CBOEHIGH SIGNALFINANCIAL10-K

CBOE delivered substantially higher operating performance with meaningful expansion across all major financial metrics, accompanied by a dramatic reduction in share repurchase activity.

The broad-based financial strength suggests CBOE is successfully scaling its business operations and generating meaningfully higher cash flows. However, the sharp pullback in share buybacks from $204.8M to $66.7M may signal management is prioritizing capital preservation or reinvestment over shareholder returns, warranting investor attention to management's capital allocation strategy.

Comparing 2026-02-20 vs 2025-02-21View on EDGAR →
FINANCIAL ANALYSIS

CBOE demonstrated robust financial expansion with operating income growing notably and net income reaching substantially higher levels, while gross profit grew more modestly at 17.2%. The balance sheet strengthened considerably with current assets growing 78.3% and stockholders equity expanding 20.1%, though current liabilities also increased meaningfully by 69.3%. The dramatic reduction in share repurchases combined with substantially higher operating cash flows suggests a strategic shift in capital allocation priorities.

FINANCIAL STATEMENT CHANGES
Current Assets
Balance Sheet
+78.3%
$2.5B→$4.4B

Current assets grew 78.3% — improving short-term liquidity or inventory/receivables build.

Current Liabilities
Balance Sheet
+69.3%
$1.4B→$2.4B

Current liabilities surged 69.3% — significant near-term obligations; verify ability to meet short-term debt.

Share Buybacks
Cash Flow
-67.4%
$204.8M→$66.7M

Buyback activity reduced 67.4% — capital being redeployed elsewhere or cash conservation underway.

Operating Cash Flow
Cash Flow
+59.2%
$1.1B→$1.8B

Operating cash flow surged 59.2% — exceptional cash generation, highest quality earnings signal.

Net Income
P&L
+43.8%
$764.9M→$1.1B

Net income grew 43.8% — bottom-line growth signals improving overall business health.

Operating Income
P&L
+33.6%
$1.1B→$1.5B

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

Stockholders Equity
Balance Sheet
+20.1%
$4.3B→$5.1B

Equity base grew 20.1% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Total Assets
Balance Sheet
+19.5%
$7.8B→$9.3B

Asset base grew 19.5% — expansion through organic growth, acquisitions, or capital deployment.

Total Liabilities
Balance Sheet
+18.7%
$3.5B→$4.2B

Liabilities increased 18.7% — monitor debt-to-equity ratio and interest coverage.

Gross Profit
P&L
+17.2%
$2.1B→$2.4B

Gross profit expanding — improving pricing power or product mix shift toward higher-margin offerings.

LANGUAGE CHANGES
NEW — 2026-02-20
PRIOR — 2025-02-21
ADDED
The number of outstanding shares of the registrant's common stock as of February 13, 2026 was 104,667,696 shares of common stock.
Management's Discussion and Analysis of Financial Condition and Results of Operations 49 Item 7A.
"BIDS Holdings" refers to BIDS Holdings L.P., a wholly-owned subsidiary of Cboe Global Markets, Inc.
Cboe Canada refers to Cboe Canada Inc., a wholly-owned subsidiary of Cboe Global Markets, Inc.
Cboe Clear Europe refers to Cboe Clear Europe N.V., a wholly-owned subsidiary of Cboe Global Markets, Inc.
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REMOVED
The number of outstanding shares of the registrant's common stock as of February 14, 2025 was 104,701,695 shares of common stock.
Management's Discussion and Analysis of Financial Condition and Results of Operations 54 Item 7A.
Form 10-K Summary 152 2 Table o f Contents CERTAIN DEFINED TERMS Throughout this document, unless otherwise specified or the context so requires: Cboe, we, us, our or the Company refers to Cboe Global Markets, Inc.
(commonly referred to as NEO Exchange ), which were wholly-owned subsidiaries of Cboe Global Markets, Inc.
As of January 1, 2024, the Cboe Canada and MATCHNow entities have been amalgamated into Cboe Canada Inc.
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