Cboe Global Markets Q4 FY25: where the revenue came from and where it went
The whole income statement of Cboe Global Markets for this quarter, as one diagram: what earned the revenue, and what it went on.
- Period
- Oct 1 – Dec 31, 2025
- Reported
- Feb 20, 2026
Revenue$1.20B
+9% year over year
Gross profit$0.67B
56% margin
Operating profit$0.40B
34% margin
Net profit$0.31B
26% margin
The numbers
| Item | Value | Share of revenue | Year over year |
|---|---|---|---|
| Revenue | 1.20 | 100% | +9% |
| Transaction | 0.98 | 81% | +28% |
| Access & capacity fees | 0.11 | 9% | +11% |
| Market data fees | 0.08 | 7% | +9% |
| Other | 0.02 | 2% | +0% |
| Regulatory fees | 0.02 | 1% | −90% |
| Cost of revenue | −0.53 | 44% | |
| Gross profit | 0.67 | 56% margin | +8pp |
| Operating expenses | −0.27 | 22% | +2pp |
| Operating profit | 0.40 | 34% margin | +7pp |
| Other income, net | 0.05 | ||
| Tax | −0.14 | ||
| Net profit | 0.31 | 26% margin | +8pp |
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