CBOE GLOBAL MARKETS, INC., 10-Q filed on 8/1/2025
Quarterly Report
v3.25.2
Document and Entity Information - shares
 6 Months Ended
Jun. 30, 2025
Jul. 25, 2025
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 2025  
Document Transition Report false  
Entity File Number 001-34774  
Entity Registrant Name Cboe Global Markets, Inc.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 20-5446972  
Entity Address, Address Line One 433 West Van Buren Street  
Entity Address, City or Town Chicago  
Entity Address, State or Province IL  
Entity Address, Postal Zip Code 60607  
City Area Code 312  
Local Phone Number 786-5600  
Title of 12(b) Security Common Stock, par value $0.01 per share  
Trading Symbol CBOE  
Security Exchange Name CboeBZX  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   104,590,130
Entity Central Index Key 0001374310  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q2  
Amendment Flag false  
v3.25.2
Condensed Consolidated Balance Sheets - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 1,256.3 $ 920.3
Financial investments 207.6 110.3
Accounts receivable, net of $8.7 allowance for credit losses at June 30, 2025 and $6.6 at December 31, 2024 444.3 444.6
Margin deposits, clearing funds, and interoperability funds 1,670.4 845.5
Income taxes receivable 40.6 73.8
Other current assets (includes restricted cash of $30.2 at June 30, 2025 and $— at December 31, 2024) 123.7 84.6
Total current assets 3,742.9 2,479.1
Investments 379.6 383.7
Property and equipment, net 127.9 118.0
Operating lease right of use assets 122.2 124.5
Goodwill 3,155.9 3,124.2
Intangible assets, net 1,356.2 1,376.9
Other assets, net 163.6 182.7
Total assets 9,048.3 7,789.1
Current liabilities:    
Accounts payable and accrued liabilities 467.3 359.7
Section 31 fees payable 238.4 182.0
Deferred revenue 10.5 6.4
Margin deposits, clearing funds, and interoperability funds 1,670.4 845.5
Income taxes payable 0.0 1.6
Total current liabilities 2,386.6 1,395.2
Long-term debt 1,442.0 1,441.0
Non-current unrecognized tax benefits 212.6 305.0
Deferred income taxes 175.1 186.8
Non-current operating lease liabilities 133.8 138.4
Other non-current liabilities 33.1 43.1
Total liabilities 4,383.2 3,509.5
Commitments and contingencies
Stockholders’ equity:    
Preferred stock, $0.01 par value: 20,000,000 shares authorized, no shares issued and outstanding at June 30, 2025 and December 31, 2024 0.0 0.0
Common stock, $0.01 par value: 325,000,000 shares authorized, 105,014,000 and 104,589,930 shares issued and outstanding, respectively at June 30, 2025 and 104,693,373 and 104,686,478 shares issued and outstanding, respectively at December 31, 2024 1.0 1.0
Common stock in treasury, at cost, 424,070 shares at June 30, 2025 and 6,895 shares at December 31, 2024 (90.5) (1.4)
Additional paid-in capital 1,543.3 1,512.5
Retained earnings 3,168.9 2,815.9
Accumulated other comprehensive income (loss), net 42.4 (48.4)
Total stockholders’ equity 4,665.1 4,279.6
Total liabilities and stockholders’ equity $ 9,048.3 $ 7,789.1
v3.25.2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Statement of Financial Position [Abstract]    
Accounts receivable, allowance for credit loss, current $ 8.7 $ 6.6
Restricted cash, current $ 30.2 $ 0.0
Preferred stock, par value (in dollars per share) $ 0.01 $ 0.01
Preferred stock, shares authorized (in shares) 20,000,000 20,000,000
Preferred stock, shares issued (in shares) 0 0
Preferred stock, shares outstanding (in shares) 0 0
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 325,000,000 325,000,000
Common stock, shares issued (in shares) 105,014,000 104,693,373
Common stock, shares outstanding (in shares) 104,589,930 104,686,478
Common stock held in treasury (in shares) 424,070 6,895
v3.25.2
Condensed Consolidated Statements of Income - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Revenues:        
Total revenues $ 1,173.5 $ 974.0 $ 2,368.5 $ 1,931.2
Cost of revenues:        
Total cost of revenues 586.2 460.2 1,216.0 915.3
Revenues less cost of revenues 587.3 513.8 1,152.5 1,015.9
Operating expenses:        
Compensation and benefits 127.9 116.1 244.1 231.4
Depreciation and amortization 29.9 31.8 60.2 69.1
Technology support services 26.7 24.6 52.3 48.8
Professional fees and outside services 24.8 25.8 45.6 47.3
Travel and promotional expenses 8.2 9.3 14.6 16.8
Facilities costs 7.0 6.1 13.2 12.6
Acquisition-related costs 0.0 0.6 0.2 1.2
Impairment of intangible assets 17.1 81.0 17.1 81.0
Other expenses 6.6 8.4 12.2 15.2
Total operating expenses 248.2 303.7 459.5 523.4
Operating income 339.1 210.1 693.0 492.5
Non-operating (expense) income:        
Interest expense (12.9) (12.8) (25.7) (25.8)
Interest income 11.3 4.6 19.7 8.7
(Loss) earnings on investments, net (1.1) 14.2 (4.4) 28.2
Other (expense) income, net (1.8) (13.1) 2.2 (8.5)
Income (loss) before income tax provision 334.6 203.0 684.8 495.1
Income tax provision 99.5 62.6 199.1 145.2
Net income 235.1 140.4 485.7 349.9
Net income allocated to participating securities (1.2) (0.7) (2.4) (1.9)
Net income allocated to participating securities (1.2) (0.7) (2.4) (1.9)
Net income allocated to common stockholders 233.9 139.7 483.3 348.0
Net income allocated to common stockholders $ 233.9 $ 139.7 $ 483.3 $ 348.0
Basic earnings per share (in USD per share) $ 2.23 $ 1.33 $ 4.62 $ 3.30
Diluted earnings per share (in USD per share) $ 2.23 $ 1.33 $ 4.60 $ 3.29
Basic weighted average shares outstanding (in shares) 104.7 105.1 104.7 105.4
Diluted weighted average shares outstanding (in shares) 105.0 105.4 105.0 105.8
Cash and spot markets        
Revenues:        
Total revenues $ 487.6 $ 386.4 $ 988.5 $ 767.3
Data Vantage        
Revenues:        
Total revenues 158.3 142.1 310.8 282.3
Derivatives markets        
Revenues:        
Total revenues 527.6 445.5 1,069.2 881.6
Liquidity payments        
Cost of revenues:        
Total cost of revenues 418.0 307.0 812.8 645.8
Routing and clearing        
Cost of revenues:        
Total cost of revenues 20.7 16.6 40.3 32.6
Section 31 fees        
Cost of revenues:        
Total cost of revenues 85.3 77.7 238.4 119.8
Royalty fees and other cost of revenues        
Cost of revenues:        
Total cost of revenues $ 62.2 $ 58.9 $ 124.5 $ 117.1
v3.25.2
Condensed Consolidated Statements of Comprehensive Income - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Statement of Comprehensive Income [Abstract]        
Net income $ 235.1 $ 140.4 $ 485.7 $ 349.9
Other comprehensive income (loss):        
Foreign currency translation adjustments 67.2 (2.7) 90.8 (16.2)
Unrealized holding losses on financial investments 0.0 (0.5) 0.0 (1.0)
Post-retirement benefit obligations, net of income tax 0.0 0.0 0.0 0.2
Comprehensive income 302.3 137.2 576.5 332.9
Net income allocated to participating securities (1.2) (0.7) (2.4) (1.9)
Comprehensive income allocated to common stockholders, net of income tax $ 301.1 $ 136.5 $ 574.1 $ 331.0
v3.25.2
Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($)
$ in Millions
Total
Common stock
Treasury stock
Additional paid-in capital
Retained earnings
Accumulated other comprehensive (loss) income, net
Beginning balance at Dec. 31, 2023 $ 3,985.0 $ 1.1 $ (10.5) $ 1,478.6 $ 2,525.2 $ (9.4)
Increase (Decrease) in Stockholders' Equity            
Cash dividends on common stock (58.5)       (58.5)  
Stock-based compensation 11.7     11.7    
Repurchases of common stock from employee stock plans (25.5)   (25.5)      
Purchase of common stock (89.3)   (89.3)      
Shares issued under employee stock purchase plan 5.0     5.0    
Net income 209.5       209.5  
Other comprehensive income (loss) (13.8)         (13.8)
Ending balance at Mar. 31, 2024 4,024.1 1.1 (125.3) 1,495.3 2,676.2 (23.2)
Beginning balance at Dec. 31, 2023 3,985.0 1.1 (10.5) 1,478.6 2,525.2 (9.4)
Increase (Decrease) in Stockholders' Equity            
Net income 349.9          
Ending balance at Jun. 30, 2024 4,021.7 1.1 (217.4) 1,506.0 2,758.4 (26.4)
Beginning balance at Mar. 31, 2024 4,024.1 1.1 (125.3) 1,495.3 2,676.2 (23.2)
Increase (Decrease) in Stockholders' Equity            
Cash dividends on common stock (58.2)       (58.2)  
Stock-based compensation 10.3     10.3    
Repurchases of common stock from employee stock plans (1.7)   (1.7)      
Purchase of common stock (90.4)   (90.4)      
Shares issued under employee stock purchase plan 0.4     0.4    
Net income 140.4       140.4  
Other comprehensive income (loss) (3.2)         (3.2)
Ending balance at Jun. 30, 2024 4,021.7 1.1 (217.4) 1,506.0 2,758.4 (26.4)
Beginning balance at Dec. 31, 2024 4,279.6 1.0 (1.4) 1,512.5 2,815.9 (48.4)
Increase (Decrease) in Stockholders' Equity            
Cash dividends on common stock (66.4)       (66.4)  
Stock-based compensation 12.4     12.4    
Repurchases of common stock from employee stock plans (22.9)   (22.9)      
Purchase of common stock (30.0)   (30.0)      
Shares issued under employee stock purchase plan 5.2     5.2    
Net income 250.6       250.6  
Other comprehensive income (loss) 23.6         23.6
Ending balance at Mar. 31, 2025 4,452.1 1.0 (54.3) 1,530.1 3,000.1 (24.8)
Beginning balance at Dec. 31, 2024 4,279.6 1.0 (1.4) 1,512.5 2,815.9 (48.4)
Increase (Decrease) in Stockholders' Equity            
Net income 485.7          
Other comprehensive income (loss) 90.8          
Ending balance at Jun. 30, 2025 4,665.1 1.0 (90.5) 1,543.3 3,168.9 42.4
Beginning balance at Mar. 31, 2025 4,452.1 1.0 (54.3) 1,530.1 3,000.1 (24.8)
Increase (Decrease) in Stockholders' Equity            
Cash dividends on common stock (66.4)       (66.4)  
Stock-based compensation 13.3     13.2 0.1  
Repurchases of common stock from employee stock plans (0.7)   (0.7)      
Purchase of common stock (35.5)   (35.5)      
Net income 235.1       235.1  
Other comprehensive income (loss) 67.2         67.2
Ending balance at Jun. 30, 2025 $ 4,665.1 $ 1.0 $ (90.5) $ 1,543.3 $ 3,168.9 $ 42.4
v3.25.2
Condensed Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares
 3 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Statement of Stockholders' Equity [Abstract]    
Dividends (in dollars per share) $ 0.63 $ 0.55
v3.25.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities:    
Net income $ 485.7 $ 349.9
Adjustments to reconcile net income to net cash from operating activities:    
Depreciation and amortization 60.2 69.1
Amortization of debt issuance cost and debt discount 1.2 1.2
Loss on settlement of contingent consideration 0.0 3.0
Provision for accounts receivable credit losses 2.2 1.6
Benefit for deferred income taxes (19.1) (21.2)
Stock-based compensation expense 25.7 22.0
Impairment of intangible assets 17.1 81.0
Impairment of minority investment 0.0 16.0
Gain from Cboe Digital non-recourse notes and warrants wind down 0.0 (2.4)
Equity loss (earnings) on investments 6.6 (26.5)
Other (gain) loss adjustments, net (4.4) (2.5)
Changes in assets and liabilities:    
Accounts receivable 28.1 (44.2)
Restricted cash and cash equivalents and customer bank deposits (included in margin deposits, clearing funds, and interoperability funds) 555.6 1,923.2
Income taxes receivable 33.3 39.6
Other assets 16.2 (7.7)
Accounts payable and accrued liabilities (55.9) (113.3)
Section 31 fees payable 56.4 68.7
Deferred revenue 4.1 4.0
Income taxes payable (1.0) (1.0)
Unrecognized tax benefits 37.9 27.1
Other liabilities (3.3) 1.9
Net cash provided by operating activities 1,246.6 2,389.5
Cash flows from investing activities:    
Purchases of available-for-sale financial investments (174.8) (46.3)
Proceeds from maturities of available-for-sale financial investments 70.3 20.6
Gain from investments 4.6 0.0
Proceeds from sale of intangible assets 0.8 0.0
Proceeds from sale of property held for sale 0.0 3.3
Proceeds from sale of property and equipment 0.0 0.7
Proceeds from insurance 0.0 0.1
Contributions to investments (2.5) (3.7)
Purchases of property and equipment and leasehold improvements, net (35.0) (25.1)
Net cash used in investing activities (136.6) (50.4)
Cash flows used in financing activities:    
Cash dividends on common stock (132.8) (116.7)
Repurchases of common stock from employee stock plans (23.6) (27.2)
Payments of contingent consideration related to acquisitions 0.0 (13.0)
Shares issued under employee stock purchase plan 4.8 (5.4)
Payments for Cboe Digital non-recourse notes and warrants wind down 0.0 (6.0)
Purchase of common stock, including commissions and excise taxes (66.7) (177.9)
Net cash used in financing activities (218.3) (346.2)
Effect of foreign currency exchange rates on cash, cash equivalents, and restricted cash and cash equivalents 299.4 (41.4)
Increase in cash, cash equivalents, and restricted cash and cash equivalents 1,191.1 1,951.5
Beginning of period 1,765.8 1,397.1
End of period 2,956.9 3,348.6
Reconciliation of cash, cash equivalents, and restricted cash and cash equivalents:    
Cash and cash equivalents 1,256.3 614.6
Restricted cash and cash equivalents (included in margin deposits, clearing funds, and interoperability funds) 1,668.5 2,723.8
Restricted cash and cash equivalents (included in other current assets) 30.2 5.2
Customer bank deposits (included in margin deposits, clearing funds, and interoperability funds) 1.9 5.0
Total 2,956.9 3,348.6
Supplemental disclosure of cash transactions:    
Cash paid for income taxes, net of refunds 148.6 178.3
Cash paid for interest 46.6 62.4
Supplemental disclosure of noncash investing activities:    
Note receivable from sale of property held for sale 0.0 6.4
Additions of intangible assets 0.0 1.0
Supplemental disclosure of noncash financing activities:    
Unsettled purchases of common stock 0.0 (1.8)
Excise tax on purchases of common stock 0.2 0.0
Cboe Digital non-recourse notes and warrants asset 0.0 16.2
Cboe Digital non-recourse notes and warrants liability $ 0.0 $ (16.2)
v3.25.2
ORGANIZATION AND BASIS OF PRESENTATION
 6 Months Ended
Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
ORGANIZATION AND BASIS OF PRESENTATION ORGANIZATION AND BASIS OF PRESENTATION
Cboe Global Markets, Inc., the world’s leading derivatives and securities exchange network, delivers cutting-edge trading, clearing and investment solutions to people around the world. Cboe provides trading solutions and products in multiple asset classes, including equities, derivatives, and FX, across North America, Europe, and Asia Pacific. Above all, the Company is committed to building a trusted, inclusive global marketplace that enables people to pursue a sustainable financial future.
Cboe’s subsidiaries include the largest options exchange and the third largest equities exchange operator in the U.S. In addition, the Company operates Cboe Europe, one of the largest equities exchanges by value traded in Europe, and owns Cboe Clear Europe, a leading pan-European equities and derivatives clearinghouse, BIDS Holdings, which owns a leading block-trading ATS by volume in the U.S., and provides block-trading services with Cboe market operators in Europe, Canada, and Japan, Cboe Australia, an operator of trading venues in Australia, Cboe Japan, an operator of trading venues in Japan, Cboe Clear U.S., an operator of a regulated clearinghouse, and Cboe Canada, a recognized Canadian securities exchange. Cboe subsidiaries also serve collectively as a leading market globally for exchange-traded products (“ETPs”) listings and trading.
The Company is headquartered in Chicago with offices in Amsterdam, Belfast, Hong Kong, Kansas City, London, Manila, New York, San Francisco, Sarasota Springs, Singapore, Sydney, Tokyo, and Toronto.
Basis of Presentation
These interim unaudited condensed consolidated financial statements have been prepared in accordance with GAAP as established by the FASB for interim financial information and with the instructions to Form 10-Q and should be read in conjunction with the consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. The results of operations for interim periods are not necessarily indicative of the results of operations for the full year.
The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities, and reported amounts of revenues and expenses. On an ongoing basis, management evaluates its estimates based upon historical experience, observation of trends, information available from outside sources, and various other assumptions that management believes to be reasonable under the circumstances. Actual results may differ from these estimates under different conditions or assumptions.
In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation of financial position, results of operations, and cash flows at the dates and for the periods presented have been included.
Segment Information
The Company previously operated as six reportable business segments as of December 31, 2024. As of January 1, 2025, the Company operates five reportable business segments: Options, North American Equities, Europe and Asia Pacific, Futures, and Global FX, which is reflective of how the Company's Chief Operating Decision Maker (“CODM”) reviews and operates the business.
On April 25, 2024, the Company announced plans to refocus the digital asset business to leverage its core strengths in derivatives, technology, and product innovation. Effective May 31, 2024, the Cboe Digital spot market (“Cboe Digital spot market”) closed for all participant and trading purposes. The Company has brought Cboe Clear U.S. (formerly, Cboe Clear Digital) under unified leadership with the Global Head of Clearing and continues to facilitate the clearing of cash-settled margin Bitcoin and Ether futures contracts. The Company retained and presented Digital as a reportable segment through December 31, 2024. As of January 1, 2025, the Company prospectively reorganized the Digital operating segment results into the Futures reporting segment as the Company expected to transition its cash-settled margin Bitcoin and Ether futures contracts, formerly available for trading on the Cboe Digital Exchange to CFE, which was completed on June 9, 2025. Cboe Digital Exchange no longer lists or trades any products. Comparative-period results have been presented for historical purposes but have not been recast as the historic results of the Digital segment were not material, nor do they materially impact the financial results, trends, or forecasts of the Futures segment. As a result, for the three and six months ended June 30, 2025, operating results included within the Digital operating segment are presented within the Futures reporting segment. See Note 14 (“Segment Reporting”) for more information.
Update to Significant Accounting Policies
There have been no new or material changes to the significant accounting policies discussed for the Company for the periods presented, that are of significance, or potential significance, to the Company.
Recent Accounting Pronouncements – Adopted
In December 2023, the FASB issued ASU 2023-08, Intangibles – Goodwill and Other – Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets. This ASU addresses the accounting and disclosure requirements for certain crypto assets and requires entities to subsequently measure certain crypto assets at fair value, with changes in fair value recorded in earnings in each reporting period. In addition, entities are required to provide additional disclosures about the holdings of certain crypto assets. For public entities, the update is effective for fiscal years and interim periods within those fiscal years, beginning after December 15, 2024. The Company adopted the update for the condensed consolidated financial statements issued for the three and six month periods ended June 30, 2025, and it does not have a material impact on the condensed consolidated financial statements as the Company does not hold a material amount of crypto assets.
On January 23, 2025, the SEC issued Staff Accounting Bulletin 122 (“SAB 122”), which rescinds the interpretive guidance included in the Staff Accounting Bulletin 121 (“SAB 121”). SAB 121, issued March 31, 2022, provided interpretive guidance from the SEC regarding the accounting for obligations to safeguard digital assets that an entity holds on behalf of customers. For public entities, SAB 122 is effective on a fully retrospective basis in annual periods beginning after December 15, 2024. Additionally, SAB 122 was codified by the FASB in March 2025, under ASU 2025-02, Liabilities (405): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 122. The Company has early adopted the guidance for the condensed consolidated financial statements issued for the three and six month periods ended June 30, 2025 and, therefore, no longer discloses safeguarded digital assets within Note 8 (“Goodwill, Intangible Assets, Net, and Digital Assets Held”), Note 13 (“Fair Value Measurement”), and the condensed consolidated balance sheets. The adoption had no material impact on the previously reported condensed consolidated financial statements as the Company liquidated all digital assets held on behalf of customers in the third quarter of 2024.
There were no other applicable material accounting pronouncements that have been adopted during the three and six month periods ended June 30, 2025.
Recent Accounting Pronouncements - Issued, not yet Adopted
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This ASU addresses investor requests for more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. For public entities, the update is effective for fiscal years beginning after December 15, 2024. The Company expects to adopt the update for the annual financial statements issued for the year ending December 31, 2025 and does not anticipate a material impact to the consolidated financial statements.
On March 6, 2024, the SEC adopted new climate disclosure rules, which requires companies to publish information that describes the climate-related risks that are reasonably likely to have a material impact on a company’s business or consolidated financial statements. The final rules would require companies to disclose material climate-related risks, activities to mitigate or adapt to such risks, information about the companies’ board of directors’ oversight of climate-related risks and management’s role in managing climate-related risks, and information on any climate-related targets or goals that are material to the companies’ business, results of operations or financial condition. On March 15, 2024, the U.S. Court of Appeals for the Fifth Circuit granted an administrative stay of the SEC’s final Climate Disclosure Rules, in response to legal challenges unaffiliated with the Company. On February 11, 2025, the acting Chairman of the SEC directed the SEC staff to notify the court of changed circumstances and requested the Court not schedule the case for argument. On March 27, 2025, the SEC voted to end its defense of its climate disclosure rules. On April 24, 2025, the U.S. Court of Appeals for the Eighth Circuit (the “Court”) granted an order to hold in abeyance the cases regarding the validity of the SEC's final Climate Disclosure Rules. On July 23, 2025, the SEC replied to the Court’s request for a status report. The SEC informed the Court that it does not intend to review or reconsider the climate disclosure rules at this time and requests that the Court decide the case as briefed. The Company will continue to monitor updates to the climate disclosure rules and potential impacts on the condensed consolidated financial statements.
In November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. This ASU requires disaggregated disclosure of certain income statement expenses for public entities. For public entities, the update is effective for fiscal years beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. The Company expects to adopt the update for the annual financial statements issued for the year ending December 31, 2027, and is currently reviewing the impact that the adoption of ASU 2024-03 may have on the consolidated financial statement disclosures.
There were no other recent applicable material accounting pronouncements that have been issued, but not yet adopted as of June 30, 2025.
v3.25.2
REVENUE RECOGNITION
 6 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
REVENUE RECOGNITION REVENUE RECOGNITION
The Company presents three financial statement revenue captions within its condensed consolidated statements of income that reflect the Company’s diversified products, expansive geographical reach, and overall business strategy. Below is a summary of the Company’s financial statement revenue captions:
Revenues
•Cash and spot markets – includes associated transaction and clearing fees, the portion of market data fees relating to associated U.S. tape plan market data fees, associated regulatory fees, and associated other revenue from Cboe’s North American Equities, Europe and Asia Pacific, and Global FX segments.
•Data Vantage – includes access and capacity fees, proprietary market data fees, and associated other revenue across Cboe’s five segments.
•Derivatives markets – includes associated transaction and clearing fees, the portion of market data fees relating to associated U.S. tape plan market data fees, associated regulatory fees, and associated other revenue from Cboe’s Options, Futures, and Europe and Asia Pacific segments.
The Company’s main types of revenue contracts consist of the following, which are disaggregated from the condensed consolidated statements of income.
•Transaction and clearing fees – Transaction fees represent fees charged by the Company for meeting the point-in-time performance obligation of executing a trade on its markets. These fees can be variable based on trade volume tiered discounts; however, as all tiered discounts are calculated monthly, the actual discount is recorded on a monthly basis. Transaction fees are recognized across all segments. Clearing fees, which include settlement fees, represent fees charged by the Company for meeting the point-in-time performance obligation for transactions cleared and settled by Cboe Clear Europe and Cboe Clear U.S. Clearing fees can be variable based on trade volume tiered discounts; however, as all tiered discounts are calculated monthly, the actual discount is recorded on a monthly basis. Clearing fees attributable to Cboe Clear Europe are recognized in the Europe and Asia Pacific segment, and clearing fees attributable to Cboe Clear U.S. are recognized in the Futures segment. Transaction and clearing fees, as well as any tiered volume discounts, are calculated and billed monthly in accordance with the Company’s published fee schedules.
•Access and capacity fees – Access and capacity fees represent fees assessed for the opportunity to trade, including fees for trading-related functionality across all segments, terminal and other equipment rights, maintenance services, trading floor space and telecommunications services. Facilities, systems services and other fees are generally monthly fee-based. These fees are billed monthly in accordance with the Company’s published fee schedules and recognized on a monthly basis when the performance obligations are met. All access and capacity fees associated with the trading floor are recognized over time in the Options segment, as the performance obligations are met.
•Market data fees – Market data fees represent the fees received by the Company from the U.S. tape plans and fees charged to customers for proprietary market data. Fees from the U.S. tape plans are recognized monthly based on published fee schedules and distributed quarterly to the Exchanges based on a known formula. A contract for proprietary market data is entered into and charged on a monthly basis in accordance with the Company’s published fee schedules as the service is provided. Proprietary market data also includes revenue from various licensing agreements. Both types of market data are satisfied over time, and revenue is recognized on a monthly basis as the customer receives and consumes the benefit as the Company provides the data to meet its performance obligation. U.S. tape plan market data is recognized in the North American Equities and Options segments. Proprietary market data fees are recognized across all segments.
•Regulatory fees – There are two types of regulatory fees that the Company recognizes. The first type represents fees collected by the Company to cover the Section 31 fees charged to the Exchanges by the SEC for meeting the point-in-time performance obligation of executing a trade on its markets. The fees charged to customers are based on the fee set by the SEC per notional value of U.S. Equities exchange transactions and per round turn of Options transactions executed on the Company’s U.S. securities markets. These fees are calculated and billed monthly and are recognized in the North American Equities and Options segments. As the Exchanges are responsible for the ultimate payment to the SEC, the Exchanges are considered the principal in these transactions. Regulatory fees also include the options regulatory fee (“ORF”) which supports the Company’s regulatory oversight function in the
Options segment, along with other miscellaneous regulatory fees, and neither can be used for non-regulatory purposes. The ORF and miscellaneous fees are recognized when the performance obligation is fulfilled.
•Other revenue – Other revenue primarily includes interest income from investments (including from investments of interoperability fund deposits) from clearing operations, all fees related to the trade reporting facility operated in the Europe and Asia Pacific segment, listing fees, and revenue associated with advertisements through the Company’s websites.
All revenue recognized in the condensed consolidated statements of income is considered to be revenue from contracts with customers, with the exception of interest income from clearing operations. The following table depicts the disaggregated revenue contract types listed above within each respective financial statement caption in the condensed consolidated statements of income (in millions):
Cash and Spot
Markets		Data VantageDerivatives
Markets		Total
Three Months Ended June 30, 2025
Transaction and clearing fees$375.1 $— $492.6 $867.7 
Access and capacity fees— 101.2 — 101.2 
Market data fees17.0 56.4 9.0 82.4 
Regulatory fees71.3 — 25.5 96.8 
Other revenue24.2 0.7 0.5 25.4 
$487.6 $158.3 $527.6 $1,173.5 
Cash and Spot
Markets		Data VantageDerivatives
Markets		Total
Three Months Ended June 30, 2024
Transaction and clearing fees$283.6 $— $414.0 $697.6 
Access and capacity fees— 90.5 — 90.5 
Market data fees14.6 50.9 8.2 73.7 
Regulatory fees63.2 — 22.7 85.9 
Other revenue25.0 0.7 0.6 26.3 
$386.4 $142.1 $445.5 $974.0 
Cash and Spot
Markets		Data VantageDerivatives
Markets		Total
Six Months Ended June 30, 2025
Transaction and clearing fees$716.1 $— $984.2 $1,700.3 
Access and capacity fees— 199.0 — 199.0 
Market data fees32.7 110.4 17.1 160.2 
Regulatory fees192.0 — 66.6 258.6 
Other revenue47.7 1.4 1.3 50.4 
$988.5 $310.8 $1,069.2 $2,368.5 
Cash and Spot
Markets		Data VantageDerivatives
Markets		Total
Six Months Ended June 30, 2024
Transaction and clearing fees$588.8 $— $827.3 $1,416.1 
Access and capacity fees— 180.6 — 180.6 
Market data fees30.6 100.2 14.9 145.7 
Regulatory fees98.1 — 38.0 136.1 
Other revenue49.8 1.5 1.4 52.7 
$767.3 $282.3 $881.6 $1,931.2 
The following table depicts the disaggregation of revenue according to segment (in millions):
OptionsNorth
American
Equities 		Europe
and Asia
Pacific		FuturesGlobal FXDigital (1)Total
Three Months Ended June 30, 2025
Transaction and clearing fees$468.3 $300.2 $54.0 $24.3 $20.9 $— $867.7 
Access and capacity fees45.3 35.6 11.9 5.7 2.7 — 101.2 
Market data fees35.6 32.8 11.1 2.4 0.5 — 82.4 
Regulatory fees25.4 71.3 — 0.1 — — 96.8 
Other revenue1.2 1.9 22.0 — 0.3 — 25.4 
$575.8 $441.8 $99.0 $32.5 $24.4 $— $1,173.5 
Timing of revenue recognition
Services transferred at a point in time$494.9 $373.4 $76.0 $24.4 $21.2 $— $989.9 
Services transferred over time80.9 68.4 23.0 8.1 3.2 — 183.6 
$575.8 $441.8 $99.0 $32.5 $24.4 $— $1,173.5 
Three Months Ended June 30, 2024
Transaction and clearing fees$385.9 $227.2 $38.9 $28.1 $17.1 $0.4 $697.6 
Access and capacity fees41.6 30.6 10.0 5.5 2.8 — 90.5 
Market data fees31.0 30.3 9.8 2.2 0.4 — 73.7 
Regulatory fees22.6 63.2 — 0.1 — — 85.9 
Other revenue1.2 2.0 22.9 — 0.2 — 26.3 
$482.3 $353.3 $81.6 $35.9 $20.5 $0.4 $974.0 
Timing of revenue recognition
Services transferred at a point in time$409.7 $292.4 $61.8 $28.2 $17.3 $0.4 $809.8 
Services transferred over time72.6 60.9 19.8 7.7 3.2 — 164.2 
$482.3 $353.3 $81.6 $35.9 $20.5 $0.4 $974.0 
OptionsNorth
American
Equities		Europe
and Asia
Pacific		FuturesGlobal FXDigital (1)Total
Six Months Ended June 30, 2025
Transaction and clearing fees$932.8 $571.9 $104.8 $51.4 $39.4 $— $1,700.3 
Access and capacity fees89.3 70.1 22.8 11.3 5.5 — 199.0 
Market data fees69.2 63.8 21.4 4.9 0.9 — 160.2 
Regulatory fees66.5 192.0 — 0.1 — — 258.6 
Other revenue2.6 4.1 43.1 0.1 0.5 — 50.4 
$1,160.4 $901.9 $192.1 $67.8 $46.3 $— $2,368.5 
Timing of revenue recognition
Services transferred at a point in time$1,001.9 $768.0 $147.9 $51.6 $39.9 $— $2,009.3 
Services transferred over time158.5 133.9 44.2 16.2 6.4 — 359.2 
$1,160.4 $901.9 $192.1 $67.8 $46.3 $— $2,368.5 
Six Months Ended June 30, 2024
Transaction and clearing fees$775.7 $478.9 $77.7 $51.6 $32.6 $(0.4)$1,416.1 
Access and capacity fees83.3 60.3 20.1 11.2 5.6 0.1 180.6 
Market data fees60.1 61.0 19.5 4.4 0.7 — 145.7 
Regulatory fees37.9 98.1 — 0.1 — — 136.1 
Other revenue2.7 4.6 45.0 — 0.4 — 52.7 
$959.7 $702.9 $162.3 $67.3 $39.3 $(0.3)$1,931.2 
Timing of revenue recognition
Services transferred at a point in time$816.3 $581.6 $122.7 $51.7 $33.0 $(0.4)$1,604.9 
Services transferred over time143.4 121.3 39.6 15.6 6.3 0.1 326.3 
$959.7 $702.9 $162.3 $67.3 $39.3 $(0.3)$1,931.2 
__________________________
(1)The Digital segment results are prospectively included in the Futures segment beginning in the first quarter of 2025. Digital results from the three and six month periods ended June 30, 2024 have been retained in the former Digital segment for comparative purposes. See Note 1 (“Organization and Basis of Presentation”) for additional information.
