Cboe Global Markets, Inc. (CBOE) closed fiscal year 2025 with a gross margin of 51.5 % and a net margin of 23.3 %.
Cboe Global Markets, Inc. (CBOE) closed fiscal year 2025 with a gross margin of 51.5 % and a net margin of 23.3 %. The same year shows an EBITDA margin of 33.7 % and an EBIT margin of 31.1 %. The free cash flow margin was 35.7 %. Against the previous year the gross margin moved +0.9 pp and the net margin +4.7 pp. Across the period the gross margin ranges between 36.6 % in 2020 and 84.6 % in 2015. The series covers 17 fiscal years, from 2009 to 2025. Margins are expressed as a percentage of net revenue and are derived from the same figures as the income statement, taken from as-reported SEC EDGAR filings, with no restatements or adjustments of our own.
Fiscal year end: December
| 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross margin (%) | — | — | — | — | — | — | 84.62 % | 80.56 % | 44.66 % | 43.95 % | 45.55 % | 36.60 % | 42.24 % | 44.00 % | 50.83 % | 50.61 % | 51.53 % |
| EBITDA margin (%) | 48.14 % | 45.12 % | 54.26 % | 53.79 % | 55.99 % | 57.31 % | 55.17 % | 48.73 % | 25.31 % | 29.02 % | 28.60 % | 23.95 % | 27.85 % | 16.58 % | 32.22 % | 30.07 % | 33.72 % |
| EBIT margin (%) | 41.68 % | 38.28 % | 47.55 % | 47.64 % | 49.96 % | 50.84 % | 48.19 % | 42.41 % | 16.68 % | 21.65 % | 21.52 % | 19.32 % | 23.06 % | 12.37 % | 28.03 % | 26.83 % | 31.12 % |
| Net margin (%) | 24.98 % | 22.74 % | 27.43 % | 30.72 % | 30.77 % | 30.74 % | 30.88 % | 26.57 % | 18.02 % | 15.40 % | 15.02 % | 13.66 % | 15.14 % | 5.94 % | 20.18 % | 18.68 % | 23.33 % |
| FCF margin (%) | — | — | — | — | — | — | 31.03 % | 26.34 % | 15.11 % | 18.00 % | 23.95 % | 41.18 % | 15.62 % | 14.94 % | 27.31 % | 25.39 % | 35.67 % |
