$CBOE

CBOE Holdings, Inc.

CIK:0001374310|SEC Filings

Condensed Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues:
Total revenues	$ 1,442.8	$ 1,173.5	$ 2,715.6	$ 2,368.5
Cost of revenues:
Total cost of revenues	711.2	586.2	1,255.1	1,216.0
Revenues less cost of revenues	731.6	587.3	1,460.5	1,152.5
Operating expenses:
Compensation and benefits	154.7	127.9	282.6	244.1
Depreciation and amortization	28.1	29.9	57.6	60.2
Technology support services	26.2	26.7	53.8	52.3
Professional fees and outside services	22.4	24.8	40.7	45.6
Travel and promotional expenses	13.2	8.2	21.2	14.6
Facilities costs	6.1	7.0	12.3	13.2
Acquisition-related costs	0.0	0.0	0.0	0.2
Impairment of assets	0.0	17.1	0.0	17.1
Other expenses	4.9	6.6	10.7	12.2
Total operating expenses	255.6	248.2	478.9	459.5
Operating income	476.0	339.1	981.6	693.0
Non-operating income (expense):
Interest expense	(13.2)	(12.9)	(26.5)	(25.7)
Interest income	18.2	11.3	35.9	19.7
Earnings (loss) on investments, net	12.8	(1.1)	12.1	(4.4)
Other income (expense), net	0.9	(1.8)	7.1	2.2
Income before income tax provision	494.7	334.6	1,010.2	684.8
Income tax provision	141.6	99.5	271.4	199.1
Net income	353.1	235.1	738.8	485.7
Net income allocated to participating securities	(1.3)	(1.2)	(2.9)	(2.4)
Net income allocated to common stockholders	351.8	233.9	735.9	483.3
Net income allocated to common stockholders	$ 351.8	$ 233.9	$ 735.9	$ 483.3
Basic earnings per share (in USD per share)	$ 3.36	$ 2.23	$ 7.03	$ 4.62
Diluted earnings per share (in USD per share)	$ 3.35	$ 2.23	$ 7.01	$ 4.60
Basic weighted average shares outstanding (in shares)	104.7	104.7	104.7	104.7
Diluted weighted average shares outstanding (in shares)	104.9	105.0	105.0	105.0
Cash and Spot Markets
Revenues:
Total revenues	$ 580.3	$ 487.6	$ 1,062.5	$ 988.5
Data Vantage
Revenues:
Total revenues	181.6	158.3	362.9	310.8
Derivatives Markets
Revenues:
Total revenues	680.9	527.6	1,290.2	1,069.2
Liquidity payments
Cost of revenues:
Total cost of revenues	453.7	418.0	899.8	812.8
Routing and clearing
Cost of revenues:
Total cost of revenues	20.8	20.7	40.8	40.3
Regulatory fees cost of revenues
Cost of revenues:
Total cost of revenues	153.9	85.3	153.9	238.4
Royalty fees and other cost of revenues
Cost of revenues:
Total cost of revenues	$ 82.8	$ 62.2	$ 160.6	$ 124.5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income	$ 738.8	$ 485.7
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization	57.6	60.2
Provision (benefit) for deferred income taxes	53.0	(19.1)
Stock-based compensation expense	28.5	25.7
Impairment of assets	0.0	17.1
Equity loss on investments	0.0	6.6
Gain on minority investments	(9.9)	(0.1)
Other loss (gain) adjustments, net	0.1	(0.9)
Changes in assets and liabilities:
Accounts receivable	(195.7)	28.1
Restricted cash and cash equivalents and customer bank deposits (included in margin deposits, default fund, and interoperability fund)	943.2	555.6
Income taxes receivable	(9.3)	33.3
Other current assets	(1.6)	(10.9)
Other assets	8.9	27.1
Accounts payable and accrued liabilities	(282.0)	(55.9)
Section 31 fees payable	155.3	56.4
Deferred revenue	6.9	4.1
Income taxes payable	(43.9)	(1.0)
Unrecognized tax benefits	7.6	37.9
Other liabilities	(0.7)	(3.3)
Net cash flows provided by operating activities	1,456.8	1,246.6
Cash flows from investing activities:
Purchases of available-for-sale financial investments	(73.8)	(174.8)
Proceeds from maturities of available-for-sale financial investments	0.0	70.3
Proceeds from investments	1.5	4.6
Proceeds from sale of intangible assets	0.0	0.8
Contributions to investments	0.0	(2.5)
Purchases of property and equipment, data processing software, and leasehold improvements, net	(52.3)	(35.0)
Net cash flows used in investing activities	(124.6)	(136.6)
Cash flows used in financing activities:
Cash dividends on common stock	(151.5)	(132.8)
Repurchases of common stock from employee stock plans	(30.0)	(23.6)
Shares issued under employee stock purchase plan	5.0	4.8
Purchase of common stock, including commissions and excise taxes	(75.3)	(66.7)
Net cash flows used in financing activities	(251.8)	(218.3)
Effect of foreign currency exchange rates on cash, cash equivalents, and restricted cash and cash equivalents	(25.9)	299.4
Increase in cash, cash equivalents, and restricted cash and cash equivalents	1,054.5	1,191.1
Beginning of period	3,868.8	1,765.8
End of period	4,923.3	2,956.9
Reconciliation of cash, cash equivalents, and restricted cash and cash equivalents:
Cash and cash equivalents	2,276.2	1,256.3
Cash and cash equivalents (included in assets held for sale)	70.3	0.0
Restricted cash and cash equivalents (included in margin deposits, default fund, and interoperability fund)	2,538.5	1,668.5
Restricted cash and cash equivalents (included in assets held for sale)	6.1	0.0
Restricted cash and cash equivalents (included in other current assets)	28.4	30.2
Customer bank deposits (included in margin deposits, default fund, and interoperability fund)	3.8	1.9
Total	4,923.3	2,956.9
Supplemental disclosure of cash transactions:
Cash paid for income taxes, net of refunds	577.3	148.6
Cash paid for interest	51.9	46.6
Supplemental disclosure of noncash investing and financing activities:
Accrued purchases of data processing software	1.8	0.0
Unsettled purchases of common stock	2.6	0.0
Excise tax on purchase of common stock	$ 0.2	$ 0.2

