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How Cboe Global Markets (CBOE) makes money
Cboe Global Markets (CBOE) made $1.4B of revenue in the third quarter 2026 (Q3 2026), +19% from a year earlier. Options brought in $733M (54%); North American Equities brought in $462M (34%); Europe and Asia Pacific brought in $103M (8%). Of every dollar of revenue, 52¢ was left as gross profit, 39¢ was left as operating profit, 32¢ was left as net earnings.
Drawing the Sankey…
Revenue by segment, Q3 2026
| Segment | Revenue | Share | Q/Q | Y/Y |
|---|---|---|---|---|
| Options | $733M | 54.0% | -1% | +19% |
| North American Equities | $462M | 34.0% | -11% | +22% |
| Europe and Asia Pacific | $103M | 7.6% | -12% | +11% |
| Futures | $30.9M | 2.3% | -7% | -3% |
| Global FX | $28.9M | 2.1% | +1% | +25% |
Where each dollar of revenue goes
| Line | Q3 2026 | % of revenue |
|---|---|---|
| Revenue | $1.4B | 100.0% |
| Cost of revenue | $647M | 47.6% |
| Gross profit | $712M | 52.4% |
| Operating expenses | $178M | 13.1% |
| Operating profit | $534M | 39.3% |
| Income tax | $126M | 9.3% |
| Net earnings | $428M | 31.5% |
| Operating cash flow | $817M | 60.1% |
| Free cash flow | $793M | 58.4% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q3 2026 | $1.4B | +19% |
| Q2 2026 | $1.4B | +23% |
| Q1 2026 | $1.3B | +6% |
| Q4 2025 | $1.2B | +9% |
| Q3 2025 | $1.1B | +8% |
| Q2 2025 | $1.2B | +20% |
| Q1 2025 | $1.2B | +25% |
From Cboe Global Markets' 10-Q filed Oct 30, 2026 (on EDGAR).
Questions
How does Cboe Global Markets make money?
Cboe Global Markets (CBOE) made $1.4B of revenue in the third quarter 2026 (Q3 2026), +19% from a year earlier. Options brought in $733M (54%); North American Equities brought in $462M (34%); Europe and Asia Pacific brought in $103M (8%). Of every dollar of revenue, 52¢ was left as gross profit, 39¢ was left as operating profit, 32¢ was left as net earnings.
What is Cboe Global Markets' biggest business?
Options: $733M in the third quarter 2026, 54% of revenue, +19% from a year earlier.
What is Cboe Global Markets' profit margin?
Net earnings were $428M, 31.5% of revenue, in the third quarter 2026; the operating margin was 39.3%.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.