What is the 13F Pro Quality Score for CBOE?

13F Pro ranks Cboe Global Markets, Inc. (CBOE) on the 13F Pro Quality Score, a 0–100 composite of 32 fundamental signals including return on invested capital, free cash flow consistency, balance-sheet strength, earnings quality, growth durability, and valuation discipline. The score refreshes after each 10-K and 10-Q filing on SEC EDGAR. View CBOE's current score at https://13fpro.ai/research/CBOE (free sign-up required for the full ranking).

Where does 13F Pro source CBOE data?

All Cboe Global Markets, Inc. fundamentals and ownership data come directly from SEC EDGAR. Cboe Global Markets, Inc. files with the SEC under CIK 1374310. 13F Pro ingests XBRL financial facts from 10-K and 10-Q filings, Form 13F-HR institutional holdings, and Form 4 insider transactions, with no third-party rewrites or estimates.

What sector is CBOE in?

Cboe Global Markets, Inc. (CBOE) is classified in the Financials sector. 13F Pro publishes sector-level fund flow analysis and quality leaders at https://13fpro.ai/research/sector/financials.

What drives CBOE's revenue?

Per Cboe Global Markets, Inc.'s latest 10-Q filed with the SEC on 2026-05-01, the biggest revenue drivers are: Derivatives Markets ($609.3M, +13% YoY); Cash and Spot Markets ($482.2M, -4% YoY); Data Vantage ($181.3M, +19% YoY). Figures are extracted from the filing text and machine-verified against the document. Full breakdown at https://13fpro.ai/research/CBOE.

What are CBOE's largest expenses?

Cboe Global Markets, Inc.'s latest 10-Q reports these as the largest expense items: Liquidity Payments ($446.1M, +13% YoY); Compensation and Benefits ($127.9M, +10% YoY); Technology Support Services ($27.6M, +8% YoY). Sourced directly from SEC EDGAR filing text for Q1 2026 (quarter ended March 31, 2026).

How often is CBOE research updated on 13F Pro?

CBOE's fundamentals refresh within hours of each new 10-K or 10-Q filing on SEC EDGAR. Institutional ownership updates after each quarterly 13F filing window. Insider transactions update after each Form 4 filing. The 13F Pro Quality Score recalculates after every fundamentals refresh.

Cboe Global Markets, Inc.(CBOE)Stock Analysis

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13F Pro Quality Score

81.2/100

Rank #33 of 2,879 stocksTOP 5%

View Financials peers →

Rankings refresh quarterly once 80% of peers have filed (~45 days after quarter-end). Next update: ~Aug 14, 2026.

Revenue Growth

71.2/100

Profitability

89.5/100

Balance Sheet

90.6/100

Earnings Quality

72.4/100

Free Cash Flow

95.4/100

Institutional Flow

62.4/100

Revenue Scale

77.5/100

Dilution Risk

55.3/100

CBOE Stock Analysis & AI Quality Score

AI stock analysis and institutional research for Cboe Global Markets, Inc. (CBOE), a Financials sector company. 13F Pro's AI-powered ranking engine scores CBOE at 81.2/100 on a 32-signal composite quality model, placing it at rank #33 of 2,879 stocks — the top 5% of the AI-ranked universe. CBOE scores in the top quartile across free cash flow (95.4), balance sheet strength (90.6), profitability (89.5). Based on the latest XBRL financial filings (Q1 2026), Cboe Global Markets, Inc. reports quarterly revenue of $1.3B, net income of $385.7M, an operating margin of 40.1%. Top institutional holders of CBOE by reported 13-F value include BlackRock,, VANGUARD CAPITAL MANAGEMENT, VANGUARD PORTFOLIO MANAGEMENT, based on the most recent SEC filings. CBOE trades on the CBOE exchange and files with the SEC under CIK 1374310. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate CBOE daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for Cboe Global Markets, Inc. directly from SEC EDGAR. Cboe Global Markets, Inc.'s 13F Pro composite quality score has ranged between 8 and 81 since 2026, currently 81.2 — an improving long-term trajectory across 36 quarterly and live scoring snapshots.

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Fun facts about Cboe Global Markets, Inc.

Quirks, history, and lore behind CBOE — the kind of stuff that makes a stock memorable.

1
The Basics
U.S. financial exchange operator · large-cap · listed on Nasdaq · headquartered in Chicago, Illinois.
2
The Numbers
Annual revenue in the low-to-mid single-digit billions, driven almost entirely by trading volume fees and market-data subscriptions — when volatility spikes, so does the business.
3
The History
Founded in 1973 as the first U.S. marketplace dedicated to listed options trading, it was a pioneer in turning derivatives from an obscure tool into a mainstream financial instrument.
4
The Secret
It owns and operates multiple stock and options exchanges across the U.S. and Europe — including venues in the UK and Netherlands — making it a quietly global powerhouse few consumers have ever heard of.
5
The Lore
It created the VIX — the so-called 'Fear Index' — which measures expected market volatility and is now one of the most-watched numbers on Wall Street every single day.
6
The Giveaway
When traders panic, this Chicago exchange giant's business booms — because it invented the VIX and runs the world's largest options exchange bearing its own three-letter name.

