gross profit | $566.4M | $995.6M | $1.2B | $1.1B | $1.3B | $1.5B | $1.7B | $1.9B | $2.1B | $2.4B |
| Operating income | $298.2M | $371.9M | $599.4M | $537.2M | $662.2M | $805.9M | $489.6M | $1.1B | $1.1B | $1.5B |
| Net income | $186.8M | $401.7M | $426.5M | $374.9M | $468.2M | $529.0M | $235.0M | $761.4M | $764.9M | $1.1B |
| EPS (diluted) | $2.27 | $3.69 | $3.76 | $3.34 | $4.27 | $4.92 | $2.19 | $7.13 | $7.21 | $10.42 |
| Free cash flow | $185.2M | $336.9M | $498.4M | $597.7M | $1.4B | $545.8M | $591.3M | $1.0B | $1.0B | $1.7B |
| Buybacks | $60.5M | — | $140.9M | $156.9M | $349.1M | $81.3M | $100.9M | $83.9M | $204.8M | $66.7M |
| Dividends paid | $78.5M | $118.1M | $130.3M | $150.0M | $170.6M | $193.3M | $209.4M | $223.5M | $249.4M | $284.3M |
| Diluted shares | 81.4M | 107.5M | 112.2M | 111.8M | 109.3M | 107.2M | 106.7M | 106.2M | 105.5M | 105.1M |
Source: SEC filings (10-K XBRL). EPS and share counts are split-adjusted.
What's priced into CBOE?
A reverse DCF asks what growth the current price requires. With an enterprise value of $34.8B and $1.9B of trailing free cash flow, Cboe Global Markets needs to grow free cash flow about 8.7% a year for ten years (fading to 3.0% terminal growth) to earn a 10% annual return. For context, free cash flow grew 3.6% a year over the last five years.
P/E ratio history
Current 32.7x vs. median 27.7x (10th–90th percentile 22.3x–40.8x).
A model, not a forecast or advice. Small changes in assumptions move the answer a lot.
CBOE dividend
- Dividend yield
- 1.01%
- Annual dividend
- $3.44
- Years of increases
- 15
- 5-yr dividend growth
- -4.2%
- per year
- Payout ratio
- 22%
- Payments per year
- 4
Regular dividends per share by calendar year; special dividends excluded. Current year omitted until complete.
CBOE analyst price targets
15 analysts' average 12-month target is $328.47 (-4% vs. $340.42). Targets range from $288.00 to $450.00. 28% rate it a buy.
CBOE earnings
Next report: October 30, 2026. Cboe Global Markets has beaten EPS estimates 6 quarters in a row. Last quarter's revenue was $1.4B (+23% year over year).
| Report date | EPS estimate | EPS actual | Surprise |
|---|---|---|---|
| Jul 31, 2026 | $3.49 | $3.56 | +2.0% |
| May 1, 2026 | $3.38 | $3.70 | +9.5% |
| Feb 6, 2026 | $2.95 | $3.06 | +3.8% |
| Oct 31, 2025 | $2.53 | $2.67 | +5.6% |
| Aug 1, 2025 | $2.43 | $2.46 | +1.1% |
| May 2, 2025 | $2.36 | $2.50 | +5.8% |
| Feb 7, 2025 | $2.12 | $2.10 | -0.9% |
| Nov 1, 2024 | $2.19 | $2.22 | +1.3% |
Stocks like CBOE
| Name | Today | 1Y | Mkt cap | P/E | |
|---|---|---|---|---|---|
 SPGI S&P Global | -0.62% | -1% | $132.8B | 27.4x | Compare |
 CME CME | -0.09% | +18% | $109.4B | 25.1x | Compare |
 ICE Intercontinental Exchange | -0.67% | +5% | $91.4B | 23.0x | Compare |
 MCO Moody's | -1.55% | +2% | $83.4B | 28.9x | Compare |
 NDAQ Nasdaq | -0.72% | +17% | $57.3B | 28.0x | Compare |
 MSCI MSCI | -0.74% | +16% | $44.8B | 31.7x | Compare |
 COIN Coinbase Global | -2.74% | -49% | $43.4B | — | Compare |
 FDS FactSet Research Systems | -1.23% | +18% | $11.8B | 22.7x | Compare |
CBOE news
- Buyback Expansion Might Change The Bull Case For Cboe Global Markets Stock (CBOE) · Oct 24, 2026
- Cboe Clear U.S. Receives SEC Approval to Expand Clearing Capabilities · Oct 23, 2026
- Cboe Global Markets stock gains on $550M buyback boost · Oct 23, 2026
- CBOE Global (CBOE) Earnings Expected to Grow: Should You Buy? · Oct 23, 2026
- Cboe Global Markets (CBOE) Could Be 36% Above Fair Value On Buyback And Dividend News · Oct 23, 2026
CBOE stock FAQ
What is CBOE's market cap?
Cboe Global Markets's market capitalization is $35.55 billion as of October 23, 2026, ranking 293rd in the S&P 500.
What is CBOE's P/E ratio?
CBOE trades at a trailing price-to-earnings ratio of 26.5x and a forward P/E of 22.4x. Its median P/E over the period we track is 27.7x.
Does CBOE pay a dividend?
Yes. Cboe Global Markets pays $3.44 per share a year, a 1.01% yield. It has raised its dividend 15 years in a row. Dividends fell 4.2% a year over the last five years.
How much has CBOE stock returned?
Including reinvested dividends, CBOE returned +44.5% over one year, +22.8% a year over five years, +19.7% a year over ten years through October 23, 2026.
Is CBOE stock overvalued?
At today's price, a reverse discounted cash flow model (10% discount rate, 3% terminal growth) implies Cboe Global Markets must grow free cash flow about 9% a year for the next decade. Its free cash flow grew 4% a year over the last five years. Whether that is achievable decides if the stock is cheap or expensive. This is a model, not advice.
What is the CBOE price target?
15 analysts cover CBOE with an average 12-month price target of $328.47, -4% from the current price. 28% of them rate it a buy.
When does CBOE report earnings?
Cboe Global Markets is expected to report earnings on October 30, 2026. It has beaten EPS estimates 6 quarters in a row.
How many employees does Cboe Global Markets have?
Cboe Global Markets has about 1,661 full-time employees, or $3.0 million of revenue per employee.
Sources: SEC EDGAR filings, Yahoo Finance market data (delayed), FI Handbook calculations. Last close October 23, 2026. Methodology