Contract liabilities as of June 30, 2025 primarily represent prepayments of transaction fees and certain access and capacity and market data fees to the Exchanges. The revenue recognized from contract liabilities and the remaining balance is shown below (in millions):
Balance at
December 31, 2024		Cash
Additions		Revenue
Recognized		Balance at
June 30, 2025
Liquidity provider sliding scale (1)$2.4 $4.8 $(3.6)$3.6 
Other, net (2)4.2 10.5 (7.7)7.0 
Total deferred revenue$6.6 $15.3 $(11.3)$10.6 
___________________________
(1)Liquidity providers are eligible to participate in the sliding scale program, which involves prepayment of transaction fees, and to receive reduced fees based on the achievement of certain volume thresholds within a calendar month. These transaction fees are amortized and recorded ratably as the transactions occur over the period.
(2)Other, net deferred revenue represents cash received for unsatisfied performance obligations of liability classified contract liabilities that have yet to be recognized as revenue in the condensed consolidated statements of income, which include but are not limited to: licensing fees, listing fees, adjustments related to ORF, membership fees, and data subscription fees.
v3.25.2
ACQUISITIONS
 6 Months Ended
Jun. 30, 2025
Business Combination [Abstract]  
ACQUISITIONS ACQUISITIONS
Acquisition-related costs relate to acquisitions and other strategic opportunities. The Company expensed $42.8 thousand and $0.6 million of acquisition-related costs during the three months ended June 30, 2025 and 2024, respectively, primarily related to compensation, professional fees, and other expenses. These acquisition-related expenses are included in acquisition-related costs in the condensed consolidated statements of income.
The Company expensed $0.2 million and $1.2 million of acquisition-related costs during the six months ended June 30, 2025 and 2024, respectively, primarily related to compensation, professional fees, and other expenses. These acquisition-related expenses are included in acquisition-related costs in the condensed consolidated statements of income.
v3.25.2
INVESTMENTS
 6 Months Ended
Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
INVESTMENTS INVESTMENTS
As of June 30, 2025 and December 31, 2024, the Company’s investments were comprised of the following (in millions):
June 30,
2025		December 31,
2024
Equity method investments:
Investment in 7Ridge Investments 3 LP$317.2 $321.3 
Total equity method investments317.2 321.3 
Other equity investments:
Investment in Japannext Co., Ltd.36.5 36.5 
Investment in Eris Innovations Holdings, LLC9.5 9.5 
Investment in CSD Br5.9 5.9 
Investment in Coin Metrics Inc.4.4 4.4 
Investment in Vest Group Inc.2.9 2.9 
Investment in OCC0.3 0.3 
Other equity investments2.9 2.9 
Total other equity investments62.4 62.4 
Total investments$379.6 $383.7 
Equity Method Investments
The Company’s investment in 7Ridge Investments 3 LP (“7Ridge Fund”), as a limited partner, represents a nonconsolidated variable interest entity (“VIE”). The Company has determined that consolidation of the VIE is not required as the Company is not the primary beneficiary of the 7Ridge Fund, as it does not have controlling financial interest and lacks the ability to unilaterally remove the general partner, 7Ridge Investments 3 GP Limited, direct material strategic decisions, or dissolve the entity (i.e., the Company does not have unilateral substantive “kick-out” or “liquidation” rights).
The Company’s interest in the 7Ridge Fund is equal to the carrying value of the investment as of June 30, 2025, or $317.2 million, which includes periodic capital contributions to the 7Ridge Fund, as well as the Company’s share of 7Ridge Fund’s profit or loss, including gains or losses arising from the fair value measurement of the investment held by the 7Ridge
Fund, which are included in the carrying value of the investment balance. The carrying value of the investment is included in investments within the condensed consolidated balance sheets. The Company’s maximum loss exposure, in the unlikely event that all of the VIE’s assets become worthless, is limited to the carrying value of the Company’s investment.
The Company held an option to acquire Trading Technologies International Inc. (“Trading Technologies”), which is wholly-owned by the 7Ridge Fund. In January 2025, the Company received notification from the 7Ridge Fund that certain performance goals were met and the option became exercisable. The option has been declined by both limited partners of the 7Ridge Fund, and the general partner of the 7Ridge Fund has marketed Trading Technologies for sale. If Trading Technologies is sold, the general partner of the 7Ridge Fund would be entitled to receive a variable portion of the sales proceeds, and the limited partners would be entitled to receive a portion of the sales proceeds in accordance with the investment agreements. The carrying value of the investment balance as of June 30, 2025 includes certain assumptions related to the estimated fair value of Trading Technologies. See Note 23 (“Subsequent Events”) for more information.
Other Equity Investments
The carrying value of other equity investments is included in investments in the condensed consolidated balance sheets. The Company accounts for these investments using the measurement alternative given the absence of readily determinable fair values for the respective investments and due to the Company’s inability to exercise significant influence over the investments based upon the respective ownership interests held.
In the second quarter of 2024, the Company recorded an impairment charge of $16.0 million on its minority investment in Globacap Technology Limited (“Globacap”) based on management’s assessment of the fair value of the investment. The impairment was recorded in other (expense) income, net in the condensed consolidated statements of income.
v3.25.2
PROPERTY AND EQUIPMENT, NET
 6 Months Ended
Jun. 30, 2025
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT, NET PROPERTY AND EQUIPMENT, NET
Property and equipment, net consisted of the following as of June 30, 2025 and December 31, 2024 (in millions):
June 30,
2025		December 31,
2024
Construction in progress$1.8 $3.3 
Furniture, equipment, and leasehold improvements341.6 306.3 
Total property and equipment343.4 309.6 
Less accumulated depreciation(215.5)(191.6)
Property and equipment, net$127.9 $118.0 
Depreciation expense using the straight-line method was $10.2 million and $8.0 million for the three months ended June 30, 2025 and 2024, respectively, and $19.6 million and $16.6 million for the six months ended June 30, 2025 and 2024, respectively.
v3.25.2
CREDIT LOSSES
 6 Months Ended
Jun. 30, 2025
Credit Loss [Abstract]  
CREDIT LOSSES CREDIT LOSSES
Current expected credit losses are estimated for accounts receivable and certain notes receivable.
Accounts receivable represent amounts due from the Company’s member firms. The allowance for accounts receivable credit losses is calculated using an aging schedule.
The allowance for notes receivable credit losses is associated with notes receivable included within other assets, net on the condensed consolidated balance sheets and relates to promissory notes to fund the implementation and operation of the Consolidated Audit Trail (“CAT”), a portion of which notes are expected to be repaid by Consolidated Audit Trail, LLC (“CATLLC”). CAT involves the creation, implementation, and maintenance of an audit trail that is required by Rule 613 under the Securities Exchange Act of 1934 (“Rule 613”), and it strives to enhance regulators’ ability to monitor trading activity in the U.S. national securities markets through a phased implementation. CATLLC is a national market system (“NMS”) plan that was created by self-regulatory organizations that include the Cboe U.S. national securities exchanges, the other U.S. national securities exchanges and FINRA (who collectively are referred to as the “SROs” or “Plan Participants”) to implement and operate the CAT.
On September 6, 2023, the SEC issued an order approving an amendment to the CAT NMS plan to implement a revised funding model (“CAT Funding Model”) for CATLLC to fund the CAT. The approved CAT Funding Model contemplates two categories of CAT fees calculated based on the “executed equivalent shares” of transactions in eligible securities: (i) CAT fees assessed by CATLLC to Industry Members who are CAT Executing Brokers (the brokers responsible for executing each side of the transaction) to recover a portion of historical CAT costs previously paid to CATLLC by the Plan Participants;
and (ii) CAT fees assessed by CATLLC to CAT Executing Brokers and Plan Participants to fund a portion of prospective CAT costs.
Prior to September 3, 2024, the funding of the CAT was solely provided to CATLLC by the Plan Participants in exchange for promissory notes. However, pursuant to the CAT Funding Model, the Plan Participants submitted fee filings on behalf of CATLLC to recover a portion of historical CAT costs incurred prior to 2022, and those filings became effective as of October 1, 2024. CATLLC began remitting funds collected from CAT Executing Brokers of Buyers and Sellers to the Plan Participants in December 2024 to begin paying back a portion of the promissory notes issued by the Plan Participants to fund the CAT prior to January 1, 2022.
Additional CAT fees related to a portion of other historical CAT costs incurred between January 1, 2022 and July 15, 2024 are planned to be introduced at a later time through separate fee filings submitted by the Plan Participants. Portions of promissory notes related to the funding of the implementation and operation of the CAT may not be collectible, including if the SEC finds that the Plan Participants did not satisfy any of the financial accountability milestones.
Pursuant to fee filings submitted by Plan Participants, as of September 3, 2024, CATLLC began assessing transaction-based fees to CAT Executing Brokers of Buyers and Sellers to cover a portion of prospective CAT costs. At the same time, CATLLC also began assessing a transaction-based fee to the respective Plan Participants for the same amount. To continue to fund CATLLC as it transitioned to collecting fees from Industry Members and Plan Participants to cover ongoing CAT costs in accordance with the CAT Funding Model, Plan Participants temporarily issued short-term notes to CATLLC to cover CAT costs that were payable by CATLLC until CATLLC collected sufficient proceeds from the fees to cover those costs. As of January 2025, CATLLC has fully repaid these short-term notes through funds collected from the fees assessed to CAT Executing Brokers and Plan Participants. CATLLC has also used the funds collected to pay CATLLC expenses and has retained excess funds as a reserve per the CAT Funding Model and budget.

The Plan Participants submit prospective fee filings with updated rates approximately every six months to update the transaction fee rates as necessary to cover prospective CAT costs. The Company has no plans to issue short-term notes to CATLLC to fund CAT, but if the Company is no longer able to submit prospective fee filings as a result of ongoing litigation or regulatory developments, the issuance of additional short-term notes to CATLLC to fund the CAT may occur.

The allowance for notes receivable credit losses associated with the CAT is calculated using a methodology that is primarily based on the structure of the notes and various potential outcomes under the CAT Funding Model. See Note 21 (“Commitments, Contingencies, and Guarantees”) for more information.
The following represents the changes in allowance for credit losses during the six months ended June 30, 2025 (in millions):
Allowance for
notes receivable
credit losses		Allowance for
accounts receivable
credit losses		Total
allowance for
credit losses
Balance at December 31, 2024$30.1 $6.6 $36.7 
Current period provision for expected credit losses— 2.2 2.2 
Write-offs charged against the allowance— (0.1)(0.1)
Recoveries collected— — — 
Balance at June 30, 2025$30.1 $8.7 $38.8 
v3.25.2
OTHER ASSETS, NET
 6 Months Ended
Jun. 30, 2025
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
OTHER ASSETS, NET OTHER ASSETS, NET
Other assets, net consisted of the following as of June 30, 2025 and December 31, 2024 (in millions):
June 30,
2025		December 31,
2024
Software development work in progress$12.0 $18.7 
Data processing software146.9 126.4 
Less accumulated depreciation and amortization(104.5)(98.3)
Data processing software, net54.4 46.8 
Other assets (1)109.2 135.9 
Other assets, net$163.6 $182.7 
___________________________
(1)At June 30, 2025 and December 31, 2024, the majority of the balance included notes receivable, net of allowance, and long-term prepaid assets, respectively. As of June 30, 2025 and December 31, 2024, the notes receivable, net balance was $98.7 million and $124.2 million, respectively. See Note 6 (“Credit Losses”) and Note 13 (“Fair Value Measurement”) for more information on the notes receivable, net of allowance, included within other assets, net on the condensed consolidated balance sheets.
Amortization expense related to data processing software was $2.5 million for each of the three months ended June 30, 2025 and 2024, respectively, and $5.0 million for each of the six months ended June 30, 2025 and 2024, respectively.
v3.25.2
GOODWILL, INTANGIBLE ASSETS, NET, AND DIGITAL ASSETS HELD
 6 Months Ended
Jun. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL, INTANGIBLE ASSETS, NET, AND DIGITAL ASSETS HELD GOODWILL, INTANGIBLE ASSETS, NET, AND DIGITAL ASSETS HELD
The following table presents the details of goodwill by segment (in millions):
OptionsNorth American
Equities		Europe and
Asia Pacific		Global FXTotal
Balance as of December 31, 2024$306.0 $1,990.8 $560.0 $267.4 $3,124.2 
Changes in foreign currency exchange rates— 8.0 23.7 — 31.7 
Balance as of June 30, 2025$306.0 $1,998.8 $583.7 $267.4 $3,155.9 
Goodwill has been allocated to specific reporting units for purposes of impairment testing - Options, North American Equities, Europe and Asia Pacific, and Global FX. No goodwill has been allocated to the Futures segment. Goodwill impairment testing is performed annually in the fiscal fourth quarter or more frequently if conditions exist that indicate that the asset may be impaired.
The following table presents the details of the intangible assets by segment (in millions):
OptionsNorth American
Equities		Europe and
Asia Pacific		Global FXTotal
Balance as of December 31, 2024$126.4 $879.6 $326.7 $44.2 $1,376.9 
Sales— (0.3)— — (0.3)
Amortization(3.2)(20.2)(7.3)(4.9)(35.6)
Changes in foreign currency exchange rates— 3.6 28.7 — 32.3 
Impairment— — (17.1)— (17.1)
Balance as of June 30, 2025$123.2 $862.7 $331.0 $39.3 $1,356.2 
Following the April 2024 announcement of the Cboe Digital spot market wind down and unwinding of the minority ownership structure in the holding company parent of the Cboe Digital entities, the Company performed an interim impairment test for the intangible assets recognized in the Digital reporting unit as the announcement was considered a potential indication of impairment. The Company concluded that the carrying value of the trading registrations and licenses and technology exceeded their estimated fair value, as their projected future cash flows, subsequent to the decision to wind down the business, did not support their valuation, and recorded an impairment charge of $81.0 million in the condensed consolidated statements of income during the three and six months ended June 30, 2024.
In the second quarter of 2025, Cboe Japan experienced declines in its market share as a result of increased market competition. The decline in market share was evaluated as a potential indication of impairment and the Company performed an interim impairment test for the long-lived intangible assets recognized in the Europe and Asia Pacific reporting unit. The Company concluded that the carrying value of Cboe Japan’s customer relationships long-lived intangible assets exceeded
their estimated fair value, as their projected future cash flows did not support their valuation, and recorded an impairment charge of $17.1 million in the condensed consolidated statements of income for the three and six months ended June 30, 2025. The Company also evaluated the indefinite-lived intangible assets and goodwill of the Europe and Asia Pacific reporting unit and, based on the results of the assessments, determined there was no additional impairment required as the fair values exceeded the carrying values, respectively.

For the three and six months ended June 30, 2025 and 2024, amortization expense was $17.2 million and $21.3 million, and $35.6 million and $47.5 million, respectively. The estimated future amortization expense is $34.5 million for the remainder of 2025, $63.0 million for 2026, $56.1 million for 2027, $50.4 million for 2028, and $45.8 million for 2029.
Intangible assets have been allocated to specific reporting units for purposes of impairment testing - Options, North American Equities, Europe and Asia Pacific, and Global FX. No intangible assets have been allocated to the Futures segment. Intangibles impairment testing is performed annually in the fiscal fourth quarter or more frequently if conditions exist that indicate that the asset may be impaired. The following tables present the categories of intangible assets by segment as of June 30, 2025 and December 31, 2024 (in millions, except as stated):
June 30, 2025Weighted
Average
Amortization
Period (in years)
OptionsNorth
American
Equities		Europe
and Asia
Pacific		Global FX
Trading registrations and licenses$95.5 $605.0 $224.3 $— Indefinite
Customer relationships46.6 412.4 207.1 140.0 13
Market data customer relationships53.6 322.0 66.2 64.4 7
Technology28.1 56.3 36.1 22.5 6
Trademarks and trade names12.9 8.2 2.6 1.2 5
Digital assets held— 1.1 — — Indefinite
Accumulated amortization(113.5)(542.3)(205.3)(188.8)
$123.2 $862.7 $331.0 $39.3 
December 31, 2024Weighted
Average
Amortization
Period (in years)
OptionsNorth
American
Equities		Europe
and Asia
Pacific		Global FX
Trading registrations and licenses$95.5 $603.4 $205.2 $— Indefinite
Customer relationships46.6 409.7 209.2 140.0 14
Market data customer relationships53.6 322.0 60.8 64.4 7
Technology28.1 55.5 33.6 22.5 7
Trademarks and trade names12.9 8.1 2.3 1.2 5
Digital assets held— 1.2 — — Indefinite
Accumulated amortization(110.3)(520.3)(184.4)(183.9)
$126.4 $879.6 $326.7 $44.2 
In October 2022, the Company, through its wholly-owned subsidiary Cboe Netherlands Services Company B.V., entered into a Data Provider Agreement with Pyth Data Association (“Pyth”) to create a data feed and begin publishing limited derived equities market data for certain symbols from one of its four U.S. equities exchanges (BZX, BYX, EDGX, and EDGA, collectively, the “Cboe U.S. equity exchanges”) on the Pyth Network, a decentralized financial market data distribution platform for aggregated data. In exchange, Pyth granted Cboe Netherlands Services Company B.V. 16,666,666 restricted PYTH tokens which unlock annually over a four-year period in equal tranches; the first and second 25% tranches of PYTH tokens unlocked in May 2024 and 2025, respectively. The PYTH tokens, which are included within intangible assets, net in the condensed consolidated balance sheets, are carried at their historical value of $0.06 per token and are reviewed each reporting period for potential impairment.
In May 2024, the Company recorded $1.0 million in market data fees revenue on the condensed consolidated statements of income, which represents the historical value of the grant of 16,666,666 restricted PYTH tokens earned for satisfying the performance obligations outlined in the Data Provider Agreement. The Company has earned additional PYTH tokens by continuing to provide data to the Pyth Network through various Pyth Reward Programs that have run since May 2023. During the three and six months ended June 30, 2025, the Company sold 3.0 million and 4.2 million PYTH tokens, respectively, and recognized a $0.3 million and $0.6 million gain, respectively. Through June 30, 2025, the Company earned approximately 740,000 additional PYTH tokens via the Pyth Reward Programs. The Company recorded additional intangible assets and revenue based on the token's fair value when earned.
v3.25.2
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES
 6 Months Ended
Jun. 30, 2025
Payables and Accruals [Abstract]  
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES ACCOUNTS PAYABLE AND ACCRUED LIABILITIES
Accounts payable and accrued liabilities consisted of the following as of June 30, 2025 and December 31, 2024 (in millions):
June 30,
2025		December 31,
2024
Compensation and benefit-related liabilities$59.3 $89.8 
Royalties49.9 44.4 
Accrued liabilities63.3 74.4 
Current operating lease liabilities25.0 19.9 
Rebates payable101.1 93.5 
Marketing fee payable15.9 19.7 
Current unrecognized tax benefits130.2 0.1 
Accounts payable22.6 17.9 
Total accounts payable and accrued liabilities$467.3 $359.7 
v3.25.2
DEBT
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
DEBT DEBT
The Company’s debt consisted of the following as of June 30, 2025 and December 31, 2024 (in millions):
June 30,
2025		December 31,
2024
$650 million fixed rate Senior Notes due January 2027, stated rate of 3.650%
$649.0 $648.6 
$500 million fixed rate Senior Notes due December 2030, stated rate of 1.625%
495.9 495.5 
$300 million fixed rate Senior Notes due March 2032, stated rate of 3.000%
297.1 296.9 
Revolving Credit Agreement— — 
Cboe Clear Europe Credit Facility— — 
Total debt$1,442.0 $1,441.0 
Senior Notes
On January 12, 2017, the Company entered into an indenture (the “Indenture”), by and between the Company and Computershare Trust Company, N.A. (as successor to Wells Fargo Bank, National Association), as trustee, in connection with the issuance of $650 million aggregate principal amount of the Company’s 3.650% Senior Notes due 2027 (“3.650% Senior Notes”). The form and terms of the 3.650% Senior Notes were established pursuant to an Officer’s Certificate, dated as of January 12, 2017, supplementing the Indenture. The Company used a portion of the net proceeds from the 3.650% Senior Notes to fund, in part, the Merger, including the payment of related fees and expenses and the repayment of Bats’ existing indebtedness, and the remainder for general corporate purposes. The 3.650% Senior Notes mature on January 12, 2027 and bear interest at the rate of 3.650% per annum, payable semi-annually in arrears on January 12 and July 12 of each year, commencing July 12, 2017.
On December 15, 2020, the Company issued $500 million aggregate principal amount of 1.625% Senior Notes due 2030 (“1.625% Senior Notes”). The form and terms of the 1.625% Senior Notes were established pursuant to an Officer’s Certificate, dated as of December 15, 2020, supplementing the Indenture. The Company used the net proceeds from the 1.625% Senior Notes to finance the acquisition of BIDS Trading, repay a portion of amounts outstanding under the term loan facility and all outstanding indebtedness under the revolving credit facility and the remainder for general corporate purposes, which may include the financing of future acquisitions or the repayment of other outstanding indebtedness. The 1.625% Senior Notes mature on December 15, 2030 and bear interest at the rate of 1.625% per annum, payable semi-annually in arrears on June 15 and December 15 of each year, commencing June 15, 2021.
On March 16, 2022, the Company issued $300 million aggregate principal amount of 3.000% Senior Notes due 2032 (“3.000% Senior Notes” and, together with the 1.625% Senior Notes and the 3.650% Senior Notes, the “Senior Notes”). The form and terms of the 3.000% Senior Notes were established pursuant to an Officer’s Certificate, dated as of March 16, 2022, supplementing the Indenture. The Company used the net proceeds from the 3.000% Senior Notes, together with cash on hand, and the proceeds of additional borrowings, to partially fund its acquisition of Cboe Digital. The 3.000% Senior Notes mature on March 16, 2032 and bear interest at the rate of 3.000% per annum, payable semi-annually in arrears on March 16 and September 16 of each year, commencing September 16, 2022.
The Senior Notes are unsecured obligations of the Company and rank equally with all of the Company’s other existing and future unsecured, senior indebtedness, but are effectively junior to the Company’s secured indebtedness, to the extent of the value of the assets securing such indebtedness, and will be structurally subordinated to the secured and unsecured indebtedness of the Company’s subsidiaries.
The Company has the option to redeem some or all of the Senior Notes, at any time in whole or from time to time in part, at the redemption prices set forth in the applicable Officer’s Certificate. The Company may also be required to offer to repurchase the Senior Notes upon the occurrence of a Change of Control Triggering Event (as such term is defined in the applicable Officer’s Certificate) at a repurchase price equal to 101 percent of the aggregate principal amount of Senior Notes to be repurchased.
Indenture
Under the Indenture, the Company may issue debt securities, which includes the Senior Notes, at any time and from time to time, in one or more series without limitation on the aggregate principal amount. The Indenture governing the Senior Notes contains customary restrictions, including a limitation that restricts the Company’s ability and the ability of certain of the Company’s subsidiaries to create or incur secured debt. Such Indenture also limits certain sale and leaseback transactions and contains customary events of default. At June 30, 2025, the Company was in compliance with these covenants.
Revolving Credit Agreement
On February 25, 2022, the Company entered into a Second Amended and Restated Credit Agreement (the “Revolving Credit Agreement”), which amended and restated the prior revolving credit agreement.
The Revolving Credit Agreement provides for a senior unsecured $400 million five-year revolving credit facility (the “Revolving Credit Facility”) that includes a $25 million swing line sub-facility. The Company may also, subject to the agreement of the applicable lenders, increase the commitments under the Revolving Credit Facility by up to $200 million, for a total of $600 million. Subject to specified conditions, the Company may designate one or more of its subsidiaries as additional borrowers under the Revolving Credit Agreement provided that the Company guarantees all borrowings and other obligations of any such subsidiaries under the Revolving Credit Agreement. As of June 30, 2025, no subsidiaries were designated as additional borrowers.
Funds borrowed under the Revolving Credit Agreement may be used to fund working capital and for other general corporate purposes, including the making of any acquisitions the Company may pursue in the ordinary course of its business. As of June 30, 2025, no borrowings were outstanding under the Revolving Credit Agreement. Accordingly, at June 30, 2025, $400 million of borrowing capacity was available for the purposes permitted by the Revolving Credit Agreement.
Loans under the Revolving Credit Agreement will bear interest, at the Company’s option, at either (i) the Relevant Rate (defined herein) plus a margin (based on the Company’s public debt ratings) ranging from 0.75 percent per annum to 1.25 percent per annum or (ii) a daily fluctuating rate based on the administrative agent’s prime rate (subject to certain minimums based upon the federal funds effective rate or Term SOFR), which is subject to a 1.00 percent floor, plus a margin (based on the Company’s public debt ratings) ranging from zero percent per annum to 0.25 percent per annum. “Relevant Rate” means with respect to any committed borrowing or swingline borrowing denominated in (a) Dollars, Term SOFR plus a spread adjustment of 0.10 percent per annum, (b) Sterling, SONIA plus a spread adjustment of 0.0326 percent per annum and (c) Euros, EURIBOR, as applicable, provided that each Relevant Rate is subject to a zero percent floor.
Subject to certain conditions stated in the Revolving Credit Agreement, the Company and any subsidiaries designated as additional borrowers may borrow, prepay and reborrow amounts under the Revolving Credit Facility at any time during the term of the Revolving Credit Agreement. The Revolving Credit Agreement will terminate and all amounts owing thereunder will be due and payable on February 25, 2027, unless the commitments are terminated earlier, either at the request of the Company or, if an event of default occurs, by the lenders (or automatically in the case of certain bankruptcy-related events). The Revolving Credit Agreement contains customary representations, warranties, and affirmative and negative covenants for facilities of its type, including financial covenants, events of default and indemnification provisions in favor of the lenders. The negative covenants include restrictions regarding the incurrence of liens, the incurrence of indebtedness by the Company’s subsidiaries, and fundamental changes, subject to certain exceptions in each case. The financial covenants require the Company to meet a quarterly financial test with respect to a minimum consolidated interest coverage ratio of not less than 4.00 to 1.00 and a maximum consolidated leverage ratio of not greater than 3.50 to 1.00; provided that the consolidated leverage ratio may, subject to certain triggering events set forth in the Revolving Credit Agreement, be increased to 4.25 to 1.00 on one occasion and 4.00 to 1.00 on another occasion, in each case, for four consecutive fiscal quarters; provided that, prior to the exercise of the second such financial covenant step-up, the maximum consolidated leverage ratio shall have returned to a level of 3.50 to 1.00 for at least two consecutive fiscal quarters. At June 30, 2025, the Company was in compliance with these covenants and did not exercise financial covenant step-up.
Cboe Clear Europe Credit Facility
On July 1, 2020, Cboe Clear Europe, as borrower, and the Company, as guarantor, entered into a Facility Agreement (as subsequently amended and restated, the “Facility” or “Cboe Clear Europe Credit Facility”) with Bank of America Merrill Lynch International Designated Activity Company, as coordinator, facility agent, lender, sole lead arranger and sole bookrunner, Citibank N.A., as security agent, and certain other lenders named therein. The Facility was amended and restated on July 1, 2021, June 30, 2022, June 29, 2023, June 28, 2024, and June 27, 2025, as described below.
The Facility provides for a €1.20 billion committed syndicated multicurrency revolving and swingline credit facility (i) that is available to be drawn by Cboe Clear Europe towards (a) financing unsettled amounts in connection with the settlement of transactions in securities and other items processed through Cboe Clear Europe’s clearing system and (b) financing any other liability or liquidity requirement that Cboe Clear Europe incurred in the operation of its clearing system and (ii) under which the scheduled interest and fees on borrowings (but not the principal amount of any borrowings) are guaranteed by the Company. Subject to certain conditions, Cboe Clear Europe is able to increase the commitments under the Facility by up to €500 million, to a total of €1.70 billion.