▶ Think you know your stocks? Play the Daily Ticker

What's Driving CBOE's Business? Latest 10-Q Breakdown

AI-extracted from Cboe Global Markets, Inc.'s 10-Q filed 2026-05-01 — Q1 2026 (quarter ended March 31, 2026). Every figure is machine-verified against the filing text on SEC EDGAR.

Total revenues of $1,272.8M (+7% YoY) driven by derivatives markets growth, with operating income surging 43% to $505.6M and net income reaching $385.7M (+54% YoY).

Biggest Revenue Drivers

Total revenue: $1,272.8M+7% YoY

Derivatives Markets$609.3M+13% YoY

Increased transaction and clearing fees driven by 29% increase in index options ADV, partially offset by lower regulatory fees.

Cash and Spot Markets$482.2M-4% YoY

Decrease in regulatory fees due to $0 Section 31 fee rate offset by 20% increase in matched shares and 25% increase in European equities ADNV.

Data Vantage$181.3M+19% YoY

Increases in access and capacity fees and proprietary market data fees from higher customer demand for existing and new data products.

Largest Expense Items

Liquidity Payments$446.1M+13% YoY

Increase due to 20% rise in matched shares on Cboe U.S. equity exchanges, partially offset by fee tier shifts in multi-listed options.

Compensation and Benefits$127.9M+10% YoY

Increases in payroll benefits, accrued bonuses from strong performance, merit increases, and equity compensation related to executive transitions.

Technology Support Services$27.6M+8% YoY

Acceleration of certain technology support services as result of CEDX wind down announcement in January 2026.

Watch Items from the Filing

Strategic realignment announced post-quarter: expected 20% workforce reduction with $36M-$46M restructuring charges (primarily severance) expected through Q4 2026, partially offset by anticipated $40M-$50M annualized pre-tax cost savings.
Agreement to sell Cboe Australia and Cboe Canada to TMX Group Limited for ~$300M, subject to regulatory approvals; transaction expected to close separately in 2026. These businesses contributed $119.4M revenue in Q1 (Europe and Asia Pacific and North American Equities segments).
CAT (Consolidated Audit Trail) funding uncertainty persists: SEC approved Revised CAT Funding Model on March 16, 2026, but Citadel and American Securities Association filed petition for review in 11th Circuit on March 24, 2026; if vacated, Plan Participants may incur material additional CAT costs and/or be unable to collect on CAT-related promissory notes.
Revolving Credit Facility ($400M available) and Cboe Clear Europe Credit Facility (€1.2B available) both terminate within next 12 months; Company may not be able to refinance on commercially reasonable terms. 3.650% Senior Notes ($650M) mature January 2027.

AI-extracted and verified against SEC EDGAR filing text. Not investment advice.

Read the full 10-Q on SEC EDGAR →Share on X

Revenue

Q1 2026

$1.3B

Net Income

Q1 2026

$385.7M

Free Cash Flow

Q1 2026

$1.9B

Operating Margin

Q1 2026

40.1%

Revenue & Net Income

Earnings Per Share

Key Financials Over Time

Export Financial Table · Pro+

Revenue

+15.1% YoY

$4.71BFY 2025

FY22 $3.96BFY23 $3.77BFY24 $4.09BFY25 $4.71B

Net Income

+43.8% YoY

$1.10BFY 2025

FY22 —FY23 $761.4MFY24 $764.9MFY25 $1.10B

Operating Income

+33.6% YoY

$1.47BFY 2025

FY22 $489.6MFY23 $1.06BFY24 $1.10BFY25 $1.47B

EPS (Diluted)

