Filing Flows › Cboe Global Markets (CBOE) › Q4 2025
Cboe Global Markets (CBOE) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 20, 2026
Cboe Global Markets (CBOE) reported revenue of $1.2B for the fourth quarter 2025 (Q4 2025), +9% from a year earlier and +5% from the quarter before. Operating margin was 33.5%, net earnings $314M (26.0% of revenue).
Cboe Global Markets, Q4 2025: revenue $1.2B (+9% year over year), operating margin 33.5%, net earnings $314M, operating cash flow $352M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.2B | +5% | +9% |
| Gross profit | $671M | +11% | +28% |
| Operating profit | $404M | +9% | +35% |
| Net earnings | $314M | +4% | +60% |
| Operating cash flow | $352M | +129% | — |
| Free cash flow | $332M | +141% | — |
What changed
Revenue was $1.2B in Q4 2025, up 9% year over year and up 5% from the previous quarter. Transaction and clearing fees was the largest line at 81% of revenue.
Gross margin was 55.7%, up 8.4 points from a year earlier. Operating profit was $0.40B, a 33.5% margin (up 6.6 points year over year). Of the extra revenue versus a year earlier, 109% reached operating profit, above the 27% margin then. Operating expenses grew 18% against revenue growth of 9%. Net earnings were $0.31B, up 60% year over year. The effective tax rate was 30.6%.
Operating cash flow was $0.35B, 112% of net earnings. Non-cash charges added back $0.03B of depreciation and amortization and $0.01B of share-based compensation. Capital expenditures of $0.02B left free cash flow of $0.33B.
Questions
What was Cboe Global Markets' revenue in the fourth quarter 2025?
Cboe Global Markets (CBOE) reported revenue of $1.2B for the fourth quarter 2025 (Q4 2025), +9% from a year earlier and +5% from the quarter before.
Was Cboe Global Markets profitable in the fourth quarter 2025?
Operating profit was $404M (33.5% of revenue) and net earnings $314M.