Borrowings under the Facility are secured by cash, eligible government bonds and eligible equity assets deposited by Cboe Clear Europe into secured accounts. In addition, Cboe Clear Europe must ensure that at all times the aggregate of (a) each clearing participant’s contribution to the relevant clearing fund, (b) each clearing participant’s margin amount and (c) any cash equities purchased using the proceeds of the assets described in (a) and (b), less the amount of any such clearing participant contribution, margin amount or cash equities which have been transferred to (or secured in favor of) any provider of settlement or custody services to Cboe Clear Europe, is not less than €500 million.
Borrowings under the Facility’s revolving loans and non-U.S. dollar swingline loans bear interest at the relevant floating base rate plus a margin of 1.60 percent per annum and (subject to certain conditions) borrowings under the Facility’s U.S. dollar swingline loans bear interest at the higher of the relevant agent’s prime commercial lending rate for U.S. dollars and 0.50 percent per annum over the federal funds effective rate. A commitment fee of 0.35 percent per annum is payable on the unused and uncalled amount of the Facility during the availability period.
Subject to certain conditions stated in the Facility, Cboe Clear Europe may borrow, prepay and reborrow amounts under the Facility at any time during the term of the Facility. The Facility will terminate and all amounts owing thereunder will be due and payable on June 26, 2026, unless the commitments are terminated earlier, either at the request of Cboe Clear Europe or, if an event of default occurs, by the Lenders (or automatically in the case of certain bankruptcy-related events).
The Facility contains customary representations, warranties and covenants for facilities of its type, including events of default of the Company and Cboe Clear Europe and indemnification provisions in favor of the Lenders. In particular, the covenants include restrictions regarding the incurrence of liens by Cboe Clear Europe and its subsidiaries, and an event of default will be triggered if Cboe Clear Europe ceases its business, subject to certain exceptions in each case. There is also a requirement for the net worth of (a) the Company (on a consolidated basis) to be no less than $1.75 billion on the date of each drawdown and delivery of compliance certificates and (b) Cboe Clear Europe to be the higher of €30 million and any such amount required for Cboe Clear Europe to meet minimum liquidity regulations under applicable regulation at all times.
As of June 30, 2025, no borrowings were outstanding under the Facility. Accordingly, at June 30, 2025, €1.20 billion of borrowing capacity was available for the purposes permitted by the Facility. At June 30, 2025, the Company and Cboe Clear Europe were in compliance with applicable covenants.
Notes Payments and Contractual Interest
The future expected repayments related to the Senior Notes as of June 30, 2025 are as follows (in millions):
Remainder of 2025$— 
2026— 
2027650.0 
2028— 
2029— 
Thereafter800.0 
Principal amounts repayable1,450.0 
Debt issuance costs(4.6)
Unamortized discounts on notes(3.4)
Total debt outstanding$1,442.0 
Interest, commitment, and other relevant fees, subject to the specific terms of the debt obligation, are recognized as incurred in interest expense in the condensed consolidated statements of income.
Components of interest expense, net recognized in the condensed consolidated statements of income for the three and six months ended June 30, 2025 and 2024 are as follows (in millions):
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Components of interest expense:
Contractual interest$12.3 $12.2 $24.5 $24.6 
Amortization of debt discount and issuance costs0.6 0.6 1.2 1.2 
Interest expense$12.9 $12.8 $25.7 $25.8 
Interest income(11.3)(4.6)(19.7)(8.7)
Interest expense, net$1.6 $8.2 $6.0 $17.1 
v3.25.2
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME, NET
 6 Months Ended
Jun. 30, 2025
Equity [Abstract]  
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME, NET ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME, NET
The following represents the changes in accumulated other comprehensive (loss) income, net by component (in millions):
Foreign Currency
Translation
Adjustment		Post-Retirement
Benefits, Net		Accumulated Other
Comprehensive
 (Loss) Income, Net
Balance at December 31, 2024$(48.6)$0.2 $(48.4)
Other comprehensive income90.8 — 90.8 
Balance at June 30, 2025$42.2 $0.2 $42.4 
v3.25.2
CLEARING OPERATIONS
 6 Months Ended
Jun. 30, 2025
Broker-Dealer [Abstract]  
CLEARING OPERATIONS CLEARING OPERATIONS
Cboe operates two clearinghouses, Cboe Clear Europe and Cboe Clear U.S., each of which acts as a central counterparty that provides clearing and settlement services.
Cboe Clear Europe
Cboe Clear Europe is a European equities central counterparty that provides post-trade services to stock exchanges, MTFs, over-the-counter (“OTC”) equities trades and an equity derivatives exchange. Cboe Clear Europe clears equities from eighteen European markets and the United States, as well as Depositary Receipts, ETFs, and equity-like instruments. In September 2021, Cboe Clear Europe began clearing equity derivatives for ten European markets, initially index futures and options and as of November 2023, single stock options.
In November 2024, Cboe Clear Europe received regulatory approval to offer access to market participants to engage in SFT clearing. Cboe Clear Europe introduced a service for European SFT in cash equities and ETFs, which includes central clearing, settlement and post-trade lifecycle management. This service aims to enhance the current bilateral SFT process between securities lenders and borrowers into a centrally cleared model, with Cboe Clear Europe acting as the counterparty to both sides of each SFT. In March 2025, the first SFT was processed on the Cboe Clear Europe platform.

Cboe Clear Europe only assumes the guarantor role if it has an equal and offsetting claim against a clearing participant. Cboe Clear Europe, with respect to SFT services, utilizes The Bank of New York Mellon Corporation and J.P. Morgan as Tri-Party Collateral Agents for non-cash collateral, central and correspondent banks for the exchange of cash collateral, while Pirum serves as the transmitter of transactions and post-trade lifecycle events on behalf of our mutual clients. For the three months ended June 30, 2025, there have been no events of default for which a liability is required to be recognized in accordance with GAAP.
Cboe Clear Europe Clearing Participant Deposits
Cboe Clear Europe generally requires all clearing participants to deposit collateral to help mitigate Cboe Clear Europe’s exposure to credit risk in the event that a clearing participant fails to meet a financial or contractual obligation.
Margin Deposits
Margin deposits, which are predominantly in the form of cash and cash equivalents, are deposits made by each clearing participant to Cboe Clear Europe to cover some or all of the credit risk of its failure to fulfill its obligations in the trade. Cboe Clear Europe maintains and manages all cash deposits related to margin deposits. Substantially all risks and rewards of cash and cash equivalents margin deposit ownership, including net interest income, belong to Cboe Clear Europe and are recorded in cash and spot markets on the condensed consolidated statements of income. In the event of a default, Cboe Clear Europe can access the defaulting participant’s margin deposits to cover the defaulting participant’s losses. For more information, see “Default and Liquidity Waterfalls” below.
Clearing Funds
The clearing fund mutualizes the risk of default among all clearing participants. Depending on their membership, clearing participants contribute to the cash-equity and/or derivatives segment of the clearing fund. Although the entire clearing fund is available to cover potential losses in the event that the margin deposits and the clearing fund deposits of a defaulting clearing participant are inadequate to fulfill that clearing participant’s outstanding financial obligations, the clearing fund first uses the product class segment of the Clearing Fund in which the defaulting participants were active (see “Default and Liquidity Waterfalls” below). In the event of a default, Cboe Clear Europe is generally required to liquidate the defaulting clearing participant’s open positions. To the extent that the positions remain open, Cboe Clear Europe is required to assume the defaulting clearing participant’s obligations related to the open positions. Clearing participants are required to make contributions to the clearing fund that are proportional to their risk exposure in the form of cash or non-cash contributions, which generally consist of highly liquid securities.
Interoperability Fund
For the cash equity business line, Cboe Clear Europe has entered into interoperable arrangements with two other central counterparties (“CCPs”). Under these arrangements, margin is pledged to and from interoperable CCPs. The interoperability fund consists of collateral provided by clearing participants that is pledged by Cboe Clear Europe to the other interoperable CCPs, to cover margin calls Cboe Clear Europe receives from such interoperable CCPs.
Cboe Clear Europe is able to invest the cash collateral received in the form of interoperability fund deposits from clearing participants in certain investments, typically securities issued by pre-approved sovereign issuers and reverse repurchase agreements with overnight maturities. When investments are made in accordance with Cboe Clear Europe’s investment policy, Cboe Clear Europe receives the amount of investment earnings and pays clearing participants those earnings minus a set basis point cost of collateral. As Cboe Clear Europe is able to direct the investment of the cash interoperability fund deposits received from the clearing participants within the program parameters and receives an economic benefit from those investments, these amounts are included in the margin deposits, clearing funds, and interoperability funds captions in the condensed consolidated balance sheets and the related interest income and expense is recorded in other revenue and other cost of revenue, respectively, on the condensed consolidated statements of income.
Cboe Clear Europe Default and Liquidity Waterfalls
The default waterfall is the priority order in which the capital resources are expected to be utilized in the event of a default where the defaulting clearing participant’s collateral would not be sufficient to cover the cost to liquidate its portfolio. If a default occurs and the defaulting clearing participant’s collateral, including margin deposits and clearing fund deposits, are depleted, then additional capital is utilized in the following order:
•Cboe Clear Europe’s dedicated own resources: The Cboe Clear Europe default waterfall first utilizes its dedicated own resources in two forms and totaling 35-50% of Cboe Clear Europe capital requirements; the ‘first skin in the game’, equal to 25% of Cboe Clear Europe capital requirements before the use of clearing fund contributions described below and the ‘second skin in the game’, an amount between 10-25% of capital requirements as discussed in Note 16 (“Regulatory Capital”).
•Clearing fund: Second, the Cboe Clear Europe default waterfall utilizes traditional CCP risk mutualization, in the event that default losses fully exhaust Cboe Clear Europe’s dedicated own resources amount, whereby contributions applicable to a particular product class are applied first to any loss attributable to that product class.
•Pro rata contributions: Third, if the default losses caused cannot be covered by the first two layers, the non-defaulting clearing participants shall on demand make additional payments to Cboe Clear Europe on a pro rata basis in proportion to the amount of their clearing fund contributions to cover any such remaining losses, which is limited to an amount equal to twice their clearing fund contribution as established under Cboe Clear Europe’s rules and regulations. In this scenario, contributions applicable to a particular product class are first applied to any losses attributable to that product class.
In addition to the default waterfall, the liquidity waterfall is the priority order in which the liquidity resources are expected to be utilized for Cboe Clear Europe’s ordinary course business operations and in situations when additional liquidity resources and liquidity measures may be activated in case of a potential liquidity shortfall. Liquidity, intraday or overnight, is mainly required for securities settlement. In ordinary course business circumstances, liquidity resources include the collateral directly deposited with Cboe Clear Europe, FX swap arrangements, and reverse repurchase agreements, as well as the use of the Facility.
Cboe Clear U.S.
Cboe Clear U.S. (formerly, “Cboe Clear Digital”) is a derivatives clearinghouse and central counterparty that provides clearing and settlement of digital asset derivatives trades, such as cash settled Bitcoin and Ether futures contracts that are available for trading on CFE (and were formerly available for trading on Cboe Digital Exchange). Cboe Clear U.S. is registered as a Derivatives Clearing Organization (“DCO”) regulated by the U.S. Commodity Futures Trading Commission (“CFTC”). As of March 10, 2025, Cboe Clear U.S. surrendered all of its previously held state licenses for operating the Cboe Digital spot market, which is now closed. Cboe Clear U.S.’s registration with the U.S. Treasury Financial Crimes Enforcement Network (“FinCEN”) as a money services business (“MSB”) expired on July 12, 2025.
Cboe Clear U.S. performs a guarantee function whereby Cboe Clear U.S. helps to ensure that the obligations of the transactions it clears are fulfilled. Cboe Clear U.S. attempts to mitigate this risk by performing internal compliance and due diligence procedures as well as implementing internal risk controls. Cboe Clear U.S.'s due diligence procedures include, among other things; review of the corporate information, financial position of clearing members, and risk management reviews, including monitoring of Cboe Clear U.S.'s risk exposure thresholds. A clearing member is required to deposit collateral, which is in the form of cash, for futures products to cover some or all of the credit risk of its failure to fulfill its obligations. As of June 30, 2025, Cboe Clear U.S. held $25.0 million as a clearinghouse contribution to default financial resources, to be utilized in the event a Futures Commission Merchants (“FCM”) clearing member is declared in default. The clearinghouse corporate contribution is considered restricted cash and is included in other current assets on the condensed consolidated balance sheet. As of June 30, 2025, Cboe Clear U.S. does not expect a material loss concerning credit risk on any member participant.
Cboe Clear U.S. Clearing Participant Deposits
Customer Bank Deposits
Cboe Clear U.S. holds cash on behalf of its customers for the purposes of supporting clearing transactions. Customer cash may be invested in approved investments in accordance with its investment policy. Related interest income and expense is recorded in other revenue and other cost of revenue, respectively, on the condensed consolidated statements of income. The Company includes customer cash related to the clearing activity in margin deposits, clearing funds, and interoperability funds, with a corresponding liability, on the condensed consolidated balance sheets.
Margin Deposits, Clearing Funds, and Interoperability Funds
The details of margin deposits, clearing funds, and interoperability funds as of June 30, 2025 and December 31, 2024, are as follows (in millions):
June 30, 2025
Margin DepositsClearing FundsInteroperability FundsTotal
Cboe Clear Europe central bank account$352.3 $14.4 $115.9 $482.6 
Cboe Clear Europe reverse repurchase and other (1)452.7 234.1 499.1 1,185.9 
Cboe Clear U.S. customer bank deposits1.9 — — 1.9 
Total cash margin deposits, clearing funds, and interoperability funds$806.9 $248.5 $615.0 $1,670.4 
June 30, 2025
Margin DepositsClearing FundsInteroperability FundsTotal
Cboe Clear Europe non-cash contributions (2)$854.3 $94.5 $390.4 $1,339.2 
December 31, 2024
Margin DepositsClearing FundsInteroperability FundsTotal
Cboe Clear Europe central bank account$378.4 $173.7 $289.3 $841.4 
Cboe Clear Europe reverse repurchase and other— — — — 
Cboe Clear U.S. customer bank deposits4.1 — — 4.1 
Total cash margin deposits, clearing funds, and interoperability funds$382.5 $173.7 $289.3 $845.5 
December 31, 2024
Margin DepositsClearing FundsInteroperability FundsTotal
Cboe Clear Europe non-cash contributions (2)$691.4 $80.1 $225.9 $997.4 
___________________________
(1)These amounts consist of reverse repurchase transactions with overnight maturities. Reverse repurchase transactions are valued daily and are subject to collateral provisions based on which the counterparty must provide additional collateral if the underlying securities decrease in value, in an amount sufficient to maintain collateralization of at least 102%. Collateral received from the respective counterparties consists of sovereign bonds, consistent with Cboe Clear Europe's investment policy.
(2)These amounts are not reflected in the condensed consolidated balance sheets, as Cboe Clear Europe does not have the ability to sell or repledge the amounts absent a clearing participant default.
v3.25.2
FAIR VALUE MEASUREMENT
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENT FAIR VALUE MEASUREMENT
Fair value is the price that would be received upon the sale of an asset or paid upon the transfer of a liability in an orderly transaction between market participants at the measurement date and in the principal or most advantageous market for that asset or liability. The fair value should be calculated based on assumptions that market participants would use in pricing the asset or liability, not on assumptions specific to the entity. In addition, the fair value of liabilities should include consideration of non-performance risk, including the Company’s own credit risk.
The Company applied FASB Accounting Standards Codification (“ASC”) 820 — Fair Value Measurement, which provides guidance for using fair value to measure assets and liabilities by defining fair value and establishing the framework for measuring fair value. ASC 820 applies to financial and nonfinancial instruments that are measured and reported on a fair value basis. The three-level hierarchy of fair value measurements is based on whether the inputs to those measurements are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. The fair value hierarchy requires the use of observable market data when available and consists of the following levels:
•Level 1—Unadjusted inputs based on quoted markets for identical assets or liabilities.
•Level 2—Observable inputs, either direct or indirect, not including Level 1 measurements, corroborated by market data or based upon quoted prices in non-active markets.
•Level 3—Unobservable inputs that reflect management’s best assumptions of what market participants would use in valuing the asset or liability.
The Company has included a tabular disclosure for financial assets and liabilities that are measured at fair value on a recurring basis in the condensed consolidated balance sheets as of June 30, 2025 and December 31, 2024, respectively.
Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following tables present the Company’s fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis as of June 30, 2025 and December 31, 2024 (in millions):
June 30, 2025
TotalLevel 1Level 2Level 3
Assets:
U.S. Treasury securities (1)$176.6 $176.6 $— $— 
Marketable securities (1):
Mutual funds24.2 24.2 — — 
Money market funds6.8 6.8 — — 
Note receivable - building sale (2)6.4 — — 6.4 
Total assets$214.0 $207.6 $— $6.4 
December 31, 2024
TotalLevel 1Level 2Level 3
Assets:
U.S. Treasury securities (1)$70.0 $70.0 $— $— 
Marketable securities (1):
Mutual funds23.8 23.8 — — 
Money market funds16.5 16.5 — — 
Note receivable - building sale (2)6.2 — — 6.2 
Total assets$116.5 $110.3 $— $6.2 
___________________________
(1)These amounts are reflected within financial investments in the condensed consolidated balance sheets.
(2)This amount is reflected within other assets, net in the condensed consolidated balance sheets.
The following is a description of the Company’s valuation methodologies used for instruments measured at fair value on a recurring basis:
Financial Investments
Financial investments consist of highly liquid U.S. Treasury securities and marketable securities held in a trust for the Company’s non-qualified retirement and benefit plans, also referred to as deferred compensation plan assets. The deferred compensation plan assets have an equal and offsetting deferred compensation plan liability based on the value of the deferred compensation plan assets. These securities are valued by obtaining feeds from a number of live data sources, including active market makers and inter-dealer brokers and therefore categorized as Level 1. No material adjustments were made to the carrying value of financial investments for the period ended June 30, 2025. See Note 15 (“Employee Benefit Plans”) for more information.
Note Receivable – Building Sale
The sale of the Company's former headquarters, including associated land, building, and certain furniture and equipment of the former headquarters location (the “Property”), was completed on June 28, 2024. In connection with the sale, the Company provided seller financing to the purchaser of the Property (the “Purchaser”) in the form of a secured promissory note for a portion of the purchase price of the Property. The total purchase price of the Property was $12.0 million and was comprised of $5.0 million cash and $7.0 million of seller financing. The $7.0 million in seller financing is in the form of a secured promissory note receivable to be repaid with an interest rate of 4.0% per annum, payable quarterly in arrears. The total loan principal shall be repaid to the Company upon the earlier of the following: (a) the second anniversary of the closing date of the sale of the Property or (b) the closing of a sale of the Property by the Purchaser to a third party who is not related to the Purchaser. The Company accrues interest income monthly based on the agreed upon principal amount and interest rate.
The Company has elected the fair value option available under ASC 825 for this note and subsequent changes in fair value are reported in other (expense) income, net on the condensed consolidated statements of income. The fair value is calculated using the initial projected amortization schedule, credit risk assumptions, and implied interest rates for similar instruments. These inputs are considered Level 3 in the fair value hierarchy. The note is within other assets, net on the condensed consolidated balance sheet as of June 30, 2025. The fair value option was not elected for other notes receivable described in Note 7 (“Other Assets, Net”) due to uncertain payment terms and credit and legal risks as described in Note 6 (“Credit Losses”). The note receivable related to the building sale was not 90 days or more past due or in non-accrual status as of June 30, 2025.
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
Certain assets, such as goodwill and intangible assets, are measured at fair value on a non-recurring basis. For goodwill, the process involves using a market approach and income approach (using discounted estimated cash flows) to determine the fair value of each reporting unit on a stand-alone basis. That fair value is compared to the carrying value of the reporting unit, including its recorded goodwill. In connection with the annual impairment evaluation of goodwill and indefinite lived intangibles, impairment is considered to have occurred if the fair value of the reporting unit is lower than the carrying value of the reporting unit. For equity method investments and intangible assets, other than digital assets held, the process also involves using a discounted cash flow method to determine the fair value of each asset. Impairment is considered to have occurred if the fair value of the asset is lower than its carrying value. These measurements are considered Level 3 and these assets are recognized at fair value if they are deemed to be impaired.
Equity investments without readily determinable fair values that are valued using the measurement alternative are measured at fair value on a non-recurring basis. No observable transactions or impairments impacted the measurements of the investments accounted for as other equity investments. See Note 4 (“Investments”) for more information. These measurements are considered Level 3 and these assets are recognized at fair value if they are deemed to be impaired.
Fair Value of Assets and Liabilities
The following tables present the Company’s fair value hierarchy for certain assets and liabilities held by the Company as of June 30, 2025 and December 31, 2024 (in millions):
June 30, 2025
Total Level 1 Level 2 Level 3
Assets:
U.S. Treasury securities (1)$176.6 $176.6 $— $— 
Deferred compensation plan assets (1)31.0 31.0 — — 
Note receivable - building sale (2)6.4 — — 6.4 
Total assets$214.0 $207.6 $— $6.4 
Liabilities:
Deferred compensation plan liabilities (3)$31.0 $31.0 $— $— 
Debt (4)1,345.1 — 1,345.1 — 
Total liabilities$1,376.1 $31.0 $1,345.1 $— 
December 31, 2024
TotalLevel 1Level 2Level 3
Assets:
U.S. Treasury securities (1)$70.0 $70.0 $— $— 
Deferred compensation plan assets (1)40.3 40.3 — — 
Note receivable - building sale (2)6.2 — — 6.2 
Total assets$116.5 $110.3 $— $6.2 
Liabilities:
Deferred compensation plan liabilities (3)$40.3 $40.3 $— $— 
Debt (4)1,317.0 — 1,317.0 — 
Total liabilities$1,357.3 $40.3 $1,317.0 $— 
___________________________
(1)These amounts are reflected within financial investments in the condensed consolidated balance sheets.
(2)This amount is reflected within other assets, net in the condensed consolidated balance sheets.
(3)These amounts are reflected within other non-current liabilities in the condensed consolidated balance sheets.
(4)These balances are presented at fair value in this table, but are carried at their historical value within the condensed consolidated balance sheets.
Certain financial assets and liabilities, including cash and cash equivalents, accounts receivable, income tax receivable, accounts payable and Section 31 fees payable, and certain notes receivable are not measured at fair value on a recurring basis, but the carrying values approximate fair value due to their liquid or short-term nature.
Debt
The debt balance consists of fixed rate Senior Notes. The fair values of the Senior Notes are classified as Level 2 under the fair value hierarchy and are estimated using prevailing market quotes.
At June 30, 2025 and December 31, 2024, the fair values of the Company’s debt obligations were as follows (in millions):
June 30, 2025December 31, 2024
3.650% Senior Notes
$644.3 $638.4 
1.625% Senior Notes
431.3 416.2 
3.000% Senior Notes
269.5 262.4 
Information on Level 3 Financial Assets and Liabilities
The following table sets forth a summary of changes in the fair value of the Company’s Level 3 financial assets and liabilities during the three and six months ended June 30, 2025 (in millions):
Level 3 Financial Assets and Liabilities for the Three Months Ended June 30, 2025
Balance at
Beginning of
Period		Gains during
Period		AdjustmentsAdditionsSettlementsForeign
Currency
Translation		Balance at
End of
Period
Assets:
Note receivable - building sale$6.3 $0.1 $— $— $— $— $6.4 
Total assets$6.3 $0.1 $— $— $— $— $6.4 
Level 3 Financial Assets and Liabilities for the Six Months Ended June 30, 2025
Balance at
Beginning of
Period		Gains during
Period		AdjustmentsAdditionsSettlementsForeign
Currency
Translation		Balance at
End of
Period
Assets:
Note receivable - building sale$6.2 $0.2 $— $— $— $— $6.4 
Total assets$6.2 $0.2 $— $— $— $— $6.4 
v3.25.2
SEGMENT REPORTING
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
SEGMENT REPORTING SEGMENT REPORTING
The Company previously operated six reportable business segments as of December 31, 2024. As of January 1, 2025, the Company operates five reportable business segments: Options, North American Equities, Europe and Asia Pacific, Futures, and Global FX, which are further described below and is reflective of how the Company's CODM reviews and operates the business, as discussed in Note 1 (“Organization and Basis of Presentation”). The Company's reportable business segments represent strategic business units that offer different products and services across different geographic areas. The Company's CODM is the chief executive officer. The CODM function is supported by business segment management and leadership personnel who lead the day-to-day operations of each reportable business segment.
Segment performance is primarily evaluated on operating income (loss). The CODM uses segment operating income (loss) to allocate resources (which includes, but is not limited to: employees, financial, or capital resources). The Company's CODM does not assess assets or income and expenses below operating income (loss) at the segment-level as key performance metrics. The Company has aggregated all of its corporate costs, as well as other business ventures, within the Corporate Items and Eliminations totals based on the decision that those activities should not be used to evaluate the operating performance of the segments; however, operating expenses that relate to activities of a specific segment have been allocated to that segment. The Company's CODM primarily reviews operating expenses at the consolidated level for purposes of evaluating actual results versus budgets.
The tables below represent the primary measure of segment performance evaluated by the CODM, as well as additional measures that are regularly provided to the CODM on a segment-level.
Options. The Options segment includes options on market indices (“index options”), as well as on the stocks of individual corporations (“equity options”) and on ETPs such as exchange-traded funds (“ETFs”) and exchange-traded notes (“ETNs”), which are “multi-listed” options and listed on a non-exclusive basis. These options are eligible to trade, as applicable, on Cboe Options, C2, BZX, EDGX, and/or other U.S. national security exchanges. Cboe Options is the Company’s primary options market and offers trading in listed options through a single system that integrates electronic trading and traditional open outcry trading on the Cboe Options trading floor in Chicago. C2 Options, BZX Options, and EDGX Options are all-electronic options exchanges, and typically operate with different market models and fee structures than Cboe Options. The Options segment also includes applicable market data fees revenues generated from the consolidated tape plans, the licensing of proprietary options market data, index licensing, routing services, and access and capacity services.
North American Equities. The North American Equities segment includes U.S. equities and ETP transaction services that occur on fully electronic exchanges owned and operated by BZX, BYX, EDGX, and EDGA, equities transactions that occur on the BIDS Trading platform in the U.S. and Canada, and Canadian equities and other transaction services that occur on or through Cboe Canada’s order books. The North American Equities segment also includes corporate listing services on Cboe Canada, ETP listings on BZX, the Cboe Global Markets, Inc. common stock listing, and applicable market data fees revenues generated from the consolidated tape plans, the licensing of proprietary equities market data, routing services, and access and capacity services.
Europe and Asia Pacific. The Europe and Asia Pacific segment includes the pan-European listed equities and derivatives transaction services, ETPs, including exchange traded funds, exchange traded notes, and exchange traded commodities, and international depository receipts that are hosted on MTFs operated by Cboe Europe Equities (Cboe Europe and Cboe NL equities exchanges) and Cboe Europe Derivatives (“CEDX”). It also includes the ETP listings business on RMs and clearing activities of Cboe Clear Europe, as well as the equities transaction services of Cboe Australia and Cboe Japan, operators of trading venues in Australia and Japan, respectively, along with equities transactions that occur on the BIDS Trading platform in Japan. Cboe Europe operates lit and dark books, a periodic auctions book, a closing cross book, and two BIDS orderbooks; a Large-in-Scale (“LIS”) trading negotiation facility and - predominantly for UK and Swiss symbols - a volume-weighted average price (“VWAP”) trajectory crossing facility. Cboe NL, based in Amsterdam, operates similar business functionality to that offered by Cboe Europe (with the exception of Trajectory Crossing), and provides for trading only in European Economic Area (“EEA”) symbols. Cboe Europe Derivatives, a pan-European derivatives platform, offers futures and options based on Cboe Europe equity indices, and single stock options. Cboe Clear Europe offers the clearing of equity and equity-like instruments for Cboe-operated and other regulated trading venues, the clearing of derivative transactions executed on CEDX, and has recently introduced a service to clear SFT. This segment also includes Cboe Europe, Cboe NL, CEDX, Cboe Australia and Cboe Japan revenue generated from the licensing of proprietary market data and from access and capacity services.
Futures. The Futures segment includes transaction services provided by CFE, a fully electronic futures exchange, which includes offerings for trading VIX futures and other futures products, the licensing of proprietary market data, as well as access and capacity services. As of January 1, 2025, the Futures segment prospectively includes all Digital operating activity, which includes Cboe Digital Exchange, a regulated futures exchange, and Cboe Clear U.S., a regulated clearinghouse, as well as revenue generated from the licensing of proprietary market data and from access and capacity services. The Company completed the migration of the Cboe Digital Exchange futures offerings to CFE on June 9, 2025. Cboe Digital Exchange no longer lists or trades any products.
Comparative-period results have been presented for historical purposes but have not been recast as the historic results of the Digital segment were not material, nor do they materially impact the financial results, trends, or forecasts of the Futures segment. As a result, for the three and six months ended June 30, 2025, operating results included within the Digital operating segment are presented within the Futures reporting segment. See Note 1 (“Organization and Basis of Presentation”) for more information.
Global FX. The Global FX segment includes institutional FX trading services that occur on the Cboe FX fully electronic trading platform, non-deliverable forward FX transactions (“NDFs”) offered for execution on Cboe SEF, as well as revenue generated from the licensing of proprietary market data and from access and capacity services. The segment includes transaction services for U.S. government securities executed on the Cboe Fixed Income fully electronic trading platform.