+44.5% YoY

$10.42FY 2025

FY22 $2.19FY23 $7.13FY24 $7.21FY25 $10.42

Total Assets

+19.5% YoY

$9.31BFY 2025

FY22 $7.00BFY23 $7.49BFY24 $7.79BFY25 $9.31B

Total Debt

+0.1% YoY

$1.44BFY 2025

FY22 $2.05BFY23 $1.44BFY24 $1.44BFY25 $1.44B

Op. Cash Flow

+59.2% YoY

$1.75BFY 2025

FY22 $651.1MFY23 $1.08BFY24 $1.10BFY25 $1.75B

Metric	FY 2025	FY 2024	FY 2023	FY 2022	FY 2020	FY 2017
Revenue	$4.71B +15.1%	$4.09B +8.5%	$3.77B -4.7%	$3.96B +15.5%	$3.43B +53.7%	$2.23B
Net Income	$1.10B +43.8%	$764.9M +0.5%	$761.4M	—	$468.2M +16.6%	$401.7M
Operating Income	$1.47B +33.6%	$1.10B +3.8%	$1.06B +116.1%	$489.6M -26.1%	$662.2M +78.1%	$371.9M
EPS (Diluted)	$10.42 +44.5%	$7.21 +1.1%	$7.13 +225.6%	$2.19 -48.7%	$4.27 +15.7%	$3.69
Total Assets	$9.31B +19.5%	$7.79B +4.0%	$7.49B +7.0%	$7.00B +7.4%	$6.52B +23.8%	$5.27B
Total Debt	$1.44B +0.1%	$1.44B +0.1%	$1.44B -29.7%	$2.05B +60.8%	$1.27B +2.8%	$1.24B
Operating Cash Flow	$1.75B +59.2%	$1.10B +2.3%	$1.08B +65.2%	$651.1M -55.4%	$1.46B +289.6%	$374.4M

AI Insight: CBOE Ratio Trends

Operating margin surged to 39.7% in Q1 2026, driving ROIC to 27.1% while leverage remained controlled at 0.39 D/E.

• OpMargin expanded 610bp from Q2 2024 (21.6%) to Q1 2026 (39.7%), with NPM rising 1,030bp over same period.

• ROIC climbed 1,170bp from Q2 2024 (15.4%) to Q1 2026 (27.1%), reflecting sustained capital efficiency gains.

• D/E declined from 0.36 in Q2 2024 to 0.28 in Q4 2025, then ticked to 0.39 in Q1 2026—first uptick in 9 months.

⚠ Q1 2026 leverage spike to 0.39 reverses multi-quarter deleveraging trend. Monitor whether this sustains.

⚠ ROA volatility: peaked at 13.9% in Q1 2026 but Q2–Q3 2025 dipped to 10.4%–13.3%. Track stability.

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Available Research

13F Pro tracks comprehensive data for Cboe Global Markets, Inc. including:

SEC EDGAR filings (10-K, 10-Q, 8-K)

XBRL financial facts (revenue, EPS, margins)

Insider transactions (Form 4)

Institutional 13F holdings

Quality rankings (32 signals)

AI analyst debates & daily meetings

Historical financial trends

Peer comparison & sector analysis

Top Institutional Holders of CBOE

BlackRock, Inc.
$3.0B10,511,390 sh
VANGUARD CAPITAL MANAGEMENT LLC
$1.9B6,797,434 sh
VANGUARD PORTFOLIO MANAGEMENT LLC
$1.5B5,241,096 sh
STATE STREET CORP
$1.4B4,976,866 sh
FMR LLC
$1.3B4,713,522 sh
ALLIANCEBERNSTEIN L.P.
$1.3B5,061,323 sh
MORGAN STANLEY
$942.3M3,352,623 sh
GEODE CAPITAL MANAGEMENT, LLC
$871.0M3,087,556 sh
Invesco Ltd.
$666.5M2,371,298 sh
NORTHERN TRUST CORP
$374.1M1,330,890 sh

Fund	Value	Shares
BlackRock, Inc.	$3.0B	10,511,390
VANGUARD CAPITAL MANAGEMENT LLC	$1.9B	6,797,434
VANGUARD PORTFOLIO MANAGEMENT LLC	$1.5B	5,241,096
STATE STREET CORP	$1.4B	4,976,866
FMR LLC	$1.3B	4,713,522
ALLIANCEBERNSTEIN L.P.	$1.3B	5,061,323
MORGAN STANLEY	$942.3M	3,352,623
GEODE CAPITAL MANAGEMENT, LLC	$871.0M	3,087,556
Invesco Ltd.	$666.5M	2,371,298
NORTHERN TRUST CORP	$374.1M	1,330,890

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Is CBOE a good stock to buy?

13F Pro's AI-powered analysis of Cboe Global Markets, Inc. (CBOE) draws on SEC EDGAR-sourced fundamentals, institutional 13F holdings, and insider Form 4 transactions in the Financials sector (listed on CBOE). The 32-signal AI Quality Score, current rank, and full bull/bear verdict for CBOE are available on the CBOE stock profile dashboard — with the same data, AI insights, ratios, and institutional activity refreshed after every 10-K, 10-Q, 13F, and Form 4 filing.

Which hedge funds own CBOE?

Institutional investors are required to disclose their holdings quarterly via SEC Form 13F. 13F Pro aggregates these filings to show which hedge funds, mutual funds, and asset managers are buying or selling CBOE. Combined with insider transaction data from Form 4 filings and AI-powered analysis from 10 specialized research agents, 13F Pro provides a comprehensive view of Cboe Global Markets, Inc.'s investment landscape.