Cboe Global Markets, Inc.
For the period ended Dec 31, 2025. Filed Feb 20, 2026.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 20, 2026
CBOE$364.81+3.4%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| Cash flows from operating activities: | |||
| Net income | $1,100.0 | $764.9 | $761.4 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation and amortization | 122.4 | 133.0 | 158.0 |
| Impairment of assets | 46.7 | 81.0 | — |
| Stock-based compensation expense | 50.4 | 41.8 | 41.3 |
| (Gain) impairment of minority investments | (5.1) | 31.6 | 1.8 |
| Change in contingent consideration | — | 2.0 | (14.4) |
| Equity earnings on investments | (84.2) | (26.5) | (36.9) |
| Benefit for deferred income taxes | (8.4) | (23.6) | (15.2) |
| Other loss (gain) adjustments, net | 2.2 | (0.7) | 4.0 |
| Changes in assets and liabilities: | |||
| Accounts receivable | 79.4 | (124.3) | 39.4 |
| Restricted cash and cash equivalents and customer bank deposits (included in margin deposits, clearing funds, and interoperability funds) | 528.5 | 76.0 | 282.6 |
| Income taxes receivable | 6.1 | 0.5 | (26.3) |
| Other current assets | 17.1 | (26.0) | (17.4) |
| Other assets | 24.8 | 17.3 | (26.7) |
| Accounts payable and accrued liabilities | 6.5 | (36.4) | (19.1) |
| Section 31 fees payable | (181.8) | 130.1 | (95.2) |
| Deferred revenue | 0.5 | 0.5 | (5.8) |
| Income taxes payable | 48.5 | 0.8 | (2.8) |
| Unrecognized tax benefits | — | 61.2 | 47.7 |
| Other liabilities | (1.0) | (2.6) | (0.8) |
| Net cash flows provided by operating activities | 1,752.6 | 1,100.6 | 1,075.6 |
| Cash flows from investing activities: | |||
| Proceeds from investments | 441.8 | — | — |
| Contributions to investments | (2.5) | (40.2) | (57.1) |
| Purchases of available-for-sale financial investments | (174.8) | (115.6) | (89.8) |
| Proceeds from maturities of available-for-sale financial investments | 248.1 | 67.9 | 135.7 |
| Proceeds from sale of intangible assets | 1.6 | 0.1 | 0.8 |
| Proceeds from sale of property held for sale | — | 3.3 | — |
| Proceeds from sale of property and equipment | — | 0.7 | — |
| Proceeds from notes receivable | 7.0 | 2.8 | — |
| Proceeds from insurance | — | 0.1 | 0.3 |
| Purchases of property and equipment and leasehold improvements, net | (71.0) | (60.9) | (45.0) |
| Net cash flows provided by (used in) investing activities | 450.2 | (141.8) | (55.1) |
| Cash flows from financing activities: | |||
| Principal payments of current portion of long-term debt | — | — | (305.0) |
| Cash dividends on common stock | (284.3) | (249.4) | (223.5) |
| Repurchases of common stock from employee stock plans | (29.8) | (29.5) | (13.9) |
| Shares issued under employee stock purchase plan | 9.2 | 8.6 | (16.7) |
| Payments of contingent consideration related to acquisitions | — | (13.9) | (13.1) |
| Payments for Cboe Digital non-recourse notes and warrants wind down | — | (6.0) | — |
| Purchase of common stock, including commissions and excise taxes | (66.7) | (204.8) | (83.9) |
| Net cash flows used in financing activities | (371.6) | (495.0) | (656.1) |
| Effect of foreign currency exchange rates on cash, cash equivalents, and restricted cash and cash equivalents | 271.8 | (95.1) | 52.8 |
| Increase in cash, cash equivalents, and restricted cash and cash equivalents | 2,103.0 | 368.7 | 417.2 |
| Cash, cash equivalents, and restricted cash and cash equivalents: | |||
| Beginning of period | 1,765.8 | 1,397.1 | 979.9 |
| End of period | $3,868.8 | $1,765.8 | $1,397.1 |
| Reconciliation of cash, cash equivalents, and restricted cash and cash equivalents: | |||
| Cash and cash equivalents | $2,216.5 | $915.3 | $543.2 |
| Restricted cash and cash equivalents (included in margin deposits, clearing funds, and interoperability funds) | 1,617.0 | 841.4 | 834.8 |
| Restricted cash and cash equivalents (included in cash and cash equivalents) | — | 5.0 | — |
| Restricted cash and cash equivalents (included in other current assets) | 34.1 | — | 5.1 |
| Customer bank deposits (included in margin deposits, clearing funds, and interoperability funds) | 1.2 | 4.1 | 14.0 |
| Total | $3,868.8 | $1,765.8 | $1,397.1 |
| Supplemental disclosure of cash transactions: | |||
| Cash paid for income taxes, net | $391.6 | $362.4 | $286.4 |
| Cash paid for interest | 91.7 | 100.1 | 56.7 |
| Supplemental disclosure of noncash investing activities: | |||
| Intangible assets earned or acquired | $— | $1.2 | $— |
| Note receivable from property held for sale | — | 6.4 | — |
| Supplemental disclosure of noncash financing activities: | |||
| Excise tax on purchases of common stock | $— | $1.3 | $— |
| Cboe Digital investor member revenue asset | — | 16.2 | (3.2) |
| Cboe Digital non-recourse notes and warrants | — | (16.2) | 3.2 |
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