Summarized financial data of reportable segments were as follows (in millions):
Three Months Ended June 30,
2025
OptionsNorth American EquitiesEurope and Asia PacificFuturesGlobal FXDigital (e)Corporate Items and EliminationsTotal
Revenues$575.8 $441.8 $99.0 $32.5 $24.4 $— $— $1,173.5 
Cost of revenues211.0 343.4 28.6 2.4 0.8 — — 586.2 
Revenues less cost of revenues364.8 98.4 70.4 30.1 23.6 — — 587.3 
Depreciation and amortization7.0 11.5 8.1 0.5 2.7 — 0.1 29.9 
Other segment operating expenses (a)97.9 39.6 57.5 12.5 8.4 — 2.4 218.3 
Operating income (loss)$259.9 $47.3 $4.8 $17.1 $12.5 $— $(2.5)$339.1 
Non-operating (expenses) income:
Interest expense (b)$— $— $(2.0)$— $— $— $(10.9)$(12.9)
Interest income (b)0.2 0.9 1.0 0.6 0.1 — 8.5 11.3 
Earnings (loss) on investments, net (b)— 0.3 — — — — (1.4)(1.1)
Other (expense) income, net (b)(1.4)(0.6)(0.1)— — — 0.3 (1.8)
Income (loss) before income tax provision258.7 47.9 3.7 17.7 12.6 — (6.0)334.6 
Income tax provision (c)— 0.8 1.0 — — — 97.7 99.5 
Net income (loss) (d)$258.7 $47.1 $2.7 $17.7 $12.6 $— $(103.7)$235.1 
Three Months Ended June 30,
2024
OptionsNorth American EquitiesEurope and Asia PacificFuturesGlobal FXDigital (e)Corporate Items and EliminationsTotal
Revenues$482.3 $353.3 $81.6 $35.9 $20.5 $0.4 $— $974.0 
Cost of revenues175.6 255.0 27.3 1.1 0.7 0.5 — 460.2 
Revenues less cost of revenues306.7 98.3 54.3 34.8 19.8 (0.1)— 513.8 
Depreciation and amortization6.4 14.3 6.6 0.6 3.2 0.7 — 31.8 
Other segment operating expenses (a)84.7 38.7 38.5 7.9 7.4 89.5 5.2 271.9 
Operating income (loss)$215.6 $45.3 $9.2 $26.3 $9.2 $(90.3)$(5.2)$210.1 
Non-operating (expenses) income:
Interest expense (b)$— $— $(1.9)$— $— $— $(10.9)$(12.8)
Interest income (b)— 0.5 1.0 — — 1.1 2.0 4.6 
Earnings on investments, net (b)— — — — — — 14.2 14.2 
Other income (expense), net (b)1.0 0.1 (0.2)— — 1.0 (15.0)(13.1)
Income (loss) before income tax provision (benefit)216.6 45.9 8.1 26.3 9.2 (88.2)(14.9)203.0 
Income tax provision (benefit) (c)— 0.9 (1.9)— — — 63.6 62.6 
Net income (loss) (d)$216.6 $45.0 $10.0 $26.3 $9.2 $(88.2)$(78.5)$140.4 
Summarized financial data of reportable segments were as follows (in millions) (continued from previous page):
Six Months Ended June 30,
2025
OptionsNorth American EquitiesEurope and Asia PacificFuturesGlobal FXDigital (e)Corporate Items and EliminationsTotal
Revenues$1,160.4 $901.9 $192.1 $67.8 $46.3 $— $— $2,368.5 
Cost of revenues443.2 708.9 57.6 4.9 1.4 — — 1,216.0 
Revenues less cost of revenues717.2 193.0 134.5 62.9 44.9 — — 1,152.5 
Depreciation and amortization13.9 23.5 16.0 1.1 5.6 — 0.1 60.2 
Other segment operating expenses (a)185.5 77.8 91.7 24.1 16.5 — 3.7 399.3 
Operating income (loss)$517.8 $91.7 $26.8 $37.7 $22.8 $— $(3.8)$693.0 
Non-operating (expenses) income:
Interest expense (b)$— $— $(3.8)$— $— $— $(21.9)$(25.7)
Interest income (b)0.4 1.6 2.1 1.2 0.1 — 14.3 19.7 
Earnings (loss) on investments, net (b)— 0.6 — — — — (5.0)(4.4)
Other (expense) income, net (b)(1.4)(1.2)(0.3)— 0.2 — 4.9 2.2 
Income (loss) before income tax provision (benefit)516.8 92.7 24.8 38.9 23.1 — (11.5)684.8 
Income tax provision (benefit) (c)0.1 1.7 1.0 — (0.1)— 196.4 199.1 
Net income (loss) (d)$516.7 $91.0 $23.8 $38.9 $23.2 $— $(207.9)$485.7 
Six Months Ended June 30,
2024
OptionsNorth American EquitiesEurope and Asia PacificFuturesGlobal FXDigital (e)Corporate Items and EliminationsTotal
Revenues$959.7 $702.9 $162.3 $67.3 $39.3 $(0.3)$— $1,931.2 
Cost of revenues345.6 512.0 53.9 2.0 1.1 0.7 — 915.3 
Revenues less cost of revenues614.1 190.9 108.4 65.3 38.2 (1.0)— 1,015.9 
Depreciation and amortization13.5 30.1 14.5 1.2 7.3 2.5 — 69.1 
Other segment operating expenses (a)168.2 77.5 74.5 15.7 15.1 97.0 6.3 454.3 
Operating income (loss)$432.4 $83.3 $19.4 $48.4 $15.8 $(100.5)$(6.3)$492.5 
Non-operating income (expenses):
Interest expense (b)$0.1 $— $(4.0)$— $— $— $(21.9)$(25.8)
Interest income (b)— 0.8 1.9 — — 2.2 3.8 8.7 
Earnings on investments, net (b)— — — — — — 28.2 28.2 
Other income (expense), net (b)0.8 0.1 (0.4)— (0.1)1.5 (10.4)(8.5)
Income (loss) before income tax provision (benefit)433.3 84.2 16.9 48.4 15.7 (96.8)(6.6)495.1 
Income tax provision (benefit) (c)— 1.7 (1.6)— — — 145.1 145.2 
Net income (loss) (d)$433.3 $82.5 $18.5 $48.4 $15.7 $(96.8)$(151.7)$349.9 
__________________________________________________________
(a) Other segment operating expenses includes compensation and benefits, technology support services, professional fees and outside services, travel and promotional expenses, facilities costs, acquisition-related costs, impairment of intangible assets, and other expenses. The disaggregation of expenses is not regularly provided to the CODM at the segment-level.
(b) Non-operating (expenses) income at the segment-level is not regularly provided to the CODM, however non-operating (expenses) income is a component of a measure that is regularly provided to the CODM, and therefore have been disclosed separately.
(c) Income tax provision (benefit) at the segment-level is not regularly provided to the CODM, however income tax provision (benefit) is a component of a measure that is regularly provided to the CODM, and therefore has been disclosed separately.
(d) Net income (loss) at the segment-level is not regularly provided to the CODM, however net income (loss) is a component of a measure that is regularly provided to the CODM, and therefore has been disclosed separately.
(e) The Digital segment results are prospectively included in the Futures segment beginning in the first quarter of 2025. Digital results from the three and six month periods ended June 30, 2024 have been retained in the former Digital segment for comparative purposes. See Note 1 (“Organization and Basis of Presentation”) for additional information.
Geographical Information
The following summarizes revenues less cost of revenues based on primary jurisdiction (in millions):
United StatesNon-U.S.Total
Revenues less cost of revenues:
Three months ended June 30, 2025$508.1 $79.2 $587.3 
Three months ended June 30, 2024450.2 63.6 513.8 
United StatesNon-U.S.Total
Revenues less cost of revenues:
Six months ended June 30, 2025$1,000.2 $152.3 $1,152.5 
Six months ended June 30, 2024889.7 126.2 1,015.9 
v3.25.2
EMPLOYEE BENEFIT PLANS
 6 Months Ended
Jun. 30, 2025
Retirement Benefits [Abstract]  
EMPLOYEE BENEFIT PLANS EMPLOYEE BENEFIT PLANS
Eligible U.S. employees are eligible to participate in the Cboe Options SMART Plan (“SMART Plan”). The SMART Plan is a defined contribution plan, which is qualified under Internal Revenue Code Section 401(k). In addition, eligible employees may participate in the Supplemental Executive Retirement Plan and the Deferred Compensation Plan, which are defined contribution plans that are non-qualified under the Internal Revenue Code. Directors may contribute a percentage of their cash and equity compensation to cash and equity deferred compensation plans that are maintained by the Company and defer income taxes thereon. The non-qualified plans' assets, held in a trust, are subject to the claims of general creditors of the Company and totaled $31.0 million and $40.3 million at June 30, 2025, and December 31, 2024, respectively. Although the value of the plans are recorded in financial investments on the condensed consolidated balance sheets, there is an equal and offsetting liability in other non-current liabilities. The investment results of the non-qualified plans have no impact on net income as the investment results are recorded in equal amounts to both compensation and benefits expense and other (expense) income, net in the condensed consolidated statements of income. The Company matches a portion of employee contributions made to the SMART Plan and Supplemental Executive Retirement Plan. The Company contributed $4.7 million and $4.2 million to these plans for the three months ended June 30, 2025, and 2024, respectively, and $8.5 million and $7.9 million for the six months ended June 30, 2025, and 2024 respectively.
Eligible employees outside of the U.S., which includes employees of Cboe Europe, Cboe NL, Cboe Clear Europe, BIDS, Cboe Asia Pacific, and Cboe Canada are eligible to participate in various employee-selected stakeholder contribution plans or plans covered by local jurisdictions or by applicable laws. The Company’s contribution amounted to $1.1 million for each of the three months ended June 30, 2025 and 2024, respectively, and $2.9 million and $2.5 million for the six months ended June 30, 2025, and 2024 respectively. This expense is included in compensation and benefits in the condensed consolidated statements of income.
v3.25.2
REGULATORY CAPITAL
 6 Months Ended
Jun. 30, 2025
REGULATORY CAPITAL [Abstract]  
REGULATORY CAPITAL REGULATORY CAPITAL
As broker-dealers registered with the SEC, Cboe Trading, BIDS Trading, and Cboe Fixed Income are subject to the SEC’s Uniform Net Capital Rule (“Rule 15c3-1”), which requires the maintenance of minimum net capital, as defined therein. The SEC’s requirement also provides that equity capital may not be withdrawn or a cash dividend paid if certain minimum net capital requirements are not met. Cboe Trading, BIDS Trading, and Cboe Fixed Income compute the net capital requirements under the basic method provided for in Rule 15c3-1. As of June 30, 2025, Cboe Trading and BIDS Trading were required to maintain net capital equal to the greater of 6.67% of aggregate indebtedness items, as defined, or $0.1 million. Cboe Fixed Income was required to maintain net capital equal to the greater of 6.67% of aggregate indebtedness items, as defined, or $5.0 thousand.
As entities regulated by the FCA, Cboe Europe is subject to the Financial Resource Requirement (“FRR”) and Cboe Chi-X Europe is subject to the Capital Resources Requirement (“CRR”). As a RIE, Cboe Europe computes its FRR in accordance with its Financial Risk Assessment, as agreed by the FCA. In accordance with the Markets in Financial Instruments Directive of the FCA requirements, Cboe Chi-X Europe computes its CRR as the greater of the base requirement of $0.1 million at June 30, 2025, or the summation of the credit risk, market risk and fixed overheads requirements, as defined.
Cboe NL has approval from the Dutch Ministry of Finance to operate an RM, an MTF, and an approved publication arrangement in the Netherlands. As an RM, Cboe NL is subject to minimum capital requirements, as established by the Dutch Ministry of Finance in the license dated March 8, 2019.
Cboe Clear Europe was granted authorization under European Market Infrastructure Regulation (“EMIR”) by the National Competent Authority, De Nederlandsche Bank (“DNB”). Cboe Clear Europe is required by the EMIR to maintain a minimum amount of capital to reflect an estimate of the capital required to wind down or restructure the activities of the clearinghouse, cover operational, legal, and business risks and to reserve capital to meet credit, counterparty, and market risks not covered by the clearing participants’ collateral and clearing funds.
As a designated contract market regulated by the CFTC, CFE is required to meet two capital adequacy tests: (i) its financial resources must be equal to at least twelve months of its projected operating costs and (ii) its unencumbered, liquid financial assets, which may include a line of credit, must be equal to at least six months of its projected operating costs. The amounts presented below represent the greater of the two capital adequacy requirements.
As a swap execution facility regulated by the CFTC, Cboe SEF is required to meet two capital adequacy tests: (i) its financial resources must exceed at least twelve months of its projected operating costs and (ii) its unencumbered, liquid financial assets must be equal to the greater of: (a) three months of projected operating costs or (b) its projected wind-down costs. The amounts presented below represent the greater of the two capital adequacy requirements.
As a designated contract market regulated by the CFTC, Cboe Digital Exchange is required to meet two capital adequacy tests: (i) its financial resources must be equal to at least twelve months of its projected operating costs and (ii) its unencumbered, liquid financial assets, which may include a line of credit, must be equal to at least six months of its projected operating costs. The amounts presented below represent the greater of the two capital adequacy requirements.
As a derivatives clearing organization regulated by the CFTC, Cboe Clear U.S. is required to meet two capital adequacy tests: (i) its financial resources must be equal to at least twelve months of its projected operating costs and (ii) its unencumbered, liquid financial assets, which may include a line of credit, must be equal to at least six months of its projected operating costs. The amounts presented below represent the greater of the two capital adequacy requirements.
Cboe Canada is regulated by the Ontario Securities Commission (“OSC”). Cboe Canada is required to maintain sufficient financial resources for the proper performance of its functions and to meet its responsibilities, but it has no prescribed minimum capital requirement. Cboe Canada must calculate the following financial ratios monthly: (i) current ratio, (ii) a debt to cash flow ratio, and (iii) a financial leverage ratio. Cboe Canada must report the monthly calculations to the OSC on a quarterly basis.
Cboe Australia is regulated by the Australian Securities and Investments Commission (“ASIC”). Cboe Australia is required to maintain sufficient financial resources to operate the market properly in accordance with Section 794A(d) of the Corporations Act, which Cboe Australia satisfies by maintaining a prudent cash reserve, which must be equal to at least six months of its projected operating expenses.
Cboe Japan is regulated by the Japanese Financial Services Agency (“JFSA”) and the Japan Securities Dealers Association (“JSDA”). Cboe Japan is required to maintain a minimum level of regulatory capital ratio of 120% in accordance with such requirements prescribed by the JFSA and JSDA.
The following table presents the Company’s subsidiaries with regulatory capital requirements discussed above, as well as the actual and minimum regulatory capital requirements of the subsidiary as of June 30, 2025 (in millions):
SubsidiaryRegulatory AuthorityActualMinimum
Requirement
Cboe TradingFINRA/SEC$13.4 $1.0 
BIDS TradingFINRA/SEC6.2 0.2 
Cboe Fixed IncomeFINRA/SEC3.6 0.1 
Cboe EuropeFCA100.3 37.3 
Cboe Chi-X EuropeFCA0.3 0.1 
Cboe NLDutch Authority for Financial Markets17.8 9.9 
Cboe Clear EuropeDNB125.7 77.9 
CFECFTC58.6 42.3 
Cboe SEFCFTC4.4 2.5 
Cboe Digital ExchangeCFTC27.0 0.2 
Cboe Clear U.S.CFTC38.6 12.0 
Cboe AustraliaASIC14.9 5.2 
Cboe JapanJFSA11.2 4.6 
v3.25.2
STOCK-BASED COMPENSATION
 6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
STOCK-BASED COMPENSATION STOCK-BASED COMPENSATION
Stock-based compensation is based on the fair value of the award on the date of grant, which is recognized over the related service period, net of actual forfeitures. The service period is the period over which the related service is performed, which is generally the same as the vesting period. Vesting of certain awards may be accelerated for certain officers and employees as a result of attaining certain age and service-based requirements in the Company’s long-term incentive plan and award agreements.
Stock-based compensation expense relating to employee awards is included in compensation and benefits and acquisition-related costs in the condensed consolidated statements of income. The Company recognized stock-based compensation expense related to employee awards of $12.0 million and $9.8 million for the three months ended June 30, 2025 and 2024, respectively, and $24.0 million and $21.3 million for the six months ended June 30, 2025, and 2024, respectively. Stock-based compensation expense relating to non-employee director awards is included in professional fees and outside services in the condensed consolidated statements of income. The Company recognized stock-based compensation expense related to non-employee director awards of $0.5 million and $0.5 million for the three months ended June 30, 2025 and 2024, respectively, and $1.0 million and $0.8 million for the six months ended June 30, 2025, and 2024, respectively.
On May 28, 2025 the Company announced that Dave Howson, Executive Vice President and Global President, resigned from the Company, with his employment terminating at the end of the day on August 1, 2025. In connection with his resignation, Mr. Howson will be allowed to (i) retain a pro rata portion of certain of his outstanding time-based restricted stock units that would vest in February 2026 based on the number of days worked through and including August 1, 2025 and will forfeit the remainder and other outstanding time-based restricted stock units and (ii) retain a pro rata portion of the outstanding performance-based restricted stock units that would vest in February 2026 based on the number of days worked through and including August 1, 2025, which will be paid out based on target performance through the end of the applicable performance period for each award, and will forfeit the remainder and other outstanding performance-based restricted stock units.
The activity in the Company’s restricted stock, consisting of restricted stock units (“RSUs”), and performance-based restricted stock units (“PSUs”) for the six months ended June 30, 2025 were as follows:
RSUs
The following table summarizes RSU activity during the six months ended June 30, 2025:
Number of
Shares		Weighted
average grant
date fair value
Nonvested stock at December 31, 2024522,735 $153.20 
Granted271,432 211.63 
Vested(218,611)141.82 
Forfeited(33,939)187.40 
Nonvested stock at June 30, 2025541,617 $184.93 
RSUs entitle the holder to one share of common stock upon vesting, with the exception of certain jurisdictions where the RSUs are settled in cash, typically vest over a three-year period, and vesting accelerates upon death, disability, or the occurrence of a qualified termination following a change in control. Vesting will also accelerate upon a qualified retirement where applicable and permitted. Where applicable and permitted, qualified retirement eligibility occurs once achieving 55 years of age and 10 years of service. Starting in 2024, the award agreements provide that in the event of a participant’s retirement, all unvested outstanding RSUs and a pro rata portion of unvested outstanding PSUs will continue to vest and be distributed in accordance with the award’s original vesting and settlement schedule, even after the applicable retirement date. Retirement eligibility will require, in addition to attaining 55 years of age and 10 years of continuous service, as applicable, submission of 6 months of advance written notice of a retirement, as applicable, and submission, approval, and satisfactory completion of a transition plan. Unvested RSUs will be forfeited if the officer, or employee leaves the Company prior to the applicable vesting date, except in limited circumstances.
RSUs granted to non-employee members of the Board of Directors have a one-year vesting period and vesting accelerates upon the occurrence of a change in control of the Company. Unvested portions of the RSUs will be forfeited if the director leaves the Board of Directors prior to the applicable vesting date.
The RSUs have no voting rights but entitle the holder to receive dividend equivalents.
During the six months ended June 30, 2025, to satisfy employees’ tax obligations upon the vesting of restricted stock units, the Company purchased 80,987 shares of common stock totaling $17.1 million as the result of the vesting of 211,282 shares of restricted stock.
PSUs
The following table summarizes restricted stock units contingent upon achievement of performance conditions, also known as PSUs, activity during the six months ended June 30, 2025:
Number of
Shares		Weighted
average grant
date fair value
Nonvested stock at December 31, 2024111,104 $168.45 
Granted89,663 229.74 
Vested(76,433)143.29 
Forfeited— — 
Nonvested stock at June 30, 2025124,334 $228.12 
PSUs include awards related to earnings per share during the performance period as well as awards related to total shareholder return during the performance period. The Company used the Monte Carlo valuation model method to estimate the fair value of the total shareholder return PSUs which incorporated the following assumptions for awards granted in February 2025: risk-free interest rate (4.25%), 2.86-year volatility (21.11%) and 2.86-year correlation with S&P 500 Index (0.19). Each of these performance shares has a performance condition under which the number of units ultimately awarded will vary from 0% to 200% of the original grant, with each unit representing the contingent right to receive one share of the Company’s common stock. The vesting period for the PSUs contingent on the achievement of performance conditions is three years. For each of the performance awards, the PSUs will be settled in shares of the Company’s common stock following vesting of the PSU assuming that the participant has been continuously employed during the vesting period, subject to acceleration upon death, disability, or the occurrence of a qualified termination following a change in control. Participants have no voting rights with respect to the PSUs until the issuance of the shares of common stock. Dividends are accrued by the Company and will be paid once the PSUs, contingent on the achievement of performance conditions, vest.
During the six months ended June 30, 2025, to satisfy employees’ tax obligations upon the vesting of performance stock, the Company purchased 30,871 shares of common stock totaling $6.5 million as a result of the vesting of 76,433 shares of performance stock.
As of June 30, 2025, there were $93.9 million in total unrecognized compensation costs related to restricted stock, restricted stock units, and performance stock units. These costs are expected to be recognized over a weighted average period of 2.2 years.
Employee Stock Purchase Plan
In May 2018, the Company’s stockholders approved an Employee Stock Purchase Plan (“ESPP”), under which a total of 750,000 shares of the Company’s common stock will be made available for purchase to employees. The ESPP is a broad-based plan that permits employees to contribute up to 10% of wages and base salary to purchase shares of the Company’s common stock at a discount, subject to applicable annual Internal Revenue Service (“IRS”) limitations. Under the ESPP, a participant may not purchase more than a maximum of 312 shares of the Company’s common stock during any single offering period. No participant may accrue options to purchase shares of the Company’s common stock at a rate that exceeds $25,000 in fair market value of the Company’s common stock (determined at the time such options are granted) for each calendar year in which such rights are outstanding at any time. The exercise price per share of common stock shall be 85% (for eligible U.S. and international employees) of the lesser of the fair value of the stock on the first day of the applicable offering period or the applicable exercise date.
The Company records compensation expense over the offering period related to the discount that is given to employees, which totaled $0.7 million and $0.5 million for the three months ended June 30, 2025 and 2024, respectively, and $1.1 million and $1.3 million for the six months ended June 30, 2025 and 2024, respectively. As of June 30, 2025, 465,522 shares were reserved for future issuance under the ESPP.
v3.25.2
EQUITY
 6 Months Ended
Jun. 30, 2025
Stockholders' Equity Note [Abstract]  
EQUITY EQUITY
Common Stock
The Company’s common stock is listed on Cboe BZX under the trading symbol CBOE. As of June 30, 2025, 325,000,000 shares of the Company’s common stock were authorized, $0.01 par value, and 105,014,000 and 104,589,930 shares were issued and outstanding, respectively. As of December 31, 2024, 325,000,000 shares of the Company’s common stock were authorized, $0.01 par value, and 104,693,373 and 104,686,478 shares were issued and outstanding, respectively. The holders of common stock are entitled to one vote per share.
Common Stock in Treasury, at Cost
The Company accounts for the purchase of treasury stock under the cost method with the shares of stock repurchased reflected as a reduction to Cboe stockholders’ equity and included in common stock in treasury, at cost in the condensed consolidated balance sheets. Shares repurchased under the Company’s share repurchase program are retired or they are available to be redistributed. When treasury shares are redistributed, they are recorded at the average cost of the treasury shares acquired. When treasury shares are retired, they are removed from the common stock in treasury balance. The Company held 424,070 and 6,895 shares of common stock in treasury as of June 30, 2025 and December 31, 2024, respectively.
Share Repurchase Program
In 2011, the Board of Directors approved an initial authorization for the Company to repurchase shares of its outstanding common stock of $100 million and subsequently approved additional authorizations for a total authorization of $2.3 billion. The Company expects to fund repurchases primarily through the use of existing cash balances. The program permits the Company to purchase shares, through a variety of methods, including in the open market or through privately negotiated transactions, in accordance with applicable securities laws. It does not obligate the Company to make any repurchases at any specific time or situation.
The table below shows the repurchased shares of common stock under the Company’s share repurchase program during the period presented as follows:
Three Months Ended
June 30,
20252024
Number of shares of common stock repurchased160,564 514,239 
Average price paid per share$219.77 $175.76 
Total purchase price (in millions)$35.3 $90.4 
Since inception of the program through June 30, 2025, the Company has repurchased 21,063,700 shares of common stock at an average cost per share, excluding commissions and excise taxes, of $80.02, for a total value of $1.7 billion.
As of June 30, 2025 and 2024, the Company had $614.5 million and $204.4 million of availability remaining under its existing share repurchase authorizations, respectively.
Purchase of Common Stock from Employees
The Company purchased 2,990 and 9,073 shares that were not part of the publicly announced share repurchase authorization from employees for an average price paid per share of $224.26 and $182.61 during the three months ended June 30, 2025 and 2024, respectively. These shares consisted of shares retained to cover payroll withholding taxes or costs in connection with the vesting of restricted stock units and performance share awards.
Preferred Stock
The Company has authorized the issuance of 20,000,000 shares of preferred stock, par value $0.01 per share, issuable from time to time in one or more series. As of June 30, 2025, and December 31, 2024, the Company had no shares of preferred stock issued or outstanding.
Dividends
During the three months ended June 30, 2025, the Company declared and paid cash dividends per share of $0.63 for an aggregate payout of $66.4 million. During the three months ended June 30, 2024, the Company declared and paid cash dividends per share of $0.55 for an aggregate payout of $58.2 million.
Each share of common stock, including RSUs and PSUs, is entitled to receive dividends and dividend equivalents, respectively, if, as and when declared by the Board of Directors of the Company. The Company’s expectation is to continue to pay dividends. The decision to pay a dividend, however, remains within the discretion of the Company’s Board of Directors and may be affected by various factors, including earnings, financial condition, capital requirements, level of indebtedness and other considerations the Board of Directors deems relevant. Future debt obligations and statutory provisions, among other things, may limit, or in some cases, prohibit, the Company’s ability to pay dividends.
As a holding company, the Company’s ability to declare and continue to pay dividends in the future with respect to its common stock will also be dependent upon the ability of its subsidiaries to pay dividends to it under applicable corporate law.
v3.25.2
INCOME TAXES
 6 Months Ended
Jun. 30, 2025
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
The Company records income tax expense during interim periods based on the best estimate of the full year’s tax rate as adjusted for discrete items, if any, that are taken into account in the relevant interim period. Each quarter, the Company updates its estimate of the annual effective tax rate and any change in the estimated rate is recorded on a cumulative basis. The effective tax rate from continuing operations was 29.7% and 30.8% for the three months ended June 30, 2025 and 2024, respectively, and 29.1% and 29.3% for the six months ended June 30, 2025 and 2024, respectively.
The lower effective tax rate for each of the three and six months ended June 30, 2025 compared to the same periods in 2024 is primarily due to the impairment of the Globacap minority investment that occurred in 2024.
The Company is currently undergoing audit examinations by various taxing jurisdictions in the ordinary course. It is reasonably possible that these audits will be concluded with agreed upon adjustments which would result in additional tax payments for prior periods within the next twelve months. The Company believes that sufficient reserves have been established to cover any adjustments arising from tax examinations. However, the outcomes of these examinations remain uncertain. The Company has classified a portion of these amounts as accounts payable and accrued liabilities on its condensed consolidated balance sheet as of June 30, 2025. This classification and the associated amount may change over the next twelve months, depending on when the Company finalizes agreements.
On April 4, 2025, President Trump signed into law “An Act to provide for reconciliation pursuant to title II of H. Con. Res. 14,” commonly referred to as the One Big Beautiful Bill Act (“OBBBA”). The OBBBA extends many of the Tax Cuts & Jobs Act provisions beyond 2025. The corporate provisions impacting the Company include repealing the phase out of bonus deprecation and reverting to 100% expensing of fixed asset additions, making the 33.34% deduction against foreign-derived eligible income permanent and repealing the requirement to capitalize and amortize U.S. research and development costs. The legislation has several effective dates, with some provisions taking effect in 2025 and others being implemented by 2027. The Company is currently assessing the impact of the OBBBA on our condensed consolidated financial statements. The Company anticipates that these changes will result in current year cash tax savings while having no significant impact to the effective tax rate for 2025.
v3.25.2
EARNINGS PER SHARE
 6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
EARNINGS PER SHARE EARNINGS PER SHARE
The computation of basic net income per common share is calculated by reducing net income for the period by dividends paid or declared and undistributed net income for the period that are allocated to participating securities to arrive at net income allocated to common stockholders. Net income allocated to common stockholders is divided by the weighted average number of common shares outstanding during the period to determine net income per share allocated to common stockholders.
The computation of diluted net income per share is calculated by dividing net income allocated to common stockholders by the sum of the weighted average number of common shares outstanding plus all additional common shares that would have been outstanding if the potentially dilutive common shares had been issued. The dilutive effect is calculated using the more dilutive of the two-class or treasury stock method.
The following table sets forth the computation of basic and diluted earnings per share for the three and six months ended June 30, 2025 and 2024 (in millions, except per share data):
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Basic earnings per share numerator:
Net income$235.1 $140.4 $485.7 $349.9 
Net income allocated to participating securities(1.2)(0.7)(2.4)(1.9)
Net income allocated to common stockholders$233.9 $139.7 $483.3 $348.0 
Basic earnings per share denominator:
Weighted average shares outstanding104.7 105.1 104.7 105.4 
Basic earnings per share$2.23 $1.33 $4.62 $3.30 
Diluted earnings per share numerator:
Net income$235.1 $140.4 $485.7 $349.9 
Net income allocated to participating securities(1.2)(0.7)(2.4)(1.9)
Net income allocated to common stockholders$233.9 $139.7 $483.3 $348.0 
Diluted earnings per share denominator:
Weighted average shares outstanding104.7 105.1 104.7 105.4 
Dilutive common shares issued under stock program0.3 0.3 0.3 0.4 
Total dilutive weighted average shares105.0 105.4 105.0 105.8 
Diluted earnings per share$2.23 $1.33 $4.60 $3.29 
For the periods presented, the Company did not have shares of stock-based compensation that would have an anti-dilutive effect on the computation of diluted earnings per share.
v3.25.2
COMMITMENTS, CONTINGENCIES, AND GUARANTEES
 6 Months Ended
Jun. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS, CONTINGENCIES, AND GUARANTEES COMMITMENTS, CONTINGENCIES, AND GUARANTEES
Legal Proceedings
As of June 30, 2025, the Company was subject to the various legal proceedings and claims discussed below, as well as certain other legal proceedings and claims that have not been fully resolved and that have arisen in the ordinary course of business.
The Company reviews its legal proceedings and claims, regulatory reviews and inspections, and other legal proceedings on an ongoing basis and follows appropriate accounting guidance when making accrual and disclosure decisions. The Company establishes accruals for those contingencies where the incurrence of a loss is probable and can be reasonably estimated, and the Company discloses the amount accrued and the amount of a reasonably possible loss in excess of the amount accrued, if such disclosure is necessary for the condensed consolidated financial statements to not be misleading. The Company does not record liabilities when the likelihood that the liability has been incurred is probable, but the amount cannot be reasonably estimated, or when the liability is believed to be only reasonably possible or remote. The Company’s assessment of whether a loss is remote, reasonably possible, or probable is based on its assessment of the ultimate outcome of the matter following all appeals.
