CBOE
Cboe Global Markets, Inc.Evidence as of 2026-09-30The desk's Snapshot
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Overview · Cboe Global Markets, Inc.
Cboe Global Markets, Inc., through its subsidiaries, operates as an options exchange worldwide. It operates through six segments: Options, North American Equities, Europe and Asia Pacific, Futures, Global FX, and Digital. The Options segment trades in listed market indices. The North American Equities segment trades in listed U.S. and Canadian equities. This segment also offers exchange-traded products (ETP) transact…
Management team
- Ms. Catherine R. Clay · Executive VP & Head of Global DerivativesFind on LinkedIn
- Mr. Christopher Andrew Isaacson · Executive VP & COOFind on LinkedIn
- Ms. Jill M. Griebenow · Executive VP & CFOFind on LinkedIn
- Mr. David Howson · Executive VP & Global PresidentFind on LinkedIn
Start free to see the full management team.
Links open LinkedIn searches, not verified profiles. Team data from our market-data vendor's company profile.
Moneyta sentiment
Where the published evidence leans after the desk debated it, not a rating or a recommendation.
−0.1 on a −2 to +2 scale.
What builds the score
Solid bars are analyst rubric scores; faded bars are computed directly from data. Claims dropped in debate count for nothing; weakened claims count at half weight.
Editor's note
Written after the debate settled. The rest of the page is the evidence behind it.
The surviving filings and reported results show net income of $ 353,100,000 for the three months ended 30 June 2026 (fiscal Q2 2026), up from $ 235,100,000 in the three months ended 30 June 2025 (prior-year fiscal Q2), with intervening quarters of $ 300,800,000 (fiscal Q3 2025) and $ 385,700,000 (fiscal Q1 2026). Diluted EPS for the three months ended 30 June 2026 (fiscal Q2 2026) was $ 3.35 versus $ 2.23 in the three months ended 30 June 2025 (prior-year fiscal Q2), and $ 3.66 in fiscal Q1 2026 (three months ended 31 March 2026).
Gross-profit and cost-of-revenue line items imply shifting gross margins: fiscal Q1 2026 (ended 31 March 2026) gross profit $ 728,900,000 with cost of revenue $ 543,900,000 (≈ 57.3%), fiscal Q2 2026 gross profit $ 731,600,000 with cost of revenue $ 711,200,000 (≈ 50.7%), fiscal Q3 2025 gross profit $ 605,500,000 with cost of revenue $ 536,200,000 (≈ 53.0%), and prior-year fiscal Q2 gross profit $ 587,300,000 with cost of revenue $ 586,200,000 (≈ 50.1%). Other steady points: long-term debt near $ 1,443,800,000 and cash rising to $ 2,276,200,000 as of 30 June 2026, giving net cash of $ 832,400,000 on those balances; institutional 13F-reported holdings total $ 22.58B as of 2026-06-30. Evidence balance: Mixed ( -0.1 ) · confidence high.
How this note was made
every stage ran before the note was writtenAnalyst desk
Mercer, Oakes, Nash, Ellis, Yates, Talbot and Archer. The desk: named AI agents, not people. Each reads one slice of the evidence and nothing else (no outside knowledge, no browsing), so every finding traces to a source you can open.
Reads the XBRL figures companies file with the SEC (revenue, margins, income, debt and share count, quarter by quarter) and reports which way the trend is running.
Net income for the three months ended 30 June 2026 (fiscal Q2 2026) was $353,100,000.
XBRL companyfacts · 0001628280-26-051239Net income rose from $235,100,000 in the three months ended 30 June 2025 (fiscal Q2 2025) to $353,100,000 in the three months ended 30 June 2026 (fiscal Q2 2026), with intervening quarters showing $300,800,000 (fiscal Q3 2025) and $385,700,000 (fiscal Q1 2026).
XBRL companyfacts · 0001628280-26-051239Reads the filings themselves, above all the year-over-year diff of Item 1A risk factors: which risks a company added, dropped or quietly reworded since its last annual report.
Which filings the desk reads
The desk reads the annual 10-K in full: its risk factors, and how they changed since last year. Quarterly 10-Qs and event filings (8-Ks, insider Form 4s) are listed for context but not read line by line: the 10-K is where the material risk disclosures live. A brand-new company, or one we have only just begun tracking, may have no annual report on file yet; its risk analysis fills in once that lands.
In the Form 10-K filed 20 February 2026, management states that in 2025 approximately 68% of the companys "total revenues less cost of revenues" were generated by the options and futures segments, with the majority from products based on exclusively licensed indices and the proprietary VIX methodology.
10-K filed 2026-02-20The Form 10-K filed 20 February 2026 adds multiple new or materially reworded risk factors highlighting greater operational concentration and third-party dependencies, including reliance on third-party cloud providers and market infrastructure, and cites an example that in November 2025 trading at the Chicago Mercantile Exchange was halted by a data-center fault with cross-market disruptions.
10-K filed 2026-02-20Reads the signal panel above (momentum, volatility, drawdown, relative strength and beta) and ranks each against the whole research universe rather than judging it in isolation.
No computed signal history for this symbol yet — signals need roughly 70 trading days of price history.
Reads which funds hold the name and at what weight, plus insider Form 4 filings, to show the exposure you may already carry through index funds.
Institutional 13F-reported holdings total $22.58B as of the reporting period ended 2026-06-30.
13F holdings · 997 filers · as of 2026-06-30BlackRock, Inc. is reported as a top institutional holder with $2.47B in position value in the 13F as of the period ended 2026-06-30.
13F holdings · 997 filers · as of 2026-06-30Reads recent headlines that are genuinely about this company, ignoring rating chatter and market-wide stories. Findings argue in the debate but never move the sentiment score.
