Cboe Global Markets (CBOE)
Operates markets for SPX and VIX derivatives, equities, futures, and market data.
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Operates regulated venues and clearinghouses for derivatives, equities, futures, foreign exchange, and market data, earning fees from trading, clearing, connectivity, data, and index licensing. Exclusive SPX and VIX franchises anchor a business whose transaction revenue depends on market activity and volatility.
Operates regulated marketplaces and clearinghouses for options, cash equities, futures, foreign exchange, and U.S. government-securities execution. Its core franchise centers on exclusive SPX index options and proprietary VIX products, while its U.S. options venues combine open-outcry and fully electronic execution.
Earns fees when customers trade or clear, connect to its systems, consume market data, or use licensed indices and analytics. Customers span broker-dealers, banks, funds, trading firms, corporations, and trading platforms; operations are concentrated in the United States with activity in Europe and Canada.
Depends on exclusive index licenses, reliable low-latency technology, clearing resources, and oversight from U.S. and non-U.S. regulators. Multi-listed options and cash equities compete venue by venue for order flow, while transaction revenue moves with trading activity and volatility.
Company facts
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Aug 5, 2026 | Loop Capital Markets | Target | Target: $315 | Target: $356 |
| Aug 3, 2026 | Loop Capital Markets | Target | Target: $354 | Target: $315 |
| Jul 28, 2026 | Loop Capital Markets | Target | Target: $304 | Target: $288 |
| Jul 20, 2026 | Loop Capital Markets | Target | Target: $347 | Target: $304 |
| Jul 15, 2026 | Piper Sandler | Reiterate | Rating: —Target: $321 | Target: $320 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $2.39B · Total debt $1.56B · Total assets $10.61B · Shareholders' equity $5.63B
- Revenue
- $1.44B
- Operating income
- $476.0M
- Net income
- $353.1M
HistoryDividendAnnual yield
| Institutions | 89.37% | 93.33M shares | |
|---|---|---|---|
| 1,037 holders · as of Jun 30, 2026 | |||
| Insiders | 0.26% | 267.3K shares | |
| 24 holders · as of Aug 14, 2026 | |||
| Other | 10.37% | 10.83M shares | |
| remainder | |||
104.43M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
BlackRock, Inc.Institution | 9.77% | 10.20M | as of Jun 30, 2026 |
Vanguard Capital Management LLCInstitution | 6.55% | 6.84M | as of Jun 30, 2026 |
Vanguard Portfolio Management LLCInstitution | 5.03% | 5.26M | as of Jun 30, 2026 |
State Street CorpInstitution | 4.83% | 5.05M | as of Jun 30, 2026 |
FMR LLCInstitution | 4.12% | 4.31M | as of Jun 30, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 12, 2026 | Janet P. Froetscher | director | −937 | $278.95 |
| May 18, 2026 | Janet P. Froetscher | director | −1,223 | $358.09 |
| Feb 23, 2026 | Allen Wilkinson | officer: SVP, CHIEF ACCOUNTING OFFICER | −248 | $292.79 |
| Feb 18, 2026 | Edward J. Fitzpatrick | director | −3,947 | $285.87 |
| Feb 18, 2026 | Alexander JR Matturri | director | −1,500 | $285.36 |
- CME Group
Principal U.S. index-derivatives and futures alternative.
- Nasdaq
Largest U.S. multi-listed-options network and cash-equities rival.
- Intercontinental Exchange
NYSE venues contest multi-listed options and U.S. equity order flow.
- Miami International
Fast-growing multi-listed-options rival across four electronic venues.
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Cboe Global Markets | $266.14 | −1.95% | $28.41B | 21.2 | 18.7 | 5.6 | −37.7% |
| CME Group | $269.54 | −2.18% | $99.07B | 23.4 | 21.7 | 14.6 | +0.8% |
| Nasdaq | $94.64 | −0.05% | $52.93B | 27.6 | 21.7 | 6.1 | −28.2% |
| Intercontinental Exchange | $152.82 | −1.64% | $87.22B | 21.9 | 18.6 | 6.5 | −18.3% |
| Miami International | $37.02 | −2.17% | $3.66B | 20.9 | 21.2 | 2.5 | +34.8% |
| Median | 22.7 | 21.4 | 6.3 | −8.7% |