As of June 30, 2025, the Company does not believe that there is a reasonable possibility that any material loss exceeding the amounts already recognized for these legal proceedings and claims, regulatory reviews, inspections or other legal proceedings, if any, has been incurred. While the consequences of certain unresolved proceedings are not presently determinable, the outcome of any proceeding is inherently uncertain and an adverse outcome from certain matters could have a material effect on the financial position, results of operations, or cash flows of the Company in any given reporting period.
CAT Funding Model Order Litigation
On September 6, 2023, the SEC issued an order approving an amendment to the CAT Plan to implement a revised funding model (“CAT Funding Model”) for CATLLC to fund the CAT. The approved CAT Funding Model contemplates two categories of CAT fees calculated based on the “executed equivalent shares” of transactions in eligible securities: (i) CAT fees assessed by CATLLC to Industry Members who are CAT Executing Brokers (the brokers responsible for executing each side of the transaction) to recover a portion of historical CAT costs previously funded by monies loaned to CATLLC by the
Plan Participants; and (ii) CAT fees assessed by CATLLC to CAT Executing Brokers and Plan Participants to fund prospective CAT costs.
On October 17, 2023, the American Securities Association (“ASA”) and Citadel Securities, LLC (“Citadel”) filed a Petition for Review of the CAT Funding Model Order in the U.S. Court of Appeals for the 11th Circuit (“11th Circuit”). On November 16, 2023, the Cboe U.S. national securities exchanges, the NYSE U.S. national securities exchanges, the Nasdaq U.S. national securities exchanges and CATLLC (“Intervenors”) filed motions to intervene on behalf of the SEC. On January 17, 2024, the 11th Circuit granted each of the motions to intervene on behalf of the SEC and established a briefing schedule and merits briefing concluded in the second quarter of 2024.
On September 13, 2024, Citadel filed a motion to stay the CAT Funding Model Order and to enjoin the collection of certain CAT fees during the pendency of this litigation, which the 11th Circuit denied on November 27, 2024. Oral argument on the merits was held on February 3, 2025. On July 25, 2025, the 11th Circuit issued an opinion and held that the CAT Funding Model Order is arbitrary and capricious and in violation of the Administrative Procedures Act. The 11th Circuit vacated the CAT Funding Model Order, stayed its decision for sixty days after issuance of the mandate, and remanded the matter to the SEC for further proceedings consistent with the 11th Circuit's opinion. This challenge or any other challenge to the CAT Funding Model Order and/or Plan Participant(s) fee filings on behalf of CATLLC may significantly delay or impact efforts by CATLLC to continue collecting the CAT fees. As a result, the Plan Participants may continue to incur additional significant costs related to the historical, current, and future funding of the implementation and operation of the CAT, and/or it may result in them not being able to collect on the promissory notes related to the funding of the implementation and operation of the CAT. The Company plans to continue to explore applicable avenues to recoup historical and potential future CAT costs and believes the challenge is without merit and intends, to the extent possible, to vigorously litigate the matter.
CAT Putative Class Action
A putative class action was filed on April 16, 2024 captioned Erik A. Davidson, John Restivo and National Center for Public Policy Research vs. Gary Gensler, SEC and CATLLC. Cboe and the Plan Participants are not parties to this litigation. The complaint alleges, among other things, that the SEC engaged in unlawful agency action and violated multiple provisions of the U.S. Constitution when it promulgated Rule 613 in 2012 mandating the creation and funding of the CAT. Plaintiffs’ motion for a preliminary injunction and stay was denied. On July 7, 2025, U.S. District Court for the Western District of Texas granted the SEC's opposed motion to hold the case in abeyance and stay all deadlines until January 15, 2026. This challenge or any other challenge to the constitutionality of the CAT may delay CATLLC’s assessment of CAT fees to recover a portion of CAT costs. As a result, the Plan Participants may continue to incur additional significant costs, and/or it may result in them not being able to collect on the promissory notes related to the funding of the implementation and operation of the CAT.
Citadel Petition for Review of SEC Temporary Conditional Exemptive Order
On July 17, 2024, Citadel filed a Petition for Review (“PFR”) of the SEC’s May 20, 2024 Order Granting A Temporary Conditional Exemption Pursuant to Section 36(a)(1) of the Securities Exchange Act of 1934 (“Exchange Act”) and Rule 608(e) of Regulation NMS Under the Exchange Act, Relating to the Reporting of Responses to Requests for Quotes and Other Solicitation Responses Provided in a Standard Electronic Format, as Required by Section 6.4(d) of the NMS Plan Governing the CAT (“CAT RFQ Exemptive Order”) in the 11th Circuit. The PFR does not identify any requested relief. On August 1, 2024, the 11th Circuit granted Citadel's July 19, 2024 unopposed motion to stay the PFR until a decision is issued in the CAT Funding Model Order Litigation (described above), which is also before the 11th Circuit. On September 11, 2024, the 11th Circuit granted motions filed by the Cboe U.S. national securities exchanges, the Nasdaq U.S. national securities exchanges, and CATLLC to intervene on behalf of the SEC. On July 25, 2025, the 11th Circuit issued an opinion in the CAT Funding Model Order Litigation and the timing of when the stay in this litigation may be lifted is not knowable at this time. This challenge or any other challenge to SEC Orders concerning the CAT may delay the CATLLC’s implementation of CAT fees to recover a portion of CAT costs. As a result, the Plan Participants may continue to incur additional significant costs, and/or it may result in them not being able to collect on the promissory notes related to the funding of the implementation and operation of the CAT.
Other
As self-regulatory organizations under the jurisdiction of the SEC, Cboe Options, C2, BZX, BYX, EDGX, and EDGA are subject to routine reviews and inspections by the SEC. As designated contract markets under the jurisdiction of the CFTC, CFE and Cboe Digital Exchange are subject to routine rule enforcement reviews and examinations by the CFTC. As a derivatives clearing organization under the jurisdiction of the CFTC, Cboe Clear U.S. is also subject to routine audits and examinations by the CFTC. Cboe SEF, LLC is a swap execution facility registered with the CFTC and subject to routine rule enforcement reviews and examinations by the CFTC. Cboe Trading, BIDS Trading and Cboe Fixed Income are subject to reviews and inspections by FINRA. The Company has from time to time received inquiries and investigative requests from the SEC’s Division of Examinations, the CFTC’s Division of Market Oversight, the CFTC's Divisions of Clearing and Risk, as well as the SEC Division of Enforcement and CFTC Division of Enforcement seeking information about the Company’s
compliance with its obligations as a self-regulatory organization under the federal securities laws and Commodity Exchange Act as well as members’ compliance with the federal securities laws and Commodity Exchange Act.
In addition, Cboe Europe, Cboe Chi-X Europe, Cboe Clear Europe, Cboe NL, Cboe Australia, Cboe Japan, and Cboe Canada may be subject to routine reviews, audits, examinations, investigations, or inspections, as applicable, by their respective regulators, and while they have not been the subject of any litigation or regulatory investigation in the past that resulted in a material impact on the Company’s financial position, results of operations, liquidity or capital resources, there is always the possibility of such action in the future. As Cboe Europe and Cboe Chi-X Europe are domiciled in the UK, it is likely that any action would be taken in the UK courts in relation to litigation or by the FCA in relation to any regulatory enforcement action. As Cboe Clear Europe is domiciled in the Netherlands, it is likely that any action would be taken in the Dutch courts in relation to litigation or by the DNB or Dutch Authority for Financial Markets in relation to any regulatory enforcement action. For Cboe NL, also domiciled in the Netherlands, it is likely that any actions would be taken in the Dutch courts in relation to litigation or Dutch Authority for Financial Markets in relation to any regulatory enforcement action. As Cboe Australia is domiciled in Australia, it is likely that any action would be taken in the Australian courts in relation to litigation or by the ASIC, in relation to any regulatory enforcement action. As Cboe Japan is domiciled in Japan, it is likely that any action would be taken in the Japanese courts in relation to litigation or by the JFSA or the JSDA in relation to any regulatory enforcement action. As Cboe Canada is domiciled in Canada, it is likely that any action would be taken in the Canadian courts in relation to litigation or by the OSC and/or CIRO in relation to any regulatory enforcement action.
The Company is also currently a party to various other legal and regulatory proceedings in addition to those already mentioned. Management does not believe that the likely outcome of any of these other reviews, inspections, investigations or other legal proceedings is expected to have a material impact on the Company’s financial position, results of operations, liquidity or capital resources.
See also Note 6 (“Credit Losses”) for information on promissory notes related to the CAT.
Contractual Obligations
The Company has contractual obligations related to licensing agreements with various licensors, some of which included fixed fees and/or variable fees calculated using agreed upon contracted rates and reported cleared volumes. Certain licensing agreements contain annual minimum fee requirements that total between $18.1 million and $18.3 million each year for the next five years. On January 29, 2024, the Company entered into an addendum to the corporate agreement with a cloud services provider, which contains annual minimum fee requirements that total between $5.3 million and $6.9 million each year for the next five years.
See Note 12 (“Clearing Operations”) for information on the clearinghouse exposure guarantees for Cboe Clear Europe and Cboe Clear U.S. See Note 22 (“Leases”) for information on lease obligations.
v3.25.2
LEASES
 6 Months Ended
Jun. 30, 2025
Leases [Abstract]  
LEASES LEASES
The Company currently leases office space, data centers, remote network operations centers, and equipment under non-cancelable operating leases with third parties as of June 30, 2025. Certain leases include one or more options to renew, with renewal terms that can extend the lease term from one to five years or more, and some of which include the Company’s option to terminate the leases within one year. During the three months ended June 30, 2025, $0.5 million of right of use assets and $0.5 million of lease liabilities were added related to new leases and existing lease extensions.
The following table presents the supplemental balance sheet information related to leases as of June 30, 2025 and December 31, 2024, respectively (in millions):
June 30,
2025		December 31,
2024
Operating lease right of use assets$122.2 $124.5 
Total leased assets$122.2 $124.5 
  
Current operating lease liabilities (1)$25.0 $19.9 
Non-current operating lease liabilities133.8 138.4 
Total leased liabilities$158.8 $158.3 
___________________________
(1) These amounts are reflected within accounts payable and accrued liabilities in the condensed consolidated balance sheets.
The following table presents operating lease costs and other information as of and for the three and six months ended June 30, 2025 and 2024, respectively (in millions, except as stated):
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Operating lease costs (1)$9.9 $9.4 $19.8 $18.5 
Lease term and discount rate information:
Weighted average remaining lease term (years)7.27.7
Weighted average discount rate3.6 %3.3 %
Supplemental disclosure of cash transactions:
Cash paid for amounts included in the measurement of lease liabilities$5.3 $7.6 $12.6 $14.4 
Lease incentive for leasehold improvements2.3 — 2.3 — 
Supplemental disclosure of noncash activities:
Right of use assets obtained in exchange for lease liabilities$0.5 $0.3 $7.0 $0.3 
Reduction in lease liability due to remeasurement(0.2)(11.5)(0.2)(11.5)
___________________________
(1) Includes short-term lease and variable lease costs, which are immaterial.
The maturities of the lease liabilities are as follows as of June 30, 2025 (in millions):
June 30,
2025
Remainder of 2025$14.9 
202631.1 
202727.7 
202825.6 
202914.5 
After 202967.5 
Total lease payments$181.3 
Less: Interest(22.5)
Present value of lease liabilities$158.8 
v3.25.2
SUBSEQUENT EVENTS
 6 Months Ended
Jun. 30, 2025
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS SUBSEQUENT EVENTS
On July 23, 2025, the Company announced its decision to wind down Cboe’s Japanese equities business, including the operations of its Cboe Japan proprietary trading system and Cboe BIDS Japan block trading platform. Cboe expects to suspend operations for these businesses on August 29, 2025 and formally close the businesses subject to consultation with regulators. For the three and six months ended June 30, 2025, Cboe Japan net revenue was $3.3 million and $7.6 million, respectively, and is included in the Europe and Asia Pacific reportable segment (representing 5% and 6% of Europe and Asia Pacific net revenues for the three and six months ended June 30, 2025, respectively). The Company evaluated the goodwill of the Europe and Asia Pacific reporting unit and, based on the results of the assessment, the Company does not anticipate an impairment in the third quarter of 2025 as a result of the announced plans. The Company expects to record an estimated pre-tax charge of $4.6 million, which is expected to be recorded in the third quarter of 2025, primarily related to non-cash impairment of indefinite-lived intangible assets and technology-related software, as a result of the announced plans.
On July 25, 2025, the 11th Circuit issued an opinion and held that the CAT Funding Model Order is arbitrary and capricious and in violation of the Administrative Procedures Act. The 11th Circuit vacated the CAT Funding Model Order, stayed its decision for sixty days after issuance of the mandate, and remanded the matter to the SEC for further proceedings consistent with the 11th Circuit's opinion. As a result, the Plan Participants may continue to incur additional significant costs related to the historical, current, and future funding of the implementation and operation of the CAT, and/or it may result in them not being able to collect on the promissory notes related to the funding of the implementation and operation of the CAT. The Company plans to continue to explore applicable avenues to recoup historical and potential future CAT costs and believes the challenge is without merit and intends, to the extent possible, to vigorously litigate the matter. See Note 21 (“Commitments, Contingencies, and Guarantees — Legal Proceedings”) for further information.
On July 30, 2025, Trading Technologies announced an investment transaction that is expected to result in the Company fully exiting its investment in the 7Ridge Fund that currently owns Trading Technologies. The transaction is expected to close in the fourth quarter of 2025 after regulatory clearance. The Company expects the transaction to result in a gain recorded against the June 30, 2025 carrying value of its investment in 7Ridge Fund.
There have been no other subsequent events that would require disclosure in, or adjustment to, the condensed consolidated financial statements as of and for the three and six months ended June 30, 2025.
v3.25.2
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Pay vs Performance Disclosure        
Net Income (Loss) $ 235.1 $ 140.4 $ 485.7 $ 349.9
v3.25.2
Insider Trading Arrangements
 3 Months Ended
Jun. 30, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.2
ORGANIZATION AND BASIS OF PRESENTATION (Policies)
 6 Months Ended
Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation
Basis of Presentation
These interim unaudited condensed consolidated financial statements have been prepared in accordance with GAAP as established by the FASB for interim financial information and with the instructions to Form 10-Q and should be read in conjunction with the consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. The results of operations for interim periods are not necessarily indicative of the results of operations for the full year.
The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities, and reported amounts of revenues and expenses. On an ongoing basis, management evaluates its estimates based upon historical experience, observation of trends, information available from outside sources, and various other assumptions that management believes to be reasonable under the circumstances. Actual results may differ from these estimates under different conditions or assumptions.
In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation of financial position, results of operations, and cash flows at the dates and for the periods presented have been included.
Segment Information
Segment Information
The Company previously operated as six reportable business segments as of December 31, 2024. As of January 1, 2025, the Company operates five reportable business segments: Options, North American Equities, Europe and Asia Pacific, Futures, and Global FX, which is reflective of how the Company's Chief Operating Decision Maker (“CODM”) reviews and operates the business.
On April 25, 2024, the Company announced plans to refocus the digital asset business to leverage its core strengths in derivatives, technology, and product innovation. Effective May 31, 2024, the Cboe Digital spot market (“Cboe Digital spot market”) closed for all participant and trading purposes. The Company has brought Cboe Clear U.S. (formerly, Cboe Clear Digital) under unified leadership with the Global Head of Clearing and continues to facilitate the clearing of cash-settled margin Bitcoin and Ether futures contracts. The Company retained and presented Digital as a reportable segment through December 31, 2024. As of January 1, 2025, the Company prospectively reorganized the Digital operating segment results into the Futures reporting segment as the Company expected to transition its cash-settled margin Bitcoin and Ether futures contracts, formerly available for trading on the Cboe Digital Exchange to CFE, which was completed on June 9, 2025. Cboe Digital Exchange no longer lists or trades any products. Comparative-period results have been presented for historical purposes but have not been recast as the historic results of the Digital segment were not material, nor do they materially impact the financial results, trends, or forecasts of the Futures segment. As a result, for the three and six months ended June 30, 2025, operating results included within the Digital operating segment are presented within the Futures reporting segment. See Note 14 (“Segment Reporting”) for more information.
Update to Significant Accounting Policies
Update to Significant Accounting Policies
There have been no new or material changes to the significant accounting policies discussed for the Company for the periods presented, that are of significance, or potential significance, to the Company.
Recent Accounting Pronouncements - Adopted and Issued, not yet Adopted
Recent Accounting Pronouncements – Adopted
In December 2023, the FASB issued ASU 2023-08, Intangibles – Goodwill and Other – Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets. This ASU addresses the accounting and disclosure requirements for certain crypto assets and requires entities to subsequently measure certain crypto assets at fair value, with changes in fair value recorded in earnings in each reporting period. In addition, entities are required to provide additional disclosures about the holdings of certain crypto assets. For public entities, the update is effective for fiscal years and interim periods within those fiscal years, beginning after December 15, 2024. The Company adopted the update for the condensed consolidated financial statements issued for the three and six month periods ended June 30, 2025, and it does not have a material impact on the condensed consolidated financial statements as the Company does not hold a material amount of crypto assets.
On January 23, 2025, the SEC issued Staff Accounting Bulletin 122 (“SAB 122”), which rescinds the interpretive guidance included in the Staff Accounting Bulletin 121 (“SAB 121”). SAB 121, issued March 31, 2022, provided interpretive guidance from the SEC regarding the accounting for obligations to safeguard digital assets that an entity holds on behalf of customers. For public entities, SAB 122 is effective on a fully retrospective basis in annual periods beginning after December 15, 2024. Additionally, SAB 122 was codified by the FASB in March 2025, under ASU 2025-02, Liabilities (405): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 122. The Company has early adopted the guidance for the condensed consolidated financial statements issued for the three and six month periods ended June 30, 2025 and, therefore, no longer discloses safeguarded digital assets within Note 8 (“Goodwill, Intangible Assets, Net, and Digital Assets Held”), Note 13 (“Fair Value Measurement”), and the condensed consolidated balance sheets. The adoption had no material impact on the previously reported condensed consolidated financial statements as the Company liquidated all digital assets held on behalf of customers in the third quarter of 2024.
There were no other applicable material accounting pronouncements that have been adopted during the three and six month periods ended June 30, 2025.
Recent Accounting Pronouncements - Issued, not yet Adopted
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This ASU addresses investor requests for more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. For public entities, the update is effective for fiscal years beginning after December 15, 2024. The Company expects to adopt the update for the annual financial statements issued for the year ending December 31, 2025 and does not anticipate a material impact to the consolidated financial statements.
On March 6, 2024, the SEC adopted new climate disclosure rules, which requires companies to publish information that describes the climate-related risks that are reasonably likely to have a material impact on a company’s business or consolidated financial statements. The final rules would require companies to disclose material climate-related risks, activities to mitigate or adapt to such risks, information about the companies’ board of directors’ oversight of climate-related risks and management’s role in managing climate-related risks, and information on any climate-related targets or goals that are material to the companies’ business, results of operations or financial condition. On March 15, 2024, the U.S. Court of Appeals for the Fifth Circuit granted an administrative stay of the SEC’s final Climate Disclosure Rules, in response to legal challenges unaffiliated with the Company. On February 11, 2025, the acting Chairman of the SEC directed the SEC staff to notify the court of changed circumstances and requested the Court not schedule the case for argument. On March 27, 2025, the SEC voted to end its defense of its climate disclosure rules. On April 24, 2025, the U.S. Court of Appeals for the Eighth Circuit (the “Court”) granted an order to hold in abeyance the cases regarding the validity of the SEC's final Climate Disclosure Rules. On July 23, 2025, the SEC replied to the Court’s request for a status report. The SEC informed the Court that it does not intend to review or reconsider the climate disclosure rules at this time and requests that the Court decide the case as briefed. The Company will continue to monitor updates to the climate disclosure rules and potential impacts on the condensed consolidated financial statements.
In November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. This ASU requires disaggregated disclosure of certain income statement expenses for public entities. For public entities, the update is effective for fiscal years beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. The Company expects to adopt the update for the annual financial statements issued for the year ending December 31, 2027, and is currently reviewing the impact that the adoption of ASU 2024-03 may have on the consolidated financial statement disclosures.
There were no other recent applicable material accounting pronouncements that have been issued, but not yet adopted as of June 30, 2025.
v3.25.2
REVENUE RECOGNITION (Tables)
 6 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregated Revenue Contract Types The following table depicts the disaggregated revenue contract types listed above within each respective financial statement caption in the condensed consolidated statements of income (in millions):
Cash and Spot
Markets		Data VantageDerivatives
Markets		Total
Three Months Ended June 30, 2025
Transaction and clearing fees$375.1 $— $492.6 $867.7 
Access and capacity fees— 101.2 — 101.2 
Market data fees17.0 56.4 9.0 82.4 
Regulatory fees71.3 — 25.5 96.8 
Other revenue24.2 0.7 0.5 25.4 
$487.6 $158.3 $527.6 $1,173.5 
Cash and Spot
Markets		Data VantageDerivatives
Markets		Total
Three Months Ended June 30, 2024
Transaction and clearing fees$283.6 $— $414.0 $697.6 
Access and capacity fees— 90.5 — 90.5 
Market data fees14.6 50.9 8.2 73.7 
Regulatory fees63.2 — 22.7 85.9 
Other revenue25.0 0.7 0.6 26.3 
$386.4 $142.1 $445.5 $974.0 
Cash and Spot
Markets		Data VantageDerivatives
Markets		Total
Six Months Ended June 30, 2025
Transaction and clearing fees$716.1 $— $984.2 $1,700.3 
Access and capacity fees— 199.0 — 199.0 
Market data fees32.7 110.4 17.1 160.2 
Regulatory fees192.0 — 66.6 258.6 
Other revenue47.7 1.4 1.3 50.4 
$988.5 $310.8 $1,069.2 $2,368.5 
Cash and Spot
Markets		Data VantageDerivatives
Markets		Total
Six Months Ended June 30, 2024
Transaction and clearing fees$588.8 $— $827.3 $1,416.1 
Access and capacity fees— 180.6 — 180.6 
Market data fees30.6 100.2 14.9 145.7 
Regulatory fees98.1 — 38.0 136.1 
Other revenue49.8 1.5 1.4 52.7 
$767.3 $282.3 $881.6 $1,931.2 
Schedule of Disaggregation of Revenue According to Segment
The following table depicts the disaggregation of revenue according to segment (in millions):
OptionsNorth
American
Equities 		Europe
and Asia
Pacific		FuturesGlobal FXDigital (1)Total
Three Months Ended June 30, 2025
Transaction and clearing fees$468.3 $300.2 $54.0 $24.3 $20.9 $— $867.7 
Access and capacity fees45.3 35.6 11.9 5.7 2.7 — 101.2 
Market data fees35.6 32.8 11.1 2.4 0.5 — 82.4 
Regulatory fees25.4 71.3 — 0.1 — — 96.8 
Other revenue1.2 1.9 22.0 — 0.3 — 25.4 
$575.8 $441.8 $99.0 $32.5 $24.4 $— $1,173.5 
Timing of revenue recognition
Services transferred at a point in time$494.9 $373.4 $76.0 $24.4 $21.2 $— $989.9 
Services transferred over time80.9 68.4 23.0 8.1 3.2 — 183.6 
$575.8 $441.8 $99.0 $32.5 $24.4 $— $1,173.5 
Three Months Ended June 30, 2024
Transaction and clearing fees$385.9 $227.2 $38.9 $28.1 $17.1 $0.4 $697.6 
Access and capacity fees41.6 30.6 10.0 5.5 2.8 — 90.5 
Market data fees31.0 30.3 9.8 2.2 0.4 — 73.7 
Regulatory fees22.6 63.2 — 0.1 — — 85.9 
Other revenue1.2 2.0 22.9 — 0.2 — 26.3 
$482.3 $353.3 $81.6 $35.9 $20.5 $0.4 $974.0 
Timing of revenue recognition
Services transferred at a point in time$409.7 $292.4 $61.8 $28.2 $17.3 $0.4 $809.8 
Services transferred over time72.6 60.9 19.8 7.7 3.2 — 164.2 
$482.3 $353.3 $81.6 $35.9 $20.5 $0.4 $974.0 
OptionsNorth
American
Equities		Europe
and Asia
Pacific		FuturesGlobal FXDigital (1)Total
Six Months Ended June 30, 2025
Transaction and clearing fees$932.8 $571.9 $104.8 $51.4 $39.4 $— $1,700.3 
Access and capacity fees89.3 70.1 22.8 11.3 5.5 — 199.0 
Market data fees69.2 63.8 21.4 4.9 0.9 — 160.2 
Regulatory fees66.5 192.0 — 0.1 — — 258.6 
Other revenue2.6 4.1 43.1 0.1 0.5 — 50.4 
$1,160.4 $901.9 $192.1 $67.8 $46.3 $— $2,368.5 
Timing of revenue recognition
Services transferred at a point in time$1,001.9 $768.0 $147.9 $51.6 $39.9 $— $2,009.3 
Services transferred over time158.5 133.9 44.2 16.2 6.4 — 359.2 
$1,160.4 $901.9 $192.1 $67.8 $46.3 $— $2,368.5 
Six Months Ended June 30, 2024
Transaction and clearing fees$775.7 $478.9 $77.7 $51.6 $32.6 $(0.4)$1,416.1 
Access and capacity fees83.3 60.3 20.1 11.2 5.6 0.1 180.6 
Market data fees60.1 61.0 19.5 4.4 0.7 — 145.7 
Regulatory fees37.9 98.1 — 0.1 — — 136.1 
Other revenue2.7 4.6 45.0 — 0.4 — 52.7 
$959.7 $702.9 $162.3 $67.3 $39.3 $(0.3)$1,931.2 
Timing of revenue recognition
Services transferred at a point in time$816.3 $581.6 $122.7 $51.7 $33.0 $(0.4)$1,604.9 
Services transferred over time143.4 121.3 39.6 15.6 6.3 0.1 326.3 
$959.7 $702.9 $162.3 $67.3 $39.3 $(0.3)$1,931.2 
__________________________
(1)The Digital segment results are prospectively included in the Futures segment beginning in the first quarter of 2025. Digital results from the three and six month periods ended June 30, 2024 have been retained in the former Digital segment for comparative purposes. See Note 1 (“Organization and Basis of Presentation”) for additional information.
Schedule of Revenue Recognized from Contract Liabilities and the Remaining Balance The revenue recognized from contract liabilities and the remaining balance is shown below (in millions):
Balance at
December 31, 2024		Cash
Additions		Revenue
Recognized		Balance at
June 30, 2025
Liquidity provider sliding scale (1)$2.4 $4.8 $(3.6)$3.6 
Other, net (2)4.2 10.5 (7.7)7.0 
Total deferred revenue$6.6 $15.3 $(11.3)$10.6 
___________________________
(1)Liquidity providers are eligible to participate in the sliding scale program, which involves prepayment of transaction fees, and to receive reduced fees based on the achievement of certain volume thresholds within a calendar month. These transaction fees are amortized and recorded ratably as the transactions occur over the period.