Cboe announced a 25-year extension of its exclusive licensing agreement with S&P Dow Jones Indices, through 2051.
News · prnewswire.com · 2026-09-29Cboe published additional details relating to the anticipated financial impacts of the S&P DJI licensing agreement extension on 29 September 2026.
News · prnewswire.com · 2026-09-29Reads parsed Forms 3/4/5: who bought or sold, at what size, and whether a 10b5-1 plan was involved. Flags clustered open-market officer buying; treats plan sales as routine and never counts a fund or 10%-holder as an officer.
No insider transactions on file in the trailing 180 days.
Reads the implied-expectations math built from the company's own filings (the growth rate today's price would justify, and the multiples beside it) and argues whether the market's bar looks high or low for this business. Never turns the math into a target.
The model reports an implied free cash flow (FCF) growth rate of -0.1847 (about -18.47%) that today's price would justify under the stated discount and terminal assumptions.
Valuation inputs · SEC XBRL + stored EOD closePrice-to-free-cash-flow (price / FCF) on a trailing twelve-month basis is 5.79.
Valuation inputs · SEC XBRL + stored EOD closeDebate and risk review
A bull and a bear contest the claims and the chair rules on each; the risk review stress-tests what survived.
A bull and a bear argue the analysts' claims across two rounds, then a chair rules on each one. Only what survives feeds the score. The argument is shown, not hidden, so you can judge the reasoning yourself.
Several audited and near-term filing items and press releases jointly paint a favorable operational and financial picture: quarterly net income and diluted EPS (fundamentals-0, fundamentals-1, fundamentals-2) show material year-over-year gains corroborated by SEC filings (strong evidence), and cash exceeds long-term debt leaving positive net cash on the balance sheet (fundamentals-5, valuation-4) which is a tangible liquidity buffer (strong evidence). The 25-year S&P Dow Jones licensing extension and follow-up company disclosures (news-0, news-1) provide company-originated, high-quality evidence of durable revenue linkage to indexed products (strong evidence), while active institutional ownership and inclusion in major ETFs (ownership-0, ownership-1, ownership-3, ownership-4) indicate broad market participation (moderate-to-strong evidence). These supportive items also mitigate the bear points that focus on concentration and operational transition risk (filings-1, filings-2) because the company reported no impairment concerns in its annual impairment test (filings-3, strong evidence) and maintains net cash and ongoing share repurchases (fundamentals-5, fundamentals-6) suggesting management capacity to navigate transitions (moderate evidence). The valuation model flag of negative implied FCF growth (valuation-0) is counterbalanced by a low price/FCF ratio and positive net cash (valuation-1, valuation-4), indicating the model’s assumption set may be driving the negative implied growth rather than the underlying reported cash flows (moderate evidence).
Chair's verdict, claim by claim
Fragility · computed, not argued
balanced0.38
27 surviving claims rest on 11 distinct sources; the heaviest analyst carries 26% of them, and 98% of what the desk raised survived the debate.
The evidence set is fairly informative but not bulletproof: 27 surviving claims drawn from 11 sources gives useful breadth, yet a single analyst (the heaviest) contributing 26% of the surviving claims and a 98% survival rate from internal debate suggest the desk’s read is heavily reinforced by a few dominant inputs and reached strong internal consensus. That concentration reduces the independent weight each new external data point must overcome — treat conclusions as reasonably well-supported but sensitive to revisions or dominant-source updates.
Disconfirming evidence · base rates · falsifiers
Context
Outside consensus, and where this name already sits in your own portfolio.
Third-party consensus shown for context. It never enters Moneyta sentiment. When the two diverge, the debate above is where the why lives.
What this was built from
Every figure on this page traces to one of these. The desk reads only what is listed here (no outside knowledge, no browsing), and each card shows who read it and what it contributed to the score.
11 filings· 2 cited
SEC XBRL filings
Quarterly figures as filed with the SEC, read straight from EDGAR's structured data, not retyped or estimated.
Read by Mercer+0.9 to the score
4 documents· 3 cited
SEC filing documents
The filings themselves, including the year-over-year comparison of Item 1A risk factors.
Read by Oakes−0.4 to the score
2 holdings records· 1 cited
Fund holdings
Which funds hold this name and at what weight, plus insider Form 4 filings.
Read by Ellis+1.0 to the score
4 headlines· 2 cited
News coverage
Recent headlines about this company, rating chatter excluded and nothing published after the report date.
Read by Yatesnothing survived
1 computation
Valuation inputs
TTM cash-flow figures from the company's own XBRL filings, priced with the stored closing price. Implied growth and multiples only; no fair-value dollar figure reaches the desk, by design.
Read by Archercontext only
1 record· 0 cited
Company profile
Sector, industry and company details.
1 record· 0 cited
Analyst consensus
Third-party consensus, shown for context only; it never enters Moneyta sentiment.
Read means we pulled and handed it to an analyst; cited means a claim on this page points at it. Reading twelve quarters to state one trend is normal; the gap is shown rather than hidden.
Written by AI, checked against sources
The analysts, the bull–bear debate and the editor's note are AI agents reading only the evidence listed on this page. They can misread a filing or a headline, which is why every claim cites a source you can open and check yourself. The sentiment score is arithmetic over the claims that survived the debate, not a language model's opinion.
Educational analysis of published data. Moneyta does not give investment advice or make recommendations. Past patterns do not indicate future results.
The full terminal on CBOE Gold
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Institutional holders
Net institutional flow, Q/Q
Largest holder position
Insider buys, 90 days
Clustered insider value
Street target range
The real figures are for members. Educational analysis, not advice.
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