CBOE
Cboe Global Markets, Inc.
Financial Services · Financial Data & Stock Exchanges · United States · Stock
Score Breakdown
Scored for Dividend Income profile
Sub-scores are 0–20 each; Model Score is weighted by your selected investment goal. How it works →
Why Ranked Here
- Strong growth scores are supported by 15.1% revenue growth and 43.8% net income growth in FY2025, reflecting both scale and improving profitability [growth.revenue.yoy, growth.net_income.yoy].
- High profitability metrics — 31.1% operating margin, 23.3% net margin, and 21.4% ROE — contribute meaningfully to the composite score as evidence of a capital-efficient business [profitability.operating_margin_pct, profitability.net_margin_pct, profitability.roe_pct].
- An unbroken multi-year dividend growth streak from $1.96 to $2.70 per share adds a dividend quality dimension that further supports the overall score [dividend.dps_trend].
Why Not Higher
- The absence of a macro theme assignment means the model awarded zero theme-based score, which caps the composite total and prevents a higher ranking [theme.none].
- The financial health factor received a moderate score, likely reflecting balance-sheet dimensions where filing evidence was less complete, limiting the contribution of that factor [financial_health.debt_to_equity, financial_health.interest_coverage].
Data Confidence
10 / 10
Very High — full data coverage
Why This Score
Grounded in figures from this company's SEC EDGAR filings — not a restatement of the score itself.
Revenue grew from FY2024's $4,094,500,000 to FY2025's $4,714,200,000, a gain of 15.1%. Over the same period, net income rose 43.8% and diluted EPS expanded 44.5%, from $7.21 in FY2024 to $10.42 in FY2025.
The model rewarded the combination of double-digit top-line expansion and significantly faster bottom-line growth, which signals improving operating leverage and margin expansion alongside revenue scale.
In FY2025, CBOE posted an operating margin of 31.1%, a net margin of 23.3%, and a return on equity of 21.4%.
The model rewarded these metrics as evidence that the company converts a substantial share of revenue into operating and net income while generating meaningful returns for shareholders, all of which are characteristic of a high-quality, capital-efficient business.
In FY2025, CBOE carried a debt-to-equity ratio of 0.28 and an interest coverage ratio of 28.1, against a total asset base of $9,305,300,000.
The model recognized a conservative leverage profile and very comfortable debt-service capacity; the moderate overall score likely reflects additional balance-sheet dimensions the model evaluates where filing evidence was less complete.
Over the last four reported quarters, revenue moved from $1,173,500,000 in 2025Q2 to $1,141,700,000 in 2025Q3, then recovered to $1,204,000,000 in 2025Q4 and accelerated to $1,272,800,000 in 2026Q1. Operating income rose consecutively from $339,100,000 in 2025Q2 to $370,300,000, $403,800,000, and $505,600,000 in 2026Q1, while net income followed a similar upward path from $235,100,000 in 2025Q2 to $385,700,000 in 2026Q1.
The model rewarded the consistent sequential acceleration in both operating income and net income across all four quarters, with the brief revenue dip in 2025Q3 offset by a strong recovery and new high in 2026Q1, indicating building earnings momentum.
Dividends per share have increased every year from $1.96 in FY2022 to $2.10 in FY2023, $2.36 in FY2024, and $2.70 in FY2025.
The model rewarded this unbroken multi-year streak of dividend growth as evidence of a reliable and expanding income return to shareholders, which is a hallmark of dividend quality in quantitative scoring frameworks.
CBOE is not currently assigned to any of the 24 tracked macro themes in the model.
The absence of a theme assignment means the model awarded no theme-based score; this reflects the current classification state and should not be read as a negative signal about the company's business or prospects.
Research Summary
AI-generated analysis reflects data and conditions as of the report date shown above. Verify any specific figures through primary sources before acting on this analysis.
Cboe Global Markets delivered strong FY2025 results, with revenue rising 15.1% to $4,714,200,000 and net income surging 43.8%, reflecting meaningful operating leverage and margin expansion [growth.revenue.yoy, growth.net_income.yoy]. Profitability metrics are compelling, with a 31.1% operating margin, 23.3% net margin, and 21.4% return on equity, underscoring a capital-efficient business model [profitability.operating_margin_pct, profitability.net_margin_pct, profitability.roe_pct]. The balance sheet is conservatively positioned with a debt-to-equity ratio of 0.28 and interest coverage of 28.1x, while quarterly momentum shows operating income accelerating to $505,600,000 in 2026Q1 [financial_health.debt_to_equity, financial_health.interest_coverage, momentum.operating_income_quarterly]. Dividend per share has grown every year from $1.96 in FY2022 to $2.70 in FY2025, adding a reliable income dimension to the investment profile [dividend.dps_trend].
Plain English
Cboe is a financial exchange company that grew its revenues by 15% last year while profits grew even faster at 44%, pays a dividend that has gone up every single year since 2022, and carries very little debt relative to its size [growth.revenue.yoy, growth.net_income.yoy, dividend.dps_trend, financial_health.debt_to_equity].
Bull Case vs. Bear Case
Bull Case
- Revenue grew 15.1% year-over-year to $4,714,200,000 in FY2025, while net income expanded 43.8% and diluted EPS jumped 44.5% to $10.42, demonstrating powerful operating leverage as the business scales [growth.revenue.yoy, growth.net_income.yoy, growth.eps_diluted.yoy].
- Operating income has risen consecutively for four straight quarters, reaching $505,600,000 in 2026Q1, signaling that earnings momentum is building rather than fading [momentum.operating_income_quarterly].
- Dividends per share have increased every year from $1.96 in FY2022 to $2.70 in FY2025, reflecting a consistent and growing income return to shareholders [dividend.dps_trend].
Bear Case
- Revenue dipped sequentially from $1,173,500,000 in 2025Q2 to $1,141,700,000 in 2025Q3, illustrating that top-line growth is not always linear and can be subject to short-term softness [momentum.revenue_quarterly].
- CBOE is not currently assigned to any of the 24 tracked macro themes in the model, meaning it receives no theme-based score boost that could otherwise lift its composite ranking [theme.none].
- The financial health score, while reflecting a conservative leverage profile, received a moderate overall rating, suggesting there are balance-sheet dimensions where filing evidence was less complete [financial_health.debt_to_equity, financial_health.interest_coverage].
What Could Change the Picture
Bullish Triggers
- If operating income continues its four-quarter consecutive acceleration beyond the $505,600,000 recorded in 2026Q1, it would further validate the earnings momentum thesis [momentum.operating_income_quarterly].
- Assignment to one or more of the 24 tracked macro themes could unlock additional model score and broaden the investment case beyond fundamentals alone [theme.none].
Bearish Triggers
- A reversal in the dividend growth trend — which has been unbroken since FY2022 — would undermine a key pillar of the quality narrative [dividend.dps_trend].
- A sustained decline in operating margins from the current 31.1% level would signal that the operating leverage driving the earnings outperformance is eroding [profitability.operating_margin_pct].
Risk Profile
Medium RiskCBOE's balance sheet appears conservatively managed, with a debt-to-equity ratio of 0.28 and interest coverage of 28.1x providing substantial debt-service cushion [financial_health.debt_to_equity, financial_health.interest_coverage]. However, the brief sequential revenue dip in 2025Q3 is a reminder that quarterly results can be uneven even within an otherwise positive momentum trend [momentum.revenue_quarterly].
This report is for educational and research purposes only. It does not constitute financial, investment, legal, or tax advice — always conduct your own due diligence before making investment decisions.