(2)Other, net deferred revenue represents cash received for unsatisfied performance obligations of liability classified contract liabilities that have yet to be recognized as revenue in the condensed consolidated statements of income, which include but are not limited to: licensing fees, listing fees, adjustments related to ORF, membership fees, and data subscription fees.
v3.25.2
INVESTMENTS (Tables)
 6 Months Ended
Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
Schedule of Investments
As of June 30, 2025 and December 31, 2024, the Company’s investments were comprised of the following (in millions):
June 30,
2025		December 31,
2024
Equity method investments:
Investment in 7Ridge Investments 3 LP$317.2 $321.3 
Total equity method investments317.2 321.3 
Other equity investments:
Investment in Japannext Co., Ltd.36.5 36.5 
Investment in Eris Innovations Holdings, LLC9.5 9.5 
Investment in CSD Br5.9 5.9 
Investment in Coin Metrics Inc.4.4 4.4 
Investment in Vest Group Inc.2.9 2.9 
Investment in OCC0.3 0.3 
Other equity investments2.9 2.9 
Total other equity investments62.4 62.4 
Total investments$379.6 $383.7 
v3.25.2
PROPERTY AND EQUIPMENT, NET (Tables)
 6 Months Ended
Jun. 30, 2025
Property, Plant and Equipment [Abstract]  
Schedule of Property and Equipment, Net
Property and equipment, net consisted of the following as of June 30, 2025 and December 31, 2024 (in millions):
June 30,
2025		December 31,
2024
Construction in progress$1.8 $3.3 
Furniture, equipment, and leasehold improvements341.6 306.3 
Total property and equipment343.4 309.6 
Less accumulated depreciation(215.5)(191.6)
Property and equipment, net$127.9 $118.0 
v3.25.2
CREDIT LOSSES (Tables)
 6 Months Ended
Jun. 30, 2025
Credit Loss [Abstract]  
Schedule of Changes in Allowance for Credit Loss
The following represents the changes in allowance for credit losses during the six months ended June 30, 2025 (in millions):
Allowance for
notes receivable
credit losses		Allowance for
accounts receivable
credit losses		Total
allowance for
credit losses
Balance at December 31, 2024$30.1 $6.6 $36.7 
Current period provision for expected credit losses— 2.2 2.2 
Write-offs charged against the allowance— (0.1)(0.1)
Recoveries collected— — — 
Balance at June 30, 2025$30.1 $8.7 $38.8 
v3.25.2
OTHER ASSETS, NET (Tables)
 6 Months Ended
Jun. 30, 2025
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Schedule of Other Assets, Net
Other assets, net consisted of the following as of June 30, 2025 and December 31, 2024 (in millions):
June 30,
2025		December 31,
2024
Software development work in progress$12.0 $18.7 
Data processing software146.9 126.4 
Less accumulated depreciation and amortization(104.5)(98.3)
Data processing software, net54.4 46.8 
Other assets (1)109.2 135.9 
Other assets, net$163.6 $182.7 
___________________________
(1)At June 30, 2025 and December 31, 2024, the majority of the balance included notes receivable, net of allowance, and long-term prepaid assets, respectively. As of June 30, 2025 and December 31, 2024, the notes receivable, net balance was $98.7 million and $124.2 million, respectively. See Note 6 (“Credit Losses”) and Note 13 (“Fair Value Measurement”) for more information on the notes receivable, net of allowance, included within other assets, net on the condensed consolidated balance sheets.
v3.25.2
GOODWILL, INTANGIBLE ASSETS, NET, AND DIGITAL ASSETS HELD (Tables)
 6 Months Ended
Jun. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill Details by Segment
The following table presents the details of goodwill by segment (in millions):
OptionsNorth American
Equities		Europe and
Asia Pacific		Global FXTotal
Balance as of December 31, 2024$306.0 $1,990.8 $560.0 $267.4 $3,124.2 
Changes in foreign currency exchange rates— 8.0 23.7 — 31.7 
Balance as of June 30, 2025$306.0 $1,998.8 $583.7 $267.4 $3,155.9 
Schedule of Details of Intangible Assets by Segment
The following table presents the details of the intangible assets by segment (in millions):
OptionsNorth American
Equities		Europe and
Asia Pacific		Global FXTotal
Balance as of December 31, 2024$126.4 $879.6 $326.7 $44.2 $1,376.9 
Sales— (0.3)— — (0.3)
Amortization(3.2)(20.2)(7.3)(4.9)(35.6)
Changes in foreign currency exchange rates— 3.6 28.7 — 32.3 
Impairment— — (17.1)— (17.1)
Balance as of June 30, 2025$123.2 $862.7 $331.0 $39.3 $1,356.2 
Schedule of Categories of Intangible Assets by Segment The following tables present the categories of intangible assets by segment as of June 30, 2025 and December 31, 2024 (in millions, except as stated):
June 30, 2025Weighted
Average
Amortization
Period (in years)
OptionsNorth
American
Equities		Europe
and Asia
Pacific		Global FX
Trading registrations and licenses$95.5 $605.0 $224.3 $— Indefinite
Customer relationships46.6 412.4 207.1 140.0 13
Market data customer relationships53.6 322.0 66.2 64.4 7
Technology28.1 56.3 36.1 22.5 6
Trademarks and trade names12.9 8.2 2.6 1.2 5
Digital assets held— 1.1 — — Indefinite
Accumulated amortization(113.5)(542.3)(205.3)(188.8)
$123.2 $862.7 $331.0 $39.3 
December 31, 2024Weighted
Average
Amortization
Period (in years)
OptionsNorth
American
Equities		Europe
and Asia
Pacific		Global FX
Trading registrations and licenses$95.5 $603.4 $205.2 $— Indefinite
Customer relationships46.6 409.7 209.2 140.0 14
Market data customer relationships53.6 322.0 60.8 64.4 7
Technology28.1 55.5 33.6 22.5 7
Trademarks and trade names12.9 8.1 2.3 1.2 5
Digital assets held— 1.2 — — Indefinite
Accumulated amortization(110.3)(520.3)(184.4)(183.9)
$126.4 $879.6 $326.7 $44.2 
v3.25.2
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Tables)
 6 Months Ended
Jun. 30, 2025
Payables and Accruals [Abstract]  
Schedule of Accounts Payable and Accrued Liabilities
Accounts payable and accrued liabilities consisted of the following as of June 30, 2025 and December 31, 2024 (in millions):
June 30,
2025		December 31,
2024
Compensation and benefit-related liabilities$59.3 $89.8 
Royalties49.9 44.4 
Accrued liabilities63.3 74.4 
Current operating lease liabilities25.0 19.9 
Rebates payable101.1 93.5 
Marketing fee payable15.9 19.7 
Current unrecognized tax benefits130.2 0.1 
Accounts payable22.6 17.9 
Total accounts payable and accrued liabilities$467.3 $359.7 
v3.25.2
DEBT (Tables)
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Debt
The Company’s debt consisted of the following as of June 30, 2025 and December 31, 2024 (in millions):
June 30,
2025		December 31,
2024
$650 million fixed rate Senior Notes due January 2027, stated rate of 3.650%
$649.0 $648.6 
$500 million fixed rate Senior Notes due December 2030, stated rate of 1.625%
495.9 495.5 
$300 million fixed rate Senior Notes due March 2032, stated rate of 3.000%
297.1 296.9 
Revolving Credit Agreement— — 
Cboe Clear Europe Credit Facility— — 
Total debt$1,442.0 $1,441.0 
Schedule of Future Expected Repayments Related to Senior Notes
The future expected repayments related to the Senior Notes as of June 30, 2025 are as follows (in millions):
Remainder of 2025$— 
2026— 
2027650.0 
2028— 
2029— 
Thereafter800.0 
Principal amounts repayable1,450.0 
Debt issuance costs(4.6)
Unamortized discounts on notes(3.4)
Total debt outstanding$1,442.0 
Schedule of Interest Expense, Net
Components of interest expense, net recognized in the condensed consolidated statements of income for the three and six months ended June 30, 2025 and 2024 are as follows (in millions):
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Components of interest expense:
Contractual interest$12.3 $12.2 $24.5 $24.6 
Amortization of debt discount and issuance costs0.6 0.6 1.2 1.2 
Interest expense$12.9 $12.8 $25.7 $25.8 
Interest income(11.3)(4.6)(19.7)(8.7)
Interest expense, net$1.6 $8.2 $6.0 $17.1 
v3.25.2
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME, NET (Tables)
 6 Months Ended
Jun. 30, 2025
Equity [Abstract]  
Schedule of Accumulated Other Comprehensive (Loss) Income, Net
The following represents the changes in accumulated other comprehensive (loss) income, net by component (in millions):
Foreign Currency
Translation
Adjustment		Post-Retirement
Benefits, Net		Accumulated Other
Comprehensive
 (Loss) Income, Net
Balance at December 31, 2024$(48.6)$0.2 $(48.4)
Other comprehensive income90.8 — 90.8 
Balance at June 30, 2025$42.2 $0.2 $42.4 
v3.25.2
CLEARING OPERATION (Tables)
 6 Months Ended
Jun. 30, 2025
Broker-Dealer [Abstract]  
Schedule of Total Margin Deposits, Clearing Funds, and Interoperability Fund Deposits
The details of margin deposits, clearing funds, and interoperability funds as of June 30, 2025 and December 31, 2024, are as follows (in millions):
June 30, 2025
Margin DepositsClearing FundsInteroperability FundsTotal
Cboe Clear Europe central bank account$352.3 $14.4 $115.9 $482.6 
Cboe Clear Europe reverse repurchase and other (1)452.7 234.1 499.1 1,185.9 
Cboe Clear U.S. customer bank deposits1.9 — — 1.9 
Total cash margin deposits, clearing funds, and interoperability funds$806.9 $248.5 $615.0 $1,670.4 
June 30, 2025
Margin DepositsClearing FundsInteroperability FundsTotal
Cboe Clear Europe non-cash contributions (2)$854.3 $94.5 $390.4 $1,339.2 
December 31, 2024
Margin DepositsClearing FundsInteroperability FundsTotal
Cboe Clear Europe central bank account$378.4 $173.7 $289.3 $841.4 
Cboe Clear Europe reverse repurchase and other— — — — 
Cboe Clear U.S. customer bank deposits4.1 — — 4.1 
Total cash margin deposits, clearing funds, and interoperability funds$382.5 $173.7 $289.3 $845.5 
December 31, 2024
Margin DepositsClearing FundsInteroperability FundsTotal
Cboe Clear Europe non-cash contributions (2)$691.4 $80.1 $225.9 $997.4 
___________________________
(1)These amounts consist of reverse repurchase transactions with overnight maturities. Reverse repurchase transactions are valued daily and are subject to collateral provisions based on which the counterparty must provide additional collateral if the underlying securities decrease in value, in an amount sufficient to maintain collateralization of at least 102%. Collateral received from the respective counterparties consists of sovereign bonds, consistent with Cboe Clear Europe's investment policy.
(2)These amounts are not reflected in the condensed consolidated balance sheets, as Cboe Clear Europe does not have the ability to sell or repledge the amounts absent a clearing participant default.
v3.25.2
FAIR VALUE MEASUREMENT (Tables)
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule of Fair Value Hierarchy for Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following tables present the Company’s fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis as of June 30, 2025 and December 31, 2024 (in millions):
June 30, 2025
TotalLevel 1Level 2Level 3
Assets:
U.S. Treasury securities (1)$176.6 $176.6 $— $— 
Marketable securities (1):
Mutual funds24.2 24.2 — — 
Money market funds6.8 6.8 — — 
Note receivable - building sale (2)6.4 — — 6.4 
Total assets$214.0 $207.6 $— $6.4 
December 31, 2024
TotalLevel 1Level 2Level 3
Assets:
U.S. Treasury securities (1)$70.0 $70.0 $— $— 
Marketable securities (1):
Mutual funds23.8 23.8 — — 
Money market funds16.5 16.5 — — 
Note receivable - building sale (2)6.2 — — 6.2 
Total assets$116.5 $110.3 $— $6.2 
___________________________
(1)These amounts are reflected within financial investments in the condensed consolidated balance sheets.
(2)This amount is reflected within other assets, net in the condensed consolidated balance sheets.
Schedule of Fair Value Hierarchy for Assets and Liabilities Measured on a Nonrecurring Basis
The following tables present the Company’s fair value hierarchy for certain assets and liabilities held by the Company as of June 30, 2025 and December 31, 2024 (in millions):
June 30, 2025
Total Level 1 Level 2 Level 3
Assets:
U.S. Treasury securities (1)$176.6 $176.6 $— $— 
Deferred compensation plan assets (1)31.0 31.0 — — 
Note receivable - building sale (2)6.4 — — 6.4 
Total assets$214.0 $207.6 $— $6.4 
Liabilities:
Deferred compensation plan liabilities (3)$31.0 $31.0 $— $— 
Debt (4)1,345.1 — 1,345.1 — 
Total liabilities$1,376.1 $31.0 $1,345.1 $— 
December 31, 2024
TotalLevel 1Level 2Level 3
Assets:
U.S. Treasury securities (1)$70.0 $70.0 $— $— 
Deferred compensation plan assets (1)40.3 40.3 — — 
Note receivable - building sale (2)6.2 — — 6.2 
Total assets$116.5 $110.3 $— $6.2 
Liabilities:
Deferred compensation plan liabilities (3)$40.3 $40.3 $— $— 
Debt (4)1,317.0 — 1,317.0 — 
Total liabilities$1,357.3 $40.3 $1,317.0 $— 
___________________________
(1)These amounts are reflected within financial investments in the condensed consolidated balance sheets.
(2)This amount is reflected within other assets, net in the condensed consolidated balance sheets.
(3)These amounts are reflected within other non-current liabilities in the condensed consolidated balance sheets.
(4)These balances are presented at fair value in this table, but are carried at their historical value within the condensed consolidated balance sheets.
Schedule of Fair Value of Debt Obligation
At June 30, 2025 and December 31, 2024, the fair values of the Company’s debt obligations were as follows (in millions):
June 30, 2025December 31, 2024
3.650% Senior Notes
$644.3 $638.4 
1.625% Senior Notes
431.3 416.2 
3.000% Senior Notes
269.5 262.4 
Summary of Changes in the Fair Value of Level 3 Financial Assets
The following table sets forth a summary of changes in the fair value of the Company’s Level 3 financial assets and liabilities during the three and six months ended June 30, 2025 (in millions):
Level 3 Financial Assets and Liabilities for the Three Months Ended June 30, 2025
Balance at
Beginning of
Period		Gains during
Period		AdjustmentsAdditionsSettlementsForeign
Currency
Translation		Balance at
End of
Period
Assets:
Note receivable - building sale$6.3 $0.1 $— $— $— $— $6.4 
Total assets$6.3 $0.1 $— $— $— $— $6.4 
Level 3 Financial Assets and Liabilities for the Six Months Ended June 30, 2025
Balance at
Beginning of
Period		Gains during
Period		AdjustmentsAdditionsSettlementsForeign
Currency
Translation		Balance at
End of
Period
Assets:
Note receivable - building sale$6.2 $0.2 $— $— $— $— $6.4 
Total assets$6.2 $0.2 $— $— $— $— $6.4 
v3.25.2
SEGMENT REPORTING (Tables)
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Summarized Financial Data of Reportable Segments
Summarized financial data of reportable segments were as follows (in millions):
Three Months Ended June 30,
2025
OptionsNorth American EquitiesEurope and Asia PacificFuturesGlobal FXDigital (e)Corporate Items and EliminationsTotal
Revenues$575.8 $441.8 $99.0 $32.5 $24.4 $— $— $1,173.5 
Cost of revenues211.0 343.4 28.6 2.4 0.8 — — 586.2 
Revenues less cost of revenues364.8 98.4 70.4 30.1 23.6 — — 587.3 
Depreciation and amortization7.0 11.5 8.1 0.5 2.7 — 0.1 29.9 
Other segment operating expenses (a)97.9 39.6 57.5 12.5 8.4 — 2.4 218.3 
Operating income (loss)$259.9 $47.3 $4.8 $17.1 $12.5 $— $(2.5)$339.1 
Non-operating (expenses) income:
Interest expense (b)$— $— $(2.0)$— $— $— $(10.9)$(12.9)
Interest income (b)0.2 0.9 1.0 0.6 0.1 — 8.5 11.3 
Earnings (loss) on investments, net (b)— 0.3 — — — — (1.4)(1.1)
Other (expense) income, net (b)(1.4)(0.6)(0.1)— — — 0.3 (1.8)
Income (loss) before income tax provision258.7 47.9 3.7 17.7 12.6 — (6.0)334.6 
Income tax provision (c)— 0.8 1.0 — — — 97.7 99.5 
Net income (loss) (d)$258.7 $47.1 $2.7 $17.7 $12.6 $— $(103.7)$235.1 
Three Months Ended June 30,
2024
OptionsNorth American EquitiesEurope and Asia PacificFuturesGlobal FXDigital (e)Corporate Items and EliminationsTotal
Revenues$482.3 $353.3 $81.6 $35.9 $20.5 $0.4 $— $974.0 
Cost of revenues175.6 255.0 27.3 1.1 0.7 0.5 — 460.2 
Revenues less cost of revenues306.7 98.3 54.3 34.8 19.8 (0.1)— 513.8 
Depreciation and amortization6.4 14.3 6.6 0.6 3.2 0.7 — 31.8 
Other segment operating expenses (a)84.7 38.7 38.5 7.9 7.4 89.5 5.2 271.9 
Operating income (loss)$215.6 $45.3 $9.2 $26.3 $9.2 $(90.3)$(5.2)$210.1 
Non-operating (expenses) income:
Interest expense (b)$— $— $(1.9)$— $— $— $(10.9)$(12.8)
Interest income (b)— 0.5 1.0 — — 1.1 2.0 4.6 
Earnings on investments, net (b)— — — — — — 14.2 14.2 
Other income (expense), net (b)1.0 0.1 (0.2)— — 1.0 (15.0)(13.1)
Income (loss) before income tax provision (benefit)216.6 45.9 8.1 26.3 9.2 (88.2)(14.9)203.0 
Income tax provision (benefit) (c)— 0.9 (1.9)— — — 63.6 62.6 
Net income (loss) (d)$216.6 $45.0 $10.0 $26.3 $9.2 $(88.2)$(78.5)$140.4 
Summarized financial data of reportable segments were as follows (in millions) (continued from previous page):
Six Months Ended June 30,
2025
OptionsNorth American EquitiesEurope and Asia PacificFuturesGlobal FXDigital (e)Corporate Items and EliminationsTotal
Revenues$1,160.4 $901.9 $192.1 $67.8 $46.3 $— $— $2,368.5 
Cost of revenues443.2 708.9 57.6 4.9 1.4 — — 1,216.0 
Revenues less cost of revenues717.2 193.0 134.5 62.9 44.9 — — 1,152.5 
Depreciation and amortization13.9 23.5 16.0 1.1 5.6 — 0.1 60.2 
Other segment operating expenses (a)185.5 77.8 91.7 24.1 16.5 — 3.7 399.3 
Operating income (loss)$517.8 $91.7 $26.8 $37.7 $22.8 $— $(3.8)$693.0 
Non-operating (expenses) income:
Interest expense (b)$— $— $(3.8)$— $— $— $(21.9)$(25.7)
Interest income (b)0.4 1.6 2.1 1.2 0.1 — 14.3 19.7 
Earnings (loss) on investments, net (b)— 0.6 — — — — (5.0)(4.4)
Other (expense) income, net (b)(1.4)(1.2)(0.3)— 0.2 — 4.9 2.2 
Income (loss) before income tax provision (benefit)516.8 92.7 24.8 38.9 23.1 — (11.5)684.8 
Income tax provision (benefit) (c)0.1 1.7 1.0 — (0.1)— 196.4 199.1 
Net income (loss) (d)$516.7 $91.0 $23.8 $38.9 $23.2 $— $(207.9)$485.7 
Six Months Ended June 30,
2024
OptionsNorth American EquitiesEurope and Asia PacificFuturesGlobal FXDigital (e)Corporate Items and EliminationsTotal
Revenues$959.7 $702.9 $162.3 $67.3 $39.3 $(0.3)$— $1,931.2 
Cost of revenues345.6 512.0 53.9 2.0 1.1 0.7 — 915.3 
Revenues less cost of revenues614.1 190.9 108.4 65.3 38.2 (1.0)— 1,015.9 
Depreciation and amortization13.5 30.1 14.5 1.2 7.3 2.5 — 69.1 
Other segment operating expenses (a)168.2 77.5 74.5 15.7 15.1 97.0 6.3 454.3 
Operating income (loss)$432.4 $83.3 $19.4 $48.4 $15.8 $(100.5)$(6.3)$492.5 
Non-operating income (expenses):
Interest expense (b)$0.1 $— $(4.0)$— $— $— $(21.9)$(25.8)
Interest income (b)— 0.8 1.9 — — 2.2 3.8 8.7 
Earnings on investments, net (b)— — — — — — 28.2 28.2 
Other income (expense), net (b)0.8 0.1 (0.4)— (0.1)1.5 (10.4)(8.5)
Income (loss) before income tax provision (benefit)433.3 84.2 16.9 48.4 15.7 (96.8)(6.6)495.1 
Income tax provision (benefit) (c)— 1.7 (1.6)— — — 145.1 145.2 
Net income (loss) (d)$433.3 $82.5 $18.5 $48.4 $15.7 $(96.8)$(151.7)$349.9 
__________________________________________________________
(a) Other segment operating expenses includes compensation and benefits, technology support services, professional fees and outside services, travel and promotional expenses, facilities costs, acquisition-related costs, impairment of intangible assets, and other expenses. The disaggregation of expenses is not regularly provided to the CODM at the segment-level.
(b) Non-operating (expenses) income at the segment-level is not regularly provided to the CODM, however non-operating (expenses) income is a component of a measure that is regularly provided to the CODM, and therefore have been disclosed separately.
(c) Income tax provision (benefit) at the segment-level is not regularly provided to the CODM, however income tax provision (benefit) is a component of a measure that is regularly provided to the CODM, and therefore has been disclosed separately.
(d) Net income (loss) at the segment-level is not regularly provided to the CODM, however net income (loss) is a component of a measure that is regularly provided to the CODM, and therefore has been disclosed separately.
(e) The Digital segment results are prospectively included in the Futures segment beginning in the first quarter of 2025. Digital results from the three and six month periods ended June 30, 2024 have been retained in the former Digital segment for comparative purposes. See Note 1 (“Organization and Basis of Presentation”) for additional information.
Schedule of Revenues Less Cost of Revenues by Primary Jurisdiction
The following summarizes revenues less cost of revenues based on primary jurisdiction (in millions):
United StatesNon-U.S.Total
Revenues less cost of revenues:
Three months ended June 30, 2025$508.1 $79.2 $587.3 
Three months ended June 30, 2024450.2 63.6 513.8 
United StatesNon-U.S.Total
Revenues less cost of revenues:
Six months ended June 30, 2025$1,000.2 $152.3 $1,152.5 
Six months ended June 30, 2024889.7 126.2 1,015.9 
v3.25.2
REGULATORY CAPITAL (Tables)
 6 Months Ended
Jun. 30, 2025
REGULATORY CAPITAL [Abstract]  
Schedule of Actual and Minimum Regulatory Capital Requirements of the Subsidiary
The following table presents the Company’s subsidiaries with regulatory capital requirements discussed above, as well as the actual and minimum regulatory capital requirements of the subsidiary as of June 30, 2025 (in millions):
SubsidiaryRegulatory AuthorityActualMinimum
Requirement
Cboe TradingFINRA/SEC$13.4 $1.0 
BIDS TradingFINRA/SEC6.2 0.2 
Cboe Fixed IncomeFINRA/SEC3.6 0.1 
Cboe EuropeFCA100.3 37.3 
Cboe Chi-X EuropeFCA0.3 0.1 
Cboe NLDutch Authority for Financial Markets17.8 9.9 
Cboe Clear EuropeDNB125.7 77.9 
CFECFTC58.6 42.3 
Cboe SEFCFTC4.4 2.5 
Cboe Digital ExchangeCFTC27.0 0.2 
Cboe Clear U.S.CFTC38.6 12.0 
Cboe AustraliaASIC14.9 5.2 
Cboe JapanJFSA11.2 4.6 
v3.25.2
STOCK-BASED COMPENSATION (Tables)
 6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Summary of Restricted Stock Activity
The following table summarizes RSU activity during the six months ended June 30, 2025:
Number of
Shares		Weighted
average grant
date fair value
Nonvested stock at December 31, 2024522,735 $153.20 
Granted271,432 211.63 
Vested(218,611)141.82 
Forfeited(33,939)187.40 
Nonvested stock at June 30, 2025541,617 $184.93 
Summary of Performance-based Restricted Stock Units Activity
The following table summarizes restricted stock units contingent upon achievement of performance conditions, also known as PSUs, activity during the six months ended June 30, 2025:
Number of
Shares		Weighted
average grant
date fair value
Nonvested stock at December 31, 2024111,104 $168.45 
Granted89,663 229.74 
Vested(76,433)143.29 
Forfeited— — 
Nonvested stock at June 30, 2025124,334 $228.12 
v3.25.2
EQUITY (Tables)
 6 Months Ended
Jun. 30, 2025
Stockholders' Equity Note [Abstract]  
Summary of Repurchased Shares of the Company's Common Stock Under the Share Repurchase Program
The table below shows the repurchased shares of common stock under the Company’s share repurchase program during the period presented as follows:
Three Months Ended
June 30,
20252024
Number of shares of common stock repurchased160,564 514,239 
Average price paid per share$219.77 $175.76 
Total purchase price (in millions)$35.3 $90.4 
v3.25.2
EARNINGS PER SHARE (Tables)
 6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
Reconciliation of Basic and Diluted Net Income Per Common Share
The following table sets forth the computation of basic and diluted earnings per share for the three and six months ended June 30, 2025 and 2024 (in millions, except per share data):
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Basic earnings per share numerator:
Net income$235.1 $140.4 $485.7 $349.9 
Net income allocated to participating securities(1.2)(0.7)(2.4)(1.9)
Net income allocated to common stockholders$233.9 $139.7 $483.3 $348.0 
Basic earnings per share denominator:
Weighted average shares outstanding104.7 105.1 104.7 105.4 
Basic earnings per share$2.23 $1.33 $4.62 $3.30 
Diluted earnings per share numerator:
Net income$235.1 $140.4 $485.7 $349.9 
Net income allocated to participating securities(1.2)(0.7)(2.4)(1.9)
Net income allocated to common stockholders$233.9 $139.7 $483.3 $348.0 
Diluted earnings per share denominator:
Weighted average shares outstanding104.7 105.1 104.7 105.4 
Dilutive common shares issued under stock program0.3 0.3 0.3 0.4 
Total dilutive weighted average shares105.0 105.4 105.0 105.8 
Diluted earnings per share$2.23 $1.33 $4.60 $3.29 
v3.25.2
LEASES (Tables)
 6 Months Ended
Jun. 30, 2025
Leases [Abstract]  
Schedule of Supplemental Balance Sheet Information Related to Leases
The following table presents the supplemental balance sheet information related to leases as of June 30, 2025 and December 31, 2024, respectively (in millions):
June 30,
2025		December 31,
2024
Operating lease right of use assets$122.2 $124.5 
Total leased assets$122.2 $124.5 
  
Current operating lease liabilities (1)$25.0 $19.9 
Non-current operating lease liabilities133.8 138.4 
Total leased liabilities$158.8 $158.3 
___________________________
(1) These amounts are reflected within accounts payable and accrued liabilities in the condensed consolidated balance sheets.
Schedule of Lease Cost and Other Information
The following table presents operating lease costs and other information as of and for the three and six months ended June 30, 2025 and 2024, respectively (in millions, except as stated):
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Operating lease costs (1)$9.9 $9.4 $19.8 $18.5 
Lease term and discount rate information:
Weighted average remaining lease term (years)7.27.7
Weighted average discount rate3.6 %3.3 %
Supplemental disclosure of cash transactions:
Cash paid for amounts included in the measurement of lease liabilities$5.3 $7.6 $12.6 $14.4 
Lease incentive for leasehold improvements2.3 — 2.3 — 
Supplemental disclosure of noncash activities:
Right of use assets obtained in exchange for lease liabilities$0.5 $0.3 $7.0 $0.3 
Reduction in lease liability due to remeasurement(0.2)(11.5)(0.2)(11.5)
___________________________
(1) Includes short-term lease and variable lease costs, which are immaterial.
