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Cboe Global Markets cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$793M in Q3 2026 · $2.6B over twelve months

Operating cash flow$817M
Capital spending−$24.1M
Free cash flow+$793M
Cash / net income1.9×
Cash conversion cycle34 days

Analysis

In Q3 2026, Cboe Global Markets generated $817M of operating cash flow and spent $24.1M on capital projects, leaving free cash flow of $793M. That is $655M more than in Q3 2025 ($138M).

Over the twelve months to Sep 30, 2026, operating cash flow was $2.6B; the largest uses were dividends ($318M), buybacks ($132M), taxes on employees’ shares ($32.0M); besides operations, cash came from other investing ($468M), other financing ($9.4M); the cash balance rose by $2.6B.

Operating cash flow was $817M against net income of $428M — 1.9× profit, cash ran ahead of reported earnings. The largest differences: receivables +$56.8M, depreciation & amortization +$27.7M, stock-based pay +$15.0M.

Its cash conversion cycle was 34 days (receivables 36 + inventory 0 − payables 2).

Free cash flow

Cboe Global Markets: free cash flow by quarterCboe Global Markets: free cash flow by quarter−$734MQ4 2024$898MQ1 2025$313MQ2 2025$138MQ3 2025$332MQ4 2025$1.9BQ1 2026−$503MQ2 2026$793MQ3 2026
Operating cash flow less capital spending.
Cboe Global Markets: operating cash flow against capital spendingCboe Global Markets: operating cash flow against capital spendingOperating cash flowCapital spending−$710M$23.8MQ4 2024$913M$14.7MQ1 2025$334M$20.3MQ2 2025$154M$16.0MQ3 2025$352M$20.0MQ4 2025$2.0B$19.2MQ1 2026−$503M$0Q2 2026$817M$24.1MQ3 2026
Latest (Q3 2026): Operating cash flow $817M, Capital spending $24.1M.

Capital allocation, year by year

Cboe Global Markets: where the cash came from (up) and went (down), by fiscal yearCboe Global Markets: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $597MFY2021: Net borrowing $90.0MFY2021: Capital spending −$51.0MFY2021: Acquisitions −$152MFY2021: Buybacks −$81.3MFY2021: Dividends −$193M$687MFY2021FY2022: Operating cash flow $651MFY2022: Net borrowing $444MFY2022: Capital spending −$59.8MFY2022: Acquisitions −$708MFY2022: Buybacks −$101MFY2022: Dividends −$209M$1.1BFY2022FY2023: Operating cash flow $1.1BFY2023: Net borrowing −$305MFY2023: Capital spending −$45.0MFY2023: Buybacks −$83.9MFY2023: Dividends −$224M$1.1BFY2023FY2024: Operating cash flow $1.1BFY2024: Asset sales $700KFY2024: Capital spending −$60.9MFY2024: Buybacks −$205MFY2024: Dividends −$249M$1.1BFY2024FY2025: Operating cash flow $1.8BFY2025: Capital spending −$71.0MFY2025: Buybacks −$66.7MFY2025: Dividends −$284M$1.8BFY2025
Over these 5 years operating cash flow totalled $5.2B; the largest uses were dividends ($1.2B) and acquisitions ($860M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$2.7B
Debt$1.4B
Net cash$1.3B
Due within a year$650M

Cboe Global Markets funds itself: free cash flow was $2.6B over the last twelve months, and $2.7B of cash and investments stands against $1.4B of debt ($650M due within a year, 4.2× covered by cash).

Cboe Global Markets: debt maturities by year (FY2025)Cboe Global Markets: debt maturities by year (FY2025)$650MYear 2$800MAfter year 5
Principal due in each year as disclosed in the annual report, against $2.7B of cash and investments now.

Where the cash came from and went

Cboe Global Markets: sources (+) and uses (−) of cash, Q3 2026Cboe Global Markets: sources (+) and uses (−) of cash, Q3 2026Cash drawn (+) / kept (−)−$818MOperating cash flow$817MOther investing$197MDividends−$90.2MBuybacks−$56.7MExchange rates−$29.8MCapital spending−$24.1MOther financing$4.4MTaxes on employees’ shares−$300K
Cboe Global Markets: sources (+) and uses (−) of cash, TTM to Q3 2026Cboe Global Markets: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$2.6BCash drawn (+) / kept (−)−$2.6BOther investing$468MDividends−$318MBuybacks−$132MExchange rates−$50.8MTaxes on employees’ shares−$32.0MOther financing$9.4M

From profit to cash

Cboe Global Markets: net income to operating cash flow, Q3 2026Cboe Global Markets: net income to operating cash flow, Q3 2026Net income$428MDepreciation & amortization$27.7MStock-based pay$15.0MDeferred taxes$12.6MImpairments$1.4MOther non-cash$300KReceivables$56.8MPayables−$12.6MDeferred revenue−$1.0MPrepaid and other assets−$12.2MOther liabilities$100KIncome taxes payable−$4.2MOperating cash flow$817M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202636—234
Q2 202634—232
Q1 202632—329
Q4 202532—329
Q3 202536—332
Q2 202536—333
Q1 202535—233
Q4 202434—331

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsCash drawn (+) / kept (−)Free cash flow
Q3 2026$817M−$24.1M−$56.7M−$90.2M−$818M$793M
Q2 2026−$503M—−$34.4M−$75.7M$690M−$503M
Q1 2026$2.0B−$19.2M−$40.9M−$75.8M−$1.7B$1.9B
Q4 2025$352M−$20.0M—−$75.8M−$699M$332M
Q3 2025$154M−$16.0M—−$75.7M−$213M$138M
Q2 2025$334M−$20.3M−$36.7M−$66.4M−$287M$313M
Q1 2025$913M−$14.7M−$30.0M−$66.4M−$904M$898M
Q4 2024−$710M−$23.8M−$500K−$66.4M$1.0B−$734M

Cboe Global Markets: income statement and cash flow

Cboe Global Markets, Q3 2026: revenue $1.4B (+19% year over year), operating margin 39.3%. The chart follows the revenue to costs, profit and cash.

Cboe Global Markets: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.