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 2,276.2	$ 2,216.5
Financial investments	114.5	36.1
Accounts receivable, net of $5.4 allowance for credit losses at June 30, 2026 and $6.8 at December 31, 2025	570.6	391.4
Margin deposits, default fund, and interoperability fund	2,542.3	1,618.2
Income taxes receivable	76.9	67.9
Assets held for sale	261.0	0.0
Other current assets (includes restricted cash of $28.4 at June 30, 2026 and $34.1 at December 31, 2025)	85.3	91.3
Total current assets	5,926.8	4,421.4
Investments	40.6	32.4
Property and equipment, net	136.7	133.1
Operating lease right of use assets	101.6	111.0
Goodwill	3,047.6	3,150.5
Intangible assets, net	1,184.0	1,297.2
Other assets, net	172.0	159.7
Total assets	10,609.3	9,305.3
Current liabilities:
Accounts payable and accrued liabilities	389.1	686.9
Current portion of long-term debt	649.6	0.0
Section 31 fees payable	155.5	0.2
Deferred revenue	13.0	6.9
Margin deposits, default fund, and interoperability fund	2,542.3	1,618.2
Income taxes payable	5.3	50.1
Liabilities held for sale	31.7	0.0
Total current liabilities	3,786.5	2,362.3
Long-term debt	794.2	1,442.9
Non-current unrecognized tax benefits	23.4	15.8
Deferred income taxes	224.7	185.3
Non-current operating lease liabilities	111.5	120.9
Other non-current liabilities	43.2	39.8
Total liabilities	4,983.5	4,167.0
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.01 par value: 20,000,000 shares authorized, no shares issued and outstanding at June 30, 2026 and December 31, 2025	0.0	0.0
Common stock, $0.01 par value: 325,000,000 shares authorized, 104,944,263 and 104,554,843 shares issued and outstanding, respectively at June 30, 2026 and 104,654,764 and 104,647,739 shares issued and outstanding, respectively at December 31, 2025	1.0	1.0
Common stock in treasury, at cost: 389,420 shares at June 30, 2026 and 7,025 shares at December 31, 2025	(109.4)	(1.5)
Additional paid-in capital	1,598.5	1,565.1
Retained earnings	4,131.0	3,543.6
Accumulated other comprehensive income, net	4.7	30.1
Total stockholders’ equity	5,625.8	5,138.3
Total liabilities and stockholders’ equity	$ 10,609.3	$ 9,305.3