Schedule of Maturities of Lease Liabilities
The maturities of the lease liabilities are as follows as of June 30, 2025 (in millions):
June 30,
2025
Remainder of 2025$14.9 
202631.1 
202727.7 
202825.6 
202914.5 
After 202967.5 
Total lease payments$181.3 
Less: Interest(22.5)
Present value of lease liabilities$158.8 
v3.25.2
ORGANIZATION AND BASIS OF PRESENTATION (Details) - segment
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Number of reportable segments 5 6
v3.25.2
REVENUE RECOGNITION - Revenue by Product Line and Segment (Details)
$ in Millions
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2025
USD ($)
Jun. 30, 2024
USD ($)
Jun. 30, 2025
USD ($)
fee
segment
Jun. 30, 2024
USD ($)
Dec. 31, 2024
segment
Segment Reporting Information          
Number of reportable segments | segment     5   6
Number of types of regulatory fees recognized | fee     2    
Revenues $ 1,173.5 $ 974.0 $ 2,368.5 $ 1,931.2  
Services transferred at a point in time          
Segment Reporting Information          
Revenues 989.9 809.8 2,009.3 1,604.9  
Services transferred over time          
Segment Reporting Information          
Revenues 183.6 164.2 359.2 326.3  
Options | Operating Segments          
Segment Reporting Information          
Revenues 575.8 482.3 1,160.4 959.7  
Options | Operating Segments | Services transferred at a point in time          
Segment Reporting Information          
Revenues 494.9 409.7 1,001.9 816.3  
Options | Operating Segments | Services transferred over time          
Segment Reporting Information          
Revenues 80.9 72.6 158.5 143.4  
North American Equities | Operating Segments          
Segment Reporting Information          
Revenues 441.8 353.3 901.9 702.9  
North American Equities | Operating Segments | Services transferred at a point in time          
Segment Reporting Information          
Revenues 373.4 292.4 768.0 581.6  
North American Equities | Operating Segments | Services transferred over time          
Segment Reporting Information          
Revenues 68.4 60.9 133.9 121.3  
Europe and Asia Pacific | Operating Segments          
Segment Reporting Information          
Revenues 99.0 81.6 192.1 162.3  
Europe and Asia Pacific | Operating Segments | Services transferred at a point in time          
Segment Reporting Information          
Revenues 76.0 61.8 147.9 122.7  
Europe and Asia Pacific | Operating Segments | Services transferred over time          
Segment Reporting Information          
Revenues 23.0 19.8 44.2 39.6  
Futures | Operating Segments          
Segment Reporting Information          
Revenues 32.5 35.9 67.8 67.3  
Futures | Operating Segments | Services transferred at a point in time          
Segment Reporting Information          
Revenues 24.4 28.2 51.6 51.7  
Futures | Operating Segments | Services transferred over time          
Segment Reporting Information          
Revenues 8.1 7.7 16.2 15.6  
Global FX | Operating Segments          
Segment Reporting Information          
Revenues 24.4 20.5 46.3 39.3  
Global FX | Operating Segments | Services transferred at a point in time          
Segment Reporting Information          
Revenues 21.2 17.3 39.9 33.0  
Global FX | Operating Segments | Services transferred over time          
Segment Reporting Information          
Revenues 3.2 3.2 6.4 6.3  
Digital | Operating Segments          
Segment Reporting Information          
Revenues 0.0 0.4 0.0 (0.3)  
Digital | Operating Segments | Services transferred at a point in time          
Segment Reporting Information          
Revenues 0.0 0.4 0.0 (0.4)  
Digital | Operating Segments | Services transferred over time          
Segment Reporting Information          
Revenues 0.0 0.0 0.0 0.1  
Transaction and clearing fees          
Segment Reporting Information          
Revenues 867.7 697.6 1,700.3 1,416.1  
Transaction and clearing fees | Options | Operating Segments          
Segment Reporting Information          
Revenues 468.3 385.9 932.8 775.7  
Transaction and clearing fees | North American Equities | Operating Segments          
Segment Reporting Information          
Revenues 300.2 227.2 571.9 478.9  
Transaction and clearing fees | Europe and Asia Pacific | Operating Segments          
Segment Reporting Information          
Revenues 54.0 38.9 104.8 77.7  
Transaction and clearing fees | Futures | Operating Segments          
Segment Reporting Information          
Revenues 24.3 28.1 51.4 51.6  
Transaction and clearing fees | Global FX | Operating Segments          
Segment Reporting Information          
Revenues 20.9 17.1 39.4 32.6  
Transaction and clearing fees | Digital | Operating Segments          
Segment Reporting Information          
Revenues 0.0 0.4 0.0 (0.4)  
Access and capacity fees          
Segment Reporting Information          
Revenues 101.2 90.5 199.0 180.6  
Access and capacity fees | Options | Operating Segments          
Segment Reporting Information          
Revenues 45.3 41.6 89.3 83.3  
Access and capacity fees | North American Equities | Operating Segments          
Segment Reporting Information          
Revenues 35.6 30.6 70.1 60.3  
Access and capacity fees | Europe and Asia Pacific | Operating Segments          
Segment Reporting Information          
Revenues 11.9 10.0 22.8 20.1  
Access and capacity fees | Futures | Operating Segments          
Segment Reporting Information          
Revenues 5.7 5.5 11.3 11.2  
Access and capacity fees | Global FX | Operating Segments          
Segment Reporting Information          
Revenues 2.7 2.8 5.5 5.6  
Access and capacity fees | Digital | Operating Segments          
Segment Reporting Information          
Revenues 0.0 0.0 0.0 0.1  
Market data fees          
Segment Reporting Information          
Revenues 82.4 73.7 160.2 145.7  
Market data fees | Options | Operating Segments          
Segment Reporting Information          
Revenues 35.6 31.0 69.2 60.1  
Market data fees | North American Equities | Operating Segments          
Segment Reporting Information          
Revenues 32.8 30.3 63.8 61.0  
Market data fees | Europe and Asia Pacific | Operating Segments          
Segment Reporting Information          
Revenues 11.1 9.8 21.4 19.5  
Market data fees | Futures | Operating Segments          
Segment Reporting Information          
Revenues 2.4 2.2 4.9 4.4  
Market data fees | Global FX | Operating Segments          
Segment Reporting Information          
Revenues 0.5 0.4 0.9 0.7  
Market data fees | Digital | Operating Segments          
Segment Reporting Information          
Revenues 0.0 0.0 0.0 0.0  
Regulatory fees          
Segment Reporting Information          
Revenues 96.8 85.9 258.6 136.1  
Regulatory fees | Options | Operating Segments          
Segment Reporting Information          
Revenues 25.4 22.6 66.5 37.9  
Regulatory fees | North American Equities | Operating Segments          
Segment Reporting Information          
Revenues 71.3 63.2 192.0 98.1  
Regulatory fees | Europe and Asia Pacific | Operating Segments          
Segment Reporting Information          
Revenues 0.0 0.0 0.0 0.0  
Regulatory fees | Futures | Operating Segments          
Segment Reporting Information          
Revenues 0.1 0.1 0.1 0.1  
Regulatory fees | Global FX | Operating Segments          
Segment Reporting Information          
Revenues 0.0 0.0 0.0 0.0  
Regulatory fees | Digital | Operating Segments          
Segment Reporting Information          
Revenues 0.0 0.0 0.0 0.0  
Other revenue          
Segment Reporting Information          
Revenues 25.4 26.3 50.4 52.7  
Other revenue | Options | Operating Segments          
Segment Reporting Information          
Revenues 1.2 1.2 2.6 2.7  
Other revenue | North American Equities | Operating Segments          
Segment Reporting Information          
Revenues 1.9 2.0 4.1 4.6  
Other revenue | Europe and Asia Pacific | Operating Segments          
Segment Reporting Information          
Revenues 22.0 22.9 43.1 45.0  
Other revenue | Futures | Operating Segments          
Segment Reporting Information          
Revenues 0.0 0.0 0.1 0.0  
Other revenue | Global FX | Operating Segments          
Segment Reporting Information          
Revenues 0.3 0.2 0.5 0.4  
Other revenue | Digital | Operating Segments          
Segment Reporting Information          
Revenues 0.0 0.0 0.0 0.0  
Cash and spot markets          
Segment Reporting Information          
Revenues 487.6 386.4 988.5 767.3  
Cash and spot markets | Transaction and clearing fees          
Segment Reporting Information          
Revenues 375.1 283.6 716.1 588.8  
Cash and spot markets | Access and capacity fees          
Segment Reporting Information          
Revenues 0.0 0.0 0.0 0.0  
Cash and spot markets | Market data fees          
Segment Reporting Information          
Revenues 17.0 14.6 32.7 30.6  
Cash and spot markets | Regulatory fees          
Segment Reporting Information          
Revenues 71.3 63.2 192.0 98.1  
Cash and spot markets | Other revenue          
Segment Reporting Information          
Revenues 24.2 25.0 47.7 49.8  
Data Vantage          
Segment Reporting Information          
Revenues 158.3 142.1 310.8 282.3  
Data Vantage | Transaction and clearing fees          
Segment Reporting Information          
Revenues 0.0 0.0 0.0 0.0  
Data Vantage | Access and capacity fees          
Segment Reporting Information          
Revenues 101.2 90.5 199.0 180.6  
Data Vantage | Market data fees          
Segment Reporting Information          
Revenues 56.4 50.9 110.4 100.2  
Data Vantage | Regulatory fees          
Segment Reporting Information          
Revenues 0.0 0.0 0.0 0.0  
Data Vantage | Other revenue          
Segment Reporting Information          
Revenues 0.7 0.7 1.4 1.5  
Derivatives markets          
Segment Reporting Information          
Revenues 527.6 445.5 1,069.2 881.6  
Derivatives markets | Transaction and clearing fees          
Segment Reporting Information          
Revenues 492.6 414.0 984.2 827.3  
Derivatives markets | Access and capacity fees          
Segment Reporting Information          
Revenues 0.0 0.0 0.0 0.0  
Derivatives markets | Market data fees          
Segment Reporting Information          
Revenues 9.0 8.2 17.1 14.9  
Derivatives markets | Regulatory fees          
Segment Reporting Information          
Revenues 25.5 22.7 66.6 38.0  
Derivatives markets | Other revenue          
Segment Reporting Information          
Revenues $ 0.5 $ 0.6 $ 1.3 $ 1.4  
v3.25.2
REVENUE RECOGNITION - Rollforward of Deferred Revenue (Details)
$ in Millions
 6 Months Ended
Jun. 30, 2025
USD ($)
Revenue recognized from contract liabilities and remaining balance  
Beginning Balance $ 6.6
Cash Additions 15.3
Revenue Recognized (11.3)
Ending Balance 10.6
Liquidity provider sliding scale  
Revenue recognized from contract liabilities and remaining balance  
Beginning Balance 2.4
Cash Additions 4.8
Revenue Recognized (3.6)
Ending Balance 3.6
Other, net  
Revenue recognized from contract liabilities and remaining balance  
Beginning Balance 4.2
Cash Additions 10.5
Revenue Recognized (7.7)
Ending Balance $ 7.0
v3.25.2
ACQUISITIONS (Details) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Business Combination [Line Items]        
Acquisition-related costs $ 0 $ 600,000 $ 200,000 $ 1,200,000
Acquisition Costs        
Business Combination [Line Items]        
Acquisition-related costs $ 42,800 $ 600,000 $ 200,000 $ 1,200,000
v3.25.2
INVESTMENTS (Details) - USD ($)
$ in Millions
 3 Months Ended
Jun. 30, 2024
Jun. 30, 2025
Dec. 31, 2024
Equity Method Investments and Equity Securities Without Readily Determinable Fair Value [Line Items]      
Total equity method investments   $ 317.2 $ 321.3
Total other equity investments   62.4 62.4
Total investments   379.6 383.7
Investment in 7Ridge Investments 3 LP      
Equity Method Investments and Equity Securities Without Readily Determinable Fair Value [Line Items]      
Total equity method investments   317.2 321.3
Investment in Japannext Co., Ltd.      
Equity Method Investments and Equity Securities Without Readily Determinable Fair Value [Line Items]      
Total other equity investments   36.5 36.5
Investment in Eris Innovations Holdings, LLC      
Equity Method Investments and Equity Securities Without Readily Determinable Fair Value [Line Items]      
Total other equity investments   9.5 9.5
Investment in CSD Br      
Equity Method Investments and Equity Securities Without Readily Determinable Fair Value [Line Items]      
Total other equity investments   5.9 5.9
Investment in Coin Metrics Inc.      
Equity Method Investments and Equity Securities Without Readily Determinable Fair Value [Line Items]      
Total other equity investments   4.4 4.4
Investment in Vest Group Inc.      
Equity Method Investments and Equity Securities Without Readily Determinable Fair Value [Line Items]      
Total other equity investments   2.9 2.9
Investment in OCC      
Equity Method Investments and Equity Securities Without Readily Determinable Fair Value [Line Items]      
Total other equity investments   0.3 0.3
Other equity investments      
Equity Method Investments and Equity Securities Without Readily Determinable Fair Value [Line Items]      
Total other equity investments   $ 2.9 $ 2.9
Globacap Technology Limited      
Equity Method Investments and Equity Securities Without Readily Determinable Fair Value [Line Items]      
Equity securities without RDFV, impairment loss $ 16.0    
v3.25.2
PROPERTY AND EQUIPMENT, NET - Schedule of Property and Equipment, Net (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Property and Equipment, Net    
Total property and equipment $ 343.4 $ 309.6
Less accumulated depreciation (215.5) (191.6)
Property and equipment, net 127.9 118.0
Construction in progress    
Property and Equipment, Net    
Total property and equipment 1.8 3.3
Furniture, equipment, and leasehold improvements    
Property and Equipment, Net    
Total property and equipment $ 341.6 $ 306.3
v3.25.2
PROPERTY AND EQUIPMENT, NET - Additional information (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Property, Plant and Equipment [Abstract]        
Depreciation expense $ 10.2 $ 8.0 $ 19.6 $ 16.6
v3.25.2
CREDIT LOSSES (Details)
$ in Millions
 6 Months Ended
Jun. 30, 2025
USD ($)
Credit losses  
Allowance balance at beginning of period $ 36.7
Current period provision for expected credit losses 2.2
Write-offs charged against the allowance (0.1)
Recoveries collected 0.0
Allowance balance at end of period 38.8
Allowance for notes receivable credit losses  
Credit losses  
Allowance balance at beginning of period 30.1
Current period provision for expected credit losses 0.0
Write-offs charged against the allowance 0.0
Recoveries collected 0.0
Allowance balance at end of period 30.1
Allowance for accounts receivable credit losses  
Credit losses  
Allowance balance at beginning of period 6.6
Current period provision for expected credit losses 2.2
Write-offs charged against the allowance (0.1)
Recoveries collected 0.0
Allowance balance at end of period $ 8.7
v3.25.2
OTHER ASSETS, NET (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Intangible Assets          
Less accumulated depreciation and amortization $ (104.5)   $ (104.5)   $ (98.3)
Data processing software, net 54.4   54.4   46.8
Other assets 109.2   109.2   135.9
Total other assets, net 163.6   163.6   182.7
Notes receivable, net 98.7   98.7   124.2
Amortization expense 17.2 $ 21.3 35.6 $ 47.5  
Software development work in progress          
Intangible Assets          
Software 12.0   12.0   18.7
Data processing software          
Intangible Assets          
Software 146.9   146.9   $ 126.4
Amortization expense $ 2.5 $ 2.5 $ 5.0 $ 5.0  
v3.25.2
GOODWILL, INTANGIBLE ASSETS, NET, AND DIGITAL ASSETS HELD - Goodwill by Segment (Details)
$ in Millions
 6 Months Ended
Jun. 30, 2025
USD ($)
Goodwill  
Balance at beginning of the period $ 3,124.2
Changes in foreign currency exchange rates 31.7
Balance at end of the period 3,155.9
Options  
Goodwill  
Balance at beginning of the period 306.0
Changes in foreign currency exchange rates 0.0
Balance at end of the period 306.0
North American Equities  
Goodwill  
Balance at beginning of the period 1,990.8
Changes in foreign currency exchange rates 8.0
Balance at end of the period 1,998.8
Europe and Asia Pacific  
Goodwill  
Balance at beginning of the period 560.0
Changes in foreign currency exchange rates 23.7
Balance at end of the period 583.7
Global FX  
Goodwill  
Balance at beginning of the period 267.4
Changes in foreign currency exchange rates 0.0
Balance at end of the period $ 267.4
v3.25.2
GOODWILL, INTANGIBLE ASSETS, NET, AND DIGITAL ASSETS HELD - Intangible Assets by Segment (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Intangible Assets        
Balance at beginning of the period     $ 1,376.9  
Sales     (0.3)  
Amortization $ (17.2) $ (21.3) (35.6) $ (47.5)
Changes in foreign currency exchange rates     32.3  
Impairment (17.1) (81.0) (17.1) (81.0)
Balance at end of the period 1,356.2   1,356.2  
Options        
Intangible Assets        
Balance at beginning of the period     126.4  
Sales     0.0  
Amortization     (3.2)  
Changes in foreign currency exchange rates     0.0  
Impairment     0.0  
Balance at end of the period 123.2   123.2  
North American Equities        
Intangible Assets        
Balance at beginning of the period     879.6  
Sales     (0.3)  
Amortization     (20.2)  
Changes in foreign currency exchange rates     3.6  
Impairment     0.0  
Balance at end of the period 862.7   862.7  
Europe and Asia Pacific        
Intangible Assets        
Balance at beginning of the period     326.7  
Sales     0.0  
Amortization     (7.3)  
Changes in foreign currency exchange rates     28.7  
Impairment     (17.1)  
Balance at end of the period 331.0   331.0  
Global FX        
Intangible Assets        
Balance at beginning of the period     44.2  
Sales     0.0  
Amortization     (4.9)  
Changes in foreign currency exchange rates     0.0  
Impairment     0.0  
Balance at end of the period $ 39.3   $ 39.3  
Digital        
Intangible Assets        
Impairment   $ (81.0)   $ (81.0)
v3.25.2
GOODWILL, INTANGIBLE ASSETS, NET, AND DIGITAL ASSETS HELD - Estimated Future Amortization (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]        
Amortization expense $ 17.2 $ 21.3 $ 35.6 $ 47.5
Amortization expense        
Future amortization expense, remainder of 2025 34.5   34.5  
2026 63.0   63.0  
2027 56.1   56.1  
2028 50.4   50.4  
2029 $ 45.8   $ 45.8  
v3.25.2
GOODWILL, INTANGIBLE ASSETS, NET, AND DIGITAL ASSETS HELD - Intangible Assets by Category (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Intangible Assets    
Intangible assets, net $ 1,356.2 $ 1,376.9
Customer relationships | Weighted Average Amortization Period (in years)    
Intangible Assets    
Weighted Average Amortization Period (in years) 13 years 14 years
Market data customer relationships | Weighted Average Amortization Period (in years)    
Intangible Assets    
Weighted Average Amortization Period (in years) 7 years 7 years
Technology | Weighted Average Amortization Period (in years)    
Intangible Assets    
Weighted Average Amortization Period (in years) 6 years 7 years
Trademarks and trade names | Weighted Average Amortization Period (in years)    
Intangible Assets    
Weighted Average Amortization Period (in years) 5 years 5 years
Options    
Intangible Assets    
Accumulated amortization $ (113.5) $ (110.3)
Intangible assets, net 123.2 126.4
Options | Customer relationships    
Intangible Assets    
Finite-lived intangible assets, gross 46.6 46.6
Options | Market data customer relationships    
Intangible Assets    
Finite-lived intangible assets, gross 53.6 53.6
Options | Technology    
Intangible Assets    
Finite-lived intangible assets, gross 28.1 28.1
Options | Trademarks and trade names    
Intangible Assets    
Finite-lived intangible assets, gross 12.9 12.9
Options | Trading registrations and licenses    
Intangible Assets    
Indefinite-lived intangible assets, gross 95.5 95.5
Options | Digital assets held    
Intangible Assets    
Indefinite-lived intangible assets, gross 0.0 0.0
North American Equities    
Intangible Assets    
Accumulated amortization (542.3) (520.3)
Intangible assets, net 862.7 879.6
North American Equities | Customer relationships    
Intangible Assets    
Finite-lived intangible assets, gross 412.4 409.7
North American Equities | Market data customer relationships    
Intangible Assets    
Finite-lived intangible assets, gross 322.0 322.0
North American Equities | Technology    
Intangible Assets    
Finite-lived intangible assets, gross 56.3 55.5
North American Equities | Trademarks and trade names    
Intangible Assets    
Finite-lived intangible assets, gross 8.2 8.1
North American Equities | Trading registrations and licenses    
Intangible Assets    
Indefinite-lived intangible assets, gross 605.0 603.4
North American Equities | Digital assets held    
Intangible Assets    
Indefinite-lived intangible assets, gross 1.1 1.2
Europe and Asia Pacific    
Intangible Assets    
Accumulated amortization (205.3) (184.4)
Intangible assets, net 331.0 326.7
Europe and Asia Pacific | Customer relationships    
Intangible Assets    
Finite-lived intangible assets, gross 207.1 209.2
Europe and Asia Pacific | Market data customer relationships    
Intangible Assets    
Finite-lived intangible assets, gross 66.2 60.8
Europe and Asia Pacific | Technology    
Intangible Assets    
Finite-lived intangible assets, gross 36.1 33.6
Europe and Asia Pacific | Trademarks and trade names    
Intangible Assets    
Finite-lived intangible assets, gross 2.6 2.3
Europe and Asia Pacific | Trading registrations and licenses    
Intangible Assets    
Indefinite-lived intangible assets, gross 224.3 205.2
Europe and Asia Pacific | Digital assets held    
Intangible Assets    
Indefinite-lived intangible assets, gross 0.0 0.0
Global FX    
Intangible Assets    
Accumulated amortization (188.8) (183.9)
Intangible assets, net 39.3 44.2
Global FX | Customer relationships    
Intangible Assets    
Finite-lived intangible assets, gross 140.0 140.0
Global FX | Market data customer relationships    
Intangible Assets    
Finite-lived intangible assets, gross 64.4 64.4
Global FX | Technology    
Intangible Assets    
Finite-lived intangible assets, gross 22.5 22.5
Global FX | Trademarks and trade names    
Intangible Assets    
Finite-lived intangible assets, gross 1.2 1.2
Global FX | Trading registrations and licenses    
Intangible Assets    
Indefinite-lived intangible assets, gross 0.0 0.0
Global FX | Digital assets held    
Intangible Assets    
Indefinite-lived intangible assets, gross $ 0.0 $ 0.0
v3.25.2
GOODWILL, INTANGIBLE ASSETS, NET, AND DIGITAL ASSETS HELD - Additional Information (Details)
 1 Months Ended 3 Months Ended 6 Months Ended
May 31, 2025
May 31, 2024
USD ($)
Oct. 31, 2022
item
$ / shares
Jun. 30, 2025
USD ($)
item
Jun. 30, 2024
USD ($)
Jun. 30, 2025
USD ($)
item
Jun. 30, 2024
USD ($)
Intangible Assets              
Impairment of intangible assets       $ 17,100,000 $ 81,000,000.0 $ 17,100,000 $ 81,000,000.0
Revenues       1,173,500,000 974,000,000.0 2,368,500,000 1,931,200,000
Digital              
Intangible Assets              
Impairment of intangible assets         81,000,000.0   81,000,000.0
Customer relationships              
Intangible Assets              
Impairment of intangible assets       17,100,000   17,100,000  
Market data fees              
Intangible Assets              
Revenues       $ 82,400,000 $ 73,700,000 $ 160,200,000 $ 145,700,000
Data Provider Agreement with Pyth Data Association | Cboe Netherlands Services Company B.V              
Intangible Assets              
Number of U.S. equities exchanges publishing market data | item     1        
Total number of U.S. equities exchanges | item     4        
Number of token issued in a exchange or transaction | item     16,666,666     740,000  
Term of restricted tokens issued (in years)     4 years        
Percentage of tranche unlocked over a period for restricted tokens issued 25.00% 25.00%          
Historical value of tokens (in dollars per share) | $ / shares     $ 0.06        
Number of tokens sold | item       3,000,000   4,200,000  
Recognized gain on sale of tokens       $ 300,000   $ 600,000  
Data Provider Agreement with Pyth Data Association | Cboe Netherlands Services Company B.V | Market data fees              
Intangible Assets              
Revenues   $ 1,000,000.0          
v3.25.2
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Payables and Accruals [Abstract]    
Compensation and benefit-related liabilities $ 59.3 $ 89.8
Royalties 49.9 44.4
Accrued liabilities 63.3 74.4
Current operating lease liabilities 25.0 19.9
Rebates payable 101.1 93.5
Marketing fee payable 15.9 19.7
Current unrecognized tax benefits 130.2 0.1
Accounts payable 22.6 17.9
Total accounts payable and accrued liabilities $ 467.3 $ 359.7
v3.25.2
DEBT - Schedule of Long-term Debt (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Mar. 16, 2022
Dec. 15, 2020
Jan. 12, 2017
Debt Instrument          
Total debt $ 1,442.0 $ 1,441.0      
Line of Credit | Revolving Credit Agreement          
Debt Instrument          
Total debt 0.0 0.0      
Line of Credit | Cboe Clear Europe Credit Facility          
Debt Instrument          
Total debt 0.0 0.0      
3.650% Senior Notes          
Debt Instrument          
Debt instrument face amount $ 650.0 $ 650.0     $ 650.0
Interest rate (as a percent) 3.65% 3.65%     3.65%
3.650% Senior Notes | Senior Notes          
Debt Instrument          
Total debt $ 649.0 $ 648.6      
1.625% Senior Notes          
Debt Instrument          
Debt instrument face amount $ 500.0 $ 500.0   $ 500.0  
Interest rate (as a percent) 1.625% 1.625%   1.625%  
1.625% Senior Notes | Senior Notes          
Debt Instrument          
Total debt $ 495.9 $ 495.5      
3.000% Senior Notes          
Debt Instrument          
Debt instrument face amount $ 300.0 $ 300.0 $ 300.0    
Interest rate (as a percent) 3.00% 3.00% 3.00%    
3.000% Senior Notes | Senior Notes          
Debt Instrument          
Total debt $ 297.1 $ 296.9      
v3.25.2
DEBT - Narrative (Details)
 6 Months Ended
Feb. 25, 2022
USD ($)
subsidiary
Jul. 01, 2020
USD ($)
Jun. 30, 2025
USD ($)
subsidiary
Jun. 30, 2025
EUR (€)
subsidiary
Dec. 31, 2024
USD ($)
Mar. 16, 2022
USD ($)
Dec. 15, 2020
USD ($)
Jul. 01, 2020
EUR (€)
Jan. 12, 2017
USD ($)
Debt Instrument                  
Borrowings outstanding     $ 1,442,000,000   $ 1,441,000,000        
3.650% Senior Notes                  
Debt Instrument                  
Debt instrument face amount     $ 650,000,000   $ 650,000,000       $ 650,000,000
Interest rate (as a percent)     3.65% 3.65% 3.65%       3.65%
1.625% Senior Notes                  
Debt Instrument                  
Debt instrument face amount     $ 500,000,000   $ 500,000,000   $ 500,000,000    
Interest rate (as a percent)     1.625% 1.625% 1.625%   1.625%    
3.000% Senior Notes                  
Debt Instrument                  
Debt instrument face amount     $ 300,000,000   $ 300,000,000 $ 300,000,000      
Interest rate (as a percent)     3.00% 3.00% 3.00% 3.00%      
Senior Notes                  
Debt Instrument                  
Redemption price (as a percent)     101.00%            
Revolving Credit Agreement                  
Debt Instrument                  
Credit agreement, maximum borrowing capacity $ 400,000,000                
Term of agreement (in years) 5 years                
Maximum borrowing capacity, increase limit $ 200,000,000                
Maximum borrowing capacity, total with increase $ 600,000,000                
Number of subsidiaries designated as additional borrowers | subsidiary     0 0          
Borrowings outstanding     $ 0            
Borrowing capacity available     $ 400,000,000            
Minimum consolidated interest ratio     4.00            
Maximum consolidated leverage ratio     3.50 3.50          
Minimum consolidated interest ratio, scenario one     4.25            
Minimum consolidated interest ratio, scenario two     4.00            
Revolving Credit Agreement | Minimum                  
Debt Instrument                  
Number of subsidiaries that may be designated as additional borrowers | subsidiary 1                
Interest rate margin (as a percent)     0.75%            
Revolving Credit Agreement | Maximum                  
Debt Instrument                  
Interest rate margin (as a percent)     1.25%            
Revolving Credit Agreement | Floor Rate                  
Debt Instrument                  
Interest rate margin (as a percent)     1.00%            
Revolving Credit Agreement | Prime Rate | Minimum                  
Debt Instrument                  
Interest rate margin (as a percent)     0.00%            
Revolving Credit Agreement | Prime Rate | Maximum                  
Debt Instrument                  
Interest rate margin (as a percent)     0.25%            
Revolving Credit Agreement | Dollars SFOR                  
Debt Instrument                  
Interest rate margin (as a percent)     0.10%            
Revolving Credit Agreement | Sterling SONIA                  
Debt Instrument                  
Interest rate margin (as a percent)     0.0326%            
Revolving Credit Agreement | Euros EURIBOR                  
Debt Instrument                  
Interest rate margin (as a percent)     0.00%            
Revolving Credit Agreement | Line of Credit                  
Debt Instrument                  
Credit agreement, maximum borrowing capacity $ 25,000,000                
Cboe Clear Europe Credit Facility                  
Debt Instrument                  
Debt instrument face amount | €               € 1,200,000,000  
Maximum borrowing capacity, increase limit | €               500,000,000  
Maximum borrowing capacity, total with increase | €               1,700,000,000  
Borrowings outstanding | €       € 0          
Borrowing capacity available | €       € 1,200,000,000          
Commitment fee percentage   0.35%              
Debt instrument, threshold amount transferred to provider of settlement or custody services | €               500,000,000  
Cboe Clear Europe Credit Facility | Minimum                  
Debt Instrument                  
Debt instrument, threshold net worth on each drawdown   $ 1,750,000,000              
Debt instrument, amount to meet minimum liquidity regulations | €               € 30,000,000  
Cboe Clear Europe Credit Facility | Base Rate                  
Debt Instrument                  
Interest rate margin (as a percent)   1.60%              
Cboe Clear Europe Credit Facility | Fed Funds Effective Rate Overnight Index Swap Rate                  
Debt Instrument                  
Interest rate margin (as a percent)   0.50%              
v3.25.2
DEBT - Debt Repayments (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Long-term Debt    
Remainder of 2025 $ 0.0  
2026 0.0  
2027 650.0  
2028 0.0  
2029 0.0  
Thereafter 800.0  
Principal amounts repayable 1,450.0  
Debt issuance costs (4.6)  
Unamortized discounts on notes (3.4)  
Total debt outstanding $ 1,442.0 $ 1,441.0
v3.25.2
DEBT - Interest Expense (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Components of interest expense:        
Contractual interest $ 12.3 $ 12.2 $ 24.5 $ 24.6
Amortization of debt discount and issuance costs 0.6 0.6 1.2 1.2
Interest expense 12.9 12.8 25.7 25.8
Interest income (11.3) (4.6) (19.7) (8.7)
Interest expense, net $ 1.6 $ 8.2 $ 6.0 $ 17.1
v3.25.2
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME, NET (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2025
AOCI Rollforward          
Beginning balance $ 4,452.1 $ 4,279.6 $ 4,024.1 $ 3,985.0 $ 4,279.6
Other comprehensive income 67.2 23.6 (3.2) (13.8) 90.8
Ending balance 4,665.1 4,452.1 4,021.7 4,024.1 4,665.1
Accumulated other comprehensive (loss) income, net          
AOCI Rollforward          
Beginning balance (24.8) (48.4) (23.2) (9.4) (48.4)
Other comprehensive income 67.2 23.6 (3.2) (13.8)  
Ending balance 42.4 (24.8) $ (26.4) $ (23.2) 42.4
Foreign Currency Translation Adjustment          
AOCI Rollforward          
Beginning balance   (48.6)     (48.6)
Other comprehensive income         90.8
Ending balance 42.2       42.2
Post-Retirement Benefits, Net          
AOCI Rollforward          
Beginning balance   $ 0.2     0.2
Other comprehensive income         0.0
Ending balance $ 0.2       $ 0.2
v3.25.2
CLEARING OPERATIONS - Narrative (Details)
$ in Millions
 1 Months Ended 6 Months Ended
Sep. 30, 2021
market
Jun. 30, 2025
USD ($)
market
item
Counterparty
form
Dec. 31, 2024
USD ($)
Clearing Operations      
Number of clearing houses operated | item   2  
Number of European markets | market 10 18  
Restricted cash, current   $ 30.2 $ 0.0
Cboe Clear Europe Credit Facility      
Clearing Operations      
Number of central counterparties with whom interoperable agreements are held | Counterparty   2  
Number of forms utilized for default waterfalls | form   2  
Default and liquidity waterfalls regulatory capital, scenario one   25.00%  
Cboe Clear Europe Credit Facility | Minimum      
Clearing Operations      
Default and liquidity waterfalls regulatory capital   35.00%  
Default and liquidity waterfalls regulatory capital, scenario two   10.00%  
Cboe Clear Europe Credit Facility | Maximum      
Clearing Operations      
Default and liquidity waterfalls regulatory capital   50.00%  
Default and liquidity waterfalls regulatory capital, scenario two   25.00%  
Cboe Clear U.S.      
Clearing Operations      
Restricted cash, current   $ 25.0  
v3.25.2
CLEARING OPERATIONS - Clearing Participant (Details)
$ in Millions
Jun. 30, 2025
USD ($)
Dec. 31, 2024
USD ($)
Clearing Operations    
Cboe Clear Europe central bank account $ 482.6 $ 841.4
Cboe Clear Europe reverse repurchase and other 1,185.9 0.0
Cboe Clear U.S. customer bank deposits 1.9 4.1
Total cash margin deposits, clearing funds, and interoperability funds 1,670.4 845.5
Cboe Clear Europe non-cash contributions $ 1,339.2 997.4
Minimum collateralization, as a percent 1.02  
Margin Deposits    
Clearing Operations    
Cboe Clear Europe central bank account $ 352.3 378.4
Cboe Clear Europe reverse repurchase and other 452.7 0.0
Cboe Clear U.S. customer bank deposits 1.9 4.1
Total cash margin deposits, clearing funds, and interoperability funds 806.9 382.5
Cboe Clear Europe non-cash contributions 854.3 691.4
Clearing Funds    
Clearing Operations    
Cboe Clear Europe central bank account 14.4 173.7
Cboe Clear Europe reverse repurchase and other 234.1 0.0
Cboe Clear U.S. customer bank deposits 0.0 0.0
Total cash margin deposits, clearing funds, and interoperability funds 248.5 173.7
Cboe Clear Europe non-cash contributions 94.5 80.1
Interoperability Funds    
Clearing Operations    
Cboe Clear Europe central bank account 115.9 289.3
Cboe Clear Europe reverse repurchase and other 499.1 0.0
Cboe Clear U.S. customer bank deposits 0.0 0.0
Total cash margin deposits, clearing funds, and interoperability funds 615.0 289.3
Cboe Clear Europe non-cash contributions $ 390.4 $ 225.9
v3.25.2
FAIR VALUE MEASUREMENT - Fair Value Hierarchy for Assets and Liabilities on a Recurring Basis (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Assets:    
Note receivable - building sale $ 6.4 $ 6.2
Total assets 214.0 116.5
Level 1    
Assets:    
Note receivable - building sale 0.0 0.0
Total assets 207.6 110.3
Level 2    
Assets:    
Note receivable - building sale 0.0 0.0
Total assets 0.0 0.0
Level 3    
Assets:    
Note receivable - building sale 6.4 6.2
Total assets 6.4 6.2
Fair Value, Recurring    
Assets:    
Note receivable - building sale 6.4 6.2
Total assets 214.0 116.5
Fair Value, Recurring | US Treasury Securities    
Assets:    
Debt securities 176.6 70.0
Fair Value, Recurring | Mutual funds    
Assets:    
Marketable securities 24.2 23.8
Fair Value, Recurring | Money market funds    
Assets:    
Marketable securities 6.8 16.5
Fair Value, Recurring | Level 1    
Assets:    
Note receivable - building sale 0.0 0.0
Total assets 207.6 110.3
Fair Value, Recurring | Level 1 | US Treasury Securities    
Assets:    
Debt securities 176.6 70.0
Fair Value, Recurring | Level 1 | Mutual funds    
Assets:    
Marketable securities 24.2 23.8
Fair Value, Recurring | Level 1 | Money market funds    
Assets:    
Marketable securities 6.8 16.5
Fair Value, Recurring | Level 2    
Assets:    
Note receivable - building sale 0.0 0.0
Total assets 0.0 0.0
Fair Value, Recurring | Level 2 | US Treasury Securities    
Assets:    
Debt securities 0.0 0.0
Fair Value, Recurring | Level 2 | Mutual funds    
Assets:    
Marketable securities 0.0 0.0
Fair Value, Recurring | Level 2 | Money market funds    
Assets:    
Marketable securities 0.0 0.0
Fair Value, Recurring | Level 3    
Assets:    
Note receivable - building sale 6.4 6.2
Total assets 6.4 6.2
Fair Value, Recurring | Level 3 | US Treasury Securities    
Assets:    
Debt securities 0.0 0.0
Fair Value, Recurring | Level 3 | Mutual funds    
Assets:    
Marketable securities 0.0 0.0
Fair Value, Recurring | Level 3 | Money market funds    
Assets:    
Marketable securities $ 0.0 $ 0.0
v3.25.2
FAIR VALUE MEASUREMENT - Fair Value Hierarchy of Financial Instruments Held (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Assets:    
U.S. Treasury securities $ 176.6 $ 70.0
Deferred compensation plan assets 31.0 40.3
Note receivable - building sale 6.4 6.2
Total assets 214.0 116.5
Liabilities:    
Deferred compensation plan liabilities 31.0 40.3
Debt 1,345.1 1,317.0
Total liabilities 1,376.1 1,357.3
Level 1    
Assets:    
U.S. Treasury securities 176.6 70.0
Deferred compensation plan assets 31.0 40.3
Note receivable - building sale 0.0 0.0
Total assets 207.6 110.3
Liabilities:    
Deferred compensation plan liabilities 31.0 40.3
Debt 0.0 0.0
Total liabilities 31.0 40.3
Level 2    
Assets:    
U.S. Treasury securities 0.0 0.0
Deferred compensation plan assets 0.0 0.0
Note receivable - building sale 0.0 0.0
Total assets 0.0 0.0
Liabilities:    
Deferred compensation plan liabilities 0.0 0.0
Debt 1,345.1 1,317.0
Total liabilities 1,345.1 1,317.0
Level 3    
Assets:    
U.S. Treasury securities 0.0 0.0
Deferred compensation plan assets 0.0 0.0
Note receivable - building sale 6.4 6.2
Total assets 6.4 6.2
Liabilities:    
Deferred compensation plan liabilities 0.0 0.0
Debt 0.0 0.0
Total liabilities $ 0.0 $ 0.0
v3.25.2
FAIR VALUE MEASUREMENT - Narrative (Details) - Former Chicago Headquarters Location - Disposal group, disposed of by sale, not discontinued operations
$ in Millions
Jun. 28, 2024
USD ($)
Segment Reporting Information  
Purchase price of the property $ 12.0
Purchase price of the property, cash 5.0
Purchase price of the property, seller financing 7.0
Secured promissory note receivable $ 7.0
Secured promissory note receivable, interest rate (as a percent) 4.00%
Term of note receivable unless the purchaser sells the property 2 years
v3.25.2
FAIR VALUE MEASUREMENT - Fair Values of Debt Obligations (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Mar. 16, 2022
Dec. 15, 2020
Jan. 12, 2017
Debt          
Debt obligations $ 1,345.1 $ 1,317.0      
Level 2          
Debt          
Debt obligations $ 1,345.1 $ 1,317.0      
3.650% Senior Notes          
Debt          
Interest rate (as a percent) 3.65% 3.65%     3.65%
3.650% Senior Notes | Level 2          
Debt          
Debt obligations $ 644.3 $ 638.4      
1.625% Senior Notes          
Debt          
Interest rate (as a percent) 1.625% 1.625%   1.625%  
1.625% Senior Notes | Level 2          
Debt          
Debt obligations $ 431.3 $ 416.2      
3.000% Senior Notes          
Debt          
Interest rate (as a percent) 3.00% 3.00% 3.00%    
3.000% Senior Notes | Level 2          
Debt          
Debt obligations $ 269.5 $ 262.4      
v3.25.2
FAIR VALUE MEASUREMENT - Changes in Fair Value of Level 3 Financial Assets (Details) - Level 3 - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2025
Assets:    
Balance at Beginning of Period $ 6.3 $ 6.2
Gains during Period 0.1 0.2
Adjustments 0.0 0.0
Additions 0.0 0.0
Settlements 0.0 0.0
Foreign Currency Translation 0.0 0.0
Balance at End of Period 6.4 6.4
Allowance for notes receivable credit losses    
Assets:    
Balance at Beginning of Period 6.3 6.2
Gains during Period 0.1 0.2
Adjustments 0.0 0.0
Additions 0.0 0.0
Settlements 0.0 0.0
Foreign Currency Translation 0.0 0.0
Balance at End of Period $ 6.4 $ 6.4
v3.25.2
SEGMENT REPORTING - Summarized Financial Information by Reportable Segment (Details)
$ in Millions
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2025
USD ($)
Mar. 31, 2025
USD ($)
Jun. 30, 2024
USD ($)
Mar. 31, 2024
USD ($)
Jun. 30, 2025
USD ($)
segment
Jun. 30, 2024
USD ($)
Dec. 31, 2024
segment
Segment Reporting Information              
Number of reportable segments | segment         5   6
Revenues $ 1,173.5   $ 974.0   $ 2,368.5 $ 1,931.2  
Operating income (loss) 339.1   210.1   693.0 492.5  
Total cost of revenues 586.2   460.2   1,216.0 915.3  
Revenues less cost of revenues: 587.3   513.8   1,152.5 1,015.9  
Depreciation and amortization 29.9   31.8   60.2 69.1  
Other segment operating expenses 218.3   271.9   399.3 454.3  
Non-operating (expenses) income:              
Interest expense (12.9)   (12.8)   (25.7) (25.8)  
Interest income 11.3   4.6   19.7 8.7  
(Loss) earnings on investments, net (1.1)   14.2   (4.4) 28.2  
Other income (expense), net (1.8)   (13.1)   2.2 (8.5)  
Income (loss) before income tax provision (benefit) 334.6   203.0   684.8 495.1  
Income tax provision (benefit) 99.5   62.6   199.1 145.2  
Net income 235.1 $ 250.6 140.4 $ 209.5 485.7 349.9  
Operating Segments | Options              
Segment Reporting Information              
Revenues 575.8   482.3   1,160.4 959.7  
Operating income (loss) 259.9   215.6   517.8 432.4  
Total cost of revenues 211.0   175.6   443.2 345.6  
Revenues less cost of revenues: 364.8   306.7   717.2 614.1  
Depreciation and amortization 7.0   6.4   13.9 13.5  
Other segment operating expenses 97.9   84.7   185.5 168.2  
Non-operating (expenses) income:              
Interest expense 0.0   0.0   0.0 0.1  
Interest income 0.2   0.0   0.4 0.0  
(Loss) earnings on investments, net 0.0   0.0   0.0 0.0  
Other income (expense), net (1.4)   1.0   (1.4) 0.8  
Income (loss) before income tax provision (benefit) 258.7   216.6   516.8 433.3  
Income tax provision (benefit) 0.0   0.0   0.1 0.0  
Net income 258.7   216.6   516.7 433.3  
Operating Segments | North American Equities              
Segment Reporting Information              
Revenues 441.8   353.3   901.9 702.9  
Operating income (loss) 47.3   45.3   91.7 83.3  
Total cost of revenues 343.4   255.0   708.9 512.0  
Revenues less cost of revenues: 98.4   98.3   193.0 190.9  
Depreciation and amortization 11.5   14.3   23.5 30.1  
Other segment operating expenses 39.6   38.7   77.8 77.5  
Non-operating (expenses) income:              
Interest expense 0.0   0.0   0.0 0.0  
Interest income 0.9   0.5   1.6 0.8  
(Loss) earnings on investments, net 0.3   0.0   0.6 0.0  
Other income (expense), net (0.6)   0.1   (1.2) 0.1  
Income (loss) before income tax provision (benefit) 47.9   45.9   92.7 84.2  
Income tax provision (benefit) 0.8   0.9   1.7 1.7  
Net income 47.1   45.0   91.0 82.5  
Operating Segments | Europe and Asia Pacific              
Segment Reporting Information              
Revenues 99.0   81.6   192.1 162.3  
Operating income (loss) 4.8   9.2   26.8 19.4  
Total cost of revenues 28.6   27.3   57.6 53.9  
Revenues less cost of revenues: 70.4   54.3   134.5 108.4  
Depreciation and amortization 8.1   6.6   16.0 14.5  
Other segment operating expenses 57.5   38.5   91.7 74.5  
Non-operating (expenses) income:              
Interest expense (2.0)   (1.9)   (3.8) (4.0)  
Interest income 1.0   1.0   2.1 1.9  
(Loss) earnings on investments, net 0.0   0.0   0.0 0.0  
Other income (expense), net (0.1)   (0.2)   (0.3) (0.4)  
Income (loss) before income tax provision (benefit) 3.7   8.1   24.8 16.9  
Income tax provision (benefit) 1.0   (1.9)   1.0 (1.6)  
Net income 2.7   10.0   23.8 18.5  
Operating Segments | Futures              
Segment Reporting Information              
Revenues 32.5   35.9   67.8 67.3  
Operating income (loss) 17.1   26.3   37.7 48.4  
Total cost of revenues 2.4   1.1   4.9 2.0  
Revenues less cost of revenues: 30.1   34.8   62.9 65.3  
Depreciation and amortization 0.5   0.6   1.1 1.2  
Other segment operating expenses 12.5   7.9   24.1 15.7  
Non-operating (expenses) income:              
Interest expense 0.0   0.0   0.0 0.0  
Interest income 0.6   0.0   1.2 0.0  
(Loss) earnings on investments, net 0.0   0.0   0.0 0.0  
Other income (expense), net 0.0   0.0   0.0 0.0  
Income (loss) before income tax provision (benefit) 17.7   26.3   38.9 48.4  
Income tax provision (benefit) 0.0   0.0   0.0 0.0  
Net income 17.7   26.3   38.9 48.4  
Operating Segments | Global FX              
Segment Reporting Information              
Revenues 24.4   20.5   46.3 39.3  
Operating income (loss) 12.5   9.2   22.8 15.8  
Total cost of revenues 0.8   0.7   1.4 1.1  
Revenues less cost of revenues: 23.6   19.8   44.9 38.2  
Depreciation and amortization 2.7   3.2   5.6 7.3  
Other segment operating expenses 8.4   7.4   16.5 15.1  
Non-operating (expenses) income:              
Interest expense 0.0   0.0   0.0 0.0  
Interest income 0.1   0.0   0.1 0.0  
(Loss) earnings on investments, net 0.0   0.0   0.0 0.0  
Other income (expense), net 0.0   0.0   0.2 (0.1)  
Income (loss) before income tax provision (benefit) 12.6   9.2   23.1 15.7  
Income tax provision (benefit) 0.0   0.0   (0.1) 0.0  
Net income 12.6   9.2   23.2 15.7  
Operating Segments | Digital              
Segment Reporting Information              
Revenues 0.0   0.4   0.0 (0.3)  
Operating income (loss) 0.0   (90.3)   0.0 (100.5)  
Total cost of revenues 0.0   0.5   0.0 0.7  
Revenues less cost of revenues: 0.0   (0.1)   0.0 (1.0)  
Depreciation and amortization 0.0   0.7   0.0 2.5  
Other segment operating expenses 0.0   89.5   0.0 97.0  
Non-operating (expenses) income:              
Interest expense 0.0   0.0   0.0 0.0  
Interest income 0.0   1.1   0.0 2.2  
(Loss) earnings on investments, net 0.0   0.0   0.0 0.0  
Other income (expense), net 0.0   1.0   0.0 1.5  
Income (loss) before income tax provision (benefit) 0.0   (88.2)   0.0 (96.8)  
Income tax provision (benefit) 0.0   0.0   0.0 0.0  
Net income 0.0   (88.2)   0.0 (96.8)  
Corporate Items and Eliminations              
Segment Reporting Information              
Revenues 0.0   0.0   0.0 0.0  
Operating income (loss) (2.5)   (5.2)   (3.8) (6.3)  
Total cost of revenues 0.0   0.0   0.0 0.0  
Revenues less cost of revenues: 0.0   0.0   0.0 0.0  
Depreciation and amortization 0.1   0.0   0.1 0.0  
Other segment operating expenses 2.4   5.2   3.7 6.3  
Non-operating (expenses) income:              
Interest expense (10.9)   (10.9)   (21.9) (21.9)  
Interest income 8.5   2.0   14.3 3.8  
(Loss) earnings on investments, net (1.4)   14.2   (5.0) 28.2  
Other income (expense), net 0.3   (15.0)   4.9 (10.4)  
Income (loss) before income tax provision (benefit) (6.0)   (14.9)   (11.5) (6.6)  
Income tax provision (benefit) 97.7   63.6   196.4 145.1  
Net income $ (103.7)   $ (78.5)   $ (207.9) $ (151.7)  
v3.25.2
SEGMENT REPORTING - Geographical Information (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Segment Reporting Information        
Revenues less cost of revenues: $ 587.3 $ 513.8 $ 1,152.5 $ 1,015.9
United States        
Segment Reporting Information        
Revenues less cost of revenues: 508.1 450.2 1,000.2 889.7
Non-U.S.        
Segment Reporting Information        
Revenues less cost of revenues: $ 79.2 $ 63.6 $ 152.3 $ 126.2
v3.25.2
EMPLOYEE BENEFIT PLANS (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
United States          
Defined Contribution Plan          
Total assets in the trust     $ 31.0   $ 40.3
Company contribution amount $ 4.7 $ 4.2 8.5 $ 7.9  
Foreign Plan          
Defined Contribution Plan          
Company contribution amount $ 1.1 $ 1.1 $ 2.9 $ 2.5  
v3.25.2
REGULATORY CAPITAL - Narrative (Details)
Jun. 30, 2025
USD ($)
Test
Cboe Trading and BIDS Trading  
Regulatory Capital Requirement [Line Items]  
Minimum net capital required to be maintained (in percent) 6.67%
Minimum net capital required to be maintained, amount | $ $ 100,000
Cboe Fixed Income  
Regulatory Capital Requirement [Line Items]  
Minimum net capital required to be maintained (in percent) 6.67%
Minimum net capital required to be maintained, amount | $ $ 5,000.0
Cboe Chi-X Europe  
Regulatory Capital Requirement [Line Items]  
Capital resources requirement | $ $ 100,000
CFE  
Regulatory Capital Requirement [Line Items]  
Number of capital adequacy tests required to be met 2
Cboe SEF  
Regulatory Capital Requirement [Line Items]  
Number of capital adequacy tests required to be met 2
Cboe Digital Exchange  
Regulatory Capital Requirement [Line Items]  
Number of capital adequacy tests required to be met 2
Cboe Clear U.S.  
Regulatory Capital Requirement [Line Items]  
Number of capital adequacy tests required to be met 2
Cboe Japan  
Regulatory Capital Requirement [Line Items]  
Minimum required regulatory capital ratio (as a percent) 120.00%
v3.25.2
REGULATORY CAPITAL - Subsidiaries with Regulatory Capital Requirements (Details)
$ in Millions
Jun. 30, 2025
USD ($)
Cboe Trading  
Regulatory Capital Requirement [Line Items]  
Actual $ 13.4
Minimum Requirement 1.0
BIDS Trading  
Regulatory Capital Requirement [Line Items]  
Actual 6.2
Minimum Requirement 0.2
Cboe Fixed Income  
Regulatory Capital Requirement [Line Items]  
Actual 3.6
Minimum Requirement 0.1
Cboe Europe  
Regulatory Capital Requirement [Line Items]  
Actual 100.3
Minimum Requirement 37.3
Cboe Chi-X Europe  
Regulatory Capital Requirement [Line Items]  
Actual 0.3
Minimum Requirement 0.1
Cboe NL  
Regulatory Capital Requirement [Line Items]  
Actual 17.8
Minimum Requirement 9.9
Cboe Clear Europe  
Regulatory Capital Requirement [Line Items]  
Actual 125.7
Minimum Requirement 77.9
CFE  
Regulatory Capital Requirement [Line Items]  
Actual 58.6
Minimum Requirement 42.3
Cboe SEF  
Regulatory Capital Requirement [Line Items]  
Actual 4.4
Minimum Requirement 2.5
Cboe Digital Exchange  
Regulatory Capital Requirement [Line Items]  
Actual 27.0
Minimum Requirement 0.2
Cboe Clear U.S.  
Regulatory Capital Requirement [Line Items]  
Actual 38.6
Minimum Requirement 12.0
Cboe Australia  
Regulatory Capital Requirement [Line Items]  
Actual 14.9
Minimum Requirement 5.2
Cboe Japan  
Regulatory Capital Requirement [Line Items]  
Actual 11.2
Minimum Requirement $ 4.6
v3.25.2
STOCK-BASED COMPENSATION - Narrative (Details) - USD ($)
 1 Months Ended 3 Months Ended 6 Months Ended
Feb. 29, 2024
May 31, 2018
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Number of Shares            
Payments for the purchase of shares to satisfy the employee income tax withholdings         $ 23,600,000 $ 27,200,000
Employee Stock            
Number of Shares            
Stock-based compensation expense     $ 700,000 $ 500,000 $ 1,100,000 1,300,000
Maximum percentage of annual salary that an employee is permitted to utilize to purchase stock   10.00%        
Maximum number of shares that a participant can purchase during any single offering period   312        
Maximum fair market value of stock an employee can purchase under the plan per calendar year   $ 25,000        
Exercise price per share of common stock as a percent of fair market value   85.00%        
Shares reserved for future issuance     465,522   465,522  
Number of shares of common stock made available for purchase to employees   750,000        
RSUs            
Number of Shares            
Number of shares of common stock of which unit is convertible (in shares)     1   1  
Vesting period (in years)         3 years  
Qualified retirement eligibility age for grants awarded between 2017 and 2023         55 years  
Qualified retirement eligibility number of years of service for grants awarded between 2017 and 2023         10 years  
Qualified retirement eligibility age for grants awarded in or after 2024         55 years  
Shares purchased to satisfy the employee income tax withholdings (in shares)         80,987  
Payments for the purchase of shares to satisfy the employee income tax withholdings         $ 17,100,000  
Shares vested, prompting share repurchases to cover employees' tax obligations         211,282  
Vested (in shares)         218,611  
RSUs | Minimum            
Number of Shares            
Period of advance notice required in or after 2024 (in months)         6 months  
RSUs | Maximum            
Number of Shares            
Qualified retirement eligibility number of years of service for grants awarded in or after 2024         10 years  
PSUs            
Number of Shares            
Number of shares of common stock of which unit is convertible (in shares)     1   1  
Vesting period (in years)         3 years  
Shares purchased to satisfy the employee income tax withholdings (in shares)         30,871  
Payments for the purchase of shares to satisfy the employee income tax withholdings         $ 6,500,000  
Risk-free interest rate (in percent) 4.25%          
Volatility time period (in years) 2 years 10 months 9 days          
Expected volatility (in percent) 21.11%          
Correlation to S&P 500 index time period (in years) 2 years 10 months 9 days          
Correlation with S&P 500 index 0.19          
Vested (in shares)         76,433  
Unrecognized compensation expense     $ 93,900,000   $ 93,900,000  
Unrecognized compensation expense, period for recognition         2 years 2 months 12 days  
PSUs | Minimum            
Number of Shares            
Units ultimately expected to be awarded (in percent)         0.00%  
PSUs | Maximum            
Number of Shares            
Units ultimately expected to be awarded (in percent)         200.00%  
Employee            
Number of Shares            
Stock-based compensation expense     12,000,000.0 9,800,000 $ 24,000,000.0 21,300,000
Nonemployee            
Number of Shares            
Stock-based compensation expense     $ 500,000 $ 500,000 $ 1,000,000.0 $ 800,000
Nonemployee | RSUs            
Number of Shares            
Vesting period (in years)         1 year  
v3.25.2
STOCK-BASED COMPENSATION - Restricted and Performance Stock Activity (Details)
 6 Months Ended
Jun. 30, 2025
$ / shares
shares
RSUs  
Number of Shares  
Beginning balance (in shares) | shares 522,735
Granted (in shares) | shares 271,432
Vested (in shares) | shares (218,611)
Forfeited (in shares) | shares (33,939)
Ending balance of Outstanding and exercisable (in shares) | shares 541,617
Weighted average grant date fair value  
Beginning balance (in USD per share) | $ / shares $ 153.20
Granted (in USD per share) | $ / shares 211.63
Vested (in USD per share) | $ / shares 141.82
Forfeited (in USD per share) | $ / shares 187.40
Ending balance (in USD per share) | $ / shares $ 184.93
Performance Shares  
Number of Shares  
Beginning balance (in shares) | shares 111,104
Granted (in shares) | shares 89,663
Vested (in shares) | shares (76,433)
Forfeited (in shares) | shares 0
Ending balance of Outstanding and exercisable (in shares) | shares 124,334
Weighted average grant date fair value  
Beginning balance (in USD per share) | $ / shares $ 168.45
Granted (in USD per share) | $ / shares 229.74
Vested (in USD per share) | $ / shares 143.29
Forfeited (in USD per share) | $ / shares 0
Ending balance (in USD per share) | $ / shares $ 228.12
v3.25.2
EQUITY - Narrative (Details)
$ / shares in Units, $ in Millions
 3 Months Ended
Jun. 30, 2025
USD ($)
Vote / shares
$ / shares
shares
Mar. 31, 2025
USD ($)
Jun. 30, 2024
USD ($)
$ / shares
shares
Mar. 31, 2024
USD ($)
Dec. 31, 2024
$ / shares
shares
Dec. 31, 2011
USD ($)
Common Stock            
Common stock, shares authorized (in shares) 325,000,000       325,000,000  
Common stock, par value (in dollars per share) | $ / shares $ 0.01       $ 0.01  
Common stock, shares issued (in shares) 105,014,000       104,693,373  
Common stock, shares outstanding (in shares) 104,589,930       104,686,478  
Common stock, votes per share | Vote / shares 1          
Common Stock in Treasury, at Cost            
Common stock held in treasury (in shares) 424,070       6,895  
Purchase of Common Stock from Employees            
Stock repurchased from employee stock plans (in shares) 2,990   9,073      
Average price paid per share (in dollars per share) | $ / shares $ 224.26   $ 182.61      
Preferred stock            
Preferred stock, shares authorized (in shares) 20,000,000       20,000,000  
Preferred stock, par value (in dollars per share) | $ / shares $ 0.01       $ 0.01  
Preferred stock, shares issued (in shares) 0       0  
Dividends            
Cash dividends declared (in dollars per share) | $ / shares $ 0.63   $ 0.55      
Aggregate payout | $ $ 66.4 $ 66.4 $ 58.2 $ 58.5    
Authorized amount | $           $ 100.0
v3.25.2
EQUITY - Share Repurchase Program (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 174 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Dec. 31, 2011
Share Repurchase Program        
Authorized amount       $ 100.0
Number of shares of common stock repurchased (in shares) 160,564 514,239 21,063,700  
Average price paid per share (in dollars per share) $ 219.77 $ 175.76 $ 80.02  
Total purchase price $ 35.3 $ 90.4 $ 1,700.0  
Availability remaining under existing share repurchase authorizations 614.5 $ 204.4 614.5  
2011 Share Repurchase Program        
Share Repurchase Program        
Authorized amount $ 2,300.0   $ 2,300.0  
v3.25.2
INCOME TAXES (Details)
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Income Tax Disclosure [Abstract]        
Effective income tax rate (in percent) 29.70% 30.80% 29.10% 29.30%
v3.25.2
EARNINGS PER SHARE (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2025
Jun. 30, 2024
Earnings Per Share [Abstract]            
Net income $ 235.1 $ 250.6 $ 140.4 $ 209.5 $ 485.7 $ 349.9
Basic earnings per share numerator:            
Net income allocated to participating securities (1.2)   (0.7)   (2.4) (1.9)
Net income allocated to common stockholders $ 233.9   $ 139.7   $ 483.3 $ 348.0
Basic earnings per share denominator:            
Weighted average shares outstanding (in shares) 104,700,000   105,100,000   104,700,000 105,400,000
Basic earnings per share (in USD per share) $ 2.23   $ 1.33   $ 4.62 $ 3.30
Diluted earnings per share numerator:            
Net income allocated to participating securities $ (1.2)   $ (0.7)   $ (2.4) $ (1.9)
Net income allocated to common stockholders $ 233.9   $ 139.7   $ 483.3 $ 348.0
Diluted earnings per share denominator:            
Weighted average shares outstanding (in shares) 104,700,000   105,100,000   104,700,000 105,400,000
Dilutive common shares issued under stock program (in shares) 300,000   300,000   300,000 400,000
Total dilutive weighted average shares (in shares) 105,000,000.0   105,400,000   105,000,000.0 105,800,000
Diluted earnings per share (in USD per share) $ 2.23   $ 1.33   $ 4.60 $ 3.29
Anti-dilutive shares excluded from the computation of diluted earnings per share (in shares) 0   0   0 0
v3.25.2
COMMITMENTS, CONTINGENCIES, AND GUARANTEES (Details) - Trading registrations and licenses - USD ($)
$ in Millions
Jun. 30, 2025
Jan. 29, 2024
Minimum    
Commitments, Contingencies and Guarantees    
Year 1 $ 18.1  
Year 2 18.1  
Year 3 18.1  
Year 4 18.1  
Year 5 18.1  
Maximum    
Commitments, Contingencies and Guarantees    
Year 1 18.3  
Year 2 18.3  
Year 3 18.3  
Year 4 18.3  
Year 5 $ 18.3  
Cloud services provider | Minimum    
Commitments, Contingencies and Guarantees    
Year 1   $ 5.3
Year 2   5.3
Year 3   5.3
Year 4   5.3
Year 5   5.3
Cloud services provider | Maximum    
Commitments, Contingencies and Guarantees    
Year 1   6.9
Year 2   6.9
Year 3   6.9
Year 4   6.9
Year 5   $ 6.9
v3.25.2
LEASES - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Leases        
Right of use assets obtained in exchange for lease liabilities $ 0.5 $ 0.3 $ 7.0 $ 0.3
Additional operating lease liabilities $ 0.5      
Minimum        
Leases        
Renewal term 1 year   1 year  
Maximum        
Leases        
Renewal term 5 years   5 years  
Option to terminate period (in years)     1 year  
v3.25.2
LEASES - Supplemental Balance Sheet (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Leases [Abstract]    
Operating lease right of use assets $ 122.2 $ 124.5
Total leased assets 122.2 124.5
Current operating lease liabilities $ 25.0 $ 19.9
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Accounts payable and accrued liabilities Accounts payable and accrued liabilities
Non-current operating lease liabilities $ 133.8 $ 138.4
Total leased liabilities $ 158.8 $ 158.3
v3.25.2
LEASES - Lease Costs and Other Information (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Leases [Abstract]        
Operating lease costs $ 9.9 $ 9.4 $ 19.8 $ 18.5
Weighted average remaining lease term (years) 7 years 2 months 12 days 7 years 8 months 12 days 7 years 2 months 12 days 7 years 8 months 12 days
Weighted average discount rate (in percent) 3.60% 3.30% 3.60% 3.30%
Supplemental disclosure of cash transactions:        
Cash paid for amounts included in the measurement of lease liabilities $ 5.3 $ 7.6 $ 12.6 $ 14.4
Lease incentive for leasehold improvements 2.3 0.0 2.3 0.0
Supplemental disclosure of noncash activities:        
Right of use assets obtained in exchange for lease liabilities 0.5 0.3 7.0 0.3
Reduction in lease liability due to remeasurement $ (0.2) $ (11.5) $ (0.2) $ (11.5)
v3.25.2
LEASES - Maturities (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Lessee, Operating Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract]    
Remainder of 2025 $ 14.9  
2026 31.1  
2027 27.7  
2028 25.6  
2029 14.5  
After 2029 67.5  
Total lease payments 181.3  
Less: Interest (22.5)  
Total leased liabilities $ 158.8 $ 158.3
v3.25.2
SUBSEQUENT EVENTS (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 6 Months Ended 174 Months Ended
Sep. 30, 2025
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Subsequent Events            
Revenues less cost of revenues:   $ 587.3 $ 513.8 $ 1,152.5 $ 1,015.9  
Number of shares of common stock repurchased (in shares)   160,564 514,239     21,063,700
Average price paid per share (in dollars per share)   $ 219.77 $ 175.76     $ 80.02
Total purchase price   $ 35.3 $ 90.4     $ 1,700.0
Availability remaining under existing share repurchase authorizations   614.5 $ 204.4 614.5 $ 204.4 $ 614.5
Cboe Japan | Europe and Asia Pacific            
Subsequent Events            
Revenues less cost of revenues:   $ 3.3   $ 7.6    
Cboe Japan | Europe and Asia Pacific | Gross Profit Benchmark | Geographic Concentration Risk            
Subsequent Events            
Concentration risk, percentage of total revenue   5.00%   6.00%    
Subsequent Event | Europe and Asia Pacific            
Subsequent Events            
Impairment of intangible assets $ 4.6